Share Market Update: Sensex ends 97 points lower, Nifty at 9,881; ITC, Kotak Bank, M&M top laggards
BusinessToday.In June 17, 2020
Sensex, Nifty Updates: Domestic indices Sensex and Nifty closed tad lower on Wednesday's volatile session, amid weakness in Asian counterparts. Sensex closed 97 points at 33,507 and Nifty declined 32 points lower to 9,881. Domestic benchmarks opened lower today amid weakness in Asian counterparts and fresh escalated tensions between India and China. Investors were pessimistic after India reported that 20 of its soldiers had been killed in clashes with Chinese troops at a disputed border site. On Tuesday, Sensex ended 376 points higher to 33,605 and Nifty climbed 100 points to 9,914. Meanwhile, companies set to announce their earnings are Pidilite Industries, Natco Pharma, Muthoot Finance, Indraprastha Gas, HEG, Cummins, Gulf Oil Lubricants India, Fortis Healthcare, JK Cement among others.
Here's a look at the updates of the market action on BSE and NSE today
3.55 PM: Closing Bell
Domestic indices Sensex and Nifty closed tad lower on Wednesday's volatile session, amid weakness in Asian counterparts. Sensex closed 97 points at 33,507 and Nifty declined 32 points lower to 9,881. Domestic benchmarks opened lower today amid weakness in Asian counterparts and fresh escalated tensions between India and China.
3.47PM: Rupee ends at 76.15
On the currency front, Rupee, the local currency, ended at 76.15 per US dollar as against the last closing of 76.21 per dollar
3. 35PM: Bank of Maharashtra share price drops over 4%
Bank of Maharashtra share price fell over 4% to the intraday los of Rs 10.8 on BSE, after the lender posted its March earnings.
Company's net profit stood at Rs 389 crore in FY20 as against loss of Rs 4784 crore in FY19. Company net profit for Q4FY20 stood at Rs 58 crore. Company's net NPA fell 4.77% as of March 31, 2020 as against 5.52% as during the same period last year.
3. 26 PM: Markets back in red
Domestic indices Sensex and Nifty were trading lower onWednesday's volatile session, amid weakness in Asian counterparts. Sensex fell 131 points to 33,417 and Nifty declined 40 points lower to 9,874.
3.19 PM: India Cements share price gains over 10%
India Cements share price gained over 10% in early trade today amid a report that ace investor Radhakishan Damani was planning to buy a controlling stake in the company. Damani held 10.29 percent stake in the cement maker, while his brother Gopikishan Shivkishan Damani had 8.26 percent and the rest 1.34 percent was held by both together, as per the shareholding pattern at the end of quarter ended March 2020.
3.03 PM: Cadila share price rises 2.9%
Cadila share price opened with a gain of 2.8% today and later touched an intraday high of Rs 371.25, rising 2.9% on BSE.
Company said its subsidiary Zydus Cadila has received final approval from the USFDA to market Deferasirox Tablets in the strengths of 90 mg, 180 mg and 360 mg.
2.48 PM: Globus Spirits share price rises 10% post result
Globus Spirits share price touched an intraday high of Rs 118.85, rising 10% on BSE, after posting quarterly results.
Company's net profit rose to Rs 19.40 crore in FY20 as against profit of Rs 5.19 crore in FY19. Company's total income fell 2.18% (YoY) to Rs 298 crore in the January-March quarter of the current fiscal as compared to Rs 291 crore in a year-ago period.
2.35 PM: Navin Fluorine share price rises almost 6%
Navin Fluorine share price touched an intraday high of Rs 1655, rising 5.98% on BSE after posting quarterly earnings.
The company reported net profit at Rs 270 crore during the quarter ended March 31, 2020, as against profit of Rs 33 crore, recorded in a year-ago period. Company's total income rose 6.98% (YoY) to Rs 282 crore in the January-March quarter of the current fiscal as compared to Rs 263 crore in a year-ago period.
2.17 PM: Expert opinion on NMDC result
Expressing views on NMDC result, Jyoti Roy, DVP Equity Strategist, Angel Broking said," Net profit for the quarter was down by 75.8% YoY to Rs 351 cr. due to miss on the EBITDA front and prior year tax adjustment of Rs 771.5 crore. While revenue was marginally below street estimates there was a significant miss on the EBITDA front as margins were adversely impacted during the quarter due to 9.3% YoY increase in expenses led by a 53% YoY jump in freight costs."
2.06 PM: NMDC share price gains 1.5% post results
NMDC share pricegained 1.5% to the intraday highg of Rs 87.05 on BSE, after posting quarterly results.
The company reported a 78% drop in its net profit at Rs 315 crore during the quarter ended March 31, 2020, as against profit of Rs 1,448 crore, recorded in a year-ago period. Company's total income fell 12.5% (YoY) to Rs 3,187 crore in the January-March quarter of the current fiscal as compared to Rs 3,643 crore in a year-ago period.
1.40 PM: Expert opinion on HPCL result
Expressing views on HPCL result Jyoti Roy, DVP Equity Strategist, Angel Broking said, " While the Q4FY20 numbers have come in ahead of street estimates 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."
1.22 PM: Oil prices today
Oil price gained as IEA raised its oil demand forecast for 2020 and as record supply cut supported. Brent crude futures, the global oil benchmark, fell 1.59 per cent to USD 40.31 per barrel.
1.19 PM: Gold today
Gold price remained steady as new corona virus cases reported in China was balanced by positive economic data reported in U.S.
1.07 PM: Global cues
Asian markets were trading mixed with investors weighing economic recovery against resurgence of corona virus cases in Asia and US.
Wall Street closed with strong gains after Federal Reserve Chairman said that more stimuli would be needed to pull back American economy.
European indices closed higher on Tuesday, on the back of comments from Federal Reserve and news of a new life saving drug also boosted risk appetite.
12.52 PM: Market rises from lows
Amidst a recovery in Asian counterparts, domestic indices Sensex and Nifty turned bullish, led by strong buying in banking and financial stocks. Reversing trend in today's volatile session, Sensex rose 102 points to 33,708 and Nifty climbed 20 points higher to 9,935. Domestic benchmarks opened lower today amid weakness in Asian counterparts and fresh escalated tensions between India and China.
12.33 PM: Adani Green share price hits all-time high
Adani Green stock was trading higher today, following media reports that the Gautam Adani led company plans to raise up to $12 billion through sales of green bonds over the next four to five years, in its aim to bemake it the world's biggest renewable energy player.
Share price of Adani Green opened with a gain of 2.37% today and later locked in 5% upper circuit at Rs 381.55, also its fresh all-time high, as against the last closing value of Rs 363.40. The stock has only buyers with no sellers offering. The stock has gained 34.66% in the last 10 days of straight gains.
12.10 PM: HPCL share price falls over 2% post Q4 earnings
Share price of Hindustan Petroleum Corp Ltd (HPCL) fell in early trade after the oil marketing company announced a 99 per cent drop in its net profit for the quarter ended March. HPCL attributed the fall in net profit to a plunge in refining margins and rise in inventory losses due to a sharp decline in international oil prices. HPCL share price opened 2.38% lower at Rs 204.90 against previous close of Rs 209.90 on BSE.
11.48 AM: Maruti Suzuki share price rises over 3%, top gainer on BSE
Maruti Suzuki share price touched an intraday high of Rs 5670, rising 3.13% on BSE today. The company has collaborated with IndusInd Bank to arrange attractive finance schemes to help customers buy their favourite car and to support progressive restart of business activities in the automobile industry.
11. 37 AM: IPCA Labs share price drops over 3% post result
IPCA Labs share price opened with a loss of 2.11% today and later touched an intraday low of Rs 1543.95, falling 3.12% on BSE after the company reported weak numbers for the March quarter.
The company reported 13% drop in its net profit at Rs 83 crore during the quarter ended March 31, 2020, as against profit of Rs 96.2 crore, recorded in a year-ago period. Company's total income rose 22% (YoY) to Rs 1,074 crore in the January-March quarter of the current fiscal as compared to Rs 879 crore in a year-ago period.
11.26 AM: Rupee vs Dollar: Rupee slips 5 paise to 76.25 amid strong dollar, foreign fund outflows
The Indian rupee slipped 5 paise to 76.25 per dollar on Wednesday's opening bell amid strengthening US dollar and escalating tensions between Indian and Chinese troops near the border. Besides the border tension with China, sustained foreign fund outflows and concerns regarding spike in coronavirus cases also kept investor's sentiments cautious.
At the interbank forex market, the local unit opened weak at 76.21 and fell further to 76.25 against US dollar, down 5 paise over its last close of 76.20 per US dollar on Tuesday.
11.10 AM: HDFC AMC stock price drops 3%
HDFC AMC stock price opened with a loss of 3.1% today and later touched an intraday low of Rs 2457.75, falling 3.15% on BSE.
Company's promoter Standard Life Investments is looking to offload upto 2.82% stake in the company through offer for sale (OFS).
10.58 AM: Wipro share price gains 2.5%, top gainer on NSE
Wipro share price gained 2.5% to the intraday high of Rs 217.60 on BSE after the company announced that Wipro Gallagher Solutions partnered with DocMagic, Inc to enhance digital mortgage processes.
10.45 AM: SBI share price slides tad lower
Share price of SBI opened marginally lower at Rs 171.85 compared to the previous close of Rs 172.85 on BSE. The large cap stock extended losses falling 2.08% to Rs 169.25 on BSE.
The public-sector lender said it will seek shareholders approval in mid-July to raise up to Rs 20,000 crore equity capital through various means in the current fiscal.
10. 36 AM: Coronavirus toll
India witnessed the highest single day spike of 2,003 coronavirus fatalities, pushing the death toll to 11,903, while total cases rose to 3.54 lakh with 10,974 new infections.
Worldwide, the total number of Covid-19 cases has crossed 81.62 lakh, with the death toll topping 4.41 lakh.
10.27 AM: Top losers and gainers
PowerGrid, NTPC, SBI, UltraTech Cement, M&M, HDFC Bank and Kotak Bank were among the top losers on Sensex pack. On the contrary, Maruti, Tech Mahindra, Axis Bank and Infosys were among the gainers.
10. 12 AM: Why domestic indices are trading weak today
Market traders said border tensions between Indian and Chinese army, weakness in Asian counterparts, spike in coronavirus cases and sustained foreign fund outflows kept domestic investors cautious.
10.00 AM: Oil falls today
In commodity markets, oil prices traded lower today amid increase in U.S. crude inventories after International Energy Agency (IEA) raised its oil demand forecast for 2020.
Brent crude futures was down 59 cents to $40.37 a barrel, while U.S. crude traded 72 cents lower at $38.38.
9.50 AM: Global cues
Asian share markets were trading tad lower on Wednesday as a resurgence of coronavirus cases challenged market confidence in a rapid economic recovery.
MSCI's broadest index of Asia-Pacific shares outside Japan went flat. On Wall Street, the Dow ended Tuesday up 2.04%, while the S&P 500 gained 1.90% and the Nasdaq 1.75%.
9.30 AM: Market Update
Domestic indices Sensex and Nifty recovered from early losses and traded flat on Wednesday. Sensex rose 41 points higher at 33,646 and Nifty was down 8 points at 9,905.
9. 15 AM: Opening bell
Sensex and Nifty opened lower today amid weakness in Asian counterparts. SGX Nifty also traded 60 points lower at 9,838, indicating a bearish trend in domestic grounds today. Sensex fell 191 points to 33,415 and Nifty declined 55 points lower to 9,857
9.00 AM: Earnings today
Pidilite Industries, Natco Pharma, Muthoot Finance, Indraprastha Gas, HEG, Cummins, Gulf Oil Lubricants India, Fortis Healthcare, JK Cement, Indostar Capital Finance, Emkay Global, Clariant Chemicals , Welspun Corp, Sicagen, Rico Auto, REC, Rane Brake Lining among others will announce their Q4 results today
8.55 AM: Stocks to watch today on June 17
Schneider, HPCL, Navin Fluorine, Globus Spirits, HCL Technologies, Bank of Maharashtra among others are the top stocks to watch out for in Wednesday's trading session
8.50 AM: Rupee Closing
Rupee ended weaker at 76.21 per US dollar on tuesday, as compared to the earlier closing of 76.03 per US currency.
8.40 AM: Galwan valley tensions between India and China
Indian Army said 17 more Indian troops have succumbed to their injuries, taking the number to 20 at the Galwan area. As per the recent updates, Indian Army will release names of all 20 killed today. Sources suggest that not much has changed on the ground and nothing has come out of talks. There are also reports of alert in different parts across LAC, not just Ladakh.
8.35 AM: FII/ DII action
On a net basis, FIIs sold Rs 1,478.52 crore, while DIIs bought Rs 1,161.51 crore worth in equities on Tuesday
8.30 AM: Closing bell
On Tuesday, domestic indices Sensex and Nifty closed on a bullish note amid heavy buying pressure in financial stocks. Sensex ended 376 points higher to 33,605 and Nifty climbed 100 points to 9,914.