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Share Market Highlights: Sensex ends 394 points lower, Nifty at 11,312; Axis Bank, ICICI Bank top laggards

India Stock Market Highlights Today: ICICI Bank, followed by IndusInd Bank, HDFC, ITC, Asian Paints and Titan were among the top losers today. On the other hand, NTPC, PowerGrid, Sun Pharma and Infosys were among the gainers.

twitter-logoBusinessToday.In | August 20, 2020 | Updated 16:17 IST
Share Market Highlights: Sensex ends 394 points lower, Nifty at 11,312; Axis Bank, ICICI Bank top laggards
Share Market Highlights: Here's a look at the updates of the market action on BSE and NSE today

Sensex, Nifty Highlights on August 20: Domestic benchmarks reversed trend from three days of consecutive gains and ended deep in red, amid weak global cues. Sensex closed 394 points lower at 38,220 and Nifty fell 96 points to 11,312. Markets globally were trading lower after Federal Reserve raised concerns that the US economic recovery from the devastating effects of the pandemic. Meanwhile, April-June quarterly earnings announcements by Indian Overseas Bank, MOIL, Salora International, Madhucon Projects, Healthcare Global Enterprises among others will also set the tone for the stock market today. Yesterday, Sensex ended 86 points higher at 38,614 and Nifty gained 23 points to 11,408.

Here's a look at the updates of the market action on BSE and NSE today

3.45 PM: Closing session

Domestic benchmarks reversed trend from three days of consecutive gains and ended deep in red, amid weak global cues. Sensex closed 394 points lower at 38,220 and Nifty fell 96 points to 11,312.

3. 24 PM: Market Outlook

Commenting on today's trend, Vinod Nair, Head of Research at Geojit Financial Services said, "Indian indices along with global markets traded in the red today, on the back of US Fed reserve's grim July meeting minutes. The Fed reserve cast doubts on the nascent recovery of the labor market seen in the previous months and its sustainability. Markets, globally, were banking on expectations of steady recovery in the major economies and the consequent return to normalcy for businesses. Although there was nothing new in the minutes, markets reacted negatively to it. Most sectoral indices were in the red, with the banking index leading the losses.."

3. 10 PM: Market outlook

Commenting on today's trend,  Ajit Mishra, VP - Research, Religare Broking said," The benchmark index has been gradually inching higher amid positive yet volatile global markets. And, we do not see this scenario changing any time soon. At the same time, noticeable traction in the broader space is offering ample opportunities to the traders. We reiterate our view to focus more on the selection of stocks and trade management citing overnight risk."

2.45PM: RBL Bank gains over 3%

RBL Bank share gained over 3% in trade today amid a report that the lender plans to raise about Rs 1,500 crore ($200 million) through a preferential share offering.

Share price of RBL Bank rose 3.2% to Rs 190 against previous close of Rs 184.75 on BSE. The stock has gained 2.85% returns in the last 2 days.

2. 34 PM: NTPC stocks gains over 7%

Share price of NTPC gained over 7% in Thursday's session after L&T Hydrocarbon Engineering signed MoU with the company for CO2 supply to methanol plants.

"L&T Hydrocarbon Engineering (LTHE), a wholly-owned subsidiary of Larsen & Toubro (L&T), has signed a memorandum of understanding with NTPC Ltd, wherein LTHE shall be the Engineering, Procurement and Construction Management partner to build CO2 to Methanol demonstration Plant in NTPC Power Station," L&T said in a regulatory filing.

Following the update, shares of NTPC touched an intraday high of Rs 101.85, rising 7.61% on BSE against its earlier close of Rs 94.65. NTPC stock has gained after 2 days of consecutive fall.

2. 19 PM: Expert outlook

Commenting on Nifty's technicals,- Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," The support of 11200 has been respected upon the closing of the Nifty, hence I would not advocate closing long positions or initiating short positions. We would need to study market movements over the next couple of days in order to detect its trend. The bias is still on the upside and we could continue waiting for a 11500 target. That target would get negated only if 11100-11200 breaks upon closing."

2.08 PM: Market falls further

Domestic benchmarks reversed trend from three days of consecutive gains and fell deep in red, amid weak global cues. Sensex was trading 450 points lower at 38,204 and Nifty fell 166 points to 11,290. Markets globally were trading lower after Federal Reserve raised concerns that the US economic recovery from the devastating effects of the pandemic.

2.02PM: Real estate sector update

Speaking on Outlook for real estate sector Ashish Bhutani, CEO, Bhutani Infra said, "The real estate sector has undergone a lot of trial and tribulations over the past few years with limited capital flow and elaborated policy reforms. Commercial realty was able to stride past through it by attracting substantial investments from corporates and MNCs. Amid all this gradual stepping up, COVID happened. The three months of lockdown have definitely created a void, which needs to be filled for uplifting the market sentiment. In the wake of pandemic, state government has also become extremely proactive by bringing more foreign industries and investments."

1.35 PM: Ruchi Soya stock falls hit 5% lower circuit

The share price of Patanjali Group firm Ruchi Soya hit 5% lower circuit on Thursday's session, a day after the company published its April-June quarter results.

Ruchi Soya- one of the largest manufacturers of edible oil in India- reported 13% decline in its net profit to Rs 12.25 crore for the first quarter ended June 30, as against Rs 14.01 crore reported in the year-ago period.

1. 10 PM: Market Update

Domestic benchmarks reversed trend from three days of consecutive gains and fell deep in red, amid weak global cues. Sensex was trading 354 points lower at38,276 and Nifty fell 88 points to 11,324.

12. 54 PM: Rupee falls below 75 per dollar mark

Indian rupee opened 18 paise lower and slipped below the 75 per dollar mark on Thursday after the US Fed meeting minutes signalled at the central bank's concern over COVID-19 and its impact on economy.

The local unit opened at 75 at the interbank forex market, then lost ground and touched 75.01 against the US dollar, down 19 paise over its last close of 74.82.

Rupee falls 18 paise to 75 amid strong dollar, weak domestic equities

12. 39 PM: Tata Power share price jumps 9%

Tata Power share price rose 9% intraday in Thursday's session a day after the company disclosed its expansion plans and aimed to reach no. 2 spot in the energy industry. The Tata Group firm exhibited its current business structure along with plans to achieve the aim of becoming one of the top 2 energy companies in India in the future.

Why Tata Power share rose 9% today

12. 16 PM: Market losers and gainers

ICICI Bank, followed by IndusInd Bank, HDFC, ITC, Asian Paints and Titan were among the top losers today. On the other hand, NTPC, PowerGrid, Sun Pharma and Infosys were among the gainers.

12.04 PM: Gold price falls for second day

Gold, Silver prices in India on August 20: Gold price in India fell after for the second consecutive day on Thursday amid weakness in global markets, as a stronger US dollar made metals less attractive to holders of other currencies. Gold prices had fallen 4.5% in the previous week, registering its biggest decline since March amid appreciation in the US dollar.

Gold price falls for second day; silver rates at Rs 67,500

11. 37 AM: IRCTC share price slips over 2%

IRCTC share price fell in early trade today amid report government plans to pare its stake in the arm of Indian Railways through offer for sale route. Share price of IRCTC lost 2.39% to Rs 1,330 against previous close of Rs 1,363 on BSE.

IRCTC stock has lost 2.34% in the last 3 days. However, the share has gained 45% since the beginning of this year. Total 0.52 lakh shares changed hands amounting to turnover of Rs 7.06 crore. Market cap of the firm stood at Rs 21,631 crore.

IRCTC share price slips over 2% on report govt to sell stake via OFS

11.16 AM: Nifty outlook

Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking) said," Nifty has surpassed its swing high of 11370, the probable near term target is seen around 11465 and then at 11625. These levels are projected by taking reciprocal retracement of the recent corrective move from 11341 to 10882."

11.09 AM: Coronavirus toll

Worldwide, there are 225 lakh confirmed cases and 7.91 lakh deaths from COVID-19 outbreak. Meanwhile, the death toll in India crossed 54,000 mark and total coronavirus stood at 28.37 lakh as of Thursday.

10. 57 AM: Dollar index

The dollar index, which reflects the greenback's value against six leading Asian trading currencies, steadied at 93.042. The dollar rose 0.50% this morning after trading near two-year lows, as the Fed minutes downplayed the chances of change in interest rate policy until end-2021.

10. 46AM: Gold outlook

As per Geojit Financial Services, support of $1920 may hold the downside and expect an initial pullback. However, it need to stabilize above $1980 to continue bullish momentum. A direct drop below $1920 prices may target towards $1880 or even more.

For MCX Gold August, resistance is placed at 54,000 and support is at 51,400. For MCX Silver August futures, the resistance is at 71,500/74,980 and the support is placed at 65,100/60,800.

10.34 AM : Nifty outlook

"We are trading below the support of 11350 but if we are able to recoup and close above this level, we should be back on track to achieve the 11500 level. Traders can use this fall to enter into call options and use a favourable risk is to reward ratio where the stop loss can be placed at a Nifty level of 11200 and a target of 11500, "said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investment.

10. 15 AM: Retail gold rate in India

24-carat gold prices in the national capital traded at Rs 56,570 per 10 gram. Price of 24-carat gold stood at Rs 56,250 per 10 gram in Chennai. In Mumbai, the rate was Rs 52,990 for 24-Carat gold, as per Good Returns website.

9. 45 AM: Nifty technical indicators

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said," Nifty has surpassed its swing high of 11370, the probable near term target is seen around 11465 and then at 11625. The immediate resistance for the index is intact around 11465 and only if the index crosses the same, then Nifty would target the 161.8% retracement level which is seen around 11625. On the flipside, 11350-11300 is the immediate support for the index".

9. 55 AM: US Federal Reserve cautious view on economy recovery

Markets attention have been largely reeling around the outcome of minutes from US Federal Reserve's policy meeting held on July 28 and 29. Fed members said additional easing may be needed because a rebound in employment was already slowing. Although Fed comments highlighted uncertainties over the US recovery

9. 33 AM: Global cues

Wall Street finished lower on Wednesday after the Federal Reserve raised concerns that the US economic recovery from the devastating effects of the pandemic. Federal Open Market Committee members agreed at their latest meeting in late July that the ongoing situation surrounding the coronavirus pandemic could "weigh heavily on economic activity, employment, and inflation in the near term and was posing considerable risks to the economic outlook over the medium term," according to the meeting minutes.

Asian stocks fell on Thursday as China kept its benchmark lending rate on hold.

9. 20 AM: Opening session

Domestic benchmarks reversed trend from three days of consecutive gains and fell deep in red, amid weak global cues. Sensex was trading 354 points lower at38,276 and Nifty fell 88 points to 11,324.

9.12 AM: Market outlook

For the upcoming sessions, traders will keep an eye on the minutes of the RBI monetary policy panel meeting which will be released on August 20. The foreign exchange reserves data will be released on August 21.

As per technical indicators, Nifty has finally crossed the earlier consolidation phase of 11300-11370 zone.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," The index has held the 11350 levels for the entire trading session. There could be a brief pause after yesterday's rally. The trend continues to remain bullish and we should expect higher levels of 11500 and then 11700. Traders could use any dip as a buying opportunity."

9. 05 AM:Stocks to watch today on August 20

SBI, DLF, PNB Housing Finance, Ruchi Soya, L&T Finance among others are the top stocks to watch out for in Thursday's trading session

Stocks in news: SBI, DLF, PNB Housing Finance, Ruchi Soya, L&T Finance

8. 50 AM: Earnings Today

Madhucon Projects, Healthcare Global Enterprises, Indian Overseas Bank, MOIL, Salora International, IRB InVit Fund, Modern India among others will report April-June quarter earnings today.

8. 40 AM: FII/ DII action

Foreign portfolio investors (FPIs) bought shares worth Rs 459.01 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 97.13 crore in the Indian equity market on 19 August, provisional data showed.

8. 30 AM: Closing

Domestic benchmarks ended on a bullish note on Wednesday, tracking persistent foreign fund inflows amid mixed global cues. Extending gains for the third straight session, Sensex ended 86 points higher at 38,614 and Nifty gained 23 points to 11,408. Yesterday, Sensex ended 477 points higher at 38,528 and Nifty added 138 points to close at 11,385.

Sensex ends 86 points higher, Nifty at 11,408 amid mixed global cues

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