Sensex, Nifty Updates: After a volatile trading session, Sensex and Nifty ended on a bullish note on Monday, amid mixed global equities. Sensex ended 99 points higher at 36,693 and Nifty ended 47points to 10,815. On the sectoral front, gains in FMCG, IT, metal and auto stpcks were capped by losses in banking, financials, PSU Bank and realty shares. Earlier at opening bell, Sensex gained 338 points higher to 36,930 and Nifty rose 95 points to 10,862. On Friday, Sensex closed 143 points lower at 36,594 and Nifty fell 45 points to 10,768.
Here's a look at the updates of the market action on BSE and NSE today
3.54 PM: Market outlook
Expressing views over market's movement today, Vinod Nair, Head of Research at Geojit Financial Services said, "In a volatile day of trade, the market gave up almost all of its early gains, before closing out the day with a positive bias. Markets are hoping for further stimulus measures from the RBI, following expectations of a softening of inflation rates, which would give RBI room for further rate cuts."
3.47 PM: Closing session
After a volatile trading session, Sensex and Nifty ended on a bullish note on Monday, amid mixed global equities. Sensex ended 99 points higher at 36,693 and Nifty ended 47points to 10,815.
3.36 PM: HDFC Bank share price drops over 3%
HDFC Bank share price fell over 3% in afternoon session today amid a report the private sector lender has carried out an investigation into allegations of "improper lending practices" and "conflict of interest" at its vehicle financing arm. Share price of HDFC Bank fell 3.09% to Rs 1,071.2 compared to the previous close of Rs 1,105 on BSE.
3. 29 PM: Rossari Biotech IPO subscribed 21% so far on Day 1
Rossari Biotech initial public offering (IPO) has been subscribed 21 per cent so far on the first day of bidding on Monday. The Mumbai-headquartered speciality chemical manufacturer received bids for 17,35,905 equity shares as against offer size of 81,73,530 equity shares (excluding the anchor book portion), the latest subscription data on the exchanges showed. While the retail investor portion was subscribed 41 per cent, non-institutional portion was subscribed 3 per cent. The qualified institutional buyers' (QIB) quota was subscribed less than 1 per cent. The IPO is open for public subscription from July 13-15.
3. 17 PM: Sectors today
On the sectoral front, gains in FMCG, IT, metal and auto stpcks were capped by losses in banking, financials, PSU Bank and realty shares.
3.11 PM: RIL 51st most valuable firm globally by market-cap
Billionaire Mukesh Ambani-led Reliance Industries (RIL) is now the 51st most-valued firm in the world, helped by a continuous rally in its share price. The up move in RIL market valuation, the country's most valued firm, was driven by strong rally in the company's share following a series of investments in its telecom arm Jio Platforms by marquee global companies and investors that include Facebook, Silver Lake Partners, KKR, General Atlantic, Mubadala, and TPG.
2. 57 PM: Yes Bank shares drop 16%
Shares of Yes Bank fell over 16% on Monday's early session following reports that suggested the Securities and Exchange Board of India (SEBI) may look into a large amount of share transaction of the lender under the Securities Lending and Borrowing Mechanism (SLBM).
On July 9, investors reportedly borrowed 95.9 lakh shares worth Rs 5.9 crore for an interest rate of around Rs 7 per share.
Investors borrowed these shares for a one-month period with settlement due on August 6.
YES Bank share price opened with a loss of 15.29% and later fell 16.86% to an intraday low of Rs 21.2, as against the previous closing value of Rs 25.50 on BSE.
2. 41 PM: Global cues
Asian markets are trading mostly higher, barring weakness in Singapore and Indonesia as stocks gained ignoring global rise in coronavirus cases giving more weight for expected government stimulus.
Wall Street closed positively on Friday cheered by positive news about a coronavirus treatment from Gilead Sciences led by financials especially Goldman Sachs.
European markets opened higher as Frech and Italian industry output data rebounded more than expected in May.
2. 34 PM: IRCTC share price gains 3% after Q4 earnings defy coronavirus lockdown
IRCTC share price gained in early trade today after the ticketing arm of Indian Railways announced earnings for Q4 of FY 20. The Indian Railways firm reported a 79.3 per cent rise in net profit to Rs 150.6 crore in Q4 of last fiscal against Rs 84 crore in the year-ago period. However, on sequential terms net profit fell 26.6 per cent drop compared to Rs 206 crore net profit hit by coronavirus-led lockdown.
2.29 PM: Market erases gains
Sensex and Nifty gave up gains by the afternoon session and traded marginally higher on Monday, amid mixed global equities. SEnsex was trading 16 points higher at 36,610 and Nifty rose 18 points to 10,786.
2. 11 PM: Rupee ends flat
Indian Rupee, the local currency ended flat at 75.19 as against the last closing price of Rs 75.20 per dollar.
1. 56 PM: Nifty outlook
Geojit Financial in its report said Nifty's 10880 the 200SMA, is still considered a surmountable resistance, bringing in 10960, as an achievable objective, with the stops pulled up to 10677.
1. 46 PM: RIL stock nears Rs 2,000 mark
Share price of Reliance Industries Limited (RIL) on Monday jumped over 3% to hit a new 52-week and an all-time high of Rs 1,947 today. RIL shares are trading near Rs 2,000 mark, after rising 127% against its 52-week low of Rs 867.82 hit on March 23, 2020.RIL's market cap has risen to Rs 12 lakh crore from Rs 11 lakh crore (hit on June 18, 2020) in less than a month.
The market cap of the firm rose to Rs 12.25 lakh crore on BSE in early trade, after adding Rs 35,088 crore in today' session. On Friday, the company's market valuation surged Rs 34,195 crore to Rs 11. 90 lakh crore on the BSE.
1. 34 PM: Retail gold prices
Gold price in India edged lower today after breaching the Rs 50,000 per 10gm mark in the domestic retail market. While, price of 22-carat gold in New Delhi rose to Rs 47,820 per 10 gram, the rate was Rs 48,000 in Mumbai, according to the Good Returns website. In Chennai, the 22-carat metal traded at Rs 46,900.
1. 22 PM: Spot gold today
Overseas, spot gold price crossed over its eight-year high at $1,800 per ounce hit last Tuesday and traded 0.1% higher at $1,800.71 per ounce, as investors ran for safety amid Covid-19 crisis.In terms of Spot gold's technical outlook, experts suggest prices will continue to edge higher as long as they stay above $1770
1.00 PM: Gold outlook
Commenting on the surge in gold prices, Geojit Financial in market glance report said,"If prices hold above $1770 expect continuation of bullish bias in the counter. However, major resistance is seen at $1832 followed by $1882 levels. An unexpected drop below $1720 could negate the buying momentum and take prices lower."
For MCX Gold Futures, the brokerage estimated the resistance at Rs 49,350 and support at Rs 47,400.
1. 44PM: MCX Gold futures today
On MCX, gold futures prices were up by Rs 225 to Rs 49,088 per 10 gram, after hitting a lifetime high of Rs 49,348 in the previous week.
The precious metal today opened at Rs 49,046 per 10 gm and also touched a day's low of Rs 48,935 per 10 gm against the previous closing of 48,863 per 10 gm.
12.21 PM: Nifty technical outlook
On Nifty's nearm term technicals, Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said," In our sense, the Nifty would first surpass the 10850 mark and head towards the 78.6% retracement zone of the entire fall i.e. 11000-11200, where we can actually see some profit booking taking place. If consensus view has to fail, this possibility cannot be ruled out. Any assumption needs a proper exit strategy if not worked as per the expectation. Hence, in this scenario, the hypothesis remains valid as long as the crucial support of 10660-10560 remains intact. A breach of mentioned supports would certainly trigger a decent profit booking in the market and hence, keep a tab of all the mentioned possibilities and key levels."
12. 11PM: Realty sector outlook
On realty sector, Kapil Kapur, Director - Sales, Strategy & Business Development, Bullmen Realty said,"Buyers have shown interest even in the lockdown times towards property purchases, which is proving to be an impetus for the developers. Concepts of wellness homes, dedicated office space in homes, luxury societies with independent floors, integrated townships, are seen gaining popularity via digital queries. The important thing to understand here is that the under construction projects with new concepts will take time to come into shape. The urgent need of the hour is doing away with stalled inventory, reduction of home loan interest rates is a welcoming move. Banks must work rapidly on passing these benefits to end-users for setting the pace of recovery and cash flow in market. Real estate sector largely contributes towards the economy of the country, over- regulations and untimely passing of benefits will only lessen its pace thereby impacting multiple industries and a major share of economy associated with it for the coming year."
12. 01 PM: Expert comment on Dmart results
Expressing views on Q1 FY21 results of DMart, Amarjeet Maurya, AVP - Mid Caps, Angel Broking said,"1QFY21, ASL's (Avenue Supermarts Ltd) top-line de-grew by ~33% yoy to Rs3,883cr. Top-line was negatively impacted mainly due COVID-19 lockdown. Currently, the company's most of the stores operate at 80% of pre-covid sales level. However, discretionary consumption continues to be under pressure, especially in the Non-FMCG categories. On the operating front, the company reported margin contraction (down by 738bp YoY to 2.9%), primarily on account of lower sales. The reported net profit de-grew by ~88% YoY to Rs40cr due to lower sales and poor operating performance."
11. 48 AM: Outlook on Rossari Biotech IPO
Commenting on Rossari Biotech IPO, Geojit Financial in its research note said," At the upper price band of Rs425, RB available at P/E of 33.8x FY20 which seems expensive when compared to peers. However, considering RoE at ~44% (last 3-year Avg.), strong revenue growth and expanding margin profile support our 'SUBSCRIBE' rating for long term perspective."
11.22 AM: Avenue Supermarts shares drop over 6% post Q1 earnings
Avenue Supermarts share price fell over 6% on Monday's early session after the company posted weak set of April- June quarter earnings. The company reported an 87.61% year-on-year (YoY) plunge in consolidated net profit at Rs 40.09 crore for the first quarter ended June 2020 impacted by COVID-19 and subsequent restrictions. This was against Rs 323.09 crore in the year-ago.
Company's revenue fell 33.22% to Rs 3,883.2 crore in Q1 FY21 as compared to Rs 5,814.6 crore in Q1 FY20.
Following the quarterly updates, shares of Dmart opened with a gap down chart pattern, at a loss of 4.83% and later fell further to an intraday low of Rs 2182, down 6.04% on BSE. The stock had earlier settled at Rs 2,322 on Friday.
11.06 AM: Rupee opens higher
Indian rupee, the local currency appreciated 6 paise to 75.14 per dollar on Monday tracking weakness in the dollar and gains in the domestic equity market.
The rupee opened at 75.20 per dollar, then gained further ground to touch 75.14, up 6 paise over its previous close of 75.20 against the dollar on Friday.Forex traders said positive domestic equities and weak US currency supported the local unit, while foreign fund outflows and concerns over rising COVID-19 cases weighed on investor sentiment.
10. 32 AM: Coronavirus toll
Worldwide, the number of cases linked to the Covid-19 disease has crossed 1.28 crore and the death toll has topped 5.68 lakh.
In India, the death toll rose to 23,174 and the number of infections spiked to 8,78,254.
10.17 AM: Gland Pharma files papers for IPO
Hyderabad-based Gland Pharma has filed preliminary papers with markets regulator Sebi for an initial public offer that includes fresh issue of shares worth up to Rs 1,250 crore.
Apart from the fresh issue, there is an Offer for Sale (OFS) of a little over 3.4 crore shares as part of the initial public offering (IPO).
The company, backed by China's Fosun Pharma, has filed a Draft Red Herring Prospectus (DRHP) with Sebi. It develops, manufactures and markets complex injectables.
10. 03 AM: Top gainers and losers
RIL, Infosys, Tech Mahindra, Tata Steel, IndusInd Bank, HUL and Maruti were among the other gainers on Sensex pack today. On the other hand, Bharti Airtel and HDFC were among the top laggards.
9. 50 AM: RIL M-cap hits 12 Lakh crore
Reliance Ind has become the 1st Indian company to hit market cap of Rs 12 lakh crore in today's opening session. RIL's market cap has risen to Rs 12 lakh cr from Rs 11 lakh cr in less than a month. This was on back of the news that Qualcomm Ventures will invest Rs 730 crore for a 0.15% stake in Jio Platforms Ltd, becoming the 12th entity to invest in the digital services subsidiary in the last three months.
9. 30 AM: Rossari Biotech IPO details
Rossari Biotech is all set to break the four-month dry run in the initial public offerings (IPO) market with its Rs 500-crore IPO.
The company's Rs 500-crore IPO, which was earlier scheduled to launch on March 18, was cancelled due to unfavorable market conditions. The IPO is a mix of fresh issue and offer for sale (OFS), post a pre-IPO placement
The finalisation of basis of allotment will be processed on July 20, while the initiation of refunds will be done on 21 July. The credit of shares to demat account will take place on 22 July and the shares will be listed on BSE, NSE on July 23, 2020.
9. 16 AM: Opening bell
Sensex and Nifty majorly bullish on Monday, amid positive global equities. Sensex gained 338 points higher to 36,930 and nifty rose 95 points to 10,862.
9. 10 AM: Nifty technical indicators
Nifty has been consistently moving volatile in the last few sessions. As per technical indicators, as long as the crucial support of 10,660-10,560 remains intact, Nifty could first surpass the 10,850 mark and head towards 11,000-11,200, its resistance levels.
9.07 AM: Upcoming quarterly earnings
Following are the major companies that are scheduled to report June quarter earnings in the second week of July:
July 14: Delta Corps, Mindtree and Wipro
July 15: Bandhan Bank, Federal Bank, Infosys, L&T Infotech and Minda Corp
July 16: Bajaj Consumer and Cyient
July 17: Balkrishna Industries, Britannia Industries, Granules India and ICICI General Insurance
July 18: HDFC Bank and M&M Financials
July 24: ITC
8. 55 AM: Nifty outlook
On Nifty's near term technical outlook, Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote said,"Nifty index is trading around the resistance of rising wedge and approaching the crest of the wedge. The participation in the rally is not broad-based, only a few heavyweights are driving the index higher. We believe the market is little stretched in the short term and expect a very limited upside. A break below 10,600 will significantly dent the strength of the bulls."
8. 50 AM: Rupee closing
On the currency front, Indian rupee, the local currency ended lower at 75.20 per dollar as against the last closing of 74.99 per dollar.
8. 45 AM: Market this week
Benchmarks Sensex and Nifty ended the week on a bearish note on Friday, tracking weak global cues amid concerns of a fresh set of lockdowns on back of the rise in coronavirus cases worldwide.
Contrary to the last week, when equity markets were buoyed on optimism over vaccine development and better-than-expected economic data across countries, markets this week turned volatile amid fresh wave of coronavirus cases hitting top economies as well as domestic grounds
8. 40 AM: Global cues
Global market trends will continue to dictate the domestic markets, in the absence of any major domestic event. Where Wall Street ended on a positive note, Asian indices followed trend. European markets also reversed the trend and closed the week higher, on hopes of stimulus amid upbeat economic data.
8. 35 AM: Rossari Biotech Rs 500-crore IPO opens today
Rossari Biotech's 500-crore IPO, that comprises a mix of fresh issue and offer for sale (OFS), will open its subscription on July 13 and the public issue will close on July 15. The IPO comprises fresh issue of shares to the tune of Rs 150 crore and sale of more than 1 crore equity shares by the company's promoters through offer-for-sale route. The issue size is expected at around Rs 494-496 crore. The shares will be listed on BSE, NSE on July 23, 2020.
8.30AM: Closing bell
On Friday, Sensex closed 143 points lower at 36,594 and Nifty fell 45 points to 10,768.
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