"Remittances went down very sharply, but we benefited from higher-margin developments like higher deposit accretion, micro ATM and cash management services, and Aadhaar-enabled payments services (AEPS)," Gupta told .
The Dow Jones Industrial Average fell 54.33 points, or 0.19%, at the open to 27,922.51 and the S&P 500 opened lower by 7.40 points, or 0.22%, at 3,372.95. The Nasdaq Composite gained 14.62 points, or 0.13%, to 11,026.86 at the opening bell.
Tech View: Nifty looks to break out after extended rangebound trade
Independent analyst Manish Shah said the index needs to break above the 11,370 level with a long candle, for it to move higher towards the 116,00-11,800 zone.
Any breach of 11,260-11,250 levels may signal profit booking: Rajesh Palviya, Axis Securities
Since the past four consecutive sessions, Nifty continues to consolidate in the 11,360-11,250 range, indicating a short term sideways trend. Hence, any either side range violation will signal further direction. On the upside, any sustainable move above 11,340-11,360 levels will cause an upward breakout and Nifty may scale towards 11,400-11,450 levels. On the downside, any breach of 11,260-11,250 levels may signal profit booking towards 11,200-11,150 levels. The daily strength indicator RSI continues to remain in a positive zone, indicating sustained strength, whereas the momentum indicator Stochastic has turned bearish from overbought zone indicating a possible consolidation going ahead.
Continue with hedged trades, with the bias on positive side: Ajit Mishra, Religare Broking
Markets have been hovering in a narrow range for the last four sessions and indications are in the favour of further surge. However, a lot would depend upon the outcome of the Supreme Court hearing on AGR case on Friday. We thus advise continuing with hedged trades, with the bias on the positive side.
Stock market is nothing but a barometer of economic power: Shankar Sharma
There is no disconnect between the stock market and the reality. It is the most logical rally I have seen in my whole life. The composition is that winners are running up and losers are falling down. One should stop looking at market as the barometer of the economy. Now, the stock market is nothing but a barometer of economic power.
This is how the 30-pack Sensex moved in today's session. It touched a high of 38,516.85 and a low of 38,215.05 to finally settle at 38,310.49
CLOSING BELL: Sensex erases early gains, ends 59 pts lower; Nifty holds above 10,300; HAL soars 18%, Bharat Forge 16%
Airtel and ITC lead the market fall; L&T and Titan hold gains
18 of 30 Sensex stocks end the day in the red
Index contributors: Airtel, ITC, Infosys, Sun Pharma, HDFC Bank
Top Index gainers: L&T (4.49%), Titan (3.62%), NTPC (1.33%)
Top Index losers: Sun Pharma (2.12%), Bharti Airtel (2.11%), ITC (1.32%)
S&P BSE CAPITAL GOODS biggest sectoral gainer, up 3.81%
S&P BSE Telecom biggest sectoral loser, down 1.49%
Volume toppers: RIL, SBI, TechM, Bharti Airtel, Bajaj Fin
Nomura has initiated coverage on FMCG major Hindustan Unilever with a buy rating and a target price of Rs 2,680. According to Nomura, the downturn is the time for Hindustan Unilever and leverage its core strengths to its fullest. "We believe in this downturn HUL can further widen its competitive lead vs peers and is well-equipped to drive share gains and expand margins. We forecast FY20-23F EPS CAGR of 15% (supported by GSK CH merger)," said Nomura.
Tata Motors' long and short-term bank facilities were reaffirmed at CARE AA- with a negative outlook and CARE A1+, respectively. Meanwhile non-convertible debentures rating was kept unchanged at CARE AA- with a negative outlook. The company's commercial papers rating was reaffirmed at CARE A1+.
Top Sensex drags in afternoon session
Affle to acquire 8% stake in indigenous social keyboard provider Bobble AI
Price as on 13 Aug, 2020 01:09 PM, Click on company names for their live prices.
Tata Steel may report over Rs 2,000 crore net loss
Tata Steel is likely to post a consolidated loss of over Rs 2,000 crore in the June quarter due to sharp reduction in realisation in the India business and lower volume at all business segments. Edelweiss Securities believes the metal major may report a net loss of Rs 2,393 crore on 34.50 per cent fall in top line. The brokerage firm also sees a steep 96 per cent YoY dip in EBITDA in Q1FY21.
Top 5 gainers & losers in the NBFC space
Price as on 13 Aug, 2020 12:36 PM, Click on company names for their live prices.
Paytm Money is planning a full-scale launch of its retail stock broking service in six to eight weeks, newly appointed CEO Varun Sridhar told ET in an interview, marking the transition of the company into a retail broking platform.
Tata Power shares rally 7% after June quarter results
Shares of Tata Power on Thursday jumped nearly 7 per cent after the company said its consolidated net profit rose by 10 per cent for quarter ended June. The stock gained 6.89 per cent to Rs 56.60 on the BSE. On the NSE, it jumped 5.57 per cent to Rs 55.90.
Sensex erases gains, slips into the red; Airtel, Sun Pharma top losers
Price as on 13 Aug, 2020 11:35 AM, Click on company names for their live prices.
Steel Strips Wheels bags order worth over EUR 1,43,000 from EU
Price as on 13 Aug, 2020 11:09 AM, Click on company names for their live prices.
Eicher Motors Q1 earnings previw: Profit likely to tank 70-75%
Edelweiss expects the auto maker's core profit to plunge 73 per cent to Rs 121.80 crore from Rs 451.80 crore in the year-ago quarter. It sees revenue falling 67 per cent to Rs 787.10 crore from Rs 2,381.90 crore in the year-ago quarter.
HDFC Securities expects profit to fall 74 per cent to Rs 120 crore while it sees sales dropping 67 per cent to Rs 780 crore. Ebitda margin, it says, may plunge 700 basis points YoY to 18.8 per cent.
Emkay Global, meanwhile, expects Eicher Motors to report a consolidated loss of Rs 13.11 crore. It said that revenues decline will be lower than the 69 per cent volume fall due to an increase in realisations and higher share of spares.
Ahead of Q1 earnings...
Price as on 13 Aug, 2020 10:35 AM, Click on company names for their live prices.
ICICI Securities mantains SELL rating on Bharat Forge
"Bharat Forge’s Q1FY21 earnings were a miss as EBITDA margins slumped to their lowest in a decade. Adjusted PAT has been dragged down by losses in trading and overseas subsidiaries. We had pointed at this risk, and measures to address it have been initiated, sustenance of the same is a key monitorable. BHFC’s healthy ‘Net Debt/EBITDA’ ratio at 1x (FY22E) provides balance sheet comfort, however, synchronous demand slump across core segments and increased drag from overseas subsidiaries are likely to keep cyclical recovery of earnings in check. The key risk remains strong order book wins on defence business. Valuations remain expensive (18x EV/EBITDA/35x PE on FY22E basis). Maintain SELL," ICICI Securities said.
Zydus Cadila launches India's cheapest remdesivir version at $37 per vial
Zydus Cadila on Thursday launched the cheapest generic version of Gilead Sciences’ antiviral drug remdesivir in India to treat COVID-19 following reports of shortages at hospitals in the world’s third-worst hit nation. Zydus has priced it at 2,800 rupees ($37.44) per 100mg vial. It will be sold under the brand name Remdac to government and private hospitals treating COVID-19 patients, the company said in a regulatory filing.
Here are the top gainers from tourism & hospitality space; Lemon Tree surges 10% to emerge biggest gainer
Price as on 13 Aug, 2020 10:01 AM, Click on company names for their live prices.
Bernstein Research said the debate on the potential for the next large cycle has begun with economic growth expected to fall to historic lows — similar to the slump seen in the FY01-FY03 phase. While the firm expects a rebound in economic growth in the second half of FY21and FY22, it sees “less room for a multi-year bull macro cycle”.
Bank’s bad loan recovery hits wall
Bad loan recovery of Indian banks dropped by one-third in June quarter compared to the previous three months, with cases in bankruptcy courts barely moving and sale of bad loans to asset reconstruction companies virtually drying up. Top 10 banks that ET analysed recovered and upgraded loans worth Rs 10,148 crore at the end of June quarter. They had recovered Rs 15,171 crore in March quarter and Rs 14,742 crore at the end of June 2019.
Small window for RBI’s loan recast
Banks have been advised to be ready with the list of borrowers who will be eligible for one-time debt restructuring under a special window opened by RBI to tackle stress due to the Covid-19 pandemic. There have been doubts over the one-time loan restructuring scheme being fully available, given that the committee under veteran KV Kamath will start functioning after a few days and will have another 30 days to submit its recommendations before RBI notifies the norms.
India Inc may continue work for home in 2020
It is likely to be work from home for a majority of the India Inc employees for the rest of 2020. Only 3 out of 10 employees are willing to return to offices across 550 organisations belonging to 15 industry sectors, according to a survey conducted by Xpheno, a specialist staffing firm, exclusively for ET. Xpheno reached out to 1,800 employees through the survey where 70% of the employees state that they prefer to work from home (WFH) until the end of this year.
General insurers get a shot in the arm
General insurance companies bucked the sluggish growth seen in the first quarter of FY21 to register an 18% yearon-year growth in underwritten premiums in July led largely by a massive uptick in demand for health insurance policies. These companies registered premium collections worth Rs 17,011 crore in July 2020 against Rs 14,369.51 crore in July 2019, latest data released by Irdai showed. The first quarter of FY21 had seen general insurance companies see new premium collections contract 4%.
Fuel demand flatlines in revival signs
India's fuel demand is beginning to flatline after showing signs of returning to life, as consumption dipped 11.7% in July, official data showed. Fuel consumption, a barometer of economic activity in the country, had slumped by over 45% in April as nationwide lockdown halted most vehicular traffic and shut industries.
RIL in talks to invest in TikTok’s India ops?
RIL is engaged in an early-stage exercise to evaluate the possibility of investing in TikTok’s India operations, according to at least six people aware of the matter. The development comes even as the clock is ticking on Microsoft’s fast-tracked negotiations to buy large swathes of the Chinese short-video platform’s global operations ahead of the September 15 deadline set by the Donald Trump administration.
Pre-open session: Sensex flat, Nifty nears 11,350
Hong Kong, China stocks rise in early trade
Hong Kong stocks jumped almost one percent at the open on Thursday following a strong lead from Wall Street fuelled by economic recovery optimism. The Hang Seng Index rallied 0.97 percent, or 246.00 points, to 25,490.02. The benchmark Shanghai Composite Index rose 0.27 percent, or 8.91 points, to 3,328.18, while the Shenzhen Composite Index on China's second exchange gained 0.44 percent, or 9.74 points, to 2,224.86.
SGX Nifty signals positive start
Nifty futures on the Singapore Exchange traded 20.50 points, or 0.18 per cent higher at 11,331.50, in signs that Dalal Street was headed for a positive start on Thursday.
Q1 results today
BPCL, Eicher Motors, Hero MotoCorp, Tata Steel, GAIL, Grasim Industries, Balkrishna Industries, Power Finance Corporation, Trend, Godrej Industries, Prestige Estates and Endurance Technologies are among companies which will announce their June quarter results today.
DIIs sell Rs 940 cr worth of stocks
Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 351.15 crore, data available with NSE suggested. DIIs were net sellers to the tune of Rs 939.67 crore, data suggests.
Tech View: Nifty lacks direction
Nifty50 on Wednesday saw a gap-down start, but managed to recoup most of the losses towards the end. The index formed an indecisive 'Doji' formation on the daily chart for yet another session. For Thursday, any violation of the 11,240 level may cause weakness and make Nifty drift towards the 11,200-11,160 zone. Intraday resistance is placed in the 11,320-11,340 zone.
Japan shares rise on solid economic data
Tokyo shares opened higher Thursday after overnight surges on major markets, including Wall Street, triggered by increasing hopes for economic recovery. The benchmark Nikkei 225 jumped 276.65 points or 1.21 percent to 23,120.61 in early trade, Reuters reported. A string of recent indicators, including solid US jobs data, "show macroeconomic data are gaining momentum toward recovery", Okasan Online Securities said in a note.
US stocks rise as tech shares rebound
US stocks ended higher as major tech shares recouped some of their losses from the prior session.On Wednesday, the Dow Jones Industrial Average increased 289.93 points, or 1.05 per cent, to 27,976.84. The S&P 500 rose 46.66 points, or 1.40 per cent, to 3,380.35. The Nasdaq Composite Index jumped 229.42 points, or 2.13 per cent, to 11,012.24.
Rupee drops 5 paise to 74.83 against dollar on weak IIP data
The rupee declined by 5 paise to close at 74.83 against the US dollar on Wednesday due to losses in equity markets and weak industrial production data. Forex traders said the rupee traded in a narrow range as muted domestic equities and weak industrial output data weighed on investor sentiment while sustained foreign fund inflows supported the unit.
Sensex, Nifty on Wednesday
The BSE Sensex snapped its four-session winning run to close marginally lower on Wednesday as investors pocketed gains in finance, banking and consumption stocks amid mixed global cues. After touching a low of 38,125.81 during the day, the 30-share BSE Sensex pared most losses to end 37.38 points or 0.10 per cent lower at 38,369.63. On similar lines, the NSE Nifty slipped 14.10 points or 0.12 per cent to close at 11,308.40.
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