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Share Market Update: Sensex ends 63 points lower, Nifty at 9,029; Airtel, TCS, Bajaj twins top losers

Stock Market LIVE Updates: ITC, IndusInd Bank, HDFC Bank, Tata Steel, Titan, UltraTech Cement and L&T were among the top gainers on BSE Sensex pack. On the other hand, Bharti Airtel, TCS, Hero MotoCorp and Infosys were among the top laggards

twitter-logoBusinessToday.In Last Updated: May 26, 2020 | 16:59 IST
Share Market Update: Sensex ends 63 points lower, Nifty at 9,029; Airtel, TCS, Bajaj twins 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 erased early gains and closed lower on Tuesday, barring the positive strong global cues, on back of weakeness in SGX Nifty and selling pressure in IT and media stocks. Sensex closed 63 points lower at 30,609 and Nifty ended 10 points lower at 9,029. ITC, IndusInd Bank, HDFC Bank, Tata Steel, Titan, UltraTech Cement and L&T were among the top gainers on BSE Sensex pack. On the other hand, Bharti Airtel, TCS, Hero MotoCorp and Infosys were among the top laggards. On Friday, Sensex ended 260 points lower to 30,672, Nifty closed 67 points lower at 9,039.

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

3.47 PM: Closing bell

Benchmark Sensex and Nifty erased early gains and closed lower on Tuesday, barring the positive strong global cues, on back of weakeness in SGX Nifty and selling pressure in IT and media stocks. Sensex closed 63 points lower at 30,609 and Nifty ended 10 points lower at 9,029.

3.35 PM: Essel Propack share price gains 3% post result

Essel Propack share price gained 3.08% to touch an intraday high of Rs 175.75 on BSE, after posting the quarterly results.

The company reported 7.2% fall in its net profit at Rs 48.6 crore during the quarter ended March 31, 2020, as against loss of Rs 52.38 crore, recorded in a year-ago period.

Company's total income fell 1.89% (YoY) to Rs 689.62 crore in the January-March quarter of the current fiscal as compared to Rs 702.94 crore in a year ago period.

3.15 PM: Praj Industries share price falls post results

Praj Industries share price traded marginally lower at the day's low of Rs 54.80 on BSE, after posting qaurterly results.

The company reported 25% decline in net profit at Rs 24.9 crore during the quarter ended March 31, 2020, as against profit of Rs 33.4 crore, recorded in a year-ago period.

Company's total income fell 19.5% (YoY) to Rs 296 crore in the January-March quarter of the current fiscal as compared to Rs 368 crore in a year ago period.

3.00 PM: Rupee ends higher today

Indian Rupee at the internbank forex exchange, closed at 75.66 per dollar as compared to the last closing of 75.95 per US dollar.

2. 43 PM: Market turns flat

Benchmark Sensex and Nifty erased early gains and traded on a tepid note on Tuesday, barring the positive strong global cues, on back of weakeness in SGX Nifty and selling pressure in IT and meia stocks. Sensex dropped 5 points at 30,667 and Nifty was trading 5 points higher at 9,044.

2. 30 PM: Automotive Axles share price rises post results

Automotive Axles share price fell 6.59% to an intraday low of Rs 403.75, after posting qaurterly results.

The company reported 80% drop in net profit at Rs 5.8 crore during the quarter ended March 31, 2020, as against profit of Rs 30 crore, recorded in a year-ago period.

Company's total income fell 64% (YoY) to Rs 168 crore in the January-March quarter of the current fiscal as compared to Rs 481 crore in a year ago period.

2.18 PM: European indices open in green

European indices also opened higher today, with FTSE, CAC and DAX rising over 1% each, amid more economies easing lockdown restrictions.

2.07PM: Market Update

Benchmark Sensex and Nifty erased early gains and fell in trade on Tuesday, barring the positive strong global cues, on back of weakeness in SGX Nifty and IT and meia stocks. Sensex dropped 100 points at 30,580 and Nifty was trading 27 points lower at 9,011

2.01 PM: Firstsource Solutions share price rises post results

Firstsource Solutions share price gained over 2% tot he day's high of Rs 31 on BSE, after posting qaurterly results.

The company reported 2.3% gain in net profit at Rs 91.6 crore during the quarter ended March 31, 2020, as against profit of Rs 89.5 crore, recorded in a year-ago period.

Company's total income gained 2.6% (YoY) to Rs 1080 crore in the January-March quarter of the current fiscal as compared to Rs 1053 crore in a year ago period.

1. 45 PM: Gold prices declines today

Gold price eased from gains and declined marginally on news of a potential stimulus package from Japan but the decline was kept under check by growing tensions in Hong Kong. rising tensions between U.S. and China over possibility of sanctions from U.S. also kept the yellow meatl uner check. On MCX today, gold futures declined by 113 to 46,860 after hitting a day's low of 46,655.

1.30 PM: Newgen Software share price gains over 7% post earnings

Newgen Software share price erased early gains and rose 7.33% to the intraday high of Rs 164 on BSE, after the compay reported March qaurter results.

The company reported 72% gain in net profit at Rs 41 crore during the quarter ended March 31, 2020, as against profit of Rs 24 crore, recorded in a year-ago period.

Company's total income gained 3.2% (YoY) to Rs 190 crore in the January-March quarter of the current fiscal as compared to Rs 185 crore in a year ago period.

1. 20 PM: Global cues

Asian markets are trading positive led by Nikkei which was up over 2% as Japan lifted state emergency.

US markets were closed for Memorial Day, although US futures were trading positive on news that American biotech company Novawax has started human study with their vaccine.

1.00 PM: Q4 earnings today

Companies set to announce their earnings are Torrent Pharmaceuticals, Max Financial Services, Bluedart, Coromandel International, Deepak Nitrite, Newgen Software Technologies, Wonderla, Praj Industries, VIP Industries among others.

12.49 PM: Eicher Motors share price rises over 5%

Eicher Motors share price opened with a gain of 2.17% today and later touched an intraday high of Rs 14,625.95, rising 5.08%on BSE.  This was on back of company's announcement of board meeting on June 12 to consider stock split.

12. 30 PM: HDFC stock volatile in trade post results

HDFC share price advanced 3.39% to an intraday high of Rs 1568 on BSE, after the company posted better than street estimates earnings.

The company reported 22% fall in net profit at Rs 2,233 crore during the quarter ended March 31, 2020, as against profit of Rs 2,862 crore, recorded in a year-ago period. On an yearly basis,  non-performing assets (NPAs) of the bank rose to 1.99% in Q4FY20, compared to 1.18%in Q4FY19.  The board of HDFC also approved a dividend of Rs 21 per share.

Although, later the shares of HDFC fell 1.88% to trade at Rs 1,488, its low point of the day.

12.19 PM: Bharti Airtel share price declines 5.3%

Bharti Airtel share price opened with a loss of 3.29% today and later hit an intraday low of Rs 561.1, falling 5.38% on BSE today.

Bharti Telecom, the promoters firm of Bharti Airtel, has announced that it plans to raise $1 billion via block sale of Airtel shares, in a move to become debt free.

The parent company to offload 2.75 per cent stake in Bharti Airtel at floor price of Rs 558 per share, a discount of 6 per cent at Friday's closing price of Rs 593.2 apiece, through block deal.The $1 billion fund raise will make the promoter of Bharti Airtel debt free.

Bharti Airtel promoter to raise $1 billion to become debt free

Bharti Airtel share price falls over 5% after promoter stake sale report

12.1 PM: Oil prices climb higher today

Oil prices climbed on Tuesday, as commodity market investors banked hopes on crude supply cut while demand for the commodity picked up with more countries announcing ease in coronavirus induced lockdowns restrictions, around the world.

Brent crude futures, the international oil benchmark was trading 1.29 per cent higher at USD 35.99 per barrel.

Oil prices gains on crude supply cut hopes, ease of lockdowns restrictions

11.51 AM: Coronavirus toll

Total coronavirus toll in India has risen to 1.45 lakh cases, with total recoveries at 60,490, and death toll at 4,167.

Globally, there are 55.90 lakh confirmed cases and 347,922 deaths from the coronavirus COVID-19 outbreak as of today.

Coronavirus Live Updates: India sees 6,535 new COVID-19 cases, 146 deaths in 24 hours

11.30 AM: Top gainers, losers today

ITC, IndusInd Bank, HDFC Bank, Tata Steel, Titan, UltraTech Cement and L&T were among the top gainers on BSE Sensex pack. On the other hand, Bharti Airtel, TCS, Hero MotoCorp and Infosys were among the top laggards

11. 15 AM: Stocks to watch out on May 26

Torrent Pharma, Max Financial, IDFC First Bank, JSPL, JSW Steel, Avenue Supermarts are the top stocks to watch out for in Tuesday's trading session

Stocks in news: Torrent Pharma, Max Financial, IDFC First Bank, JSPL, JSW Steel, Avenue Supermarts and more

11.00 AM: Rupee rises today

Indian rupee opened at 75.69, then gained ground to touch 75.65 at the interbank foreign exchange, registering a rise of 30 paise over its previous close.

of 75.95 against the US dollar.

Rupee vs Dollar: Rupee rises 30 paise to 75.65 amid weak US dollar, positive equity market

10. 47 AM: DCB Bank share price hits new 52-week low post results

DCB Bank share price hit a new 52 week low of Rs.58.45 today, falling 3.31% to an intraday low of Rs 58.45, after posting quarterly results.

The company reported 28% fall in its net profit at Rs 68.76 crore during the quarter ended March 31, 2020, as against loss of Rs 96.33 crore, recorded in a year-ago period. Company's total income grew 9.2% (YoY) to Rs 1011.79 crore in the January-March quarter of the current fiscal as compared to Rs 926.46 crore in a year ago period.

10.32 AM: Nifty's outlook

As per Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking), Nifty immediately reclaimed the 9000 mark on a weekly closing basis.

He added," So hopes are still alive for the bulls, unless there is some aggravation with respect to US-China tensions or any other thing related to the Coronavirus pandemic."

Expressing views for this week's major trend, he further said, "For this week, all eyes would be on global markets and at our end, 9200 is the level to watch out for. On the flipside, 8900 - 8800 would be seen as crucial supports for the mark

10.26 AM: Avenue Supermarts share price drops 5% post results

Avenue Supermarts share price opened with a loss of 2.19% today and later fell to an intraday low of Rs 2282.45, falling 5% on BSE after reporting Q4 earnings.

The company reported 41% gain in net profit at Rs 286 crore during the quarter ended March 31, 2020, as against profit of Rs 203 crore, recorded in a year-ago period.

Company's total income gained 23% (YoY) to Rs 6,193 crore in the January-March quarter of the current fiscal as compared to Rs 5,033 crore in a year ago period.

Although D mart share prcie is still close to peak level and 31% higher vs start-of-lockdown price, said Richard Liu, on a sector update.

10. 18 AM: JSW Steel top gainer today

JSW Steel share price was among the top gainers, rising 6.61% to the intraday high of Rs 177.3 on BSE, after posting Q4 results.

The company reported 87% fall in net profit at Rs 188 crore during the quarter ended March 31, 2020, as against profit of Rs 1,495 crore, recorded in a year-ago period.

Company's total income fell 18% (YoY) to Rs 17,887 crore in the January-March quarter of the current fiscal as compared to Rs 22,268 crore in a year ago period.

JSW Steel share price gains over 6% post Q4 results

10. 11 AM: Market update

Benchmark Sensex and Nifty traded higher on Tuesday, backed by strong global cues, amid heavy buying in metal and banking scrips. Sensex was rising 221 points at 30,894 and Nifty was rising 67 points to 9,106. Domestic equity market indice took positive cues from global markets with lockdown restrictions easing worlwide.

10.02 AM: Strong global cues

Asian stocks continued upward momentum today following an upbeat session in Europe and further gains in US stock futures as investors looked past Sino-US trade tensions to the re-opening of world economies. On the Singapore Exchange, SGX Nifty traded higher by 98 points at 9,139.

US Futures (Dow Jones) traded at 24,748, rising 324 points or 1.33%. Meanwhile, US market ended mixed on Friday.

9. 39 AM: ITC top gainer today after acquiring Sunrise Foods

In a move to scale up its non cigarette FMCG business and de-risk its business model, ITC announced yesterday that it has acquired 100% stake in east India spice manufacturer Sunrise Foods.

Shares of ITC were the top gainers with the opening bell on NSE today, rising 4.6% higher intraday to the day's high of Rs 194.95. On BSE, the stock made the day's high at Rs 194.50.

ITC share price rises over 4% on Sunrise Foods' acquisition

9. 25 AM: Opening bell

Sensex started the day, rising 297 points at 30,970 and Nifty was rising 78 points to 9,118.

9. 10 AM: Earnings today

Companies set to announce their earnings are Torrent Pharmaceuticals, Max Financial Services, Bluedart, Coromandel International, Deepak Nitrite, Newgen Software Technologies, Wonderla, Praj Industries, VIP Industries  among others

9. 00 Pre-open session

Domestic market indices has pre opened todayon a strong note, tracking cues from global markets. Sensex traded 191 points higher at 30,864 and Nifty rose 60 points to 9,060.

8. 50 AM: Coronavirus toll

Total coronavirus toll in India has risen to 3.9 lakh cases, with total recoveries at 57,720, and death toll at 4,021.

8. 45 AM: Net action of FII/ DII

On a net basis, where FIIs offloaded 1354 crore, DIIs have sold Rs 344 crore worth in equities on Friday

8. 40 AM: Morgan Stanley cuts GDP estimates

Morgan Stanley estimates the GDP to contract by 1.2% in FY21, the deepest in the last 40 years.

8. 35 AM: Rupee Closing

In the currency market, Rupee closed 35 paise lower at 75.95 per dollar against opening of 75.60 per US dollar.

8. 30 AM: Closing bell

On Friday, Sensex ended 260 points lower to 30,672, Nifty closed 67 points lower at 9,039

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