Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 gained nearly one per cent in the afternoon deals on Wednesday. Sensex rose 600 points from day’s low and was trading at 33,933, while the broader Nifty 50 index was ruling near its crucial 10,000-mark. Out of 30 Sensex stocks, 16 scrips were trading in the positive territory. 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. While on the other hand, M&M was the top Sensex loser, down 2 per cent. Power Grid, Hero MotoCorp, Bajaj-Auto, Kotak Mahindra Bank, ITC and Nestle India were among the top Sensex loser. Barring Nifty FMCG, and Nifty IT, all the sectoral indices were trading in green. The Nifty Auto index was up nearly 1 per cent led by gains in Motherson Sumi Systems, Maruti Suzuki and Bharat Forge.
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