Sensex, Nifty Updates: Sensex and Nifty erased early gains and closed marginally positive on Wednesday, in contrast to positive global equities. Market indices gave up almost 2% gains by the last hour of session, as RIL AGM meet started. Later, Sensex ended 18 points higher at 36,051 and Nifty closed 10 points higher at 10,618. Yesterday, Sensex ended 660 points lower at 36,033 and Nifty closed 195 points lower to 10,607. Meanwhile, Infosys, the country's second largest software exporter and private lenders Bandhan Bank, Federal Bank along with 50 other listed companies are scheduled to announce their earnings report on Wednesday.
Here's a look at the updates of the market action on BSE and NSE today
3. 55 PM: Market quote
On markets sudden drop at closing session, S Ranganathan, Head of Research at LKP Securities said," Markets gyrated to Reliance today as its first Virtual AGM was a widely watched event with plenty of action across its verticals. While Technology stocks led the charge in the first half, profit booking seen in Reliance during the second half created market volatility".
3.48 PM: Closing session
Sensex and Nifty erased early gains and closed marginally positive on Wednesday, in contrast to positive global equities. Market indices gave up almost 2% gains by the last hour of session, as RIL AGM meet started. Later, Sensex ended 18 points higher at 36,051 and Nifty closed 10 points higher at 10,618.
3. 36 PM: Gold quote
On gold's performance today, Prathamesh Mallya, AVP - Research Non Agri Commodities and Currencies, Angel Broking said,"Gold had a remarkable performance in the first half of 2020 with around 17% returns in the US Dollar terms and the COVID-19 Pandemic is having a devastative effect on the performance of the global economy. There are talks of V shaped recovery shifting towards U shaped recovery or even a W shaped recovery, if the pandemic causes destruction in the form of a second wave of infections. Whatever the scenario, one thing is for certain that the IMF is currently projecting a 4.9% contraction in global growth which certainly is a spoon feed for global investors to move towards safe haven. Gold has the potential for further double digit performance in the second half of 2020."
3. 23 PM: Rossari Biotech IPO subscribed nearly 3 times on second day
The initial public offering (IPO) of Rossari Biotech was subscribed 2.97 times on the second day of bidding on Tuesday. The IPO received bids for 2,42,70,750 shares against the total issue size of 81,73,530 shares, show NSE data. While qualified institutional buyers (QIB) put in bids for 2.75 times the portion allocated for them, non- institutional investors bid for 4.34 times. Retail individual investors subscribed for 2.51 times portion allocated for them.
The company raised Rs 149 crore from anchor investors. The IPO was subscribed nearly 60 per cent on the first day of bidding on Monday.
2. 50 PM: Sensex, Nifty erase gains as RIL AGM meet starts
Sensex and Nifty reversed from early gains and traded 0.70% higher by the last hour of session on Wednesday, as RIL AGM meet started. Sensex was trading 300 points higher at 36,334 and Nifty rose 72 points higher at 10,680.
2. 35 PM: YES Bank gains 5%
Share price of YES Bank gained in early trade after the lender raised Rs 4,098 crore from anchor investors ahead of its follow-on public offer (FPO) on Wednesday. YES Bank share price gained 5% to the intraday high of Rs 22 against previous close of Rs 20.95. The stock price of the private lender opened lower at Rs 20.60 on BSE. The stock has lost 22.4% in last four days.
2. 15 PM: RIL AGM Updates
India's largest company Reliance Industries Ltd (RIL) has started its 43rd annual general meeting (AGM). During this year's AGM, RIL Chairman Mukesh Ambani will make announcements regarding Jio Platforms' future plans. Reliance has raised overall Rs 117,588 crore from global marquee investors for its digital services subsidiary Jio Platforms. Shareholders expect him to steer the company towards comprehensive revenue growth.
1. 51 PM: Coronavirus toll
Worldwide, the number of cases linked to COVID-19 disease has crossed 1.32 crore. In India, the number of infections spiked to 9.36 lakh
1. 43 PM:Infosys Q1 expectation
As per HDFC Securities, Infosys is likely to report 1.5% (QoQ) revenue de-growth to Rs 22,929 crore and PAT may go down by 13%
(QoQ) to Rs 3,756 crore in Q1FY21. EBIT margin could go down by 70bps (QoQ) to 20.5% in Q1FY21.
Commentary on demand scenario especially for the banking and retail sector, update on the long-term IT spending especially for digital, deal pipeline outlook, hiring guidance and margin levers would be the key monitorables, the brokerage added in its note.
1. 27 PM: Infosys outlook
As per brokerages, the IT services provider is expected to report around 5% sequential fall in June quarter profit, hit by COVID-19-led lockdown, when it announces the result on July 15. Brokerages expect around 20-30 bps cross-currency headwind on dollar revenue growth, which could be down around 5.3-5.5 percent compared to the March quarter. The Bengaluru-headquartered company may see its profit dip 10-11 percent QoQ, partly due to lower other income.
1. 16 PM: Pharma stocks continue to give good returns
Sun Pharma, Dr Reddy's Laboratories, Cipla, Torrent Pharmaceuticals, Lupin and Cadila Healthcare have given over 50 per cent return since January 30 when the first coronavirus case was reported. Sensex is down nearly 12 per cent so far.
"Pharma has been relatively resilient vs other sectors, and while there will be some impact in the growth due to lesser patient footfalls, no MR movement to the doctor's, delay in hospital surgeries etc, most of the loss would recover in subsequent qtrs once the situation normalises. Also, given the essential nature of the business, the disruption in production/supply logistics have more or less smoothened out post the initial hiccups," says an analyst at Emkay Global Financial Services.
1. 09 PM: Gold, Silver prices in India on July 15:
Gold price in India corrected after trading near record highs today in line with global commodity markets amid rising coronavirus cases and ongoing tensions between US and China.
Gold futures on MCX were trading Rs 109 points lower at Rs 49,150 per 10 gm today against the previous close of Rs 49,259 per 10 gm, after hitting a lifetime high of Rs 49,348 in the previous week. Gold August Futures today touched an intraday high of 49,237 and a low of 49,114 today, after opening at 49,228 per 10 gm.
Silver futures gained Rs 227 to trade at 52,876 per kg today. Gold and silver prices in the commodity market have been scaling fresh highs as traders shunned risk and sought safe havens during coronavirus crisis.
12. 56 PM: Market update
Sensex and Nifty reversed from yesterday's losses and gained on Wednesday, amid positive global equities. Sensex was rising 637 points higher at 36,670 and Nifty climbed 188 points higher at 10,795. Investor sentiment strengthened further today after the human clinical trials for COVID-19 vaccine were initiated in India. News about experimental vaccine developed by Moderna and the NIH in US also helped global markets gain momentum.
12. 46 PM: Wipro share price climbs 17%
Wipro share price zoomed in early trade today after the IT firm reported a marginal rise in consolidated profit to Rs 2,390.4 crore in Q1 of current fiscal. In corresponding quarter of previous fiscal, the IT firm reported a consolidated profit of Rs 2,387.6 crore. Share price of Wipro opened 5.31% higher at Rs 237 compared to the previous close of Rs 225.05 on BSE.
Later, the large cap stock gained 17.71% intra day to Rs 264.9 on BSE. Wipro is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
12. 26 PM: Wipro result outlook
Commenting on Wipro's 1QFY21 result, Jyoti Roy, DVP- Equity Strategist, Angel Broking said,"While the Q1FY21 revenues were in line with street estimates margins and profits came in well above street estimates due to cost control by the company. Markets will also look forward to management commentary and their outlook for the rest of the year given likely budget cuts by clients."
12. 15PM: Outlook for Real Estate sector
Expressing views on the outlook of Real Estate sector, Deepak Kapoor, Director, Gulshan Homz said,"It is a time when smaller steps won't help much, a giant leap of faith is required. The biggest problem that many realtors are facing is the cash flow, which might lead to increase in stuck projects. Already, there are more than 4 lakh units stuck in various projects across the sector as per reports and we feel immediate attention is required to control it. Apart from this, the government should initiate the procedure to consider Input Tax Credit to be given to the developers. It will help us in passing the benefits to the buyers, who at this moment are looking at some relief in prices. Once this sector starts churning cash flow, more than 100 local industries associated with it will begin to pace up. Realty has all the potential and can provide jobs to displaced migrants, drive foreign capital, and moreover uplift the standard of living at a larger scale."
11. 52 AM: Indian rupee rises today
The rupee gained 14 paise to 75.28 per dollar on Wednesday tracking weakness in the US dollar and gains in the domestic equity market. Indian rupee opened at 75.35 per dollar, and later gained further ground to touch 75.28 per dollar, up 14 paise over its previous close of 75.42 on Tuesday.
11. 42 AM: RIL share hits all-time high ahead of 43rd AGM today
Share price of Reliance Industries Ltd (RIL) hit a record high ahead of the conglomerate's 43rd Annual General Meeting to be held later today. Reliance Industries share gained 1.67% to hit a fresh all-time high of Rs 1,948 compared to the previous close of Rs 1916 on BSE.
The large cap stock hit a fresh 52-week low of Rs 867 on March 23, 2020. Since then, the stock has gained nearly 125% on BSE. Total 2.27 lakh shares changed hands on BSE amounting to turnover of Rs 44.04 crore. On July 13, RIL became the first Indian firm to cross the market capitalisation of Rs 12 lakh crore after its stock climbed to fresh high of Rs 1,947.
11. 34 AM: Market update
Investor sentiment strengthened further today after the human clinical trials for COVID-19 vaccine were initiated in India.
The Drugs Controller General of India (DCGI) has permitted two vaccines -- one developed by Bharat Biotech International Limited in collaboration with ICMR and another one by Zydus Cadila Healthcare Ltd -- to go in for the first and second phase of human clinical trials.
11. 17 AM: Gold outlook, Spot gold and MCX Gold
In terms of Spot gold's technical outlook, experts suggest that prices will continue to edge higher as long as they stay above $1,790.
Resistances for spot gold are seen at $1830 followed by $1882, said Geojit Financial in its note and added that an unexpected drop below $1770 could negate the buying momentum and take prices lower.
Positive momentum would continue as long as prices stay above $1790. Next resistances are seen at $1830 followed by $1882. Meanwhile, an unexpected drop below $1770 could negate intraday buying expectations and take prices lower. For MCX Gold Futures, the brokerage estimated the resistance at Rs 49,300/51,500 and support at Rs 48,540.
11. 14 AM: Global markets
Asian markets were trading higher tracking overnight pullback in US on hopes of coronavirus vaccine development.
11. 07 AM: Top gainers and losers
Infosys, Axis Bank, Tech Mahindra, Bajaj Finance, Tata Steel, HCL Tech and IndusInd Bank were among the other gainers on Sensex. On the other hand, Bharti Airtel, ITC and Kotak Bank were the laggards
10. 58 AM: Oil price gains
Oil price gained as OPEC and its allies cut production by more than what was agreen earlier in June as demand was expected to be lower due to coronavirus pandemic.
10. 52 AM: OPEC Meet- Oil outlook
Crude Oil markets shift focus on the OPEC Meeting: By Prathamesh Mallya, AVP - Research Non Agri Commodities and Currencies, Angel Broking :
"While the Global GDP seems to be contracting with fall in growth from Europe to Asia to US, the focus of oil investors now turns to the all-important OPEC meeting who might decide or recommend an increase in output. The Organization of the Petroleum Exporting Countries (OPEC) prepares to meet on Tuesday and Wednesday to recommend levels for future supply cuts. With most of the economies opening up from stringent lockdown and measures, crude oil demand has now recovered to 90 million barrels per day as of June 2020, vis-a-vis 70 mbpd in March when the pandemic was at its full force. OPEC and allies including Russia are expected to ease their production cuts to 7.7 million barrels per day (bpd) after a recovery in global oil demand. OPEC+ cut output by a record 9.7 million bpd for May, June and July.If OPEC decided to ease their production cuts, it would still boost oil markets on the basis of optimism over increased oil demand."
10. 48 AM: Nifty outlook
On Nifty near term technical outlook, Angel Broking in its daily report said," Nifty has slipped below the key support of 10670, which is not a good sign for the bulls. In case of further weakness, we may see this correction getting extended towards 10550 - 10500. On the flipside, 10650 - 10700 has now become an immediate resistance zone. If index has to regain any strength, it needs to surpass these barriers soon."
10. 30 AM: Global cues
Shares were mostly higher in Asia on Wednesday, tracking gains from positive Wall Street and European market closing, as investors banked on news that an experimental COVID-19 vaccine under development by Moderna and the US National Institutes of Health revved up people's immune systems.
10. 22 AM: Market gains further
Sensex and Nifty reversed from yesterday's losses and gained on Wednesday, amid positive global equities. Sensex was rising 637 points higher at 36,670 and Nifty climbed 188 points higher at 10,795.
10. 18 AM: Rupee opens 8 paise stronger
Indian Rupee, the local unit opened 8 paise stronger at 75.34 per dollar as against the last closing of 75.42 per dollar
10. 06 AM: FMCG companies
Shares of FMCG companies such as Hindustan Unilever, Reckitt Benckiser, ITC, Godrej Consumer Products and Dabur will be in focus after the Authority for Advance Ruling (AAR) said that a GST of 18 per cent will be levied on all alcohol-based hand sanitisers. The companies have already cut prices of hand sanitisers by up to 70 per cent after the government categorised them as essential commodity and capped rates.
9. 55 AM: Stocks in news
RIL, Yes Bank, Bharti Airtel, Wipro, Infosys, Bandhan Bank among others are the top stocks to watch out for in Wednesday's trading session.
9. 48 Market rises further
Sensex and Nifty reversed from yesterday's losses and gained bullish momentum by the few minutes of opening bell on Wednesday, amid positive global equities. Sensex was rising 432 points higher at 36,456 and Nifty climbed 125 points higher at 10,732.
9. 35 AM: Nifty outlook
On market's near-term indicators, Aamar Deo Singh, Head Advisory, Angel Broking said, "Technically, markets are trading closer to key resistance levels, so profit-booking is being witnessed. Going forward, we could see a rise in INDIA VIX, indicating short-term concerns and fears of the investor community."
9.22 AM: Wipro Q1
Wipro reported consolidated net profit of Rs 2,390 crore for the first quarter ended June 30, as against Rs 2,388 crore in the same period last year. Consolidated revenue from operations increased marginally by 1.3 per cent to Rs 14,913 crore in Q1 FY21 as compared to Rs 14,716 crore in Q1 FY20.
9. 17 AM: Opening session
Sensex and Nifty opened on a bullish note on Wednesday, amid positive global equities. Sensex was rising 281 points to 36,314 and NSE Nifty traded 93 points higher at 10,701.
9. 05 AM: Reliance Industries 43rd AGM
Investors will keep a close eye on Reliance Industries (RIL) 43rd Annual General Meeting (AGM) as Chairman Mukesh Ambani is expected to make some major announcements at the event. Several key announcements, including plans for Jio Platforms listing, Jio Fiber trajectory, the launch of 5G services, and details of JioMeet, are expected to be revealed at the AGM. Millions of RIL shareholders are expected to tune in to the event which will be held virtually in view of the ongoing crisis coronavirus pandemic. The meeting is scheduled at 2 PM on July 15 via video conferencing
8. 50 AM: Earnings today
Infosys, the country's second largest software exporter, private lenders Bandhan Bank and Federal Bank, along with 50 other listed companies are scheduled to announce their earnings report on Wednesday.
8. 46 AM: Market outlook
Vinod Nair, Head of Research at Geojit Financial Services said,"The markets exhibited a high correlation with the global markets and with the virus infections hitting new highs in India, the uncertainty caught up with the markets. Global markets were weak following rising infections in US and US-China tensions being back in the news. Indian markets were also worried about the increasing number of localised lockdowns which would in turn again slowdown the predicted recovery for businesses. "
8. 40 AM: Rupee Closing
In line with the equity market, on commodity front, Indian Rupee ended lower at 75.41 per dollar against the last closing of 75.19 per dollar.
8.35 AM: SGX Nifty today
SGX Nifty was rising 66 points higher at 10,678, indicating positive trend in domestic grounds today.
8. 30 AM: Closing bell
Sensex and Nifty closed lower on Tuesday, led by weak Asian and European equities as worries of new lockdowns to stem surging coronavirus cases kept investors cautious worldwide. Besides stock-specific action, weak inflation data and US-China tension dampened investor sentiment on domestic grounds. While Sensex ended 660 points lower at 36,033, Nifty closed 195 points lower to 10,607.