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Share Market Update: Sensex ends 284 points higher, Nifty at 10,061; Bajaj Finance, Kotak Bank top gainers

Stock Market LIVE Updates: Companies set to announce their earnings are Aurobindo Pharma, DCM Shriram, BPCL, Cholamandalam Investment, MAS Financial Services, Duncan Engineering, DISA, Shriram Asset Management among others

twitter-logoBusinessToday.In | June 3, 2020 | Updated 16:09 IST
Share Market Update: Sensex ends 284 points higher, Nifty at 10,061; Bajaj Finance, Kotak Bank top gainers
Here's a look at the updates of the market action on BSE and NSE today

Sensex, Nifty Updates: Benchmark Sensex and Nifty closed on a bullish note on Wednesday, backed by strong global cues, amid heavy buying in banking and realty stocks. Sensex closed 284 points higher at 34,109 and Nifty ended 82 points higher at 10,061. Globally indices turned green as investors turned optimistic over prospects of more government stimulus, eased lockdowns across the world. On Tuesday, Sensex ended 522 points higher at 33,825 and Nifty rose 152 points to 9,979.

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

3.40 PM: Closing bell

Benchmark Sensex and Nifty closed on a bullish note on Wednesday, backed by strong global cues, amid heavy buying in banking and realty stocks. Sensex closed 284 points higher at 34,109 and Nifty ended 82 points higher at 10,061.

3. 30 PM: Zydus Wellness share price rises over 3% post result

Zydus Wellness share price opened with a gain of 2.5% today and later touched an intraday high of Rs 1338.95, rising 3.19% on BSE, after reporting its Q4 earnings.

The company reported a 11% rise in profit at Rs  69.40 crore during the quarter ended March 31, 2020, as against Rs 62.31 crore, recorded in a year-ago period. Company's total income rose 15.2% (YoY) to Rs 489.17 crore in the January-March quarter of the current fiscal as compared to Rs 424.64 crore in a year-ago period.

3.15 PM: Earnings today

Companies set to announce their earnings are Aurobindo Pharma, DCM Shriram, BPCL, Cholamandalam Investment, MAS Financial Services, Duncan Engineering, DISA, Shriram Asset Management among others.

3.00 PM: State Bank of India shares up 5.6%

Shares of State Bank of India were rising 5.67% higher intraday on Wednesday's trade, despited the lender saw its rating outlook being negatively revised by Moody's Investor Service on Tuesday.

Moody's has downgraded the long-term local and foreign currency deposit ratings of the state-owned lender to Baa3 from Baa2,  citing economic disruption caused by coronavirus outbreak. Moody's has placed its ba1 BCA under a review for downgrade, as it expects SBI's asset quality and profitability to weaken, which could hurt its capitalisation.

2.45 PM: Nifty outlook

Nifty near term outlook, having crossed the 10,000 mark for the first time since March 13, Geojit Financial said in ite note,"Having tested 9995.45 yesterday, the move towards 10400 is pending and should be in play today. Risk to downsides start from 9923.

2. 31 PM: Coronavirus toll

India, on Wednesday, recorded single-day spike of 8,909 new coronavirus cases and 217 deaths, taking nationawide infections to cross 200,000

The nationstands at 7th position in the world's most infected countries, with growth rate of new infections showing no sign of slowing.

Coronavirus update: India reports over 8,000 single-day cases for 4 consecutive days

2.11 PM: Oil prices rise today

Oil price continued to move on hopes of rising demand as lockdown restrictions are eased and ahead of the crucial OPEC+ meeting on output cut.

Brent crude futures rose 43 cents, or 1.1%, at $40 a barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 68 cents, or 1.9%, at $37.49 a barrel.

Coronavirus pandemic: Crude oil reaches $40 for first time since March

1. 58 PM: Global cues

Globally indices turned green as investors turned optimistic over prospects of more government stimulus, eased lockdowns across the world.

Asian markets were trading near three-month highs, backed by increased optimism over re-opening of economies, hopes of economic stimulus. 

1.32 PM: Gold outlook

Expressing veiws on Gold's near term outlook, Anuj Gupta-DVP Commodities and Currencies Research, Angel Broking said," Yesterday gold prices were corrected by 0.53% from higher levels and touched the low of Rs 46441 levels. Some profit booking seems in gold prices as expectation of more easing and stimulous packages may announce by the major economies. Although the recovery in global equity market curb the gold prices. Safe heaven demand may fade out so we are expecting some more profit booking in Gold prices. Traders can go for sell in Gold prices around Rs. 46700 to 46800 levels, with the stop loss of Rs 47100, and for the target of Rs. 46000 levels. In international market gold may test $1710 soon."

1.16 PM: European markets open higher

European markets opened higher on recovery hopes shrugging off civil unrest in US. Further signs of a pickup in China's services activity offset concerns about Sino-US trade tensions. Where FTSE gained over 1%, both CAC and DAX gained 1.5% each.

1.04 PM: Gold trades flat today

Gold witnessed profit booking today after snapping a three-session winning streak in the previous day, as investors factored in the possibility of economic recovery as restrictions are eased across the globe and rally in equity markets. Spot gold was unchanged at $1,727.65 per ounce, while U.S. gold futures fell 0.1% to $1,732.20.

12. 45 PM: Granules share price gains 4% post results

Granules share price opened with a gain of 2.62% today and later touched an intraday high of Rs 188.5, rising 4% on BSE after teh company reported Q4 results.

The company reported a 41% rise in profit at Rs  335.39 crore during the quarter ended March 31, 2020, as against Rs 236.40 crore, recorded in a year-ago period. Company's total income rose 14.28% (YoY) to Rs 2635.20 crore in the January-March quarter of the current fiscal as compared to Rs 2305.88 crore in a year-ago period.

12.30 PM: Mahindra & Mahindra share price gains almost 4%

Mahindra & Mahindra share price opened with a gain of 2.49% today and later touched an intraday high of Rs 480.3, rising 3.85% on BSE. This was desapite the company announcing that  estimated quantum of loss due to COVID19 lockdown for Q1 F21 is around 87,000 Vehicles and around 30,000 tractors.

12.15PM: Religare share price rises 4.9%

Religare share price gained almost 5% intraday to Rs 27.85 on BSE after the compan yannounced that it has raised Rs 300 crore through disinvestment in insurance business to Kedaara capital Fund.

12.00 PM: Global cues

Asian markets were trading higher with Nikkei up over 2% backed by increased optimism over re-opening of economies.

US markets closed higher despite civil unrest across cities and tensions with China as investors started focusing more on economic recovery.

11. 45 AM: Services activity reduces sharply in May

Business activity across India's service sector fell drastically during May as the unfavourable economic effects of the coronavirus pandemic impaired business operations, restricted consumer footfall and led demand to collapse, a monthly survey said on Wednesday. The IHS Markit India Services Business Activity Index stood at 12.6 in May.

Coronavirus effect: Services sector activity reduces sharply in May

11.30 AM: China's service index recovers post lockdown

The Caixin/Markit services Purchasing Managers' Index (PMI) rose to 55.0 in May from 44.4 in April, hitting the highest level since late 2010. The return to expansion for China's services sector was on back of  economy recovering from strict coronavirus-induced containment measures, although employment and overseas demand remained weak, a private survey showed.

Coronavirus impact: China's services sector recovers, job losses continue: Caixin PMI

11. 15 AM: Rupee opens higher today

The rupee rose 32 paise to 75.04 against the US dollar on Wednesday amid positive domestic equities , gains in Asian currencies and weakness in the dollar.

11.00 AM: Lupin share price rises over 1%

Lupin share price gained over 1% today to the intraday high of Rs 885.85 on BSE after the company informed the exchanges that it has received approval from the United States Food and Drug Administration for Meloxicam Capsules 5 mg and 10 mg. The product would be manufactured at Lupin's Aurangabad facility, India, and is expected to be launched shortly.

10.45 AM: IDFC First Bank share price gains 2%

IDFC First Bank share price gained 2% after the company announced that ICRA has re-affirmed the rating at [ICRA]AA (Stable) in respect of banks' NCDs for Rs 32,598.73 crore and [ICRA]A1+ in respect of banks' CDs and has withdrawn the [ICRA]A1+ rating assigned to Rs 7000 crore CP Programme and [ICRA]AA (Stable) rating assigned to Rs 6091 crore NCD programme of the bank, as there is no amount outstanding against the said instruments.

10.31 AM: InterGlobe Aviation share price gains

InterGlobe Aviation share price touched an intraday high of Rs 1064.95, rising 12.63% on BSE, after the aircraft carrier reported its March quarterly results.

The company reported net loss of Rs 871 crore during the quarter ended March 31, 2020, as against profit of Rs 596 crore, recorded in a year-ago period.

Company's total income rose 5.3%  (YoY) to Rs 8,299 crore in the January-March quarter of the current fiscal as compared to Rs 7,883 crore in a year-ago period.

InterGlobe Aviation share price rises over 12% despite Rs 871 crore loss in Q4

IndiGo reports net loss of Rs 871 crore in Q4 FY20, defers guidance on capacity growth amid COVID-19

10.15 AM: Tata Motors share price gains 5.13%

Tata Motors share price opened with a gain of 3.63% today and later touched an intraday high of Rs 101.45, rising 5.13% on BSE after the company announced that it has resumed operations across all its manufacturing plants in the country.

Why Tata Motors share price rose 5% today despite Fitch downgrade

10.03 AM: ICICI Bank share price gains 5%

ICICI Bank share price was among the top gainer on NSE, rising almost 5% today after the lender announced that it has cut the marginal cost based lending rate (MCLR) on loans for all tenors. The private sector lender has lowered rates by 0.05 per cent to make loans cheaper and the decision will be effective from June 1, 2020.

The stock price of ICICI Bank opened with a gain of 2.24% today and later touched an intraday high of Rs 366.05, gaining 5.04% on BSE, as against the closing value of Rs 348.50.

ICICI Bank share price gains 5% post lending rate cut

9.44 AM: Britannia share price hits new 52 week high

Britannia share price touched a new 52 week and all time high of Rs 3,704.55 hit today, rising 7.37% on BSE, after reporting quarterly results.

The company reported a 26% rise in profit at Rs 374.7 crore during the quarter ended March 31, 2020, as against Rs 297.2 crore, recorded in a year-ago period. Company's total income rose 2.5% (YoY) to Rs 2,867.7 crore in the January-March quarter of the current fiscal as compared to Rs 2,799 crore in a year-ago period.

9.25 AM: Opening bell

Benchmark Sensex and Nifty rose drastically higher on Wednesday, backed by strong global cues. Sensex was rising 510 points higher at 34,336 and Nifty rose 170 points higher at 10,150. SGX Nifty traded 90 points higher at 10,867 level, indicating a positive trend in domestic grounds today.

9.10 AM: Pre-open today

Market has risen drastically higher at pre-open session of Wednesday, withSensex rising 359 points higher at 34,185 and Nifty climbing 129 points higher to 10,128.

9.02 AM: Stocks to watch today on May June 3

ICICI Bank, Aurobindo Pharma, BPCL, Lupin, Britannia, IndiGo, Motherson Sumi among others are the top stocks to watch out for in Wednesday's trading session

Stocks in news: ICICI Bank, Aurobindo Pharma, BPCL, Lupin, Britannia, IndiGo, Motherson Sumi and more

8.55 AM: Market Expectations

Benchmark Sensex and Nifty are likely to open on a positive note on Wednesday, backed by strong global cues. SGX Nifty traded 90 points higher at 10,867 level, indicating a positive start in domestic grounds today. Globally indices turned green as investors turned optimistic over prospects of more government stimulus, eased lockdowns across the world.

8.50 AM: PM Modi invited for G7 summit

US President Trump has extended an invitation to PM Modi to attend the next G7 summit. Trump spoke about the US Presidency of G-7 and conveyed his desire to expand the bloc beyond the existing membership, including India, and invited PM Modi to attend the next  Summit in September

Trump discusses G-7 summit invitation, coronavirus, India-China tensions with PM Modi

8.45 AM: Rupee closing

On the currency front, Rupee ended higher at 75.36 per US dollar as against the last closing value of 75.55 per dollar on Tuesday.

8.40 AM: Earnings today

Companies set to announce their earnings are Aurobindo Pharma, DCM Shriram, BPCL, Cholamandalam Investment, MAS Financial Services, Duncan Engineering, DISA, Shriram Asset Management among others

8.30 AM: Closing Bell

Sensex and Nifty closed higher on Tuesday, inline with strong global equities amid heavy buying in auto and banking stocks. Extending rise for the fifth straight session, Sensex ended 522 points higher at 33,825 and Nifty rose 152 points to 9,979.

Share Market Update: Sensex ends 522 points higher, Nifty at 9,979; Tata Motors, Bajaj twins top gainers

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