Market Highlights: Sensex ends 94 points higher, Nifty closes below 11,250; HDFC twins, HUL, Nestle gain

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Updated: September 30, 2020 4:36:32 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty ended the day with mild gains after dancing between gains and losses for most of the day. Midcap and small cap indices underperformed.

Share Market Today, Share Market LiveShanghai Composite, Hang Seng, Nikkei 225, and KOSDAQ were all trading with losses. SGX Nifty too was trading over 55 points lower during the early hours of trade on Wednesday.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty ended the day with mild gains after having moved between gains and losses for the entire day. S&P BSE Sensex rose 94 points during the day’s trade to close at 38,067 mark. The 50-stock Nifty managed to gain but ended below the 11,300 mark which analysts say is the crucial levels that the benchmark needs to breach. Tech Mahindra and Titan shares were the top gainers, jumping close to 3% each. On the other hand Bharti Airtel, IndusInd Bank and Tata Steel were the top drags. Volatility slipped 0.42% during the day.

Adding to the list of global investors, Mukesh Ambani’s Reliance Retail on Wednesday morning announced that General Atlantic will invest Rs 3,675 crore into the firm for a 0.84% equity stake on a fully diluted basis. The subsidiary of Reliance Industries Ltd (RIL), has been valued at a pre-money equity value of ₹ 4.285 lakh crore. This is the second investment by General Atlantic into Reliance Industries after a Rs 6,598.38 crore investment in Jio Platforms earlier this year. Reliance Retail has now managed to get three investors, who have collectively poured in over Rs 16.6 lakh crore into the firm.

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Highlights

    16:33 (IST)30 Sep 2020
    Share markets end worst month since May 2% lower; Sensex, Nifty close flat once again

    Benchmark equity markets closed the day’s trading session with marginal gains, to end September as the worst month for domestic stock markets since May. S&P BSE Sensex rose 94 points during the day's trade to close at 38,067 mark. The 50-stock Nifty managed to gain but ended below the 11,300 mark which analysts say is the crucial level that the benchmark needs to breach. Sensex and Nifty managed to end the previous three months with gains but failed to mirror the performance in September which saw erased massive gains during the previous week. 

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    16:32 (IST)30 Sep 2020
    UTI AMC IPO subscription at 57%, Mazagon Dock oversubscribed by all categories on day two

    On the second day of bidding for the three initial public offerings (IPO) that are currently open  for subscription, the already oversubscribed Likhitha Infrastructure and Mazagon Dock added to their tally while UTI AMC’s IPO was subscribed over 57% till stock market closing. Retail investors have so far oversubscribed Mazagon Dock and Likhitha Infrastructure IPOs. For UTI AMC, retail investors have subscribed to over 92% of their portion. Primary markets are witnessing a rush of IPOs recently which have helped investors pocket bumper gains. Among all the issues in the primary market so far this month, retail investors have oversubscribed their portion.

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    15:45 (IST)30 Sep 2020
    Sensex gains 94 points, Nifty ends below 11,250

    Sensex gained 94 points on Wednesday, in a volatile trading session where the benchmark indices moved between gains and losses. Nifty finished below 11,250 mark. The 50-stcok index has failed to breach the 11,300 mark, which analysts say, is crucial for any upward move. 

    15:18 (IST)30 Sep 2020
    Blue Dart Express shares jump 67% in 45 days, could the logistics major deliver more returns?

    Logistics major, Blue Dart Express has seen its share price surge 67% in a little over one month. With this jump in stock prices, Blue Dart Express shares have now recovered all their since March and even scaled higher to trade at fresh 52-week high valuations. However, that might not be the end of the road for the stock. Analysts at ICICI Direct believe that Blue Dart Express shares have the potential to gain further and reach a target price of Rs 3,710 per share in the next six months. Currently the stock is trading at Rs 3,1320 per share.

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    15:11 (IST)30 Sep 2020
    Broader market tracker

    Nifty Midcap 50 and the Smallcap 50 were trading with losses while the benchmark was up with gains. BSE Midcap and BSE Smallcap indices too were underperforming the benchmark 30-stock Sensex. 

    12:50 (IST)30 Sep 2020
    Govt extends BPCL bid deadline till November 16

    The government on Wednesday extended the deadline for submission of initial bids for Bharat Petroleum Corp Ltd (BPCL) by one and half months. “In view of further requests received from the interested bidders (IBs) and the prevailing situation arising out of COVID-19 pandemic, the last date for submission of expressions of interest (EoIs) is further extended to November 16, 2020 (by 5.00 pm),” an official order said.

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    12:49 (IST)30 Sep 2020
    How the borrowing calendar could move equity markets

    "Market participants await the borrowing calendar for the second half of fiscal year. Government kept a target of 12 trillion rupees in May for FY-21 and borrowed 7.68 trillion rupees (almost 65%) via sale of bonds. Market is expecting 13-14 trillion rupee for this year. If borrowing numbers cross 14 trillion rupees then we will see a reaction in Bond and Banking index," said Asutosh Mishra, Head of Research, Institutional Equity at Ashika Stock Broking.

    12:28 (IST)30 Sep 2020
    Hitting fresh highs

    Despite a volatile market, 7 equity shares among the BSE 500 constituents were seen surging higher to hit fresh 52-week highs. Advances Enzymes, APL Apollo Tubes, Apollo Hospitals, Balkrishna Industries, Escorts Ltd, KPIT Technologies, and Presistent Systems Ltd were trading at fresh highs. 

    12:08 (IST)30 Sep 2020
    BSE Midcap index outperforming benchmark

    The S&P BSE Midcap index was seen outperforming the benchmark index on Wednesday. Sensex was tradign flat while the Midcap index was up 0.13%. The smallcap index, however was underperforming.

    11:19 (IST)30 Sep 2020
    Asian Paints shares buy or sell? Long-term growth intact but wait for better entry price

    Shares of Asian Paints surged 1.3% on Wednesday morning to trade at Rs 1,986 per share. With this the stock has now gained over 4% in a one-month time frame. The company, which is a leader in the paint industry, has now launched its own range of furniture, furnishing and decorative lighting under the ‘Beautiful Homes’ brand as its omnichannel identity in home décor. Although analysts believe that the company is well positioned to build the home decor business into a strong vertical, however, the entry price of the stock does not augur well with some. 

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    11:13 (IST)30 Sep 2020
    WTI Crude prices ended lower by 3.23% at $39.3 per barrel on Tuesday

    On Tuesday, WTI Crude prices ended lower by 3.23 percent to close at $39.3 per barrel while on MCX Crude oil prices corrected by 3.75% to 2877 levels as widening impact of the pandemic continued to weigh on the demand prospects for Crude. Resurgence of the covid-19 virus is a major setback for the global Oil market. Alarming increase in Covid-19 cases raised worries over reinforcement of lockdown in major economies which undermined the outlook for Crude. Moreover, rising exports from Libya and Iran despite the production cuts by the Organization of the Petroleum Exporting (OPEC) also weighed on the prices. However, hopes of further stimulus infusion by the U.S. as the democrats and the white house officials work on striking a deal limited the fall in Crude prices.

    Oil prices might be under pressure as bleak economic outlook reflecting the resurgence of covid-19 virus undermined the outlook for Crude. On the MCX, oil prices are expected to trade lower today.

    As of today Traders can go for sell in Crude oil at 2930 with the stop loss of 3010 and for the target of 2800. We expect WTI crude oil may test $36 levels soon

    ~ Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking Ltd  

    10:34 (IST)30 Sep 2020
    Buy Blue Dart Express ~ ICICI Direct

    Buy Blue Dart Express in the range of | 3100.00–3220.00 for target price of | 3710.00 with a stop loss of | 2850.00. Time Frame: Six months.

    While operations are expected to normalise by H2, we expect tonnage growth to return in FY22. Blue Dart is expected to tide over the current crisis by continued automation, enhancing technological capabilities and enhance service capabilities. New client acquisitions and a focus on reducing costs is expected to keep the company on a profitable growth trajectory. On the EBITDA margin front, we largely expect it to stay range bound at 15% in FY22. Blue Dart will remain on its road to recovery in the near to medium term. ~ ICICI Direct

    10:01 (IST)30 Sep 2020
    Sensex, Nifty slip into red after opening flat; IndusInd Bank, ICICI Bank, Axis Bank top drags

    Equity markets began trading flat on Wednesday morning with banking stocks pulling benchmark indices lower. S&P BSE Sensex was down over 100 points while the 50-stock Nifty was just holding on to the 11,200 levels at 10 AM. ONGCSun Pharma, and Hindustan Unilever were the top Sensex gainers. All banking stocks were trading deep in the red with most falling over 1% each. Analysts say that Nifty could face resistance from 11,306-11,322 band in the near future. Yesterday too Nifty climbed down from its intra-day high of 11,300.

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    09:54 (IST)30 Sep 2020
    Nifty Futures outlook ~ ICICI Direct

    The Nifty is expected to trade between 11000 and 11500 amid high volatility. Sell Nifty 11250 Call (October 1 expiry) in therange of | 45-47 Target: | 31-23 Stop loss : | 61

    ~ ICICI Direct

    09:19 (IST)30 Sep 2020
    Equity markets begin trading flat

    Sensex and Nifty began to trade flat, danicng between mild gains and losses on Wednesday morning. Banking stocks were all in the red, pulling markets lower. HDFC Bank, IndusInd Bank, ICICI Bank, and SBI were the top drags. 

    09:14 (IST)30 Sep 2020
    11300 likely to act as a strong resistance for the short term

    "Close above 11300, could extend the pullback towards 11450 resistance, derived from the downward sloping trend line on the daily chart. The Range between 11072 and 11100 is expected to act as a support," said HDFC Securities.

    09:11 (IST)30 Sep 2020
    A muted start?

    Indian markets are likely to open with a flat to positive bias on the back of a rebound in global markets despite worries about economic outlook and a surge in Coronavirus cases. However, global news flows and sector specific developments will to be key monitorables. ~ ICICI Securities

    09:02 (IST)30 Sep 2020
    Sensex up over 300 pts; Nifty above 11350

    Sensex and Nifty surged in the pre-opening session on Wednesday morning. the 30-stock Sensex surged over 300 points while the Nifty 50 managed to climb up to 11,350 mark.  

    08:43 (IST)30 Sep 2020
    Mukesh Ambani's Reliance Retail gets another investor on-board; General Atlantic to invest Rs 3,675 crore

    Mukesh Ambani has bagged another cheque for his Reliance Retail Ventures, this time from General Atlantic. The global growth equity firm will invest Rs 3,675 crore in the retail venture of Mukesh Ambani’s Reliance Industries for a 0.84% equity stake on a fully diluted basis. This investment values Reliance Retail at a pre-money equity value of ₹ 4.285 lakh crore. This is the second investment by General Atlanctic into Reliance Industries after a Rs 6,598.38 crore investment in Jio Platforms earlier this year.

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    08:23 (IST)30 Sep 2020
    Nifty trend positive?

    "The short term trend of Nifty is positive with range bound movement. Further consolidation or narrow range movement is likely in the next 1-2 sessions with volatile intraday swings. Immediate support is placed 11180 and a sustainable move above 11250 levels could pull Nifty towards the next 11300-11400 range for the near term," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

    08:15 (IST)30 Sep 2020
    Abu Dhabi's Mubadala in advanced talks to invest up to $1 bln in Reliance Retail-sources

    Abu Dhabi state fund Mubadala Investment Co is in advanced talks to invest up to $1 billion in the retail division of India’s Reliance Industries Ltd, two sources told Reuters, as investor interest in the Indian company surges. Reliance Retail is on a fund raising spree and has secured around $1.8 billion in the past few weeks from KKR & Co and Silver Lake Partners. Reliance, controlled by Asia’s richest man Mukesh Ambani, has approached investors, who collectively pumped more than $20 billion into its Jio Platforms digital business this year, to take stakes in its retail business, which has nearly 12,000 stores and sells everything from groceries and electronics to fashion and shoes.

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    08:06 (IST)30 Sep 2020
    Nifty could find resistance at 11,290

    "Nifty corrected due to profit booking after two consecutive sessions of upside move. The benchmark index traded in range bound territory of 11200 to 11300 without much participation from large cap constituents. Technically, the Nifty has resistance at 11290 level which is a 50% retracement level of its recent down move. So any close above this level may see good spurt in the Nifty up to the level of 11415 to 11500 while down side support comes at 11100," said Sumeet Bagadia, Executive Director, Choice Broking.

    08:04 (IST)30 Sep 2020
    Strong gold demand may continue until global economy is back on solid track

    A strong demand for gold as a safe-haven asset is likely to continue at least until the global economy is back on a solid recovery path, according to markets data provider Refinitiv. “Central banks around the globe have come out with unprecedented stimulus to counter the economic slowdown caused by the COVID-19 pandemic. Interest rates have been kept either at historical low levels or in negative territory to create demand in the financial system and to stimulate growth,” Refinitiv Senior Metals Analyst Debajit Saha said on Tuesday.

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    08:03 (IST)30 Sep 2020
    Centre extends spending curbs on regular budgetary expenditure to make room for stimulus 2.0

    In order to make room for another tranche of ‘stimulus’ without letting the fiscal deficit for FY21 widen beyond 7-8% of GDP, the Centre has extended the curbs on certain regular, not-so-unavoidable budgetary expenditure to the third quarter. “With a view to managing the cash flows, it has been decided to retain and continue with the same expenditure management measures, stipulated for Q1 and Q2, for Q3,” the finance ministry said in an office memorandum to other ministries and departments.

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    08:02 (IST)30 Sep 2020
    What do the charts hint after yesterday's flat ending

    "After showing a fine upside bounce in the last couple of sessions, Nifty shifted into a consolidation with volatility on Tuesday and closed the day on a slight negative note. A small negative candle was formed with lower shadow and the opening upside gap has been filled completely. This indicate minor profit booking at the highs. Nifty is placed at the immediate resistance of trend line, as per change in polarity at 11240 and has struggled to sustain above that area on Tuesday. The complete filling of opening upside gap also signal a possibility of more consolidation with negative bias in the short term," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

    08:01 (IST)30 Sep 2020
    Jet Airways bidder seeks more time to sweeten offer; lenders give bidders a week to submit revised bids

    A consortium comprising Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi’s Imperial Capital Investments has requested lenders to Jet Airways for more time to submit a better bid. FE learned that lenders have given both bidders a week to submit revised bids. The second suitor is a consortium of Kalrock Capital and entrepreneur Murari Lal Jalan.

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    07:59 (IST)30 Sep 2020
    How much the US Presidential race matter?

    Market analysts for the past few weeks have been telling investors that global cues coming from US would move markets as the United States decide who will sit in the Oval Office for the next four years. "The global cues were muted ahead of the first presidential debate between US President Donald Trump and Democratic candidate Joe Biden, which would show who has an edge in the elections," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services. 

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