Share Market Highlights: Sensex ends 700 points higher, Nifty just below 10,100; RIL, HDFC twins lead the rally

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Updated: June 18, 2020 6:01:28 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled with major gains in Thursday's session led by buying in RIL, HDFC Bank and HDFC

Share Market Today, Share Market LiveBarring Nifty Pharma, all the sectoral indices settled in the positive territory

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled with over 2 per cent gains on Thursday led by buying strong buying in financial stocks. The 30-share Sensex advanced 700 points or 2.09 per cent to end at 34,208, while the broader Nifty 50 index soared 200 points or 2.13 per cent to close the session at 10,091. Index heavyweights such as HDFC Bank, Reliance Industries, HDFC, Kotak Mahindra Bank and ICICI Bank were the top index contributors today. Out of 30 Sensex stocks, 22 scrips finished their trade in the green, with Bajaj Finance as top Sensex gainer, up 5.5 per cent, followed by Kotak Mahindra Bank, Axis Bank, Power Grid, HDFC Bank and State Bank of India (SBI). On the contrary, ONGC, Hindustan Unilever (HUL), TCS, Bharti Airtel and Maruti Suzuki were among the top laggards on the index. Barring Nifty Pharma, all the sectoral indices settled in the positive territory. Nifty Bank, Nifty Finance Services, Nifty Metal and Nifty Private Bank were all up, 3.74%, 3.65%, 3% and 3.59%, respectively. Only the Nifty Pharma index ended lower.

Today, PM Narendra Modi launched the auction process of 41 coal mines for commercial mining. PM Modi said that commercial coal block auction is a win-win situation for industry users as new resources will open up, states will earn more revenue, generating more job opportunities.

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    15:51 (IST)18 Jun 2020
    Closing bells: Sensex reclaims 34,000, Nifty settles at 10,091

    The 30-share Sensex advanced 700 points or 2.09 per cent to end at 34,208, while the broader Nifty 50 index soared 200 points or 2.13 per cent to close the session at 10,091.

    15:34 (IST)18 Jun 2020
    Rupee weakens to a 3 week low amid jitters about coronavirus resurgence

    Indian rupee has weakened to a three week low amid jitters about the resurgence of new coronavirus infections around the world, which are dampening hopes of a quick recovery from the economic fallout of COVID-19. Further undermining sentiments for the currency is the uncertainty with regards to the current border stand-off between India and China. Another catalyst for the depreciation in rupee is the retreat in dollar index from three month lows. On the contrary, the local unit is still underpinned by persistent fund inflows due to developments with regards to reopening of the economy. Going forward, only a breach of 76.60 mark would steer it towards new record lows in coming days, else we expect the domestic currency to hold steady: Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking Ltd

    15:26 (IST)18 Jun 2020
    Launching of the auction of 41 coal mines for commercial mining, a major step in making India self-reliant in energy sector

    The launching of the auction of 41 coal mines for commercial mining by PM Modi is important from different perspectives. This is a major step in making India self-reliant in the energy sector. It will unlock the resources of a nation with the world's fourth-largest reserves. It will boost domestic coal output and slash imports. Apart from attracting huge capital investments, it could result in these mines contributing ~15% of projected total coal output in FY26. One hopes that the current global situation does not hamper sufficient participation in these auctions, the State Govts remain on the same page as that of the Centre as far as promoting this is concerned and the rising popularity of renewable power does not impede on the attractiveness of these blocks: Deepak Jasnai, Head Retail Research, HDFC Securities

    15:21 (IST)18 Jun 2020
    BHEL share price rallies 15%

    Most of the power plants in India are imported from China. BHEL, a PSU, is very capable to produce the best power plants in the world. If given full autonomy and either corporatized or privatized, without laying off any personnel, it can do wonders for atmanirbharIndia, Vedanta Chairman Anil Agarwal said in a tweet. The stock price gained 15% in intraday deals.

    Check live prices: BHEL

    15:09 (IST)18 Jun 2020
    Indian rupee ends flat against US dollar amid risk-on rally

    Indian rupee ends flat against US dollar amid risk-on rally after officials from both nations sought to de-escalate tensions. Rupee ignore Fitch Ratings’ move to cut the nation’s outlook to negative. Fitch cites weak economic growth prospects and rising public debt and expects economic activity to contract by 5% in the fiscal year to March as a result of measures to contain Covid-19. On the global front, BoE likely to expand the size of its borrowing program to support economy from pandemics. This will further help the liquidity induced rally in risky asset classes: Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

    15:05 (IST)18 Jun 2020
    FM Sitharaman to address presser at 4 PM today

    Finance Minister Nirmala Sitharaman will address curtain-raiser Press Conference on the launch of Garib Kalyan Rojgar Abhiyaan today at 4 PM in New Delhi, Ministry of Finance informed in a tweet.

    15:02 (IST)18 Jun 2020
    Shaktikanta Das chairs meeting of Sub Committee of Financial Stability and Development Council today

    Chaired the meeting of the Sub Committee of Financial Stability and Development Council today. All regulators and certain key Secretaries of GOI participated. Macroeconomic and financial stability issues were discussed, RBI Governor Shaktikanta Das said in a tweet.

    14:52 (IST)18 Jun 2020
    DoT withdraws 96% of Rs 4 lakh crore AGR dues demand from GAIL, Oil India, and other PSUs

    A week after the Supreme Court asked the Department of Telecommunication (DoT) to reconsider its demand of pending adjusted gross revenue (AGR) dues from non-telecom PSU companies, the central government today informed the court that 96% of such dues have been withdrawn. The move comes as a massive relief for non-telecom public sector companies such as GAIL India, Oil India, Gujarat Narmada Valley Fertilizers and Chemicals, and Powergrid Corporation of India. Following the 2019 order of the Supreme Court, the DoT had asked PSU for spectrum dues totaling to nearly Rs 4 lakh crore.

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    14:46 (IST)18 Jun 2020
    RIL share price at all-time high, stock gains 2%

    RIL share price hits all-time high of Rs 1,653 apiece on BSE. With a gain of over 2 per cent from yesterday's close, Reliance Industries market capitalisation stands at Rs 10,44,923.86 crore.

    Check live prices: Reliance Industries

    14:42 (IST)18 Jun 2020
    Alok Industries stock soars 9 times in 4 months; Ambani touch takes stock from NCLT to multibagger

    From bankruptcy to becoming a stock which has given investors 822% returns in the past few months, the story of Alok Industries has one name associated with it which has changed the fortunes of the firm on the stock exchanges. The name is Mukesh Ambani. Alok Industries, once a bankrupt textile manufacturer based out of Mumbai, was taken over by Mukesh Ambani’s Reliance Industries along with JM Financial Asset Reconstruction company earlier this year.

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    14:25 (IST)18 Jun 2020
    Paytm’s largest campus to bring Delhi NCR team under one roof in Noida; another one in Bengaluru also on cards

    Homegrown payments platform Paytm has set up its largest campus in Uttar Pradesh’s Noida as the company looks to fit in a rising number of employees. With the acquisition of over 5.5 lakh square feet of space which comprise 21 floors spread across two towers, Paytm now plans to gradually shift all of its operations based in Delhi NCR to the newly built campus, including the headquarters of One97 Communications by December this year.

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    13:57 (IST)18 Jun 2020
    Government's move to auction coal mines is a mixed bag for Coal India

    The Government's move to auction coal mines is a mixed bag for Coal India. While on one hand, it would be effectively ending the company's monopoly in the sector, on the other hand, the new auction process will lead to better pricing for the sector in the long run given a move towards market-linked prices. Similarly, the move towards an ad valorem duty structure is also positive for the sector. The Government has also set an ambitious target for increasing Coal India's production to 1bn tons by FY24 from 603mn tons in FY20 which is sentimentally positive for the stock: Jyoti Roy, DVP Equity Strategist, Angel Broking Ltd

    13:54 (IST)18 Jun 2020
    Top large-cap buys – Bharti Airtel/HUL/ITC

    Bharti Airtel, HUL (Glaxo stake sale) and ITC saw highest buying by large-cap funds. Large-cap funds sold heavily into banks, with ICICI Bank, SBI, Axis Bank, HDFC Bank and Kotak Bank being five of the top 10 most sold stocks. Mid-cap funds bought Balkrishna Industries, HUL and Coromandel International and they sold Cholamandalam Investment and Finance, Jubilant Foodworks and Aarti Industries Ltd: Emkay Global Financial Services

    13:50 (IST)18 Jun 2020
    ‘Uncertainty looming over Covid crisis bottoming out for MSMEs to assess need for more govt stimulus’

    The MSME sector contributes significantly to India’s GDP and provides livelihood to more than 10 per cent of the national population. It involves low capital costs and this makes it particularly suitable for the socio-economic set-up of India. Several thousands of MSMEs are falling sick every year owing to lack of resources, market or inappropriate business strategies, and Covid-19 and the related economic crises are likely to aggravate the situation.

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    13:30 (IST)18 Jun 2020
    Bharti Airtel is in a much better position with relatively stronger balance sheet as compared to Vodafone Idea

    The telecom companies are going to file their replies to the Supreme Court’s questions today as the Court in their last hearing had directed telecom companies to provide details with respect to the roadmap and timeline for payment of AGR due and security they can provide to guarantee payment. While Bharti Airtel and Vodafone will bat for a timeline of 20 years we believe that the Supreme Court may agree to a shorter tenure which would put Vodafone Idea in a weak position given that it has so far paid only INR 6,854 crore out of total demand for INR 58,254 crore by the DoT. Bharti Airtel is in a much better position given that they have already paid INR 18,004 crore out of their total dues of INR 43,980 crore and has a relatively stronger balance sheet as compared to Vodafone Idea and therefore better placed to provide guarantees: Jyoti Roy, DVP Equity Strategist, Angel Broking Ltd

    13:20 (IST)18 Jun 2020
    Nifty Auto fall into red, only sectoral index trading with losses.

    Nifty auto is the only sectoral index on the NSE trading in the red. Down 0.13% the index has six constituents trading with losses, including Maruti. Among the top laggards are Bajaj Auto down 1.09%; Maruti 1%; Motherson Sumi 0.82%.

    13:01 (IST)18 Jun 2020
    Buy IPCA Laboratories | Target price: Rs 1,782 ~ Emkay Global

    Deferred shipments due to Covid-19 led to a 7% miss in revenues and 15% in operating profits. Shipments should normalize in Q1. Due to negative operating leverage, margins were 200bps below estimates even as gross margins improved.  India growth was robust at 21% yoy, and IQVIA data shows Ipca is witnessing positive growth in April/May as well, compared to a low double-digit decline for the industry. Q1 will also benefit from higher HCQS sales (~Rs420mn additional sales to the govt).  14-17% revenue growth guidance is better than expected and underpins management's confidence in growth recovery. Ipca also guided for ~150bps margin expansion (assuming Rs/$ is constant at Rs75) led by higher utilization of a few facilities. We have consistently highlighted the strong operating leverage in Ipca's business model and strong FY21 guidance, despite a weak macro, reinforce our view. We raise FY21/22E EPS by 7%/5% and retain Buy, with a revised TP of Rs1,782. Maintain OW in EAP.

    Emkay Global

    12:46 (IST)18 Jun 2020
    Coal India share price jumps 8% as PM Modi sets the ball rolling on commercial mining

    Coal India share price jumped 8 per cent to Rs 139.65 apiece on BSE in Thursday’s volatile session as PM Narendra Modi launched auction process of 41 coal mines for commercial mining. Coal India stock price has risen 17 per cent from its March low of Rs 119.25. The market capitalisation of Coal India stands at Rs 85,351.88 crore with today’s surge in the stock price.

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    12:33 (IST)18 Jun 2020
    SC asks telcos to file their financial statements

    SC asks telcos to file their financial statements before it and fixes AGR related dues case against them for hearing in July, PTI said in a tweet

    12:30 (IST)18 Jun 2020
    Coal sector liberation: PM Modi launches coal auction for commercial mining; lists out these benefits

    In an effort to make India self-reliant in the energy sector, Prime Minister Narendra Modi today launched the auction of 41 coal mines for commercial mining, via video conference. In his address, PM Modi said for decades, the country’s coal sector was entangled in a web of captive and non-captive and was excluded from the competition. Narendra Modi added that the commercial coal mining auction is an event in challenging times, which will increase transparency in the sector and make the country less reliant on imports.

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    12:01 (IST)18 Jun 2020
    DoT seeks time from SC to respond to telcos

    DoT seeks time from SC to respond to telcos replies on payment of AGR related dues by them, PTI said in a tweet

    12:00 (IST)18 Jun 2020
    Supreme Court begins hearing a petition filed by DoT: ANI

    Supreme Court begins hearing a petition filed by the Department of Telecommunications to allow telecom companies to make staggered payment for their Adjusted Gross Revenue (AGR) dues, ANI tweeted

    11:53 (IST)18 Jun 2020
    IGL share price falls despite 12% profit jump; brokerages divided over whether to sell or buy stock

    Indraprastha Gas (IGL) posted a strong March quarter with 12% on-year jump in profits at Rs 2,534 crore driven by better EBITDA margins of 22% and a 17% fall in taxes. However, brokerage firms have a mixed reaction, some say it is time to sell the stock as IGL is expected to have been hit drastically by the lockdown and normalcy for the firm looks a distant dream that may be realised only in the financial year 2022, while other say IGL is a steady growth story with a robust volume growth outlook and high exposure to priority sectors. IGL’s share price slipped 4.4% on Thursday morning as the stock tumbled down to trade at the price of Rs 453 per share.

    Read full story 

    11:51 (IST)18 Jun 2020
    Coal India share price jumps 8%

    Coal India share price jumped 8 per cent to Rs 139.65 apiece on BSE in Thursday's volatile session as PM Narendra Modi launched auction process of 41 coal mines for commercial mining.

    Check live prices: Coal India

    11:38 (IST)18 Jun 2020
    PM Narendra Modi launches auction process of coal mines for commercial mining

    For decades, the country's coal sector was entangled in a web of captive&non-captive. It was excluded from competition, there was a big problem of transparency. After 2014, several steps were taken to change this situation. Coal sector got strengthened due to steps taken: PM

    11:28 (IST)18 Jun 2020
    HDFC AMC is the second-largest AMC coupled with huge potential of MF industry growth

    At the cut off rate of OFS, it is offered at 40x FY2020 EPS, demanding a market cap of Rs.50,735cr, which is 13.7% of the MF AUM (Rs.370,113cr for the month of March 2020). Considering that HDFC AMC is the second-largest AMC coupled with huge potential of MF industry growth, strong return ratios, asset-light business, higher dividend payout ratio and track record of investment performance, we are positive on this OFS and rate it as SUBSCRIBE: Jaikishan Parmar, Sr. Equity Research Analyst, Angel Broking Ltd

    11:18 (IST)18 Jun 2020
    Sensex, Nifty trade muted in a volatile session; check what’s keeping investors on edge today

    BSE Sensex and Nifty 50 were trading volatile in late morning deals on Thursday on the back of weak global cues and rising coronavirus cases. Sensex opened at 33,371 and was trading flat at 33,525 while the broader Nifty 50 index was testing 9,900 level.

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    10:50 (IST)18 Jun 2020
    Q4 numbers of Pidilite Industries broadly in line with Street estimates

    Revenue from operations declined by 5.8% to Rs 1,544.7 crore in Q4FY20 as compared with Rs 1,639.3 crore in the same period of 2018-19. Adj PAT for the quarter stood at 253.4 Cr vs expectation of 277.2 Cr. Q4 performance was significantly impacted by the lockdown due to the Covid-19 pandemic as well as related disruptions in supply chain. While top line growth was subdued, margins have improved substantially, primarily due to softer input costs. The Q4FY20 numbers were broadly in line with Street estimates: Jyoti Roy, DVP Equity Strategist, Angel Broking Ltd

    10:33 (IST)18 Jun 2020
    Muthoot Finance share price hits all-time high after Q4 results; more than doubles in less than 3 months

    Muthoot Finance share price zoomed 11 per cent to hit a fresh 52-week high at Rs 1,109 on BSE a day after the company reported a 59 per cent on-year increase in its standalone net profit at Rs 815 crore for the January-March quarter of the previous fiscal. In a span of less than three months, Muthoot Finance share price has rallied 129 per cent from Rs 477.50. With today’s surge in the stock price, the market capitalisation of Muthoot Finance stands at Rs 43,472.45 crore.

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    10:03 (IST)18 Jun 2020
    Fitch cuts India outlook to ‘negative’; keeps rating unchanged at lowest investment grade

    Rating agency Fitch has cut India’s sovereign credit rating outlook to ‘negative’, while keeping the rating unchanged at the lowest investment grade — ‘BBB-’. The move comes weeks after rating agency S&P also kept India’s sovereign credit rating at ‘BBB-‘ with a stable outlook, while another rating agency Moody’s cut the sovereign credit rating of India to its lowest investment grade ‘Baa3’.

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    10:01 (IST)18 Jun 2020
    Rupee has not been able to depreciate sharply despite heightened geopolitical tension

    As we have seen in the past three trading sessions, rupee has not been able to depreciate sharply despite heightened tensions on the Geo-political front. This indicates how deeper is the RBI’s intervention in order to curb any unwanted volatility in the currency during challenging times. If the selling side intervention from the central bank continues, the depreciation in the pair shall remain limited to 76.50-76.90 levels. However, till the time the pair is above 76.00, risk shall remain on the upside: Amit Pabari, managing director, CR Forex Advisors

    10:00 (IST)18 Jun 2020
    Fitch cuts India outlook to ‘negative’; keeps rating unchanged at lowest investment grade

    Rating agency Fitch has cut India’s sovereign credit rating outlook to ‘negative’, while keeping the rating unchanged at the lowest investment grade -- ‘BBB-’. The move comes weeks after rating agency S&P also kept India’s sovereign credit rating at ‘BBB-‘ with a stable outlook, while another rating agency Moody’s cut the sovereign credit rating of India to its lowest investment grade ‘Baa3’.
     

    09:44 (IST)18 Jun 2020
    Muthoot Finance share price hits 52-week high, zooms 10% post Q4 numbers

    Muthoot Finance share price hits 52-week high of Rs 1,095 in early trade a day after the company posted a 59 per cent on-year increase in its standalone net profit for the fourth quarter of the last fiscal at Rs 815 crore.

    Check live prices: Muthoot Finance

    09:41 (IST)18 Jun 2020
    MTNL share price surges 7% in early trade

    MTNL share price jumped 7 per cent to Rs 9.73 apiece on BSE after the Department of Telecom (DoT) learnt to ask state-owned Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam (MTNL) not to use Chinese telecom gear in its 4G upgradation, according to PTI report.

    Check live prices: MTNL

    09:41 (IST)18 Jun 2020
    Charts suggest potential upside near 10,000 levels for Nifty; two stocks that may gain with it

    Nifty continued with range bound action with negative bias on Wednesday and closed the day lower by 32 points. A small negative candle was formed on Wednesday with long upper shadow. Technically, this pattern indicates an emergence of profit booking again around 10,000 levels. 

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    09:39 (IST)18 Jun 2020
    Top contributors to indices' losses

    Top index contributors to indices' losses are HDFC Bank, ICICI Bank, Kotak Mahindra Bank, TCS, Axis Bank and ONGC, among others.

    09:37 (IST)18 Jun 2020
    Rupee likely to open around 76.20 and trade 75.95-76.40 range

    Rupee is likely to open around 76.20 and trade 75.95-76.40 range. We have seen nationalized banks likely offering USD on behalf of the RBI close to 76.40 levels. The RBI is likely to continue smoothening volatility if Rupee moves out of whack. With REER at around 111.50, the Rupee does not seem to be overvalued any more in relative terms. Asian currencies are trading stronger against the USD. Thai Baht and Korean Won are among the best performers. The Nifty has opened flat and is likely to trade with a negative bias: Abhishek Goenka, Founder and CEO, IFA Global

    09:36 (IST)18 Jun 2020
    Nifty Realty top sectoral gainer

    Nifty Realty and Nifty Pharma were top sectoral gainers, up 1.13 per cent and 0.59 per cent, While Nifty Bank index fell 0.31 per cent dragged by ICICI Bank, Axis Bank and Kotak Mahindra Bank

    09:36 (IST)18 Jun 2020
    Sensex, Nifty trade flat to negative

    S&P BSE Sensex was down 17 points at 33,490, while the broader Nifty 50 index was ruling at 9,872 in the early morning deals on Thursday, following negative global cues.

    Check live Sensex, Nifty levels

    09:35 (IST)18 Jun 2020
    ONGC share price down over 2%, top Sensex loser

    ONGC was the top Sensex loser, down over 2 per cent, followed by ICICI Bank, NTPC, Axis Bank, LT and Bajaj-Auto.On the other hand, Infosys was the top gainer on the Sensex. Tata Steel, Power Grid, Bajaj Finance and Reliance Industries were among the other gainers. 

    Check live prices: ONGC

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