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After short-covering bounce, Nifty50 will hit wall at 200-DMA on Friday
In a perfectly orchestrated session, which saw the expiry of weekly options, the domestic equity market witnessed strong short covering again at lower levels. The market saw a better-than-expected start to the session, but traded in a very narrow range in a sideways trajectory. Nifty took no directional bias for most part of the day. However, the last hour of the trade saw expiry-led moves. The headline index moved past the 10,700 mark, and even after coming off slightly from the high point, it ended with net gains of 121.75 points, or 1.15 per cent.
Bulk deals: Franklin Templeton offloads eClerx as co buys back own shares
Here’s who bought and sold what in some of the key bulk and block deals of the day. eClerx Services bought back 14,00,000 shares of the company under its buyback scheme at Rs 524.68 per share, while Franklin Templeton Mutual Fund sold 11,26,444 shares of the company at Rs 525.01 per share. Pathpioneer Advisors bought 65,348 shares of Neuland Laboratories at Rs 698.73 per share.
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Central Bank of India to raise up to Rs 5,000 crore equity capital
State-owned Central Bank of India will raise up to Rs 5,000 crore of equity capital through various modes, including follow on public offer and rights issue, to maintain its capital adequacy ratio. The bank said it plans to raise capital through follow on public offer (FPO), rights issue or qualified institutional placement (QIP), and will seek approval from shareholders in the upcoming annual general meeting to be held on August 7, 2020.
Dow opens lower as virus fears eclipse upbeat retail sales
U.S. stocks opened lower on Thursday as concerns about the economic toll of another round of coronavirus-driven shutdowns across the United States offset data showing a higher-than-expected rise in domestic retail sales in June. The Dow Jones Industrial Average fell 123.53 points, or 0.46%, at the open to 26,746.57.
Arvind Fashion’s rights issue subscribed 1.03 times
Arvind Fashion’s rights issue to raise Rs 400 crore was subscribed 1.03 times, a day ahead of its closure even as its share price fell 5% on the Bombay Stock Exchange. The retailer, that has a portfolio of branded apparel brands such as Calvin Klein, Tommy Hilfiger, US Polo Assn, Arrow, Gant and Nautica had announced the ratio would be 62 equity shares for every 91 equity shares held.
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P-notes investment climbs to Rs 62,138 crore till June
Investments through participatory notes (P-notes) in the domestic capital market surged to Rs 62,138 crore till June-end, making it the third consecutive monthly rise. P-notes are issued by registered foreign portfolio investors (FPIs) to overseas investors, who wish to be part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process.
ECB leaves key interest rates unchanged
The ECB’s governing council left its key rates and crisis-fighting stimulus programmes unchanged Thursday, a spokeswoman said, as attention shifts to efforts by European governments to jumpstart the region’s pandemic-hit economy.
10,680 will act as an intraday support zone: Rajesh Palviya
“NIFTY opened on a positive note and remained consolidated in a narrow range. However, last hour buying momentum led it to close in positive terrain. The daily price action has formed a small bullish candle carrying long lower shadow indicating buying support at lower levels. For the day if NIfty trades and sustains above 10750 levels, then it may scale towards 10800-10850 levels. On the downside, 10680 will act as an intraday support zone. Since past the 8-10 trading sessions, NIFTY continues to consolidate in the range of 10850-10550 levels, indicating short term sideways trend,” said Rajesh Palviya, Head – Technical & Derivatives.
“A small bullish candle carrying a long lower shadow indicated buying support at lower levels. If Nifty sustains above the 10,750 level on Friday, it may scale towards the 10,800-10,850 zone. On the downside, the 10,680 level will act as an intraday support,” said Rajesh Palviya of Axis Securities.
Reiterate cautious stance on markets: Ajit Mishra
“Markets will continue to take cues from the global peers, in the absence of any major domestic trigger. While the mood in the global markets continues to remain buoyant, the rising number of cases in the US and India would remain a key cause of concern. Besides, the earnings announcements will further induce stock-specific volatility. Keeping all in mind, we reiterate our cautious stance on the markets and suggest preferring hedged trades,” said Ajit Mishra, VP – Research, Religare Broking.
Initial up move was led by buying interest in IT stocks: Ajit Mishra
“Markets remained range-bound for yet another session but managed to gain nearly a percent. The initial up move was led by healthy buying interest in IT stocks on the back strong earnings from Infosys which later supported by some recovery in banking names in the last hour of the trade. On the sector front, IT was the clear leader up 4.3%, followed by Healthcare, Banking and Metals. However, the broader market performance was mixed as midcap ended with healthy gains of 0.8% whereas the smallcap index underperformed and ended flat,” said Ajit Mishra, VP – Research, Religare Broking.
This is how S&P BSE SENSEX moved in today’s session. It touched a high of 36,524.62 and a low of 36,038.41 to finally settle at 36,471.68
CLOSING BELL: Infosys, private banks lift Sensex 420 pts higher; Nifty tops 10,700; Bajaj Consumer soars 20%, IPCA Labs 7%
- IT and private banks lead the market rally
- 18 of 30 Sensex stocks end the day in the green
- Index contributors: Infosys, Kotak Bank, HDFC Bank, HCL Tech, Nestle
- Top Index gainers: Infosys (9.45%), M&M (3.43%), IndusInd Bank (3.30%)
- Top Index losers: TechM(2.67%), ITC (2.42%), NTPC (1.36%)
- All sectoral indices except power, utlilities and telecom end the day in the green
- S&P BSE Information Technology biggest sectoral gainer, up 4.14%
- S&P BSE Telecombiggest sectoral loser, down 1.52%
- Volume toppers: Bajaj Fin, IndusInd Bank, RIL, Axis Bank, ICICI Bank
Here are the top volume toppers in today’s trade
Brent crude fell 35 cents, or 0.8 per cent, to $43.44 a barrel by 0852 GMT. West Texas Intermediate (WTI) crude was down 49 cents, or 1.2 per cent, to $40.47 per barrel. Both contracts rose 2 per cent the previous day after a sharp drop in U.S. crude inventories.
A major trend in the current market is the sharp rise in the number of retail investors. A large numbers of new accounts have been opened, many of them by the millennials from Tier II and III cities.
S&P BSE Information Technology gains over 3%. This is how the index has moved in the last 6 months
Global markets update
- S&P/ASX 200 index fell 0.7% to 6010.90 at the close of trade
- Nikkei shares average closed 0.76% lower at 22,770.36
- Shanghai Composite index was down 4.5% at 3,210.10
- Pan-European STOXX 600 fell 0.7%
Unidentified hackers have broken into the Twitter accounts of technology moguls, politicians, celebrities and major companies in an apparent Bitcoin scam.
Bandhan Bank has 27 per cent capital adequacy and I do not feel that any new equity, new funds will need to be raised for the bank, says Chandra Shekhar Ghosh, MD & CEO.
Tata Power arm bags order to develop 225 MW hybrid renewable project
Price as on 16 Jul, 2020 01:20 PM, Click on company names for their live prices.
At the upper end of the price band, YES Bank demands an adjusted price-to-book value of 0.85 times. A few other banks trading at similar valuations are IDFC Bank (0.9 times), SBI Bank (0.5 times core banking business) and Federal Bank (0.9 times).
S&P BSE Utilities down 1%. This is how the index has performed in the last 3 months
BSE Power index sheds 1%; here are the top losers & winners from the index
Shares of Larsen & Toubro Infotech gained nearly 7 per cent on Thursday after the company posted a 17.06 per cent year-on-year growth in its June quarter net profit. The stock rose by 6.58 per cent to a one-year high of Rs 2,340 on the BSE. On the NSE, it jumped 6.62 per cent to its 52-week high of Rs 2,336. LTI on Wednesday posted a 17.06 per cent growth in its June quarter net profit at Rs 416.4 crore but acknowledged that it is a challenging time for the industry at present.
Here are the top gainers and losers in the auto sector
Price as on 16 Jul, 2020 12:45 PM, Click on company names for their live prices.
Capital infusion in 3 state-owned insurers ‘credit positive’: Moody’s
The Rs 12,450-crore capital injection in three state-run insurance companies is “credit positive” as their capital had been significantly depleted over the last few years, Moody’s Investors Service said on Thursday. Last week the Union Cabinet had decided to put on hold the merger of National Insurance, The Oriental Insurance and United India Insurance and approved a Rs 12,450 crore capital infusion into these three general insurers.
S&P BSE Telecom biggest sectoral loser, down 1.7%. This is how the index stocks are faring
Forex Center: This is how the major currencies performed against each other
Here are all the hospitality and tourism stock trading in the red
Price as on 16 Jul, 2020 12:10 PM, Click on company names for their live prices.
SBI Card says Hardayal Prasad resigns as MD & CEO; Ashwini Tewari appointed MD & CEO
Infosys, Mphasis, ICICI Sec among top gainers in morning session
Price as on 16 Jul, 2020 11:46 AM, Click on company names for their live prices.
Here’s how Sensex performed in morning session
Shares of Vodafone Idea plunged 10 per cent in Thursday’s session as reports suggested the company was up for a long legal battle over its premium plans after Reliance Jio appealed to the telecom tribunal to hear its side before passing an order.
Brokerages have given a thumbs-up to Infosys, after the IT bellwether ticked all the boxes on financial fronts in June quarter earnings despite supply-side constraints, with strong deal wins and free cash flow (FCF) generation. Its shares advanced nearly 10 per cent to Rs 914.55 early trade on Thursday.
Here’s how RIL stock has performed over past AGMs
Embassy, Indiabulls Real Estate to merge assets; IB Realty falls 2%
Price as on 16 Jul, 2020 10:30 AM, Click on company names for their live prices.
Infosys surges most since March 24
Price as on 16 Jul, 2020 10:21 AM, Click on company names for their live prices.
Top Sensex contributors in early trade
Voda Idea, Federal Bank, Infosys among most active stocks on NSE
Price as on 16 Jul, 2020 09:32 AM, Click on company names for their live prices.
OPENING BELL: Sensex rises 200 points, Nifty above 10,650; Infosys surges 8%, HCL Tech 3%
Pre-open session: Sensex gains 300 pts, Nifty above 10,700
India Inc benefits from rate cuts
Companies have started getting benefits of sharp rates cuts by the Reserve Bank of India, with bond yields plunging this month. The spreads, or the yield differentials between similar-maturity company bonds and sovereign securities, have shrunk in the range of 30-69 basis points since the beginning of this month. This contraction — the sharpest in recent times — helps borrowers tap the debt market at a lower cost, particularly for five-year money.
Jio plans hit Airtel, Vodafone
Bharti Airtel and Vodafone Idea stocks fell over 4% and 7%, respectively, on news of internet major Google’s mega capital infusion into Jio Platforms and their joint ambitions to develop affordable 4G and 5G smartphones to hasten the disappearance of ordinary feature phones from the Indian telecom market. Jio-Google combination’s plans to launch low-cost 4G and 5G phones could accelerate feature phone customer migrations and result in heavy customer losses for Vodafone.
A Tata stock doubles amid Covid crisis
The Tata Consumer Products stock has doubled during the lockdown that began on March 25, hitting a record high of Rs 437.8 last week and outperforming its peers. As per data from Bloomberg, the number of analysts tracking the stock has increased more than 50% in one year, with 85% of them being bullish on the stock now compared to 65% a year ago.
S&P says bank fundraising good
Appreciating the decision of Indian banks to raise fresh capital, S&P Global Ratings on Tuesday said the move will provide stability to the institutions during these rocky times and help them withstand the economic slump amid the Covid-19 pandemic. “The large capital-raising is credit positive,” the agency said in a release adding that “large capital increases across India’s financial institutions support the system’s stability during these rocky times.”
Trade surplus after 2 decades
India registered a trade surplus in June, the first in almost two decades, as imports plummeted, raising concerns over the health of the domestic economy. India’s exports contracted for the fourth consecutive month and shrank 12.41% to $21.91 billion in June while imports fell 47.59% to $21.11 billion, yielding a surplus of $790 million, data released on Wednesday showed. The previous trade surplus was in January 2002.
RIL to develop own 5G tech
RIL on Wednesday said Jio had developed its own 5G technology and plans to offer it to other telecom companies, a move that will pit it against the likes of Nokia, Ericsson, Huawei and Samsung, in what analysts said was the first such initiative by a mobile phone operator. RIL said its telecom unit had created a complete 5G solution, using 100% homegrown technologies that will allow it to launch next-generation, highspeed services in India.
SGX Nifty signals positive start
Nifty futures on the Singapore Exchange traded 24.50 points, or 0.23 per cent higher at 10,674.50, in signs that Dalal Street was headed for a positive start on Thursday.
Rupee rises 27 paise to 75.15 against dollar
The rupee appreciated by 27 paise to settle at 75.15 against the US dollar on Wednesday on expectations of foreign fund inflows and optimism over development of a COVID-19 vaccine. Investor sentiment strengthened after human clinical trials for a COVID-19 vaccine were initiated in India, forex dealers said.
Oil prices slip after OPEC, allies agree to loosen supply curbs
Oil prices slid on Thursday after OPEC and allies such as Russia agreed to ease record supply curbs from August, though the drop was cushioned by hopes for a swift U.S. demand pick-up after a bigger-than-expected drawdown from the country’s crude stocks. Brent crude fell 13 cents, or 0.3%, at $43.66 a barrel, and U.S. West Texas Intermediate (WTI) crude dropped 18 cents, or 0.4%, to $41.02 a barrel. They rose 2% the previous day, helped by the U.S. crude inventories drop.
Hong Kong, China stocks mixed in early trade
Hong Kong shares started slightly higher Thursday following a positive lead from Wall Street, with investors awaiting the release of Chinese economic growth data. The Hang Seng Index rose 0.27 per cent, or 67.82 points, to 25,549.40. China’s benchmark Shanghai Composite Index dipped 0.15 per cent, or 4.95 points, to 3,356.36, while the Shenzhen Composite Index on China’s second exchange inched down 0.99 points to 2,260.81.
Japan stocks open lower with eyes on China GDP
Japan stocks opened lower on Thursday in cautious trade as investors awaited China’s GDP data, due later in the day, for clues on the economic impact from the coronavirus pandemic. The benchmark Nikkei 225 index was down 0.25 per cent or 57.04 points at 22,888.46 in early trade, while the broader Topix index edged down 0.08 per cent or 1.27 points to 1,588.24.
US stocks rise amid vaccine hopes, earnings
US stocks finished higher on Wednesday as market mood was bolstered by encouraging news about an experimental Covid-19 vaccine and a slew of better-than-expected earnings.The Dow Jones Industrial Average increased 227.51 points, or 0.85 per cent, to 26,870.10. The S&P 500 climbed 29.04 points, or 0.91 per cent, to 3,226.56. The Nasdaq Composite Index was up 61.91 points, or 0.59 per cent, to 10,550.49.
Tech view: Nifty forms Shooting Star; it’s ‘sell on rise’ market
Nifty50 on Wednesday failed to capitalise on its gap-up start, as the index lost ground after touching the 78.6 per cent Fibonacci retracement level of the recent fall. The index formed a ‘Shooting Star’ candle on the daily chart. Analysts said it’s a ‘sell on rise’ market and one should watch out for the immediate support in the 10,550-10,562 range.
Sensex, Nifty on Wednesday
The 30-scrip Sensitive Index (Sensex) of the S&P BSE, which had opened at 36, 314.76 points, ended flat and inched-up only 18.75 points or 0.05 per cent to close at 36,051.81 points. On Tuesday, the Sensex had closed at 36,033.06 points.Similarly, the broader 50-scrip Nifty at the National Stock Exchange (NSE) surged 10.85 points or 0.10 per cent to end at 10,618.20 points.