Market Highlights: Sensex plunges over 700 pts, Nifty ends at 9,902; Voda Idea tanks 13%, RIL, HDFC Bank top drags

By: |
Updated: June 11, 2020 6:26:54 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks Sensex and Nifty settled over 2 per cent lower on Thursday. Vodafone Idea shares tumbled 13%.

Share Market Today, Share Market LiveNifty Metal index, too, settled 2.78 per cent lower weighed by weakness in Welspun Corp, SAIL, National Aluminium Company and Vedanta

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.

Read More

Live Blog

Highlights

    15:22 (IST)11 Jun 2020
    PSU stocks jump after Supreme Court asks DoT to reconsider AGR dues, Bharti Airtel and Vodafone Idea tank

    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.

    Read full story

    14:55 (IST)11 Jun 2020
    Vodafone Idea share price tumbles 14.5%

    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).

    Check live prices: Vodafone Idea

    14:38 (IST)11 Jun 2020
    Court is clearly miffed with DOT officials for raising gargantuan demands: Ajay Bodke CEO-PMS Prabhudas Lilladher

    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

    14:36 (IST)11 Jun 2020
    Directors of telcos surely in the most unenviable position

    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

    14:27 (IST)11 Jun 2020
    Rupee settles lower against US dollar on Thursday

    Indian rupee settled lower at 75.78 per US dollar against Wednesday's close of 75.58 a US dollar.

    14:25 (IST)11 Jun 2020
    SC tells DoT its verdict on AGR issue was misinterpreted

    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

    14:13 (IST)11 Jun 2020
    Mukesh Ambani gets 5.52 lakh shares in RIL’s Rs 53,124 cr rights issue; total holding at 80.52 lakh shares

    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.

    Read full story

    13:18 (IST)11 Jun 2020
    Stable monsoon and strong surge in sales may help this sector spray profits on investor’s portfolio

    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.

    Read full story

    13:10 (IST)11 Jun 2020
    ICICI Securities (Update): Pushing the Right Levers. Upgrade to ADD ~ HDFC Securities

    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

    12:30 (IST)11 Jun 2020
    Brokerage view on Hero MotoCorp

    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

    12:13 (IST)11 Jun 2020
    Gold, silver prices rise today on bleak economic outlook projection by US Federal Reserve

    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.

    Read full story

    11:40 (IST)11 Jun 2020
    Brokerage view on BFSI sector

    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

    11:12 (IST)11 Jun 2020
    Ramco Systems share price rallies 72% in 15 days; stock jumps 20% today as Vijay Kedia buys 1% stake

    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.

    Read full story

    10:55 (IST)11 Jun 2020
    IndusInd Bank shares continue rallying as promoters look to hike stake, gains 30% in just one week

    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.

    Read full story

    10:45 (IST)11 Jun 2020
    After mutual funds, this new-age investment platform is venturing into equity investments, can it grow?

    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.

    Read full story

    10:19 (IST)11 Jun 2020
    PSBs have sanctioned loans worth Rs 24,260.65 crore under the 100% Emergency Credit Line Guarantee Scheme

    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

    10:16 (IST)11 Jun 2020
    Safe haven like gold, JPY and US bonds have picked up strength

    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

    10:15 (IST)11 Jun 2020
    Sensex, Nifty slip in morning trade; check what’s dragging Dalal Street down today

    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.

    Read full story

    09:46 (IST)11 Jun 2020
    Rupee likely to open around 75.62 against US dollar

    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

    09:42 (IST)11 Jun 2020
    Ramco Systems share price hits 20% upper circuit for second straight day

    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.

    Check live prices: Ramco Systems

    09:42 (IST)11 Jun 2020
    Buy Teamlease | Target Price: Rs 2,600 ~ Motilal Oswal

    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

    09:34 (IST)11 Jun 2020
    Top losers on BSE Sensex

    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)

    09:34 (IST)11 Jun 2020
    Sun Pharma share price falls over 2%

    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.

    check live prices: Sun Pharma

    09:32 (IST)11 Jun 2020
    Sensex, Nifty trade lower on Thursday

    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.

    Check live Sensex, Nifty levels

    09:22 (IST)11 Jun 2020
    Sensex, Nifty open in red; fall over 0.50%

    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.

    Check live Sensex, Nifty levels

    09:12 (IST)11 Jun 2020
    Petrol, diesel prices hike by 60 paise/litre each

    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

    09:06 (IST)11 Jun 2020
    Stocks in focus: Yes Bank, NTPC, Dixon Technologies, Indian Hotels, telecom stocks, to remain in news

    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.

    Read full story

    08:32 (IST)11 Jun 2020
    S&P 500, Dow finish lower in volatile trade

    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%.

    08:31 (IST)11 Jun 2020
    Asian stock markets edge lower on Thursday

    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.

    08:31 (IST)11 Jun 2020
    US Federal Reserve keeps interest rate near zero

    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.

    08:30 (IST)11 Jun 2020
    Sensex, Nifty on Wednesday

    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.

    Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
    Next Stories
    1Now, Paytm Money facilitates investments in IPOs
    2Investors weigh prospects for US corporate earnings as stocks set records
    3Paytm Money to facilitate investments in IPO, aims for 8-10% applications market share