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Share Market Highlights: Sensex ends 24 points lower, Nifty at 11,101; HDFC twins, Wipro, UPL top losers

India Stock Market Highlights Today: Global equities were buoyed today as positive macroeconomic data flow and hopes of a COVID-19 vaccine boosted investor sentiment.

twitter-logoBusinessToday.In | August 5, 2020 | Updated 16:16 IST
Share Market Highlights: Sensex ends 24 points lower, Nifty at 11,101; HDFC twins, Wipro, UPL top losers
Share Market Highlights: Here's a look at the updates of the market action on BSE and NSE today

Sensex, Nifty Highlights on August 5: Domestic benchmarks Sensex and Nifty turned voaltile, erasing early gains and ended marginally lower on Wednesday, despite positive global equities amid weak dometsic investor sentiments. Reversing trend from yesterday's gains, S&P BSE Sensex ended 24 points lower at 37,663 and NSE Nifty 50 index closed 6 points higher at 11,101. Meanwhile, April-June quarterly earnings announcements by Cadila, DLF, Canara Bank, Adani Gas, Apollo Tyres, Inox Leisure, Strides Pharma, Godrej Properties, Jyothy Labs, VIP among others will also set the tone for the stock market today.  Yesterday, Sensex ended 748 points higher at 37,687 and NSE gained 211 points to 11,102.  Investors will also keep an eye on whether RBI extends moratorium beyond August 2020. The MPC will announce its policy stance tomorrow, 6 August 2020.

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

3. 45 PM: Closing

Domestic benchmarks Sensex and Nifty turned voaltile, erasing early gains and ended marginally lower on Wednesday, despite positive global equities amid weak dometsic investor sentiments. Reversing trend from yesterday's gains, S&P BSE Sensex ended 24 points lower at 37,663 and NSE Nifty 50 index closed 6 points higher at 11,101.

3. 26 PM: Godrej Consumer share price declines almost 3%

Godrej Consumer shares were trading almost 3% lower in Wednesday's volatile trade after the company posted weak earnings for the April-June quarter.

The company reported a 3.1% drop YoY in its consolidated net profit at Rs 395 crore during the June quarter, after adjusting one-off items of Rs 95 crore. This was Rs 407.6 crore reported in the year-ago period. Company's revenue fell by 12.5% YoY to Rs 2,327.3 crore in Q1 FY21 versus Rs 2,348.8 crore in Q1 FY20.

Following the news, Godrej Consumer Products share price opened at Rs 692.10 and later touched an intraday low of Rs 672.95, falling 2.79% against the earlier close of Rs 692.25 on BSE.

3. 13PM: Godrej Consumer result update

Commenting on 1QFY21 results of Godrej Consumer Products, Rajit Rajoriya, Equity Research Associate, Angel Broking said, "Both India and Indonesia business (which contributed to over 76% of overall sales) showed strong resilience and grew by 5% each. Africa, USA and the Middle East sales declined by 23% YoY, on a constant currency basis. Latin America & SAARC sales grew by 23% year-on-year, on a constant currency basis. From a category perspective, Household Insecticides, Hygiene and Value For Money (which contributed to 85% of our overall sales) grew by 9% YoY. Household Insecticides grew by 27% and Hygiene grew by 15%. Going forward we see good demand traction in the Household Insecticides and Hygiene segment with the ongoing product innovations in these segments."

2.51 PM: TVS Motor update

As per Geojit report on TVS Motors Ltd-Q1FY21 results, "The near term outlook is uncertain and the demand preference is slowly shifting towards lower price 2W, where, TVS presence Is minimal. Sales expectation from export is also remain blurry.At CMP the TVS is trading at a premium valuation based on a 1yr fwd. basis. We value TVS at 23x FY22E EPS and downgrade our rating to sell with a target price of Rs355".

2. 34 PM: Maruti Suzuki share price gains 3%

Maruti Suzuki share price rose in trade today as India's largest car maker launched the 2020 version of S-Cross at a price of Rs 8.39 lakh today. Share price of Maruti Suzuki gained 3.7% to Rs 6596 against previous close of Rs 6360 on BSE.

The large cap stock has gained 6% in the last 2 days. Maruti Suzuki share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Maruti Suzuki share price gains 3% as firm launches S-Cross 2020

2. 15 PM: Gold outlook

Prathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel Broking said," Gold has been really precious for investors in 2020 with an astounding double digit returns of 34 percent YTD in dollar terms and still continues its shine. The liquidity push by Central Banks across the globe has been a deciding factor for premium in gold prices as the pandemic continues to ravage global economy. The easy money policy is resulting in to chasing higher yields on asset classes which are considered to be safe in times of uncertainty, and nothing like gold, the safe haven asset which has historically been a go to investment for investors. Unless, global economy starts its recovery path, precious metals will continue to shine for the rest of 2020."

1. 45 PM: Axis Bank  shares rise over 4%

Axis Bank shares were trading 10% higher in Wednesday's early trade as the private lender launched a Rs 10,000 crore qualified institutional placement (QIP).

Lender's board had approved the launch of the share sale and had fixed a floor price of Rs 442.19 per share for the QIP offering, as per Axis Bank's latest filing.

Following the news, shares of Axis Bank opened at Rs 438 and later touched an intraday high of Rs 446.70, rising 4.15% against the earlier close of Rs 428.90 on BSE.

1.19 PM: Real estate sector update

Speaking on outlook for real estate sector, Abhishek Bansal, Executive Director, Pacific Group said, "The market is already witnessing demand and the coming year will see windfall especially for the projects that meet the new age requirements of the buyers. The sentiment is positive in all the segments of residential- high end, mid-segment, and affordable. The sale will be back to its pre-Covid times in the coming few months and is likely to increase as many fence-sitters are expected to expedite the process of buying. Commercial segment will also see increased investment as people want to have an additional source of income as they have seen tough times during lockdown.

A renewed interest in owning a property in tier 2 cities is expected. Tier 2 cities will rise as people have understood the luxury of living in serene and less crowded places. In residential, second or third home seekers will throng these cities as these places offer lucrative prices as against the high prices in metros or tier 1 cities."

1.02 PM: PI Industries update

Commenting on Q1 earnings in PI Industries, Jyoti Roy, DVP- Equity Strategist, Angel Broking said," PI industries reported Q1FY21 numbers which have come in significantly above street and our expectations. Company reported a 40.6% yoy growth in revenues for the quarter to Rs. 1,060 cr. EBIDTA for the quarter was up by 50.3% yoy to Rs. 229.2 cr. while EBIDTA margins expanded by 140bps yoy to 229.2 cr. Growth was driven by both exports and domestic revenues which grew by 23% and 76% yoy respectively. The management has highlighted that both domestic and export supplies have picked up pace with all manufacturing facilities being operational and capacity utilization building back to pre-COVID levels. Contribution from recently acquired Isagro too has also added to growth during the quarter. The company has also successfully completed a Rs. 2000 cr. QIP recently, proceeds of which will be used for strategic growth initiatives both organic and inorganic. A good monsoon bodes well for the domestic business while the export order book of USD 1.5bn provides strong revenue visibility for the exports business. We remain positive on the future prospects of the company and PI Industries remains one of our top picks in the chemical space."

12. 40 PM: Rupee surges 17 paise to 74.87

Indian rupee in the domestic currency market gained 17 paise to 74.87 per US dollar on Wednesday's opening trade, tracking positive domestic equities and weak US currency.

At the interbank forex market, the domestic unit opened at 74.93 per dollar, then gained further ground to touch 74.87 against per dollar, registering a gain of 17 paise over its previous close of 75.04 on Tuesday.

Rupee surges 17 paise to 74.87 amid weak dollar, positive domestic equities

12.22 PM: Tata Consumer share touches all time high

Tata Consumer Products share price scaled all-time high in early trade today after the firm reported 81.78 per cent rise in net profit. Share price of Tata Consumer Products  gained 4.88% to Rs 471 against the previous close of Rs 449.75 on BSE. Earlier, Tata Consumer Products share opened higher at Rs 465.50. Total 3.74 lakh shares changed hands amounting to turnover of Rs 17.36 crore on BSE. Market cap of the firm rose to Rs 41,852 crore.

Tata Consumer Products share price hits all-time high on Q1 earnings

12.09 PM: Market update

Domestic benchamrks extendded yesterday's gains and traded higher today, amid gains in Reliance Industries, ICICI Bank, Axis Bank and Kotak Bank. Besides stock-specific action, positive cues from global markets and sustained foreign fund inflow buoyed domestic benchmarks.

11.45 AM: Earnings today

Cadila, DLF, Canara Bank, Adani Gas, Apollo Tyres, Inox Leisure, Strides Pharma, Godrej Properties, Jyothy Labs, VIP among others are among the top companies that will be reporting their April-June quarterly earnings.

11. 34 AM: Top gainers and losers

Axis Bank, followed by IndusInd Bank, UltraTech Cement, Tata Steel, Bajaj Finance, SBI, Bajaj Finserv, ICICI Bank, Axis Bank and Reliance Industries. On the other hand, PowerGrid and Nestle India were among the laggards.

11. 10 AM: Gold hits new high

Gold price rose to an all-time high of Rs 54,797 per 10 gm today in India as sentiment in global equity market remained wobbly amid escalating tensions between US and China and concerns over the expectations of more stimulus measures. On a similar note, Silver September futures was trading Rs 164 higher at Rs 69,961, after hitting a lifetime high of Rs 70,223 earlier today.

Precious metal prices have been surging to fresh record highs in domestic as well as international commodity markets, amid intensifying US-China tensions and COVID-19 pandemic.

Gold price scales all-time high; overseas rate crosses $2,000 mark

11. 02 AM: Gold outlook

On gold's near term outlook, Hareesh V, Head Commodity Research at Geojit Financial Services said," Diminishing hopes of an immediate economic recovery amid rising pandemic cases continue to support gold's bullish outlook. More economic stimulus measures from central banks to combat the economic blow due to the pandemic, escalating geopolitical uncertainties and a weaker US dollar will continue to lift gold's safe haven appeal and demand for the commodity. Anyhow, a technical correction cannot be ruled out as prices breached the psychological level of $2000 an ounce."

On London spot's technical outlook, he added," Bullish outlook will continue and prices may look towards the next target of $2280 as long as it stays above $1980. However, a direct drop below $1880 could negate the outlook and take prices lower."

10. 53 AM: FII, DII data

Foreign portfolio investors (FPIs) bought shares worth Rs 703.74 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 665.69 crore in the Indian equity market on 4 August, exchange data showed.

10. 40 AM: Market outlook

"We believe Indian markets would continue to take cues from global peers and the upcoming RBI policy would be the next major trigger. At the same time, as more companies would announce their Q1FY21 earnings, stock-specific action would continue to induce high volatility. We reiterate our advice to focus on stock selection and risk management," said Ajit Mishra, VP - Research, Religare Broking.

10. 31 AM: Gold in overseas markets crosses $2K mark

Overseas, bullion price traded near record high to surpass $2,000 mark. Comex gold was trading 0.51% higher at the day's low of $2,011.50 per ounce, after hitting all-time high of 2,024 an ounce earlier in the session. Spot gold was up 0.2% at $2,022.42 per ounce after rising above $2,030 in early session, while US gold futures rose 0.9% to $2,039.

10. 15 AM: US- China trade review meet

An initial six-month review meet has been planned between the senior US and Chinese officials over the implementation of their Phase 1 trade deal. The two countries are likely to air mutual grievances in an increasingly tense relationship during the August 15 videoconference.

10. 02 AM: Global cues

Asian equities, barring Nikkei were trading higher today,  global investors counted on a fresh COVID-19 stimulus in the United States.

Wall Street ended higher after a choppy session on Tuesday. White House negotiators late Tuesday vowed to work 'around the clock' to reach a spending deal by the end of the week, but the Treasury Secretary warned they were not 'going anywhere close' to the $3.4 trillion Democratic leaders sought.Europe trading exchanges, barring Germany's DAX also closed on a positive note yesterday.

9. 54 AM: Nifty technical outlook

Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking) said," With this pullback, the index continues the 'Higher Top Higher Bottom' structure and forms a higher low i.e. a higher support base at 10880. Thus, the near term continues to be positive now till 10880 remains intact. On the flipside, 11250-11300 would be immediate target zone to watch our for."

9. 40 AM: RBI MPC meet outcome

Investors will also keep an eye on whether RBI extends moratorium beyond August 2020. The MPC will announce its policy stance tomorrow, 6 August 2020

9. 31 AM: Nifty technical indicators

Reliance Smart Money said in daily note that NSE-NIFTY took support around its long-term moving average (200-day SMA) and breached its daily falling trend. Yesterday, positive global cues and recovery across key sectors has supported the up-move. Despite such a sharp recovery in the index, its key technical indicators remained negatively poised. Hence, we will maintain our bearish view on the index. On the higher side, the index will face hurdle at around 11,340 level, which coincides with its upper band of prior narrow range (11,055-11,340). In case of decline, the index will initially find support around its 200-day SMA and then around its 50-day EMA, which are now placed at 10, 855 and 10, 555 levels, respectively.  

As for the day, support is placed at around 10,970 and then at 10,837 levels, while resistance is observed at 11,174 and then at 11,245 levels.

9. 19 AM: Opening session

Sensex and Nifty traded on a bullish note on Wednesday, extending yesterday's gains amid positive global equities. Sensex was rising 286 points higher at 37,986 and Nifty50 traded 60 points higher at 11,155.

9. 09 AM: Stocks to watch today on August 5

Axis Bank, Tata Consumer, Unichem Labs, HPCL, Havells India among others are the top stocks to watch out for in Wednesday's trading session

Stocks in news: Axis Bank, Tata Consumer, Unichem Labs, HPCL, Havells India

9.00 AM: Nifty outlook

On Nifty's technical outlook, Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The Nifty remained positive for the entire trading session but I would still maintain a cautious stance. For any upside to trigger, we would need to go past 11200 on a closing basis as that would be the confidence builder to reverse this short term weakness and enter back into the medium-term positive trend. Until then, traders should look for opportunities to go short on the index for a target of 10800.

Sensex rises 748 points, Nifty reclaims 11k: Five factors behind the rally

8. 50 AM: Earnings today

Cadila, DLF, Canara Bank, Adani Gas, Apollo Tyres, Inox Leisure, Strides Pharma, Godrej Properties, Jyothy Labs, VIP among others are among the top companies that will be reporting their April-June quarterly earnings.

8. 40 AM: Rupee closing

On the currency front, rupee ended at 75.05 per dollar compared to the previous close of 75.01 per dollar.

8. 30 AM: Closing

Yesterday, benchmark indices Sensex and Nifty closed higher after four straight sessions of losses on back of upbeat global equities. Sensex ended 748 points higher at 37,687 and NSE gained 211 points to 11,102.

Share Market Highlights: Sensex ends 748 points higher, Nifty at 11,102; RIL, HDFC Bank, ONGC top gainers

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