EQUITIES news

Share Market LIVE: Sensex falls over 150 points, Nifty below 10,780; financials drag indices, RIL up 1%

Share Market Today, Share Market LiveGlobal cues look negative with US markets showing some signs of losing steam now.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices were trading in the red on Friday. S&P BSE Sensex was down over 60 points while the 50-stock Nifty was seen dropping below the 10,800 mark. Sun Pharma was the top gainer on Sensex with gains of over 2.7%, followed by HUL, Bharti Airtel, and Bajaj Finance. All gaining close to 1% each. On the other end Tech Mahindra was down 2.3% followed by a similar fall in Titan. Tata Steel, HDFC, and IndusInd Bank followed. Volatility was again seen surging over 1%. All sectoral indices were in red, except Nifty Pharma index which was up 0.31%. Nifty PSU Bank and Nifty Private Bank indices were down over 1% each.  Except for NASDAQ, the US markets ended yesterday’s session in the red. European markets were down as well and during early hours of trade Shanghai Composite, Hang Seng, Nikkei 225, and TOPIX were all trading in the red.

Prime Minister Narendra Modi on Thursday, in an effort to woo global investors, said that India has massive opportunities in various sectors such as defence, agriculture, and MSMEs. Speaking at the India Global Week 2020 event, the Prime Minister emphasized on the opportunity that India provides, being one of the fastest-growing economies in the world. Economic recovery has taken the driving seat for the government as it looks to sidestep the slowdown that has been aggravated by the coronavirus pandemic.PM Modi said that India is laying a red carpet for global investors to come and establish their business in India.

Britannia Industries share price hit a fresh 52-week high of Rs 3,746.35 apiece on BSE with a gain of 2 per cent on Friday, taking the total market cap of the company to Rs 90,019.23 crore. Britannia Industries stock price has rallied a whopping 78 per cent in less than four months from Rs 2,100.5 level. In a recent update, the company has informed that the board of directors of the company will meet on July 17, 2020, to consider and approve the April-June quarter results of the current fiscal.

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Domestic benchmark indices opened in the red aided by weak global cues. S&P BSE Sensex dropped 124 points on the opening bell while the Nifty 50 was seen giving up the 10,800 mark. In the initial hour of trade, Sensex managed to trim some losses but only temporarily. “The Nifty Index continues to remain in the range – we must cross 10850 for a breakout on the upside. Post that we can move closer to the 11000 mark. The support for the nifty also continues to remain at 10650. It is a time of patience and one must wait for either side to be taken out. I would urge traders not to jump in as a range-bound movement can trigger stops on the long and short side,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

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Punjab National Bank (PNB) share price tanked 6.7% on Friday morning after the public sector lender informed that it is reporting another loan fraud to the Reserve Bank of India. PNB said that the borrowal fraud of Rs 3,688 crore related to the NPA account of M/s Dewan Housing Finance Ltd. (DHFL). Punjab National Bank is infamous for the loan fraud by diamantaire Nirav Modi in February pf 108, where the bank found itself in the middle of Rs 14,000 crore fraud. DHFL,  a housing finance company, is facing bankruptcy proceedings. PNB shares were trading at Rs 34.6 per share.

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Tata Steel’s (TSL) Q1FY21 operating performance was impacted by the ongoing covid-19 crisis. Key highlights: i) Profitable domestic segment fared worse compared to European operations (TSE). ii) High exports to impact blended realisation. iii) Activity improved in June on easing of lockdown. Going ahead, we expect performance to improve as economic activity picks up. However, we perceive risk-reward balanced on high leverage and stretched valuations. Higher-than-expected federal support in Europe is a key risk to our view. Maintain ‘HOLD’ with TP of INR330, implying 7.0x FY22E EBITDA.

~ Edelwiss

TCS share price fell 1.18 per cent in the opening trade but soon turned positive and gained nearly one per cent on Friday, a day after the company reported a decline in revenues and earnings in the April-June quarter of the current fiscal, on the back of the coronavirus pandemic. The IT bellwether, Tata Consultancy Services, posted 13.81 per cent on-year fall in profit at Rs 7,008 crore for the first quarter of the FY21. The company missed the Street’s estimates on all fronts in the quarter ended June 30.

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USDINR continues to get bid up as inflows are being absorbed. Today’s weekly closing will be important. Rupee is likely to open around 75.12 and trade 74.85-75.25 range. May IIP is due today. Asian currencies are trading weak against the USD. Asian equities are trading weak. Shanghai Composite is on course to snap a 8 session winning streak. Nifty is expected to trade with a slight negative bias: Abhishek Goenka, Founder and CEO, IFA Global

Any negative reaction of markets coming from COVID related news could be short lived. On the other hand, India is considering raising nearly $2.7 billion by selling stake in the world’s largest coal producer, and IDBI bank to fund its stimulus program. This shall remain supportive for the rupee and could avoid any sharp depreciation in the pair. Overall, the pair is expected to trade within 74.50-75.50 levels for the next few sessions: Amit Pabari, managing director, CR Forex Advisors

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