Nifty Pharma index gained the most, up over 5 per centShare Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended in the green. The 30-share Sensex was up 141 points at 38,182, while the broader Nifty 50 was ruling 11,274 on closing. Larsen & Toubro along with M&M were the top Sensex gainers, up close to 5% each, followed by Sun Pharma, Tech Mahindra, and NTPC. On the flip side, Reliance Industries, Asian Paints, and Maruti Suzuki were among the top Sensex laggards. Barring Nifty Metal index, all the sectoral indices were trading in the positive territory. Nifty Pharma index gained the most, up over 5.5 per cent in the trade, led by gains in Divis Laboratories, Cipla and Lupin.
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Highlights
Domestic equity benchmarks started this week’s trading with gains, ending in the green for the third consecutive trading session. The 30-share Sensex was up 141 points at 38,182, while the broader Nifty 50 was ruling 11,274 on closing. Globally the sentiment was lifted as the President of the United States signed an executive order to provide tax relief and stopgap unemployment benefits for Americans hit by the fallout from the coronavirus pandemic. Defence and pharma stocks were in focus today trading with significant gains.
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The S&P BSE Sensex managed to end 141 points higher on Monday. The 50-stock Nifty on the other hand closed at 11,275. Benchmark indices ended lower than their day high but analysts say this signals a bullish trend.
Mukesh Ambani-led Reliance Industries Ltd’s (RIL) asset monetisation, which saw the oil-to-telecom major sell 33% stake in Jio Platforms, should significantly improve the company’s credit quality. This would mean that RIL’s credit quality would improve despite operations trending weaker than anticipated for the current fiscal year, said global rating agency S&P Global. Mukesh Ambani lured in global investors, including Mark Zukerberg’s Facebook and Alphabet’s Google, to invest a total of Rs 1.52 lakh crore in the digital venture. S&P Global, currently rates RIL’s local and foreign currency instruments as BBB+ with a stable outlook.
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HPCL reported Q1FY21 standalone EBITDA/PAT of Rs43.5bn/Rs28.1bn, beating our estimates by 3%/6%. Gross profit missed estimate by 2% but Other Expenditure and effective tax rate at 24.5% was lower. Other Income and forex gain were above estimates. We keep our FY21/22/23 EPS estimates unchanged. Core EPS in Q1 was ~30% above estimate at Rs15.0/sh. We retain Buy and OW stance in EAP, with a TP of Rs280 (unchanged). We remain positive on OMCs and HPCL is our top pick.
~ Emkay Global
Nearly a year-and-a-half after Walmart-owned Flipkart launched its venture fund to back early-stage startups, the e-commerce company has now forayed into accelerating startups. Flipkart has launched its startup accelerator Flipkart Leap for startups in technology and consumer internet segments. Inviting applications beginning Monday, the 16-week virtual programme will support both businesses-to-business and business-to-consumer startups.
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After a strong start in June and promising performance in July, monsoon rains have started to peter out in August, with the cumulative rainfall now falling below the long period average. While LPA in this season was higher than the last five-year average till the end of July, “on a cumulative basis (from June 1 to August 5), the South-West monsoon has been 1.1% below the long period average (LPA),” a CARE Ratings report said on Monday
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S&P Global Ratings today said that Reliance Industries Ltd's sizable proceeds from asset monetization over the past four months should significantly improve its credit quality. This is despite operations that are trending weaker than we anticipated for the fiscal year ending March 31, 2021.
Investors, of late, have been seeking advice on the ideal approach one needs to take, in order to navigate this current phase of volatility. And if you have been listening attentively, it’s hard to miss their emphasis on one of the core tenets of investing — portfolio diversification. While traditional wisdom has always mandated against putting all eggs in one basket, recent turn of events — including nosediving of benchmark indices, followed closely by the closure of six debt mutual funds by a prominent AMC — has brought the need to build a diversified portfolio, to the forefront.
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Cipla share price soared nearly 12 per cent to touch a new 52-week high of Rs 808 apiece after the pharmaceutical company posted a 26.6 per cent on-year jump in net profit at Rs 566.04 crore in the first quarter. The company had reported a net profit of Rs 447.15 crore in the same quarter a year ago. Cipla shares have zoomed over 128 per cent from March lows of Rs 356.75 apiece.
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Emami’s consolidated Q1FY21 revenue (down 25.8% YoY), EBITDA (down 8.3% YoY) and PAT (up 1.2% YoY) were better than our estimates. The lockdown affected performance in April and May, but June (domestic business up 8% YoY) turned out to be well. The recovery has sustained with double-digit growth in July. Soft mentha prices expanded gross margin 231bps YoY; with mentha prices remaining benign, we expect gross margin expansion to sustain. A sharp cut in ad spends (down 749bps YoY) led to 487bps YoY EBITDA margin expansion. The lockdown affected international business (IB) as well overall sales dipped 18% YoY (however up 7% YoY in June). Going ahead, with promoter-level pledging concern alleviating in the wake of the recent Emami Cement sale, a slew of launches in health & hygiene to capitalise on the topical upswing, and a higher rural contribution should hold the company in good stead. Maintain ‘BUY’ with a TP of Rs 296.~ Edelweiss Securities
Alogn with Divis Lab, Cipla, Laurus labs, and Lupin have all made significant gains today. Divis Labs is up 12% while Cipla shares jumped over 11%.
Struggling telecom major Vodafone Idea has seen a sharp decline in operational performance in the April-June quarter while much of the focus remained on Adjusted Gross Revenue (AGR) dues. This poses a significant challenge to the company of regaining competitiveness, and massive balance sheet repair could be needed, said Kotak Institutional Equities in a report. Shares of Vodafone Idea have jumped 12% since Friday to now trade at Rs 9.1 per share. However, AGR-dues payment verdict by the Supreme Court remains the key overhang for the stock and the company.
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After a sharp up move in recent past gold has witnessed some profit booking around 56000 levels, Dollar index corrected from the level of 99 and took support from its multiple support area of 92.5 level indicates some pullback can come in Dollar Index which may result to some pressure in International gold prices in the near-term. However Gold is trading above its long term breakout level so buy on dips should be the strategy to adopt in short term. We expect gold to take support around 54400-54000 in this corrective action. Once gold manages to cross above 55400 it may resume its uptrend and it may scale up towards 56500-57000 in the short-term: Rajesh Palviya, Head Technical & Derivatives, Axis Securities
The 30-share Sensex was up over 300 points or 0.90 per cent to trade at 38,377, while the broader Nifty 50 was ruling 11,325, up 111 points or 1 per cent.
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Divi’s Laboratories share price zoomed 16 per cent to hit a fresh 52-week of Rs 3228.05 apiece as the company reported 80.61 per cent on-year rise in the consolidated net profit at Rs 492.06 crore in the April-June quarter. The company had posted a profit of Rs 272.44 crore in the corresponding quarter of the previous fiscal. The drugmaker in a BSE filing said that the company has been able to have near-normal operations during the quarter and there was minimal impact due to COVID-19 pandemic.
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Today, Gold prices opened up at 55049 made a high of 55080 as support seen after President Trump’s executive order limiting business with Chinese-owned WeChat and TikTok apps, initially lent some support to bullion. While technically already gold price touched the bullish channel’s support line that appears on the chart and settles there, accompanied by starting to witness positive signals through stochastic, while the EMA50 keeps providing the positive support to the price at 54800. A hold above same can test again at 56375, noting that breaking 54800 will stop the suggested rise and press on the price to start bearish correction that its main targets begin at 53450. So, Gold looks to sell below 54780 can see shape fall towards 54260 and below same can test 53450 level: Ajay Kedia, Kedia Advisory, Mumbai.
Gold prices gained on Monday taking cues from the trend in the international market and rising worries over COVID-19 cases. So far, over 22 lakh coronavirus cases and more than 44,000 deaths have been reported in India. Gold October futures were trading Rs 156 or 0.28 per cent higher at Rs 54,945 per 10 grams while silver September futures advanced Rs 847 or 1.14 per cent to hold Rs 75,000-mark.
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A day after Defence Minister Rajnath Singh announced that the Ministry of Defence has jotted down 101 items to be placed under an embargo, investors were seen pumping money into domestic defence manufacturers. BEML shares were up over 5%, BEL shares gained more than 13%, while Bharat Forge surged 6% among other companies that are directly or indirectly related to the defence industry. The move of the Defence Ministry is aimed at promoting the Atmanirbhar Bharat slogan. Although this comes as a major boost for local manufacturers, analysts claim that hurdles could still hinder the plan to manufacture locally.
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Saudi Aramco said it’s still working on a deal to buy a $15 billion stake in Reliance Industries Ltd.’s refining and chemicals business, even as lower oil prices forces it to slash investment spending. Reliance’s shares fell in mid-July after Chairman Mukesh Ambani said a transaction had been delayed “due to unforeseen circumstances in the energy market and the Covid-19 situation.”
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Continuing with the gaining momentum, BSE Sensex and Nifty 50 were trading nearly one per cent higher on Monday, on the back of buying in pharma stocks. the 30-share Sensex gained 350 points or 0.92 per cent to trade at 38,385, while the Nifty 50 index advanced 102 points or 0.92 per cent to reclaim 11,300 level. Index heavyweights such as HDFC Bank, L&T, Reliance Industries (RIL), HDFC, and Kotak Mahindra Bank were top index contributors.
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With no news remaining good news for the rupee and bad news getting warranted by inflows in the capital market, the rupee has all the reasons to portray its resilience. The actions in the pair are limited with no factor influencing it that strongly, rupee likely to remain neutral. Overall, RBI has remained on the buying side and has accumulated around $ 12 billion in the last week of July taking the reserves to $ 534.5 billion. As long as RBI remains on buying side, strength in the pair shall be limited to 74.50 levels. All in all, till the time the pair is trading in the range of 74.50-75.50 and there is lack of dominant factor to rule out, it is advisable to remain a seller between 75.20 to 75.50 levels and a buyer between 74.60-74.70 levels for the near term: Amit Pabari, managing director, CR Forex advisors
Axis and HDFC Bank QIP related inflows are likely to hit the markets this week. This would cap upside in USDINR. 75.50 is likely to act as a strong resistance. We expect the RBI to continue absorbing inflows through nationalized banks and continue with its strategy of Reserve accumulation. 74.50 continue to act as a solid support. Break of 74.50 could trigger stop losses and lead to a swift move lower. Until then, 74.50-75.50 continues to remain the range for USDINR. The RBI board is to meet on 14th August to decide on the surplus transfer to the government: Abhishek Goenka Founder, and CEO, IFA Global
Nifty Bank index gains nearly 1.5 per cent and breaches 22,000-mark on the upside led by Kotak Mahindra Bank, HDFC Bank and State Bank of India (SBI).
Tata Steel, Maruti Suzuki, Nestle India, Asian Paints and HCL Tech were among the top Sensex laggards
Hindustan Aeronautics Ltd (HAL) share price surged 7.45% to Rs 1039 apiece on Monday after the government put an embargo on the import of many defence items.
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Larsen & Toubro (L&T) was the top Sensex gainer, followed by M&M, Bajaj Finance, Sun Pharma, Kotak Mahindra Bank, HDFC and State Bank of India (SBI).
Check live prices: Larsen & Toubro
The 30-share Sensex was up 260 points or 0.68 per cent to trade at 38,301, while the broader Nifty 50 reclaimed the crucial 11,300 level.
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Titan Company, Power Grid, Bank of Baroda, Power Grid Corporation of India, Titan Company, AstraZeneca Pharma, Ujjivan Financial Services, CARE Ratings, Equitas Holdings, and Force Motors are scheduled to announce their first quarter resukts today.
The next round of stimulus, expected by September-October, will likely focus on the infrastructure and construction sectors, and may include an employment scheme for the urban poor on the lines of the Mahatma Gandhi National Rural Employment Guarantee Scheme, whose efficacy has been borne out again during the pandemic period. While the budgetary cost of the fiscal stimulus announced so far — 1.4% of the GDP — has been more than offset by the expenditure curbs in other areas, the new tranche will also be similarly fiscally prudent — the part of it based on additional budgetary resources could be minimal, and most of the budgetary incentives to infrastructure and construction areas will be balanced by a spending rejig.
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International gold and silver ended weak on Friday supported by a recovery in the US Dollar and upbeat labour market data. Data showed U.S. nonfarm payrolls increased 1.763 million in July against a record rise of 4.791 million in June. Meanwhile, weighing on gold was an impasse in the new U.S. coronavirus aid bill. International gold and silver started mixed with spot prices starting flat, while futures on COMEX was trading with gains this Monday morning in Asian trade. Safe-haven appeal and investment demand continues to support prices: Sriram Iyer, Senior Research Analyst at Reliance Securities
Nifty set to open with flattish to positive on the back of flattish global cues. The US market closed in the green but futures are trading flattish. The Asian markets are a mixed bag. For the day, one should implement the strategy of sell on rising towards 11335. In case of penetration of 11160 with stop loss above 11335, one can go short. On the other hand, if holds above 11335 one should go long with stop loss below 11255 levels for positional trade: Vishal Wagh, Head of Research, Bonanza Portfolio.
India’s aviation players are staring at potential revenue forgone of Rs 1.2-1.4 trillion across fiscals 2020 to 2022 as the Covid-19 pandemic has shrunk air travel to a speck. We expect domestic air passenger traffic to drop 55-60% on-year to 60-65 million passengers in fiscal 2021 (similar to fiscal 2014 numbers). Fares are expected to decline post end of the capping period (November 25, 2020 onwards), leading to a 60-65% fall in airline revenues. And despite the 35-40% decline expected in fuel costs, the hit to revenues will translate into operating losses for the current fiscal.
Bank of Baroda, Power Grid Corporation of India, Titan Company, AstraZeneca Pharma, Ujjivan Financial Services, CARE Ratings, Equitas Holdings, Force Motors, etc., are scheduled to announce their quarterly earnings today.
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Domestic benchmark indices Sensex and Nifty stare at a muted opening to this week’s trading session following weaker global cues. After a week that saw both Sensex and Nifty gain close to 2% each, rising global tensions and increasing number of coronavirus cases is expected to be in focus this week. However, the United States is expected to unveil a stimulus package soon. The ripple down effect of the same could flow into Indian equity markets helping the share markets to gain. Banking stocks are also to remain in focus after the Reserve Bank of India allowed restructuring of stressed assets.
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Overseas investors remained net buyers in Indian markets by investing a net Rs 8,327 crore in the first week of August amid better than expected results by big Indian companies. Foreign portfolio investors (FPI) invested a net Rs 7,842 crore in equities and Rs 485 crore in the debt segment between Aug 3-6, according to depositories data. FPIs have been net buyers in the past two months. They invested Rs 3,301 crore in July and Rs 24,053 crore in June on net basis.
The combined market valuation of six of the top ten most valued companies rose by Rs 74,240 crore during the last week, with Reliance Industries leading the pack. Six firms, namely Reliance Industries Ltd (RIL), Tata Consultancy Services (TCS), HDFC Bank, Bharti Airtel, ITC and ICICI Bank logged gains in their market valuation for the trading week closed on Friday.
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Prime minister Narendra Modi on Sunday formally launched the Rs 1-lakh crore Agriculture Infrastructure Fund (AIF) under which agri-entrepreneurs, start-ups, agri-tech players and farmer groups will have access to credit at subsidised interest for building warehouses, cold storages and other facilities to reduce post-harvest losses. Modi also announced release of Rs 17,100 crore to about 8.5 crore farmers under the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) scheme.
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The Supreme Court of India will hear the AGR dues payment case again today. The court could deliver its verdict on the staggered payment request put forth by the telecom companies. Bharti Airtel and Vodafone Idea will remain in focus.