Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended over 2 per cent lower in Thursday’s trade, mirroring negative global cues. The 30-share Sensex plunged 708 points or 2.07 per cent to end at 33,538, while the broader Nifty 50 index dropped 214 points or 2.12 per cent to settle just above 9,900-mark. Out of 30 Sensex stocks, 25 stocks finished trade in negative territory. State Bank of India (SBI) was the top Sensex loser, down 5.64 per cent, followed by Sun Pharmaceuticals, Maruti Suzuki, Bajaj Finance, ICICI Bank, Tata Steel and Axis Bank. On the contrary, just 5 stocks, namely, IndusInd Bank, Hero MotoCorp, Power Grid, M&M and Nestle India were the top Sensex gainers. All the Nifty sectoral indices settled with a loss of over 1 per cent. Nifty PSU Bank index plunged 3.76 per cent dragged by SBI, Punjab & Sind Bank, Indian Overseas Bank and Bank of Baroda. Nifty Metal index, too, settled 2.78 per cent lower weighed by weakness in Welspun Corp, SAIL, National Aluminium Company and Vedanta.
The U.S. Federal Reserve on Wednesday signalled it plans years of extraordinary support for an economy facing a torturous slog back from the coronavirus pandemic, with policymakers projecting the economy to shrink 6.5% in 2020 and the unemployment rate to be 9.3% at year’s end, according to Reuters report.
GAIL India, Oil India, Gujarat Narmada Valley Fertilizers and Chemicals, and Powergrid Corporation of India saw sudden spike share price as the Supreme Court asked the Department of Telecommunications (DoT) to reconsider the demand for adjusted gross revenue (AGR) dues from public sector enterprises.
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Vodafone Idea share price plunged over 14 per cent to hit intraday low of Rs 9.26 apiece on BSE amid the hearing on adjusted gross revenue (AGR) in the Supreme Court (SC).
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The Court is clearly miffed with DOT officials for raising gargantuan demands with what it termed as " ulterior motives" with respect to non-telecom PSUs like Gail, OIL, GNFC and PFC and has initiated action against them. It has hinted that there appears to be a concerted attempt at creating panic by issuing notices for recovery of lakhs of crores of rupees against non-telecom PSUs. It does look like a treacherous path for the weak among the telecom operators who might survive but will be in an extremely weakened financial condition ever susceptible to emerging vulnerabilities: Ajay Bodke CEO-PMS Prabhudas Lilladher
Any hopes that the Honourable Supreme Court would reconsider its judgment and reduce the amount of AGR dues for telecom operators looks to have been dashed completely. Even the government's proposal of offering a 20-year window for staggered payments hasn't yet been accepted by the Court. It has asked the telcos to present their views on the timeframe to pay the dues and the nature of guarantees. Whether the telcos would be comfortable offering personal guarantees of their directors as mentioned by the Court during the course of the hearing is the key. Any denial of personal guarantees may not be looked upon favorably by the Court. The directors of telcos are surely in the most unenviable position: Ajay Bodke CEO-PMS Prabhudas Lilladher
Indian rupee settled lower at 75.78 per US dollar against Wednesday's close of 75.58 a US dollar.
SC tells DoT its verdict on AGR issue was misinterpreted and says issue of dues by PSUs was not dealt with. SC raises questions over DoT's AGR demand of Rs 4 lakh crore from PSUs, PTI reported
After Reliance Industries Ltd’s Rs 53,124 crore rights issue got subscribed 1.59 times last week, chairman Mukesh Ambani has got 5.52 lakh shares of RIL, according to the statement showing the shareholding pattern of the promoter and promoter group on BSE. Mukesh Ambani’s shareholding has increased to 0.12 per cent or 80.52 lakh shares from 75 lakh shares held before the rights issue which concluded on June 3, 2020. Besides, his wife Nita Ambani, and children Isha, Akash, and Anant also subscribed to the RIL rights issue and have received 5,52,020 shares each.
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With the onset of the kharif sowing season, the fertiliser industry has been witnessing a sharp surge in sales with industry volumes spiking to as high as 25% in the month of May. Sales have been aided by the large demand for urea as well as nitrogen, phosphorus, and potassium (NPK), shows data compiled by brokerage and research firm Prabhudas Lilladher. Analysts are upbeat on agricultural and allied activities owing to the low impact that the sector has faced of the coronavirus pandemic and the healthy monsoon predicted ahead. The recent locust attack that a few Indian states witnessed is also likely to pull farmers closer to fertilisers in a bid to save their harvest.
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We recently interacted with the management of ISEC and were impressed by its focus on digital initiatives. We believe C/I ratios will improve over FY20-22E to 45.9% (-520bps). Additionally, in the near term increased market volatility is expected to boost revenues and earnings. We upgrade ISEC to ADD (from SELL) with TP of Rs 442 (22.5x FY22E EPS).
~ HDFC Securities
Hero MotoCorp posted a weak operating performance (even on an adjusted basis) due to weak volumes and one-off costs. Near-term margins would remain under pressure due to BS6-related impact, a possible adverse mix, and op. de-leverage. We marginally downgrade our EPS, but maintain our Neutral rating, with TP of ~INR2,350: Motilal Oswal Institutional Equities
Gold prices rose today after the Federal Reserve projected a grim outlook for the US economy, which spurred the safe-haven demand among the investors. On MCX, gold August futures were trading with a gain of Rs 537 or 1.15 per cent at Rs 47,163 per 10 grams. While silver July futures were ruling at Rs 48,809 per kg, up Rs 724 or 1.51 per cent. Meanwhile, the total number of coronavirus cases in India has reached 2,86,579 and fatalities have surpassed 8,000-mark.
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In APE, SBI Life lost ~400bps y/y but occupied the numero uno position in the private space. HDFC Life too lost market share (down 120bps y/y). I-Pru lost ~300bps y/y and took the third position. The loss in market share of the top-three was due to gains in market-share of others such as Tata AIA Life (up ~300bps y/y), Max Life (up ~120bps y/y) and Aditya Birla Sun Life (up ~200bps y/y): Anand Rathi
Ramco Systems share price was locked in a 20 per cent upper circuit for the second consecutive day on Thursday at Rs 110.25 apiece after investor Vijay Kishanlal Kedia acquired over 1 per cent stake in the IT consulting and software company. According to the bulk deals on the National Stock Exchange (NSE), Vijay Kedia bought 3,39,843 shares of Ramco Systems on June 10, 2020, which represents 1.1 per cent, for Rs 2,98,45012.
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Beaten-down by the coronavirus pandemic aided sell-off that domestic equity markets witnessed earlier this year, private-lender IndusInd Bank saw its shares tank 80% between January and March. Since then the stock has seen a volatile journey, even gaining 64% between March 25 and March 27. The stock is currently rallying, jumping 30% in the last five days, helped by the news of the promoter group buying additional stake in the bank. IndusInd Bank shares surged 7% on the 50-stock Nifty on Thursday morning to trade at Rs 535 per share.
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With more and more investors rushing to move towards equity markets to pick up shares at beaten-down prices, new-age investment platforms are banking on the opportunity to provide investors the ease of investing without going through much trouble. Treading on the same path, Groww, an investment platform that has been helping millennials invest in mutual funds so far is now entering the stock investment arena.
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As of 9 June 2020, PSBs have sanctioned loans worth Rs 24,260.65 crore under the 100% Emergency Credit Line Guarantee Scheme, out of which Rs 12,200.65 crore have been disbursed. Here are the bank-wise and state-wise details, FM Nirmala Sitharaman said in a tweet
Seems like current sustained weakness in the Dollar should take a pause as the safe haven like gold, JPY and US bonds have picked up strength. This will keep any sharp rupee strength in check and can cap the gains near 75.00 levels. On the other end, 76.00-76.20 region is likely to remain protected amid the current attraction of foreign inflows in the Indian equity market. Hence, the range of 75.00-76.20 levels is likely to remain in place for few more sessions: Amit Pabari, MD, CR Forex Advisors
BSE Sensex and Nifty 50 were trading a tad lower on Thursday on the back of weak global cues. The 30-share Sensex was trading over 100 points or 0.32 per cent lower at 34,136, while the broader Nifty 50 index was ruling at 10,079, down 36 points or 0.36 per cent. Reliance Industries (RIL), HDFC Bank, Infosys, TCS and Kotak Mahindra Bank contributed the most to the indices’ losses.
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S&P yesterday retained India's sovereign rating at BBB- with a stable outlook. However, it has indicated that threat to outlook and rating could emerge from growth being lower than its projections and government fiscal deficit being higher than its forecast. At least for the near term, the looming dark cloud of a sovereign rating downgrade seems to have dispersed. Asian currencies are a tad weak against the USD. Rupee is likely to open around 75.62 and trade 75.40-75.7: Abhishek Goenka, Founder and CEO, IFA Global
Ramco Systems share price hit 20% upper circuit for the second consecutive session at Rs 110.22 apiece on BSE in early deals on Thursday.
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Aggressive cost rationalization measures, full-year consolidation of a higher margin entity (IMSI), and shift in mix toward apprentices provides strong headroom for margin expansion during FY21E (50bp/40bp v/s reported/adjusted EBIT margins in FY20). ? For FY21-22E, we upgrade our EPS estimate by 15% and expect ~31% PAT CAGR. Our DCF-based TP of INR 2,600 implies 32x FY22E EPS. Reiterate Buy.
~ Motilal Oswal
IndusInd Bank was the top gainer with a growth of 6 per cent, followed by Hero MotoCorp, M&M, HCL Tech, HUL and State Bank of India (SBI)
Sun Pharma as the top Sensex loser, down 2.43 per cent. It was followed by HDFC Bank, Kotak Mahindra Bank, Titan Company, NTPC, Power Grid and Reliance Industries.
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The 30-share Sensex was down 163 points or 0.48 per cent to trade at 34,083, while the broader Nifty 50 index was hovering just above 10,050 mark to trade at 10,061.
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BSE Sensex and Nifty 50 were trading with cuts on Thursday on the back of negative global cues. Both the headline indices were down over half a per cent in the opening trade.
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Petrol, diesel price hiked by 60 paise/litre each; 5th straight daily increase in rates after oil PSUs ended 82-day hiatus in rate revision, PTI said in a tweet
YES Bank informed that it has made an application to the stock exchanges for re-classification of the promotors or promoter group post the reconstruction scheme for the lender in March this year.
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In overnight trade on Wall Street, US stock indices ended lower. The Dow Jones Industrial Average fell 1.04%, the S&P 500 lost 0.53%, while the Nasdaq Composite added 0.67%.
Asian stock market edged lower on Thursday after US Federal Reserve indicated that it would keep the interest rates near zero through 2022. Australian ASX 200 dipped 1.3 per cent, while Japan’s Nikkei was down almost a per cent.
US Federal Reserve indicated that it would keep the interest rates near zero through 2022. The U.S. Federal Reserve on Wednesday signalled it plans years of extraordinary support for an economy facing a torturous slog back from the coronavirus pandemic, with policymakers projecting the economy to shrink 6.5% in 2020 and the unemployment rate to be 9.3% at year’s end, according to Reuters report.
The 30-share Sensex gained 290 points or 0.86 per cent to end the session at 34,247, while the broader Nifty 50 index jumped 69 points or 0.69 per cent to finish the trade at 10,116 on Wednesday.