Sensex, Nifty Updates: Sensex and Nifty extended rise for the third straight session and closed on a bullish note on Friday, backed by positive global equities amid healthy macroeconomic data flow and hopes of a COVID-19 vaccine. Tracking gains in index-heavyweights Reliance Industries, HUL and Kotak Bank, Sensex was closed 177 points higher at 36,021 and Nifty ended 55 points higher at 10,607. Positive news around the development of a potential coronavirus vaccine and not so weak key economic data from US and China also kept momentum upwards in equity markets worldwide. However, gains were capped amid rising coronavirus cases across the world that weighed on market sentiments. Yesterday, 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.
Here's a look at the updates of the market action on BSE and NSE today
3. 45 PM: Closing
Sensex and Nifty extended rise for the third straight session and closed on a bullish note on Friday, backed by positive global equities amid healthy macroeconomic data flow and hopes of a COVID-19 vaccine. Tracking gains in index-heavyweights Reliance Industries, HUL and Kotak Bank, Sensex was closed 177 points higher at 36,021 and Nifty ended 55 points higher at 10,607
3. 20 PM: Cadila Healthcare shares rise nearly 5%
Shares of Cadila Healthcare climbed almost 5% on Friday's early session after the Ahmedabad-based company received a nod from the Drugs Controller General of India (DCGI) for human clinical trials of an indigenously developed Covid 19 vaccine.
Cadila Healthcare share price opened with a gain of 4.56% today at Rs 379.80 and later touched an intraday high of Rs 380, rising 4.61% as against the last close of Rs 363.25 on BSE. The stock trades mere points away from its 52-week high of Rs 383.65. The Cadila Healthcare stock has risen 4.73% in the last 2 sessions of straight gains.
3. 10 PM: Rupee closing and outlookCommenting on rupee outlook today, Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities said,"Rupee ended at over three month high as risk appetite boosted following an upbeat US employment data, while likely overseas inflows into local stocks weigh down spot pair. Globally stocks were supported by uplifted sentiments following the strong US jobs data. FII inflows into local equities led gains in local currency. Rupee has now taken support at 75.50 broadly after yesterday's broad based selling. on upside rupee can test levels of 74.40-74.20".
2. 55 PM: Rupee ends higher today
On the currency front, rupee, the local currency ended at 74.64 per dollar as against the earlier closing price of 75.01 per dollar today
2. 32 PM: Tata Motors share price climbs almost 5%
Bucking the trend of the auto sector that fell 0.117% on BSE today, shares of Tata Motors gained almost 5% on Friday's early trade. The stock price of the auto maker touched an intraday high of Rs 106.35, rising 4.73% as against the previous closing of Rs 101.55. The stock opened at Rs 102.70 and also hit a day's low at Rs 102.10 on BSE.
Tata Motors stock has been risen 2.5% in one week and 5.36% in one month. The total amrket capitalisation of the stock stood at Rs 32,156.22 crore as of today's session.
2. 16 PM: Oil prices fall today
Oil prices eased on Friday, reversing earlier gains, as the resurgence of the coronavirus globally and in the United States, the world's largest oil consumer, stoked worries that a fuel demand recovery could stall. Brent crude futures were down 29 cents, or 0.7 per cent, at $42.85 a barrel as of 0339 GMT, and US West Texas Intermediate (WTI) crude futures fell 31 cents, or 0.8 per cent, to $40.34 a barrel.
1. 45 PM: Sensex and Nifty since Jan 2020
With the Covid-19 pandemic started spreading across the world, Indian equity benchmarks Sensex and Nifty have dropped almost 40% from record highs in January 2020 to a near four-year low on March 24.
However, since then, the domestic indices have recovered, following a global rally on the back of liquidity provision by the central bank to cope with the economic downfall due to coronavirus led lockdown and are gradually rising despite increasing fears of the spread of the coronavirus.
Although both the benchmarks have fallen over 12% since the beginning of the year, Sensex has gained 22%, while Nifty has risen 23% since 31st March 2020.
1. 26 PM: Muthooth Finance shares today
Shares of Muthoot Finance were trading at Rs 1,124.20 apiece on BSE, up by 1.40 per cent over its previous close.
Non-banking finance company Muthoot Finance on Friday said its board of directors will meet on July 18 to consider the proposal for stock split. In a regulatory filing the company said its a meeting of the board is scheduled to be held on July 18, to consider and approve the proposal for sub-division/stock split of equity shares of the company, subject to shareholders approval. Stock split is a process, in which the company divides its existing shares into multiple shares to boost the liquidity of the shares.
1.11 PM: Rupee outlook
Expressing views over Rupee's current outlook, Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking said,"The bias for the rupee has shifted towards appreciation, given the risk-on environment and significant flows in the market, and as strong data sets from the U.S. have weighed on the dollar. That should lead to the rupee testing levels of 74.30 and 74 eventually, having said that, we believe the RBI will step in at regular intervals, and will not be comfortable to see the rupee appreciate beyond the 73.90 to 74.00 band.We expect rupee to trade in the 74.00 to 75.60 band in the near-term."
12.22 PM: LIC made fresh investment in 16 stocks
Taking the opportunity of sharp fall in prices due to the pandemic, LIC, one of the major equity investors in India has made fresh investments in 16 stocks in the March quarter of the year 2020.
These 16 stocks in its radar included HCL Technologies, Hindustan Unilever, IndusInd Bank, Adhunik Metaliks, Amara Raja Batteries, Birla Tyres and Tata Consumer Products. The state-owned insurance major also acquired additional shareholding in 43 stocks during the quarter. These inlcluded Adani Ports, Ashok Leyland, Bharat Forge, Bharti Infratel, Biocon, Colgate, Cummins, Dr Reddy's Labs, Havells and HDFC Bank.
During the quarter, LIC also reduced shareholding in stocks like ACC, Ambuja Cements, Asian Paints, Axis Bank, Bajaj Auto, Bajaj Finserv, Bata India, Bharat Electronics, BHEL, BPCL, Bharti Airtel, Britannia Industries, CONCOR, Dabur India, Garden Reach Shipbuilders, GSK Pharma, HEG, Hindalco, Yes Bank, ICICI Bank, ITC, ICRA, Kotak Mahindra Bank, Maruti Suzuki India etc.
11. 36 AM: HDFC Life Insurance share price rises over 5%
HDFC Life Insurance share price gained in trade today on report the firm would replace Vedanta on Nifty from July 31 due to the proposed voluntary delisting of the mining major. Share price of HDFC Life Insurance climbed 5.19% to Rs 576 against previous close of Rs 547.95 on BSE.
HDFC Life Insurance share opened with a gain of 3.11% at Rs 565 today.
11. 15 AM: Expert opinion on RIL
Expressing views on RIL-Intel Deal, Jyoti Roy, DVP Equity Strategist, Angel Broking said,"With the Intel deal the company has so far raised investments of INR 1,17,588 crore for a 25.1% stake in Jio Platforms from marquee investors like Facebook, Silver Lake Partners, General Atlantic, KKR, Intel etc. Investment by such marquee names in Jio Platforms has reaffirmed our conviction in the company's potential transformation to a digital play from a brick and mortar company. The company well on it's way to achieve a net debt free status by raising INR 1.7lakh cr. through a combination of stake sale in Jio Platforms and rights issue which is leading to a rerating for the company. "
He added,"We are positive on Reliance Industries Ltd. from a long term perspective as we believe that the digital and retail business will be key growth drivers for the company going forward. Potential listing of the digital and retail business over the next 3-5 years would also lead to significant value unlocking for shareholders in the long run. We also expect the hydrocarbon business to recover in the second half of the year as demand for petro products normalizes. Given no significant capex outlay in the near future, the hydrocarbon segment should generate free cash flows which can be used to fund expansion in other businesses. "
10.54 AM: Reliance Industries share price gains today
Reliance Industries share price rose in early trade today on report that Intel Capital, investment arm of Intel Corporation, would invest Rs 1,894.50 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Reliance Industries stock rose 1.4% to Rs 1,785 against the previous close of Rs 1,760 on BSE.
The large cap stock has gained 4.33% in last 3 days. RIL stock price has risen 14.79% in one month and 16.94% since the beginning of this year. Reliance Industries share trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
10.41 AM: Rupee opens at over 3-month high against the US dollar
Rupee, the local currency opened at a 3-month high of 74.60 per dollar as against the previous close of 75.01 per dollar on Thursday, on back of positive opening in domestic equities.
However, rising coronavirus cases across the world and continued foreign fund outflows kept the gains at check.
Foreign institutional investors were net sellers on Thursday, offloading equities worth Rs 556.72 crore, provisional exchange data showed.
10. 32 AM: Oil prices fall
Oil prices were declining in today's session as amid rising coronavirus cases across the world that weighed on demand for the commodity. The international oil benchmark Brent crude futures fell 0.70 per cent to USD 42.84 per barrel.
10. 28 AM: Global equities rise on key economic data
Wall Street ended bullish yesterday following a positive jobs data in the US, registering a record increase in payrolls and a decline in unemployment. Meanwhile, bourses in Shanghai, Hong Kong, Tokyo, Singapore and Seoul were trading with gains. China's June Caixin/IHS Markit services PMI came in at 58.4 Vs 55 (MoM) and new business for China services firms expanded at the fastest pace in 10 years even as employment fell for the 5th straight month.
10. 12 AM: Single day jump in cases
India recorded single-day jump of 20,903 COVID-19 cases, pushing the total tally pan India to 6,25,544, while the death toll climbed to 18,213 with 379 new fatalities,
10.00 AM: Top gainers and losers
Bajaj Auto, followed by Asian Paints, Bharti Airtel, HUL, Reliance Industries, HUL and Kotak Bank were among the top gainers in the Sensex pack. On the contrary, Tata Steel, HDFC, M&M and Bajaj Finance were among the laggards.
9. 44 AM: Coronavirus Toll
In India, the number of infections inked to Covid-19 disease spiked to 6.25 lakh, while the death toll rose to 18,213. Worldwide registered cases has crossed 1.08 crore figure and the death toll has topped 5.20 lakh.
9. 37 AM: Market Update
Domestic benchmarks continued yesterday's rally, backed by positive global equities after positive jobs data in the US and hopes of a COVID-19 vaccine enthused investors worldwide. However, gains were capped amid rising coronavirus cases across the world that weighed on market sentiments.
9. 22 AM: Expert outlook on market
On market's recent performance, Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said," Yesterday, Nifty ended the session at 4-months high by adding more than a percent to the bulls' kitty. In the last few weeks, despite intermediate hiccups, we maintained our optimistic stance and advocated using all possible declines. Now, we can see the base shifting higher from 10000-10100 to 10300 now. Before this, 10450 - 10360 are likely to be considered as strong supports. On the upside, the momentum can get extended towards 10650 - 10700 levels."
9. 17 AM: Opening bell
Sensex and Nifty opened bullish on Friday, backed by positive global equities as healthy macroeconomic data flow and hopes of a COVID-19 vaccine boosted investor sentiments. Sensex was trading 215 points higher at 36,059 and Nifty was rising 75 points higher at 10,627.
9.05 AM: Pre-open session
At pre-open session today, Sensex was trading 147 points higher at 35,991 and Nifty was rising 63 points higher at 10,493.
8. 55 AM: Stocks in focus today
Cadila, Muthoot Finance, Tata Power, RIL, Axis Bank, PNC Infratech, Affle India, Sun Pharma, Strides Pharma, HDFC Life, Motherson Sumi, LIC among others are the top stocks to watch out for Friday's trading session.
8. 44 AM: Nifty outlook
"On technical terms, Nifty index managed to surpass the critical hurdle of 10,550 levels," said Ajit Mishra, VP - Research, Religare Broking and added that the index was eyeing 10,700 levels now.
8. 40 AM: Global cues
Positive news around the development of a potential coronavirus vaccine and not so weak key economic data from US and China also kept momentum upwards in equity markets worldwide.
Expressing views over market, Vinod Nair, Head of Research at Geojit Financial Services said, "Global markets are awaiting US employment figures, due out later today, to see the progress of the US economy and its resultant impact on global economic growth. Indian benchmark indices have sustained their momentum while upsides seem to be limited."
8. 35 AM: Market expectations
Sensex and Nifty are likely to open bullish on Friday, amid positive global European and Asian equities.
8. 30 AM: 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."
8. 25 AM: Rupee closing
Rupee, the local currency ended at 75.01 per US dollar against Wednesday's close of 75.59 per US dollar.
8. 20 AM: 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.