Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled in the negative territory on Thursday on the back of sell-off in consumer durables and banking sectors. The 30-share Sensex fell 242 points or 0.76 per cent to end the session at 31,443.38. While the broader Nifty50 index slipped below the crucial 9,200-mark to close at 9,199. As many as 25 stocks out of 30 Sensex stocks finished their trade in a deep sea of red. ONGC was the top laggard on BSE Sensex, with a fall of 4.54 per cent. NTPC, Kotak Mahindra Bank, Bharti Airtel and Titan were other losers on the Sensex pack. On the flip side, IndusInd Bank was top gainer on the Sensex, up 6.58 per cent, followed by M&M, Reliance Industries (RIL), Axis Bank and Tech Mahindra. Nifty Financial Service and Nifty FMCG fell the most, down 1.55 per cent and 1.41 per cent, respectively.
IT firm HCL Technologies on Thursday posted 22.8 per cent rise in consolidated net profit at Rs 3,154 crore for the March quarter driven by strong growth across verticals. The IT major had registered a net profit of Rs 2,568 crore in the January-March 2019 quarter, HCL said in a regulatory filing. Its revenue grew 16.3 per cent to Rs 18,590 crore in the quarter under review, from Rs 15,990 crore in the corresponding quarter last year, as per US GAAP.
Highlights
Adani Ports and SEZ has a strong portfolio of cash generating assets and its cargo stickiness partly safeguards against near term growth disruption while also giving it ability to capitalize on growth recovery. We expect the port EBITDA to grow at 17.4% CAGR over FY20-22E. Sustained effort to unwind related party exposures and pledges is an added positive. Maintain Buy on the stock with a SOTP based target price of Rs395: Centrum Broking
BSE Sensex was trading at 31,418.49, down 267.26 points or 0.84 per cent. The broader Nifty 50 index was ruling at 9,190.10, down 80.80 points or 0.87 per cent.
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BSE Sensex was trading at 31,418.49, down 267.26 points or 0.84 per cent. The broader Nifty 50 index was ruling at 9,190.10, down 80.80 points or 0.87 per cent.
Check live Sensex, Nifty levels
BSE Sensex was trading at 31,418.49, down 267.26 points or 0.84 per cent. The broader Nifty 50 index was ruling at 9,190.10, down 80.80 points or 0.87 per cent.
Check live Sensex, Nifty levels
BSE Sensex was trading at 31,418.49, down 267.26 points or 0.84 per cent. The broader Nifty 50 index was ruling at 9,190.10, down 80.80 points or 0.87 per cent.
Check live Sensex, Nifty levels
BSE Sensex was trading at 31,418.49, down 267.26 points or 0.84 per cent. The broader Nifty 50 index was ruling at 9,190.10, down 80.80 points or 0.87 per cent.
Check live Sensex, Nifty levels
NIIT Tech could deliver the strongest revenue performance in peer set which could help stock sustain premium P/E multiples. With Private Equity firm as the Promoter group (Baring), we expect aggressive payout (Dividend/Buyback) to shareholders. We expect FCF for FY21E post capex and earnout payment to Whisworks and Ruletek at Rs3.2bn ( ~4.6% FCF yield). Retain BUY: Centrum Broking
After selling equity stakes in Reliance Jio to social media giant Facebook and private equity firm Silver Lake, traders today said there is news of discussion with Microsoft for further investment in Jio. A Reliance Industries spokesperson denied the news. “The information is incorrect. There is no discussion with Microsoft,” the spokesperson said.
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With the country remaining under lockdown due to coronavirus, the supply chain of essential goods has been disrupted, but, the same has also presented the government with an opportunity to identify and plug those gaps, Parameswaran Iyer, secretary, Department of Drinking Water and Sanitation wrote in The Indian Express. While there are certain weak links that need to be strengthened, the country has moved rapidly to leverage resources at hand as well. Immediately after the lockdown was imposed, supplies of daily-use items such as food and medicines had taken a hit.
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ICICI Prudential's ULIP (Unit-Linked Insurance Policy) business to take a hit as policyholders might surrender their existing policies while there could also be a product-mix shift of investments from ULIP to term plans. The stock has corrected significantly over last 6 months (return: -23.4%) and is a value-buy at the current valuation, given its growth potential. We revise our FY21-22E estimates and now value the stock at 2.1x FY22E Embedded Value (EV), with a target price of Rs. 473. Retain BUY: Geojit Financial
The last two years have been a period of severe adversity for the markets. The culmination of this adversity is the current coronavirus-led stress. Since the market’s peak in Dec 2017 till March 2020, Nifty 500, Nifty Mid Cap & Nifty Small Cap are down approximately 30%, 50% & 60%, respectively. Seeing such market action negligible numbers of investors, if any, are putting new capital to use in the markets.
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GSK has, through its subsidiaries GlaxoSmithKline Pte Limited and Horlicks Limited, agreed to the sale of 133,772,044 ordinary shares in HUL at a volume-weighted average price of approximately Rs. 1,905 per share, raising gross proceeds of approximately Rs. 254.8 billion (the "Placing"). Following settlement of the sale, GSK will no longer hold any HUL shares, GSK said in company filing
With the highest leverage to marketing, HPCL is the most vulnerable to any change in marketing margins. Our preference stays with IOCL among the OMCs, which, despite capex of INR200b annually, is expected to throw free cash flow of ~15% of its market cap in FY21/FY22, cumulatively: Motilal Oswal
India is seeking to lure U.S. businesses, including medical devices giant Abbott Laboratories, to relocate from China as President Donald Trump’s administration steps up efforts to blame Beijing for its role in the coronavirus pandemic. The government in April reached out to more than 1,000 companies in the U.S. and through overseas missions to offer incentives for manufacturers seeking to move out of China, according to Indian officials who asked not to be identified, citing rules on speaking with the media.
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The unfortunate incident of the gas leak at Visakhapatnam today claiming at least eight lives and making hundreds of people sick, took place at a plant owned by LG Polymer. This plant is a part of the plastic resin & synthetic fiber manufacturing industry and is owned by South Korean battery maker LG Chemical Ltd, which deals in development, manufacturing, and services in the field of polymers.
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A total of 7 stocks out of 30 Sensex stocks were trading in green. IndusInd Bank was the top gainer with a growth of 6.57 per cent, followed by M&M, Tech Mahindra and RIL.
BSE Sensex was trading at 31,466.11, down 219.64 points or 0.69 per cent. While the broader Nifty 50 index fell to 9,207.30, down 63.60 points or 0.69 per cent.
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The March mayhem that saw domestic benchmark indices tank 24% in not behind investors despite a decent recovery in the month of April. The bloodbath of March saw Dalal Street investors lose over Rs 32 lakh crore but the smart recovery in April, where Nifty 50 recovered 15%, got investors back in the game. However, this is just the beginning of the rebound that is yet to come. Analysing past sharp corrections of share markets, brokerage and research firm Motilal Oswal has concluded that markets have usually rebounded the most in 3-6 months post sharp corrections, making the coming few months crucial for investors who have suffered heavy losses so far this year.
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Reliance Industries Ltd (RIL) share price gained 0.75% in the late morning trade on Thursday, defying the fall in headline indices Sensex and Nifty, which mostly traded in red today. The oil-to-telecom conglomerate, owned by India’s richest man Mukesh Ambani, has staged a remarkable recovery since reaching a low of Rs 883 per share on March 23, gaining 66% since then to now trade at Rs 1,470 apiece. After a stake sale in its telecommunications arm Reliance Jio to social media giant Facebook and PE firm Silver Lake, buzz around Dalal Street links Ambani’s RIL to software giant Microsoft.
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Gold prices rose today for the second straight day in a row on Thursday as investors rushed to safe-haven on poor macro data which hit investor sentiment. On MCX, gold June futures were trading higher at Rs 45,396 per 10 grams, while the silver July futures were ruling at Rs 41,880 per kg. “The rising dollar is putting pressure on gold prices but ahead of weekly initial jobless claims the sentiment still favours bulls. The investment demand too has continued to rise,” Jigar Trivedi, Fundamental Research Analyst – Commodities, Anand Rathi Shares and Stock Brokers, said.
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Narendra Modi-government’s surprise move to increase excise duty and cess on petrol and diesel to take advantage of the falling global crude oil prices may not help the exchequer in raising tax revenues by much. “We do not expect the Central government to accrue a sizable amount as excise duty revenue, given the current economic slowdown,” Care Ratings said in a report.
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Headline indices BSE Sensex and Nifty 50 index were trading lower in Thursday’s session, in-line with global markets. The 30-share Sensex climbed off 350 points from day’s high of 31,705.25. The broader Nifty 50 index hit a day’s low of 9,176 in today’s session. The fall in markets was on the back of rapid increase in coronavirus patients and weak macro data.
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Most of the sectoral indices were trading in deep sea of red. Nifty FMCG index dropped 1.33 per cent weighed by Godrej Consumer Properties, Britannia, Dabur India and Marico. Similarly, Nifty Bank index was down nearly 1 per cent due to weakness in Kotak Mahindra Bank, HDFC Bank, ICICI Bank and State Bank of India (SBI).
The coronavirus pandemic has dealt a massive blow to the hirings trend in the last month with the employment rate slipping by a massive 62% as compared to last year, according to the latest Naukri JobSpeak Index. Industries such as hotels, restaurants, travel, and airlines witnessed most job cuts followed by auto/ancillary, retail, and accounting/finance.
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Yes Bank share price today zoomed as much as 20 per cent to hit upper circuit at Rs 31.60 apiece on BSE in an otherwise weak trade on Thursday, after the private sector lender reported a net profit of Rs 2,629 crore for the quarter ended on March 31. Yes Bank, which is now recovering with the help of an RBI-guided bailout, had posted a loss of Rs 18,560 crore in the October-December quarter of FY20, and a net loss of Rs 1,506 crore in the January-March quarter of the previous year.
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Certain market segments witnessed strong buying interest in the recent market decline. Stocks like Tata Chemical have outperformed the broader markets considerably. Tata Chemicals witnessed a sustained up move since March 16 when the Nifty made a bottom near 7500 on the back of strong delivery buying.
The open interest in the F&O segment has declined substantially in the last two months with Tata Chemicals no exception. The OI in the stock has declined from more than 3.5 million shares to just 1.5 million shares in just the last two months. However, considering the continued outperformance in the stock, we expect fresh build-up to be seen in the May series, which should be positive for the stock.
- ICICI Securities
Outperforming the benchmark, Nifty Midcap 50 was up 0.46% in the initial hour of trade on Thursday. Castrol India, M&M Finance and Escorts were the top gainers on the index all marching up by over 3%.
Taking into account potential weakness in contract renewals and smaller accounts, we cut our FY21e and FY22e respectively ~12% and 7%. However, we believe that current valuations factor in the risks and, on an FCF basis, the stock can generate 14% yield. We expect growth of -2% and +7% for FY21 and FY22. Risk: Declines in the top client: Anand Rathi Research
Nifty FMCG index was top sectoral loser in today's trade, down over 1 per cent or 320 points. Godrej Consumer Properties, HUL, Marico, Dabur and Britannia were down in the range of 2-3%
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In the last session, the Bank Nifty outperformed the Nifty and snapped its two-day losing streak. It opened lower and reversed from the support level of 19000. Short covering was seen in leading private banks, which helped the Bank Nifty to close with gain of over 2%. On the options front, major additions were seen in 19000 and19500 strike. This should act as support on downsides.
- ICICI Securities
Yes Bank share price zoomed 15 per cent to Rs 30.30 apiece on BSE in otherwise weak trade on Thursday, as the bank reported a net profit of Rs 2,629 crore for the March quarter. The private sector lender had a loss of Rs 18,560 crore loss in the December quarter while the loss was at Rs 1,506 crore in the March 2019 quarter.
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HCL Tech was the top Sensex gainers after it reported a profit of Rs 3,154 crore, 22.8 per cent on-year rise in the March quarter. HCL Tech share price was up 3% at Rs 535 apiece on BSE.
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The top Sensex gainers include HCL Tech, Axis Bank, Sun Pharma, Bajaj Finance and IndusInd Bank while the laggards are ONGC, HUL, Kotak Mahindra Bank and Power Grid
Sensex was trading 230 points or 0.73 per cent down at 31,455, while the broader Nifty 50 index was ruling at 9,211, down 60 points or 0.64 per cent.
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HCL Tech reported a profit of Rs 3,154 crore. It's EBIT margin within guided range for FY20, comes in at 19.6%. Dollar revenue stood at $2,543 million.
Mcx gold opened in green as traders shrugged off higher ADP employment data. The rising dollar too is putting pressure on prices but ahead of weekly initial jobless claims the sentiment still favours bulls. The investment demand too has continued to rise. In the absence of domestic currency market, the yellow metal is poised to follow global cues for further direction: Jigar Trivedi, Fundamental Research Analyst - Commodities, Anand Rathi Shares and Stock Brokers.
Flows into debt funds have been hit after Franklin Templeton Mutual Fund decided to shut down six of its schemes. Data from Association of Mutual Funds in India (Amfi) show that daily assets under management (AUM) of debt funds in March end were Rs 6.10 lakh crore, which came down to Rs 5.92 lakh crore on April 30 — a fall of around Rs 18,000 crore.
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LT: Sell, CMP: Rs. 837.30, Target: RS 760, Return: 9.23%
LT has witnessed the Bearish Pole Flag pattern breakdown in the daily time frame. The counter is trading in lower low lower high formation on a weekly time frame which indicates the ongoing negative trend for the counter. Prices have currently completed its pullback and likely geared for its next leg of fall. The counter is likely to underperform the Benchmark index which is visible on the Relative Strength (RS) indicator on a weekly interval. Traders can short the stock in a range 834 - 840 for the target of 760 with a stop loss above 885 on a daily closing basis: Rohan Patil, Technical Analyst, Bonanza Portfolio Ltd
After a two week consolidation, BHARTI ARTL has given Cup & Handle pattern breakout on the daily scale. The counter on the weekly chart has completed V shape reversal rally and looking positive ahead. The counter is currently outperforming the Benchmark index which is visible on the Relative Strength (RS) indicator on a weekly interval. Momentum oscillator RSI (14) is reading above 60 level on the weekly chart with positive crossover on the cards. Currently, price is trading above its trend line support and sustain above its 21 & 50 days EMA on a daily interval. Traders can accumulate the stock in a range of 543 - 549 for the target of 610 with a stop loss below 510 on a daily closing basis: Rohan Patil, Technical Analyst, Bonanza Portfolio Ltd
The volatility in the indices is expected to continue as investors lookout for trading cues in the form of Stimulus measures by the government and global market trends: Vinod Nair, Head of Research at Geojit Financial Services