Market Highlights: Sensex ends 232 pts up, Nifty Bank rises over 750 pts from day’s low; autos, financial stocks gain

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Updated: May 13, 2020 7:10:16 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: As many as 21 stocks out 30 Sensex scrips finished trade in positive territory with M&M as the top gainer, up 5.27 per cent, followed by Bajaj Finance, HDFC Bank and ICICI Bank.

Share Market Today, Share Market LiveNifty Bank index gained 422 points or 2.19 per cent led by gains in Bank of Baroda

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 index settled higher in Wednesday’s choppy trade. BSE Sensex ended the session at 31,685.75, up 232.24 points or 0.74 per cent. While Nifty 50 index settled at 9,270, gaining 65 points or 0.71 per cent. As many as 21 stocks out 30 Sensex scrips finished trade in positive territory with M&M as the top gainer, up 5.27 per cent, followed by Bajaj Finance, HDFC Bank and ICICI Bank. ITC was the top Sensex laggard with a decline of nearly 6 per cent. Hindustan Unilever (HUL), TCS, Infosys, Sun Pharma were among other losers on the pack. Barring Nifty FMCG and Nifty PSU Bank, all the sectoral indices settled in green. Nifty Bank index gained 422 points or 2.19 per cent led by gains in Bank of Baroda, Kotak Mahindra Bank, SBI and Punjab National Bank.

BoFA Securities downgraded ratings for State Bank of India (SBI), IndusInd Bank, ICICI Bank, Bank of Baroda, with HDFC Bank the only ‘buy’ in the sector. While HDFC Bank remains the only bank with ‘buy’ rating. “We will likely see liability consolidators (led by HDFC Bank, Kotak Mahindra Bank, SBI) emerge stronger over the medium term but until the current NPA cycle peaks, we see downside risks to valuation multiples,” Bank of America Securities in its latest research report. It further added that the banking sector is on the verge of a new (and unique) NPA cycle panning across corporate and retail segments.

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Highlights

    15:50 (IST)06 May 2020
    Closing bell: Sensex, Nifty settle higher

    BSE Sensex ended the session at 31,685.75, up 232.24 points or 0.74 per cent. While Nifty 50 index settled at 9,270, gaining 65 points or 0.71 per cent.

    15:30 (IST)06 May 2020
    PM Garib Kalyan Package report card: Crores of poor, farmers helped under Modi govt scheme

    As a large section of the society struggles through the nationwide lockdown, the Narendra Modi-led government has been trying to alleviate this pain by keeping the poor and farmers away from the hardships such as unavailability of food and cash. Amid the lockdown, around 39 crore poor people have received financial assistance of Rs 34,800 crore under the Pradhan Mantri Garib Kalyan Package (PMGKP), said a statement by the Ministry of Finance.

    Read full story

    15:19 (IST)06 May 2020
    Learn digital ways soon to make your life easy; social-distancing set to last long even after lockdown

    Despite a rapid pace of digital acceleration in India, consumers of financial services in India are yet to fully embrace digital platforms for their day to day financial transactions. This is especially true in non-metro markets and rural geographies. To be fair, it is still early days as the inflection point for this transformation came only during the demonetisation phase.

    Read full story

    14:56 (IST)06 May 2020
    Sensex, Nifty climb off high

    BSE Sensex was trading at 31,520.52, up 67.01 points or 0.21 per cent while broader Nifty 50 index was up just 18 points or 0.19 per cent at  9,223.45.

    Check live Sensex, Nifty levels

    14:38 (IST)06 May 2020
    May a weak month for Rupee

    The month of May is usually a weak month for rupee. This week market remained range-bound in between 75.50-75.80 range. The risk tone has been tepid and will remain like that on renewed US-China spat. The trade war can reignite going ahead and prop up the safe-haven dollar demand. Also, coronavirus cases are increasing, stocking fears of second wave of infection. Locally, there are concerns over macros, due to the extension in lockdown, India's GDP is expected to fall near 1%. While, market is eagerly waiting for more stimulus measures from the government. So, the volatility in spot may continue and 75.30-75.50 will act as a strong support and we may see a bounce towards 76.50 level: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

    14:37 (IST)06 May 2020
    'Hold' Titan stocks with target price of Rs Rs 844

    Titan will benefit from its franchisee model. Although TTAN will also suffer in interim, it will emerge much stronger once COVID-19 fear subsides and will continue to enjoy premium valuations. Retain hold & accumulate on declines for long term gains but near term PE de-rating possible: Amnish Agarwal, Prabhudas Lilladher

    14:25 (IST)06 May 2020
    Which one of Abhijit Banerjee’s Twitter profiles is real? Nobel laureate economist answers

    Noted economist and Nobel laureate Abhijit Banerjee’s Twitter profile has come in focus after his interview with Congress leader Rahul Gandhi on Tuesday. However, several noted personalities such as Ramchandra Guha, Mahua Moitra, among others have now said that the Indian-origin economist does not have any Twitter profile. “If you are on social media will you publicize the fact that I am being impersonated on Twitter as @AbhijitBanerj. I am not Twitter,” historian Ramchandra Guha said citing Abhijit Banerjee.

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    13:58 (IST)06 May 2020
    Online education in India extremely scalable: Abhijit Banerjee tells why shift to digital is good

    Schools and other educational institutions across the globe have witnessed a shift towards online learning as countries around the world have been under lockdown for over a month now due to coronavirus. India is no different and the country has an extremely scalable prospect for digital education, Nobel laureate Abhijit Banerjee told The Indian Express.

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    13:23 (IST)06 May 2020
    Jobs crisis: Unemployment soars; no work for migrant workers coming back to job market

    The migrant workforce, which returned to the hometowns in haste amid the coronavirus lockdown, has gradually started to come back into the market in search of jobs. The increasing number of workers looking for jobs has raised the labour participation rate, but unavailability of sufficient work for them has shot up the unemployment rate in the country.

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    13:03 (IST)06 May 2020
    Govt looking to wrap up the sale of its entire holding in ITC, Axis Bank

    Government looking to wrap up the sale of its entire holding (through SUUTI) in ITC (7.9%) and Axis Bank (4.7%) by the end of this week at 2-3% discount to the prevailing market price to various MFs, LIC etc to raise Rs 22,000 crore. 'If this goes through the free float weight of both the stocks will go up substantially possibly leading to a higher weight in various indices like Nifty, MSCI etc. This can lead to large inflows from passive funds and even many active funds that use these indices as benchmarks: Ajay Bodke, CEO, PMS Prabhudas Lilladher

    12:41 (IST)06 May 2020
    NIIT Technologies share price jumps 15% on healthy March quarter earnings, declares interim dividend

    NIIT Technologies' share price surged 15% on the stock market after the company posted a strong January-March quarter result on Tuesday. NIIT Technologies posted a strong 15.5% EBITDA growth on-year basis and a 12% revenue growth in the same time period. Revenue billing loss on account of supply side issues driven by the coronavirus pandemic in the March quarter was negligible as the company made a seamless transition to work from home. Deal pipeline for NIIT Technologies looks robust in the first quarter as well with many negotiations in advanced stages. The stock was trading at Rs 1.367 per share.

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    12:32 (IST)06 May 2020
    India services PMI crashed in April, as the nationwide lockdown put a hold on services activity: Barclays

    Headline PMI contracted sharply as April saw complete lockdowns across major sectors the economy. At 5.4 in April, Services PMI fell to its all-time lows, with disruption in economic activity set to continue even in May. The slowdown in PMI validates our view of a sharp contraction in GDP growth in Q2 2020 (Barclays expectation: -12.4% y/y). Taking the contraction in both Manufacturing and Services activity together, historical correlation as per Markit suggests that India’s GDP may contract by -15% y/y in Q2 2020, which is a tad lower than the 12.4% decline expected by us, pointing to modest downside risks to our current projections.

    - Barclays

    12:24 (IST)06 May 2020
    Gold prices rise today, snap three-day losing streak despite ease in lockdown restrictions in India

    Gold prices in India edged higher in trade, after a weak opening on Wednesday. On MCX, gold June futures rose Rs 37 to Rs 45,788 per 10 grams. Similarly, silver July futures were trading Rs 403 or 0.96 per cent higher at Rs 42,299 per kg. Globally, yellow metal prices slipped on the back of gradual easing of coronavirus triggered restrictions by many countries in an attempt to revive their economic activity, which dented the demand for the gold.

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    12:08 (IST)06 May 2020
    Here’s what Noida, Gurugram companies must do to open offices with one-third staff; check guidelines

    Noida and Gurugram authorities have released fresh guidelines for the private companies to work with 33% workforce. Along with maintaining strict social distancing norms, the administration has also asked the companies to ensure that a restricted number of people enter the elevator premises, random testings are conducted for coronavirus and to provide health cover to workers. “Private offices can operate with upto 33%strength, rest work from home,” District Magistrate Gautam Buddh Nagar, Noida, tweeted this week. The companies have also been directed to have a one-hour gap between two shifts

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    11:50 (IST)06 May 2020
    Sensex, Nifty off day's highs, still hold on to gains

    BSE Sensex was trading at 31,721.69, up 268.18 points or 0.85 per cent, while NSE's Nifty was ruling at 9,279.40, up 73.80 points or 0.80 per cent.

    Check Sensex, Nifty live levels 

    11:42 (IST)06 May 2020
    Sensex, Nifty reverse opening losses, gain over 1% each; what’s driving markets today

    The headline indices BSE Sensex and Nifty 50 reversed opening losses and turned positive in Wednesday’s session. The 30-share Sensex gained over 800 points from day’s low of 31,158 to trade at 31,970. While the broader Nifty 50 index reclaimed the 9,300-mark today.

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    11:39 (IST)06 May 2020
    NIIT Technologies share price jump 10%

    NIIT Tech saw a 10% surge in share price as investors reacted to the strong 24% on-year jump in EBITDA, posted by the company in its Q4 earning on Tuesday.

    11:10 (IST)06 May 2020
    'Buy' Radico Khaitan: Dolat Analysis and Research

    We downgrade India AlcoBev sector to Neutral from Positive led by a) increasing tax hikes by state governments to shore up tax in post Covid reopening b) higher risk of receivables cycle stretching working capital for all players, and impacting cash flow generation c) likely delay in consumption recovery and risk of down trading by consumers and focus on essential consumption. Maintain BUY on Radico, downgrade UNSP and UBL to Reduce: Dolat Analysis and Research

    11:03 (IST)06 May 2020
    Volatility in market a reflection of sentiment flipping between hope and fear

    The volatility in the market is a reflection of sentiment flipping between hope and fear. The hope that the economy shall revive soon with the development of vaccine and containment of the virus, and the fear that it won’t. During times like these, when the known is yet unknown; how can one protect ourselves from the market vulnerabilities? It’s good to hope not and better to anchor the ship at shores when we know clouds are becoming darker and threatening at the horizon: Amit Pabari, MD, CR Forex Advisors

    10:53 (IST)06 May 2020
    OMCs share prices tumble as Centre hikes excise duty on petrol, diesel; HPCL plunges 13%

    Oil marketing companies (OMCs) share prices were trading under pressure in Wednesday’s weak market as the Centre hiked excise duty on petrol by Rs 10 a litre and on diesel by Rs 13 per litre. State-controlled oil marketing companies Indian Oil Corp, BPCL, and HPCL will absorb the price hike. Hindustan Petroleum Corporation (HPCL) share price declined 13 per cent to Rs 186.70 apiece on the BSE. Bharat Petroleum Corporation (BPCL) share price fell 10 per cent to Rs 312.15. Shares of Indian Oil Corporation (IOC) were down 7.5 per cent at Rs 72.85 apiece on BSE.

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    10:33 (IST)06 May 2020
    Pfizer share price jumps 3% on BSE Sensex

    Share price of pharma major Pfizer jumped 3% on Dalal Street as the news of the firm starting human testing for its coronavirus drug reached investors. The scrip was trading at Rs 4,782 per share. 

    09:59 (IST)06 May 2020
    Buy Varun Beverages ; Target Price Rs 760 : JM Financial

    Varun Beverages’ 1QCY20 result was better than our expectations driven by higher volume contribution from acquired territories and resilient performance from International geographies. Organic domestic volume performance (declined 13.7%) was a bit disappointing, though, as COVID-19 related lockdown had an adverse impact in the month of March (accounts for disproportionately higher volume share). Despite disruptions, the company maintained its operating margin on benign RM costs and an easy base for the International business (1QLY margin impacted by translation provisions). Management has withdrawn its volume guidance for the year on demand uncertainties amidst Covid 19 pandemic but is fairly confident of maintaining its operating margin; benign RM prices and reduction in trade/marketing spends would help negate the adverse impact from lower throughput. 

    - JM Financial

    09:54 (IST)06 May 2020
    Nifty FMCG index plunges 500 pts, ITC declines 6%

    Nifty FMCG index plunged 500 points or 1.87 per cent dragged by ITC, Emami, Godrej Industries and Britannia. Nifty PSU Bank index was also trading 1.5 per cent lower.

    09:49 (IST)06 May 2020
    BSE BANKEX slips 314 points as BoFA Securities downgrades SBI, ICICI Bank, IndusInd Bank

    S&P BSE BANKEX slips 314 points or 1.42 per cent in the morning trade. SBI, Kotak Mahindra Bank, IndusInd Bank, ICICI Bank among top laggards after BoFA Securities downgraded ratings.

    09:46 (IST)06 May 2020
    Buy SBI Life Insurance Target Price Rs 860 : Edelweiss Securities

    SBI Life Insurance continued to gain market share in FY20 (23.2% basis IRP, up 90bps YoY) vis-à-vis its top private competitors. While NBP moderated 12% YoY in Q4FY20 due to the business lost during the lockdown in March, it is up 20% for the full year FY20, led mainly by non-par savings (due to introduction of a guaranteed interest rate product) and group savings. Growth in individual and group pure protection NBP softened to 9% YoY due to logistical challenges, but should trend up once restrictions on mobility are relaxed. VNB margin rose 100bps YoY to 18.7% due to an increasingly optimum product mix with high-margin products such as protection and non-par savings garnering a greater share of the product mix. As we argued earlier a sharp fall in ULIP sales and the operating leverage hit from a spike in surrender rates are the key risks for the industry. Operational challenges such as managing activations across the massive branch network and management continuity given its PSU parentage are the concerns for SBI Life specifically. Maintain ‘BUY’ with a TP of INR860.

    - Edelweiss Securities

    09:42 (IST)06 May 2020
    ITC drops 5.75%, top Sensex loser

    ITC was the top Sensex laggard, down 5.75 per cent, followed by Axis Bank, HCL Tech, Titan and SBI. While, ONGC, Bharti Airtel, HDFC and Sun Pharma were among the top Sensex gainers

    Check live prices: ITC

    09:36 (IST)06 May 2020
    OMCs share prices fall, HPCL tanks 10%

    Oil marketing companies' shares fell in Wednesday's trade after the Centre hiked excise duty on petrol by Rs 10 per litre, and on diesel by Rs 13 per litre, and asked the OMCs to absorb the price hike. Hindustan Petroleum share price crashed 10.55 per cent while BPCL tanked 7.30 per cent.

    Check live prices: HPCL

    09:32 (IST)06 May 2020
    Sensex, Nifty open nearly 1% lower

    The 30-share Sensex was trading 214 points or 0.68 per cent down at 31,239, while the BSE’s Nifty was ruling at 9,141, down 64 points or 0.69 per cent.

    Check live Sensex, Nifty levels

    09:15 (IST)06 May 2020
    Gold prices to remain volatile

    Yesterday MCX Gold in conjunction with Comex gold witnessed a weak session as the U.S. dollar gained for a fourth straight session, making gold costlier for investors using other currencies. More pressure came in as two of the world’s biggest gold refiners, Valcambi and Argor-Heraeus, have restored almost all operations after Switzerland relaxed coronavirus lockdown measures after a gap of almost 6 weeks. The key focus for today would be ADP employment change, hence the evening session is likely to be volatile: Jigar Trivedi, Fundamental Research Analyst - Commodities, Anand Rathi Shares and Stock Brokers.

    09:05 (IST)06 May 2020
    Petrol, diesel price today: Massive hike in excise duty on fuel by Modi govt; check impact on you

    Prime Minister Narendra Modi’s government late Tuesday evening increased excise duty on petrol by a record Rs 10 per litre, and on diesel by Rs 13 per litre. However, consumers may need not worry, as the retail prices of petrol and diesel at the pump will not rise, despite the massive tax hike. The three state-run oil marketing companies — Indian Oil Corp, BPCL and HPCL — will absorb the entire hike in the excise duty, PTI reported citing unidentified industry officials

    Read full story

    08:54 (IST)06 May 2020
    Buy Bharti Airtel stock at price target of Rs 625

    The intense competition in the domestic telecom industry has gradually lessened with reduced number of players. Given the current scenario, Bharti Airtel is likely to enjoy further market share as another key player -Vodafone Idea- struggles to survive in the market. Additionally, the company should benefit from the deferral of spectrum auction instalment payments and moderation in capital expenditure intensity. We initiate our coverage on Bharti Airtel with a BUY rating and a target price Rs 625 per share: Anand Rathi Research

    08:50 (IST)06 May 2020
    RBI MPC likely to cut reverse repo rate by 50 bps by Oct

    RBI MPC will likely cut the reverse repo rate by 50bp by October with inflation set to slip to 2.5% in 2HFY21. The MoF will likely infuse 30bp of GDP of fiscal stimulus focusing on SMEs, real estate and banks. Along with falling tax collections and divestment shortfalls, this will likely push up the Center’s fiscal deficit 130bp of GDP above the budgeted to 4.8%: BoFA Securities

    08:48 (IST)06 May 2020
    HDFC Bank only 'buy' in banking sector

    HDFC Bank remains our only Buy in the sector as we expect the bank to outperform peers on both growth and asset quality in the current environment. The bank’s big capital buffers and improving leadership on the liability side also makes it best positioned to capture the medium term opportunities post the current slowdown: BoFA Securities

    08:42 (IST)06 May 2020
    HDFC Bank, Kotak Mahindra Bank likely to have better downside support

    Banks with better capital buffers and to some extent better liability franchises (pvt banks especially HDFCB, Kotak) will likely have better downside support, says BoFA Securities.

    08:40 (IST)06 May 2020
    Maintain “bottom-up” approach, use correction to accumulate quality names in staggered manner

    We feel the muted earnings combined with looming uncertainty over the economic situation due to extended lockdown have started haunting the participants. Besides, global cues are further adding to their worries. In such a scenario, it’s prudent to maintain a “bottom-up” approach and use correction to accumulate quality names in a staggered manner. On the other hand, traders should align their position according to the market trend: Ajit Mishra, VP - Research, Religare Broking Ltd

    08:36 (IST)06 May 2020
    Early payment of subsidy to fertilizer companies to keep fertilizer sector in foucs

    Early payment of subsidy to fertilizer companies may keep the fertilizer sector buzzing for the day. Going forward, Nifty will find support around 9150 levels, and resistance will be around 9300-9410 levels for the day. Below 9150, it will find support around 9040: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    08:35 (IST)06 May 2020
    Nifty to open flattish

    Today, Nifty will open flattish as suggested by SGX Nifty and global cues are also a mixed bag. Since the last couple of trading, sessions markets remained in a bear grip. Today, it is expected to remain in the trading range of 9150-9300.  Delay in the expected stimulus package, geopolitical tensions, and extension of lockdown are few reasons due to which markets won't able to find buying support in the last couple of days: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    08:33 (IST)06 May 2020
    Sensex, Nifty on Tuesday

    The 30-share index Sensex declined 262 points or 0.83 per cent to settle at 31,453.51 while NSE’s Nifty 50 ended at 9,205.60, down 88 points or 0.95 per cent

    08:29 (IST)06 May 2020
    BoFA Securities downgrades SBI, ICICI Bank, IndusInd Bank, BoB

    In the wake of historic output loss followed by potentially a prolonged (long bottom) economic recovery during FY21-22, we further downgrade our sector view. We now move closer to a stress case scenario in FY21-22 as we expect the current economic situation will drive paradigm changes in the sector (report)in the near to medium term More than just the growth slowdown, we are now on the verge of a new (and unique) NPA cycle panning across corp/retail segments lasting through at least FY21-22: BoFA Securities

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