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Market LIVE: Sensex ends 430 pts down from day’s high, Nifty below 9,900; RIL, HDFC twins, Kotak Bank top drags – The Financial Express

The trends among the sectoral indices were mixed. Nifty Financial Service index was down nearly one per cent.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended lower in Wednesday’s volatile session dragged by index heavyweights such as HDFC Bank, HDFC and Reliance Industries. The 30-share Sensex fell 97 points or 0.29 per cent to end at 33,508, while the broader Nifty 50 index settled 33 points or 0.33 per cent lower at 9,881. Among top Sensex gainers were Maruti Suzuki, Bharti Airtel, Axis Bank, IndusInd Bank, SBI, HUL and Bajaj Finance. On the other hand, top Sensex laggards were Kotak Mahindra Bank, Power Grid, ITC, M&M, HDFC and Asian Paints. The trends among the sectoral indices were mixed. Nifty Financial Service index was down nearly one per cent, dragged by ICICI Lombard General Insurance Company, Kotak Mahindra Bank and Bajaj Finserv. On the flip side, Nifty Auto index settled 0.81 per cent higher led by gains in Motherson Sumi Systems, Maruti Suzuki and Bharat Forge.

In the second incident related to sharing sensitive corporate information on WhatsApp, capital markets regulator SEBI has imposed a Rs 15 lakh fine on a person for leaking unverified financial results of Bata on the messaging service. SEBI levied a penalty on Aditya Omprakash Gaggar for leaking the information prior to the official announcement, PTI reported citing SEBI.

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The geopolitical tensions between India and China have brought back the risk-off mood. We don’t expect the dispute to escalate and both the sides will contain it, till then the market will remain skittish across markets due to these geopolitical tensions. Any escalation or uncertainty will lead to a sharp bull-run in USD/INR spot. Until 76 doesn’t break in USDINR spot, it will continue to remain afloat. The immediate support lies around 75.75, and resistance around 76.50: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

Today we have noticed that USDINR depreciated by 0.25% and touched the 7 week’s low levels of 76.31 levels. Geopolitical Tension between Indian & China is a major cause of depreciation of USDINR. Although uncertainty in global financial market and increase cases of Covid-19 also negative for the currency. We expect USDINR may depreciate further and it is expected that USDINR may test 76.60 – 76.80 levels soon. Traders can go for buy in USDINR at 76 – 76.10, with the stop loss of 75.60, and for the target of 76.60 – 76.80 level: Anuj Gupta, Deputy VP- Commodities & Currencies Research, Angel Broking Ltd

Indian rupee traded in a small range while investors await any update on developments on squirmish that happened on the india-China border. Rupee open at 76.21 unchanged from previous close and traded in the range of 76.26 to 76.11 before settling at 76.17 with gain of 4 paise a dollar. Weakness in broad dollar index and recovery in domestic equities supported rupee. Rupee has broken the past one and half month range of 75-76 and steadily heading towards all-time low of 76.91. Market participants are focusing on comments from diplomats on border issues, any escalation will lead to rupee weakness but if the conflict is diffused , quick gains can be seen: Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

Reliance Industries shares were trading near 52-week high level in Wednesday’s volatile trade. RIL share price was up over 1 per cent at Rs 1,635 apiece on BSE, with a market capitalisation of Rs 10,31,199.06 crore. In March this year, RIL shares hit a 52-week low of Rs 867.82, since then the share price has risen nearly 90 per cent to hit a record high of Rs 1,648 in yesterday’s session.

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Google has expanded its early-stage startup accelerator – Google For Startups (previously Launchpad Accelerator) to provide support to startups working on solutions for the post-Covid world. The accelerator on Wednesday opened applications for the new batch of the accelerator focusing on healthtech, fintech, edtech, agritech, retail and software-as-a-service startups. Amid Covid pandemic, startups have been trying to reorient themselves by resetting their cost base with a focus on core businesses and avoiding cash burn as much as possible with limited marketing and hiring.

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As risk-averse investors continued to stay at a distance from the risk-averse banking sector, pushing shares of lenders down, mutual funds were also shedding the weightage of private banks in the portfolios. Data showed private bank weightage among mutual funds is now at a 20-month low. In December 2019, mutual funds had allocated a combined weightage of 21.1% to private banks, which has since then been falling to now sit at 16.7%. While private banks were being deserted by fund houses, defensive stocks were back in focus increasing their weightage to an all time high of 35.5% in the month of May. 

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We expect NMDC to increase prices once demand normalizes in 2HFY21. However, we expect overall pricing to remain subdued in India. Higher global iron ore prices are likely to keep exports higher, thereby keeping domestic iron ore supply in check. With large steel players receiving vesting orders for captive mines, NMDC would have to rely largely on smaller steel players to maintain its volumes. Motilal Oswal Institutional Equities

The COVID-19 pandemic has fundamentally changed many facets of our lives, particularly the world of work. At the height of the current pandemic when economies, sectors, and organizations grappled with an increasingly new and complex reality – digital tools and technology, enabled work to continue seamlessly despite a distributed workforce.

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Maruti Suzuki was the top Sensex gainer with a growth of 5 per cent, followed by IndusInd Bank, Axis Bank, Bharti Airtel, RIL and Bajaj Finance.

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BSE Sensex jumps 600 points from day’s low to trade at 33,934, while the broader Nifty 50 index was ruling at 9,987.05.

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SEBI relaxation on the creeping acquisition is a double whammy for promoters. They will not only be able to increase their stake but this will also build investor confidence: Rajesh Thakkar, Partner & Leader/ Transaction Tax, Tax & Regulatory Services, BDO India

Revenue declined ~10% YoY, in line with estimates, due to temporary store closures in Mar’20. While the company saw 2.4% LTL growth in the Jan-Feb’20 period, but saw an overall decline of 16% LTL in Q4 revenues. FY20 revenues declined ~3% YoY. Comp. EBITDA loss at Rs170mn was disappointing due to higher costs. In FY20, margins fell ~200bps YoY to 5.3%. SHOP expects successful rental negotiations (already achieved in ~56% of stores) and significant cost rationalization to help margins in FY21E. Store additions would be curtailed in FY21, with capex indications of Rs0.5bn (vs. Rs2.1bn in FY20). In addition, it indicated closure of unprofitable stores to improve profitability and highlighted adequate liquidity to continue business operations in FY21. FY21E would see a significant decline in revenues and erosion in profitability. We await recovery trends and initiatives to get comfort on the long-term growth outlook. We maintain Hold, with a TP of Rs225, valuing it at 10x FY22E EBITDA.

~ Emaky Global 

HPCL (Hindustan Petroleum Corporation Ltd) share price was up over 4 per cent at Rs 218.55 apiece on BSE even as the company on Tuesday said that its net profit for the January-March quarter plunged nearly 100 per cent due to inventory losses and fluctuation in global oil prices. With today’s gain in the stock, the market capitalisation of HPCL stands at Rs 33,036.47 crore. The company also declared a final dividend of Rs 9.75 per equity. Post Q4 earnings, research and brokerage firms are seeing buying opportunities in the stock, with an upside of 10 per cent.

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The real estate sector may finally come out of slowdown gloom in the aftermath of the coronavirus pandemic. In fact, sales have already started to pick up in some segments such as residential areas with developers pushing promotions. “From almost Nil sales in April, residential sales are up to 25-50% of pre-COVID levels as per management commentary in the media. Developers have used a combination of online sales promotions, financing schemes,” Jefferies said in a research report on Tuesday.

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India Cements share price surged 10.5% on Wednesday morning amidst media reports of ace investors Radhakishan Damani considering a takeover of the south-India based cement manufacturer. India Cements shares opened at Rs 134 per share only to surge higher to Rs 139.30 apiece, a jump of 10.5% from its previous close of Rs 126. Radhakishan Damani has informally approached India Cement’s controlling shareholder N. Srinivasan, for exploring the possibility of a takeover, Bloomberg News reported

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Dixon continues to focus on new client acquisition and product addition to increase its top-line, backward integration and increasing ODM revenues. The company has added new clients across segments and is expanding capacities based on healthy order-book. However, along with the healthy order book, promising new opportunities are likely to translate into strong growth going forward, hence we value Dixon at 36x FY22EPS of Rs 150 arriving at a target price of Rs 5400. Maintain HOLD: Axis Securities

Gold prices fell over half a per cent in Wednesday’s trade amid profit booking even as India-China border tensions flared up. Beside, coronavirus cases in India continue to witness a spike as in the last 24 hours 2,003 deaths have been reported. The total number of cases in India reached above 3.54 lakh with the death toll at 11,903. A violent face-off between India-China in Galwan valley of Ladakh, Indian Army confirmed the death of 20 personnel on the Indian side.

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Ashoka Buildcon is well poised to deliver growth in FY22 while FY21 OI will add visibility for FY23 and beyond. Even after factoring the overhang of BoT asset sale and potential pay-out to Macquarie SBI (Exhibit-5/6), we find ABL inexpensive trading at 4.6x FY22 P/E for its core EPC business. We value ABL at 5x FY22 EV / EBITDA for the EPC and BOT at NPV (implied P/BV at c.0.9x) to arrive at a TP of INR 100. Maintain BUY: JM Financial

BSE Sensex and Nifty 50 turned positive shortly after opening lower in Wednesday’s volatile session. Both the headline indices were trading with minor gains amid geopolitical tension. The 30-share Sensex was trading 45 points or 0.14 per cent up at 33,703, while the broader Nifty 50 reclaimed its crucial 9,900-mark and was trading at 9,927, with a gain of 14 points or 0.14 per cent.

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A Supreme Court bench will today, once again, gather to hear the case relating to interest waiver during the moratorium period. Although the apex court in its previous hearing ruled out a complete interest waiver on term loans during the moratorium period, the bench seeks to know whether interest will be charged on accrued interest during the said period. Analysts say this comes as huge relief for the banking sector that could have faced significant operating losses if the interest waiver was granted on term-loans during the moratorium period. According to a report, banks stood to lose as much as 111% of their operating profits for the fiscal year if interest waiver would have been granted.

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During the quarter Hindustan Petroleum Corporation (HPCL) registered an inventory loss of ₹4,113 crore as crude pieces had collapsed sharply in March. Headline GRM’s for the quarter stood at negative USD 1.23 per barrel though GRM’s adjusted for inventory losses surprised positively at USD 9.37 per barrel as compared to USD 0.85 per barrel in Q4FY19. 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: Jyoti Roy, DVP Equity Strategist, Angel Broking Ltd

Auto would take some more time to rebound in both demand and supply. The Auto supply chain is more complex than that of Tractors. Rural-relevant products are expected to do better: Motilal Oswal

Gold witnessed profit booking on Wednesday morning although there was a fear of the second wave of coronavirus infections offset optimism around a potential COVID-19 drug and a stronger U.S. dollar. Focus would be on US building permits & housing starts moreover Fed Chair Powell’s testimony: Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers

Petrol price hiked by 55 paise per litre, diesel by 60 paise; rates go up cumulative by Rs 6.02 and Rs 6.4 respectively in 11 days, PTI reported

M&M was the top Sensex loser, down 1.94 per cent, followed by Power Grid, Kotak Mahindra Bank, UltraTech Cement, SBI, HDFC Bank and IndusInd Bank.

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Sensex was trading 255 points or 0.76 per cent at 33,339, while the broader Nifty 50 index slipped below 9,834.

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Emkay Global, Aban Offshore, Fortis Healthcare, Cummins India, Indraprastha Gas, Indostar Capital, ITD Cementation, JK Cement, Mangalam Cement, Muthoot Finance, Natco Pharma, Pidilite Industries and REC are among 46 companies that are scheduled to announce their March quarter earnings on Wednesday.

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Rupee is likely to open around 76.38 and trade 76.10-76.55 range. We may see nationalized banks offering USD at higher levels to smoothen volatility. The US Dollar too has strengthened post much better than expected May Retail sales data. Retail sales jumped 17.7% MoM in May and ex Auto 12.4%. Globally, therefore, the sentiment continues to be in favor of risky assets. The Dow ended with gains of 2%. Germany ZEW sentiment came in better than expected. The pound, however, has come off significantly after disappointing UK labor data yesterday. The BoE rate decision is due tomorrow: Abhishek Goenka, Founder and CEO, IFA Global

Market set to open flattish to negative as geopolitical tensions between India-China and mixed global cues. Asian markets are mixed and the US futures are trading flattish to red. For the day, Trader should adopt the strategy of ‘Sell on Rise’. The investor should strictly follow the stop losses for short term investments. F&O traders should keep proper hedge for overnight positions. Long term investors should wait for the right opportunity to put money on the table: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

In overnight trade, US stock indices on Wall Street ended up on the prospect of additional stimulus and a record jump in retail sales in May. The Dow Jones Industrial Average rose 2 per cent, the S&P 500 gained 1.9 per cent, and the Nasdaq Composite added 1.75 per cent.

Asian stock market was trading higher on Wednesday following another late Wall Street surge after upbeat trial results for a COVID-19 treatment.

Sensex was up by 376.42 points, or 1.13%, to close at 33,605.22. The broader Nifty 50 index was also up by 100.3 points, or 1.02%, to close at 9914

Tends on SGX Nifty suggest a negative opening for Sensex and Nifty on Wednesday. Nifty futures were trading 66.55 points or 0.67 per cent lower at 9,818.50 on Singaporean Exchange

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