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Share Market Highlights: Sensex ends 97 points lower, Nifty at 11,421; SBI, Bajaj Finance, BPCL top losers

India Stock Market Highlights Today: HUL, Asian Paints, Maruti, Bajaj Auto and Nestle India were among the laggards. On the other hand, HCL Tech, followed by Tech Mahindra, HDFC duo, Reliance Industries, TCS, SBI and IndusInd Bank were among the top gainers today.

twitter-logoBusinessToday.In | September 14, 2020 | Updated 16:32 IST
Share Market Highlights: Sensex Share Market Highlights: Sensex ends 97 points lower, Nifty at 11,421; SBI, Bajaj Finance, BPCL top losers97 points lower, Nifty at 11,421; SBI, Bajaj Finance, BPCL top losers
Share Market Highlights: Here's a look at the updates of the market action on BSE and NSE today

Sensex, Nifty Highlights on September 14: Benchmark indices Sensex and Nifty turned bearish by the afternoon session on Monday and closed lower, tracking mixed cues from European and Asian markets. Sensex fell 97 points to 39,756 and Nifty ended 43 points lower at 11,421. On Friday, Sensex rose 14 points to 38,854 and Nifty gained 15 points to 11,464.

Here's a look at market action today

4.06 PM :Market quote

Vinod Nair, Head of Research at Geojit Financial Services said,"Indian benchmark indices gave up its gains and closed with a negative bias. IT stocks outperformed following a strong showing by HCL tech, which benefited most IT stock prices. However, the broader markets outperformed, especially the smallcap index, after SEBI tweaked MF norms for multi-cap funds. This SEBI measure would require more exposure to small cap stocks in most multi-cap funds, leading to the current buying interest. Global cues were also mostly positive on renewed vaccine optimism. Inspite of all the optimism, a correction due to valuations or various uncertainties cannot be ruled out and volatility is expected to continue. Trade cautiously and look at earnings stability, if investing for the long-term in Smallcaps".

3. 59 PM: Closing session

Benchmark indices Sensex and Nifty turned bearish by the afternoon session on Monday and closed lower, tracking mixed cues from European and Asian markets. Sensex fell 97 points to 39,756 and Nifty ended 43 points lower at 11,421.

3.44 PM: Market at close

On markets closing today -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments, said," We were unable to sustain above the 11550-11575 levels which is a little concerning. Even if it were to take a day or two and then get past those levels, we are in bullish territory. That would take us back to 11800 and thereafter towards 12000. The support for the Nifty is at 11300.

3. 32 PM: Computer Age Management Services (CAMS) IPO launching on Sept 21

Computer Age Management Services (CAMS), a technology-driven financial infrastructure and services provider to mutual funds and other financial institutions, is likely to launch its Rs  2,258.00 crore Initial public offering (IPO) on September 21, 2020.

CAMS had filed draft papers with Sebi in January this year and received Sebi's approval for its draft prospectus in July. Retail investors can bid for a minimum one lot, amounting to 12 shares and in multiples thereafter to a maximum 13 lots.

3.21 PM: TCS becomes first Indian IT firm to cross Rs 9 lakh crore mcap

Tata Consultancy Services (TCS) on Monday became the second Indian company to cross Rs 9 lakh crore market capitalisation mark. The stock of information technology hit all-time high on BSE today rising 3.37% to Rs 2,453 against previous close of Rs 2373 on BSE. The first Indian firm to achieve the milestone was Reliance Industries.

The Mukesh Ambani-led firm crossed Rs 9 lakh crore market cap market on October 18, 2019. RIL currently  trades above Rs 15 lakh crore market cap mark becoming the first Indian firm to achieve the feat.

TCS becomes first Indian IT firm to cross Rs 9 lakh crore market capitalisation

3. 11 PM: Why is the stock market rising amid economic slowdown

Even as the economic growth declined almost by a quarter (24% to be precise) in the first three months of the current financial year, the stock markets seem to remain unfazed as the Sensex rose from the 25,900 levels in March to above 39,100 as on 14 September.  As many economists and analysts are befuddled by the 'mindless' bullish sentiment, Rana Gupta, senior portfolio manager, Asia (ex-Japan) Equity, Manulife Investment Management, tries to make sense of this run-up in the stock market in India.

Why is the stock market rising amid economic slowdown? A portfolio manager decodes

2. 55 PM: Market turns red

Benchmark indices Sensex and Nifty turned bearish by Monday's afternoon session, tracking mixed cues from European and Asian markets, after closing flat in the previous session. Sensex fell 112 points to 39,741 and Nifty traded 29 points lower at 11,434.

2.49 PM:SEBI  multi- cap funds announcement

Commenting on on guidelines by SEBI on multi- cap funds, Jyoti Roy - DVP- Equity Strategist, Angel Broking said,"We believe that even if there is some shift in allocation to small caps then it will be positive for the high quality small caps names which will see the maximum flows. Also the SEBI circular has brought the small cap space in the limelight and we expect greater interest in the space post the proposed SEBI guidelines. In the small cap space we would recommend investors to stick to high quality companies with strong business franchises. In the small cap space we are positive on Chalet Hotels, Hawkins Cooler, Inox Leisure, JK Lakshmi Cement, Metropolis Healthcare, Persistent Systems, Radico Khaitan and VIP Industries, Swaraj Engines and Zensar Technologies which are part of our recommendations."

2. 33 PM: Happiest Minds Technologies IPO

The initial public offering (IPO) of IT services firm Happiest Minds Technologies received an overwhelming response, getting subscribed by 150.98 times on the last day of bidding on Wednesday.

The public issue of Happiest Minds, that gets almost 97% of its revenue from digital services, has joined the coveted club of most successful initial public offers (IPOs) since 2008 which crossed a subscription ratio of 100 times, ranking itself as the eighth biggest IPO of the last decade.

The portion reserved for the non-institutional investors was subscribed 351.46 times, while the qualified institutional buyers' quota got a subscription of 77.42 times. The quota of retail investors was subscribed 70.94 times.

2. 12 PM: Market outlook

Yash Gupta - Equity Research Associate, Angel Broking said," Indian broader market opens higher on back of global clues and SEBI circular on multi-cap fund for minimum allocation of Large cap , Midcap and small cap. S&P BSE SmallCap (up 4.15%) and S&P BSE MidCap (up 2.05%) on the back of SEBI circular and continue its positive movement. All sectors are trading in green, led by S&P BSE Information Technology (up 4.49%), S&P BSE CONSUMER DURABLES (up 3.75%) and S&P BSE REALTY (up 4.14%) along with this defensive stock like HCL Technologies (up 10.46%) and Infosys Ltd (up 4.1%) getting in movementum. We expect positive sentiments for midcap small cap will continue and indices to trade in range. Global Market up higher - DOW Jones up by 116.38 points (up 0.42%) and NASDAQ up by 80 points (up 0.73%)."

1. 49 PM:Happiest Minds Technologies IPO allotment today

The allotment date for Happiest Minds IPO is scheduled today, while listing of Bangalore based IT service provider's equity shares on NSE and BSE is scheduled on July 23.

Here's how to check Happiest Minds IPO allotment status

   - Go to the online portal of Link Intime India (linkintime.co.in).

    Select the company name as Happiest Minds in the drop-down menu of the investor's centre section.

   - Enter your Permanent Account Numbers (PAN) or application number or Client ID.

   - After entering the given captcha code, investors can click on submit and view their allotment status.

Happiest Minds Technologies IPO: Share allotment today, here's how to check status

1. 23 PM:Brent crude futures gains marginally

Brent crude futures, the global oil benchmark, rose 0.38 per cent to USD 39.98 per barrel. Oil price gained in a small way on Friday as gains were kept under check as investors expected global glut to last long if demand continues to weaken.

1. 16 PM: Top gainers and losers

HCL Tech, followed by Tech Mahindra, HDFC duo, Reliance Industries, TCS, SBI and IndusInd Bank wer among the top gainers today. On the other hand, HUL, Asian Paints, Maruti, Bajaj Auto and Nestle India were among the laggards.

1.05 PM: Real estate sector update

Speaking on outlook for real estate sector, Yash Miglani, MD, Migsun Group said, "The past years have observed the trend of real estate sales picking up during the festive season, but the current economic environment has made buyers contemplate more than usual towards making a big spend. Developers on the other hand have become proactive to revive the positive sentiment and interest of genuine fence-sitters and investors via planned marketing strategies. Flexible payment plans, discounts and combined offers, relaxation in terms of payment for stamp duty are few steps taken by them to retain the interested end-users and investors."

12. 47 PM; Markets bouyed on vaccine news

Asian markets were trading higher today following news of potential COVID-19 vaccine as AstraZeneca resumed its phase-3 trial. Traders also awaited the outcome from the US central bank's two-day policy meeting, scheduled on September 15-16.

Meanwhile, a COVID-19 vaccine is likely to be available by early next year and the government is considering its emergency authorisation for high-risk people, Union Minister Harsh Vardhan Sunday said, asserting he will take the first shot to address any trust deficit over its safety.

According to a Health Ministry statement, he said while no date has been fixed for the launch of a vaccine, it may be ready by the first quarter of 2021, and made available first to those who need it the most, irrespective of their paying capacity.

12. 38 PM: RIL share hits all-time high

Reliance Industries Limited (RIL) share hit all-time high of Rs 2,360 amid reports that US private equity firm Carlyle is likely to buy stake in Reliance Retail for up to $2 billion. Share price of RIL gained 1.77% to Rs 2,360 against previous close of Rs 2,318 on BSE. The large cap stock has gained 12.21% in last six days.

The large cap stock hit a fresh 52-week low of Rs 867 on March 23, 2020. Since then, the stock has gained 172.20% on BSE. Total 2.49 lakh shares changed hands on BSE amounting to turnover of Rs 58.39  crore.

RIL share hits all-time high, market cap crosses Rs 15 lakh crore

12. 24 PM: Rupee rises to 73.32 per dollar

Indan rupee, the currency benchmark strengthened by 21 paise to 73.32 per dollar in  Monday's opening deals, supported by weak US currency and positive domestic equities.

The domestic unit opened at 73.40 per dollar and gained further ground to touch 73.32 against the US dollar, registering a rise of 21 paise over its previous close of 73.53 per dollar.

Rupee rises 21 paise to 73.32 amid weak dollar, positive equities

12. 18 PM:Stocks to watch today on September 14

IRCTC, YES Bank, Tata Motors,Reliance Industries among others are the top stocks to watch out for in Monday's trading session.

Stocks in news: RIL, YES Bank, IRCTC, Tata Motors and more

12.07 PM: Nifty outlook

On Nifty's technicals, Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said," During the previous week, finally the brakes were applied on the recent euphoria on the back of geopolitical concerns with respect to the India - China clash at the border and to make it worse, US markets started correcting sharply after a strong gravity defying move in the last couple of months. All these factors triggered profit booking in our market and left us with some uncertainty at the end of the previous week.As far as levels are concerned, 11550-11650 are likely to act as immediate hurdles; whereas on the lower side, 11350-11200 would be seen as a key support zone."

On Nifty bank, he added," The banking index is clearly underperforming and is placed around the crucial junction. We are observing a cluster of support around 22200-22000"

11. 46 AM: Market outlook

On upcoming market outlook, Ajit Mishra, VP - Research, Religare Broking  said,"Among the major triggers, participants will first react to the IIP numbers next week, followed by the CPI and WPI inflation data in the coming sessions. Besides, further updates on disengagement between India and China at LAC would also remain on their radar. Meanwhile, markets will continue to take cues from the global indices and upcoming FOMC meet. Indications are in the favour of further consolidation in the Nifty index and the probable range could be 11,100-11,600 levels. We may see some recovery in the banking pack ahead but traders should limit their positions mainly to the sectors which are attracting consistent buying interest."

11. 30 AM: HCL Tech outlook

Commenting on HCL Technologies, Jyoti Roy - DVP- Equity Strategist, Angel Broking said ," . HCL Tech remains one of our top picks in the IT space given cheap valuations and we maintain our buy rating on the stock."

He added," HCL Tech has provided its mid quarter guidance wherein the company mentioned that they expect the Revenue and the Operating Margin for Q2FY2021 to be meaningfully better than the top end of the guidance that the company had provided in July 2020. The company in its release has highlighted that execution is strong during the quarter to date while deal momentum also remains strong led by Life Sciences & Healthcare, Telecom & Media and Financial Services verticals. The company expects revenue growth for the current quarter to exceed 3.5% quarter on quarter in constant currency, enabled by broad based momentum across all service lines, verticals and geographies while EBIT margin is expected to stay between 20.5% to 21.0% for the quarter. Deal pipeline also remains strong across service lines, verticals and geographies."

11. 21 AM: Gold prices

On the Multi-Commodity Exchange, gold traded a tad higher tracking international commodity markets. Gold October Futures gained Rs 61 at Rs 51,380, after hitting an intraday high of Rs 51,599 against the previous close of Rs 51,319 per 10 gm. MCX gold futures currently trade over Rs 4,811 lower than the lifetime high of Rs 56,191 per 10 gm, hit on August 7. On MCX, the yellow metal has risen 41.5% to life-time high since the beginning of the year.

Silver September Futures, gained by Rs 126 to Rs 68,050 per kg today after they touched an intraday high of Rs 68,500 per kg. Silver Futures hit a lifetime high of Rs 77,949 on August 7.

11. 13 AM: India IIP data

India IIP for the month of July contracted by 10.4% YoY as compared to a contraction of 15.7% in June while IIP for the first five months of FY2021 has contracted by 29.2% YoY

on India IIP for July'20,  Jyoti Roy - DVP- Equity Strategist, Angel Broking said,"The contraction for the month of July was largely along expected lines given that localized lockdowns had disrupted production and supply chains during the month of July. The mining and manufacturing sectors witnessed contraction of 13.0% and 11.1% YoY while electricity contracted by 2.5% YoY. However we expect IIP to improve sequentially from here on given pent up demand, inventory push prior to the festive season and further opening up of the economy under unlock 4.0. The recovery is reflected in high frequency data like Auto sales and PMI numbers for the month of August. Auto companies reported another month of strong sequential growth with Maruti Suzuki reporting a 17.1% yoy increase in August domestic sales as compared to a 1.1% growth in July while Hero Motocorp reported a 6.5% yoy growth in motorcycle sales."

11.04 AM: RIL outlook

Commenting on RIL's share price, Aamar Deo Singh - Head Advisory, Angel Broking said,"Reliance is on a roll, up by almost 56.74% this year, on the back of making the company debt free and billions of dollars pouring into its Telecom Venture JIO. And now Reliance Retail seems to have caught the fancy of marque investors, with the latest name of Carlyle Group, an American private equity company, doing the rounds which could buy stakes worth $2 Billion in Reliance Retail. The company bounced back sharply post hitting a low of Rs.864 on 23rd March, enriching its shareholders in the most spectacular way."

10. 44 AM: Crude oil outlook

O oil prices, Anuj Gupta , DVP- Commodities and Currencies Research, Angel Broking said," Oil prices extended the losses after top Crude exporter, Saudi Arabia, trimmed the Official Selling Price (OSP) to Asia for the month of October'20 considering the falling demand. OPEC & its allies are scheduled to meet on 17th September to review the current Oil market scenario. OPEC+ trimmed the production cuts down to 7.7 barrels per day since August considering the growing demand. However, surge in covid19 cases around the globe clouded the outlook for crude."

He added," Concerns over bleak global demand and a slower than expected economic recovery might push Crude prices lower. Geopolitical tension between the middle east countries may support the crude oil prices and short covering also may be seen in crude oil prices from the lower levels. So as of today we are recommending to buy in crude oil on a dip. Traders can go for buy in mcx crude oil at 2720 levels, with the stop loss of 2660, for the target of 2830 levels."

10. 31 AM: FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 1,175.81 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 724.31 crore in the Indian equity market on 11 September, provisional data showed.

10. 14 AM: Global markets today

Equities in the US and Asia were also trading mixed as week as investors focussed on technology stocks that showed signs of profit booking.

In US, the Nasdaq Composite Index fell 66.05 points, or 0.6%, on continuing sell-off in tech stocks. The Dow Jones Industrial Average rose 131.06 points, or 0.5%; while the S&P 500 rose 1.78 points, or 0.1%.

10.09 AM: Gold outlook

Anuj Gupta, DVP-Commodities and Currencies Research, Angel Broking said, "Weak employment growth and increase in permanent job loss dented hopes of a paced economic recovery. Moreover, an alarming increase in the covid-19 cases around the globe continued to weigh on the market sentiments. Widening impact of the pandemic on the global economy continued to boost the demand for the safe haven, Gold."

Gold price rises to Rs 51,380; silver rates at Rs 68,000

9: 25 am: Of 30 Sensex stocks, 25 are trading in the green. Top Sensex losers are HUL, Asian Paints and Maruti falling nearly 0.44%.

9: 22 am: Market breadth is positive with 1288 stocks rising against 268 falling on BSE. 67 stocks were unchanged.

9: 21 am : RIL share hits all time high of Rs 2,360, rising over 1% on report Carlyle may buy stake in Reliance Retail.

9:18  am: Top Sensex gainers were HCL Tech, Tech Mahindra and Reliance Industries.

9:15 am: Sensex opens 340 points higher at 39,195 against previous close of 38,854. Nifty rises 92 points to 11,557.

9:00 am : Previous close

Sensex rose 14 points to 38,854 and Nifty gained 15 points to 11,464. Market was looking for cues after global equities were trading mildly lower amid rise in coronavirus cases and negligible signs of recovery in major economies from economic slowdown.

8:55 am: Global markets

Asian shares rose Monday as traders awaited cues from the US central bank expected later in the week.

Japan's Nikkei 225 gained 0.7% to 23,570.55. Australia's S&P/ASX 200 added 0.6% to 5,893.40. South Korea's Kospi jumped 1.2% to 2,426.42. Hong Kong's Hang Seng gained nearly 1.0% to 24,744.86, while the Shanghai Composite rose 0.6% to 3,278.89. On Wall Street, the S&P 500 rose 1.78, or 0.1%, to 3,340.97 after a day of the lightning-quick shifts in momentum that have rocked Wall Street recently.

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