Market Highlights: Sensex, Nifty end the day in red after a volatile session; ITC, Kotak Mahindra Bank top gainers

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Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended in the red after witnessing a volatile session that saw the stock market dance between gains and losses on Thursday. Sensex ended the day at 34,799 or 277 points down from the day’s high and 309 points up from the day’s low. The 50-stock NSE Nifty settled at 10,277 points. ITC was the top gainer on Sensex surging 5.29%, followed by Bajaj Finance and Kotak Mahindra Bank. On the other end, Asian Paints saw profit booking and ended the day as the biggest loser. Nifty FMCG was the biggest gainer among sectoral indices, up 1.9% followed by Nifty Pharma and Nifty Bank. Nifty IT and Nifty Realty were down over 1% each.

The IMF on Wednesday projected a sharp contraction of 4.5 per cent for the Indian economy in 2020, a “historic low,” citing the unprecedented coronavirus pandemic that has nearly stalled all economic activities, but said the country is expected to bounce back in 2021 with a robust six per cent growth rate.

The company has already launched BS-VI lubricants and has entered into an agreement with MG Hector and Tata Motors for supply of EV fluids. Although competition remains intense and the industry is likely to grow in lower single-digits, we believe CSTRL will be able to secure its profitability with better product mix, cost controls and launch of advanced products with better realization. The stock is trading at 13.6x CY21 EPS of INR9.2, 29% below 10-year average. We value the stock at 20x CY21. With a target price of INR185, we reiterate Buy on the stock.

~ Motilal Oswal

Given the velocity with which people are opening accounts with brokers and trading, it will be worth my while to share my own experiences with trading / investing, whatever you call it. As a smart aleck once told me, a loss-making trading position becomes an investment position. I have my own opinions on this statement but will leave it for some other time. 

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EBITDA exceeded our estimates by 34% largely owing to 23/52% higher realisation in the petrochemicals and LPG and Liquid Hydrocarbon segments. We raise our FY21/22 EBITDA estimate by 64/3% to INR 46/64bn driven by higher than estimated (1) Realisation for petchem, LPG and liquid hydrocarbons and, (2) Transmission volume and tariffs. Our EPS estimate jump by 2.8x/26% in FY21/22 to INR 5.9/8.9 considering the change in effective tax rate to 25.2% (36.2/31.4% in FY19/18).  ~ HDFC Securities

Ace investor Radhakishan Damani’s top cement sector stock pick, India Cements reported a net loss of Rs 111 crore in the January-March quarter. Net sales for the cement manufacturer dropped 26.3% to Rs 1,151 crore on-year basis while EBITDA sharply declined 59%, a number that was below the expectations on the street. The decline was nudged by lower than expected realisation and volumes. Although the stock price has continued to surge higher and higher this year making it one of the few shares that are positive year to date, analysts say the movement is fueled by Radhakishan Damani’s investment and not by any change in fundamentals of India Cements

For 4QFY20, United Breweries (UBL)’s net sales de-grew by ~13% to Rs1,425cr. Top-line was negatively impacted mainly due to COVID-19 lockdown. On the operating front, the company reported contraction in margins, down 124bps yoy at 9.3%. Operating margin was impacted mainly due to higher employee cost (up 139bp) and other expenditure (up 25bp). On the bottom-line front, UBL reported de-growth of ~39% yoy to Rs 42cr due to lower sales, poor operating performance and higher depreciation cost. During the quarter, UBL launched Kingfisher Ultra Witbier, Kingfisher Ultra Draught and UB Export Cans. The response to Ultra Witbier and Ultra Draught has been very encouraging and the Company will expand to more markets in the coming months. ~ Amarjeet Maurya, AVP – Mid Caps, Angel Broking 

Mukesh Ambani’s Reliance Jio, after drawing global investors, is now attracting global praise as US Secretary of State Mike Pompeo termed the digital telecommunications arms of Reliance Industries as a ‘clean teleco’ along with other major global telecommunications players. Mike Pompeo, in a tweet, named leading global telecom companies that have been shunning the infamous Chinese company Huawei and moving on to partner with more ‘trusted 5G vendors’. US President Donald Trump’s administration has repeatedly attacked the Chinese communications technology infrastructure provider, claiming it has ties to the Chinese Communist Party and the military.

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Information technology major Infosys and leading private lender HDFC Bank are among the worst hit on the BSE Sensex on Thursday. Infosys was down 2.54% while HDFC Bank was fell 1.6% in the initial hour of trade. 

Barring Nifty FMCG and Nifty Pharma, all the indices were trading in red. Nifty Bank index was down nearly 2 per cent.

IndusInd Bank was the top Sensex loser, down over 3 per cent, followed by Axis Bank, ICICI Bank, HDFC Bank, Infosys, Bajaj Finance and State Bank of India (SBI).

Check live prices: IndusInd Bank

Domestic equity market benchmarks Sensex and Nifty fell over half a per cent in Thursday’s session, following their Asian peers.

Nifty set to open with a red tick on the back of sell-off in the global market. Going forward, due to monthly expiry market may remain volatile. Major support will be seen around 10100 and Resistance will be 10550. For the day, The investor should follow trailing stop losses for short term investments. F&O traders should keep proper hedge for overnight positions. Long term investors should wait for the right opportunity to put money on the table: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

After rallying for the last few sessions from a low of 9,845 and testing the 200-day EMA at 10,524 on June 24, the Nifty index has made a lower top on the 15 min intraday charts. This suggests that the current uptrend is tiring and could reverse soon. The 14-day RSI too has declined today and is currently below its 9-day EMA, suggesting a loss of momentum. The uptrend would however reverse only if the 10,282 supports are broken. Downside targets in case the supports are broken are at 10,162-10,080. If the 10,282 supports hold, the Nifty could rally once again towards the recent highs.

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PNC Infratech reported a 10.7% YoY growth in revenues to Rs.1,157 crore for Q4FY20 which was in line with street estimates. The company has stated that they are in an advanced stage of discussions with another prospective investor, who has expressed interest in the project asset. Despite the cancellation of the deal with cube highway we remain positive on the prospects of the company considering its strong order book and inexpensive valuation: Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd

Domestic crude tumbled on Wednesday and could start on a weak note this Thursday morning tracking weak overseas prices. In May, India imported 3.18 million barrels per day (bpd) of oil, a decline of about 31% from April and about 26% from a year ago, the data showed. Technically, NYMEX WTI Crude Oil contract has traded in a range of $37.35-$40.55 levels where its close on negative note at $38.11 levels. However it did not sustain above $40.00 indicating pressure to continue up to $36.30-$34.50 in coming season where $40.00 will hold a resistance. MCX Crude Oil July made a high of 3077 levels where it gave a sharp correction of more the 5.5% and made a low of 2857 indicating exhaustion of prices at high levels indicating downside momentum to continue up to 2764-2657 levels: Sriram Iyer, Senior Research Analyst at Reliance Securities.

Apollo Hospitals Enterprises, Ashok Leyland, Bank of India, Container Corporation of India, Endurance Technologies, Engineers India, Hindustan Aeronautics, Indiabulls Ventures, ICRA, IDFC, Indian Overseas Bank, Prince Pipes and Fittings, Sintex Industries, Somany Ceramics, TTK Prestige, Varroc Engineering and Zuari Global, are among 147 companies that are scheduled to announce their March quarter earnings today.

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After snapping a four-day winning streak on Wednesday, domestic benchmark indices Sensex and Nifty ended 1.6% down. Nifty at one point during the day climbed to as high as 10,553 mark but failed to sustain the gains, ending down 10,305 points. “Given the sharp rally over the last few days, the market may take a breather over here and consolidate for some time. Investors would track global cues and development around coronavirus cases along with the geo-political tensions for any directional move. We would advise investors to stay cautious and focus more on stock-specific action,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.

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The IMF on Wednesday projected a sharp contraction of 4.5 per cent for the Indian economy in 2020, a “historic low,” citing the unprecedented coronavirus pandemic that has nearly stalled all economic activities, but said the country is expected to bounce back in 2021 with a robust six per cent growth rate. The International Monetary Fund (IMF) projected the global growth at 4.9 per cent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast.

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In overnight trade on Wall Street, US stock indices suffered their biggest daily percentage drop in almost two weeks as a surge in coronavirus cases intensified fears of another round of government lockdowns and worsening economic damage. The Dow Jones Industrial Average fell 2.72%, the S&P 500 lost 2.59% and the Nasdaq Composite dropped 2.19%.

Asian stock markets were trading in red on Thursday after the International Monetary Fund (IMF) slashed its economic forecast. In Japan, the Nikkei 225 slipped 0.96% while the Topix index shed 0.98%.

Trends on SGX Nifty suggest a gap-down opening for BSE Sensex and Nifty 50 on Thursday, Nifty futures were trading 123.15 points or 1.20 per cent lower at 10,175.80 on Singaporean Exchange

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