Share Market Highlights: Sensex ends 45 points lower, Nifty at 10,302; PowerGrid, BPCL, Sun Pharma top losers
BusinessToday.In June 30, 2020
Sensex, Nifty Updates: Sensex and Nifty gave up early gains and closed marginally lower on Tuesday, amid negative opening in European markets and weakness in SGX nifty. Sensex closed 45 points lower at 34,915 and NSE Nifty fell 10 points to 10,302. Earlier at opening bell,Sensex climbed 222 points higher at 31,183 and Nifty rose 68 points to 10,380. Domestic indices tracked gains from global benchmarks that were buoyed by positive macroeconomic numbers in US and China. SGX Nifty also traded 70 points higher at 10,302, indicating positive trend in domestic market today. On Monday, BSE Sensex ended 209 points lower at 34,961 and NSE Nifty closed 70 points lower at 10,312. Meanwhile, investors will be awaiting India's core sector data today. Companies set to announce their earnings are Vodafone Idea, ONGC, Deepak Fertilisers, Goa Carbon, Hindustan Motors, Bajaj Healthcare among others. As per traders, investors will also await outcome from the Prime Minister Narendra Modi's speech later in the day.
Here's a look at the updates of the market action on BSE and NSE today
4.03 PM: Expert opinion
Vinod Nair, Head of Research at Geojit Financial Services said,"In Spite of trading positive for most part of the day, the benchmark indices gave up its gains and ended flat with a negative bias. The markets were impacted by the uncertainties surrounding PM's address to the nation. Irrespective of this, many Indian cities, are extending their lockdowns in the face of unabated growth in virus infections, which has added to the uncertainty surrounding economic recovery. The market direction for tomorrow may also largely be guided by the content of the PM's address and global cues."
3. 55 PM: Closing session
Sensex and Nifty gave up early gains and closed marginally lower on Tuesday, amid negative opening in European markets and weakness in SGX nifty. Sensex closed 45 points lower at 34,915 and NSE Nifty fell 10 points to 10,302.
3. 37 PM: Expert oulook on 4QFY20 results of Bharat Electronics
Commenting on 4QFY20 results of Bharat Electronics, Jyoti Roy, DVP Equity Strategist, Angel Broking said,"Bharat Electronics Ltd. (BEL) reported a strong set of numbers for Q4FY20. Revenues for the quarter was up by 49.2% YoY to Rs.5,817 crore as compared to revenues of Rs.3,899 crore for Q4FY19 on the back of ramp up in new projects and low base effect of last year. EBIDTA for the quarter was up by 56.0% YoY to Rs.1,494 crore while EBIDTA margins expanded by 112 basis points to 25.68%. Net profit for the quarter was up by 72.0% YoY to Rs.986.5 crore. BEL reported an order inflow of Rs.13,200 crore for the year and has an order backlog of Rs.51,970 crore as of Q4FY2020 which is 4.1x of FY2020 revenues thus providing strong revenue visibility going forward."
3.13 PM: Sectors update
Sectorally, gains in auto, financials, FMCG, metal and private banking were capped by losses in IT, media, PSU Bank, pharma and realty stocks.
3.03 PM: Market erases gains
Sensex and Nifty gave up early gains on Tuesday and traded marginally lower by the afternoon session, amid negative opening in Europena markets and weakness in SGX nifty. Sensex traded 23 points lower at 34,937 and NSE Nifty fell 7 points to 10,304.
2. 36 PM: Firstsource Solutions shares today
Ace investor Rakesh Jhunjhunwala made a profit of over Rs 31 crore from his investment in Firstsource Solutions share in three months. On March 24, 2020, share price of Firstsource Solutions hit 52-week low of Rs 20.65 on BSE. Jhunjhunwala held 1.43 crore shares or 2.06% stake on March 24 valuing his stake at Rs 29.52 crore in the information technology-enabled services (ITES) firm. Jhunjhunwala first bought 2.5 crore shares representing 3.8% stake of the company in July 2013.
1. 53 PM: Expert outlook on 4QFY20 results of Petronet
On the 4QFY20 results of Petronet LNG, Yash Gupta, Equity Research Associate, Angel Broking said,"Petronet Lng Ltd. consolidated revenue from operations for Q4FY20 stood at Rs 8,567.15 crore, up 2.19% (YoY) as compared to Rs 8,383.20 crore in Q4FY19. As operation of the company uninterrupted during the lockdown due to Covid-19 pandemic. Company reported PBT of Rs 500.43 crore down by 26.37% due to increase in other expenses by 120% at Rs 404.75 crore as compared to Rs 183.34 crores in Q4FY19 along with this finance cost at Rs 103.53 crore as compared to Rs 22.52 crore in Q4FY19. PBT was negatively impacted by Rs 238 crore due to IND AS 116 adopted by the company.Company clocked PAT of Rs 373.2 Crore down by 19.81% in Q4FY20 as compared to Rs 465.38 crore in Q4FY19."
1. 30 PM: MRF share price rises over 2% post Q4 earnings
MRF share price gained over 2% on Tuesday's trade after the tyremaker reported better than expected results for the quarter ended March 2020. The country's largest tyre manufacturer on Monday reported 25.05% rise in its consolidated net profit at Rs 1,422.57 crore as against Rs 1,130.61 crore in 2018-19.
MRF share price touched an intraday high of Rs 66,705.75, rising 2.32% as against the previous closing price of Rs 65,191 on BSE. The stock opened at Rs 66,050.95 today and hit an intraday low of Rs 65,767.20 in today's session.
1.09 PM: HUDCO share price rises over 9% post Q4 earnings
HUDCO share price opened with a gain of 6.29% at Rs 36.50 and later touched an intraday high of Rs 36.5, rising 9.28% as against the previous closing price of Rs 33.40 on BSE. The stock has hit an intraday low of Rs 33.85 in today's session.
For the fourth quarter ended March 31, 2020, the housing finance manufacturer posted 86% rise in consolidated net profit at Rs 440.9 crore as against Rs 236.29 crore in Q4 FY19.
12. 49 PM: Expert outlook on 4QFY20 results of Tata Steel
Commenting on 4QFY20 results of Tata Steel, Jyoti Roy, DVP Equity Strategist, Angel Broking said,"Tata Steel reported a 20.4% YoY de-growth in consolidated revenues to Rs.33,770 crore for Q4FY20, as compared to revenues of Rs.42,424 crore for Q4FY19. Sales volume for the quarter was down by 13.6% YoY to 6.5mn Tons though production was up 2.2 YoY to 7.37mn Tons. EBIDTA for the quarter stood at Rs.4,647 crore down 38.2% YoY while EBIDTA margins contracted by 395 basis points to 13.76%. Consolidated net loss for the quarter stood at Rs.1,096 crore as compared to profit of Rs.2,431 crore in the corresponding quarter previous year. Overall the company's operating numbers came in ahead of street estimates though exceptional loss of Rs.3,406 crore for the quarter largely on account of impairment of assets dented performance. While the Q4FY2020 numbers have come in ahead of street estimates, the outlook for the first half of FY2021 is weak given that operations have been significantly impacted both in India and Europe during the first quarter so far."
12. 35 PM: Results scheduled for today
Vodafone Idea, IRCON International, RITES, MIDHANI, Deepak Fertilisers, Godfrey Phillips, Dish TV, Allcargo Logistics, Goa Carbon, Liberty Shoes, NBCC, National Fertilisers, Steel Strips Wheels, Healthcare Global, ONGC, Bajaj Healthcare, Cera Sanitaryware, Cupid, Hindustan Motors, Lovable Lingerie, Nirlon and Rajesh Exports among others will report Q4 FY20 earnings today.
12. 14 PM: Sobha share price rise over 8% post earnings
Sobha share price touched an intraday high of Rs 236.5, rising 8.74% as against the last closing of Rs 217.50 on BSE. Stock's opening and day's low value was the same as the last closing price today. Sobha shares have gained after 4 days of consecutive fall.
The company has reported a mere 5% decline in its consolidated net profit at Rs 281.5 for FY20 as against the net profit of Rs 297.1 crore in FY19. Firm's total income, climbed to Rs 3,825.7 crore in 2019-20 from Rs 3,515.6 crore in 2018-19.
11. 56 AM: Rupee rises 13 paise
Indian rupee, the local currency appreciated 13 paise to 75.45 against on Tuesday's opening bell amid weakness in the American currency, tracking gains in the domestic equity market.
Although positive domestic equities and weak dollar supported the rupee, while foreign fund outflows and concerns over rising COVID-19 cases weighed on investor sentiments.
The rupee opened at 75.48 per US dollar at the interbank forex exchange and later gained further ground to touch 75.45 per dollar, rising 13 paise over its previous close of 75.58 on Monday.
11. 41 AM: Vodafone Idea shares trade lower ahead of earnings
Vodafone Idea share price was trading lower in morning session today after the telco lost 34.67 lakh mobile subscribers in February. This is in contrast to Reliance Jio and Bharti Airtel which gained 62.57 lakh subscribers and 9.2 lakh subscribers in the same month. The telco is also scheduled to announce its Q4 and FY20 earnings later in the day.
11. 26 AM: Coronavirus toll
Worldwide, the number of cases linked to the COVID-19 disease has crossed 1.02 crore and the death toll has topped 5.04 lakh. In India, the number of infections spiked to 5,66,840, according to the health ministry. Meanwhile, the death toll due to COVID-19 rose to 16,893.
11. 10 AM: Nifty outlook
Geojit Financials in its daily report said," The 10352 target suggested yesterday should materialize today, but there is no sign for an outright break of 10440, atleast not yet. On other hand, there is increasing evidence of 10000 emerging as the near term support, which encourages us to have a relook at the possibilities of 10900 and beyond."
10. 59 AM: PM Modi's speech at 4 pm today
PM Modi will address the nation at 4 pm on Tuesday, a day after the government announced a new set of guidelines to further ease restrictions on the lockdown. As per traders, investors will also await outcome from the Prime Minister Narendra Modi's speech later in the day.
10. 41 AM: Gold prices today
Gold price remained steady near the recent peak as rising corona virus cases around the globe kept the metal in demand. Gold traded 0.14% higher today at $1,777.30 per ounce.
Expressign views on Gold's near term outlook, Hareesh V, Head Commodity Research at Geojit Financial Services said, "Demand for safe assets amid concerns over rising new coronavirus cases across the world continue to support the bullish outlook of gold. Increased geopolitical tensions and a weak dollar also lifted the sentiments. However, investors may take a cautious note ahead of the key US economic releases scheduled this week."
On Gold's technical outlook (London spot), he added," Expect rallies to continue as long as prices stay above $1710. However, strong resistances are seen at $1780 followed by $1800 levels. The immediate downside reversal point is $1664."
10. 32 AM: Expert outlook on Nifty near term trend
Expressing technical views on NSE Nifty outlook, Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said, "We continue to remain hopeful as long as 10194 is not broken convincingly and a positive trigger in global or domestic front would take this market higher. For the coming session, 10250-10194 would be seen as a sacrosanct support; whereas on the flipside, 10400-10450 are the levels to watch out for."
10. 12 AM: Market Update
Sensex and Nifty traded bullish on Tuesday, bucking yesterday's bearish rally, amid positive global stocks. Sensex climbed 222 points higher at 31,183 and Nifty rose 68 points to 10,380. Domestic indices tracked gains from global benchmarks that were buoyed by positive macroeconomic numbers in US and China. Traders said investors digested the recent spike in coronavirus cases and focused on key data releases. Meanwhile, investors will be awaiting India's core sector data today.
10. 08 AM: Tata Steel shares gain 4.8%
Tata Steel share price touched an intraday high of Rs 336.95, rising 4.89% as against the previous closing price of Rs 321.25.
For the financial year 2019-20, Tata Steel's consolidated net profit came in at Rs 2,719.58 crore, registering 75% year-on-year decline as against Rs 10,283.45 crore in the financial year 2018-19. For January-March quarter of FY20, Tata Steel reported a consolidated net loss of Rs 1,095.68 crore as against a net profit of Rs 2,430.92 crore in the corresponding quarter last year, dented by impairment of Rs 3,141.43 crore on non-current assets.
9. 47 AM: Top gainers and losers
Tata Steel, followed by Axis Bank, Bajaj Finance, L&T, SBI, IndusInd Bank, ICICI Bank, HDFC and Reliance Industries were among the top gainers in the Sensex pack. On the other hand, TCS, Sun Pharma, Infosys, HDFC Bank and Kotak Bank were among the losers.
9. 30 AM: Oil prices fall today
Oil prices fell on Tuesday after weak Japanese industrial production data trader nerves edgy over a bumpy recovery in fuel demand as coronavirus pandemic restrictions ease. Oil prices were also weighed by concerns about oversupply after Libya cited progress in resuming oil exports
U.S. West Texas Intermediate (WTI) crude futures, after climbing 3% on Monday fell 38 cents, or 1%, to $39.32 a barrel.
9. 17 AM: Opening bell
Sensex and Nifty opened higher on Tuesday, bucking yesterday's bearish rally, amid positive global stocks. Sensex climbed 222 points higher at 31,183 and Nifty rose 68 points to 10,380.
9.06 AM: Global cues
Global markets reversed trend and gained in Tuesday's trade, tracking positive cues from Wall Street as key economic data from US and China cheered investors sentiments that were fretted upon worries over coronavirus surge. On Monday, the Dow Jones Industrial Average rose 2.32%, the S&P 500 gained 1.47% and the Nasdaq Composite added 1.2%. This was on back of strong housing data out of US.
Asian stocks too rebounded from lows, after China's manufacturing sector grew more than expected in Jun. This was a hopeful sign for a global economy still struggling to recover from the sweeping impact of the coronavirus crisis.
8. 56 AM: Stocks to watch today on June 30
Vodafone Idea, ONGC, HDFC Bank, Dilip Buildcon, MRF, Bharat Forge, Dilip Buildcon and moreamong others are the top stocks to watch out for in Tuesday's trading session
8. 52 AM: Earnings today
Vodafone Idea, ONGC, Deepak Fertilisers, Goa Carbon, Hindustan Motors, Bajaj Healthcare, Cera Sanitaryware, Cupid, Ircon International, Lovable Lingerie, Nirlon, and Rajesh Exports among others are the top companies scheduled to announce their results today.
8. 46 AM : Nifty outlook
On Nifty's technical outlook, Rohit Singre, Senior Technical Analyst at LKP Securities said, "Index started the week on a negative note and closed at 10312 with loss of 71 points forming a dragonfly doji kind of candle pattern on the daily chart which represents uncertainty in the markets. Now, index has shifted its support to 10270-10200 zone and resistance is coming near 10370-10450 zone."
8. 42 AM: Market expectations
Sensex and Nifty are likely to open higher on Tuesday, bucking yesterday's bearish rally, amid positive global stocks. SGX Nifty also traded 70 points higher at 10.302, indicating positive trend in domestic market today.
8. 40 AM: Rupee outlook
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. Rupee is still broadly trading between the range of 75.40-75.75".
8. 36 AM: Rupee Closing
On the currency front, rupee closed stronger at 75.58 per dollar against the last close of 75.63 per dollar on Friday.
8. 30 AM: Closing on Monday
On Monday, Sensex ended 209 points lower at 34,961 and Nifty closed 70 points lower at 10,312. Sensex and Nifty closed on a negative note on Monday, backed by weak global equities as investors worldwide fretted upon the rising number of coronavirus infections.