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Market LIVE: Sensex at day’s low, skids over 450 pts, Nifty below 10,050; Vodafone Idea shares plunge 18% – The Financial Express

Most of the sectoral indices were trading in negative territory with Nifty PSU Bank and Nifty Auto declining the most

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty were trading volatile in Tuesday’s session. The 30 share index Sensex was trading a tad higher at 34,408, while the broader Nifty 50 index was ruling at 10,173. Out of 30 Sensex stocks, 18 were trading in positive territory. Sun Pharma was the top Sensex gainer with a growth of 3 per cent, followed by Asian Paints, Tech Mahindra, IndusInd Bank, Tata Steel, Hero MotoCorp and TCS. On the other hand, Maruti share price slipped over 1 per cent and was the top Sensex laggard. M&M, Reliance Industries (RIL), State Bank of India (SBI) and HDFC Bank were among other losers on the pack. Most of the sectoral indices were trading in negative territory with Nifty PSU Bank and Nifty Auto declining the most, down 1.56 per cent and 0.76 per cent, respectively. On the flip side, Nifty FMCG was up half a per cent led by gains in Marico, Britannia Industries and Dabur India. Similarly, Nifty Pharma was trading higher with Sun Pharma, Aurobindo Pharma and Glenmark as top index gainers.

India’s economy will shrink by 3.2 per cent in the current fiscal, the World Bank said on Monday as it joined a chorus of international agencies that are forecasting a contraction in growth rate due to the coronavirus lockdown halting economic activity. The Washington-based multilateral lender said that the COVID-19 pandemic and the multi-phased lockdown imposed to curb its spread has resulted in a devastating blow to the Indian economy.

Franklin Templeton Mutual Fund on Tuesday announced the suspension of the electronic voting process, scheduled for June 9 to June 11. The move comes a day after the Gujarat High Court dismissed a plea by the fund house for vacating the stay granted by the court on the voting process earlier in May. “Pursuant to the order dated 8th June 2020 issued by the Honourable High Court of Gujarat, the e-voting scheduled for 9-11 June 2020 and unitholders meeting on June 12, 2020, related to the schemes under winding up, stands suspended till further communication,” Franklin Templeton said in a statement.

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Rupee declined marginally as traders weigh on the global stock rally amid still challenging economic conditions. The strong dollar inflows supporting rupee while rise in COVID19 cases after unlock 1 and weaker economic data weighed down rupee. On the overseas front, the re-escalation of tensions in the Korean peninsula and US FOMC meeting will be in focus for near term trend in dollar index. Short covering bounce has been seen in safe-haven currencies like Yen and Dollar seen ahead of FOMC policy decision: Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

Delhi’s deputy CM has reportedly made a statement that the number of Covid 19 cases in Delhi may rise exponentially to around 5.5 lakh by end of July 2020. Trends in other affected metros like Mumbai, Ahmedabad, Pune, Chennai etc won’t be very different. What happens if local governments start delaying opening up of sectors that are perceived to help spread the disease by a few weeks if not a month or two. Caution is warranted in stocks in sectors such as multiplexes, malls, commercial reality, travel & luggage, hospitality, restaurants etc especially as they had moved rapidly in the last few weeks on the hope of benefiting from the lifting of lockdown: Ajay Bodke, CEO & Chief Portfolio Manager (PMS) Prabhudas Lilladher

Even as the government started gradually easing the coronavirus-induced lockdown restrictions, the Indian share market has been witnessing huge volatility. From an all-time high of 42,273, BSE Sensex plunged to a 52-week low of 25, 638 only to march northward to reclaim its crucial level of 34,000. These tumultuous times in the stock market have proved to be an opportunity for the investors to bet on blue-chips companies which are available at throw-out prices.

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We are however positive on the long term prospects of the business given increasing market share of multiplexes, increasing appetite for Hollywood and smaller budget movies which is expected to reduce volatility in earnings due to lower dependency on big Bollywood movies. Therefore we expect volatility in these stocks to continue for some time until there is clarity on the Covid-19 situation in India though we remain positive on the long term prospects of the Industry: Jyoti Roy, DVP Equity Strategist, Angel Broking Ltd

Healthy product mix with rising share of protection and non-par book, resilient ULIP portfolio. Significant scope of penetration for the bancassurance channel, nascent in the online channel. Quality of EV (measured as contribution of operating variance + assumption changes to EV) is improving with regards to assumption changes. Attractive valuations, trading at a discount to HDFC Life; FY22E P/EV of 2.2x vs 3.6x for HDFC Life: YES Securities

The revival of businesses and the resultant creation of employment, more particularly, saving jobs is as herculean a task, if not more than saving the country from Covid-19. The economy was already going downhill pre Covid -19 but the situation further deteriorated with the outbreak of Covid 19. With the nearly 11 weeks of lockdown and near standstill of business/economic activity, already-stressed businesses are in a worse state with practically no liquidity. Even the businesses, which were earlier not stressed, are now in financial stress because of the stoppage of the business activity.

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Gujarat Gas’ Q4FY20 results were marginally below our estimates on the profitability front while sales volume were above estimates. Revenues increased 39.8% YoY to | 2666.6 crore (our estimate: | 2281.7 crore). Volumes increased sharply 53% YoY to 9.9 mmscmd. Realisation was at | 29.5/scm (our estimate: | 29/scm). Gross margins were at | 7.1/scm, below our estimate of | 8.1/scm. Currently, sales volume are at 5.5 mmscmd, down ~45% from pre-Covid level. In H1FY21E, we expect report volume de-growth with growth set to be seen from Q3FY21E onwards. In the long term, increase in volumes driven by regulatory tailwinds, further penetration in existing geographical areas (GAs) and aggressive expansion in newly acquired gas will lead to sustainable growth. Due to recent run up in stock price, we revise our rating on the stock from BUY to HOLD and maintain TP of | 290 (18x FY22E EPS).

~ ICICI Direct

Divi’s Laboratories (DIVI) reported soft Q4FY20 numbers. Topline grew mere 4.5% in constant currency and EBITDA margin declined 90bps YoY to 32% on fixed operating expenses following partial commissioning of Hyderabad and Vizag brownfield projects. Gross margin benefited from backward integration of starting materials and softening of crude. However, while FY21 margins are expected to remain subdued as post-operative fixed costs for newly commissioned capacities will hit the P&L, approvals for developed markets are yet to come in. That said, we expect strong operating leverage in FY22 after full commercialisation of new capacities. While we like DIVI for such clear earnings visibility, we believe current valuations price-in the ~25% EPS CAGR over FY20-22E. Hence, we maintain ‘HOLD’ with TP of INR2,340.

~ Edelweiss

After doubling up in just 7 days, Vodafone Idea share price plunged 10.18 per cent to Rs 10.77 apiece on BSE in Tuesday’s strong trade. The stock hit day’s low of Rs 9.41 and high of Rs 12.49.

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As of 8 June 2020, PSBs have sanctioned loans worth Rs 1,109.03 cr for MSME hubs in 12 States under the 100% Emergency Credit Line Guarantee Scheme, of which Rs 599.12 cr has already been disbursed to 17,904 accounts, FM Nirmala Sitharaman said in a tweet

PVR, Inox Leisure share prices declined up to 8 per cent in Tuesday’s volatile session, after both the multiplex operators reported losses for the quarter ended on March 31, due to the coronavirus outbreak in the last month of the quarter. PVR share price slipped up to 4.6 per cent to touch the day’s low of Rs 1,106 apiece on BSE, while Inox Leisure share price fell 7.6 per cent to Rs 261.3 apiece in today’s session. Last month, PVR stock price hit a 52-week low of Rs 719.50, slipping 66 per cent from its 52-week high of Rs 2,121 touched in February this year.

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Ace investor Rakesh Jhunjhunwala’s favourite stock Titan Company Ltd, yesterday announced its March quarter earnings, beating street estimates as despite a fall in revenue the EBITDA margins were seen to be healthy. Investors were seen rushing to buy the stock as the prices jumped 4% on Monday, however profit booking saw the share price fall 3% Tuesday morning. However, the 17% jump Titan Company shares have seen so far this fiscal year has already helped Rakesh Jhunjhunwala pocket profits of close to Rs 800 crore. The stock was trading down by 3% at Rs 1,000 per share after the initial hour of trade.

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Indian telecom regulator TRAI has relieved companies of charging users with minimum 50 paisa for text messages after they cross the limit of 100 SMS a day owing to the situation arising out of the coronavirus pandemic. Under a certain clause, telecom companies were required to charge a minimum of 50 paisa per SMS above the limit of 100 SMS per SIM per day to avoid commercial bulk texts.

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Mutual fund investors were again seeing taking money away from the credit-risk funds that have been at the center of debate since the month of April. Net outflows recorded yet again in the credit-risk funds were at Rs 5,173 crore in the month of May, according to the Association of Mutual Funds in India (AFMI). With this credit-risk funds have not seen net-inflows so far this year. On the other hand, open-ended equity mutual fund schemes saw inflows worth Rs 5,256 crore, which was down 15% from the Rs 6,213 crore in inflows that the schemes received last month. 

Sun Pharmaceuticals led the pack of gainers on Sensex in Tuesday’s session. Among other gainers were Asian paints, ITC, IndusInd Bank, Axis Bank and Tata Steel. On the contrary, Titan Company, Maruti Suzuki, Bajaj-Auto, M&M and Tech Mahindra were the top laggards on the index.

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Gold depreciated marginally on Tuesday as investors focused on the U.S. Federal Reserve meeting for clues on policy measures. Market participants are now looking at the U.S. Fed’s two-day policy meeting, which ends on Wednesday, but have stopped pricing-in the possibility of negative interest rates after Friday’s jobs report. Holdings at the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, dipped 0.2% to 1,125.48 tonnes on Monday. Focus would be on Euro GDP. But traders would also wait for Fed’s statements after policy meeting Wednesday night: Jigar Trivedi, Research analyst, Anand Rathi Shares and Stock Brokers.

The US Dollar has weakened overnight except against the Euro which is almost unchanged. US 10y yield has come off by 6bps and that is reflected in a lower USDJPY. Among Asian currencies the Korean Won is the best performer. Rupee is likely to open around 75.50 and trade 75.35-75.70. Expect the moves across currencies to be subdued ahead of the Fed policy tomorrow. The Nifty has opened flat and is likely to trade sideways today. Rupee has been trading a 75-76 range for 25 sessions now. The 3m vols in USDINR have come off to 5.70%. Nationalized banks have been buying USD aggressively around 75.40: Abhishek Goenka, Founder and CEO, IFA Global

Competitive environment remains weak due to Covid19, which should enable HDFC Bank to make continued market share gains. Recent episodes with Yes/PMC bank further imply that savers are more comfortable choosing larger banks like HDFCB. OverFY10-FY20, HDFCB loan book has grown at a CAGR of 23%. During this period, it has steadily grown its loans/deposits market share to ~9.6%/8.5% of the system from~3.9/3.7%, We expect bank’s loan growth to be slower compared to historical growth at 14/18% in FY21/22E especially in the retail book because of Covid impact but should beat system growth. We re-iterate Buy with target price of Rs 1,137: Axis Securities

Certain market segments have been witnessing strong buying interest in the recent market move. The move is primarily seen in the underperforming space. However, stocks like Tata Chemical have been outperforming broader markets considerably. Tata Chemicals saw a sustained up move since March 16 when the Nifty made a bottom near 7500 on the back of strong delivery buying. We expect the stock to resume its uptrend after a brief consolidation. The open interest in the F&O segment declined substantially in February and March with Tata Chemicals no exception. The OI in the stock has declined from more than 3.5 million shares to just 1 million shares in the March series. Since then, considering the continued outperformance in the stock, fresh build-up was seen in the May and June series, which should be positive for the stock.

Target: | 385

Stop Loss: | 274

Time frame: Three months

Nifty FMCG was up half a per cent led by gains in Marico, Britannia Industries and Dabur India. Similarly, Nifty Pharma was trading higher with Sun Pharma, Aurobindo Pharma and Glenmark as top index gainers.

Sun Pharma was the top Sensex gainer with a growth of 3 per cent, followed by Asian Paints, Tech Mahindra, IndusInd Bank, Tata Steel, Hero MotoCorp and TCS. On the other hand, Maruti share price slipped over 1 per cent and was the top Sensex laggard. M&M, Reliance Industries (RIL), State Bank of India (SBI) and HDFC Bank were among other losers on the pack.

Check live prices: Sun Pharma

The 30 share index Sensex was trading a tad higher at 34,408, while the broader Nifty 50 index was ruling at 10,173.

Check live Sensex, Nifty levels

Sensex and Nifty were trading higher in Tuesday’s session on the back of positive global cues. BSE Sensex jumped 100 points and Nifty was trading above 10,200.

Check live Sensex, Nifty levels

Petrol price hiked by 54 paise/litre, diesel by 58 paise; 3rd straight daily increase after oil PSUs ended 82-day hiatus in rate revision, PTI said in a tweet

Graphite India, Century Enka, eClerx Services, Hero MotoCorp, Gujarat Pipavav Port, Bombay Dyeing, Kirloskar Ferrous Industries, KRBL, Mangalore Refinery & Petrochemicals, PSP Projects, Tata Steel Long Products and TeamLease Services are among 23 companies that are scheduled to announce their March quarter earnings today.

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Buying by foreign portfolio investors (FPIs) in June so far has surpassed the flows received during the stock market’s all-time highs in January. FPIs have, till June 5, bought $2.59 billion worth of equities owing to the rush of liquidity globally and relatively cheaper valuations in the Indian market. However, some market experts believe that this may not be a sustainable trend.

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Market set to open in green by half percent as the US closed in green and Asia showing is holding in green. Technically speaking Nifty is consolidating for the last four trading sessions and in the process, it has created a range of 9950-10327. On a higher level, it will face stiff resistance. On the lower side, 10060-10040 is a support zone: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

India’s economy will shrink by 3.2 per cent in the current fiscal, the World Bank said on Monday as it joined a chorus of international agencies that are forecasting a contraction in growth rate due to the coronavirus lockdown halting economic activity. The Washington-based multilateral lender said that the COVID-19 pandemic and the multi-phased lockdown imposed to curb its spread has resulted in a devastating blow to the Indian economy.

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In overnight trade on Wall Street, Nasdaq posted a record closing high, becoming the first of the major indexes to confirm a new bull market. The Dow Jones Industrial Average rose 1.7 per cent, the S&P 500 gained 1.2 per cent and the Nasdaq Composite added 1.13 per cent.

Asian stock markets were trading higher in the early deals on Tuesday. Hong Kong’s Hang Seng index gained 0.93 per cent. However, Japan’s Nikkei slipped 0.86 per cent.

Trends on SGX Nifty are suggesting a mildly positive opening for BSE Sensex and Nifty 50 on Tuesday. Nifty futures were trading 62 points or 0.61 per cent higher at 10,226.80 on Singaporean Exchange.

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