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Share Market Highlights: Sensex ends 143 points lower, Nifty at 10,768; ICICI Bank, Axis Bank, GAIL top losers

Stock Market LIVE Updates on July 10: Asian counterparts, bounced back from green and were trading back in negative territory, tracking losses from Wall Street

twitter-logoBusinessToday.In | July 10, 2020 | Updated 16:22 IST
Share Market Highlights: Sensex ends 143 points lower, Nifty at 10,768; ICICI Bank, Axis Bank, GAIL top losers
Here's a look at the updates of the market action on BSE and NSE today

Sensex, Nifty Updates: Benchmark Sensex and Nifty ended the week on a bearish note on Friday, tracking weak global cues amid concerns of fresh set of lockdowns amid rise in coronavirus cases worldwide. Sensex closed 143 points lower at 36,594 and Nifty closed 45 points lower at 10,768. Globally indices turned red as investors turned cautious concerns over the rising number of COVID-19 cases across the world and its impact on economic recovery. Yesterday, Sensex ended 408 points higher at 36,737 and Nifty gained 107 points to 10,813.

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

3. 55 PM: Closing bell

Benchmark Sensex and Nifty ended the week on a bearish note on Friday, tracking weak global cues amid concerns of fresh set of lockdowns amid rise in coronavirus cases worldwide. Sensex closed 143 points lower at 36,594 and Nifty closed 45 points lower at 10,768.

3. 13 PM: Gold prices steady today

Gold price saw some profit booking after touching $1800 yesterday as dollar strengthened slightly.

2. 57 PM: Oil prices decline over 3% today

Oil price dropped more than 3% as concerns of fresh lockdown in various U.S. states due to rising coronavirus cases weighed on demand recovery hopes.

2.44 PM: Global markets today

Asian markets were trading slightly lower on the last working day of the week taking cues from overnight U.S. markets. Wall Street closed lower yesterday as investors grew cautious amid rising coronavirus cases in various U.S. states. European markets reversed trend as investros shrugged off worries of rising coronavirus cases in US.

2. 38 PM: Shares of YES Bank fall over 9%

Shares of YES Bank fell over 9% on Friday's session after the board of the company approved cleared a further public offer (FPO) to raise around Rs 15,000 crore to boost its capital adequacy.

As per lender's red herring prospectus dated (RHP), the shares can be bid in lots of 1,000 equity shares. FPO will open on July 15, 2020, and close on July 17, 2020.

Following the news, YES Bank shares fell 9.19% to the intraday low of Rs 24.3 on BSE. The stock opened at Rs 26.80, it's intraday high on BSE.

Yes Bank share price falls over 9% on lender's board approving FPO price band

2. 13 PM: Arvind Fashions erases early gains over poor Q3 results

Shares of Arvind Fashions were trading 3% higher on Friday's opening session after the retailer announced that Flipkart will pick up 27% stake in its subsidiary Arvind Youth Brands for Rs 260 crore. The recently-formed subsidiary, of the company, will own the Flying Machine brand. The shares, however, erased early gains to trade 2.5% lower as the company posted its March quarter earnings that were poor than street estimates. Arvind Fashions reported a consolidated net loss of Rs 208 crore for the quarter ended March 31, compared to a net profit of Rs 21.30 crore a year earlier, impacted by COVID-19 outbreak and subsequent disruptions in the market.

Arvind Fashions share price rises 3% as Flipkart to buy 27% stake

1.57 PM: This stock gained 10% after Rakesh Jhunjhunwala raised stake in Q1

Firstsource Solutions share price gained over 10% today after ace investor Rakesh Jhunjhunwala raised his stake in the BPO firm in the June quarter.  Share price of Firstsource Solutions rose 10.15% to Rs 44.5 against previous close of Rs 40.40 on BSE.. The stock hit a 52-week high of Rs 55.30 on September 16, 2019 and 52 week low of Rs 20.65 on March 24, 2020.

This stock gained 10% after Rakesh Jhunjhunwala raised stake in Q1

1. 20 PM: YES Bank's Rs 15,000 crore FPO to open on July 15

YES Bank on Thursday announced that lender's board of directors cleared a further public offer (FPO) to raise around Rs 15,000 crore to boost its capital adequacy.The private sector lender said it has filed a red herring prospectus after receiving approval from the capital-raising committee (CRC) of the board. The lender at its meeting held earlier today approved the floor price of its FPO at Rs 12 per equity share and a cap of Rs 13 per equity."The bank has filed a red herring prospectus (RHP) dated July 7, 2020, in connection with the offer, with the Registrar of Companies, Maharashtra at Mumbai," YES Bank said in a regulatory filing.

YES Bank's Rs 15,000 crore FPO to open on July 15

1.00 PM: Market falls further

Benchmark Sensex and Nifty fell further by the afternoon session of Friday, tracking weak global cues amid concerns of fresh set of lockdowns due to rise in coronavirus cases. Sensex fell 304 points lower to 36,433 and Nifty traded 95 points lower at 10,717.

12. 22 PM: Tata Motors share price slips 1.26%

Tata Motors share price slipped in early trade today after the automaker said retail sales of Jaguar Land Rover (JLR) for the quarter ended June were affected by Covid-19 due to the unprecedented market conditions, but improved month-on-month through the quarter.

Share price of Tata Motors slipped 1.26% to Rs 105.65 against previous close of Rs 107 on BSE. Tata Motors share has lost 29.66% in one year and lost 42.46% since the beginning of this year. Total 20.95 lakh shares changed hands amounting to turnover of Rs 22.51 crore.

Tata Motors share price slips after JLR sales fall 24% in June

12. 12 PM: Oil price head for weekly loss

Oil prices were trading lower on Friday after a steep fall in the previous session and were set for a weekly decline. This was on back of worries due to renewed lockdowns following a surge in coronavirus cases in the United States and elsewhere, that will suppress demand for the commodity.

Brent crude was down by 7 cents, or 0.2%, at $42.28 a barrel after falling more than 2% on Thursday. U.S. oil fell 13 cents, or 0.3%, at $39.49 a barrel after a drop of 3% in the previous session. Brent is heading for a weekly decline of more than 1% and U.S. crude is on track for a fall of nearly 3%.

Oil prices head for weekly loss as coronavirus cases rise worldwide

11. 54 AM: TCS result expert outlook

Commenting on 1QFY21 results of TCS, Jyoti Roy, DVP Equity Strategist, Angel Broking said,"TCS reported a 7.0% qoq degrowth in revenues to USD 5.06bn as compared to market expectations of 5-6% degrowth. In rupee terms revenue contracted by 4.1% qoq to Rs.38,322 crore while gross profits degrew by 9.9% qoq to Rs.15,108 crore. Gross margins contracted by 258bps qoq to 39.4% though cost control in the form of reduced SG&A expenses limited contraction in EBIT margins to 149bps qoq to 23.6% while EBIT registered a degrowth of 9.7% qoq to Rs.9,048 crore. Net profit for the quarter contracted by 12.7% qoq to Rs.7,008 crore. While the Q1FY21 numbers were below street expectations on all counts, new deal wins remained strong at USD 6.9bn for the quarter which was a key positive. Markets will also look forward to management commentary and their outlook for the rest of the year."

11.37 AM: Nifty support and resisitance

In technical & derivatives report by Angel Broking, Sameet Chavan (Chief Analyst-Technical and Derivatives said,"For the near term, support for Nifty is placed around 10670 whereas resistances are seen around 10900 and 11000. A move beyond the above mentioned boundaries would then lead to the next leg of trended move and till then, traders are advised to continue to trade with a stock specific approach."

11. 34 AM: TCS share price trades flat

Share price of Tata Consultancy Services (TCS) was trading flat after the  IT firm reported a 13.8 per cent year-on-year decline in its consolidated net profit for quarter ended June 31, 2020. TCS share price was trading 0.56% lower at Rs 2,192  against previous close of Rs 2204 on BSE. It hit an intra day high of Rs 2,222, gaining 0.81% and intra day low of Rs 2178 during early session.  The large cap stock has gained after 2 days of consecutive fall.

TCS share price trades flat post Q1 earnings; here's what brokerages say

11.12 AM: Reliance Industries shares trade 1% higher

Reliance Industries shares traded 1% higher at Rs 1,849 per shre, in an otherwise weak market today. Mukesh Ambani-led Reliance Industries and UK's energy major BP plc on Thursday announced the launch of Reliance BP Mobility Limited (RBML), a fuel and mobility joint venture. Operating under the "Jio-bp" brand, the joint venture aims to become a leading player in India's fuels and mobility markets, RIL said in a regulatory filing.

RIL-BP launch fuel and mobility joint venture under 'Jio-bp' brand

11.07 AM: Silver rates today

Precious metals traded on a steady note amid resurging virus cases and further stimulus action from central banks. Tracking firm global rates, silver futures were up by Rs 190 at Rs 51,285 per kg after closing at Rs 51,091 yesterday. Overseas, silver quoted at $18.94 per ounce on the international commodity market.

10. 44 AM: Coronavirus Toll

Traders said domestic benchmarks followed weak global markets as concerns over fresh spike in the number of COVID-19 cases and its impact on economic recovery weighed on investor sentiment. Worldwide, the number of cases linked the Covid-19  disease has crossed 1.22 crore and the death toll has topped 5.54 lakh.

In India, the number of infections spiked to 7.93 lakh and the death toll rose to 21,604.

10. 35 PM: Gold prices steady today

Gold prices in India struggled to extend gains on Friday, after hitting a record high on Thursday. Gold and silver prices in the commodity market have been hitting new highs recently, as traders shunned risk and sought safe havens during pandemic times.

Gold prices had surged to a lifetime high of Rs 49,348 per 10 gram on Thursday, amid a surge in overseas prices of the bullion metal. Today, Gold Futures on MCX touched the day's high at Rs 48,948 per 10 gm, rising Rs 70 as against the previous closing of 48,878. Gold August Futures opened at 48,919 and also touched an intraday low at Rs 48,842 per 10 gm.

Gold price today: Yellow metal eases after hitting record high, silver climbs

10. 15 AM: Top losers and gainers

IndusInd Bank, Tech Mahindra, HDFC, Titan, Axis Bank, M&M, HDFC Bank and ICICI Bank were among the top losers.On the other hand, Sun Pharma, Bharti Airtel, SBI, Reliance Industries, HUL, Bajaj Auto and Infosys were among the gainers.

10.01 AM: Rupee weakens today

Indian rupee, the local currency dropped 17 paise to trade at 75.16 against the dollar on Friday's opening bell, amid the emergence of demand for US dollar from importers and banks and weak opening in domestic equity market.

The local unit has earlier closed at 74.99 a dollar on Thursday.

Rupee slips 17 paise to 75.16 amid demand for US dollar, weak domestic equities

9. 39 AM: Global cues today

Asian shares and U.S. stock futures fell on Friday after the United States reported 60,500 new COVID-19 infections on Thursday, the largest single-day tally of cases by any country. Investors remained cautious over heightened concerns that renewed lockdowns could hurt the economic recovery.

Asian equities, US Futures decline on Covid-19 virus fears

9. 27 AM: Nifty near term outlook

 Reliance Smart Money in its daily note said," NSE-NIFTY resumed its  trend and regained 10,800 mark. Yesterday, buying across the board supported the up-move. Due to turnaround in the index, its major technical indicators remained above their averages. This could lead the index towards 11,100 level, provide it manages to surpass the long-term moving average 200-day SMA (10,885 mark), convincingly. On the lower side, the index will initially find support at around 10,600 mark and then at around 10,440 level. As for the day, support is placed at around 10,690 and then at 10,630 levels, while resistance is observed at 10,890 and then at 11,035 levels."

9. 14 AM: Opening bell

Benchmark Sensex and Nifty opened on a negative note on Friday, backed by weak global cues. Sensex fell 143 points lower to 36, 648 and Nifty fell 27 points to 10,278.

9. 05 AM: Stocks to watch today on July 10

TCS, RIL, PNB, Tata Motors, Dr Reddy among others are the top stocks to watch out for in Friday's trading session

Stocks in news: TCS, RIL, PNB, Tata Motors, Dr Reddy

8.40 AM: Nifty outlook

As for Nifty technical outlook, the index managed to close above a known resistance of 10,800 level. Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking said," For the near term, support for Nifty is placed around 10670 whereas resistances are seen around 10900 and 11000. A move beyond the above mentioned boundaries would then lead to the next leg of trended move and till then, traders are advised to continue to trade with a stock specific approach."

8. 30 AM: Rupee Closing

On the currency front, the Indian rupee closed stronger at 74.99 per dollar as against the earlier closing of 75.01 per dollar.

8. 20 AM:Last Closing

Sensex and Nifty closed on a bullish note on Thursday, tracking gains in financial stocks amid positive cues from global markets. Traders said domestic markets followed optimistic sentiments from global equities, shrugging off concerns over rising number of COVID-19 cases and its impact on economic recovery. Sensex ended 408 points higher at 36,737 and Nifty gained 107 points to 10,813.

Sensex ends 408 points higher, Nifty at 10,813; metal, financial stocks outperform

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