Sensex, Nifty Highlights on August 25: Domestic benchmarks erased early gains on back of mixed global equities and ended tad higher on Tuesday, amid heavy buying in banking and finacials. Extending gains for the third session, the S&P BSE Sensex ended 44 points higher at 38,843. The Nifty 50 index closed mere 5 points higher at 11,472. April-June quarterly earnings announcements by Atul Auto, Canfin Homes, Goodluck India, Ircon International, Anjani Synthetics will also kept markets muted today. Yesterday, the S&P BSE Sensex ended 364 points or 0.95% higher at 38,799. The Nifty 50 index closed 94 points or 0.83% at 11,446.
Here's a look at the updates of the market action on BSE and NSE today
3. 49 PM: Closing session
Domestic benchmarks erased early gains on back of mixed global equities and ended tad higher on Tuesday, amid heavy buying in banking and finacials. Extending gains for the third session, the S&P BSE Sensex ended 44 points higher at 38,843. The Nifty 50 index closed mere 5 points higher at 11,472.
3. 32 PM: Nifty technicals at closing bell
Commenting on markets closing today, Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," The market was in a see saw mood all of today. We travelled in a narrow range of 50-70 points throughout the day but the bias remained positive until closing time. We are still aiming at reaching the 11700 mark during the course of the next couple of weeks and 11300 continues to remain the support for the Nifty."
3.21 PM: Allcargo Logistics share jumps 20%
Share price of the Allcargo Logistics locked in 20% upper circuit to hit a new 52-week high of Rs 130.8 on Tuesday's early session, after its promoters proposed to delist the company's shares from the stock exchanges BSE and NSE.
Following the update, shares of Allcargo Logistics opened with a gain of 20% today and touched an intraday high of Rs 130.8 on BSE against its earlier closing of Rs 109. Allcargo Logistics stock has gained almost 25% in the last 4 days of consecutive gains. There are only buyers bids and no sellers offering the stock.
3. 11PM: ICICI Bank stock rises over 2%
ICICI Bank share was trading higher in afternoon session today even as Societe Generale sold the bank's shares worth nearly Rs 341 crore through an open market transaction. Share price of ICICI Bank gained 2.43% to Rs 389.25 against previous close of Rs 380.20 on BSE. The large cap share has gained 5.49% in 3 days. Market cap of the firm rose to Rs 2.68 lakh crore.
2. 44PM: Real estate sector update
Speaking on the outlook for real estate sector, Sanjeev Arora, Director at 360 Realtors said, "The real estate market has started to normalize after an extended slowdown due to the pandemic situation. Many markets like Pune, Bangalore, Gurgaon, & Kolkata, etc. are seeing a rise in demand. COVID has reinforced the need amongst middle income earning households about the need of owning a home. As many of us will continue in a WFH or flexible set-up it is logical to own larger homes in peripheries, away from the hustle & noise of city life. Investors are also entering the market in search of recurrent rental income and tangible assets to reduce future risks. Interestingly, besides affordable and mid-income properties, interest towards high-end properties will also edge up.
2. 26 PM: Lupin USFDA approval update
On Lupin receving USFDA approval, Yash Gupta, Equity Research Associate, Angel Broking said," ProAir HFA are indicated for the treatment of acute episodes of bronchospasm or prevention of asthmatic symptoms. Albuterol Sulfate Inhalation Aerosol market had U.S. sales of approximately US$2.9 billion, of which the ProAir HFA market accounted for US$1.3 billion (IQVIA MAT June 2020).This is one of the very significant approval for Lupin, which has been in the pipeline for some time and will be taken positively by the markets."
2. 12 PM: LIC Housing Finance share jumps over 11%
The share price of the mortgage lender LIC Housing Finance were trading 11% higher on Tuesday's early session, a day after the company published its April-June quarter results.
Following Q1 earnings, shares of LIC Housing Finance opened with a gain of 4.45% today and later touched an intraday high of Rs 308.4, rising 11.46% on BSE against its earlier closing of Rs 276.70. LIC Housing Finance stock has gained almost 8% in the last 2 days of consecutive gains.
1. 53 PM: Allcargo Logistics update
On delisting plans of Allcargo Logistics, Yash Gupta, Equity Research Associate, Angel Broking said,"Allcargo logistic - Logistic service provider informed about promoter's plan to delist the company. The meeting is going to be held on August 27, 2020, in which this delisting proposal will be presented to the board of the company.As per the latest share holding pattern promoter group collectively holds 17,20,22,209 equity shares aggregating to 70.1% share of the company and public shareholder holds 7,36,73,315 equity shares aggregating to 29.99%."
1. 45 PM: Rupee closing
On the currency front, Rupee that surged 15 paise to 74.17 per dollar on Tuesday's opening trade, ended flat at 74.32 per dollar, as against yesterday's close of 74.31, after hitting day's low of 74.51 per US dollar.
1. 38 PM: Global markets
Asian markets were trading mixed tracking overnight gains in US on the back of development on coronavirus pandemic front. Bourses in Tokyo and Seoul were trading with gains in mid-day deals, while those in Shanghai and Hong Kong were in the red.
U.S. markets closed higher led by tech stocks. The markets moved up after data showed that new coronavirus cases slowed and as FDA approved plasma therapy for treatment. European markets opened higher as investors gave more importance to the latest financial and news on coronavirus from around the world.
1. 23 PM: Market rises further
Domestic benchmarks traded higher on Tuesday, amid heavy buying in banking an finacials, on back of mixed Asian equities. Extending gains for the third session, the S&P BSE Sensex gained 85 points higher at 38,879.
1.11PM: BP Plc writes off investment in RIL's KG Basin
The British oil exploration and production (E&P) giant BP Plc has written off a part of its investments in Reliance Industries' much-hyped assets in Krishna Godavari (KG) Basin. The company has not quantified the write-offs country-wise, but it comes to nearly $2 billion for India, Brazil and the Gulf of Mexico.
12. 54 PM: Nifty technicals
Commenting on markets, Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," The markets have opened above the 11500 level which is a positive sign. As long as we trade above the 11300 zone, we are in a strong impulsive market. The bulls are clearly in charge. We should target 11700 as the next price point and there is a possibility that we achieve this target during the course of this week."
12. 40 PM: Rupeesurges 15 paise to 74.17
Indian rupee, the currency benchmark surged 15 paise to 74.17 per dollar on Tuesday's opening trade, tracking positive domestic equities and weak US currency.
The domestic unit opened at 74.17 per US dollar at the interbank forex market, registering a gain of 15 paise over its previous close of 74.32 per dollar on Monday.
12. 32 PM: Oil prices today
Oil price moved higher after storms forced shutting down of more than half of the region's oil production but gains were capped on concerns over demand. Brent crude futures, the global oil benchmark, rose 0.09 per cent to USD 45.17 per barrel.
12.22 PM: Top gainers and losers
IndusInd Bank, followed by SBI, Bajaj Finance, Bajaj Finserv, Axis Bank, ICICI Bank, HDFC, M&M and Maruti were among the top gainers on Sensex pack. On the other hand, HCL Tech, Nestle India, UltraTech Cement and Tech Mahindra were among the laggards.
12. 02 PM: IDFC First Bank Q1 update
Commenting on IDFC First Bank by Jaikishan Parmar, Sr. Equity Research Analyst, Angel Broking said," IDFC First Bank today jumped 4% and closed at Rs.32.15 and IndusInd bank also witnessed strong buying. Today the Supreme Court did not give any judgment on staggered payment for Vodafone and other telecoms. However, investors were expecting SC might allow stagger payment for Vodafone. Which will be positive for IDFC First Bank, as it has already taken provision on Vodafone exposure. Hence any positive outcome on staggered payment will create positive movement in IDFC First Bank."
11. 52 AM: Future retail shares rise over 9%
Future Retail share price gained over 9% in early trade after the Kishore Biyani-led firm made interest payment of $14 million (or about Rs 103.77 crore) to investors. The payment was made on the last date of the 30-day grace period granted on the $500 million senior secured notes listed in Singapore. Failure to make the payment may have prompted rating agencies to place the firm in default category.
11.39 PM: Stocks in news
Adani Enterprises, ONGC, Suzlon, Allcargo Logistics, Vodafone Idea among others are the top stocks to watch out for in Tuesday's trading session.
11. 23 AM: Markets turns muted
Domestic benchmarks erased early gains and traded flat with positive bias on Tuesday, amid mixed Asian equities. Earlier at the opening bell, the S&P BSE Sensex gained 150 points higher at 38,932. The Nifty 50 index traded 44 points up at 11,510.
11.17 AM: Coronavirus toll
India reported more than 60,000 cases for the seventh straight day, taking the death toll to 58,546 and total coronavirus cases stood at 31.67 lakh as of Tuesday. Worldwide, there were 238 lakh confirmed cases and 8.17 lakh deaths from COVID-19 outbreak.
11.02 AM: Nifty outlook
As per Geojit Financial Services, though 11800 continues to be intact, it may be too much the same of speculative long positions ahead of expiry, as not much help is expected from short covering. The pace of upside is likely to slow down, once beyond 11500, with downside marker pushed higher to 11440 for the day.
10. 44 AM: Gold outlook
On gold's near term outlook, Hareesh V, Geojit's Head of Commodity research said," Optimism surrounding Covid vaccine continues to lift the demand of riskier assets which is weighing the demand of safe assets like gold. A strong US dollar also puts downside pressure on prices. Meanwhile, investors may take a cautious note ahead of the key US central bank speech scheduled on Thursday."
On London spot technical outlook, he added," A break below the stiff support of $1900 is required to continue liquidation pressure for the day. Else, we are likely to see recovery upticks but it needs to break above $2025 to stabilise the momentum.
10. 32 AM: Dollar index today
Dollar was trading lower today as investors awaited release of US new home sales data and US central bank speech, scheduled today.
10. 13 AM: Gold MCX
On the Multi-Commodity Exchange, gold September Futures traded 0.23% or Rs 116 higher at Rs 51,385, after hitting an intraday high of Rs 51,468 against the previous close of Rs 51,269 per 10 gm. MCX gold futures currently trade almost Rs 4,992 lower than the lifetime high of Rs 56,191 per 10 gm, hit on August 7.
10.07 AM: FII/DII action
Foreign portfolio investors (FPIs) bought shares worth Rs 219.07 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 335.64 crore in the Indian equity market on 24 August, provisional data showed.
9. 56 AM: Nifty technical outlook
Reliance Securities in its daily note said," NSE-NIFTY begun week on a strong note. The index rose to fresh five and half month high on back of strength in the banking and financial service sectors. Due to such a strong up-move in the index, its key technical indicators on the near-term timeframe chart turned in favaour of bulls. This could lead the index towards 11,537 and 11,614 levels in the near-term. In case of decline, the index will initially find support at 11,229 level and then at 11,111 mark, which coincides with its 20-day EMA and recent swing low, respectively.
As for the day, support is placed at around 11,419 and then at 11,372 levels, while resistance is observed at 11,506 and then at 11,545 levels."
9. 41 AM: US-China trade deal
China said on Tuesday it agreed with the United States to continue pushing forward the implementation of the bilateral Phase 1 trade deal reached earlier this year during a call between the two countries' top trade negotiators. Vice Premier Liu He spoke with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, China's commerce ministry reportedly said in a statement. The two sides had constructive talks on the trade deal and strengthening macroeconomic policy coordination, the ministry said.
9. 34 AM: Global markets
Asian stocks were trading higher on Tuesday following a Wall Street rally driven by vaccine hopes. In US, the S&P 500 and the Nasdaq reached new record closing highs on Monday over optimism of potential medical advances in the war against the coronavirus pandemic.
9. 26 AM: Nifty outlook
On market trend analysis for today, Ajit Mishra, VP - Research, Religare Broking said, "We reiterate our positive view on the index and expect Nifty to test 11,600 soon. With no major event, markets will continue to take cues from the global indices. The recent buoyancy in the banking space is indeed a positive sign however any fresh escalation between India and China at LAC might dent the momentum."
9. 14 AM: Opening session
Sensex and Nifty opened on a bullish note on Tuesday, extending last week's gains amid positive global equities. Extending gains for third consecutive session, the S&P BSE Sensex gained 150 points higher at 38,932. The Nifty 50 index traded 44 points up at 11,510.
9 .09 AM:Earnings today
Atul Auto, Canfin Homes, Goodluck India, Ircon International, Anjani Synthetics are among companies scheduled to announce their April- June quarter earnings today.
8. 50 AM: Technical insights
Nifty50 - the benchmark index traded above the crucial support level of 11350 and later almost touched the 11500 levels as resistance was observed at 11,406 and 11,440 levels.
Commenting on Nifty's technical outlook today, Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments, said, "We should be able to revisit that price point and possibly higher towards 11700. Any dip can be utilised as a buying opportunity. 11300 is now strong support for the Nifty."
8. 40 AM: Rupee closing
On the currency front, rupee extended gains and ended at 74.31 per US dollar, its highest level since March 18. This was against its earlier closing price of 74.84 per dollar on Friday. Government 10-year benchmark bond yield ended at 22 6.22% versus previous close of 6.14%, its highest level since April 22.
8. 30 AM: Closing session
Domestic benchmark indices extended gains for the second straight session and ended on a bullish note on Monday, backed by positive global equities, amid heavy buying in banking and financial stocks. Mirroring encouraging cues from global markets, the S&P BSE Sensex ended 364 points or 0.95% higher at 38,799. The Nifty 50 index closed 94 points or 0.83% at 11,446.