Sensex, Nifty Updates: Equity market indices Sensex and Nifty closed sharply lower on Thursday's volatile session, backed by weak Asian and US equities. Sensex ended 708 points lower at 33,538 and Nifty fell 214 points lower at 9,902. Yesterday, Sensex ended 290 points higher at 34,247 and Nifty rose 69 points higher at 10,116. Meanwhile, the companies set to announce their earnings are Shriram City Union Finance, Westlife, JK Agri Genetics, KSB, KNR Constructions, Sundaram Fasteners, Redington, Ind Bank Housing.
Here's a look at the updates of the market action on BSE and NSE today
3. 40 PM: Closing
Equity market indices Sensex and Nifty closed sharply lower on Thursday's volatile session, backed by weak Asian and US equities. Sensex ended 708 points lower at 33,538 and Nifty fell 214 points lower at 9,902.
3.00 PM: Earnings today
Companies set to announce their earnings are Shriram City Union Finance, Westlife, JK Agri Genetics, KSB, KNR Constructions, Sundaram Fasteners, Redington, Ind Bank Housing.
2.45 PM: State Bank of India stock price declines over 5%
Stock touched an intraday low of Rs 178.2, falling 5.11% on BSE after the largest public sector lender is looking to raise up to $1.5 billion through private placement of secured noted during FY21.
2.33 PM: Market drops further
Equity market indices Sensex and Nifty fell sharply on Thursday's volatile session, backed by weak Asian and US equities. Sensex traded 650 points lower at 33,569 and Nifty fell to 9,928, 187 points lower.
2.00 PM: Vodafone shares decline over 14%
Shares of telecom major Vodafone Idea weere trading 14% lower on Thursday trade, ahead of a Supreme Court hearing on the adjusted gross revenue (AGR) case.
The Department of Telecommunication (DoT) had approached the top court on 16 March seeking approval for a formula allowing telecom service providers to pay AGR dues in annual installments over the next 20 years or more.
The stock price of Vodafine Idea fell to the intrady low of Rs 9.26 on BSE, down 14.44% of its earlier close of Rs 10.82.
1.30 PM: Indian pharma firms dragged to US court
At least five Indian generic drug manufacturers are among 26 generic drugs makers that are facing a fresh law suit in the US on complaints of manipulation and artificial inflation of generic medicine prices. The complaint, filed in the US District Court for the District of Connecticut focuses on 80 topical generic drugs that account for billions of dollars of sales in the United States. The Indian companies that have been dragged to court include Aurobindo, Glenmark, Lupin, Sun and Wockhardt.
1. 00 PM: Indian Hotels share price falls 7%
Indian Hotels share price fell 7% in early trade today after the firm reported a 37.75% decline in its consolidated net profit for the March quarter. Share price of Indian Hotels fell up 7% to Rs 86.30 compared to the previous close of Rs 92.80 on BSE. Total 1.02 lakh shares changed hands amounting to turnover of Rs 94.34.
12. 45 PM: Ramco Systems share price hits 20% upper ciruit
Ramco Systems share price hit upper circuit of 20% in trade today after Mumbai-based investor and trader Vijay Kedia bought 1.1 percent equity stake in the software and services company. Kedia purchased 3,39,843 equity shares of the company at Rs 87.82 per share, according to bulk deals data available on the National Stock Exchange.
Indian Hotels share falls over 7% after Covid-19 affects Q4 net profit
12.32 PM: Stocks to watch today on June 11
Shriram Transport, Mahanagar Gas, Dr Reddy, HSIL, Voltas, Jindal Stainless among others are the top stocks to watch out for in Thursday's trading session
12.20 PM: Gold Outlook
Geojit Financial in its daily report expects the trend for the precious metal to remain on the positive side till prices stay above $1660 and added that it requires to break $1735 to continue the momentum for the day. Conversely, a direct drop below $1660 would trigger selling pressure which may take prices towards $1620 or more, the report added later. As per Geojit Financial, MCX Gold August future's Resistance is at Rs 46780, while support is at Rs 45870.
12.00 PM: Global cues
Asian equities were set to fall on Thursday after gloomy economic projections from the Fed sent the US dollar and most Wall Street shares lower.
Wall Street closed lower yesterday after Federal Reserve left rates unchanged and hinted at keeping rates near zero through 2022.
European markets closed lower as investors' awaited decision from FOMC on interest rates and its economic forecast.
11.45 AM: Oil price rise today
Oil recovered previous day's minor pull back even as data showed crude inventories rose by 5.7 million barrels in the week to June 5 to 538.1 million
11.30 AM: Gold rises todayGold price continued to move up and rallied in the domestic commodity markets on Thursday, tracking bullish cues from international market as FED kept interest rates unchanged.
On MCX, gold futures for the August month traded 1.12% or Rs 524 higher at 47150 per 10 gm, after hitting the day's high at 47,234, as against the earlier close of 46,626. The metal hit an intraday low of 46,750, also its opening price today.
11.00 AM: Federal Reserve outlook
The Federal Reserve after its two-day meet estimated the US economy to shrink by 6.5% in 2020 and the unemployment rate to be at 9.3% at year's end. Further, it pledged its full support to ease the pandemic pain.
Fed officials after its meet on Wednesday also flagged the need to keep the key interest rate near zero through at least 2022.
10.47 AM: Tata Metaliks share price gains over 5%
Tata Metaliks share price opened with a gain of 5.34% today and touched an intraday high of Rs 518 on BSE, as agsinst the last closing value of Rs 491.75 on BSE.
The company reported 20% rise in its net profit at Rs 77 crore during the quarter ended March 31, 2020, as against profit of Rs 64 crore, recorded in a year-ago period. Company's total income fell 12% (YoY) to Rs 4173.04 crore in the January-March quarter of the current fiscal as compared to Rs 3883.38 crore in a year-ago period.
10. 31 AM: Technical outlook
Expressing views on the market trend today, Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking), "We continue with our positive stance as long as 10000-9900 is being defended successfully. Although, index is struggling around 10200-10300, we will not be surprised it to be crossed in coming days. Today being the weekly expiry, one should adopt a buy on dips strategy and in case of any early morning dip towards 10070-10040 should be treated as a buying opportunity. We expect the move to first continue towards 10200 and if momentum permits we can even continue this march towards 10250-10300 levels."
10.23 AM: Rupee opens lower
Indian rupee opens at 75.80 per dollar as against the last close of 75.59 per dollar.
10.00 AM: Gold outlook
Expressing views on gold, Anuj Gupta (DVP-Commodities & Currencies Research, Angel Broking) said,"Today, Gold prices are trading on a positive note as FED kept interest rates unchanged. Along with the rate decision, the US FED projected that the economy will shrink 6.5% in 2020, and this projection supports the safe heaven demand for Gold. We are recommending to buy Gold. For intraday perspective, traders can Buy Gold at 47000 levels, with the stop-loss of 46750, for the target of 47600 levels. Weakness in dollar and low bond yields may also support the gold prices. In international market, Gold may test $1750 levels soon."
9.40 AM: Shriram Transport Finance share price gains over 5%
Shriram Transport Finance share price touched an intraday high of Rs 663.45, rising 4.41% on BSE after the company reported its quarterly result.
The company reported 70% drop in its net profit at Rs 223.38 crore during the quarter ended March 31, 2020, as against profit of Rs 746.04 crore, recorded in a year-ago period. Company's total income rose 7.46% (YoY) to Rs 4173.04 crore in the January-March quarter of the current fiscal as compared to Rs 3883.38 crore in a year-ago period.
9.23 AM: Opening bell
Sensex opened 190 points lower at 34,055 and Nifty fell to 10,050, 56 points lower.
9.00 AM: Earnings today
Earnings Today: Shriram City Union Finance, Westlife, JK Agri Genetics, KSB, KNR Constructions, Sundaram Fasteners, Redington, Ind Bank Housing among others will announce their Q4 results today
8. 50 AM: SGX Nifty
SGX Nifty also traded 30 lower at 10,079, indicating a muted trend at the domestic grounds.
8.30 AM: Closing
On Wednesday, equity market indices Sensex and Nifty climbed higher , backed by global markets amid heavy rally in banking stocks. SGX Nifty also traded 70 higher at 10,288, indicating a positive trend at the domestic grounds. Sensex ended 290 points higher at 34,247 and Nifty rose 69 points higher at 10,116.
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