Sensex, Nifty Updates: Sensex and Nifty closed on a negative note on Monday, taking cues from weak global equities. BSE Sensex ended 209 points lower at 34,961 and NSE Nifty closed 70 points lower at 10,312. Asian counterparts were trading lower today, including SGX Nifty that traded 70 points lower at 10,266, indicating negative trend in domestic market today. On Friday's trade, Sensex gained 329.17 points or 0.94 per cent to 35,171, Nifty surged 94.10 points or 0.90 per cent to end at 10,383. Meanwhile, companies set to announce their earnings are Petronet LNG, Tata Steel, Bharat Forge, Venky's, J&K Bank, Raymond, Punjab & Sind Bank, Minda Corp, Bharat Dynamics, NOCIL, SJVN, RVNL, MSTC, Lux Industries, Hind Copper, Welspun, MRF, Bharat Electronics, GMR Infra, Central Bank of India, Fortis Healthcare, AstraZeneca Pharma and CESC among others. In another update, Four gunmen attacked the Pakistan Stock Exchange building on Monday, killing two citizens. According to Reuters, four of the gunmen have been killed. The police have sealed the surrounding areas.
Here's a look at the updates of the market action on BSE and NSE today
3. 47 PM: Closing bell
Sensex and Nifty closed on a negative note on Monday, taking cues from weak global equities. BSE Sensex ended 209 points lower at 34,961 and NSE Nifty closed 70 points lower at 10,312.
3. 30 PM: Gold prices today
Gold price continued on Monday to rise on fear of a delayed economic recovery as coronavirus cases continued to rise in the global arena prompting investors to move to safe haven assets.
3. 15 PM: Expert outlook on rupee
Commenting on rupee's trade today, Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities said,"Rupee ended higher on Monday on likely overseas inflows into local debt amid a weak greenback. Some Jio-related inflows further supported spot pair, however, dollar buying by nationalized banks likely on behalf of Reserve Bank of India (RBI) capped sharp fall in spot pair. Rupee still broadly trading between the range of 75.40-75.75".
3.00 PM: Rupee ends stronger
On the currency front, rupee the local currency closed stronger at 75.58 per dollar as against the last close of 75.63 per dollar on Friday.
2. 49 PM: IDBI Bank shares hit 52-week high
Shares of IDBI Bank rose nearly 5 per cent, hitting 52-week high on the Bombay Stock Exchange (BSE), after the lender said that its board has approved a plan to sell 27 per cent stake in its life insurance arm IDBI Federal Life Insurance for Rs 595 crore. In contrast, the BSE Sensex was trading 306 points, or 0.87 per cent, lower at 34,864. In the last one month, IDBI Bank shares have rallied as much as 106 per cent from the level of Rs 20.30 as on May 29, compared to 7.5 per cent rise in the BSE Sensex.
IDBI Bank shares hit 52-week high on plans to divest 27% stake in life insurance arm
2. 35 PM: Global cues
Asian markets were trading lower, in line with Wall Street's closing ascoronavrius cases in Southern and Northern states of US rose casting doubts on economic recovery. European markets also opened lower on Friday as coronavirus cases climbed in US with Texas pausing the reopening of its economy.
2. 23 PM: Axis Bank share price drops over 5%
Axis Bank share price was tarding as the top loser on NSE since openng bell today, falling as much as 5.21% after S&P Global Ratings lowered its ratings on Axis Bank due to increased economic risks for banks operating in India.
"We lowered our ratings on Axis to reflect our expectation that heightened economic risks facing India's banking system will affect the bank's asset quality and financial performance. While Axis' asset quality is superior to the Indian banking sector average, its level of non-performing assets (NPAs) will likely remain high compared to international peers'," S&P said.
2. 01 PM: ITC share price rises over 4% post Q4 results
ITC share price rose over 4% on Monday after the firm reported a 9.28 per cent rise in its consolidated net profit for fourth quarter ended March 31. Share price of ITC climbed 4.1% to Rs 203.1 against previous close of Rs 195.10 on BSE.
The stock opened with a gain of 4.1% at Rs 203.10 today. The share trades higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages. Market cap of the firm rose to Rs 2.45 lakh crore. The large cap stock has lost 27.23% in one year and fallen 16.12% since the beginning of this year.
1. 49 PM: AstraZeneca Pharma India hits new all-time high
AstraZeneca Pharma India share price hit a new 52-week and all-time high of Rs 3,591 today after the World Health Organisation (WHO) identified the candidates developed by Oxford University - AstraZeneca and Moderna Inc as front-runners who are working towards a coronavirus vaccine. While addressing a virtual media conference from Geneva, WHO Chief Scientist Dr Soumya Swaminathan stated that AstraZeneca's coronavirus vaccine candidate is the most advanced vaccine currently in terms of development, she said.
The stock today opened at 3,439.95 gaining 2.7% today and later touched a fresh high of Rs 3,591, rising 7.21% as against the last closing value of Rs 3,349 on BSE. Earlier, the stock also touched an intraday low of Rs 3,420.
1. 31 PM: Coal India share price falls 4.68% post results
Coal India share price dropped almost 5% intraday on Monday's early session as the company posted weak results for the quarter ended March 2020, on back of higher costs and lower revenue.
The company reported 23.24% fall in consolidated net profit at Rs 4,625.76 crore for the quarter ended March 31 as against Rs 6,026.47 crore in the corresponding quarter last year. Company's revenue droped 3.6% YoY in at Rs 27,568.3 crore as against Rs 28,585 crore.
1. 14 PM: Stock market recovery doesn't indicate economic revival
Even as the stock markets are slowly recovering, the economy has not shown many signs of pickup.The phenomenon denotes an apparently weak linkage between buoyant markets and economic recovery, largely reflecting irrational exuberance, a report said.
"The current uptick in equity markets reflect the eternal conundrum of the linkage between the real and financial sector. In effect, Indian financial markets that were in a precipitous declining mode till the announcement of lockdown1 has now bounced back with RBI pumping in adequate liquidity in the market and such movement has been largely synchronous since March 25," the SBI Ecowrap report said.
12. 36 PM: Market Update
Sensex and Nifty fell nearly 1% each by the afternoon session on Monday, taking cues from weak global equities. BSE Sensex fell 309 points lower at 34,864 and NSE Nifty was trading 92 points down at 10,290.
12.28 PM: ITC Q4 results
On 4QFY20 results of ITC, Rajit Rajoriya, Equity Research Associate, Angel Broking said," Standalone Revenue from operations declined by 6.4% to Rs.11,420 crore compared to Revenue of Rs.12,206 crore in the same period of 2018-19. EBITDA for the quarter stood at Rs.4,163 crore as compared to the street's estimate of 4,495.06 crore while EBITDA margins came in at 36.5%. Net profit was up by 9% to Rs 3,797 crore. All business segments reported a degrowth led by Agri business (-10.2% YoY), Hotels (-8.6% YoY) Cigarettes (-6.5% YoY), Paperboard (-5.1% YoY) and FMCG (-2.8% YoY)."
He added," ITC has been aggressive in its FMCG business-launching sanitisers and hand washes, leveraging its extensive distribution network and acquiring a key regional spice brand. However, it has lost around 40 days of cigarette sales due to the lockdown. Its hotels and paper segments, too, are likely to be impacted due to the loss of business. While it missed the Street estimates due to decline in revenues across all segments, the performance of its FMCG segment has kindled hopes of an improved show in the latter part of the year."
12. 12 PM: Coal India Q4 results
On 4QFY20 results of Coal India, Jyoti Roy, DVP Equity Strategist, Angel Broking said,"Coal India reported a 3.6% YoY decline in consolidated revenues to Rs.27,568 crore for Q4FY20, as compared to revenues of Rs.28,585 crore for Q4FY19. Sales volume for the quarter was flat at 163.9mn tons though production was up 10% YoY to 213.7mn Tons. EBIDTA for the quarter stood at Rs.6,729 crore down 18.3% YoY while EBIDTA margins contracted by 442 basis points to 24.4%. Consolidated net profit for the quarter stood at Rs 4,626 crore as compared to profit of Rs.6,026 cr in the corresponding quarter previous year. While top line numbers were in line with street estimates net profit came in below street estimates largely on account of lower margins."
11. 58 AM: NTPC Q4 results
On 4QFY20 results of NTPC, Yash Gupta, Equity Research Associate, Angel Broking said,"NTPC Ltd. consolidated revenue from operations for Q4FY20 stood at Rs 30,201 crore up by 26.9% YoY from Rs 23,800 crore in Q4FY19. Revenue from generation of power stood at ?29,708 crore up by 24.6% as compared to Rs 23,839 crore in Q4FY19."
He added," NTPC has completed acquisition of NEEPCO and THDCIL, during the quarter the company was able to commercialize 1.71 GW of power plant. Coal based plant availability stood at 94.3% as compared to 92.4% in Q4FY19 while Plant load factor at 69.52%.Profit after tax for the quarter stood at Rs 1524 crore down by 70% due to provision of Income tax of Rs 2,743crore related to earlier years, as the company has decided to settle pending cases under vivad se vishwas scheme."
11. 40 AM: Terror attack at Pakistan Stock Exchange leaves two dead
Four terrorists stormed the Karachi stock exchange building today leaving two dead and three injured, according to local media. Later, all four attackers were killed as police launched a counter offensive operation.
As per media reports, four terrorists opened indiscriminate firing at the gate of exchange.
They managed to enter the stock exchange building firing indiscriminately and launching a grenade attack.
11. 27 AM: Adani Green Energy share price hist 5% lower circuit
Adani Green Energy share price hit the lower circuit of 5% today amid news that the Gautam Adani-led firm has received shareholders' nod to raise Rs 2,500 crore in its fifth annual general meeting held on Thursday. Share price of Adani Green Energy opened 5% lower at Rs 377.5 compared to the previous close of Rs 397.40 on BSE. The large cap stock has lost 18.53% in 4 days.
11. 08 AM: Rupee rises 5 paise
The rupee opened on a flat note at the interbank forex market at 75.64 against the US dollar. Later the local currency gained some ground and touched 75.60 against the US dollar, up 5 paise over its last close of 75.65 against the US dollar on Friday.
Traders said weak domestic equity market, foreign fund outflows and rising number of COVID-19 infected cases weighed on investor sentiments. However, weak American dollar supported the local unit and restricted the decline.
10. 57 AM: Coronavirus Toll
Worldwide, the number of cases linked to the COVID-19 disease has crossed 1.01 crore, while the death toll has topped 5.01 lakh. Meanwhile, in India, the number of infections rose to 5,48,318, according to the health ministry. The death toll rose to 16,475.
10. 49 AM: Nifty outlook
Commenting on Nifty's outlook, Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said,"Due to Friday's close, we can see a formation of 'Spinning Top' pattern and this generally indicates neutral bias, neither the bulls dominated, nor the bears had the upper hand. Ideally a close beyond 10500-10550 would have suggested a stronger closer but nevertheless bulls somehow managed to defend their territory. Now, the week's low of 10194 would now be seen as a key support and as long as we are above it, there is no reason to worry."
10.32 AM: Top losers and gainers
Bajaj Finance, followed by Axis Bank, IndusInd Bank, ICICI Bank, SBI, HDFC duo and Infosys were among the top losers in the Sensex pack today. On the other hand, ITC, Sun Pharma, Nestle India and PowerGrid were among the gainers.
10. 21 AM: Market falls further
Sensex and Nifty fell almost 1.4% each by the first hour of session on Monday, taking cues from weak global equities. BSE Sensex fell 450 points lower at 34,713 and NSE Nifty was trading 147 points down at 10,236.
10. 17 AM: Piramal Enterprises shares drop 2.7%
Piramal Enterprises share price fell over 2% on Monday's early trade after the company said US-based global investment firm Carlyle Group Inc will buy 20% stake in its subsidiary- Piramal Pharma for around $490 million (over Rs 3,700 crore). The deal, being one of the largest private equity deals in the Indian pharmaceutical sector, is likely to be closed in 2020.
Following the update, the share price of Piramal Enterprises fell 2.7% intraday to the low of Rs 1,303 as against the last closing price of Rs 1,342 on BSE. Earlier the stock opened higher at Rs 1,357 and also touched an intraday high of Rs 1,363.
9. 50 AM: Expert outlook
Reliance securities said,"We continue to believe that the index will remain in pressure for the near-term. On the lower side, the index will initially find support at around its 100-day SMA and then at around 50-day EMA, which are now placed at around 10,004 and 9,823 levels, respectively. On the higher side, its prior highs connecting upward slopping intermediate trend line will cap the up-move, which is placed at around 10,550 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: Market Cap data
Six of the 10 most valued Indian companies together added Rs 92,130.59 crore in market valuation last week, with Tata Consultancy Services emerging as the biggest gainer. HDFC Bank, HUL, Infosys, Kotak Mahindra Bank and ITC also witnessed a jump in their market capitalisation (m-cap) for the week ended Friday, while Reliance Industries, HDFC, Bharti Airtel and ICICI Bank finished with losses.
9. 25 AM: Global cues
Globally, markets were trading lower tracking weakness from Wall Street, on back of surge in Covid-19 infections in various western and southern parts of the US, that reopened earlier.Where the global death toll from COVID-19 reached half a million people on Sunday, about one-quarter of all the deaths so far have been in the United States.
Asian share markets also started weak on Monday, with MSCI's broadest index of Asia-Pacific shares outside Japan easing 0.2%.
9. 18 AM: Oil declines today
Oil prices on Monday slipped amid concerns that the second wave of pandemic would slow the reopening of some economies and thus hurt demand for fuel. Brent crude futures were trading 62 cents lower at $40.40 a barrel, while U.S. crude lost 60 cents to $37.89.
9. 10 AM: Opening session
Sensex and Nifty opened on a negative note on Monday, backed by weak global equities. BSE Sensex fell 244 points lower at 34,926 and NSE Nifty was trading 71 points down at 10,311. Asian counterparts were trading lower today, including SGX Nifty that traded 70 points lower at 10, 266, indicating negative trend in domestic market today.
9. 05 AM: Expert outlook
"We see a good bounce back in a few large cap stocks, which are trading at very good support levels. Downside support for Nifty is seen at 10,200 points while upside resistance comes at 10,400 level," said Sumeet Bagadia, Executive Director, Choice Broking.
8. 56 AM: Stocks to watch today on June 29
HDFC Bank, Piramal Enterprises, Axis Bank, IDBI Bank, Bajaj Auto, Vadilal, Adani Transmission among others are the top stocks to watch out for in Monday's trading session
8. 53 AM: Technical outlook
"Markets are still going to be significantly influenced by updates on India-Sino standoff and US-Sino trade talks. While these influences might only be sentimental but if FPIs start selling, markets can really fall from the cliff as they have already bounced back 38% which statistically is a good number for markets to start drifting lower," said Jimeet Modi, Founder & CEO, SAMCO Securities.
8. 47 AM: What to expect from markets this week
The benchmark equity indices - Sensex and Nifty - managed to end the week with a 1 per cent gain, even as coronavirus and India-China border tensions have kept the volatility on the higher side. The coming week would be watched closely by the investors due to June PMI data, auto sales numbers, coronavirus updates and development in the India-China border row.
8. 43 AM: FII/ DII data
On a net basis, FIIs sold off Rs 753 crore, while DIIs bought Rs 1,304 crore worth in equities today.
8. 40 AM: Earnings today
Companies set to announce their earnings are Petronet LNG, Tata Steel, Bharat Forge, Venky's, J&K Bank, Raymond, Punjab & Sind Bank, Minda Corp, Bharat Dynamics, NOCIL, SJVN, RVNL, MSTC, Lux Industries, Hind Copper, Welspun, MRF, Bharat Electronics, GMR Infra, Central Bank of India, Fortis Healthcare, AstraZeneca Pharma and CESC among others.
8. 36 AM: Rupee Closing
On the currency front, the rupee pared initial gains and settled on a flat note at 75.65 against the US dollar.
8. 30 AM: Closing
On last Friday, Sensex gained 329.17 points or 0.94 per cent to 35,171, Nifty surged 94.10 points or 0.90 per cent to end at 10,383.