Market HIGHLIGHTS: Sensex falls over 550 pts from day’s high; IndusInd Bank surges 7%, pharma stocks decline

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Updated: June 8, 2020 4:23:55 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market indices, Sensex and Nifty settled a tad higher in Monday's volatile session. IndusInd Bank share price gained 7 per cent

Share Market Today, Share Market LiveNifty sectoral indices traded mixed today. Nifty IT index advanced 1.83 per cent

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 pared all the morning gains and settled a tad higher in Monday’s volatile trade. BSE Sensex fell 558 points from day’s high to end 83 points or 0.24 per cent up at 34,370. While the broader Nifty 50 index settled at 10,167, up 25 points or 0.25 per cent. Out of 30 Sensex stocks, 18 stocks finished trade in the positive territory. IndusInd Bank was the top Sensex gainer, with a growth of nearly 7 per cent, followed by Axis Bank, Bajaj Finance, ONGC and Titan Company. On the flip side, M&M was the top Sensex laggard, down 2.73 per cent. Among other losers were UltraTech Cement, HDFC Bank, Tata Steel, Nestle India and ITC. Nifty sectoral indices traded mixed today. Nifty IT index advanced 1.83 per cent led by gains in Just Dial, Hexaware, Wipro and Infosys. While Nifty Pharma slipped 1.41 per cent dragged by Piramal Enterprises, Cipla, Divi’s Laboratories.

Striking its seventh deal in the last seven weeks, Reliance Jio on Sunday said a subsidiary of Abu Dhabi Investment Authority (ADIA) will invest Rs 5,683.50 crore for a 1.16% equity stake in Jio Platforms. The transaction values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

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    15:33 (IST)08 Jun 2020
    Rupee expected to consolidate in the range of 75 to 76 in coming days: HDFC Securities

    Indian rupee gained on the expectation of foreign fund inflows and in line with stronger Asian currencies. The weakness in dollar index and stronger global equities supported the Emerging market currencies. In the first week of June, foreign institutions have bought worth $2.6bn equities. Near term focus will remain on US FOMC meeting, scheduled on Wednesday. Rupee expected to consolidate in the range of 75 to 76 in coming days: Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

    15:31 (IST)08 Jun 2020
    Rupee may trade range bound with bullish bias; check support level for coming days

    Both traders and businesses know that any currency can experience periods of high volatility and Indian rupee is no exception to it. The volatility in the currency market had surged with the active participation of dollar bulls when COVID-19 pandemic brought the world to its knees. This emotional fear of COVID-19 contagion, which popped up in new places every few hours, depreciated Indian rupee to 76.94. The COVID-19 widespread has put global growth in the doldrums.

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    15:21 (IST)08 Jun 2020
    Labour needs incentive to return to work after mass exodus: L&T CEO says FY21 to be a tough year

    The coronavirus pandemic has resulted in a mass labour exodus as the lockdown forced daily wage workers to return to home in the absence of bread and butter. Bringing migrant labour back to work is expected to be a herculean task, and companies will have to give incentives to get the work rolling. “The psychological pressure may hold the labour back. We may have to give some incentives to bring labour back,” SN Subramanyan, MD and CEO, L&T, told CNBC TV-18 in an interview.

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    15:21 (IST)08 Jun 2020
    Labour needs incentive to return to work after mass exodus: L&T CEO says FY21 to be a tough year

    The coronavirus pandemic has resulted in a mass labour exodus as the lockdown forced daily wage workers to return to home in the absence of bread and butter. Bringing migrant labour back to work is expected to be a herculean task, and companies will have to give incentives to get the work rolling. “The psychological pressure may hold the labour back. We may have to give some incentives to bring labour back,” SN Subramanyan, MD and CEO, L&T, told CNBC TV-18 in an interview.

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    15:14 (IST)08 Jun 2020
    Brokerage view on DLF

    We maintain BUY on DLF as it's well placed to ride the COVID-19 headwinds. Balance sheet remains strong, new affordable launches may drive pre-sales and Cash flow may improve depending on Phase-V sales. Key risks (1) Further delays in the monetization of luxury segment inventory (2) Inability to fully utilize mark-to-market potential from rental assets: HDFC Securities

    14:58 (IST)08 Jun 2020
    Brokerage view on Gujarat Gas (GGL)

    GGL will be among the leaders when it comes to pace of recovery from CoVid-19 related disruptions in the country, with FY22E EPS of ~Rs16 likely to show a 20% improvement over FY20 – and EPS CAGR of 9.5% over FY20-22E despite 18% dip in FY21E EPS – We believe the company can sustain strong growth even post that, with Morbi volumes still assumed at 15% lower than peak and no NGT order led traction assumed in FY22E (+1.6mmscmd potential). Reiterate BUY, with TP of Rs 315:  Centrum Broking

    14:57 (IST)08 Jun 2020
    Brokerage view on cement sector

    Sales contraction is expected to continue in June, too, driven by continued sharp decline in non-trade segment. Demand is coming mainly from on-going projects. In our view, cement prices have peaked out in Apr/May and should cool off in subsequent months as demand picks up. Robust pricing so far and lower input costs YoY should moderate earnings decline on account of volume loss in 1HFY21: HDFC Securities

    14:56 (IST)08 Jun 2020
    Brokerage view on Exide Industries

    We upgrade our EPS by 8%/10% for FY21/FY22E to factor lower revenues, a better mix, and lower lead prices. Exide Industries would see a lower benefit from lead prices than AMRJ due to its captive smelter. On the other hand, EXID should see a better mix owing to higher aftermarket share: Motilal Oswal

    14:18 (IST)08 Jun 2020
    Sensex, Nifty pare morning gains; up just 0.25%

    BSE Sensex was trading 67 points or 0.20 per cent higher at 34,354, while the broader Nifty 50 index was up 49 points or 0.23 per cent to trade at 10,165.

    check live Sensex, Nifty levels

    13:40 (IST)08 Jun 2020
    SBI share price soars 5%; brokerage target prices show stock may nearly double

    State Bank of India (SBI) share price surged over 5 per cent to day’s high of Rs 197.70 apiece on BSE. Most of the brokerages have cut their target price but are still upbeat on the stock with a ‘buy’ rating and see upside of nearly 80 per cent after the bank reported a four-fold jump in the standalone net profit at Rs 3,580.81 crore in the quarter ended March 31. SBI share price has risen 13.5 per cent from Rs 174.05 to today’s intraday high in just three trading days. However, SBI shares have rallied 32 per cent from its 52-week low of Rs 149.55.

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    13:04 (IST)08 Jun 2020
    Swiggy to merge premium food delivery brand Scootsy to tap into orders from high-end restaurants

    Food delivery company Swiggy is merging its Mumbai-based intracity premium food delivery service Scootsy into its app, two people aware of the development told Financial Express Online. Scootsy delivered food from premium restaurants (such as Masque, Nara Thai, Royal China, Trattoria), speciality food stores, fruits, vegetables, sweets and bakery items, toys and games, electronics etc in Mumbai. Launched in 2015, the startup was acquired by Swiggy in 2018, as it reportedly failed to raise capital for expansion, but it continued to operate as an independent brand.

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    12:14 (IST)08 Jun 2020
    Petrol, diesel prices start rising again as crude oil recovers from coronavirus lows

    Petrol and diesel prices in India have started climbing up again with the rise in crude oil prices even as fuel prices did not fall in sync with crude oil price during coronavirus lockdown. Petrol and diesel prices rose for the second straight day on Sunday as crude oil recovered from the steep fall it had amid global lockdown. Petrol and diesel prices rose 60 paise per litre in Delhi, pushing petrol prices to Rs 72.46 per litre from Rs 71.86, and diesel prices to Rs 70.59 a litre from Rs 69.99 yesterday, according to IOCL.

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    11:56 (IST)08 Jun 2020
    Vodafone Idea share price doubles in just 7 days, gains 20% today; should you buy this stock now?

    Vodafone Idea share price today rallied 20 per cent to Rs 12.62 apiece on BSE, nearing its 52-week high of Rs 13.55. The stock has surged over 116 per cent from Rs 5.83 to Rs 12.62 in just seven trading sessions. According to the BSE data, with a market capitalisation of Rs 30229.63 crore, Vodafone Idea has climbed up to 91st position from 100th last week in the overall m-cap ranking. In the past one month, Vodafone Idea share price has vaulted over 200 per cent from Rs 4.17 to today’s intraday high. Analysts advise investors to proceed with caution while investing in the stock.

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    11:13 (IST)08 Jun 2020
    Indians sending less money abroad; April figure at 50-month low as coronavirus cripples economy

    With the coronavirus pandemic having a catastrophic effect on the global economy, Indians are sending less money abroad and the April figures have hit 50-month low. Indian remittances fell to $499.14 million in April 2020 under the Liberalised Remittance Scheme (LRS), which is a dip of 61% from $1,287.91 million in the comparable period a year ago, according to latest data of the Reserve Bank of India, The Indian Express reported.

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    10:54 (IST)08 Jun 2020
    Consumer discretionary, financials, entertainment, travel, hospitality will outperform

    If dollar weakness continues and it breaks the current level where it seems to have stalled its down move, we could see further upside in EMs including India. Also, sectors which are beneficiaries of "opening up of economy" trade will outperform verses defensive. Consumer discretionary, global cyclicals, financials, entertainment, travel, hospitality will outperform versus healthcare, consumer staples, IT etc. If the US dollar weakness reverses then expect the opposite: Ajay Bodke CEO-PMS Prabhudas Lilladher

    10:53 (IST)08 Jun 2020
    Keep a hawkish eye on the US dollar index

    The clearest single indicator of global risk appetite is the US dollar index. Sharp fall from 103 levels during the peak of Covid-19 related fears in end-March 2020 to 96.5 levels now is signalling massive risk-on trade with money pouring out of safe-haven US government bonds into risk assets like equities including EM equities. This is underpinned by trillions of dollars of liquidity support provided by global Central banks and fiscal stimulus by various governments. An index of EM currencies has strengthened from its record lows corroborating this scramble to buy EM risk assets. All this is based on expectations of a V-shaped global economic revival after reopening of economies and flattening of curve in China, Korea, Australia, Japan, Europe and now USA. For continuation of this rally one needs to keep a hawkish eye on the US dollar index: Ajay Bodke CEO-PMS Prabhudas Lilladher

    10:48 (IST)08 Jun 2020
    RIL share price hits all-time high; stock rallies 87% from March lows as firm sells more stake in Jio

    Mukesh Ambani-led Reliance Industries share price scaled a new peak on BSE in Monday’s session as it gained 2.7 per cent to Rs 1,624. Last week, the conglomerate raised funds from Silver Lake and Abu Dhabi Investment Authority (ADIA). RIL shares have surged 87 per cent from its 52-week low of Rs 867.82 touched on March 23. RIL stock touched a new 52-week high level for the second straight session today.

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    10:33 (IST)08 Jun 2020
    Brokerage view on L&T

    L&T’s results suggest a tough macro environment for the construction industry and likely survival challenges for debt-ridden companies. We expect L&T toemerge stronger in the post-COVID-19 era and further consolidate its market share in the Indian Construction industry. On account of our earnings cut, we cut our TP to Rs 1,120: Motilal Oswal 

    09:50 (IST)08 Jun 2020
    Despite inflows in equity market, current upbeat in sentiments, rupee unable to strengthen past 75

    Despite inflows in the equity market and current upbeat in the market sentiments, the rupee is unable to strengthen past 75.00 levels due to persistent buying by RBI. RBI’s forex reserves continue to rise and have loaded $3.43 billion in the kitty to reach all-time high of $493.43 billion. This behavior of the central bank reflects that it is comfortable with the current levels of rupee and might not want the currency to appreciate to support the falling exports sector. Considering the present facts, it is most likely that the pair shall continue to trade on its near term range of 75.00-76.20 levels for few more sessions: Amit Pabari, MD, CR Forex Advisors

    09:44 (IST)08 Jun 2020
    Nifty Bank index up 3%, Nifty Pharma dips

    Nifty Bank was trading higher with gains in IndusInd Bank, RBL Bank, Axis Bank and Bandhan Bank. While Nifty Pharma slipped in trade weighed down by weakness in Piramal Enterprises, Biocon, Sun Pharma and Glenmark.

    09:44 (IST)08 Jun 2020
    IndusInd Bank top Sensex gainer, up 7%

    IndusInd Bank was the top Sensex gainer after promoters of the bank announced to acquire shares of the bank from the secondary market. Among other Sensex gainers were RIL, Titan Company, Axis Bank, Bajaj Finance State Bank of India (SBI) and ONGC

    09:38 (IST)08 Jun 2020
    Rupee is likely to open around 75.58

    Rupee is likely to open around 75.58 and trade 75.40-75.85. The focus will be on the FOMC this week for cues on how the Fed sees the recovery given the upbeat May jobs data. The US May payroll data has lifted sentiment. The data caught most analysts and economists off guard as consensus expectation was for the US economy to shed 7.5mn jobs in May, while the economy actually added 2.5mn jobs. Consequently, the unemployment rate came in at 13.3% compared to expectations of 20% and April print of 14.7%: Abhishek Goenka, Founder and CEO, IFA Global

    09:29 (IST)08 Jun 2020
    RIL share price hits 52-week high on ADIA investment in Jio Pltaforms

    RIL shares hit a fresh 52-week high for the second consecutive session at Rs 1,624 on investment announcement by Abu Dhabi Investment Advisor (ADIA) in Jio Platforms.

    Check live prices: Reliance Industries

    09:24 (IST)08 Jun 2020
    Sensex, Nifty trade with robust gains

    BSE Sensex and Nifty 50 opened nearly 2 per cent higher on Monday on the back of positive global cues. BSE Sensex jumped 629 points or 1.84 per cent to trade at 34,916, while Nifty 50 index was up 180 points or 1.78 per cent to rule at 10,322.

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    09:07 (IST)08 Jun 2020
    Stocks in focus: RIL, IndusInd Bank, Titan, IOCL, L&T, among others to remain in news

    Chalet Hotels, Abbot India, Titan, Inox Leisure, Coromandel Engineering Company, PVR, Gujarat State Petronet and Themis Medicare are among 19 companies that are scheduled to announce their March quarter earnings today.

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    08:45 (IST)08 Jun 2020
    Nifty set to open stronger with a gap of 1%

    Market set to carry its last weekend momentum at the beginning of this week. Nifty set to open stronger with a gap of 1% thanks to strong global cues. The US market also closed in green post miscalculated surge in employment numbers and today its futures also holding in green. The Asian markets are also stable and holding the morning gains: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    08:19 (IST)08 Jun 2020
    Covid-19: India Inc braces for a tough year ahead

    While the damage to revenues and profits was limited in the March quarter, India Inc is bracing for a tough 2020-21. The commentary continues to be very cautious, even bordering on the pessimistic, given how the lockdown has crimped cash flows in the June quarter so far. Given how poor visibility on demand is, few firms are able to see where revenues are headed and analysts are trimming earnings estimates across the board.

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    08:16 (IST)08 Jun 2020
    Trends on SGX Nifty suggest positive start for Sensex and Nifty 50

    Trends on SGX Nifty suggest a positive start for the BSE Sensex and Nifty 50 on Monday. Nifty futures were trading 74 points or 0.73 per cent at 10,252 on Singaporean Exchange.

    08:14 (IST)08 Jun 2020
    Now Abu Dhabi Investment Authority jumps onto Reliance Jio’s fundraising spree; puts Rs 5,683 crore

    Reliance Industries and its digital services arm Jio Platforms’ fundraising spree continue. The company has now raised Rs 5,683.50 crore by a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) in exchange for a 1.16 per cent equity stake on a fully diluted basis. The deal valued Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore, according to a statement by Reliance. The latest investment takes Jio Platforms’ funding tally to Rs 97,885.65 crore in less than seven weeks from global backers including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala apart from ADIA.

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