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Share Market Highlights: Sensex ends 811 points lower, Nifty at 11,222; HDFC Bank, Bajaj Finserv top losers

Dalal Street today: Bajaj Auto, Nestle India, ICICI Bank, PowerGrid and Bharti Airtel were among the laggards. On the other hand, HCL Tech was the top gainer in the Sensex pack, followed by Infosys, Tech Mahindra, TCS, Kotak Bank, M&M and Asian Paints

twitter-logoBusinessToday.In | September 21, 2020 | Updated 16:55 IST
Share Market Highlights: Sensex ends 811 points lower, Nifty at 11,222; HDFC Bank, Bajaj Finserv top losers
Share Market Highlights: Here's a look at the updates of the market action on BSE and NSE today

Sensex, NiftyHighlights on September 21: Sensex and Nifty closed majorly bearish on Monday, amid major sell off in global equities. Global equity markets fell over 2% today, as worries about a resurgence in coronavirus cases across the globe spooked investors, especially after many European cities started lockdown restrictions. Extending fall for the third staright session, Sensex ended 811 points lower at 38,034 and Nifty fell 282 points lower at 11,222. During the last week, Sensex ended 8.75 points or 0.02% lower, while Nifty gained a mere 40 points or 0.35%. Worldwide, there were 312 lakh confirmed cases and 9.65 lakh deaths from COVID-19 outbreak. Meanwhile, India's death toll from COVID-19 infections rose to 0.87 lakh and total coronavirus cases to 54.87 lakh as of Monday.

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

3. 49 PM: Market quote

Vinod Nair, Head of Research at Geojit Financial Services said "Indian benchmark indices succumbed to profit booking in the second half of the trading day and ended more than 2% down. It was in sync with global cues which turned negative following a surge in infections in various countries including in Europe. Additional restrictions were being considered in Europe following an increase in infections. With high valuations and worries that earnings may not justify such valuations anytime soon, markets may trade uncertain for the time being. Stay cautious."

3. 35 PM: Market outlook

-Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," The markets have broken the support of 11300 on a closing basis and this is definitely an alarming situation. We could drop to 10950-11000 levels as the fall today has been fierce and on the back of good volumes. The resistance on the upside is at 11550-11600. Until then the markets look weak."

3. 20 PM: Market quote

S Ranganathan, Head of Research at LKP Securities said,"Indices on Monday slided 2.5% on reported irregularities in certain Global Banks which spooked markets globally. Fears of another lockdown in the UK created further scare here as investors booked profits in several stocks which have rallied sharply over the last couple of weeks. The Sensex close of 38k is also not a clear reflection on the kind of carnage witnessed today in the broader markets".

3.12 PM: Market falls further

Sensex and Nifty turned majorly bearish on Monday's afternoon session, amid mixed global equities. Extending fall for the third staright session, Sensex was falling 747 points to 38,098 and Nifty was trading 234 points lower at 11,270.

2. 50 PM: IPO outlook

On Chemcon IPO, Nirali Shah, Senior Research Analyst, Samco Securities said,"  Given the company is the only manufacturer of HMDS in India and the largest of CMIC in India in terms of production, it aims to capitalize on the potential growth in India by expanding manufacturing and sales. However, concentration risk is high since 72% of its revenue is from Top 10 clients along with dependency on a limited product portfolio.

Angel Broking she said,"From a valuation perspective, Angel Broking is valued at a price to earnings multiple of 26.6 times which is slightly higher than expected. The company is well placed when compared to its peers and hence we recommend market participants to subscribe to this IPO too for listing gains only. 

2.41 PM: Nfty outlook

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said,"For this week, 11600-11650-11700 remains to be a cluster of resistance; whereas on the lower side, 11450-11380 are to be seen as crucial supports. Any aggravation below these points would result in an extended correction in our market."

He added,"In the last three weeks, we had a couple of reality checks which we believe to be seen in-between the moves going forward. Hence, one needs to remain cautious and should ideally avoid aggressive bets overnight. Banking space continues to be a spoilsport and in fact, Friday's correction was solely led by banking stocks as the Bank Nifty slipped below the key support of 22000 during the session."

2. 32 PM: European markets deep in red

European markets traded deep in red as investors watched rise in coronavirus cases across Euro zone and the prospects of economic recovery.

Amid a resurgence of infections in Europe, market indices opened almost 3% lower in bearish territory, as European cities announced new restrictions to curb the pandemic from spreading.

Traders said resurgence in coronavirus cases spooked investors.Most Asian indices were trading 1-5% lower today

2. 25 PM: Market update

On markets' trend today Yash Gupta, Equity Research Associate, Angel Broking said,"Indian Indices Nifty and Sensex, down by 68 points (0.59%) and 185 points (0.45%) respectively. Indian broader market seems to be under pressure after a positive opening trade. Nifty again failed to hold the important mark of 11500. Today S&P BSE Information Technology (up 1.83%) is the only sector trading in green while S&P BSE Telecom (down 4.08%), S&P BSE METAL (down 2.63%), S&P BSE Finance (down 0.77%). We expect momentum in the defensive sector like IT to continue. Global Market update - DOW Jones down by 244 points (up 0.88%) and NASDAQ down by 117 points (down 1.07%).

2. 10PM: Adani Green share price rises over 3%

Share price of Adani Green Energy share price gained over 3% in Monday's early session after Vanguard Group Inc acquired shares in the company. Vanguard Group Inc A/C Vanguard Emerging Markets Stock Index Fund A Series of V I E I F acquired 1,30,84,019 equity shares in the company at Rs 666.96 per share, as per data available on NSE.

Share price of Adani Green Energy opened with a gain of 2.76% at Rs 682.95 and later touched an intraday high of Rs 686, rising 3.22% against the last close of Rs 664.60.

Adani Green share price rises 3% after Vanguard buys 1.3 crore shares

1. 55 PM: Market declines 1.6%

Sensex and Nifty turned majorly bearish on Monday's afternoon session, amid mixed global equities. Traders said global equity markets were highly volatile today, as worries about a resurgence in coronavirus cases across the globe spooked investors. Sensex was falling 648 points to 38,197 and Nifty was trading 210 points lower at 11,294.

1. 43PM: Top losers and gainers today

Bajaj Auto, Nestle India, ICICI Bank, PowerGrid and Bharti Airtel were among the laggards. On the other hand, HCL Tech was the top gainer in the Sensex pack, followed by Infosys, Tech Mahindra, TCS, Kotak Bank, M&M and Asian Paints

1. 30 PM: HCL Tech quote

HCL Technologies Ltd. today announced its intent to acquire DWS Limited, an Australian IT, business and management consulting group.

On the announcement, Jyoti Roy-DVP- Equity Strategist, Angel Broking said,"The DWS Group, with over 700 employees reported FY20 revenue of AUD 167.9mn provides a wide range of IT services including Digital Transformation, Application development & support, Program & Project Management and Consulting. HCL Tech currently employs over 1600 people in Australia and the acquisition of DWS will strongly enhance HCL's contribution to Digital initiatives in Australia and New Zealand while strengthening HCL's client portfolio across key industries. The transaction is expected to close in December 2020, subject to closing conditions, including regulatory approvals. HCL Tech remains our top pick in the large cap IT space and we have a buy rating on the company with a target price of Rs.946."

1. 20 PM: Market outlook

According to Vinod Nair, Head of Research at Geojit Financial Services, the clear lack of direction to either side was visible in last week's trade. "Due to lack of any fresh triggers for the market, the current uncertainty is expected to continue," he added.

1. 11 PM: Rupee rises 11 paise

Indian rupee, the currency benchmark, strengthened 11 paise to 73.34 per US dollar on Monday, supported by weak American currency and foreign fund inflows. This was despite a volatile trading session in equity market on a global scale.

The domestic unit opened at 73.43 per dollar t the interbank forex market, and gained further ground to touch 73.34 per US dollar, rising 11 paise over its previous close.

Rupee rises 11 paise to 73.34 amid weak dollar, foreign fund inflows

1.03 PM:Oil prices today

Brent crude futures, the global oil benchmark, rose 0.05 per cent to USD 43.17 per barrel. Oil price remained mixed on news that a blockade on the oil exports would be lifted for a month but falling US equity markets weighed.

12. 56 PM:  Market update

Sensex and Nifty traded on a volatile note on Monday, amid mixed global equities. Traders said global equity markets were highly volatile today, as worries about a resurgence in coronavirus cases across the globe spooked investors. Sensex was falling 82 points to 38,762 and Nifty was trading 33 points lower at 11,471.

12. 43 PM: Dollar index

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.16 per cent to 92.77.

12. 36 PM:Allcargo Logistics

On Allcargo Logistics CFO Resign, Yash Gupta, Equity Research Associate, Angel Broking said," All cargo logistics ltd Group Chief Financial Officer and Key Managerial Personnel of the Company Mr Sheetal Gulati resign from 18th September 2020. As per the intimation provided to exchange no reason has been given for the resignation. This comes after the board approved the delisting proposal and set floor price at Rs 92.58, which is a 23% discount to its current price of Rs 120.50. This is another negative development for the shareholders of the company.

12. 20 PM: Sebi asks MF houses to establish policy on trade execution, allocation

Markets regulator Sebi on Thursday asked mutual fund houses to put in place a policy specifying role of several teams engaged in fund management and back office with regard toexecution of order and allocation of trade among various schemes. The policy will ensure that all the schemes and its investors are treated in a fair and equitable manner, the Securities and Exchange Board of India (Sebi) said in a circular.

Sebi asks MF houses to establish policy on trade execution, allocation

12. 14 PM:Route Mobile share debuts today

Route Mobile share made a strong debut on Monday delivering over 100% gains to its investors. Stock of Route Mobile listed at a premium of 102.28% above its IPO issue price of Rs 350 on BSE.  Route Mobile share opened at Rs 708, gaining Rs 358 compared to its issue price today.  The share further rose to an intra day high of Rs 735, a gain of Rs 385 or 110%  above its issue price.

Route Mobile share makes stellar debut, lists at 105% premium over issue price

12.07 PM: Gold outlook

Commenting on gold's outlook, Anuj Gupta added," As for today traders can go for buy in gold at Rs 51,500 levels with the stop loss of Rs 51,200 levels for the target of 52,100 levels. They can also go for buy in Silver  at Rs 67,500 levels, with the stop loss of 66,800 levels and for the target of 68,500 levels. In the Bullion index Bulldex traders can also go for buy at 16050 with the stop loss of 15850 and for the target of 16250. In international market gold may test $2000 per ounce and silver may test $ 28.50 per ounce soon."

Expressing views on gold's trend , Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said," Despite falling retail sales, slowdown in consumer spending and a weak labor market in US, the Federal Reserve expressed hopes of a paced recovery in the coming months which weighed on the safe haven, Gold. While the US Federal Reserve vowed to keep the interest rates low, no signs of further stimulus infusion to support the economy shackled by the pandemic further limited the gains for Gold."

11. 59 AM: Nifty outlook

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The markets are trying to keep above the 11500 level. We are in expiry week and it is important we respect the levels of 11300-11350 as that is where the supports are. On the upside, a target of 11800 is still achievable this month."

11. 43 AM: Computer Age Management Services IPO

The initial public offer (IPO) of Computer Age Management Services (CAMS) is scheduled to open on Monday. The issue closes on September 23. Chennai headquartered company has  raised Rs 666.57 crore from anchor investors ahead of the opening of the public offer. A total of 35 investors, including 17 FPIs and 13 mutual funds, participated in the anchor's book.

CAMS IPO opens today; should you subscribe to share sale?

11. 26 AM:Chemcon Speciality Chemicals IPO

Chemcon Speciality Chemicals launched its initial public offering (IPO) today. The specialised chemical products manufacturer is offering 93.52 lakh shares of Rs 10 each. The share sale will end on September 23. Of these, 48.52 lakh shares will be issued fresh and 45 lakh shares will be part of offer for sale (OFS). Shares are available in a price band of Rs 338 to Rs 340 per share.

Chemcon Speciality Chemicals IPO in progress; should you subscribe to the issue?

11. 13 AM: Coronavirus toll

Worldwide, there were 312 lakh confirmed cases and 9.65 lakh deaths from COVID-19 outbreak. Meanwhile, India's death toll from COVID-19 infections rose to 0.87 lakh and total coronavirus cases to 54.87 lakh as of Monday.

11. 02 AM: Market update

Uncertainty about a fresh round of fiscal stimulus from Washington and concerns over tensions between world two largest economies have kept the  markets voaltile recently.

Traders said investors awaited developments on US fiscal stimulus by the Federal Reserve policymakers in the US, due this week. Concerns about tensions between the US and China, worries about the sluggish pace of economic recovery also kept investors pessimistic.

Investors were also spooked amid resurgence in COVID-19 infections across the world and European cities announcing new restrictions to curb the pandemic from spreading.

10. 56AM: Gold falls today

Gold prices were trading lower on Monday despite softer dollar, as investor focussed on speeches by Federal Reserve policymakers due this week on the US central bank's approach to inflation and stimulus measures.

On the Multi Commodity Exchange, Gold October Futures fell Rs 168 at Rs 51,547, after hitting an intraday low of Rs 51,534 against the previous close of Rs 51,715 per 10 gm. Since the beginning of the year, the yellow metal has risen 41.5% to life-time high of Rs 56,191 per 10 gm, hit on August.

Gold price falls to Rs 51,500, silver rates at Rs 67,500

10. 40 AM: Seven of top 10 most valued companies lose over Rs 59,000 crore in combined m-cap

Combined erosion of Rs 59,259.58 crore was seen in the market capitalisation of the seven of the top 10  most valued domestic firms last week. Hindustan Unilever, HDFC Bank and Kotak Mahindra Bank were the major laggards for the trading week closed on Friday.

Seven of top 10 most valued companies lose over Rs 59,000 crore in combined m-cap

10. 36 AM: Global markets

Overseas, Asian stocks were mixed on Monday, as investors awaited developments on U.S. fiscal stimulus and coronavirus vaccines amid a resurgence of infections in Europe.

China kept its benchmark lending rate for corporate and household loans steady for the fifth straight month at its September fixing on Monday, as expected.

In US, stock indexes closed lower Friday, amid uncertainty about a fresh round of fiscal stimulus from Washington, concerns about tensions between the U.S. and China, and worries about the sluggish pace of economic recovery.

10. 21 AM: Nifty outlook

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said, "With a broader view also, we are a bit unsure whether the Nifty has enough strength to go pass the sturdy wall of 11650-11680. For the coming session, 11620-11650-11680 continues to be a strong resistance zone and we advise traders not get carried away by last 2-3 days' upmove. As far as supports are concerned, 11570-11540 would be seen as intraday supports and a move below 11540 would give early signs of weakness."

10. 14 AM: Market update

Sensex and Nifty traded higher on Monday, amid mixed global equities. Traders said global equity markets were highly volatile today, as worries about a resurgence in coronavirus cases across the globe spooked investors. Reversing trend from 2 days of consecutive falls, Sensex was rising 103 points to 38,949 and Nifty was 13 points higher at 11,518.

10. 08 AM: Stocks to watch today on September 21

Route Mobile, RITES, DHFL, Future Enterprises, HCL Tech, Ajanta Pharma among others are the top stocks to watch out for in Monday's trading session.

Stocks in news: Route Mobile, RITES, DHFL, Future Enterprises, HCL Tech, Ajanta Pharma

9. 55 AM: Nifty technicals

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said, "The markets continue to respect the 11500 level which is heartening for the bulls. The key level to be respected is 11300-11350 and if we can manage that, we should be able to achieve 11800 by the expiry next week."

9. 45 AM: Global markets

Asian markets are mostly mixed with Japanese markets closed for holiday. Standard Chartered & HSBC shares tumble after reports that they allegedly move illicit funds.

U.S. markets closed lower on Friday amid uncertainty about a fresh round of fiscal stimulus from Washington and concerns over tensions with China.

European markets closed lower as investors watched rise in coronavirus cases across Euro zone and the prospects of economic recovery.

9. 36 AM: Market technical outlook

Reliance Smart Money said in its note,"NSE-NIFTY continued its weekly rising trend and regained 11,500 mark. In the last week, the index lost thrice out of five trading sessions and reported gain of 0.4%. On Friday, the index tested its 20-day EMA and recovered major intraday loss. As mentioned earlier, our bullish view will remain intact provided the index stays firm above its short-term moving average 20-day EMA, which is placed at 11,436 mark. On the higher side, the index will face major hurdle at 11,794 mark. However in case of breakdown from its 20-day EMA, the index will find support at 11,185 level, which coincides with its recent swing low."

As for the day, support is placed at around 11,439 and then at 11,374 levels, while resistance is observed at 11,577 and then at 11,650 levels.

9. 22 AM: Rupee outlook

Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking said," The Indian rupee ended the week with marginal gains of 0.10 percent, wherein the volatility has remained high on the back of US Fed and BoE interest rate decisions. Tracking the decline in Dollar Index, long bets in the domestic unit have surged in line with the other Asian peers. As the US Fed looks inclined to continue with a low interest rate regime for several years to support the economic recovery path, dollar index has remained under pressure. On the other hand, the RBI also seems to have given a pause to its dollar buying spree to build its forex war chest, which has provided room for the local unit to edge higher.

Commenting on Rupee's near term outlook, she added," Going ahead, rupee has strong support at 74 mark, while 72.80 remains a stiff hurdle on the higher side. The Indo-China border tensions will keep the uncertainty alive for the rupee, while the trajectory of dollar index will also provide further cues."

9. 16 AM: Opening session

Sensex and Nifty opened on a flat note on Monday, extending last week's bearish trend, amid mixed global equities. Sensex was falling 33 points to 38,812 and Nifty was 1 points lower at 11,503.

9. 08 AM: CII data

The latest CII Business Confidence Index has surged to the level of 50.3 in July-September 2020, bouncing back from its lowest reading of 41 recorded in April-June 2020, the industry chamber said in a statement.

8. 50 AM: FII and DII action

Foreign portfolio investors (FPIs) bought shares worth Rs 205.15 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 100.83 crore in the Indian equity market on 18 September, provisional data showed.

8. 40 AM: Rupee closing

On the currency front, the Indian rupee strengthened by 21 paise to close at 73.45 per dollar on Friday as weak American currency that buoyed investor sentiment.

8. 30 AM: Closing on Friday

Last week, domestic market indices closed lower for the second straight session Friday amid mixed cues from global markets. Erasing early gains, Sensex ended 134 points lower at 38,845 and Nifty fell 25 points to 11,490. During last week, Sensex ended 8.75 points or 0.02% lower, while Nifty gained mere 40 points or 0.35%.

Sensex, Nifty close lower for second session; Maruti, Kotak Bank, HUL top losers

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