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Share Market Highlights: Sensex ends 511 points higher, Nifty at 11,162; Eicher Motors, BPCL top gainers

Stock Market Highlights on July 21: ICICI Bank, followed by Maruti, Kotak Bank, Axis Bank, Power Grid and HDFC Bank were among the top gainers today, while Bajaj Finserv and ITC were the top laggards.

twitter-logoBusinessToday.In | July 21, 2020 | Updated 16:04 IST
Share Market Highlights: Sensex ends 511 points higher, Nifty at 11,162; Eicher Motors, BPCL top gainers
Here's a look at the updates of the market action on BSE and NSE today

Sensex, Nifty Updates: Sensex and Nifty ended majorly bullish on Tuesday, amid buoyed global equities. Sensex ended 511 points higher at 37,930 and Nifty closed 140 points to 11,162. Yesterday, Sensex rose 398 points to 37,418 and Nifty ended 120 points higher to 11,022. Global equities were buoyed today amid first successful human trials of COVID-19 vaccine developed by the University of Oxford and hopes of economic stimulus from global central banks that boosted investor sentiment and increased their risk appetite. In India, AIIMS-Delhi also began recruiting volunteers for conducting human clinical trials of the indigenously developed COVID-19 vaccine candidate Covaxin. Meanwhile, Axis bank, Bajaj Finserv, Bajaj Finance, CRISIL, DCM Shriram, HDFC Life, HUL, Hindustan Zinc, ICICI Pru life, SBI Life, SML Isuzu are among the top companies that will be reporting their April-June quarterly earnings.

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

3.45 PM: Closing session

Sensex and Nifty ended majorly bullish on Tuesday, amid buoyed global equities. Sensex ended 511 points higher at 37,930 and Nifty closed 140 points to 11,162.

3.20 PM: Telcom shares drop

Shares of telecom services providers Vodafone Idea and Bharti Airtel were trading lower the otherwise bullish market on Tuesday after the Supreme Court on Monday reserved its order on a petition related to allowing telcos to make staggered payments of adjusted gross revenue (AGR) over a 20-year period.

Vodafone Idea stock price opened at Rs 8.99 today and later fell to the intraday low of Rs 8.15, down 9.8% as against the earlier closing of Rs 9.04 on BSE. Similarly, Airtel shares were trading 1.6% lower at Rs 566.45 as against its earlier close of Rs 575.57 on BSE.

3.00 PM: Market update

Sensex and Nifty traded majorly on a bullish note on Tuesday, amid buoyed global equities. Sensex traded 500 points higher at 37,925 and Nifty was rising 133 points to 11,155.

2. 50 PM:  Rossari Biotech IPO

The allotment status of the initial public offering (IPO) of Rossari Biotech is likely to be announced today. The IPO was subscribed over 79 times on the last day of bidding on Wednesday.

Net proceeds from the issue will be utilised for funding working capital requirements, repaying certain debt availed by the company and for general corporate purposes. The equity shares will be listed on the NSE and BSE.

2. 37 PM: Quote on Bajaj Fianance 1QFY21 results

Commenting on Q1 results by Bajaj Finance, Jaikishan Parmar, Sr. Equity Research Analyst, Angel Broking said,"Bajaj finance reported a mixed set of numbers considering lockdown led lower retail and business activity. AUM grew 7% YoY however declined 6% QoQ. NII grew by 10% in line with AUM growth. Controlled opex helped Bajaj finance to report the growth of 25% in Pre provision profit. Spike in provision of almost 2x of Q1FY20 impacted profitability. On the asset quality front, lower slippages and write-off led to a decline in GNPA from 1.6% in Q1FY20 to 1.4% in Q1FY21. Moratorium books reduced from 27% to 15%. Credit cost guidance has been revised from Rs.5400 -Rs.5700cr to Rs.6000-Rs.6300cr. Given the lockdown, the Company decided to convert some of its existing customers with no overdue and good repayment track record from the term loan to a Flexi loan. In Q1 FY21, the company converted Rs.8,600 crore of term loans into Flexi loans." 

2.17 PM:  Wipro - Q1FY21 Result Update

Centrum Broking in its Research report on Wipro's Q1FY21 result said," Wipro's Q1FY21 results were a beat on IT Services EBIT margin which helped deliver PAT beat. USD revenues were in-line with estimates. We believe risk return and margin of safety remains favorable. Raise TP by 15.5% to Rs275/sh (14.5x June 22E EPS vs 14x June22E EPS earlier). The brokergae rated the stock BUY ( vs Add earlier)."

1. 50 PM: ACC share price gains 7% despite 40% decline in Q2 profit, here's why

Share price of ACC gained 7%  in early trade today after the firm reported a 40.53 per cent decline in consolidated net profit to Rs 270.95 crore for the quarter ending June. However, the cement maker logged a marginal 16% dip in net profit in Q2 against profit of Rs 323 crore in Q1 of current year. 

ACC share price gains 7% despite 40% decline in Q2 profit, here's why

1. 40 PM: PSU shares gain momentum

Shares of state-owned lenders were trading higher on Tuesday's early deals following reports that the Indian government is currently formulating a new privatisation proposal of selling the unmerged banks to private players or divest stakes.

The Nifty PSU Bank index jumped over 2% led by gains in State Bank of India, Union Bank of India, Bank of Baroda and Indian Bank. The BSE PSU index was rising 2.62% higher at 5,104, with 44 stocks rising and 33 stocks falling in today's session. Bank of Maharashtra share price rose 14%, followed by 12% rise in Central Bank, 10% in UCO Bank. Bank of India and Indian Overseas Bank shares gained in the range of 7% to 5%.

1. 29 PM: Jubilant Life Sciences' shares hit 52-week high

Share price of Jubilant LifeSciences hit a fresh 52-week high in trade today after ace investor Rakesh Jhunjhunwala raised his stake in  pharma firm for June quarter.  Jubilant LifeSciences share gained up to 4.44% to Rs 753.4 against previous close of Rs 721.50 on BSE. Jubilant LifeSciences stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has risen 8.56% in 3 days.

This pharma stock hits 52-week high after Rakesh Jhunjhunwala raises stake

1. 15 PM: SBI Cards share price rises over 5%

SBI Cards share price rose over 5% in Tuesday's trading session after the subsidiary of SBI announced 14 per cent rise in Q1 net profit at Rs 393 crore compared to Rs 364 crore in the corresponding period last year. Total income fell to Rs 2,196 crore in Q1 compared to Rs 2,304 crore in Q1 FY20.

SBI Cards share price rises over 5% on strong Q1 earnings

12. 58 AM: Rupee gains 18 paise

Indian rupee, the domestic currency benchmark gained 18 paise to 74.73 per dollar on Tuesday, tracking positive domestic equities and hopes of COVID-19 vaccine.

At the interbank forex market, rupee opened at 74.79 per dollar and later gained further ground to touch 74.73 per dollar, up 18 paise over its previous close of 74.91 on Monday.

Positive domestic as well as global equities, foreign fund inflows and hopes of COVID-19 vaccine supported the domestic unit.

Rupee vs dollar: Rupee gains 18 paise to 74.73 per dollar amid positive global equities

12. 28 PM: Stocks to watch today on July 21

IndiGo, SBI Cards, ACC, Indian Oil, Jubilant Life among others are the top stocks to watch out for in Tuesday's trading session.

Stocks in news: IndiGo, SBI Cards, ACC, Indian Oil, Jubilant Life

12. 17 PM: Q1 Earnings scheduled for today

Axis bank, Bajaj Finserv, Bajaj Finance, CRISIL, DCM Shriram, HDFC Life, HUL, Hindustan Zinc, ICICI Pru life, SBI Life, SML Isuzu are among the top companies that will be reporting their April-June quarterly earnings.

11. 55 AM: Quote in real estate sector

Commenting over the outlook for real estate sector, Manoj Gaur, MD, Gaurs Group & Chairman, Affordable Housing Committee, CREDAI (National) said, "Coming year is crucial for the real estate sector which has been demanding for a relief package from the government to overcome the COVID-19 impact. Demand-wise the sector is well placed as people are seeking real estate assets like never before. People have realized the importance of owning a property as they have seen many investment vehicles go down during the last few months. The safety of the real estate investment has dawned on people, and this has made them seek out properties that fit their budget. Commercial will see an increased participation from people, who want to have an additional option of income."

Gaur noted that his company booked 700 units valued at around Rs 225 crore during lockdown (March 25 onwards) with around 70-75% being residential and the rest commercial.

11. 46 AM: Quote on SBI Cards 1QFY21 results

Commenting on 1QFY21 result of SBI Cards, Jaikishan Parmar, Sr. Equity Research Analyst, Angel Broking said,"SBI Cards reported an overall good set of numbers for Q1FY21. When lockdown begun investors were concerned about asset quality issues, however, SBI cards positivity surprised by reporting a very low number of the moratorium. Moratorium % to loan book declined from 29% in Q4FY20 to 6.7% in Q1FY21. Its active credit cards increased by 20% despite the lockdown. NIM Improved 260bps QoQ/414bps YoY as SBI card able to reduce the cost of fund and able increase yield on loan book. Total income declined by 5% YoY, primarily driven by plunge in other income 82% YoY. Controlled operating expenses helped cost to income ration to improve by 635bps to 47.2%. And finally, the Lower tax rate of the new regime helped SBI card to report PAT growth of 14% YoY."

11. 30 AM: Overseas gold

Comex Gold traded steady at 1,815 an ounce on Tuesday in overseas markets, although, above its eight-year high mark at $1,800 per ounce. Spot gold was up 0.1% at $1,817.23 per ounce, after hitting its 9-year high record of $1,820.06 on Monday, while US gold futures reamined unchanged at $1,817.80 per ounce. Gold prices in the commodity market have been scaling fresh highs as traders shunned risk and sought safe haven during coronavirus crisis.

11. 27 AM: Quote on 1QFY20 results of ACC

Commenting on 1QFY21 result of ACC, Keshav Lahoti, Associate Equity Analyst, Angel Broking said,"ACC reported a 37% YoY decline in standalone revenue to Rs.2601 crore for Q2CY20. Company reported EBIDTA and PAT of Rs.525 crore and Rs.268 crore for the quarter, down by 34% and 41% YoY respectively. Revenue for the quarter was adversely impacted given that there was no production and sales for the cement industry during the first 20 days of April due to the lockdown. However, margins improved from 19.1% to 20.2% YoY due decline in power and fuel cost along with other expenses. Revenue for the quarter was below street estimates though EBIDTA and PAT were above street estimates. Going forward demand revival will be key for the Company."

 

11. 12 AM: Silver prices today

Silver futures in domestic market too gained 2% or 1,126 to trade at 55,131 per kg today. Overseas, silver also traded 2% higher at $20.19 per troy ounce, after hitting a near four-year peak as amid spike in COVID-19 infections on a global scale.

11.09 AM: Gold near term outlook

On gold's near term outlook, Geojit Financial in its daily note said, gold is required to continue further upticks towards $1830 followed by $1882 levels. Else, a drop below $1785 expect corrective selloffs which may extended towards $1770 or even more for the day. For MCX Gold August futures, the agency suggested resistance at Rs 49,300 and support at Rs 48,220.

10. 57 AM: Gold trades near record high

In line with overseas commodity markets, Gold futures on MCX were trading 83 points higher at 49,110 per 10 gm today against the previous close of 49,027 per 10 gm, after hitting a lifetime high of 49,348 earlier this month. Gold August Futures today touched an intraday high of 49,169 and a low of 49,036 today, after opening at 49,078 per 10 gm.

Gold price today: Yellow metal trades near record high

10. 46 AM: Global equities rally

European Union leaders were close to reaching an agreement on a massive stimulus plan of 750 billion euro for their economies. Meanwhile, US is expected to adopt its $1 to $1.5 trillion stimulus by the first week of August. Hopes for a coronavirus vaccine further lifted risk appetite.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 1.5% to edge near its four-month peak hit earlier this month. On Wall Street, benchmark S&P500 hit a five-month peak. Euro Stoxx 50 futures were also trading 0.25% higher, nearing their highest since early March.

10. 37 AM: Brent crude rises 0.5%

The international oil benchmark Brent crude futures rose 0.18 per cent to USD 43.36 per barrel.

10.17 AM: Coronavirus toll

Worldwide, the number of COVID-19 cases linked to COVID-19 disease surpassed 1.46 crore.

In India, the number of coronavirus infections jumped to 11.55 lakh, after recording 37,148 new cases in the last 24 hours, while the total number of recoveries increased to 7,24,577.

10.00 AM: Why markets rising today

Global as well as domestic equities were buoyed today amid first successful human trials of COVID-19 vaccine developed by the University of Oxford and hopes of economic stimulus from global central banks that boosted investor sentiment and increased their risk appetite.  On its first phase of "promising" human trials, the coronavirus vaccine appears safe and induces a strong immune response within the body.

In India, AIIMS-Delhi also began recruiting volunteers for conducting human clinical trials of the indigenously developed COVID-19 vaccine candidate Covaxin.

9. 46 AM: Top gainers and losers

ICICI Bank, followed by Maruti, Kotak Bank, Axis Bank, Power Grid and HDFC Bank were among the top gainers today, while Bajaj Finserv and ITC were the top laggards.

9. 35 AM:Market Update

Sensex and Nifty opened on a bullish note on Tuesday, amid buoyed global equities. SGX Nifty was rising 100 points higher at 10,690, indicating positive trend in domestic grounds today. Sensex traded 389 points higher at 37,808 and Nifty was rising 114 points to 11,137.

9. 12 AM: Market technical

NSE-NIFTY extended gain post a breakout from its long-term moving average 200-day SMA and regained 11,000 mark. We believe the index will continue its current up-move as its major technical indicator on the near-term timeframe chart remained in favour of bulls. This could lead the index towards 11,120 and 11,435 levels. In case of decline, the index will initially find support at around 10,870 mark and then at around 10,560 level.

As for the day, support is placed at around 10,971 and then at 10,919 levels, while resistance is observed at 11,056 and then at 11,089 levels

9.09 AM: Opening session

Sensex pre-opened 404 points higher at 37,823 and Nifty gained 103 points higher to 11,126

8. 55 AM: Nifty outlook

"The short term trend of Nifty continues to be positive. One may ride the uptrend and continue long trading positions with the stop loss of 10900 levels. The next crucial resistance to be watched is around 11250 this week. Key support is placed around 10900-10850 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Share market expectations: 5 things to know before tomorrow's opening bell

8. 50 AM: Earnings

So far, the companies, especially the IT firms have posted better than expected results. The investors would be keenly awaiting earnings releases from firms such as Axis Bank, Bajaj Finance, Bajaj Finserv, HDFC Life Insurance, ICICI Prudential SBI Life, among others.

8. 45 AM: Market outlook

Ajit Mishra, VP - Research, Religare Broking said,"Markets are largely focusing on the earnings and the recent announcements from the index majors have positively surprised the market, which in turn fueling the recovery. Besides, the global markets are also not showing any signs of slowing down, helping the index to maintain the prevailing momentum. However, the rising COVID-19 cases and talks of community transmission could dent the pace ahead".

8. 40 AM: Rupee closing

On the currency front, Indian Rupee ended higher at 74.92 per dollar as against the last closing of 75.02 per dollar.

Rising rupee had a rub-off effect on investor sentiment, analysts said. The domestic currency is at near the strongest level recorded during the session.

8. 35 AM: Global cues

Global equities were buoyed today amid hopes of economic stimulus from global central banks that boosted investor sentiment. SGX Nifty was rising 100 points higher at 10,690, indicating positive trend in domestic grounds today.

8. 30 AM: Closing

Sensex and Nifty closed higher on Monday amid heavy buying in IT and banking stocks led by better-than-expected earnings in Q1. Extending last week's gains, Sensex rose 398 points to 37,418 and Nifty ended 120 points higher to 11,022.

Sensex ends 398 points higher, Nifty at 11,022; IT, banking stocks lead gains

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