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Share Market Highlights: Sensex ends 429 points higher, Nifty at 10,551; M&M, Cipla, Titan top performers

Stock Market LIVE Updates on July 2: ONGC, followed by M&M, IndusInd Bank, HDFC Bank, SBI and Titan were among the top gainers in the Sensex pack. On the other hand, Tech Mahindra and HUL were the top laggards

twitter-logoBusinessToday.In | July 2, 2020 | Updated 16:01 IST
Share Market Highlights: Sensex ends 429 points higher, Nifty at 10,551; M&M, Cipla, Titan top performers
Here's a look at the updates of the market action on BSE and NSE today

Sensex, Nifty Updates Sensex and Nifty closed majorly bullish on Thursday, amid positive global European and Asian equities. Positive news around the development of a potential coronavirus vaccine also kept gain momentum in equity markets worldwide. Extending gains for second straight session, Sensex closed 429 points higher to 35,843 and Nifty rose 121 points higher at 10,551, led by gains in financials and auto stocks. Yesterday, benchmarks closed majorly bullish. The BSE Sensex closed 498.65 points, or 1.43 per cent, up at 35,414.45, while the NSE Nifty settled 127.95 points, or 1.24 per cent, higher at 10,430.05.

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

3. 55 PM: Closing

Sensex and Nifty closed majorly bullish on Thursday, amid positive global European and Asian equities. Positive news around the development of a potential coronavirus vaccine also kept gain momentum in equity markets worldwide. Extending gains for second straight session, Sensex closed 429 points higher to 35,843 and Nifty rose 121 points higher at 10,551, led by gains in financials and auto stocks.

3. 39 PM: Rupee outlook

On rupee near term outlook, Anuj Gupta (DVP-Commodities & Currencies Research, Angel Broking said," Today, Rupee is trading above 3 month high and trading at 74.88 levels on the expectation of  positive outcome over India China tension. Positive equity markets and expectation of recovery from potential covid-19 vaccine.  Progress on the vaccine front is also supportive for rupee. We expect Rupee may trade positive further and it may test 74.70 to 74.50 levels towards appreciation."

3. 28 PM: Axis Bank share price declines in trade

Axis Bank share price fell after two sessions of gain today despite the lender' s board  clearing the proposal to raise up to Rs 15,000 crore to increase capital buffers amid coronavirus pandemic. Share price of Axis Bank fell 2.76% to Rs 421.30 against previous close of Rs 433.25 on BSE. Axis Bank share trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.

Axis Bank share falls 3% despite board's nod to raise Rs 15,000 crore

3.09 PM: Pfizer share price climbs 8.5%

Pfizer share price surged over 8% in Thursday's session after the its US parent firm said one of its Covid-19 vaccines showed encouraging results.

The COVID-19 vaccine developed by German biotech firm BioNTech and the US pharmaceutical giant has shown potential and was found to be well tolerated in early-stage human trials testing of 45 people.

On Wednesday night, Pfizer stock also gained 4.4% to $34.13.

Pfizer share price climbs 8.5% as parent's potential Covid-19 drug shows positive result

2. 57 PM: Sebi sets up revised structure for preferential issue pricing methodology

Market regulator Sebi has put in place a revised framework that provides for a relaxed pricing methodology for preferential issuance of shares, in a bid to make fund raising easier for corporates amid the coronavirus pandemic. Besides, the regulator has allowed acquisition of shares through stock exchange settlement process by way of bulk or block deals during an open offer subject to certain conditions.

Market regulator Sebi sets up revised structure for preferential issue pricing methodology

2.44 PM: Rupee ends higher

Rupee, the local currency ended at 75.01 per US dollar against Wednesday's close of 75.59 per US dollar.

2. 23 PM: Market gains momentum

Sensex and Nifty traded  majorly bullish by teh afternoon session on Thursday, amid positive global European and Asian equities. Extending gains for second straight session, Sensex climbed 516 points higher to 35,915 and Nifty rose 138 points higher at 10,569, led by gains in financials and auto stocks. Yesterday, benchmarks closed majorly bullish.

SGX Nifty was also rising 50 points higher at 10,457, indicating positive trend in domestic ground.

2.00 PM: Pfizer shares climb 8.5%

Pfizer share price surged over 8% on Thursday's morning session after the company's US-arm said that one of its Covid-19 vaccines showed encouraging results.

The COVID-19 vaccine developed by German biotech firm BioNTech and the US pharmaceutical giant has shown potential and was found to be well tolerated in early-stage human trials testing of 45 people.

1. 46 PM: Goldman Sachs sees oil demand recovering to pre-COVID levels by 2022

Goldman Sachs said on Thursday a pick-up in commuting, a shift to private transportation and government efforts to improve economies with higher infrastructure spending should help global oil demand return to pre-coronavirus levels by 2022. Demand is expected to fall by 8% this year, before rebounding 6% in 2021 and fully recovering to pre-pandemic levels by 2022, the U.S. bank said in a note.

Goldman Sachs sees oil demand recovering to pre-COVID levels by 2022

1. 39 PM: Nifty outlook

Angel Broking in its technical report said, "Technically speaking, index managed to come out of its recent congestion zone after surpassing the sturdy wall of 10350-10360. We witnessed a series of higher highs higher lows on hourly chart and hence, the chart structure looks a bit encouraging. Looking at the overall set up, ideally we should make a move towards 10450-10500 in coming trading session. Any decline towards 10360-10320 should be interpreted as a buying opportunity."

1. 23 PM: India's gold imports tumble 86%

India's gold imports plunged 86% year-on-year in June due to record high prices and as international air travel was banned and many jewellery shops were closed amid a nationwide lockdown to curb the spread of coronavirus, a government source said.

Coronavirus fallout: India's gold imports tumble 86% to 11 tonnes in June

1.03 PM: Gold outlook

Commenting on the surge in gold prices, Hareesh V, Head commodity Research at Geojit Financial Services said, "Escalating geopolitical tensions, concerns of a quick global economic recovery and a weak US dollar will continue to lift the safe haven demand and thus prices of gold. However, investors may take a cautious stance ahead of the key US employment data scheduled later during the day."

On its technical outlook (London spot), he added," As long as prices stay above $1710 we can expect the bullish outlook to continue in the counter. The immediate downside reversal point is $1664".

12.49 PM: Eveready Industries share price rose over 9%

Eveready Industries share price rose over 9% today after the firm reported a three-fold rise in net profit for FY 20. Eveready Industries share hit fresh 52 week high of Rs.94.8 today The share has been gaining for the last 2 days and risen 9.52% in the period.

The stock opened with a gain of 9.15% today

The microcap stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Eveready Industries share price hits 52-week high on strong Q4 earnings

12.35 PM: IRCTC, Texmaco Rail shares rally

Railways stocks gained in early trade today after the Ministry of Railways invited proposals from private entities to run passenger trains. Titagarh Wagons share price rose 4.95% to Rs 36.05 against previous close of Rs 34.35 on BSE.

Texmaco Rail stock too gained 17% to Rs 30.70 against previous close of  Rs 26.05. Similarly, share price of Cimmco was locked in upper circuit of 10% at Rs 18.70 on BSE. IRCTC stock rose up to 7.29% to Rs 1,462 against previous close of Rs 1363.35 on BSE.

On Wednesday, Indian Railways initiated the process of allowing private players to operate certain trains on its network.

IRCTC, Texmaco Rail shares rally after private entities invited to run passenger trains

12. 12 PM: Gold in commodity market falls on profit booking

Gold August Futures on Multi Commodity Exchange traded lower on profir booking, tracking losses from international markets. Gold August Futures fell by Rs 75 at 48,188 today, after rising to the intraday high of Rs 48,982 per 10 gm on Wenesday. The precious metal today opened at Rs 48,174. per 10 gm and also touched a day's high of Rs 48,223 per 10 gm as against the previous closing of 48,267 per 10 gm.

Overseas, Gold price slipped from near 8 year high over news of potential coronavirus vaccine and better US economic data. Spot gold fell 4.5% to $1,768 per ounce today, after nearing an eight-year high at $1,800 per ounce on Tuesday night.

12. 20 PM: Gold prices in retail market hit 50 K

Gold prices in India hit fresh record high of Rs 50,000 per-10gm on domestic retail market on Thursday tracking the spike in coronavirus cases worldwide and in domestic grounds.

Concerns over economic impact of rising coronavirus infections  in many countries, especially in the two largest economies-US  and China has driven investment inflows into safe-haven assets like gold.

Retail gold price in Mumbai also breached the Rs 50,000-per-10gm mark today. Gold prices have risen by 25% since the beginning of 2020. Traders said India recording the highest spike in a day despite weeks of lockdown has also led the price for the risk-averse asset reach 50 K mark in domestic market.

12.00 PM: Rupee rises today

The rupee appreciated 10 paise to 75.50 against the greenback on Thursday's opening bell, tracking weakness in the greenback and gains in the domestic equity market.

Besides positive domestic equities and weak US currency that supported the local unit, investor sentiments strengthened after Pfizer reported encouraging vaccine test results.

The local unit opened at 75.51 per US dollar and later gained further ground to touch 75.50 against the US dollar, up 10 paise over its previous close of 75.60 on Wednesday.

Rupee rises 10 paise to 75.50 amid weak dollar, positive equity market

11. 36 AM: Market update

Traders said advanced today, tracking gains in global equities as positive macroeconomic data flow and hopes of a COVID-19 vaccine boosted investor sentiment.

11. 21 AM: Coronavirus toll

Worldwide, the number of cases linked to COVID-19 crossed 1.06 crore, while the death toll topped 5.15 lakh. In India, the number of infections spiked to 6,04,641, according to the health ministry. The death toll due the disease rose to 17,834.

11.00 AM: Top gainers and losers

ONGC, followed by M&M, IndusInd Bank, HDFC Bank, SBI and Titan were among the top gainers in the Sensex pack. On the other hand, Tech Mahindra and HUL were the top laggards.

10. 33 AM: Rupee opens higher

Rupee, the Indian currency opened at 75.50 per dollar as against Wednesday's close of 75.59 per dollar today

10. 12 AM: Axis Bank top gainer

Axis Bank's has been trading as the top gainers on NSE in recent sesssions after the lender said its board is set to meet on Thursday to mull over fundraising plans through issue of preferential or convertible shares to investors.

9. 53 AM: Oil prices decline today

Oil prices were falling on Thursday after the US recorded its biggest one-day spike in coronavirus cases and California reimposed some lockdown measures, raising fears that spike in COVID-19 cases will stall a recovery in fuel demand. U.S. West Texas Intermediate (WTI) crude futures fell 10 cents, or 0.3 percent, to $39.72 a barrel, while Brent crude futures eased 6 cents, or 0.1 percent, to $41.97 a barrel.

9. 45 AM: Market Update

Led by gains in financials and auto stocks, Sensex and Nifty traded on a bullish note on Thursday, extending yesterday's rally amid positive global cues. SGX Nifty was also rising 50 points higher at 10,457, indicating positive trend in domestic ground. Positive news around the development of a potential coronavirus vaccine also kept gain momentum in equity markets worldwide. Extending gains for second straight session, Sensex climbed 189 points higher to 35,604 and Nifty rose 63 points higher at 10, 493.

9. 30 AM: Global cues

All major Asian indices were trading higher on Thursday, tracking gains from Wall Street, banking on hopes of a vaccine for COVID-19. However, sentiment were cautious ahead of US employment data release.

9. 26 AM: Top gainers and losers

Axis Bank, M&M, IndusInd Bank, Bajaj Finance and L&T were the top gainers on Nifty50 index today. On the contrary, HUL and Kotak Bank were the only losers.

9. 15 AM: Opening session

Sensex and Nifty opened on a bullish note, extending yesterday's rally amid positive global cues.  SGX Nifty  was also rising 50 points higher at 10,457, indicating positive trend in domestic ground.  Sensex climbed 189 points higher to 35,604 and Nifty rose 63 points higher at 10, 493.

9. 10 AM: Nifty outlook

As per Reliance Smartmoney Reserch, NSE-NIFTY regained 10,400 mark and rose to 6-day closing high on back of strength in the banking and finance sectors. Due to recent up-move its key technical indicators turned in favour of bulls. The index is on a verge of break-out as any stable move above 10,440 mark will strengthen the index to surpass its swing high (10,550 level) and will also support to test prior high connecting rising trend line, which is now placed around 10,650 mark. In case of any decline, the index will find support around its lower band of the base (10,180 level).

As for the day, support is placed at around 10,265 and then at 10,180 levels, while resistance is observed at 10,550 and then at 10,650 levels.

9. 05 AM: Stocks in news today

Dixon Tech, Tata Motors, M&M, Coal India, Eveready, Polycab, Ashok Leyland, Hero MotoCorp among others are the top stocks to watch out for in Thursday's trading session

Stocks in news: Dixon Tech, Tata Motors, M&M, Coal India, Eveready, Polycab, Ashok Leyland, Hero MotoCorp

8. 55 AM: Global cues to dictate market

Global market trends will continue to dictate the domestic markets, in the absence of any major domestic event. Investors will continue to keep a close eye on India-China border dispute; any fresh escalation might not go well with the markets.

Ahead of share market: 5 things to know before opening bell on Thursday

8. 45 AM: Market Expectations

Sensex and Nifty are likely to open higher amid positive global cues and SGX Nifty, that trades 50 points up at 10,457.

8.35 AM: Closing

Sensex and Nifty closed majorly bullish by the afternoon session on Wednesday, tracking gains in index-heavyweights Reliance Industries, HDFC and ITC amid positive cues from global equities. Sensex ended 498 points higher to 35,414 and Nifty was trading 127 points higher at 10,430.

Sensex gains 498 points, Nifty at 10,430; HDFC, Bajaj Twins top gainers

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