Share Market HIGHLIGHTS: Sensex erases losses, holds 38,000, Nifty ends at 11,214; Asian Paints up 4%

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Amid a volatile session, Sensex and Nifty ended on a flat note on Friday. RIL was the top index contributor

Share Market HIGHLIGHTS: Sensex erases losses, holds 38,000, Nifty ends at 11,214; Asian Paints up 4%
The Sensex declined 129.18 points, or 0.34%, to close at 37,606.89 while the Nifty was down by 28.7 points, or 0.26%, to close at 11,073.45.

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended in the positive territory in Friday’s choppy session. The 30-share Sensex managed to settle above the crucial 38,000-mark, up just 15 points while the NSE’s Nifty 50 closed the session at 11,214, up 14 points. Among Sensex top gainers were Asian Paints, Bajaj Finance, IndusInd Bank, Bajaj Finserv, Maruti Suzuki and Bharti Airtel. On the flip side, Titan Company was the top laggard on the index, followed by HCL Tech, Infosys, M&M, Sun Pharma, LT, UltraTech Cement. On the sectoral front, Nifty PSU Bank index and Nifty Metal index were the top gainers, up 0.99 per cent and 0.85 per cent. On the other hand, Nifty IT index slipped over 1 per cent in today’s trade.

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16:11 (IST)07 Aug 2020
Closing bell: Sensex, Nifty end flat to positive

The 30-share index Sensex ended at 38,041, up 15 points, or 0.04 per cent while the broader Nifty 50 settled above 11,200 levels at 11,214, up 14 points or 0.12 per cent.

14:12 (IST)07 Aug 2020
Where is India’s economic growth coming from? It’s ‘Bharat’ that’s leading recovery amid pandemic

Eyes are glued on activity trackers like smartphone ownership, mobility data and commercial real estate demand, as India keeps a tight watch on how recovery is shaping up after the coronavirus aided lockdowns. However, these indicators have an urban bias which might be looking away from what the corporate world has been reporting this earnings season — the demand push from Bharat. With a lower number of coronavirus cases in rural India, demand pickup has been better than urban India according to many companies that have reported their first quarter results. But, can rural India, that was said to be broke enough to not even buy a Rs 5 biscuit a year ago, now fuel India’s consumer demand?

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14:12 (IST)07 Aug 2020
Need to see how US-China trade negotiations take place

The risk-off mood due to US-China trade war and coronavirus concerns have kept USDINR spot above the crucial support of 74.75. Also, it is respecting the immediate resistance of 75.20, only sustained FII selling from equity segment will push the USDINR spot higher. We have to see how US-China trade negotiations take place, along with today’s US NFP data as investors await a clearer picture of the heath of US economy. So for next week, we expect the broader range to be 74.60-75.30: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

14:02 (IST)07 Aug 2020
Top banking, IT stocks to buy: Five stocks that may beat COVID-19 blues and gain up to 16%

Indian share market outperformed the global markets for the second consecutive month in July with Nifty rallying up to 7.5 per cent, as compared to a 2.4 per cent rise in the Dow Jones Industrial Average. Market sentiments were also buoyed by better-than-expected quarterly numbers, especially by the IT companies, along with the foreign inflows. The Indian economy has picked up significantly from April, analysts believe that it will carry forward the positive momentum for the next few months but slowdown might be witnessed post festive season.

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13:38 (IST)07 Aug 2020
Mahindra and Mahindra net profit tanks

Mahindra and Mahindra reported a net profit of Rs 54 crore in the April June quarter, down 94% from Rs 894 crore net profit that the auto giant reported in the same period last year.

13:34 (IST)07 Aug 2020
These industry sectors in India may perform well even amid challenges to developing markets | INTERVIEW

Even as coronavirus-led challenges continue to impact developing markets across the globe, some long-pending reforms in India have picked up speed amid the pandemic. However, it remains to be seen how the fiscal response takes shape and its impact, said Salman Haider, Head of global growth markets at Barclays Private Bank. Running a team that manages wealth and investments for over 70,000 high-net-worth global clients, Salman Haider talks about what sectors in India he thinks could be a good investment bet and the impact of the growing geo-political tension on emerging markets. Here are the edited excerpts.

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12:12 (IST)07 Aug 2020
REITs will allow greater participation from retail investors in asset class

Congratulations to the MindSpace team for their REIT listings that happened at an 11% premium. This is a great sign for the future of commercial real estate in India as it shows market and investor confidence for the long term. REITs will allow greater participation from retail investors in the asset class. The commercial office space segment has been growing from strength to strength over the past few years with sustained growth in rentals across prime business districts. We expect this momentum to regain in the near future which would encourage more participants to enter the REITs market and improve the fund flow into the sector: Shishir Baijal, Chairman & Managing Director, Knight Frank India

12:05 (IST)07 Aug 2020
MIndspace REIT listing will augur well for future investments

The listing of the Mindspace REIT at ~11% premium shows that a balanced product like REIT is preferred by both institutional and retail investors. Despite the recent weakened sentiment around commercial real estate, a diversified portfolio of grade A assets with strong rental collections as demonstrated by the Mindspace REIT finds flavor with the retail investor. This listing will augur well for future investments in asset backed financial products and commercial real estate in India: Sharad Mittal, CEO, Motilal Oswal Real Estate Fund

12:04 (IST)07 Aug 2020
DLF shares slip 3% post results, here’s why brokerage firms remain bullish despite mounting losses

Real Estate developer DLF’s share price tumbled 1.6% on Friday morning, taking the stock down 3% since the company reported its April-June quarter results. DLF reported a net loss of Rs 72 crore in the quarter against Rs 412 crore of net profit that DLF reported in the same period last year. As expected the coronavirus pandemic ate into the company’s revenues that slipped over 58% from a year ago period. However, despite this brokerage firms are still bullish on the stock, on the back of DLF’s strong cash reserves and stronger market position.

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11:53 (IST)07 Aug 2020
Proposed medical parks will make India an attractive hot spot for global institutional capital investment

The Healthcare sector has always been considered as a sunshine sector for the Indian economy. The pandemic infused stress has led to the need for innovation in every realm of medical science be it for diagnostics, drug discovery, or for delivery/services related. The medical companies focussing on innovation will draft the definition of Modern Healthcare in India post the COVID phase. The stocks of such listed companies are now being valued as the wealth creators for the investors. The proposed medical parks will make India an attractive hot spot for the global institutional capital investment. The world is viewing India to play an important role in drug discovery for COVID, India is already a huge generic drug manufacturer for the US market: Satyendra Johari, Founder & Chairman, Johari Digital Healthcare Ltd

11:38 (IST)07 Aug 2020
Vodafone Idea share price tanks 8% on Rs 25,467 cr loss in Apr-Jun quarter; should you sell your stocks?

Vodafone Idea share price tumbled 8 per cent to Rs 7.64 apiece, a day after the telco reported losses of Rs 25,467 crore in the April-June quarter, which were more than double of what the telecom company incurred in the preceding quarter. During the quarter the company provisioned Rs 19,440 crore towards its AGR dues. The current prices are up 193 per cent from 52-week low, while still off 40 per cent from its 52-week high. The company said that coronavirus-led nationwide lockdown impacted the first-quarter numbers.

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11:36 (IST)07 Aug 2020
Indian Hotels buy or sell? Covid-19 bumps but liquidity remains ample

The Q1FY21 performance of Indian Hotels (IHCL) was a washout—along expected lines—with consolidated revenue plunging 86% YoY. While cost rationalisation initiatives brought down operating costs ~50% YoY, overall IHCL still reported an EBITDA loss. Another key highlight of the quarter is the acquisition of pending stakes in Sea Rock Hotel (15%) and Taj Cape Town (50%). With a sharper-than-expected cost control and further initiatives in progress, we are trimming FY21E EBITDA loss and raising FY22E EBITDA by 9%. However, despite the cost-saving measures and a marginal pick-up in occupancies, recovery for the sector would be drawn-out and we continue to remain cautious. Maintain ‘HOLD’ with a DCF-based TP of INR87 (16x FY22E EV/EBITDA).
~ Edelweiss Securities

10:22 (IST)07 Aug 2020
Sensex, Nifty trim opening losses to trade flat; HDFC Bank, HDFC, ICICI Bank top drag on D-Street

Sensex and Nifty started Friday’s trading session in the negative territory, taking cues from global peers. S&P BSE Sensex opened down by 123 points or 0.32% at 37,903 points but soon trimmed losses to trade flat. On the other hand Nifty 50 slipped below the 11,200 mark on the opening bell but soon reclaimed the crucial level. Banking stocks saw some profit booking in the opening hour with both ICICI Bank and HDFC Bank trading down in the red. Analysts believe that positive sentiment might be carried on from yesterday’s trading session.

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10:08 (IST)07 Aug 2020
Gold prices on record-breaking streak, scale new record high to top Rs 56,000 per 10 gm; should you buy?

Gold prices scaled a fresh peak of Rs 56,191 per 10 grams on Friday, rising for the sixth consecutive day, on the back of the international rates where yellow metal was set for the ninth straight weekly gain. The gold prices were boosted by worries over global economic fallout from spiking coronavirus cases and a softer dollar. Silver is also at multi-year highs and hit a fresh lifetime high of Rs 77,949 per kg.

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10:03 (IST)07 Aug 2020
Mindspace Business Parks REIT makes stock market debut at Rs 304 apiece, up 10.5% from issue price

Mindspace Business Parks REIT units surged 10.55% on listing today as it became India’s second Real Estate Investment Trust to get listed on the stock exchanges. The issue that closed after garnering a healthy subscription of 12.96 times began trading at Rs 304 per share, against from Rs 275 per share which was the upper cap of the issue price. Earlier yesterday, Embassy Office Parks REIT, the first such instrument to trade in India, announced its quarterly results where it announced the distribution of Rs 490 crore or Rs 5.83 per unit. REITs have to pay 90% of the net distributable cash flow to unit holders.

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09:11 (IST)07 Aug 2020
Stocks in focus: Vodafone Idea, Mindspace REIT, Yes Bank, HPCL, PNB Housing Finance, Cipla

Mahindra & Mahindra (M&M), Cipla, Siemens, Abbott India, Alkem Laboratories, Bata India, Balrampur Chini Mills, BEML, Birla Corporation, Container Corporation of India, Mahanagar Gas, REC and Sobha, etc., are among companies scheduled to announce their quarterly earnings later in the day today.

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08:58 (IST)07 Aug 2020
Nifty set to open with flattish to negative

Nifty set to open with flattish to negative on the back of mixed bag global cues. The US market closed in the green but futures are trading with small cuts. The Asian markets are trading in the red. Post RBI meeting markets had given thumps up by holding above 11200. For the day, one should implement the strategy of sell on rising. In case of penetration of 11188 with stop loss above 11272, one can go short. On the other hand, if holds above 11305 one should go long with stop loss below 11255 levels for positional trade: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd.

08:54 (IST)07 Aug 2020
Embassy Office Parks announces distribution of Rs 449 crore

Indi’a first Real Estate Investment Trust (REIT), Embassy Office Parks REIT announced distribution of Rs 449 crore in the way of Rs 5.83 per unit. REITs have to distrubute 90% of their Net Distributable Cash flows.

08:32 (IST)07 Aug 2020
Big relief to borrowers: Banks, NBFCs can recast personal loans, extend moratorium

The Reserve Bank of India on Thursday allowed banks and non-banking financial companies (NBFCs) to restructure personal loans, which includes granting moratorium to the borrower.  “The resolution plans may include rescheduling of payments, conversion of any interest accrued, or to be accrued, into another credit facility, or, granting of moratorium,” RBI said. This will be based on an assessment of income streams of the borrower, subject to a maximum period of two years. However, lending institutions need to provide 10% for implementing resolution in personal loan accounts.

08:27 (IST)07 Aug 2020
Sensex, Nifty stare at gap-down opening; Mindspace REIT listing, other factors to drive markets today

Domestic equity market benchmarks BSE Sensex and Nifty 50 are set open on a negative note on Friday. In the previous session, Indian share market cheered the RBI’s announcements and settled nearly 1 per cent higher. Investors will continue to focus on stock-specific developments, corporate earnings and trends in COVID-19 cases. Besides, Mindspace Business Parks REIT will be listed today.

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08:23 (IST)07 Aug 2020
‘Balanced trade’: Piyush Goyal wants FTA to be tweaked to lower trade deficit with Japan

India on Thursday pitched for greater Japanese investments but at the same time called upon Tokyo to reduce its huge trade surplus of about $8 billion with New Delhi and move towards “balanced trade”, hinting possibly at the need to review an existing free trade agreement (FTA) between the two sides. This is in tune with New Delhi’s new policy thrust on reducing the sticky and yawning trade deficits with some of its trading partners, most notably China.

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08:17 (IST)07 Aug 2020
Vodafone Idea’s mounting net loss

Struggling telecom operator Vodafone Idea reported a net loss of Rs 25,467 crore. In the last two quarters the company has reported a gross revenue of Rs 11,000 crore and Rs 10,000 crore. 

08:15 (IST)07 Aug 2020
AGR takes Vodafone-Idea losses to Rs 25,467 crore in April-June quarter

Vodafone Idea on Thursday once again posted one of its biggest losses during the April-June quarter at Rs 25,467 crore, largely weighed down by its adjusted gross revenue dues. The losses were much wider than Rs 11,643.50 crore the company had incurred during the preceding quarter and much higher than Bloomberg consensus estimate of Rs 5,545.93 crore.

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