Share Market Highlights: Sensex pares gains, ends 285 points higher, Nifty above 10,050; metals, IT stocks decline

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Updated: June 3, 2020 6:07:55 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: BSE Sensex and Nifty 50 settled nearly 1 per cent higher in Wednesday's trade. M&M, Bajaj Finance and Kotak Mahindra Bank were the top Sensex gainers

Share Market Today, Share Market LiveExcept for Nifty IT and Metal, all the sectoral indices ended with gains. Nifty PSU Bank index advanced over 5%

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled nearly one per cent higher, climbing off from the day’s high, on Wednesday. The 30-share Sensex gained 285 points or 0.84 per cent to close the session at 34,109, while the broader Nifty 50 index settled at 10,061, up 83 points or 0.83 per cent. A total of 18 stocks out of 30 Sensex stocks finished their trade in positive territory with M&M as the top Sensex gainer with a growth of 4.82 per cent, followed by Kotak Mahindra Bank, Bajaj Finance, State Bank of India (SBI) and Nestle India. On the contrary, the pack of the losers was led by NTPC. Bharti Airtel, Maruti Suzuki, Hero MotoCorp and Infosys were among other laggards. Except for Nifty IT and Metal, all the sectoral indices ended with gains. Nifty PSU Bank index was top sectoral gainer, up over 5 per cent led by Indian Overseas Bank (which hit 20% upper circuit), Bank of India and Punjab & Sind Bank.

The World Bank said on Tuesday that it expects the coronavirus and resulting recessions to leave “lasting scars” on developing and emerging market countries, with the worst damage on oil exporters and those suffering financial crises, according to Reuters report.

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Highlights

    17:34 (IST)03 Jun 2020
    Sensex, Nifty march northward for sixth consecutive day, here’s what pushed share markets today

    Domestic equity benchmarks continued their upward march for a sixth consecutive day as S&P BSE Sensex ended the day 284 points or 0.84% higher, while the 50-stock Nifty ended the day at 10,061 levels. This for the first time in March 11, that the Nifty 50 was seen moving around those levels. “Indian equity markets continued to rise for the sixth straight session on June 3 – the longest winning streak in ~7 months. Profit-taking in the last one hour of trade cut the gains to some extent. At the close the Nifty was up 82.40 points or 0.83% at 10061.50. Markets rose on high volumes and were led by gains in Financials, Gas distribution, and Aviation stocks. Auto, Power IT and Cement stocks fell,” said Deepak Jasani, Head Retail Research, HDFC Securities

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    15:07 (IST)03 Jun 2020
    Risk sentiment have turned positive and dollar index is subdued

    Now investors have started focusing on the prospect that economies are re-opening all over the world from the pandemic. Thus, risk sentiment have turned positive and dollar index is subdued amongst major emerging market currencies. There still exists slew of risks, including US-China trade tiff and concerns that it may jeopardise the Phase-1 deal. Despite, strong inflows into equity, USD/INR spot was unable to break the crucial support of 75, and it reversed towards 75.40. The immediate resistance lies around 75.60: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

    14:52 (IST)03 Jun 2020
    Adani Power share price dives 9% from day’s high, Board starts contemplating on delisting proposal

    After surging 15% in the last three days, the share price of Adani Power tanked over 8.7% from the day’s high on Wednesday as the Board of Directors took on record the proposal to delist the company from the stock exchanges. The share price of Gautam Adani’s energy utilities firm was trading at Rs 42.2 per share before falling to Rs 38.8 apiece. Adani Properties limited expressed the intention to delist the company, either by itself or together with other members of the Promoter Group earlier this week. A share buyback offer has not yet surfaced. 

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    14:40 (IST)03 Jun 2020
    IndiGo share price surges 40% in less than 3 months; stock jumps 12% as firm shifts focus from growth to cash

    InterGlobe Aviation share price soared 12.52 per cent to hit day’s high of Rs 1,064.95 on Wednesday, a day after the company announced its March quarter results beating the Street expectations. Despite an Rs 870 crore net loss in the March quarter as coronavirus induced lockdown forced closure of flight operations which impacted its financials, revenues from operations during the period under review increased 5.3 per cent on-year to Rs 8,299 crore. InterGlobe Aviation-run IndiGo airline share price has surged nearly 40 per cent from its March low of Rs 765.05. However, the stock price is still 80 per cent off from its 52-week high of Rs 1,911.

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    13:50 (IST)03 Jun 2020
    Fast food chains like Jubilant may bounce back soon; but, theatres may not be so lucky

    Quick Service Restaurants and some franchise retailers may bounce back earlier as compared to other segments even while overall retail recovery is likely to a year due to coronavirus lockdown. In fact, Jubilant is likely to emerge stronger after the current crisis is over thanks to three Cs which are crucial to stay afloat during dire times, a CLSA report said recently. These three Cs include cash, i.e. a company’s ability to sustain a liquid balance sheet and converting inventory into cash, cost i.e. converting fixed cost into variable cost to reduce operating leverage and ability to attract consumers again

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    13:28 (IST)03 Jun 2020
    Services PMI in May remains weak, shows India's return to economic normality will be slow ~ Barclays

    The ongoing weakness in PMI further validates our view of a sharp contraction in GDP growth in Q2 2020 (Barclays expectation: -22.2% y/y). While we anticipate that June will see better performance on account of the calibrated reopening and a return to normal for several parts of the country, underlying weakness is likely to persist for some time. The composite PMI came in at 14.8 in May, from 7.2 in April, taking the contraction in both Manufacturing and Services activity together. India’s PMI data remains materially weaker than its Asian peers, and is the weakest among major economies globally. This is likely reflective of the severe nature of India’s lockdown, especially for businesses. According to Markit, nearly 95% of panelists reported a decline in foreign demand relative to April. What perhaps is more worrying is that aggregate employment continues to fall across the service sector as per Markit’s data, and output expectations in the coming 12 months have slumped to the weakest levels since 2005, when Markit began collecting the data.

    13:27 (IST)03 Jun 2020
    Gold prices slip below Rs 47,000 on profit-booking, rally in equity markets; silver rates rise

    Gold prices fell on Wednesday on the back of profit booking as equity markets rose due to easing lockdown restrictions and prospects of economic recovery. On MCX, gold August futures were trading down nearly Rs 203 at Rs 46,362 per 10 grams. While silver July futures gained Rs 130 at Rs 49,210 per kg.

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    13:04 (IST)03 Jun 2020
    This mid-cap auto parts stock doubled since March, still has some steam left; check target price

    While share markets tanked in the month of March, analysts and experts warned against painting all the stock with the same brush and deserting the shares that are sound fundamentally. Among such stocks, one was Motherson Sumi, a joint-venture between Samvardhana Motherson International Ltd and Motherson group that manufactures wiring harnesses and auto parts. Motherson Sumi shares tanked 60% between January and March, however, as predicted the stock has jumped 95% since then. Although the firm has posted a fall in profits for the March quarter, brokerage and research firms are revising estimates and reaffirming their buy calls on the stock.

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    12:53 (IST)03 Jun 2020
    Pharma, FMCG only sectors to deliver positive returns on 3 months basis

    The Pharma sector has been the best performing sector since the onset of COVID19 crisis. The FMCG sector has also performed quite well during this period in terms of capital protection. We find both the sectors attractive from long-term value creation: Axis Securities

    12:34 (IST)03 Jun 2020
    Sell IndiGo as stock stares at a 20% downside ~ JM Financial Institutional Securities

    Indigo reported 4Q net loss of INR 8.7bn, broadly in-line with JMfe loss of INR 10.2bn - due to adverse forex movement (c.70% of cost) and suspension of air travel by the Government of India during the month of March. Operations continue to remain crippled due to social distance norms - sector currently operating at ~10% of pre-covid demand levels in PAX terms. Significant movement in USD/INR and crude price (c. 40% of costs) remains a key monitorable. We ascribe FY22E EV/EBITDAR multiple of  7x (unchanged) and re-iterate SELL on the name with a fair value of INR 700/sh, implying a downside of 20+%.

    ~JM Financial Institutional Securities

    12:18 (IST)03 Jun 2020
    Bajaj Finance share price rallies 40% in one week; stock gains 6% in trade today

    Bajaj Finance share price surged over 6 per cent to hit day’s high of Rs 2,496.65 apiece on BSE taking the market capitalisation of the company to Rs 1,48,650.29 crore. In today’s upbeat trade on Dalal Street, Bajaj Finance was the top Sensex gainer and volume topper. The stock has skyrocketed 40 per cent in just a span of one week, as compared to an 8.2 per cent rise in S&P BSE Sensex. Bajaj Finance hit a 52-week low of Rs 1,783.10 apiece on BSE last week on Wednesday. However, even as Bajaj Finance rallied 40 per cent rally in one week, the stock price is still 97 per cent off from its 52-week high of Rs 4,923.20.

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    12:07 (IST)03 Jun 2020
    Dark clouds over services sector: Near-term expectation falls to record low; May PMI remains under stress

    India’s services PMI slightly recovered in May from an all-time low in April but remained much below the street estimates. The services PMI stood at 12.6 in May, indicating an extreme drop in services activity across India. Business activity across India’s service sector fell drastically during May from a year ago. Unfavourable economic effects of the coronavirus pandemic impaired business operations, restricted consumer footfall, and led demand to collapse, according to IHS Markit.

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    11:36 (IST)03 Jun 2020
    Billionaire Richard Branson may sell Virgin Galactic shares worth $200 mn to save business empire

    Richard Branson is considering selling another chunk of his stake in Virgin Galactic Holdings Inc., a move that could provide about $200 million to support his broader Virgin business empire. Holding company Vieco 10 may sell as many as 12.5 million shares in the space-travel firm, according to a regulatory filing Tuesday. Branson’s Virgin Group is the majority owner of Vieco 10, with the balance held by Aabar Space, an Abu Dhabi investment company. The British billionaire’s Virgin Galactic stake is worth around $1 billion, his biggest holding in a listed business. He sold 25 million shares last month worth more than $300 million.

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    11:23 (IST)03 Jun 2020
    TCS, Infosys, others distributing wealth: Top 5 IT firms return most of profits to investors in 5 last years

    Leading information technology companies in India have been overly generous towards investors in the last five years, returning about 70% of the profits earned by them to the shareholders. TCS, Infosys, HCL Tech, Wipro, and Tech Mahindra, the top five IT giants in India earned a total of Rs 3.3 lakh crore in profits between financial year 2016 and 2020, of this a massive Rs 2.3 lakh crore was paid to the shareholders, said brokerage and research firm Motilal Oswal. “The business models of large-cap Indian IT companies are typified by the combination of low to moderate growth and very high profit to cash conversion dynamics,” Motilal Oswal said. TCS led the tally, paying Rs 1.1 lakh crore to investors over the last 5 years.

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    11:16 (IST)03 Jun 2020
    Markets have once again proved that sentiments rule

    Markets have once again proved that sentiments rule the market than any news or fundamentals. The current upbeat in the sentiments could act as a shield for rupee from the ongoing geopolitical unrest and global vulnerabilities. It is more likely that the pair should not breach a psychological 74.50 levels and remain within the broad range of 74.50-76.90 levels. However, further course of rupee can be determined after observing the market behaviour and sustenance of rupee for 1 or two trading sessions: Amit Pabari, MD, CR Forex Advisors

    11:04 (IST)03 Jun 2020
    Trump admin to probe India’s digital taxes, wants to know if Modi is biased against US tech firms

    The Trump administration is starting investigations into digital services taxes considered by several trading partners from the European Union to India that could lead to tariffs being imposed on the countries’ exports to the U.S. The probe announced Tuesday encompasses digital taxes that have been either adopted or are under consideration in Austria, Brazil, the Czech Republic, the EU, India, Indonesia, Italy, Spain, Turkey, and the U.K., according to the U.S. Trade Representative’s office in Washington. The move seeks to determine whether levies on electronic commerce discriminate against American tech giants like Apple Inc., Alphabet Inc.’s Google and Amazon.com Inc.

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    10:58 (IST)03 Jun 2020
    PSBs sanctioned loans worth Rs 10,361.75 crore under 100% Emergency Credit Line Guarantee Scheme: FM

    Public sector banks have already sanctioned loans worth Rs 10,361.75 crore under the 100% Emergency Credit Line Guarantee Scheme. Out of this, Rs 3,892.78 crore has already been disbursed, Nirmala Sitharaman tweeted.

    10:53 (IST)03 Jun 2020
    Britannia share price hits 52-week high for second straight day; surges over 7% on surprise Q4 profit

    Britannia Industries share price rallied over 7 per cent to hit a fresh 52-week high of Rs 3,704.55 in Wednesday’s trade as the bread and biscuit maker reported 26 per cent rise in consolidated net profit for the March quarter at Rs 375 crores. The company had clocked a profit at Rs 297.23 crore in the corresponding period of the previous fiscal year. Britannia Industries has hit a 52-week high for the second consecutive session today, surpassing the previous high of Rs 3,479.55. Britannia Industries stock price has surged 76 per cent from its March low of Rs 2,100.55 per share.

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    10:22 (IST)03 Jun 2020
    Brokerage view on KEI Industries

    We believe the company would be less impacted compared to its peer’s due to its product portfolio and high revenue share of non-metro regions. We cut FY21E/22E estimates by 41.7%/32.9% factoring in the delay in capex plans and slower recovery in housing wires. Valuations at 9.1x FY22E P/E are quite attractive. We maintain our Buy rating on the stock with a revised TP of Rs381 (12x FY22E P/E): Yes Securities

    10:00 (IST)03 Jun 2020
    Brokerage view on V-Guard Industries

    Over the last five years, market share gain in non-South markets has been slower than expected and South market growth has been in low single digits on account of rising competition. We cut FY21/FY22 earnings estimate by 38%/33.5% incorporating the weakness in demand. Current valuations appear expensive at 37.1x FY22E P/E. We believe valuation premium to other players like Crompton/Orient Electric is unwarranted. We maintain our Reduce rating of the stock with a revised target price of Rs170: Yes Securities

    09:57 (IST)03 Jun 2020
    Asian currencies are stronger against the US Dollar

    Asian currencies are stronger against the US Dollar. It will be interesting to see whether the RBI comes in aggressively to buy USD given the overall backdrop of USD weakness. Likely range for today 74.80-75.20 with down side bias. The volatility in USDINR has come off significantly with 3m vols now close to 6%. The Nifty is likely to breach the 10000 mark comfortably on open, US ISM manufacturing, May ADP data and EIA crude inventory data will be in focus today: Abhishek Goenka, Founder and CEO IFA Global

    09:42 (IST)03 Jun 2020
    IndiGo share price rallies over 6% in early deals

    Interglobe Aviation share price rallied over 6% on BSE despite a net loss of Rs 870 crore in the March quarter. The stock hit a day's high of Rs 1014.45 per equity.

    Check live prices: InterGlobe Aviation

    09:38 (IST)03 Jun 2020
    Britannia Industries hits 52-week high; stock gains over 6.5%

    Britannia Industries share price hits a fresh 52-week high of Rs 3,704.55 in Wednesday's trade as the bread and biscuit maker reported consolidated net profit increase by 26 per cent for the March quarter at Rs 375 crores.

    Check live prices: Britannia Industries

    09:35 (IST)03 Jun 2020
    Nifty Bank index top sectoral gainer; Bandhan Bank up nearly 5%

    All the 11 Nifty sectoral indices were trading with gains. Nifty Bank index jumped 3.35 per cent led by gains in Bandhan Bank, ICICI Bank, Axis Bank and RBL Bank.

    09:30 (IST)03 Jun 2020
    Bajaj Finace top Sensex gainer

    Bajaj Finance as the top Sensex gainer, up 4.68 per cent, followed by ICICI Bank, Axis Bank, IndusInd Bank, HDFC Bank and Tech Mahindra. On the flip side, Bharti Airtel, Hindustan Unilever (HUL) and HCL Tech were the only laggards on the index.

    09:30 (IST)03 Jun 2020
    Sensex climbs 34,000, Nifty reclaims 10,000-mark

    The 30-share Sensex climbed 34,000 and advanced 528 points or 1.56 per cent to trade at 34,357. While the Nifty 50 index reclaimed its crucial 10,000-mark and was ruling at 10.133, up 155 points or 1.55 per cent.

    Check live Sensex, Nifty levels

    09:10 (IST)03 Jun 2020
    Stocks in focus: RIL, Aurobindo Pharma, Syngene International, Britannia, IndiGo, Lupin

    BPCL, Aurobindo Pharma: Orient Hotels, DCM Shriram, BPCL, Aurobindo Pharma, MAS Financial Services, Cholamandalam Investment and Dishman Carbogen are among 15 companies which are scheduled to announce their March quarter earnings today.

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    08:51 (IST)03 Jun 2020
    Barely out of slowdown, Britannia caught up in coronavirus storm; revenue growth hit this much

    Bread and biscuit maker Britannia, which had finally started to see some relief in sales growth after a prolonged slowdown of nine months, has been again hit by the coronavirus pandemic. While Britannia reported a 26% rise in its fiscal fourth quarter net profit, helped by a huge cut in tax expense, it said that the lockdown has hampered its growth revival. “After 9 months of moderate growth, we started to see growths coming back in the first 2 months of this quarter which was then hit by Covid 19 and lockdown in March impacting the revenue & net profit growths by an estimated 7-10%,” Varun Berry, Managing Director, Britannia, said in a statement on Friday.

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    08:18 (IST)03 Jun 2020
    India needs to open up more and knock down import tariff imposed in last 3 years: Arvind Panagariya

    Economic liberalisation has done good to India, and the country needs to knock down import tariffs imposed on many products in the last three years, former Niti Aayog Vice-Chairman Arvind Panagariya said on Tuesday. Panagariya also pointed out that COVID-19 pandemic may lead to integration of global labour market.

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    08:16 (IST)03 Jun 2020
    US stocks settled higher in overnight trade

    In overnight trade on Wall Street, the Dow Jones rose 1 per cent, the S&P 500 gained 0.82 per cent, and the Nasdaq Composite added 0.6 per cent.

    08:15 (IST)03 Jun 2020
    Asian stock markets follow Wall Street gains

    Asian stock markets surged in Wednesday’s trade following gains on Wall Street. Japan’s Nikkei was 2 per cent higher and Australian ASX 200 rose 1.1 per cent in early trade

    08:15 (IST)03 Jun 2020
    Nifty likely to open above 10,000-mark

    The Nifty futures were trading at 10,082, with a gain of 95 points or 0.95 per cent on the Singaporean Exchange, suggesting a strong start for the Sensex and Nifty on Wednesday

    08:10 (IST)03 Jun 2020
    Sensex, Nifty on Tuesday

    The Sensex closed with a gain of 522 points, or 1.57 per cent, at 33,825.53 and the Nifty ended 153 points or 1.56 per cent, higher at 9,979.10

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