Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled over one per cent higher on Thursday led by buying in IT and auto stocks. The 30-share Sensex gained 430 points or 1.21 per cent to close the session at 35,844, while the broader Nifty 50 index advanced 122 points or 1.17 per cent to settle at 10,552. On the back of robust tractor sales in June, Mahindra & Mahindra (M&M) was the top Sensex gainer, up 6 per cent. The auto major was followed by Titan Company, HCL Tech, Tata Steel, Infosys, TCS, HDFC, Tech Mahindra and Maruti Suzuki. On the other, eight out of 30 Sensex stocks finished trade in negative territory with Axis Bank falling the most, down 2.24 per cent. Hindustan Unilever (HUL), ICICI Bank, Kotak Mahindra Bank, Bharti Airtel, NTPC, Nestle India and Asian Paints were other laggards on the pack. Barring Nifty PSU Bank, all the Nifty sectoral indices traded in the green today. Nifty Auto and Nifty IT were top sectoral gainers, up 2.89 per cent and 2.65 per cent, respectively.
Domestic equity market benchmarks Sensex and Nifty settled over one per cent higher on Thursday. Mahindra & Mahindra share price surged 6.2%
Today, Rupee is trading above 3 months high and trading at 74.88 levels on the expectation of positive outcome over India China tension. Positive equity markets and the expectation of recovery from the potential COVID-19 vaccine. Progress on the vaccine front is also supportive for the rupee. We expect rupee may trade positive further and it may test 74.70 to 74.50 levels towards appreciation: Anuj Gupta (DVP–Commodities & Currencies Research, Angel Broking
Mahindra & Mahindra (M&M) share price surged nearly 6 per cent to Rs 528.05 apiece on BSE a day after the company reported robust growth in sales figures for June in the tractor segment. The stock price has more than doubled from March lows of Rs 246 apiece, registering a growth of 115 per cent. According to BSE data, the market capitalisation of the top Sensex gainer in today’s trade stood at Rs 65,329.77 crore at the time of writing this report. Analysts attribute strong tractor sales in June to robust rabi harvest, the timely arrival of the monsoon which aided Kharif sowing, and government reforms.
To improve ease of doing business for new MSMEs, the government has launched a new process for registration and classification of enterprises in the name of a new portal – Udyam registration. Operational from Monday (July 1), registering as MSME on the portal will be completely paperless and based on self-declaration, MSME Ministry said. Small businesses won’t have to upload any documents or proof except the Aadhaar number for registration.
Coal India trade unions have begun a three-day strike beginning Thursday as they protest against the government’s decision to allow commercial coal mining in the country. The three-day long halt in operations is likely to hit around four million tonnes of production, PTI reported. The strike has been effective since the first shift which begins at 6 AM, Nathulal Pandey, president of HMS-affiliated Hind Khadan Mazdoor Federation said.
Tractor segment continues to be the bright spot. The auto sector saw a sharp decline in volumes across segments (except tractors) in June 2020 led by (1) the lingering impact of lockdown and (2) supply-chain constraints. Pent-up demand supported steeper recovery in terms of retail sales for PV and two-wheeler segments in June 2020. The tractor segment demand remains buoyant amid improving farm sentiments. CVs remain a laggard in terms of recovery in volumes: Kotak Institutional Equities
While demand recovery has surprised everyone, sustenance remains a key monitorable. With multiple moving parts in the form of (a) normalization of supply side, (b) consumer sentiment, (c) availability of finance, and (d) impact of BS6 cost inflation, demand normalization is the biggest monitorable. MOFSL prefers companies with (a) higher visibility in terms of demand recovery, (b) a strong competitive positioning, (c) margin drivers, and (d) balance sheet strength. M&M and EIM are top large-cap picks. Among mid-caps, MSS is preferred: Motilal Oswal Financial Services
Private sector lender Axis Bank informed the stock exchanges that its Board of Directors, in a meeting convened on July 2, has approved a plan to raise Rs 15,000 crore worth of funds through various permissible instruments at an appropriate time. The move comes days after the lender’s Issuer Credit Rating was downgraded to junk or BB+ by rating agency S&P Global. Axis Bank is one of the top private-sector lenders in the country. Although its asset quality remains strong among the banking sector in India, the overhang of non-performing assets is a risk that rating agencies are foreseeing.
Gold prices fell over Rs 850 from a fresh record high of Rs 48,982 on MCX in Thursday’s trade following weakness in the international market as equities rose on optimism over a potential coronavirus vaccine. Pfizer Inc said that one of its Covid-19 vaccines showed encouraging results in very early testing of 45 people, which lifted investors’ appetite for riskier assets. On MCX, gold August futures fell Rs 151 to Rs 48,116 per 10 grams, while silver September futures were ruling at Rs 49,162 per kg, down Rs 262.
Market regulator Securities and Exchange Board of India (SEBI) on Thursday morning announced its decision to impose a penalty on pharmaceutical major Divi’s Laboratories’ Chief Financial Officer L Kishore Babu, along with seven other persons for violating the insider trading rules. The SEBI order pertains to an investigation into these people for purchasing Divi’s Laboratories shares in 2017 on the basis of unpublished price sensitive information (UPSI). The market regulator said that it will impound the alleged unlawful gains of Rs 96 lakh from the investigated persons. Divi’s Laboratories share price dropped 5% during the opening hours on Thursday.
Railways stocks such as RITES, IRCTC, Rail Vikas Nigam rallied up to 14 per cent on BSE a day after the government informed that Indian Railways has initiated its plans to allow private entities to operate passenger trains. The project would entail a private sector investment of about Rs 30,000 crore. Among rail-related stocks, RITES share price soared 14 to Rs 293 apiece, Rail Vikas Nigam share price gained 13.5 per cent to Rs 21.45, and Ircon International share price advanced 10.36 per cent to Rs 99 apiece on BSE.
Following the favourable global cues, Indian share market benchmarks BSE Sensex and Nifty 50 were trading with nearly one per cent gains on Thursday. Sensex advanced 0.84 per cent or 300 points to trade at 35,713 while the broader Nifty 50 index managed to attain a level above 10,500, to rule at 10,524. Asian markets edged higher in today’s trade on the hopes of coronavirus vaccine.
HDFC AMC, Adani Gas, Aarti Industries, Pfizer, and Abbott India are some of the stocks that are all set to enter the F&O segment (Futures and Options) in the forthcoming announcement. ICICI Direct listed out 11 stocks that qualify for F&O inclusion on the basis of the eligibility of stocks for inclusion in the derivatives segment which is derived from the criteria laid down by the Securities and Exchange Board of India through various circulars issued from time to time. So far this year, the National Stock Exchange has added SBI Life Insurance and three other stocks to the F&O segment.
Minda Industries (MIL) reported a subdued Q4FY20 performance. Consolidated revenues were at | 1,339 crore, down 10% YoY (4-W: 2-W at 48:52; OEM: aftermarket at 87:13). We expect net sales, EBITDA, PAT CAGR of 9.8%, 14.2%, 30.4% CAGR, respectively, over FY20P-22E. We continue to like MIL for (1) its success in growing far ahead of the ancillary pack & OEM clients over the years, (2) presence in emerging opportunities and (3) well-diversified product and client base. We maintain BUY recommendation on MIL with a revised target price of | 320, valuing it at 12x FY22E EV/EBITDA i.e. implied 33x P/E (FY22E EPS). We await the brief contours of the proposed rights issue before incorporating the same in our estimates~ ICICI Securities
Bear should take rest till the time market is above 10223. the strategy should be buying on the dip for the day. The trader should concentrate on the intraday and keep lesser money on the table overnight as important data in the US can obstruct bulls march. Hedger should hedge the position specifically if it is short: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd
Pfizer share price jumps over 5 per cent to Rs 4,313 apiece as early trials for Covid-19 vaccine in the US shows positive results.
Check live prices: Pfizer
All the 11 sectoral indices were trading in green. Nifty Bank was up 1.19 per cent, Nifty Financial Service was up 0.84 per cent, Nifty Private Bank gained 1.21 per cent.
M&M, IndusInd Bank, ONGC, Titan, LT, SBI, Bajaj Finance, HDFC Bank were the top Sensex gainers. On the flip side, Tech Mahindra and Hindustan Unilever were the only Sensex losers.
The 30-share index Sensex gained 260 points or 0.73 per cent to trade at 35,673, while the broader Nifty 50 index reclaimed the crucial 10,500-mark in today’s trade.
With the number of coronavirus cases inching higher each day and the race to develop an effective vaccine gathering more steam, the United States Government has secured almost the entire stock of Remdesivir — a drug that has been showing positive results on patients infected with the coronavirus. Remdesivir, manufactured by US-based Gilead Sciences Inc has signed a deal with the United States Health and Human Services for 5 lakh treatment courses of the drug. The move is in line with US President Donald Trump’s ‘America First’ approach. In India, CIPLA and Hetro Labs are the two companies that have an emergency marketing approval for Remdesivir from the Drug Controller of India.
Axis Bank: Axis Bank informed the bourses on Monday that its board will meet on Thursday, June 2, to explore raising funds through shares or depository receipts.
Aarti Industries, Ipca LabAdani Gas, ICICI General Insurance, PI Industries, and Trent, L&T Infotech, HDFC AMC, and Deepak Nitrite are among 11 stocks that are likely to be included in the futures & options (F&O) segment, according to a report by ICICI Securities.
Jubilant Foodworks on daily chart has witnessed upward rising trend line breakdown and profit booking at this level cannot be ruled out. Momentum Oscillator RSI (14) seems to have flatten out near 65 -70 level which is an overbought zone. A price on weekly chart is capped at 78.60 percent retracement which is placed at 1785 level. Traders can short the stock in a range 1690 – 1705 for the target of 1550 with a stop loss above 1750 on a daily closing basis: Rohan Patil, Technical Analyst, Bonanza Portfolio Ltd
In overnight trade on Wall Street, US stock indices closed higher on optimism over a Covid-19 vaccine being developed by Pfizer and BioNTech. The Dow Jones Industrial Average fell 0.3%, the S&P 500 gained 0.50%, and the Nasdaq Composite added 0.95%.
Asian stock markets rose in early trade on Thursday as investors cheered signs the global economy was emerging from coronavirus. In Japan, the Nikkei 225 rose 0.28%. The Topix index also added 0.39%. South Korea’s Kospi gained 0.64%.
Trends on SGX Nifty suggests a positive opening for BSE Sensex and Nifty 50 on Thursday. The Nifty futures were trading 75 points or 0.72 per cent higher at 10,471.50.
Sensex gained 500 points or 1.43 per cent to end at 35,414.45, while the broader Nifty 50 index settled 128 points or 1.24 per cent higher at 10,430