Market HIGHLIGHTS: Sensex pares gains to end 40 pts up, Nifty at 11,574; IndusInd Bank jumps 6%, RIL top drag

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Updated: August 27, 2020 4:14:08 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled higher in Thursday's volatile trade.

Share Market Today, Share Market LiveBarring Nifty FMCG index and Nifty IT, all the sectoral indices finished in green today

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended marginally higher on Thursday on the F&O expiry day. Headline indices pared all their morning gains and traded flat in the last hour of the session. The 30-share Sensex ended 39.5 points or 0.10 per cent higher at 39,113 while NSE’s Nifty ended at 11,574, up 24 points or 0.21 per cent. IndusInd Bank was the top Sensex gainer, settled 6.34 per cent higher, followed by M&M, SBI, HDFC, Axis Bank, Maruti Suzuki and Sun Pharma. On the contrary, ONGC, Bajaj-Auto, Reliance Industries, Kotak Mahindra Bank and Bharti Airtel were among top Sensex laggards. Barring Nifty FMCG index and Nifty IT, all the sectoral indices finished in green today.

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    15:25 (IST)27 Aug 2020
    IGL share price falls 2% as net profit tanks 85%; should you ‘buy’, ‘sell’ or ‘hold’?

    Indraprastha Gas shares tanked 2% during the day’s trading session to trade at Rs 407 per share, as investors reacted to the weak set of quarterly numbers that the company posted. In the April-June quarter, Indraprastha Gas (IGL) reported a 85% drop in net profit to Rs 31.8 crore, down from Rs 218 crore in the same period last year. IGL’s numbers were below street expectations as the company felt the brunt of the nation-wide lockdown. IGL shares are down only 4% year-to-date as the stock price made a smart recovery from March lows.

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    15:16 (IST)27 Aug 2020
    FM Nirmala Sitharaman's media briefing delays

    As the GST Council meeting is still in progress, the virtual media briefing is delayed. The briefing will commence after the GST Council meeting gets over. Inconvenience is regretted, Ministry of Finance said in a tweet

    15:03 (IST)27 Aug 2020
    Brokerage view on Minda Industries

    Given the change in automobile demand outlook, we have reworked our FY21, FY22 estimates and have introduced FY23 estimates; we estimate MInda Industries to report Revenues//PAT to grow at CAGR of 11%/31% over FY20-23E on back of improving demand and capacity utilization. We retain BUY with a target price of Rs 413 (21% upside) on back of an expected recovery in the automobile sector and outperformance of MIL over industry growth. Resurfacing of Covid cases and extended lockdown remain key risk to our assumptions: Axis Securities

    14:42 (IST)27 Aug 2020
    Rupee ends 49 paise higher at 73.81 per US dollar

    The Indian rupee gained 49 paise to 73.82 a dollar following expectation of dollar inflows and month-end adjustments. The strength in rupee was backed by the weaker dollar against a basket of currencies ahead of the Fed chair Powell's speech later today. The market is hoping dovish commentary from Powell which favours the risk-on sentiment. Near term trend for rupee remains on the right side with next resistance level at 73. 35, the 200 Week Moving average and 74.50 will act as support: Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

    14:37 (IST)27 Aug 2020
    Rupee could pave move near 73.00-73.50 levels in days to come

    The rupee ended at the strongest level since March 11 and this sudden drop is caused by inflows, as online learning platform, Byju’s has raised $122 million from DST Global. However, RBI couldn’t protect as it conducted its first tranche of OMO today. If RBI continues to buy dollars while conducting OMO’s, this might double up the rupee liquidity in short-run which RBI might not be favouring considering the spike in inflation. With the inflows coming in and lack of RBI intervention, the rupee could pave its move near 73.00-73.50 levels in days to come: Amit Pabari, managing director, CR Forex Advisors

    14:35 (IST)27 Aug 2020
    SBI shares: ‘High conviction buy’, stock jumps 9% in 5 days; gradual economic recovery to aid

    State Bank of India (SBI) share price surged nearly 9 per cent in the last five sessions to a hit day’s high of Rs 215.90 apiece on BSE. In May this year, the stock quoted a 52-week low of Rs 149.55 apiece, since then it has rallied over 44 per cent. State Bank of India is a ‘high conviction buy’ pick of brokerage firm Motilal Oswal Financial Services, with up to 36 per cent upside.

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    13:59 (IST)27 Aug 2020
    HAL stake sale will mean increased supply in markets

    The 15% stake sale by the government in HAL works out to be ~Rs. 5,000 cr at a floor price of Rs. 1,001 per share. The stock has corrected sharply on the news as the stake sale by the Government will mean increased supply in the markets. Currently, the company has an order backlog of ~Rs. 52,000 cr which is expected to go substantially over the next few years as the company is likely to get many new orders in the coming years including orders for 83 LCA will go for cabinet approval very soon. The company also has various other projects in the pipeline including Light Utility Helicopter (LUH). These projects will ensure constant order flow for the company and we are positive on the future outlook of the company. However given likely revenue shortfall for the Government there is a possibility of more supply coming into the markets which will increase supply: Jyoti Roy, DVP- Equity Strategist, Angel Broking Ltd.

    13:36 (IST)27 Aug 2020
    Top 4 banking stocks to ‘buy’: UBS bullish on 3 private, 1 PSU bank shares as tail risks reduce

    The tail risks for India’s banks have reduced after the recent fundraising and relief measures coming from the Reserve Bank of India (RBI), pushing global investment banking company UBS to turn bullish on select public and private lenders. With economic recovery picking up pace and no major job losses in the formal sector, the risk on non-performing loans is now lower, UBS said in a report. Leading private banks such as ICICI BankAxis BankKotak Mahindra Bank, and even Yes Bank have managed to raise funds through various avenues, helping them gear up to tackle any upcoming headwinds.

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    13:30 (IST)27 Aug 2020
    Telecom sector on way to to be a duopoly: Mukesh Ambani’s Jio, Bharti Airtel continue to beat Voda-Idea

    Mukesh Ambani’s Reliance Jio is now not the only one emerging strong on India’s telecom scenario. While RIL’s telecom arm merely just a year back was the only operator to gain market share, Sunil Mittal Bharti’s Airtel is also making a strong comeback with the telecom sector now heading towards becoming a duopoly instead of once feared monopoly.

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    12:56 (IST)27 Aug 2020
    Brokerage view on Indraprastha Gas

    Although, we reiterate our belief in the company’s volume trajectory, led by growth in NCR, intercity travel on CNG, higher conversion to CNG due to BS-VI implementation, and contribution from newer GAs. n In the short-to-medium term, IGL could increase its sales volume from new areas such as Rewari, Karnal, and Muzaffarnagar; Haryana City Gas; and the newly awarded (3) GAs in the 10th round — (a) Kaithal (Haryana), (b) Ajmer, Pali, and Rajsamand (Rajasthan), and (c) Kanpur, Fatehpur, and Hamirpur (Uttar Pradesh): Motilal Oswal

    12:15 (IST)27 Aug 2020
    Future Enterprises share price hits 5% upper circuit ahead of board meeting to mull fundraising

    Future Enterprises share price surged to hit a 5 per cent upper circuit at Rs 19.25 apiece on BSE after the company informed that its board will meet on Saturday to consider fundraising. Kishore Biyani’s Future Enterprises in a notice to stock exchanges said the meeting will evaluate proposals to raise funds by way of issuance of bonds including debentures/non-convertible debt instruments/securities and/or any other instruments/securities including through the private placement or through any other permissible mode or any combination thereof, as may be decided by the board.

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    11:50 (IST)27 Aug 2020
    Fundamentally, HAL remains a good bet

    Hindustan Aeronautics Ltd (HAL) had seen excellent buying from March onwards where the stock has more than doubled during this month. Even though the stock is rightfully correcting now due to the stake sale news, fundamentally it remains a very good bet. Levels of 950-970 will be good levels for new investors to enter for targets of 1370-1580 in the coming months: Abhijeet Ramachandran, Independent Analyst/ Co-Founder and trainer at Tips2trade

    11:16 (IST)27 Aug 2020
    Penny stocks surge up to 4,300%, even with ZERO sales, thanks to retail investor frenzy

    Retail investors’ frenzy over small stocks in India has reached such extremes that shares of some companies that aren’t booking any sales, let alone profits, are going through the roof. These include Transglobe Foods Ltd., a fruit-jam maker that has skyrocketed more than 4,300% this year, and real-estate services firm Shree Precoated Steels Ltd., which has jumped over 1,300%. Both companies booked losses on no sales in the latest fiscal year.

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    11:11 (IST)27 Aug 2020
    Sunteck Realty share price soars 20%; realty stocks jump as Maharashtra government slashes stamp duty

    Realty stocks zoomed up to 20 per cent in Thursday’s trade after the Maharashtra government decided to slash the stamp duty on sale deed documents from 5 per cent to 2 per cent between September 1 and December 31 this year. Realty stocks such as Sunteck Realty share price soared 19.49 per cent to Rs 307.70, Prestige Estates Projects jumped 10 per cent to hits day’s high of Rs 264.55 apiece while Godrej Properties gained 8.79 per cent to trade at Rs 924.45 apiece. The relaxation will continue with the 2 per cent cut from January 1 to March 31 next year, an official statement said. Analysts believe that this decision will boost the ailing sector.

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    10:29 (IST)27 Aug 2020
    Brokerage view on Indraprastha Gas Limited

    On first cut, demand destruction has led to one of the 'poorest performance reported ever by IGL in 1QFY21. 2QFY21 neither look promising' for company on account of lockdown extension for individual movements. We will update on company’s outlook after getting update from management: Ashika Institutional Equity

    10:16 (IST)27 Aug 2020
    Nifty tops 11,600, Sensex continues to move higher ahead of F&O expiry; check what’s moving markets

    Ahead of future and options expiry of August series, headline indices BSE Sensex and Nifty 50 were trading half a per cent higher on Thursday. Sensex jumped over 200 points in opening deals to touch the day’s high of 39,326, while the broader Nifty 50 index breached the 11,600 mark on the upside and hit an intraday high of 11,617. Index heavyweights such as HDFC, Infosys, ICICI Bank, HDFC Bank, Axis Bank and IndusInd Bank contributed the most to indices’ gain today.

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    10:04 (IST)27 Aug 2020
    PSU defence stocks to watch: An ‘atmanirbhar’ defence sector stands to benefit these govt firms most

    India has a volatile border on the Eastern and Western fronts and also has a long coastline to guard its maritime interests. In addition, there is this constant muscle flexing by a vastly modernized People’s Liberation Army of China (PLA). This makes it imperative and urgent to achieve modernisation and self-reliance in defence production. While the country has made major strides in space technology, a sore point is its high dependence on imports of defence equipment. This not just results in a loss of foreign exchange but also exposes the country to the vagaries of the foreign vendor for spares and maintenance.

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    09:50 (IST)27 Aug 2020
    Jeff Bezos’ wealth tops $200 billion, Elon Musk now has over $100 billion; check who else got richer

    Amazon’s boss Jeff Bezos reached a milestone on Wednesday that no human has ever achieved. With Amazon stock price surging nearly 3% during Wednesday's trade on NASDAQ, the world’s richest man saw his net worth soar to reach $202 billion -- a pedestal on which no one has ever stepped. The surging share price not just helped Jeff Bezos but also his ex-wife MacKenzie Scott, who became the 13th richest person in the world with a networth of $66.2 billion. E-commerce giant has seen sales grow as customers rushed to shop online during the pandemic.

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    09:43 (IST)27 Aug 2020
    RBI governor Shaktikanta Das to speak at 10.30 AM

    RBI governor Das is scheduled to speak at an event at 10:30 am today. Given the recent turmoil in the bond markets, markets would watch for comments on how the RBI would ensure that the borrowing for current fiscal goes through in a non-disruptive manner. Despite the announcement of OMO twists, the nervousness in the bond markets continues. The yields are now higher than levels before the twist was announced. Rupee is likely to open around 74.30. Today is the August currency derivative expiry. We may see some selling at Fix today. Likely range 74.15-74.45. Forwards continue to get paid. 1y fwd yield touched 4.27% yesterday. The curve beyond 1y is incredibly steep, resembling the steepness in the Gsec curve: Abhishek Goenka, Founder and CEO, IFA Global

    09:36 (IST)27 Aug 2020
    Nifty Realty index jumps 3%

    Nifty Realty index was top sectoral gainer, up 3 per cent led by gains in Sunteck, Oberoi Realty and Indiabulls Real Estate.

    09:36 (IST)27 Aug 2020
    IndusInd Bank up 3%, Bajaj Auto top Sensex laggard

    IndusInd Bank gained the most, over 3 per cent, followed by HDFC, SBI, M&M, ICICI Bank, Axis Bank and HDFC Bank. On the flip side, Bajaj-Auto, Bajaj Finance, Hindustan Unilever, NTPC and Maruti Suzuki were among top index laggards.

    09:35 (IST)27 Aug 2020
    HAL share price tumbles 11%

    Hindustan Aeronautics share price fell 11 per cent in early trade today as govt plans to sell up to 15 per cent stake in HAL through an offer for sale (OFS), at a floor price of Rs 1,001 per share.

    Check live price: HAL

    09:28 (IST)27 Aug 2020
    Nifty tops 11,600, Sensex jumps 200 pts

    The 30-share Sensex rose 225 points or 0.58 per cent to trade at 39,299, while the broader Nifty 50 index was ruling at 11,611, up 0.54 per cent or 63 points.

    Check live Sensex, Nifty levels

    09:04 (IST)27 Aug 2020
    Stocks in focus: Bharti Airtel, Vodafone Idea, ICICI Bank, BPCL, HAL, ICICI Securities

    Today, a total of 51 companies such as Edelweiss Financial Services, NMDC, ARSS Infrastructure, GMR Infrastructure, Avanti Feeds, BFL Asset Finvest, BL Kashyap, Chennai Ferrous Industries, Gayatri Projects, HCC, ICRA, IDFC, PNC Infratech, are scheduled to announce their quarterly earnings.

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    08:57 (IST)27 Aug 2020
    Two stocks to buy with strong upside potential on charts as Nifty pulls higher

    After showing minor intraday weakness from the highs on Tuesday, Nifty continued to show upside momentum amidst a range movement on Wednesday and closed the day on a decent gain of 77 points. A small positive candle was formed with minor lower shadow, which indicates a continuation of upside momentum in the market with range bound action. New swing high was formed at 11561 on Wednesday, but Nifty did not show any intraday profit booking from the highs.

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    08:33 (IST)27 Aug 2020
    Domestic market will start expiry day with a small gap up opening

    Domestic market will start expiry day with a small gap up opening. The US markets closed in green. The Nasdaq again closed at an all-time high. The Asian markets are a mixed bag. Due to the expiry market bound to remain choppy. For the day, The strategy should be to buy right and sit tight till expiry and book profit in the last half an hour. One can also go long with a stop loss below 11500. Banking stocks are showing the strength one should buy them on every dip with a stop loss of yesterday's low. . The US markets closed in green. The Nasdaq again closed at an all-time high. The Asian markets are a mixed bag. Due to the expiry market bound to remain choppy. For the day, The strategy should be to buy right and sit tight till expiry and book profit in the last half an hour. One can also go long with a stop loss below 11500. Banking stocks are showing the strength one should buy them on every dip with a stop loss of yesterday's low: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    08:27 (IST)27 Aug 2020
    Sensex, Nifty stare at a muted start; 5 things to know before the opening bell today

    Sensex and Nifty could witness a gap down opening on Thursday with the SGX Nifty trading flat during the early hours of trade. The benchmark indices enter the day’s trading session on the back of a four-day gaining streak. On Wednesday, in a late rally the 30-stock Sensex zoomed 230 points to sit above the 39,000 point mark, while the 50-stock Nifty ended close to the 11,550 mark. Analysts say, equity markets are in a bullish phase for the short-term but profit booking is not being ruled out. Investors will also keep an eye on the monthly F&O expiry today.

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    08:20 (IST)27 Aug 2020
    US stock market ends higher

    In overnight trade on Wall Street, US stocks surged. The Dow Jones Industrial Average rose 0.3 per cent the S&P 500 gained 1.02 per cent and the Nasdaq Composite added 1.73 per cent.

    08:20 (IST)27 Aug 2020
    Asian stocks trade subdued

    Asian stock markets were subdued in the early trade on Thursday. In Japan, the Nikkei 225 shed 0.44% while the Topix index dipped 0.50%.

    08:20 (IST)27 Aug 2020
    SGX Nifty suggests flat start for Sensex, Nifty

    Trends on SGX Nifty suggests a flat start for Sensex and Nifty on Thursday. Nifty futures were trading 31 points or 0.27 per cent higher at 11,585.50 on Singaporean Exchange.

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