Sensex, Nifty Updates: Sensex and Nifty closed majorly bearish after a volatile session on Wednesday, as traders turned cautious in domestic market amid weakness in Asian indices including Nikkie, Hong Kong and SGX Nifty. Sensex closed 561 points lower at 34,868 and Nifty fell 165 points lower to 10,305. Earlier at opening bell, Sensex rose 250 points higher at 35,679 and Nifty climbed 58 points higher at 10,529. On Tuesday's trade, Sensex ended 519 points higher to 35,430 and Nifty climbed 159 points higher to 10,471. Meanwhile, companies set to announce their earnings are Indian Oil, Balmer Lawrie, United Breweries, GAIL, Canara Bank, Prestige, Anup Engineering, Rane Holdings among others.
Here's a look at the updates of the market action on BSE and NSE today
4.00 PM: Expert outlook on IOC Q4 result
Commenting on Q4FY20 results of Indian Oil Corporation, Jyoti Roy, DVP Equity Strategist, Angel Broking said,"Indian Oil Corporation (IOCL) reported a 6.2% YoY de-growth in consolidated revenues to Rs 1,18,439 crore for Q4FY20, due to fall in total sales of products (including exports) by 2.2% YoY to 22.2 million metric tons.
EBITDA for the quarter stood at Rs.215 crore against markets expectations of an EBITDA loss. During the quarter the company posted a consolidated loss before tax of Rs.13,610 cr. against a profit before tax of Rs.8,634 cr in Q4FY19.
Consolidated net loss for the quarter stood at Rs.5,185 crore as compared to profit of Rs.6,099 cr in the corresponding quarter previous year.
While the Q4FY20 numbers have come in ahead of street estimates on revenues and EBITDA front we believe that the Q1FY21 would be keenly watched by the markets given that demand would be adversely impacted for the better part of the quarter as compared to just about a week in Q4FY20."
3.55 PM: Expert outlook
Ajit Mishra, VP - Research, Religare Broking Ltd.
Markets settled with a cut of over one and a half percent, taking a breather after the recent rally. Initially, the benchmark opened higher, taking cues from firm global cues but profit-taking gradually pushed the index lower as the session progressed. The existence of major hurdle at 10,550(200 EMA) in Nifty combined with caution ahead of the monthly derivatives expiry pushed the bulls slightly on the back foot. Finally, the Nifty index ended near the 10,300 mark. Amongst the sectors, barring FMCG all the other indices ended in losses with Banking, telecom, power and realty being the top losers.
The move was on the expected lines and we may see some consolidation before the next directional move. In the absence of any major event on the local front, participants should keep a close watch on the global markets for cues. Besides, the performance of the banking and financial pack would be decisive for a further surge in the index. We expect volatility to remain high as traders would square-off and rollover their derivatives positions due to the scheduled expiry of June month contracts.
3. 40 AM: Closing
Sensex and Nifty closed majorly bearish after a volatile session on Wednesday, as traders turned cautious in domestic market amid weakness in Asian indices including Nikkie, Hong Kong and SGX Nifty. Sensex closed 561 points lower at 34,868 and Nifty fell 165 points lower to 10,305.
3.30 PM: JM Financial Private Equity completes Rs 400 million investment in Isthara Parks
JM Financial Private Equity has announced it has completed its proposed investment of Rs 400 mn in Coimbatore based co-living operator, Isthara Parks Private Limited. The investment was completed in two tranches between July 2019 and June 2020.
Commenting on the investment Darius Pandole, Managing Director & CEO, PE & Equity AIFs said, "We did extensive research on the co-living sector and identified Isthara as a potential leader in the space. The Isthara management brings to the table deep domain knowledge in hospitality, IT & real estate and proven execution capability. The fund focuses on backing strong entrepreneurs with disruptive ideas combined with on-ground operational excellence."
3. 20 PM: Market quote
Market Quote by Vinod Nair, Head of Research at Geojit Financial Services
"In Spite of opening positive, markets finally ended negative, in sync with negative global cues. The rising cases of virus infections worldwide, especially in the Americas, unnerved the global markets. Domestic cases too show no signs of abating and this must be weighing in on the investors. Almost all sectoral indices ended in the red, with the Bank index the major loser. Ahead of F&O expiry, markets are expected to remain volatile and investors advised to keep booking profits."
3 . 10 PM: Market falls further
Sensex and Nifty turned bearish by the later session on Wednesday, as trades turned cautious in domestic market amid weakness in Asian indices including Nikkie, Hong Kong and SGX Nifty. Sensex was falling 561 points lower at 34,848 and Nifty fell 165 points to 10,305.
2.55 PM: Reliance Industries share price gains 3%
Reliance Industries share price gained nearly 3% in early trade despite a volatile market session on Wednesday, following reports that conglomerate's MD and CEO Mukesh Ambani is talks for defining a strategic partnership with Saudi Aramco (Aramco), the company said in its annual report.
RIl stock today touched an intraday high of Rs 1,772, rising 3.02% as against the previous closing price of Rs 1,720 on BSE. The stock opened today at Rs 1,739 and also hit an intraday low of Rs 1,712 today.
2. 35 PM: Glenmark Pharma share price corrects over 7%
Glenmark Pharmaceuticals share price corrected for the second consecutive session today, falling 7.2% intraday on Wednesday's session. The stock has fallen over 12% in the two-session of straight fall.
Glenmark Pharma share price touched an intraday low of Rs 450, falling 7.2% as against the previous closing value of Rs 484.90 on BSE. the stock had earlier opened at Rs 450 and touched an intraday of Rs 479.90. Glenmark Pharma is trading higher than 5, 20, 50, 100 and 200-day moving averages.
The stock has risen 15% in one week, 30% in one month and 32% since the beginning of the year. The total market capitalisation of the stock stood at Rs 12,961 crore as of today's closing session.
2.15 PM: JMC Projects surges 20%
JMC Projects stock jumped almost 20% on Wedenesday's volatile trading session after the company said it has secured new orders of Rs 938 crore.
JMC Projects stock opened with a gain of 19.17% and touched an intraday high of Rs 60.4, rising 19.96% as agsint the previous closing price of Rs 50.35.
This is despite the 'Construction & Engineering' sector that fell 2,38%, with Sensex falling 1.58%.
2.13 PM: Oil price today
Oil price witnessed profit booking as coronavirus cases spiked in U.S. raising demand fears but was capped by comments fromTrump on trade deal with China. International oil benchmark Brent crude futures fell 0.52 per cent to USD 42.41 per barrel.
1. 50 PM: India's oil imports plunge to its lowest since October 2011 in May
India's oil imports in May hit the lowest since Oct 2011 as refiners with brimming storage cut purchases after a continuous decline in fuel demand, preliminary data obtained from industry sources showed. In May, India imported 3.18 million barrels per day (bpd) of oil, a decline of about 31% from April and about 26% from a year ago, the data showed.
1. 40 PM: Market turns red
Sensex and Nifty turned bearish by the later session on Wednesday, as trades turned cautious in domestic market amid weakness in Asian indices including Nikkie, Hong Kong and SGX Nifty. Sensex was falling 300 points lower at 35,118 and Nifty fell 85 points to 10,328.
1. 35 PM: Escorts share price zooms 90% in 3 months
Escorts share price rose to an all-time high in morning session amid broader volatile market movement today. Share price of Escorts rose 8% to Rs 1,047 against previous close of Rs 970.55 on BSE. The engineering firm's stock has gained after 2 days of consecutive fall.
Ace investor Rakesh Jhunjhunwala held 91 lakh shares or 7.42% stake in Escorts at the end of March quarter. Jhunjhunwala first bought 50 lakh shares of the company in the September 2013 quarter. One of the key reasons behind the rise in stock of tractor maker is forecast of normal monsoon.
1.20 PM: Top losers and gainers
HCL Tech, IndusInd Bank, PowerGrid and Infosys were among the laggards. On the other hand, ITC, Bajaj Auto, Bajaj Finance, NTPC and Titan were among the top gainers
12. 54 PM: Steel Strips Wheels share price gains over 5%
Steel Strips Wheels share price was trading 5% higher on Wednesday's early session, after the company bagged exports orders for over 20,000 wheels for US & EU Caravan Trailer Market. The share price of Steel Strips Wheels opened with a gain of 2.69% and later touched an intraday high of Rs 453.95, rising 5.01% intraday on BSE. The stock earlier settled at Rs 432.30 on Tuesday's trade.
12. 28PM: Rupee outlook
Expressing views on Rupee's outlook, Anuj Gupta (DVP-Commodities & Currencies Research, Angel Broking) said," Today, Indian Rupee opened with a flat note, however, yesterday it appreciated by 0.66%. Currently, it is trading around 75.59 levels. We are expecting appreciation in rupee supported by the record increase in forex reserve, it increased by $5.92 billion to touch lifetime high of $507.644 billion. Weakness in dollar is also supportive for USDINR. We recommend traders to sell in USDINR around 75.70 to 75.80, with the stop loss of 76.00 and for the target of 75.20 levels. We expect appreciation in rupee."
12.20 PM: Bank of Baroda share rises 9%
Bank of Baroda share price gained in early trade today after the lender reported a standalone net profit of Rs 506.59 crore in
Q4 against net loss of Rs 991.37 crore in the January-March quarter of the preceding fiscal. The banking stock has gained 19.98% in 6 days. The stock opened 8.82% higher at Rs 54.90 against previous close of Rs 50.45 on BSE.
Market cap of Bank of Baroda rose to Rs 24,489 crore. The share gained up to 9.02% to Rs 55 on BSE. The stock trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.
12.08 PM: Markets turns muted
Sensex and Nifty erased earlier gains and traded muted by the afternoon session of Wednesday, backed by weakness in Asian indices inclusing Nikkie, Hong Kong and SGX Nifty.
11.44 AM: Gold hits fresh record high of Rs 48,420 per 10 gm
India Gold August Futures in the domestic commodity market rallied to a fresh high of Rs 48,420 on Monday, tracking global cues amid concerns of the global economic recovery due to the resurgence of COVID-19 cases worldwide. Significant rise in coronavirus cases in India after weeks of lockdown also kept demand for the risk-averse asset high in the domestic market.
Overseas, gold price moved to the highest level since March 2012 as dollar lost ground and more stimuli from central banks to support economies. In the international market, gold prices touched the 8 years high of $1773 per ounce.
On Multi Commodity Exchange, gold futures for the August month hit a fresh high of 48,420 per 10 gm, also its day's high, after opening at Rs 48,333.
11. 24 AM: Expert outlook
Geojit Financial in its daily report said,"The rapid rise yesterday to 10,500 may have led to bullish exhaustion calling for caution today, but with VIX beginning to fall, such sharp upsides may be becoming a permanent fixture for now. Downside risk starts at 10,420."
11.00 AM: Rupee rises 5 paise to 75.61
The rupee appreciated 5 paise to 75.61per dollar on Wednesday tracking weakness in the US currency and gains in the domestic equity market.
Rupee was trading in a narrow range today as positive domestic equities, susutained foriegn fund inflows and weak US currency supported the local unit, while rising coronavirus cases weighed on investor sentiment.
The rupee opened at 75.61 per dollar, registering a rise of 5 paise over its previous close of 75.66 on Tuesday.
10.52 AM: Asian Paints share price top gainer on NSE
Asian Paints share price was trading as top gainer on NSE, rising 6.7% intraday after teh company posted better than expected quarterly results. Company's net profit stood at Rs 461.89 crore for Q4FY20 as against Rs 471.65 crore in a year ago period. Company's revenue stood at Rs 4,635.6 crore in Q4FY20 versus Rs 4,991.50 crore YoY.
10. 40 AM: Gold outlook
Anuj Gupta (DVP-Commodities & Currencies Research, Angel Broking) said,"Today, gold prices again touched the new life time high of 48333 levels. In international market, it touched the 8 years high of $1773 per ounce. Safe heaven demand, investment demand due to Corona virus pandemic and weakness in major economies boost the gold demand. We expect gold will trade higher further. It may test $1800 to $1830 levels soon. For traders, it is recommended to buy gold at 48000 to 48100 levels, with the stop loss of 47700, for the target of 48600 to 48800 levels".
10.26 AM: Global cues
Asian shares were trading mostly higher with another mood boost from US stocks, while fears persisted over the surge in coronavirus cases in parts of the world.
Wall Street and European indices also closed higher yesterday, as investors focused on the prospects for an economic recovery as more businesses reopen.
10.08 AM:FII/ DII action
On a net basis, FIIs bought Rs 168 crore while DIIs bought Rs 454 crore worth in equities yesterday.
9. 50 AM: Top gainers and losers
ITC, Bajaj Auto, Bajaj Finance, NTPC and Titan were among the top gainers. On the other hand, HCL Tech, IndusInd Bank, PowerGrid and Infosys were among the laggards.
9. 30 AM: Nifty outlook
Expressing views on Nifty's near term outlook, Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking said,"The index has been forming a 'Higher Top Higher Bottom' structure and the broader markets have done considerably well in last few sessions. The upmove in index supported by a broader market participation is certainly an encouraging sign and hence, we have been optimistic on the market and have been advising to use dips as buying opportunity. The intraday supports for Nifty are placed around 10390 and 10300 whereas resistance is seen in the range of 10550-10600."
9. 18 AM: Expert outlook
On Nifty's intraday outlook, Ajit Mishra, VP - Research, Religare Broking said,"We may see a pause in the index ahead, citing a major hurdle at 10,525 level i.e. resistance zone of the long term moving average(200 EMA) on the daily chart."
9. 15 AM : Opening bell
Sensex and Nifty opened on a bullish note on Tuesday, in line with the trend overseas amid foreign fund inflows. Sensex rose 250 points higher at 35,679 and Nifty climbed 58 points higher at 10,529.
9.06 AM: Stocks in news
Federal Bank, Manappuram Finance, Bank of Baroda, Asian Paints, Aster DM Healthcare, Berger Paints among others are the top stocks to watch out for in Wednesday's trading session
8.55 AM: Earnings today
Indian Oil, Balmer Lawrie, United Breweries, GAIL, Canara Bank, Prestige, Anup Engineering, Rane Holdings, IG Petrochemicals, PNC Infratech, Monte Carlo Fashions, Lakshmi Mills, India Cements, Hindustan Media, H.G. Infra Engineering, Sharda Cropchem, Tide Water Oil, Timex Group, Technvision Ventures among others will report Q4 earnings today.
8. 50 AM: Rupee Closing
On the currency front, the rupee ended at 75.65 per dollar against the previous closing of 76.02 per dollar.
8. 40 AM: Closing bell
On Tuesday, Sensex ended 519 points higher at 35,430 and Nifty climbed 159 points higher to 10,471.