Share Market Highlights: Sensex ends 214 points higher, Nifty at 11,371; HDFC Bank, PowerGrid top gainers
BusinessToday.In August 21, 2020
Sensex, Nifty Highlights on August 21: Domestic benchmark indices ended on a bullish note on Friday, reversing from yesterday's losses, led by gains in index-heavyweights HDFC Bank, Reliance Industries and Infosys amid strong cues from global equities. Sensex ended 214 points higher at 38,541 and Nifty closed 59 points higher at 11,371. Meanwhile, April-June quarterly earnings announcements by PNB, Union Bank of India, Oil India, Indiabulls Housing Finance, Coffee Day Enterprises will also set the tone for the stock market today. Yesterday, Sensex closed 394 points lower at 38,220 and Nifty fell 96 points to 11,312.
Here's a look at the updates of the market action on BSE and NSE today
3.45 PM: Closing session
Domestic benchmark indices ended on a bullish note on Friday, reversing from yesterday's losses, led by gains in index-heavyweights HDFC Bank, Reliance Industries and Infosys amid strong cues from global equities. Sensex ended 214 points higher at 38,541 and Nifty closed 59 points higher at 11,371.
3. 23 PM: Nifty outlook
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," We have successfully closed above the 11350 level. The trend continues to remain positive but trading will be at an important flux on Monday as we have the monthly expiry. We are all set to get to the 11500 level but we must hold 11100-11200 as that would prove to be a crucial support range."
3.00 PM: Market outlook
Commenting on today's trend, S Ranganathan, Head of Research at LKP Securities said,"Indices held firm today with help from select pivotals even as market participants booked profits in late afternoon trade. Small caps & Midcaps did well this week and we saw a smart bout of profit booking today in this space which is heartening as it speaks about the maturity of the Retail Investor at a time when we keep hearing about this investing segment being victimised more often than not".
2. 42 PM: Strides Pharma USFDA approvalupdate
Commenting on Strides Pharma receiving an approval from the US FDA, Yash Gupta, Equity Research Associate, Angel Broking said,"Strides Pharma Global Limited, step-down wholly owned subsidiary of Strides Pharma Science Limited, got approval from the U.S. FDA for Ursodiol Tablets. Ursodiol tablets are indicated for the treatment of patients with Primary Biliary Cirrhosis (PBC). Urso Tabletsof Allergan Sales, LLC had an annual sales of approximately USD 35 million in the U.S. (IQVIA MAT June 2020). This is one of the significant approval for Strides Pharma Science Limited and positive development."
2.32 PM: Real estate sector update
Speaking on uutlook for real estate sector Gulshan's Director Yukti Nagpal said, In real estate sector, the luxury real estate has always been the segment with niche investors and end-users. The effect of the crisis on its prices was diminutive. Knight Frank's report released recently on the luxury market gives us a picture of global price points. The capital city, Delhi, has jumped up significantly with a 0.30% rise in terms of annual capital value in the prime residential market. Ultra-rich buyers and HNIs have a new preference after the pandemic has struck, which is spacious units with an increased green cover. "
2. 12 PM: Indian Overseas Bank shares gain almost 7%
The share price of Indian Overseas Bank jumped almost 7% intraday on Friday's early session after the lender declared its April-June quarter numbers. Indian Overseas Bank reported a net profit of Rs 120.69 crore in the April-June quarter as against a loss of Rs 342.08 crore in the year-ago period.
Following the earning update, shares of Indian Overseas Bank opened at Rs 630.90 and later climbed 6.8% to the intraday high of Rs 12.21 on BSE against the earlier close of Rs 11.43.
1.44 PM: Aarti drugs jumps 10%
Share price of Aarti Drugs has delivered stellar returns to investors in last five months or 107 trading sessions. Aarti Drugs share price touched all-time high of Rs 3,122 after the mid cap firm hit upper circuit of 10% today. The stock hit upper circuit for the second consecutive session today after the firm's board cleared issuing of three bonus equity shares for every one fully paid-up equity share.
1. 29 PM: Top gainers and losers
PowerGrid, followed by SBI, HDFC Bank, IndusInd Bank, Axis Bank, Tata Steel, Reliance Industries and Infosys were aamong the top gainers in the Sensex pack. On the other hand, Bharti Airtel was the sole laggard today.
1. 13 PM: Market update
Domestic benchmark indices traded on a bullish note on Friday, reversing from yesterday's losses, led by gains in index-heavyweights HDFC Bank, Reliance Industries and Infosys amid strong cues from global equities. Sensex was rising 321points higher at 38,541 and Nifty gained 96 points to 11,408.
12.54 PM: Rupee surges 11 paise
Indian rupee jumped 11 paise to 74.91 against the US dollar in on Friday's opening trade, tracking positive domestic equities and weak American currency.
The domestic unit opened at 74.96 per dollar at the interbank forex market and gained further ground to touch 74.91 per dollar, registering a rise of 11 paise over its previous close of 75.02 per dollar on Thursday.
12.39 PM: Max Healthcare Institute listing
On the listing of Max Healthcare Institute, Yash Gupta, Equity Research Associate, Angel Broking Ltd"Listing of Max Healthcare Institute Ltd - Max Healthcare and Radiant merged their healthcare business to create the second largest healthcare chain in India by revenue after Apollo Hospitals. Max Healthcare will be led by Abhay Soi and backed by KKR&Co., who are well known as a global investment company. Revenue for the merged entity for FY 2020 is 4,026 Crores and it will be the second largest private hospital chain after Apollo Hospitals. Currently Max Healthcare has 17 Facilities with total bed capacity of 3,400 with Major facilities in the NCR region. Abhay Soi and KKR will be the promoters of Max Healthcare with controlling stakes of 52% and 23.3% respectively. We expect Max Healthcare to do well under the leadership of Abhay Soi and KKR."
12. 21 PM: Rossari Biotech share rises 4.5%
Rossari Biotech share was trading higher ahead of the firm's first set of earnings today after listing on bourses. Share price of Rossari Biotech rose up to 4.5% to Rs 804 against the previous close of Rs 763.90 on BSE. The share opened Rs 6 higher at Rs 775 today.
12. 15PM: Nifty outlook
Geojit Financial in its note said," Our downside marker of 11314 was attacked several times, but held without much penetration keeping the upside view to 11600/800 intact. An upswing towards 11470 is favoured today, but inability to push beyond the same could render the trend vulnerable to corrections and expose 11150-10960. An outright collapse look less likely though, at this point.
11. 40 AM: Global markets
Asian markets bounced from previous day's lows and traded higher tracking overnight gains in US. Wall Street closed higher with tech heavy Nasdaq marking new all-time high despite weak US economic data. US jobless claims rose above 1 mln.
European markets closed lower after FOMC minutes showed a pessimistic stance taken by its officials in its latest meeting.
11.15 AM: Coronavirus toll
Worldwide, there are 228 lakh confirmed cases and 7.97 lakh deaths from COVID-19 outbreak. Meanwhile, death toll in India touched 54,945 and total coronavirus cases stood at 29.05 lakh as of Friday.
11.02 AM: Gold outlook
Commenting on Gold's outlook, Hareesh V, Head Commodity Research at Geojit Financial Services said," Rising equity market and optimism over successful Covid vaccine are likely to trigger higher level profit booking in gold. However, the broad bullish outlook remains intact due to uncertainties surrounding the global economic recovery, hopes of fresh stimulus measures from central banks and a weak US dollar."
On London spot technical outlook, he added," A break below the stiff support of $1920 is required to continue liquidation pressure for the day. Else, we are likely to see recovery upticks but it needs to break above $2025 to stabilise the momentum."
10. 49 AM: MCX Gold
On the Multi-Commodity Exchange, gold September Futures traded 0.40% or Rs 186 higher at Rs 52,337, after hitting an intraday high of Rs 52,409 against the previous close of Rs 52,151 per 10 gm. MCX gold futures currently trade almost Rs 3,850 lower than the lifetime high of Rs 56,191 per 10 gm, hit on August 7.
10. 32 AM: Market outlook
On Nifty's near term outlook, Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said," We continue to remain cautious on benchmark. For the coming session, 11400-11430 is likely to act a resistance; whereas on the lower side, once we slide below 11250-11200, we are likely to see some corrective moves."
10. 22 AM: Spot gold
Spot gold was up 0.4% at $1,949.83 per ounce, while U.S. gold futures rose 0.4% to $1,953.80. Comex gold was rising 0.50% higher at $1,945 per ounce. Silver gained 0.3% to $27.30 per ounce. Where gold has risen 0.2% so far this week, silver has risen 3.4%.
10. 14 AM: Opening bell outlook
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," We have opened smartly and well above the 11350 level which is a positive sign for the Nifty. We should be headed to 11500 and then 11700. There is every possibility that we achieve these levels by the end of this month's expiry. The support continues to be at the 11100 level. A buy on dips strategy would be the best approach for traders to implement."
10. 09 AM: Gold outlook
As per Geojit Financial Services, immediate support of $1920 needs to be cleared for continuation of selling pressure in
the counter. Else, a bounce back is expected but unlikely for major rallies. However, consistent trades above $1980 would continue bullish momentum.
For MCX Gold August, resistance is placed at 52,600/54,000 and support is at 51,400. For MCX Silver August futures, the resistance is at 71,500 and the support is placed at 65,100/60,800.
9.56 AM: AGR case hearing
The Supreme Court on Thursday expressed concerns that nearly the entire Adjusted Gross Revenue (AGR) dues pending against the telcos facing insolvency proceedings will be wiped out in the Insolvency and Bankruptcy Code (IBC) proceedings. A bench of Justices Arun Mishra, S Abdul Nazeer and MR Shah also said that a new buyer of spectrum, under the insolvency process, will extinguish any pending demand against the spectrum in question. The hearing will resume on Friday.
9. 45 AM: RBI MPC minutes
RBI Governor Shaktikanta Das has emphasised that although there is headroom for further monetary policy action, the "arsenal" has to be kept dry and used judiciously for promoting growth which has been hit hard by the COVID-19 pandemic, according to the MPC minutes released on Thursday. Das also said that the recent surge in retail inflation is negatively impacting the efforts by the central bank to revive economic growth
9. 34 AM: Nifty outlook
Reliance Research in its note said,"NSE-NIFTY tested its negative gap of 28th February, 2020 (11,433-11,537) and formed a bearish reversal pattern-Evening Star. The Evening Star Pattern is considered a very strong indicator of future price decline. Due to recent decline in the index, its technical indicators on the near-term timeframe chart remained in sell mode. This could drag the index towards its 20-day EMA and then around its 200-day SMA, which are now placed at 11,186 and 10,831 levels, respectively. On the higher side, the index will continue to face major hurdles in the range of 11,433-11,537."
As for the day, support is placed at around 11,281 and then at 11,250 levels, while resistance is observed at 11,353 and then at 11,393 levels.
9. 20 AM: opening session
Domestic benchmark indices opened on a bullish note on Friday, reversing from yesterday's losses, amid positive SGX Nifty and other global equities. SGX Nifty was rising 75 points higher, indicating positive trend in domestic grounds today. Sensex was rising 270 points higher at 38,491 and Nifty gained 77 points to 11,389.
9.10 AM: Global cues
Asian stocks were trading higher on Friday after a tech-driven rally on Wall Street. In US, Nasdaq ended at a record high on Thursday, with the S&P 500 and Dow also rising, as gains in heavyweight tech stocks outweighed downbeat data that affirmed the Federal Reserve's view of a difficult road to economic recovery. Gains in Apple Inc, Amazon.com Inc and Microsoft Corp underpinned a rally in Wall Street's three main indexes as investors bet the tech giants would ride out the economic crisis.
The Trump administration on Thursday reportedly declined to acknowledge any plans to meet with China over the Phase 1 trade deal after the commerce ministry in Beijing said bilateral talks would be held 'in the coming days' to evaluate the agreement's progress.
9.01 AM: FII/ DII action data
Foreign portfolio investors (FPIs) sold shares worth Rs 268.46 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 672.23 crore in the Indian equity market on 20 August, provisional data showed.
8. 45 AM: Earnings today
Punjab National Bank, Union Bank of India, Oil India, Indiabulls Housing Finance, Coffee Day Enterprises, Automotive Stampings, Genus Paper & Boards, Harrisons Malayalam, Kolte-Patil Developers, Rossari Biotech, SMS Lifesciences, Suprajit Engineering, Venus Remedies among others will report Q1 results today.
8.35 AM: Market outlook
"The benchmark index has been gradually inching higher amid positive yet volatile global markets. And, we do not see this scenario changing any time soon. At the same time, noticeable traction in the broader space is offering ample opportunities to the traders. We reiterate our view to focus more on the selection of stocks and trade management citing overnight risk," said Ajit Mishra, VP - Research, Religare Broking.
8. 30 AM: Closing
Snapping three straight days of gains, domestic equity benchmarks on Thursday ended in the red amid weak global cues. Sensex closed 394 points lower at 38,220 and Nifty fell 96 points to 11,312. Markets globally were trading largely bearish today after the Federal Reserve raised concerns on the US economic recovery from the devastating effects of the pandemic.