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Share Market Highlights: Sensex ends 194 points lower, Nifty at 11,131; Axis Bank, HDFC Bank top losers

India Stock Market Highlights: Asian Paints, HCL Tech, Infosys, UltraTech Cement, TCS were among the top gainers, while Axia Bank, HDFC Bank, ICICI Bank, IndusInd Bank and Zee Entertainment were among the top gainers today

twitter-logoBusinessToday.In | July 27, 2020 | Updated 16:16 IST
Share Market Highlights: Sensex ends 194 points lower, Nifty at 11,131; Axis Bank, HDFC Bank top losers
Share Market Highlights: Here's a look at the updates of the market action on BSE and NSE today

Sensex, Nifty Highlights: Equity indices Sensex and Nifty started the week on a bearish note after lcosing lower on Monday, accounting the reverse in SGX Nifty and weak global equities. Sensex closed 194 points lower at 37,934 and Nifty ended 62 points lower at 11,131. Traders said markets will continue taking cues from the worldwide trend. Domestic markets fell further today after a report by the  central bank Reserve Bank of India (RBI) forecasted that bad loans could soar due to a rise in pandemic-led debt burdens. Investor sentiments also remained fragile amid the start of a Q1 earnings season. Meanwhile, growing tensions between the US and China have kept sentiments weak for equities markets on a global scale.

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

4.00 PM: Expert qoute on market

Commenting on today's weak trend, Vinod Nair, Head of Research at Geojit Financial Services said,"Indian benchmark indices ended a volatile day in the red, following negative global cues and domestic uncertainties. Global markets were impacted due to rising US-China tensions and suspected second wave of virus infections. Financials led the losses following an RBI report which expected a surge in bad loans this year. Record number of virus infections in India also added to the uncertainty. Investors are advised to remain stock specific and keep accumulating only quality stocks in this scenario."

3. 45 PM: Closing

Equity indices Sensex and Nifty started the week on a bearish note after lcosing lower on Monday, accounting the reverse in SGX Nifty and weak global equities. Sensex closed 194 points lower at 37,934 and Nifty ended 62 points lower at 11,131.

3. 28 PM: ITC share price slips after 26%

ITC share price fell in trade today after the FMCG major reported a 26 per cent year-on-year (YoY) fall in consolidated profit after tax for the June quarter. Share price of  ITC lost 2.3% to  Rs 195.1 against previous close of Rs 199.70 on BSE.

ITC share price slips after 26% fall in Q1 net profit

3. 13PM: YES Bank hits 10% lower circuit

YES Bank shares were locked in 10 per cent lower circuit after its follow-on public offer (FPO) shares started trading on Monday. The stock plunged 9.89 per cent to Rs 12.30, its lower circuit limit, on the BSE. At the NSE, it fell 9.89 per cent to its lowest trading permissible limit for the day of Rs 12.30. The lower circuit is the limit below which a stock price cannot trade on a particular trading day so as to control the volatility in the stock price.

YES Bank hits 10% lower circuit after FPO shares list

3. 10 PM: Sectors today

Except IT, metal and energy index, all the other sectors closed lower today, with almost 3.5% fall in banking and financial stocks.

2. 45 PM: Future Retail shares go up 5%

Shares of India's Future Retail Ltd jumped almost 5% on Monday after a report cited that oil-to-telecoms conglomerate Reliance Industries Ltd, led by Asia's richest man Mukesh Ambani, is close to acquiring Future Group's retail unit. "(Reliance and Future) have ironed out their differences over certain terms and conditions and a deal will be announced soon," the Times of India newspaper reported, citing people familiar with the negotiations.

Future Retail shares go up 5% after reports of RIL acquisition

2. 34 PM: Earnings today

BEL, Bharti Infratel, India Cements, Kotak Mahindra Bank, Marico, Nippon AMC and Tech Mahindra are among the top companies that will be reporting their April-June quarterly earnings

2. 26 PM: Top losers and gainers

Asian Paints, HCL Tech, Infosys, UltraTech Cement, TCS were among the top gainers, while Axia Bank, HDFC Bank, ICICI Bank, IndusInd Bank and Zee Entertainment were among the top gainers today

2. 12 PM: Gold and silver outlook

Gold price moved to record highs driven by rising tensions between US and China and a weak dollar. Also expectation of more stimulus helped the yellow metal stay in demand.

Geojit Financial in its dailty report said, "As prices cleared the all-time high of $1920, expect a gap up opening and prices likely to surge towards the next resistance of $2000. A direct drop below $1880 could negate the trend while immediate reversal point is seen at $1860. MCX Gold Aug Res: 51880 Support: 50710"

On Silver the reportsaid,"Bullish rallies to continue with prices likely to find resistance near Rs 65000. Next upside obstacle in London spot market is seen at $24.60 followed by $28. Weak bias expected only if prices break the support of $19.20. MCX Silver Aug: Res at Rs 65000/74000. Sup: 56400."

2. 04 PM: HDFC Bank share price slips 3%

Share price of HDFC Bank share price fell over 3% in afternoon session today amid reports that Aditya Puri, Managing Director and Chief Executive Officer of the lender sold 95 per cent of his stake in the lender last week.

His stake was valued at Rs 843 crore this week. Puri sold 74.2 lakh shares of the bank between July 21 and 24, according to stock exchange filings. Subsequently, share price of HDFC Bank slipped 3.65% to Rs 1,077 against previous close of Rs 1,118 on BSE.

HDFC Bank share price slips 3% after Aditya Puri sells stake

1. 46 PM: Karur Vysya Bank shares gain almsot 5%

Shares of Karur Vysya Bank were trading in the green in Monday's trade after data showed that ace stock investor Rakesh Jhunjhunwala increased stake in the lender to 4.50 per cent during the April-June quarter. The stock has gained 46% since March 27, 2020.

Following the update, shares of Karur Vysya Bank opened at Rs 31,05 and later climbed 4.95% to the day's high of Rs 31.75 as against the earlier close of Rs 30.25 on BSE.

The stock price of Karur Vysya Bank trades higher than 50 and 100 day but lower than 5, 20 and 200-day moving averages. Karur Vysya Bank stock has risen after 3 days of consecutive fall. Market capitalisation of the lender stood at Rs 2.449.80 crore as of today's session.

Rakesh Jhunjhunwala raises stake in this lender as stock gains 46% in four months

1. 32 PM: Global markets

Asian markets were trading mostly mixed as investors continue to watch for developments on vaccine front and fresh stimulus packages.

U.S. markets closed lower on Friday with Tech stocks witnessing one more day of decline as investors where looking for cues from U.S.-China tensions and fresh stimulus. European markets closed lower on Friday as U.S.-China tensions continued to weigh with technology stock declining the most

 

1. 09 PM: Nifty outlook

Grojit Financial in its note said," The suggested pivot of 11167 did provide trading opportunities as Nifty swung on either sides. The close above the same lends a positive bias for the early trades today, but the projected target of 11275-390 may take a while to gain traction. Expect volatility to continue having an upper hand. Directional downsides may have to seek confirmation from a break beyond 11035."

12. 45 PM: Oil prices trade lower

Oil price lost ground as rising corona virus cases and rising tensions between US and China made investors more cautious. Brent crude futures, the global oil benchmark, rose 0.02 per cent to USD 43.35 per barrel.

12. 37 PM: Rupee rises today

Indian rupee, the local currency appreciated by 14 paise to 74.69 per US dollar on Monday, tracking positive Asian currencies.

The Indian currency went on to further strengthen its position after opening bullish and touched 74.69 against the US dollar, up 14 paise over its previous close of 74.83 against the greenback in the previous session on Friday.

Stronger Asian currencies against the US dollar this morning helped investors bolster sentiment, traders said.

Rupee rises 14 paise to 74.69 amid weak dollar, positive Asian peers

12. 23 PM: Domestic markets trade lower

Domestic markets fell further today after a report by the  central bank Reserve Bank of India (RBI) forecasted that bad loans could soar due to a rise in pandemic-led debt burdens. Banking stocks dropped as report said that bad loans could rise to as much as 15% of the total loans by March 2021.

12. 14 PM: Global markets trade lower

Global stocks have been trading lower since last week tracking growing geopolitical tensions. Growing tensions between the US and China have kept sentiments weak for equities markets on a global scale.

12.04 PM: Bitcoin surpasses $10,000-mark

After several weeks of trading in narrow ranges, bitcoin breached $10,000 on Sunday for the first time since early June.

In addition to suffering pricing blows due to the economic fallout from the coronavirus outbreak, the virtual currency went through its third so-called halving on May 11, which cut the rewards given to those who "mine" bitcoin to 6.25 new coins from 12.5.

The "halving" has affected the supply side of bitcoin and increased the time needed for miners to find their break-even point.

Bitcoin surpasses $10,000-mark for first time since early June

11. 49 AM: Gold, silver prices hit all-time highs

Gold futures on Multi Commodity Exchange were trading 785 points higher at Rs 51,820 per 10 gm for the first time ever against the previous close of Rs 51,035 per 10 gm. Earlier today, Gold August Futures today touched an intraday as well as an all-time high of Rs 51,833 and a low of Rs 51,657 today, after opening at 51,749 per 10 gm. On a similar note, Silver September futures gained Rs 3,547 to trade at 64,770 per kg today, after hitting a lifetime high of Rs 64,896 earlier in today's session.

Gold, silver prices hit all-time highs today; here's what analysts say

11. 35 AM:  ICICI Bank Q1FY21 result quote

Commenting on Q1FY21 results of ICICI Bank, Jaikishan Parmar, Sr. Equity Research Analyst, Angel Broking said,"ICICI Bank PAT marginally above estimate and overall it reported decent number considering stringent lockdown quarter. Other income largely supported by stake sale of 4% in ICICI Lombard General Insurance and 1.5% in shareholding in ICICI Prudential Life Insurance. Cost to income plunged 1300bps primarily owing to cut in other expenses, which we believe is not sustainable. Positives are asset quality continues to improve, Lower slippages might be owing to standstill benefit. Deposit grew 20% YoY and 4% sequentially."

He added," We have a positive view on ICICI Bank considering lower valuation (1.3x FY22 ABV core banking business) compare to historical average, Healthy liability franchise, adequate coverage on the bad asset and strong Capital adequacy ratio of 16.32%."

ICICI Bank share price declines 5% after Q1 earnings

11.22 AM: Gold outlook

On gold's near term outlook, Anuj Gupta, DVP- Commodities and Currencies Research, Angel Broking said," Today, again we saw that gold has touched the life time high at Rs 51,833 levels and in international market it touched the life time high to $1944.50 per ounce levels. Silver also touched the 8 years high of Rs 64,849 levels. Geopolitical tension between US & China and weakness in dollar supports the bullions. Dollar is weaking against all major currencies at 93.80 levels. US Bonds yields is also low which supports safe heaven demand for bullions. We expect this rally in bullion will continue and gold and silver will move further upside. Gold may test Rs 52500 levels and silver Rs 66,000 levels soon."

11. 17 AM: Mindspace Business Parks REIT IPO

Mindspace Business Parks REIT (Real Estate Investment Trust), jointly owned by K Raheja group and Blackstone, is all set to launch its Rs 4,500 crore initial public offering (IPO) this week. The IPO opens for subscription between Monday to Wednesday with a price band of Rs 274-275 per unit. As per documents filed with the SEBI, the Rs 4,500 crore Mindspace IPO consists of a fresh issue of units aggregating up to Rs 1,000 crore and offer for sale (OFS) of units of Rs 3,500 crore.

11. 02 AM: China's crude oil imports from Saudi rise 15% in June

China's crude oil imports from Saudi Arabia rose 15% in June from a year ago, as refiners ordered record volumes of the fuel in March and April when oil prices tumbled, cementing the kingdom's position as the top oil supplier to China. Imports from Saudi Arabia rose to 8.88 million tonnes in June, or 2.16 million bpd, in June, according to data from the General Administration of Customs on Sunday.

China's crude oil imports from Saudi rise 15% in June to 8.88 million tonnes

10.49 AM: Grofers advances IPO plan

Softbank-backed Grofers has advanced its plan to launch an initial public offer by the end of next year after its profit zoomed during the lockdown period, a top official of the company said.

Grofers co-founder and CEO Albinder Dhindsa told PTI that the company started making operational profit in January and expects to become cash positive by the end of this year.

Grofers advances IPO plan to 2021-end as lockdown bolsters profits

10. 30 AM: Coronavirus Toll

In India, investors' focus is back to surging domestic coronavirus cases that saw a record jump of nearly 50,000 infections over the last 24 hours and came to 1,436,019 by Monday morning, with total deaths standing at 32,812. Worldwide, there are 16,421,952 confirmed cases and 652,308 deaths from the coronavirus COVID-19 outbreak.

10. 13 AM: ICICI Bank drops over 4%

ICICI Bank share price fell 4.5% after the lender reported a profit that missed estimates for the quarter to June as its provisions for bad loans rose sharply.The lender reported 32% rise YoY in its Q1 FY21 profit at Rs 2,599.1 crore. Company's net interest income rose 20% to Rs 9,280 crore.

10.02 AM: Gold outlook

On MCX Gold's near term outlook, Kishore Narne, Associate Director & Head, Commodities & Currencies, Motilal Oswal Financial Services said," We have been bullish on gold for the last couple of years and the view has played out very well, and two quarters back in Dec'19, we have revised our targets from Rs 42,000/10gms to Rs 65,000/10 Gms in 18-24 months. We expect gold to keep up the momentum with occasional corrections, and we suggest investors to use every dip to keep buying gold over medium to long term targets of Rs 65,000".

9. 46 AM: Market falls further

Equity indices Sensex and Nifty started the week on a bearish note, and fell sharply on Monday, accounting the reverse in SGX Nifty and weak global equities. Sensex fell 216 points to 37,911 and Nifty traded66 points lower at 11,127.

9. 34 AM: Stocks in news

Stocks to watch today on July 27: Cipla, ICICI Bank, InterGlobe Aviation, Adani Power, Infosys among others are the top stocks to watch out for in Monday's trading session

Stocks in news: Cipla, ICICI Bank, InterGlobe Aviation, Adani Power, Infosys

9. 26 AM: Global outlook

Vinod Nair, Head of Research at Geojit Financial Services said, "Global markets were also affected on account of rising US-China tensions. Markets head into the weekend with this uncertainty in mind, after a quid pro quo from the Chinese government. Any further developments in this front will impact trade for next week".

9. 16 AM: Nifty outlook

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking, said, "As we step into the monthly expiry week, our eyes would be on a few crucial levels. On the upside, 11,250 is the level to watch out for; whereas, 11,050 has now become key support. As an optimist, one should remain hopeful as long as we are trading above this swing low (11,050) and expect the market to give breakout in an upward direction to extend the move towards 11,350-11,400. However, a breach of lower end should be treated as a short-term pause to see some decent profit booking.

"Week ahead in share market: 5 things you need to know for coming week

9.00 AM: Global cues

Besides concerns over the rising spread of coronavirus, the ongoing global cues will continue to dictate the market trend. Gains were under check by the concerns of worsening tensions between Washington and Beijing.

Asian shares and US stock futures bounced back on bearish trend on Friday and slipped from five-year highs, followed by over 3 per cent drop in China's Shenzhen stocks amid rising US-China tensions.

8. 50 AM: Earnings today

BEL, Bharti Infratel, India Cements, Kotak Mahindra Bank, Marico, Nippon AMC and Tech Mahindra are among the top companies that will be reporting their April-June quarterly earnings

8. 40 AM: Rupee Closing

On the currency front, Indian Rupee ended weak against the US dollar at 74.94 as compared to the last closing of 74.76 per dollar.

8. 30 AM: Closing

Sensex and Nifty ended on a flat note on Friday amid weak global equities. Sensex closed 11 points lower at 38,128 and Nifty fell 21 points at 11,194.  During the week,  Sensex and Nifty gained 3% and 2.6%, respectively. Both indices have gained more than 33% each since India first went into lockdown in late March.

Sensex, Nifty end flat as rising US-China tensions spook global markets

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