Sensex, Nifty Updates: Sensex and Nifty closed majorly bullish by the afternoon session on Wednesday, tracking gains in index-heavyweights Reliance Industries, HDFC and ITC amid positive cues from global equities. Sensex ended 498 points higher to 35,414 and Nifty was trading 127 points higher at 10,430. As per traders, domestic indices rallied today, on back of positive macroeconomic numbers indicating recovery in world economies. Yesterday, Sensex closed 45 points lower at 34,915 and NSE Nifty fell 10 points to 10,302. Meanwhile, investors will also await Manufacturing Purchasing Managers' Index (PMI) data figures, scheduled to be released today.
Here's a look at the updates of the market action on BSE and NSE today
3.55 PM: HDFC Securities launches Equity and Mutual Fund Optimizer for Indian investor
HDFC securities has launched Equity and Mutual Fund Optimizer for Indian investors. These platforms will be able to assist the investors by identifying non performing stocks and funds in their portfolios, while suggesting appropriate replacements.
On its launch, NK Purohit, Head - Digital & Distribution said,"The launch of Equity and MF Optimizers falls in linewith our continued strategy of leveraging technology to address and solve the commonly faced issuesof investors. Through the use of artificial Intelligence and advance algorithms, we would be able to help investors create and realign portfolios based on their needs and goals."
3. 44 PM: Closing
Sensex and Nifty closed majorly bullish by the afternoon session on Wednesday, tracking gains in index-heavyweights Reliance Industries, HDFC and ITC amid positive cues from global equities. Sensex ended 498 points higher to 35,414 and Nifty was trading 127 points higher at 10,430.
3. 35 PM: Market quote
Expressing views over today's market trend, S Ranganathan, Head of Research at LKP Securities said,"A revival in GST collections during June and a smart comeback by the Banking Sector buoyed sentiments as the market rose over in trade today. The broader market too exhibited strength as savvy investors were seen lapping up select counters who seem to be less impacted from the Pandemic".
3.23 PM: Maruti stock trades lower
Maruti Suzuki shares were trading 0.70% lower at Rs 5,798 on BSE, after the company reported sales figurs for the month of June.
India's largest carmaker Maruti Suzuki reported a 54 percent decline in sale of passenger vehicles in the domestic market in June at just 51,274 units. June was the first full month since the lockdown restrictions were eased in the middle of May but the company's tally was less than 40 percent of its pre-Covid19 levels of February.
3.02 PM: Gold price today
Gold prices in India hit fresh record high on Wednesday tracking bullish trend in international markets. Concerns over economic impact of rising coronavirus infections have driven investment inflows into safe-haven assets like gold.
Gold August Futures on Multi Commodity Exchange traded higher by Rs 54 at 48,816 today, after rising to the intraday high of Rs 48,848 per 10 gm against the previous close of Rs 48,762. The precious metal earlier opened at Rs 48,814 per 10 gm and also touched a day's low of Rs 48,758 per 10 gm.
2. 45 PM: Gold's outlook
Commenting over the recent trend of the bullion metal, Anuj Gupta, DVP Commodities and Currencies Research, Angel Broking said," Gold is trading at its lifetime high at 48,829 levels in the domestic market and at 12 year- high at $1785 per ounce. Rising coronavirus cases and increase in geopolitical tension between US, China, India and Iran are also supportive for bullions. Lower growth forecasts provide fuel to the bullions. We expect bullions may trade positive in the short term.
Expressing views over the precious metal's near term technical outlook, he added," For intraday perspective traders can go for buy in Gold at 48,600 to 48,700 levels with the stop loss of 48300 levels and for the target of 49,100."
2. 36 PM: 3M India share price today
Scotch Brite, the popular line of abrasive products is a known name in Indian households. But hardly any stock investor knows the listed MNC behind the popular brand, even as the stock has offered multibagger returns in the last 15 years. The 32-year old firm has multiple product lines well-diversified among segments such as automotive, consumer, medical, safety, hygiene, energy, electronics and airospace and aircraft maintenance, etc.
2.13 PM: Gold Prices today
Gold August Futures on MCX traded higher by Rs 54 at 48,816 toiday, after rising to the intraday high of Rs 48,848 per 10 gm as against the last closing value of Rs 48,762. Gold futures opened today at Rs 48,814 per 10 gm and also touched a day's low at Rs 48,758 per 10 gm.
1. 44 PM: Axis Bank share price rise 4.4%
Axis Bank share price was trading higher in afternoon session today ahead of the lender's board meeting to consider explore raising funds through shares or depository receipts. Share price of Axis Bank gained 4.42% to Rs 424.45 against previous close of Rs 406.50 on BSE. Axis Bank share has gained 4.43% in last 2 days.
1. 20 PM: Market gains momentum
Sensex and Nifty traded majorly bullish by the afternoon session on Wednesday, tracking gains in index-heavyweights Reliance Industries, HDFC and ITC amid positive cues from global markets. Sensex gained 400 points higher to 35,320 and Nifty was trading 111 points higher at 10,414. As per traders, domestic indices rallied today, rallied on positive macroeconomic numbers indicating recovery in world economies.
1.09 PM: Oil prices today
Brent crude futures was trading 1.2% higher at $41.75 per barrel today.
Crude oil prices today rose more than 1% on back of data that showed inventories in the US declined much more than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world.
12. 49 PM: Dollar index today
Meanwhile, the dollar index that measures the greenback against six currencies was trading 0.06% higher, having risen as much as 0.09 per cent earlier.
12. 35 PM: Rupee trades lower
Rupee, the domestic unit today opened flat at 75.50 per dollar and later fell marginally lower at 75.54 against the US currency as compared to its previous close of 75.50 on Tuesday.Where falling oil prices aided the Indian currency, strong US currency, continued foriegn fund outlows and tepid start of the domestic equity markets today capped early gains. of the local unit.
12. 20 PM: Glenmark Pharma drops almost 6% on price fixing allegations in US
Glenmark Pharma share price slipped nearly 6% intraday on Wednesday's early session after the US Justice Department announced that Glenmark Pharmaceuticals USA was charged for conspiring to fix prices for generic drugs. The charge was filed in US District Court in Philadelphia.
Glenmark Pharma shares touched an intraday low of Rs 424, falling 5.82% as against the last closing of Rs 450.20. The highly volatile stock today opened at Rs 446.90 and touched intraday high of Rs 448.95, however erased early gains to trade in the red.
12. 00 PM: Rupee trades marginally higher
11. 51 AM: Coronavirus Toll
Worldwide, there are currently 10,591,470 confirmed cases and 514,050 deaths from the coronavirus COVID-19 outbreak.
India registered the highest single-day COVID-19 deaths at 507 on Wednesday with 18,653 new infections, taking the total tally to 5,85,493, according to the Union Health Ministry data.
11. 41 AM: India's fiscal deficit data
India's federal fiscal deficit in the first two months through May stood at Rs 4.66 trillion ($61.67 billion), or 58.6 per cent of the budgeted target for the current fiscal year.
11. 35 AM: PMI data today
Investors will also await Manufacturing Purchasing Managers' Index (PMI) data figures, scheduled to be will be released today.
11. 15 AM: Core sector output data
The output of eight core infrastructure industries shrank by 23.4 per cent in May due to the coronavirus-induced lockdown. The eight core sectors had expanded by 3.8 per cent in May 2019. The impact of this weak data is expected in tomorrow's trade.
11. 05 AM:Bharti Airtel share price rises 2.5%
Bharti Airtel share price rose in an otherwise volatile market today after US-based private equity PE firm Carlyle Group that it would buy a 25% stake in Bharti Airtel's data centre business, Nxtra Data for $235 million (around Rs 1,780 crore).
Airtel will continue to hold the remaining 75% stake in the business. Share price of Bharti Airtel opened with a gain of 2.56% or Rs 14.35 higher at Rs 574 compared to the previous close of Rs 559.65 on BSE. The large cap stock has gained 61.35% in one year and gained 23.53% since the beginning of this year.
10. 51 AM: Nifty outlook
Commenting on Nifty's technical indicators, Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said," We continue to remain hopeful as long as 10194 is not broken convincingly and a positive trigger on global or domestic front would take this market higher. The support can be seen at 10250-10194 levels; whereas on the higher side, the upward momentum will get resumed above 10400-10450."
10. 33 A: Expert outlook on Vodafone result
Commenting on 4QFY20 results of Vodafone Idea, Keshav Lahoti, Associate Equity Analyst, Angel Broking said,"Vodafone Idea reported 6% revenue growth QoQ to Rs.11,089 crore. EBIDTA grew by 28.1% QoQ due to improvement in margins to 37.3% in Q4FY20 compared to 30.8% in Q3FY20. ARPU for Q4FY20 improved to Rs.121 against Rs.109 in Q3FY20, due to prepaid tariff hike effective from Dec'19. Further impact of tariff hikes in Dec'19 will flow in coming months. Company reported Rs.11,644 crore loss for the quarter. Loss increased due to exceptional items recorded of Rs.6,141 crore mainly pertaining to license fees and spectrum charges. Overall, Vodafone Idea's result was better than street estimates in terms of revenue, ARPU, EBIDTA and EBIDTA margins. "
He added later, "Among all the three leading telecom operators, only Vodafone Idea lost subscribers. The subscriber base of Vodafone Idea declined to 291 million in Q4FY20 from 304 million in Q3FY20. Vodafone reported double digit ARPU growth of 11% QoQ. Reliance Jio and Bharti Airtel's ARPU grew by 1.7% and 14.1% QoQ respectively. Between all the three operators, Bharti Airtel gained the highest revenue market share for the quarter. Vodafone Idea's ability to continue as a going concern is highly dependent on a positive outcome on AGR matter before the Supreme Court for the payment in installments. Next Supreme Court hearing on the AGR matter is scheduled in the third week of July. Favourable Supreme Court ruling, improvement in ARPU, reduction in loss of market share and any major investment by a big tech investor will be the key triggers for upside in the stock."
10. 17 AM: Vodafone Idea drops 5%
Vodafone Idea share price dipped almost 5% on Wednesday's early session after the telecom major reported Rs 11,644 crore loss for the March quarter, due to exceptional items recorded of Rs 6,141 crore mainly pertaining to license fees and spectrum charges. This was against Rs 6,758 crore loss in the same quarter of the last financial year. In the previous quarter, the telco had reported Rs 6,438.8 crore loss.
Vodafone Idea share price fell 4.8% to the intraday low of Rs 10.10 on BSE, as against its earlier closing value of Rs 10.62. The stock opened lower today at Rs 10.35 and also touched Rs 10.73 as it's intraday high. The stock has fallen 13.9% in one year. It has fallen 7.73% value in the last 2 days of consecutive fall.
9. 59 AM: Top gainers and losers
ITC, followed by Axis Bank, HDFC, IndusInd Bank, Bajaj Finance, SBI and Reliance Industries were among the top gainers in the Sensex pack. On the other hand, NTPC, Kotak Bank, L&T, ONGC and Nestle India were among the laggards.
9. 42 AM: Nifty outlook
Reliance securities in its daily note said,"On the daily chart, the index has once again formed Doji pattern. Though major parameters are in favour of bears, due to multiple indecisive formation, we believe the index will consolidate between 10,180 and 10,440 levels before a directional move. In case the index violates, 10,180 level, down move may accelerate and that could drag the index towards 10,067-9,987 zone, which coincides with its 20-day EMA and its 100-day SMA, respectively. On the higher side, a stable move above 10,440 mark will strength the index to surpass its swing high (10,550 level) and support it to test prior high connecting rising trend line, which is now placed around 10,610 mark.
As for the day, support is placed at around 10,180 and then at 10,020 levels, while resistance is observed at 10,440 and then at 10,550 levels."
9. 30 AM: Stocks to watch today on July 1
Vodafone Idea, Bank of Baroda, Bharti Airtel, ONGC, Godfrey Phillips, RITES, Marico among others are the top stocks to watch out for in Wednesday's trading session
9. 18 AM: Opening bell
Sensex and Nifty opened marginally higher on Wednesday, although gained momentum within minutes of trade, amid mixed global cues, including weakness in SGX Nifty. Sensex gained 122 points higher to 35,075 and Nifty was trading 16 points higher at 10,318.
8.55 AM: Companies to post result today
Eveready Industries, Intense Technologies are among the companies that will report Q4 results today.
8. 50 AM: Global indices today
Barring Nikkie and SGX Nifty that were trading marginally lower, other Asian equities were largely rising today. European indices barring Germany's DAX closed in red. Wall Street's NASDAQ closed in green yesterday.
8. 45 AM: Market Expectations
Sensex and Nifty are likely to open lower amid weak global cues, including weakness in SGX Nifty. SGX Nifty was trading 32 points lower at 10. 248, indicating bearish trend in domestic grounds today.
8. 30 AM: Closing bell
On Tuesday, Sensex closed 45 points lower at 34,915 and NSE Nifty fell 10 points to 10,302.