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Share Market Highlights: Sensex ends 345 points lower, Nifty at 10,705; Bajaj twins, Asian Paints top losers

BusinessToday.In     July 8, 2020

Sensex, Nifty Updates: After a volatile trading session, Sensex and Nifty reversed trend and closed on a bearish note on Wednesday, amid weak global equtiies. Reversing trend from after five consecutive sessions of gains, Sensex ended 345 points lower at 36,329 and Nifty closed 93 points lower at 10,705. Yesterday, extending gains for the fifth straight session, Sensex ended 187 points higher to 36,674 and Nifty gained 36 points to trade at 10,799. While Sensex has risen 1,756 points in the last five sessions, while Nifty has gained 492 points.

Here's a look at the updates of the market action on BSE and NSE today

3. 40 PM: Closing

After a volatile trading session, Sensex and Nifty reversed trend and closed on a bearish note on Wednesday, amid weak global equtiies. Reversing trend from after five consecutive sessions of gains, Sensex ended 345 points lower at 36,329 and Nifty closed 93 points lower at 10,705.

3. 16 PM: Maruti share price declines over 3%

Shares of Maruti Suzuki India (MSIL) were declining on Wednesday's bearish session, after carmaker reported a 55% fall in its total productions to 50,742 units in June 2020 as compared to 1,11,917 units during June 2019. Maruti Suzuki stock price has rallied 53 per cent from March lows of Rs 4,002 apiece, with market capitalisation at nearly Rs 1.86 lakh crore.

2.53 PM: Rossari Biotech plans to launch 500-crore IPO

Rossari Biotech 's initial public offering (IPO) is likely to hit the market next week from July 13 to July 15. The IPO comprises fresh issuance 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 around  Rs 494-Rs 496 crore. The face value of each share is Rs 2.

The price band of the IPO is likely to be at around Rs 423-Rs 425 per share. The company market capitalization is expected at Rs 2,200 crore. As per the draft papers, the proceeds from the IPO will be used to primarily repay debt and fund working capital requirements, along with general corporate purposes.

2. 35 PM: Rupee Closing

Rupee, the local unit ended weaker against the dollar at 75.01 per dollar. Earlier the domestic unit settled at 74.93 per dollar on Tuesday.

2. 16 PM: Top losers and gainers

Bajaj Finance, Bajaj Auto, Asian Paints, HCL Tech and Zee Entertainment were among the top losers today on NSE, while IndusInd Bank, SBI, JSW Steel, Tata Steel and Vedanta were among the top performers.

2. 07 PM: Sectors today

In terms of sectors, gains in metal, pharma, PSU Bank and FMCG were capped by losses in media, auto, realty and IT scrips

1. 39 PM: Market falls further

In a volatile trading session, Sensex and Nifty reversed trend after five consecutive sessions of gains and turned bearish on Wednesday, amid weak global equtiies. Sensex fell 233 points lower at 36,440 and Nifty was trading 80 points lower at 10,719.

1. 20 PM: AirAsia in trading halt

Shares in Malaysia's AirAsia Group Bhd were halted on Wednesday after its auditor said there were material uncertainties that cast doubt on the budget carrier's ability to continue as a going concern. In an unqualified audit opinion on the airline's earnings results for 2019 issued late on Tuesday, Ernst & Young PLT said the financial statements were prepared on a going concern basis - which is dependent upon a recovery from the COVID-19 pandemic and the success of fundraising efforts.

AirAsia in trading halt after auditor EY notes 'going concern' doubts

12. 58 PM: IndusInd Bank share price gains over 9%

IndusInd Bank share price gained over 9% in early trade today after a report said US-based hedge fund Route One Investment is likely to raise stake in the private sector lender. Share price of IndusInd Bank rose 9.38% intraday to Rs 577 on BSE. IndusInd Bank stock has gained 17.61%  in last three days. The large cap stock was top gainer on Sensex and Nifty.

Why IndusInd Bank share price rose over 9% today

12. 36 PM: Titan shares decline 1.5%

Shares of Titan were trading 1.5% lower on Wednesday after the company said its year-on-year drop in jewelry revenue in June was around 30%. This was after an 80% drop in retail jewelry sales in May month.

Titan said it has re-opened around 83% of its stores across all businesses as of the end of June. Company's jewelry division has reopened around 95% of its Tanishq stores till date. Following the news, Titan stock opened higher at Rs 1,028, but soon lost gains and traded 1.43% lower at Rs 1,028, its day's low. The stock earlier settled at Rs 1,016 on Tuesday.

12. 22 PM: Nifty outlook

Commenting on Nifty's outlook, Angel Broking in its daily report said," Yesterday since morning, global markets looked a bit nervous and despite SGX Nifty indicating a gap down opening, we started the session marginally higher. But it was merely a formality as we started correcting in the initial trades, which extended in the following couple of hours to sneak below 10700. Fortunately, the mighty bulls waiting for the decline, just pounced on it and as a result, we witnessed a v-shaped recovery throughout the remaining part of the day to conclude around the 10800 mark."

12. 13 PM: Gold outlook

On gold's near term outlook, Anuj Gupta  DVP Commodities and Currencies Research, Angel Broking said,"Safe heaven demand is rising due to increase corona virus cases in the world.Economic slow down and global growth forecast lower by IMF also supportive for the Bullions. We expect gold and silver may traded on a positive note today. For intraday traders gold can buy at 48400  to 48500 levels with the stop loss of 48100 levels and for the target of 49200  - 49300 levels. In international market gold may test $1820 levels and silver may test $ 18.80 levels soon."

11. 55 AM: Rupee slips 5 paise to 74.98 amid strong dollar

The rupee slipped 5 paise to 74.98 per US dollar on Wednesday, tracking weak domestic equities and strengthening American currency.

Traders said steady crude oil prices and foreign fund inflows supported the rupee, while factors like a strong dollar, muted domestic equities and rising COVID-19 cases dragged the local unit down.

The rupee opened on a positive note at 74.88 at the interbank forex market, however, lost ground soon and touched 74.98, down 5 paise over its last close of 74.93 against the US dollar on Tuesday.

Rupee slips 5 paise to 74.98 amid strong dollar, weak equities

11. 36 AM: Cipla shares gain almost 2%

Shares of Cipla were rising in an otherwise weak trading session of Wednesday after the pharmaceutical company said it will launch its version of Covid-19 drug Remdesivir in the next 1-2 days, and begin supplying it to the market.

"We are attempting to launch remdesivir in the next 1-2 days. We cannot comment on the volumes just as yet, but there is a huge demand-supply gap in the market," Kedar Upadhyay, Cipla CFO told CNBC-TV18.

Cipla share price gained 1.82% higher to the intraday high of Rs 648 as against its earlier closing value of Rs 636.

11. 22 AM: YES Bank share price rises over 5%

YES Bank  share price gained in early trade today after the lender announced it would raise Rs 15,000 crore through follow on public offer (FPO) of shares. Share price of YES Bank gained 5.24% to Rs 27.10 against previous close of Rs 25.75 on BSE.

YES Bank share has gained after 4 days of consecutive fall. The large cap share is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

YES Bank share price rises over 5% on plan to raise Rs 15,000 crore

10. 54 AM: Nifty outlook

Reliance Smart Money in its daily note said, " We believe the index will continue its current up-move. This could lead the index towards its long-term moving average 200-day SMA (10,888 level) and then towards 11,100 mark. In case of fall, the index will initially find supports at around 10,600 mark and then at around 10,440 level, where its upper band of the narrow range is placed."

As for the day, support is placed at around 10,690 and then at 10,630 levels, while resistance is observed at 10,890 and then at 11,035 levels.

10. 39 AM: Market Update

Sensex and Nifty traded marginally negative on Wednesday, amid mixed global trend. Sensex fell 26 points lower at 36,648 and Nifty was trading 1point higher at 10,799.

10. 24 AM: Global cues today

Most Asian counterparts, barring Kospi and Nikkei bounced back from lows and were trading back in positive territory.

Wall Street and European stocks fell yesterday over gloomy economic forecast that suggested recovery will be uneven.

10.12 AM: Rupee opens lower

Rupee opened 5 paise lower at 74.98 against US dollar as against its earlier close of 74.93 against the US dollar on Tuesday.

9.57 AM: Coronavirus Toll

Worldwide, the number of cases linked to the disease has crossed 1.17 crore and the death toll has topped 5.43 lakh. In India, the number of infections spiked to 7.42 lakh and the death toll rose to 20,642. Experts cautioned that rising COVID-19 cases will continue to weigh on investors' risk appetite going ahead.

9. 45 AM: Markets this week

Since Tata Consultancy Services (TCS) will kick off the earnings season by announcing its financial numbers for June quarter on Thursday, investors will be preparing a new strategy to move ahead accordingly. Besides this, official data on industrial production, and retail as well as wholesale inflation will be released this week. Movement of monsoon winds and its progress on the domestic grounds would also be closely watched in upcoming trades.

9. 34 AM: Top gainers and losers

IndusInd Bank, SBI, Tata Steel, Bajaj Auto, ITC, HDFC duo and Reliance Industries were among the top gainers in the Sensex pack. On the other hand, Infosys, HCL Tech, UltraTech Cement, Maruti and Axis Bank were among the laggards.

9. 25 AM: Stocks in news

Cipla, Maruti Suzuki, Yes Bank, Titan, Adani Ports among others are the top stocks to watch out for in Wednesday's trading session.

Stocks in news: Cipla, Maruti Suzuki, Yes Bank, Titan, Adani Ports

9. 19 AM: Opening

Sensex and Nifty opened marginally higher on Wednesday, amid mixed global trend. Sensex gained 66 points lower at 36,740 and Nifty was trading 19 points higher at 10,819.

9. 07 AM: Nifty technical outlook

"Since the last several days, Nifty has been trading above 50 day moving average with an upward rising channel formation which suggests a further upside movement. Based on the above technical structure, we expect Nifty resistance at 10,850-10,900 while downside support comes at 10570," said Sumeet Bagadia, Executive Director, Choice Broking.

8. 55 AM: Market outlook

Ajit Mishra, VP - Research at Religare Broking said,"Global markets, especially in the US, are not showing any sign of slowing down despite rising COVID-19 cases. And in line with others, our markets are also rejoicing this phase. On the top of it, the banking index finally gained traction as it outdid the benchmark in today's trade. And, indications are in the favour of steady upmove from hereon and that could help the Nifty index to test 10,950 ahead."

8. 49 AM: Market Expectations

The benchmark equity indices - Sensex and Nifty - logged gains for the fifth session in a row on Tuesday. The gains were on account of heavy buying in financial stocks as investors focussed on monsoon progress and ignored rising coronavirus cases.

5 things to know before opening bell on Wednesday

8. 44 AM: Weak Asian bourses

Shares elsewhere in Asia traded weak. Bourses in Shanghai ended with marginal gains, while those in Hong Kong, Tokyo and Seoul closed in the red.

8. 40 AM: Rupee close

On the currency front, Indian rupee, the local unit, ended lower at 74.94 per dollar compared to Monday's close of 74.67 per dollar.

8. 30 AM: Closing

After a volatile trading session, Sensex and Nifty closed higher on Tuesday, barring weak European and Asian indices. Extending gains for the fifth straight session, Sensex ended 187 points higher to 36,674 and Nifty gained 36 points to trade at 10,799. While Sensex has risen 1,756 points in the last five sessions sessions, Nifty has gained 492 points. Traders said news of Chinese troops pulling back at Galwan Valley kept investors sentiments positive today.

Sensex, Nifty rise for fifth session; investors gain Rs 5.54 lakh crore

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