Share Market Highlights: Sensex ends 350 points higher, Nifty at 11,650; benchmark indices up 2% this week

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Updated: August 28, 2020 4:19:42 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty ended the day in the green, taking their gaining streak to six consecutive days now. IndusInd Bank gained 10% to hit the upper circuit.

Share Market Today, Share Market LiveAs Sensex and Nifty climbed higher, the volatility index slipped further.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty took their gaining streak to six days straight as the ended with Friday’s trading session almost 1% higher each. S&P BSE Sensex gained 353 points or 0.90% while the 50-stock Nifty managed to end at 11,655 levels. Financials were the hot favourite on Dalal Street today with IndusInd Bank gaining 10% to hit the upper circuit followed by Axis Bank and ICICI Bank. Powergrid, Maruti, Infosys were the top drags. Volatility slipped 3.44% during the day’s trade while after a strong run for weeks, Nifty Smallcap indices ended the day with losses.

In an effort to boost employment, The Federal Reserve of the United States of America on Thursday announced a policy shift that will keep interest rates low. The Fed will seek to achieve inflation averaging 2% over time. The new statement also pledges to make sure employment does not fall short of the broad-based and inclusive goal. Unemployment in the United States has been rising rapidly, nudged by the coronavirus pandemic. Fed Chair Jerome Powell hinted that his aim is to create a strong labour market even if food prices rise. 

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Highlights

    16:17 (IST)28 Aug 2020
    Sensex, Nifty march higher for sixth consecutive day; IndusInd Bank, Axis Bank lift indices today

    Domestic benchmark indices ended the week’s last trading session with gains to make it six days without slipping into the red on a closing basis. S&P BSE Sensex gained 353 points or 0.90% while the 50-stock Nifty managed to end at 11,655 levels. Financials surged with all banking stocks on Sensex ending the day with gains. The US Federal Reserve’s decision to keep interest rates low for a longer period, kept stock markets in the green. In the week, Sensex and Nifty gained over 2% each taking them to levels last seen in February this year.

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    15:28 (IST)28 Aug 2020
    ICICI Bank sells 2% stake in subsidiary ICICI Securities for Rs 310 crore

    Private sector lender ICICI Bank on Friday said it has sold 2 per cent stake in its subsidiary firm ICICI Securities Ltd (I-Sec) through an open market transaction for Rs 310 crore. ICICI Bank, the promoter of I-Sec, has divested 64,42,000 equity shares of the face value of Rs 5 each of the company on the stock exchange for an approximate total consideration of Rs 3.10 billion, the private sector lender said in a regulatory filing.

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    15:18 (IST)28 Aug 2020
    Milkbasket to fast-track IPO to next year; adoption of home delivery driving firm to go public

    Grocery delivery platform Milkbasket will expedite its proposed initial public offering (IPO) to the second half of next calendar year. The strong adoption of home delivery of grocery items has provided an impetus to target an IPO in just a year, news agency PTI quoted Milkbasket co-founder and CEO Anant Goel as saying. E-commerce platforms have witnessed renewed demand amidst the pandemic as people preferred ordering items from the comfort of their homes. Milkbasket, found in 2015, offers customers a variety of grocery products. It had initially planned to launch an IPO in 2023.

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    15:05 (IST)28 Aug 2020
    Some rupee appreciation largely due?

    "Some kind of rupee appreciation was largely due, given the weakness in the dollar index and a risk-on sentiment globally as the economic activity is gradually picking up. Once the rupee broke above its crucial 74.50 mark, the RBI has not stepped in aggressively and allowed the rupee to appreciate probably because it has sufficient reserves, and aggressive intervention at this stage may not lead to significant value addition, given the extent of inflows. Moreover, we think the RBI did not want the market to be complacent for quite some time, and hence chose to loosen its grip on the rupee for the time being. We are expecting the rupee to test levels of 72.80 in the immediate near term, if this scenario persists. The RBI would probably look to intervene in the forwards market for the time being," said Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking

    13:56 (IST)28 Aug 2020
    Top PSU shares in August: PSU stock indices set to outperform Sensex, Nifty; will the rally sustain?

    With the broad based rally in the stock markets helping lift stocks across the board, Public Sector Enterprises also seems to be gaining momentum. In the month of August, the BSE PSU index has gained 8.52% so far while the benchmark Sensex surged 4.7%. On the Nifty, the PSE index has managed to surge 6.7% while the 50-stock Nifty has gained 4.9% in the same period. Although no concrete reason seems to be aiding the bullish sentiment that the PSU indices are witnessing, analysts say stock specific movement and their cheaper valuations could be helping.

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    12:22 (IST)28 Aug 2020
    Jindal Stainless Ltd ~ Equity infusion via QIP at discount caps upside

    JSL announced the issuance of equity convertible warrants to tide over working capital shortfall as it is under moratorium and does not expect banks to extend additional loan in near term. The company needs cash immediately as it ramps up plant utilization.

    We are constructive on SS demand in India due to increasing urbanization and government support to the domestic industry. We increase our target multiple from 4x to 4.5x Mar-22E and raise our TP from Rs42 to Rs52. But at the CMP, the near-term upside looks capped. Downgrade to Hold. Key risk is a slide in SS prices. ~ Emkay Global

    11:28 (IST)28 Aug 2020
    NMDC share price zooms 12% on demerger of iron & steel plant; move could lead to value unlocking

    Mining major NMDC’s share price surged 12.66% on Friday morning to trade at Rs 108 per share, a day after the company reported its April-June quarter earnings. NMDC, a Government of India owned mineral producer also informed the investors that its board has given its approval to the demerger of the NMDC Iron & Steel Plant. NMDC’s consolidated net profit fell over 50% from the previous year to Rs 531 crore as revenues took a hit. The company said that the pandemic took a toll on its operations during the quarter,  resulting in a loss of around 18.23 LT of production and 23.94 LT of Sales of Iron Ore.

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    11:12 (IST)28 Aug 2020
    Nikkei 225 and TOPIX tank

    Giving up their gains, TOPIX and Nikkei 225 tanked to trae with losses as news reports suggested that Japanese Prime Minister Shinzo Abe may step down, due to heatlh problems.

    11:10 (IST)28 Aug 2020
    Japan's Prime Minister Shizo Abe may step down

    Japan's Prime Minister Shinzo Abe could step down later today due to health problems, Japan's national broadcaster NHK reported. Earlier in 2007, Shizo Abe stepped down due to medical reasons and returned in 2012. 

    10:34 (IST)28 Aug 2020
    ICICI Bank sells 2% stake in ICICI Securities

    In an effort to keep ICICI Securities in line with the minimum public shareholding regulations, private sector lender ICICI Bank today informed the bourses that it has sold 6,442,000 equity shares of face value of Rs. 5 each of the Company.

    10:13 (IST)28 Aug 2020
    Sensex, Nifty add to opening gains; Axis Bank, IndusInd Bank surge higher, India VIX tanks

    Following positive global cues, both Sensex and Nifty have started Friday’s trading session with gains. S&P BSE Sensex was up 213 points or 0.55% at 39,327 points. The 50-stock Nifty was trading above the 11,600 mark. Financials continue to be the hot favourite on the bourses with top three Sensex gainers after the initial hour of trade being banking stocks. The India VIX continued to cool down, slipping below 19 levels during the initial minutes of trade. All sectoral indices were trading with gains while midcap and smallcap indices continue to trade higher than the benchmark.

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    09:23 (IST)28 Aug 2020
    Sensex and Nifty open with gains

    Cotinuing their upward march, Sensex and Nifty began the day's trading session with gains. Nifty 50 crossed the 11,600 mark while Sensex was up over 180 points. Volatility was down below 19 points.

    09:06 (IST)28 Aug 2020
    Sensex up 134 points in pre-open session

    S&P BSE Sensex gained 134 points in the pre-opneing session on Friday monring. NTPC and HCL Technologies gained.

    09:04 (IST)28 Aug 2020
    Nifty settled the August series on positive note

    "“Nifty settled the August series on positive note with the series to series gains of 4.12% at 11559 levels. During the series index managed to hold 10900-11000 zones and gradually headed towards 11600 zones. Nifty continued its positive series to series momentum for third series in line with the buoyancy of June and July series," said Chandan Taparia, Derivative & Technical Analyst, Motilal Oswal Financial Services .

    08:42 (IST)28 Aug 2020
    Edelweiss, GMR Infrastructure stocks in focus; here's all you need to know before the opening bell

    Sensex and Nifty will enter Friday’s trading session on the back of a five-day gaining streak which has seen the indices rise over 2% each. Asian stock markets were trading with gains on Friday morning but US indices ended mixed with the NASDAQ slipping into the red. US Federal Reserve shift in policy that is likely to keep interest rates low for a longer period will guide the equity markets today. Analysts believe that stock markets could breach the 11,600 mark in the near term but may face turbulence after breaching that mark.

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    08:36 (IST)28 Aug 2020
    Hope not too many will apply for debt restructuring: SBI chairman

    Corporate borrowers have been deleveraging their balance sheets over the past few years and few among them are expected to seek restructuring under the latest scheme, State Bank of India (SBI) chairman Rajnish Kumar said on Thursday. Instead, retail borrowers are more likely to line up to avail of the benefit and SBI has already started receiving requests, he added.

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    08:09 (IST)28 Aug 2020
    Technical take-away from yesterday's trading session

    "The short term trend of Nifty continues to be choppy with positive bias. Similar type of movement is likely to continue in the coming sessions. One needs to be cautious about the longs, as there is a possibility of sharp trigger of downward correction from the highs. Immediate supports to be watched at 11450. The next resistance is placed at 11620-650 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

    08:08 (IST)28 Aug 2020
    GST shortfall: States told to borrow under special window

    The Centre on Thursday presented two options before the states to bridge their estimated goods and services tax (GST) revenue shortfall of Rs 2.35 lakh crore (after taking into consideration the compensation cess fund) in FY21, both involving the states themselves borrowing from the market in the year. The loans will be serviced via the proceeds of the relevant compensation cess, which will apply on the specified demerit goods for a year or more beyond the current end date of FY22.

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    08:07 (IST)28 Aug 2020
    GMR recasts group format, airports a separate entity

    The board of GMR Infrastructure (GIL) on Thursday approved a corporate restructuring exercise that will see the flagship infrastructure firm retain only the airport business listed as a separate entity. The remaining verticals –energy, EPC and urban infrastructure — will be carved out and housed in GMR Power and Urban Infra (GPUIL). At present, both GPUIL and GMR Power Infra, that housed the energy business, are units of GIL.

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    08:06 (IST)28 Aug 2020
    Global market update

    Stock Market in the United States ended mixed on Thursday. Dow Jones was up along with S&P 500 while the NASDAQ ended with losses. Major Asian stock markets were trading with gains on Friday morning. Shanghai Composite was up 0.31% while Hang Seng was up 0.69%. TOPIX and Nikkei 225 were up in the green and so were KOSDAQ and KOSPI.

    08:03 (IST)28 Aug 2020
    US Federal Reserve shifts focus

    The United States Federal Reserve on Thirsday announced a radical policy shift that will see it keep interest rates low for a longer period and focsu on employment. The Federal Reserve will aim to keep average inflation at 2%.

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