Sensex, Nifty Updates: Sensex and Nifty closed on a bullish note on Monday, in line with the trend overseas amid foreign fund inflows. Sensex closed 179 points higher to 34,911 and Nifty ended 66 points higher to 10,311. On Friday, Sensex ended 523 points higher at 34,731 and Nifty ended 152 points higher to 10,244. Meanwhile, companies set to announce their earnings are Dhanlaxmi Bank, GTL, Kirloskar Industries, Info Edge, Aegis Logistics, Apollo Hospitals, Sudarshan Chemicals, Morepen Labs, GE Power, NDTV, Onmobile Global and Skipper among others.
Here's a look at the updates of the market action on BSE and NSE today
3.55 PM: Closing bell
Sensex and Nifty closed on a bullish note on Monday, in line with the trend overseas amid foreign fund inflows. Sensex closed 179 points higher to 34,911 and Nifty ended 66 points higher to 10,311.
3.30 PM: Nifty outlook
Commenting on Nifty's outlook, Ajit Mishra, VP - Research, Religare Broking said,"In the coming week, the developments on geopolitical tension between India and China will remain on participants' radar. Besides, the scheduled expiry of the June month derivatives contract would further add to the volatility.
Markets may continue to trend higher but the intermediate volatility would be tough to handle. On the index front, Nifty may face immediate resistance at 10,350 and a strong hurdle around 10,550. In case of a decline, 9,950-10,050 would be crucial. By and large, almost all the sectors are contributing to the recovery so traders should focus more on stock selection."
3. 18 PM: Biocon share price gains over 2%
Biocon share price touched an intraday high of Rs 391.4, gaining 2.6% on BSE today. Biocon Pharma and DKSH plan to collaborate to commercialize seven generic formulations in South East Asia markets.
2.40 PM: LIC Housing Finance share price falls over 6% post results
LIC Housing Finance share price touched an intraday low of Rs 266.05, falling 6.57% on BSE, after reporting results.
Company reported a 40% decline in its net profit to Rs 421.43 crore for the quarter ended March 2020 as against Rs 693.58 crore in the year-ago period. Company's revenue came at Rs 4,920.2 crore in FY 20 as against Rs 4,657.92 crore YoY.
2. 36 PM: Dalmia Bharat Sugar share price gains over 9% post results
Dalmia Bharat Sugar share price opened with a gain of 8.29% and later touched an intraday high of Rs 124, rising 9.88% on BSE, after reporting results.
Company's profit stood at Rs 61.95 crore in March quarter as compared to Rs 43.3 crore in a year ago period. Company's revenue came in at Rs 550 crore in FY20 as against Rs 568.94 crore in FY19 YoY.
2. 27 PM: ICICI Bank share price rises over 3%
ICICI Bank touched an intraday high of Rs 375.25, rising 3.12% n BSE. The lender has today divested 21,500,000 equity shares of face value of Rs 10 each of ICICI Prudential Life Insurance Company Limited, representing 1.50% of its equity share capital. Company's shareholding now stands at 51.4%
2. 10 PM: Rupee closes higher
Rupee, the local unit ended at 76.03 per dollar, as against its previous closing of 76.18 per dollar.
2.00 PM: Alembic Pharma share price gains 4%
Alembic Pharma share price touched a new 52 week and all time high of Rs 984 today, rising 4.02% on BSE after the company announced that has received US Food & Drug Administration (USFDA) tentative approval for Rivaroxaban Tablets, 10 mg, 15 mg, and 20 mg.
1. 43 PM: LT Foods drops over 8%
LT Foods share price touched an intraday low of Rs 39.2, falling 8.73% on BSE. the compaby launched DAAWAT Cuppa Rice that provides tasty and healthy food instantly. The product would be available in India as well as International market. DAAWAT Cuppa Rice, priced at Rs. 70 to the consumer will give a full plate (240-300 grams) of rice meal. In the coming month, this product will be available in stores and on online channels in India. A small quantity would also be exported to Middle East for the Indian diaspora there.
1. 32 PM: Dhanlaxmi Bank share price rises 15% post results
Dhanlaxmi Bank share price gained over 15% to the high of Rs 17.93 on BSE after posting results. The lender reported 90% drop in its net profit on a yearly basis to Rs 2.6 crore as compared to profit of Rs 27.6 crore. Company's net interest margin dropped 1.7%. Its Gross NPA came in at 5.90% versus 7.13% and net NPA at 1.55% Vs 1.62% on a sequential basis.
1. 22 PM: Market update
Sensex was rising 320 points higher to 35,051 and Nifty climbed 105 points higher to 10,350.
1.10 PM: Global cues
Asian markets are trading mixed as investors remained focused on the suspected second wave of covid-19 cases in U.S. and China.
Wall Street closed slightly lower after WHO said that coronavirus has entered a "new and dangerous phase" and as Apple moved to re-close some of its stores.
European markets closed higher on Friday as investors focused on economic data and EU's proposed fiscal stimulus.
12.53 PM: Gold rises Rs 350 per 10 gm
Gold prices in domestic commodity markets rallied above 48K on Monday, tracking bullish cues from international market amid concerns of the global economy recovery due to the resurgence of COVID-19 cases. Significant rise in coronavirus cases after weeks of lockdown also kept demand for the risk-averse asset high in domestic market.
On Multi Commodity Exchange, gold futures for the August month traded Rs 352 higher at 48,289 per 10 gm, also its day's high as against the earlier close of 47,937. The metal hit an intraday low of 48,000, also its opening price today.
12. 40 PM: Coronavirus tally
India's tally has now reached 4,25,282 including 1,74,387 active cases, 2,37,195 discharges and 13,699 deaths, according to data by the Ministry of Health and Family Welfare. In the last 24 hours, India has reported a spike of 14,821 new cases. There have been 445 new deaths in the same period.
12.23 PM: Market outlook by Centrum Strategy
Centrum Strategy in its daily market update said," We continue to maintain our defensive stance with capital preservation as the motto. However, we recommend to being fully invested taking advantage of the global liquidity. We continue to remain overweight in defensive sectors such as IT, FMCG, Pharma & telecom. To play the economic resurgence we recommend to play it through sectors with high operating leverage than financial leverage, as we believe banks/NBFC's will suffer due to extended moratorium. Accordingly, we have further reduced weight in financials & increased weights in cement & autos."
12.05 PM: Oil prices today
Oil price moved on Friday but gave up gains towards the end of the day as fear of second wave of covid-19 rose which could stall the economic recovery. Brent crude futures, the global oil benchmark, rose 0.19 per cent to USD 42.27 per barrel.
11. 39 AM: Nifty outlook
On Nifty outlook, Geojit Financial in its report said, "Dips to 10148 may prompt a feeble attempt to clear 10270-10300. If unsuccessful, expect Nifty to slip into the 10148-10014 region, with lower chances of a directional move."
11.20 AM: Rupee rises today
Rupee, the local currency appreciated 5 paise to 76.15 per US dollar on Monday amid gains in the domestic equity market and sustained foreign fund inflows.
Where weak US dollar against major currencies overseas helped the domestic unit, rising crude prices and a fresh spike in coronavirus cases restricted the gains.
The rupee opened strong at 76.16 per dollar and later rose to 76.15 against the US dollar, rising 5 paise over its previous close of 76.20 on Friday.
11.00 AM: Top gainers and losers today
Reliance Industries, Bajaj Finserv, Bajaj Finance, Bajaj Auto, IndusInd Bank and ICICI Bank were among the top gaines on Sensex pack. On the contrary, TCS, ONGC, M&M and Infosys were among the top laggards.
10. 51 AM: Expert outlook on Nifty
Expressing views on Nifty's outlook, Angel Broking in its note said, "As far as supports are concerned, 10100 followed by 10000 would be seen as immediate support zone. Now, the base seems to have shifted higher from 9700 to 10000 and here a breach of 10000 would again apply brakes on the optimism."
10. 39 AM: Glenmark Pharmaceuticals gains 15%
Shares of Glenmark Pharmaceuticals rose 15% on Monday after the Indian drugmaker said it has launched an antiviral drug Favipiravir for the treatment of mild to moderate covid-19 patients. Drug major Glenmark Pharmaceuticals has become the first Indian company to commercially launch an antiviral drug - Favipiravir with brand name FabiFlu - for the treatment of mild to moderate COVID-19 patients.
Glenmark Pharmaceuticals share price opened 10% higher at Rs 450 against previous close of 409.10 on BSE. Later, due to huge bidding for the share, the upper circuit of the stock was revised to 15%. At 10: 00 am, the midcap stock was stuck in upper circuit of 15% at Rs 470.45 on BSE.
10. 28 AM: Reliance Industries share price gains 2.5%
Reliance Industries share price continued to move higher, hitting a fresh record high of Rs 1804.1, rising 2.53% on BSE. The stock of the oil conglomerate has also hit a market cap of $150 billion, becoming 1st Indian company ever do so.
10. 14 AM: Cipla top gainer on NSE
Cipla shares were trading as the top gainer on NSE Nifty, rising over 9% on Monday's opening session after the drug company along with Hetero received an emergency marketing approval for Remdesivir for the treatment of severe Covid-19 patients from the drug controller of India.
Cipla shares opened with a gain of 9.25% today and hit a new 52 week high of Rs 696 toda.
10.06 AM: Nifty outlook
On Friday, the index has given breakout from its long-term moving average (100-day SMA) and regained 10,200 mark. Its key technical indicators are also positively poised. This could lead the index towards 10,500 and 10,800 levels. On the lower side, its medium-term moving average (50-day EMA) will act as a key reversal point for the index, which is placed at 9,706 mark.
As for the day, support is placed at around 10,090 and then at 10,000 levels, while resistance is observed at 10,330 and then at 10,470 level
9. 55 AM: Global cues
U.S. stock futures, Asian stocks erased losses and held flat on Monday, trying to shake off worries that rising coronavirus cases in the United States. The pandemic is accelerating globally with the World Health Organization (WHO) reporting a record increase in global coronavirus cases on Sunday.
Wall Street closed lower yesterday after Apple Inc said on Friday it would temporarily shut 11 U.S. stores as coronavirus cases rise in some states, triggering selling in stocks.
9.34 AM: Stocks to watch today on June 22
Glenmark Pharma, HDFC, HDFC Bank, Cipla, Bajaj Electricals, Cadila and Dhanlaxmi Bank among others are the top stocks to watch out for in Monday's trading session.
9.20 AM: Opening bell
Sensex and Nifty opened majorly higher on Monday's opening bell, bucking the general weak trend overseas. Sensex was rising 411 points higher to 35,143 and Nifty climbed 122 points higher to 10,366.
9.10 AM: Pre open session
Sensex and Nifty pre-opened majorly higher on Monday's opening bell, bucking the general weak trend overseas. Sensex was rising 160 points higher to 34,892 and Nifty climbed 96 points higher to 10,322.
8.55 AM: Earnings today
Companies set to announce their earnings are Dhanlaxmi Bank, GTL, Kirloskar Industries, Info Edge, Aegis Logistics, Apollo Hospitals, Sudarshan Chemicals, Morepen Labs, GE Power, NDTV, Onmobile Global and Skipper among others.
8.50 : FII/ DII action
On a net basis, FIIs bought Rs 1,237 crore while DIIs sold Rs 880.66 cr ore worth in equities on Friday
8.40 AM: Rupee closing
On the currency front, Rupee, the local currency, ended 6 paise lower at 76.20 per US dollar on Friday as against the last closing of 76.14 per dollar.
8.30 AM: Closing on Friday
On Friday, Sensex ended 523 points higher at 34,731 and Nifty ended 152 points higher to 10,244.