Nifty on Monday closed above the 10,800 mark, but formed a bearish candle on the daily chart as it ended below the opening level. Chandan Taparia of Motilal Oswal Financial Services said Nifty has to hold above 10,700 level to extend its move towards 11,000, while key support exists at 10,650 and then 10,550 levels.
Here’s who bought and sold what in some of the key bulk deals of the day. Janhavi Nilekani, Nihar Nandan Nilekani and Rohini Nilekani sold 2,26,000 shares, 1,92,012 shares and 2,00,000 shares in Clariant Chemicals at Rs 551.35, Rs 558.29 and Rs 546.17, respectively. Kotak Standard MultiCap Fund sold 4,83,404 Arvind Fashions Rights Entitlement at Rs 36.26 each.
Continuous underperformance of the banking index adding to the market chaos: Ajit Mishra, Religare Broking Ltd
"Markets ended marginally higher in a volatile trading session, in continuation of the prevailing consolidation phase. The beginning was upbeat, thanks to firm global cues however lack of follow up buying combined with the decline in the banking majors pushed the index gradually lower. Among the benchmark indices, Nifty managed to end 0.4% higher to close at 10,815. Meanwhile, the sectoral indices performance was mixed as telecom, IT, metal and oil & gas were top gainers, other indices like banking, realty and power ended with losses. The broader markets underperformed and ended flat. We’re seeing hesitation in the market at the higher levels despite upbeat global cues and it could be largely due to caution ahead of the earnings announcements. Besides, the continuous underperformance of the banking index, which holds significant weightage in the index, is also adding to the chaos. Traders should maintain extra caution now as stocks usually react sharply, even on a small dip in the benchmark. Defensive viz. pharma, FMCG and IT usually do well in such a scenario so plan your positions accordingly," said Ajit Mishra, VP - Research, Religare Broking Ltd.
PNGRB draft regulation caps individual stake in gas exchange to 15%
No shareholder can have more than 15% stake in a natural gas exchange, as per the draft regulations by the Petroleum and Natural Gas Regulatory Board (PNGRB). The draft, hosted on the PNGRB’s website, is the maiden attempt by India to build a regulatory framework for a gas exchange that would trade physical contracts. The draft lays out in detail the regulations regarding the setting up and operation of an exchange, membership, shareholding and settlement of trades.
China’s stock market closes in on $10 trillion milestone after its biggest crash
China’s investors have waited five years for stock values to return to $10 trillion, a milestone that would seal the market’s recovery from its biggest crash in history. The good news is that it could happen as soon as this week, and even a slower pace of gains -- which is favored by Beijing -- would do it. China’s domestic equities are worth about $9.5 trillion after this month’s rally, according to data compiled by Bloomberg as of July 12.
Credit Suisse ups RIL share target price to Rs 1,690
Credit Suisse has raised the share price target for Reliance Industries to Rs 1,690 from Rs 1,375 to factor in a higher enterprise value of Jio to $ 88.5 billion, driven by the growth in the non-wireless businesses. The international brokerage has left the rating unchanged at ‘neutral’. The non-wireless operations of Jio includes-- health, education, agri-tech, home broadband, enterprise services, Internet of Things (IoT), and Jio’s app suite. On Monday, shares of the company closed at Rs 1934.30 on the Bombay Stock Exchange, down 3% from previous close.
Nifty opened positive and headed towards the 10,900 level on Monday, but followup buying was missing due to the underperformance of the banking stocks. The index closed positive with around 35 points gains, but formed a bearish candle, as it closed lower than its opening level.
State refiners' earnings expected to surge in Q1
State-owned oil refiners are expected to report a surge in earnings as record marketing margins, inventory gains and higher refining margins more than make up for sales lost during the first quarter, analysts said. Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) are expected to more than triple their earnings per share, while Indian Oil may see a 37% increase from a year earlier, according to estimates by ICICI Securities.
Securitisation volume plunges 85% in Q1
Securitisation volume plunged 85% to Rs 6,200 crore at the end of June as collections slowed following the coronavirus-induced lockdown and the loan moratorium offered by lenders, a Crisil Research showed. The decline comes after 15 months of frenetic activity that was majorly driven by non-banking finance companies. “Deferment of transactions is along expected lines, limited disbursements in the first quarter reduced the immediate liquidity needs of some larger, well- capitalised non-bank lender’s,” said Krishnan Sitaraman, Senior Director, CRISIL Ratings.
This is how the 30-pack Sensex moved in today's session. It touched a high of 37,024.20 and a low of 36,533.96 to finally settle at 36,693.69
CLOSING BELL: Sensex cuts gains after reclaiming 37,000, ends 99 pts higher; Nifty above 10,800; IT stocks rise up to 6%
19 of 30 Sensex stocks end the day in the green
Index contributors: RIL, Infy, HUL, Airtel, ITC
Top Index gainers: Tech Mahindra (5.60%), HCL Tech (3.80%), RIL (3.22%)
Top Index losers: Power Grid (2.17%), Bajaj Fin (2.06%), HDFC Bank (2.04%)
S&P BSE Energy biggest sectoral gainer, up 2.47%
S&P BSE REALTY biggest sectoral loser, down 1.52%
Volume toppers: RIL, Bajaj Fin, SBI, HDFC Bank, L&T
Forex Center: This is how the major currencies are trading against each other
Here are the volume toppers in today's trade
Here are the top losers in the tourism and hospitality sector
Price as on 13 Jul, 2020 02:38 PM, Click on company names for their live prices.
The Rs 496 crore IPO by Rossari Biotech on Monday attracted bids for a quarter of shares on the block, within four hours of the Day 1 bidding process. By 1.45 pm, the issue by specialty chemicals company had received bids for 19,25,595 shares, which was 24 per cent of the issue size of 81,73,530 shares.
Sensex slips into the red; HDFC twins, ICICI Bank top drags
JUST IN: HAL to hold road shows from today till July 15 for govt's 15% disinvestment: Agencies
FinMin expects April GDP to have contracted close to 60%: Cogencis
BSE inks pact with IIT Alumni Council to encourage startups listing
Price as on 13 Jul, 2020 01:40 PM, Click on company names for their live prices.
These stocks scaled 52-week highs today
Price as on 13 Jul, 2020 01:35 PM, Click on company names for their live prices.
RIL's market cap zooms past Rs 12 lakh crore mark
Reliance Industries Limited's market valuation zoomed past the Rs 12 lakh crore mark on Monday, driven by a sharp rise in its share price. The market-heavyweight stock jumped 3.64 per cent to a record high of Rs 1,947 on the BSE. Following the jump in its share price, the company's market valuation of the company rose by Rs 38,163.22 crore to Rs 12,29,020.35 crore on the BSE.
Glenmark cuts price of COVID-19 drug by 27% to Rs 75 per tablet
Drug firm Glenmark Pharmaceuticals on Monday said it has cut price of its antiviral drug Favipiravir, under the brand name FabiFlu, for the treatment of patients with mild to moderate COVID-19, by 27 per cent to Rs 75 per tablet. Glenmark Pharmaceuticals had launched FabiFlu last month at a price of Rs 103 per tablet. Shares of Glenmark Pharma were trading 1.34 per cent lower at Rs 421.00 apiece on BSE.
Alibaba's Jack Ma sells $9.6 billion worth shares
Alibaba Group Holding Ltd co-founder Jack Ma has cut his stake in the company over the past year to 4.8% from 6.4%, cashing out around $9.6 billion at its current share price, the firm’s annual filing released on Friday showed. The divestment comes as Ma retired as the Chinese e-commerce company’s executive chairman in September and pulled back from formal business roles to focus on philanthropy.
These stocks defy market trend, slip up to 12%
Price as on 13 Jul, 2020 12:32 PM, Click on company names for their live prices.
BSE Sensex off day's high, trades 150 points higher
Less than a month after striking a deal with Clix Capital for fund infusion, Lakshmi Vilas Bank chief S Sundar has said the lender is in talks with other investors to mop up Rs 1,000 crore additional capital. The nearly 100-year-old LVB is looking at ways to bolster its capital adequacy ratio and the merger deal with Aion Capital-backed non-banking financial company Clix Capital would bring in Rs 1,900 crore for the bank.
Here's how telecom stocks are performing in afternoon sesssion
Price as on 13 Jul, 2020 12:14 PM, Click on company names for their live prices.
Barring Godrej Properties, all BSE Realty constituents in the red
Biocon hits 52-week high as DCGI approves use of Itolizumab on Covid patients
Shares of Biocon surged 10 per cent in Monday's trade to hit a fresh 52-week high after the drug maker said it has received approval for use of its biologic drug Itolizumab to treat moderate to severe Covid-19 patients. The drug, which is also used to cure the skin disease psoriasis, was cleared by the Drug Controller General of India (DCGI) for usage in India. Shares of biotechnology major climbed 9.82 per cent to hit a high of Rs 455 on BSE.
"When you look at any stock from a eight to 10 years perspective, you need to look at four moats; return on equity, free cash flow and growth. These are the at least four things you have to focus on. Asset management business is the only business where once you acquire a customer there is an internal compounding," said Vikas Khemani, Founder, Carnelian Capital.
Here are the top 5 gainers in FMCG space
Price as on 13 Jul, 2020 10:58 AM, Click on company names for their live prices.
BSE Energy top sectoral performer, jumps over 2%
Steel Strips Wheels bags orders worth EUR 1,78,000 from EU, US
Auto component maker Steel Strips Wheels on Monday said it has received orders worth Euro 1,78,000 (Rs 1.51 crore) from the European Union (EU) and the US. In a regulatory filing, Steel Strips Wheels Ltd (SSWL) said it has received "new orders for truck and caravan trailer market from the EU and the USA. The order comprises of almost 16,000 steel wheels to be executed in the month of August from its Chennai plant".
Rossari Biotech is set to break a four-month dry spell in initial public offerings (IPOs) on Monday, as a surge in demand for household hygiene products in the wake of the Covid-19 pandemic looks likely to prove beneficial for the specialised chemicals maker.
RIL scales fresh record high on Qualcomm's Rs 730 crore investment in Jio Platforms
Shares of Reliance Industries scaled fresh all-time high in Monday’s early trade after the energy-to-telecom behemoth on Sunday said it has secured Rs 730 crore from wireless technology leader Qualcomm by selling a small stake in its technology venture, adding to a slew of investments since April that has crossed Rs 1.18 lakh crore.
Market Now: Nifty trades above 200-DMA
Future Consumers, YES Bank, RIL amog most active stocks on NSE
Price as on 13 Jul, 2020 09:29 AM, Click on company names for their live prices.
Chakri Lokapriya of TCG AMC says he is looking for recovery trade. "On the other hand, there is a global reflation trade, which will pull up pharmaceuticals, IT and metals -- all cyclical companies. IT not so much, but they will grow. What we would avoid is where there is a huge amount of regulatory involvement such as PSU banks or power companies. We will stay away from companies where there is a lot of pricing control or loan waivers," says he.
Should you buy insurance stocks?
Vinay Sharma of Nippon Life AMC says the fundamentals of the insurance sector in India are quite promising. "But one has to be selective in the sector, because while the general perception is that insurance is under-penetrated in India, you will realise only a few sub-segments are under-penetrated in India. Covid might act as a catalyst for this sector. While long-run fundamentals of the business are quite strong, one should remember these stocks have not really corrected," says he.
FPI bullish bets highest in a year
The extent of bullish bets held by foreign investors in the futures segment touched the highest level in over a year last week. The long-short ratio — a measure of bullish positions compared to bearish ones — on futures positions of FPIs touched 65.6% on Thursday before seeing a dip to 57% on Friday, said derivative analysts. When the ratio is high, it means sentiment is bullish and vice versa.
Economy to contract 4.5% in FY21
The Indian economy is likely to see a deep contraction of 4.5% in this financial year, according to the July edition of the Ficci Economic Outlook Survey released on Sunday. The survey pegged the median growth forecast for the first quarter of FY21 at -14.2% and said the contraction should bottom out by the end of the second quarter. The survey found the median expectation of fiscal deficit at 6.9% of GDP against a target of 3.5%.
Banks set to report sharp margin squeeze
A sharp fall in lending rates due to aggressive benchmark rate cuts by RBI and faster deposit growth during the lockdown could lead to a 10-15 basis point contraction in bank margins, impacting profitability in the first quarter ended June 2020. One basis point is 0.01percentage point. Loan growth is likely to be slower as the quarter was entirely washed out due to the nationwide lockdown.
Equalisation levy haunts MNCs
Thousands of intergroup transactions, involving MNCs and their overseas subsidiaries or parent entities, are set to attract an additional 2% tax if these have happened online — either through emails or any internal systems. This means any online transaction — from auto imported to India through an ERP system to a project work where Indian employees are adding value through an email — could attract a 2% equalisation levy, tax experts said. MNCs would be required to pay up as India has not postponed or shelved the levy.
Sebi boss perplexed by retail surge
Sebi is 'perplexed' by the record high retail participation in Indian equities since the lockdown, said chairman Ajay Tyagi. In an interview — his first since he took charge as Sebi chief in March 2017 — the reticent former bureaucrat, whose term as the ninth chairman of the capital markets regulator ends next month, expressed concern over the sharp surge in retail activity in the stock market at a time when many have lost jobs or suffered salary cuts. Tyagi said Sebi is not in favour of allowing companies to combine their first and second-quarter results despite the economic disruptions on account of the Covid-19 pandemic.
TCS gung ho on FY21 hiring plans
TCS plans to keep its India campus hiring this year at about the same level as last year at 40,000, despite the sharp drop in revenue in the quarter ended June on account of the Covid-19 fallout. It also plans to double its US campus hires to nearly 2,000 this financial year, as part of an effort to reduce dependence on H-1B and L-1 work visas, which are becoming increasingly difficult to get.
RIL wants Future lenders to take hair cut
RIL is in talks with lenders to Kishore Biyani’s Future Group for a haircut on loans and easier terms of repayment, said three people aware of the development. RIL is said to be looking to buy the retail venture. The negotiations involve a haircut of nearly 30% on outstanding loans of more than Rs 6,000 crore and refinancing part of the borrowings for a further period of 5-7 years, said one of the persons.
India Inc busy hiring CXOs in times of Covid
The last three months have been tumultuous for businesses, but leadership hiring has remained relatively unaffected. Industry estimates reveal that more than 200 executives have been placed in the last three months, a period which witnessed industries virtually shutting factories in the early part, with demand coming down to zero. Given the anecdotal evidence of large companies announcing appointments of CXOs/CEOs, substantiated with what executive search firms have told TOI, leadership hiring hasn’t stopped at all.
Oil slips as traders eye supply cut
Oil slipped in early Asian trade on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices. Brent crude fell 27 cents to $42.97 a barrel while US WTI crude was at $40.27 a barrel, down 28 cents.
Asian shares off to firm start
Asian shares got off to a firm start on Monday as investors wagered US earnings season would see most companies beat forecasts given expectations had been lowered so far by coronavirus lockdowns. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.15 per cent, having climbed sharply to a five-month peak last week on the back of surging Chinese stocks. Japan's Nikkei gained 1.3 per cent and South Korea 0.9 per cent.
SGX Nifty signals positive start
Nifty futures on the Singapore Exchange traded 42 points, or 0.39 per cent higher at 10,820.50, in signs that Dalal Street was headed for a positive start on Monday.
Tech View: Nifty50 forms Spinning Top
Nifty50 stayed in a range in line with the trend seen in the past four sessions, highlighting indecisiveness among the traders all through the week. It was quite visible in the ‘Doji’ candle formation on the daily scale and a similar indecisive ‘Spinning Top’ on the weekly scale. These signs are not in favour of the bulls, analysts said.
Rossari Biotech IPO to kick off today
The IPO market is set to see its first mainboard IPO of financial year 2019-20 with Rossari Biotech hitting the market with its Rs 500 crore IPO on Monday. On Friday, the specialty company raised Rs 148.87 crore from anchor investors. At the higher end of the price band Rs 423-425, the specialty chemical company is seeking valuations of 19.9 times FY20's EV/Ebitda and 33.1 times earnings per share on a FY20 basis.
June CPI numbers today
CPI inflation numbers for June will be released on Monday. Barclays said there could be a detailed headline CPI number for June, which it expects at 5.4 per cent, a slight increase month-on-month. "If the government does release a full headline inflation print for June, we think it may also be able to provide statistical interpolations for April and May as well," Barclays said.
US stocks ended mixed
On Friday, US stocks finished higher as a broad gain in financial shares bolstered the market. The Dow Jones Industrial Average jumped 369.21 points, or 1.44 per cent, to 26,075.30. The S&P 500 rose 32.99 points, or 1.05 per cent, to 3,185.04. The Nasdaq Composite index was up 69.69 points, or 0.66 per cent, to 10,617.44.
Rupee drops 21 paise against dollar
The Indian rupee weakened by 21 paise to close at 75.20 against the US dollar on Friday amid foreign capital outflows and a firm greenback overseas. A weak trend at Asian equity markets following a spurt in COVID-19 cases also hit sentiment, forex traders said
FIIs sell Rs 1,031 cr worth of stocks
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 1,031 crore, data available with NSE suggested. DIIs were net sellers to the tune of Rs 431.21 crore, data suggests.
Sensex, Nifty on Friday
Equity benchmark Sensex dropped 143 points on Friday, dragged by losses in financial stocks and negative cues from Asian peers. The 30-share index ended 143.36 points, or 0.39 per cent, lower at 36,594.33. The NSE Nifty shed 45.40 points, or 0.42 per cent, to close at 10,768.05. Axis Bank was the top loser in the Sensex pack, skidding over 3 per cent, followed by IndusInd Bank, Titan, HDFC, ICICI Bank, ONGC and HDFC Bank.
Good morning, dear reader! Here's something to kickstart your trading day