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Share Market LIVE: Sensex off day’s low, down 250 points, Nifty tests 9,300; RIL, HDFC, ICICI Bank top drags – The Financial Express

After posting profit in the January-March quarter of the financial year 2019-20, ITC was the top Sensex gainer

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading over half a per cent lower in Monday’s trade on the back of negative global cues. Sensex was down 234 points or 0.67 per cent to trade at 34,937, while the broader Nifty 50 was ruling at 10,293, down 90 points or 0.86 per cent. Out of 30 Sensex stocks, 23 scrips were trading in the negative territory. Axis Bank was the top Sensex laggard, down 3.42 per cent, followed by Bajaj Finance, IndusInd Bank, ICICI Bank and Bajaj Finserv. On the other hand, after posting profit in January-March quarter of the financial year 2019-20, ITC was the top Sensex gainer. M&M, Sun Pharma, Maruti Suzuki, TCS, HUL and Asian Paints were among other gainers on the pack. Barring Nifty Pharma and Nifty FMCG, all the sectoral indices were trading lower. Nifty Bank was down 2 per cent, Nifty Financial Service slipped 1.58 per cent in early trade. While Nifty FMCG gained 0.37 and Nifty Pharma was up 0.84 per cent.

In the latest development, at least four gunmen attacked the Pakistan Stock Exchange building in Karachi on Monday, news agency Reuters reported. The gunmen attacked the building with grenades and guns, media reported. The building is in a high-security zone and also houses the head offices of many private banks.

E-commerce companies such as Amazon, Grofers, Paytm Mall etc have ramped up hiring as online shopping becomes new normal amid coronavirus lockdown. With consumers taking the online route for day-to-day shopping such as even fruits and vegetables, there is an evident growth in the businesses of internet companies, which in return are now hiring more while many companies in other sectors are laying off workers.

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We downgrade Container Corporation of India (Concor) to ‘HOLD’ as we believe the risk-reward has turned unfavourable after a 55% rally from the bottom in March. In our view, valuation now discounts a steady medium-term earnings profile and value unlocking from DFC. But it leaves no room for downside if Concor is forced to pay higher land licence fee or purchase Railway’s land for its divestment to go through. In Q4FY20, Concor beat estimates led by higher margins that included a write-back. Management has guided for ~20% volume decline in FY21, but steady margin. Adjusting for COVID-19, we revise down FY21E EPS ~20%, but keep FY22E unchanged; we also revise our DCF-based TP to INR438 (INR406 earlier) as we roll forward to FY22E and reduce WACC. However, we find margin of safety missing at this price point.

~ Edelweiss

BSE Sensex and NSE Nifty 50 have rallied 40 per cent from March lows, largely driven by overwhelming liquidity worldwide. However, rising coronavirus cases in India and elsewhere would limit further upside in the markets, says Ajit Mishra, VP-Research, Religare Broking. As the world fears the second coronavirus wave, there is huge uncertainty related to the virus which is increasing nervousness amongst investors.

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Shares of Bajaj Finance and Axis Bank were the top laggards on BSE Sensex on Monday, days after rating agency S&P Global downgraded the two finance companies to junk rating. Bajaj Finance’s Issuer Credit rating was downgraded to BB+ with a stable outlook from BBB- and a negative outlook. Private-sector lender Axis Bank’s Issuer Credit Rating was also downgraded to BB+ with a stable outlook owing to the worsening operating conditions. Axis Bank shares were down 4.4% to trade at Rs 406 per share while Bajaj Finance stock price slipped 3.5% to trade at Rs 2,808 apiece.

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The gunmen attacked the building with grenades and guns, media reported. The building is in a high-security zone and also houses the head offices of many private banks. “Four attackers have been killed, they had come in a silver Corolla car,” Karachi police chief Ghulam Nabi Memon told Reuters.

Two killed as terrorists attack Pakistan Stock Exchange in Karachi, people from the building being evacuated, informed Pakistan media as reported by ANI. 

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We downgrade CONCOR to ADD after the sharp ~50% rally from the recent lows. While the logistics company will be a beneficiary of the DFC in the medium term, the stock will be driven by the policy guidelines of the IR ahead of its proposed privatisation, in the near term. There is a proposal to increase the land license fee by ~3x (media reports also suggest that CONCOR will have to purchase the railways land). Further, as the DFC is delayed due to COVID, volumes are expected to decline in double digits in the current fiscal: Aditya Makharia, Institutional Research Analyst, HDFC Securities

ITC Ltd’s share price surged in trade today, despite a nosedive in headline indices Sensex and Nifty, and despite posting weaker than expected earnings in the fiscal fourth quarter. ITC stock was trading at Rs 203 per share on BSE, up 4% on Monday. ITC posted a 9% rise in net profit to Rs 3,797 crore for the January-March quarter, primarily helped by its tax outgo falling by half. Still, the net profit fell short of Rs 4,170 crore as expected by the brokerage firm Motilal Oswal. Further, ITC’s revenue fell 10% in the quarter, owing to a larger than expected fall of 11% in cigarette volumes.

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Following sell-off in global markets amid rising coronavirus cases in India, headline indices BSE Sensex and Nifty 50 slipped over one per cent lower on Monday dragged by banks and financial stocks. The 30-share index traded 377 points, or 1.07 per cent, down at 34,767, while the 50-share Nifty index was down 114 points, or 1.10 per cent, at 10,267. As many as 24 BSE Sensex stocks were trading in negative territory.

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ITC has been aggressive in its FMCG business – launching sanitisers and hand washes, leveraging its extensive distribution network and acquiring a key regional spice brand. However, it has lost around 40 days of cigarette sales due to the lockdown. Its hotels and paper segments, too, are likely to be impacted due to the loss of business. While it missed the Street estimates due to decline in revenues across all segments, the performance of its FMCG segment has kindled hopes of an improved show in the latter part of the year: Rajit Rajoriya, Equity Research Associate, Angel Broking Ltd.

Piramal Enterprises (PEL) share price fell over one per cent on BSE in Monday’s trade despite 20 per cent stake buy in Piramal’s pharma business by the global private equity major The Carlyle Group. Piramal Enterprises was trading 1.19 per cent lower at Rs 1,326.50 apiece on BSE in early morning deals. PEL on Saturday announced that Carlyle will invest a fresh capital for 20 per cent stake in Piramal’s pharma business. As on March 31, the equity value for 20 per cent stake in Piramal Pharma would be about $490 million, or Rs 3,700 crore.

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The Indian rupee is likely to open on a flat note and trade in a range of 75.30-75.80 levels. Sentiment in Asian market eased as China is showing signs of economic recovery with industrial profits returning and retail sales increasing. However, geopolitical tensions, including the on-going US-China tariff war and tension on the India-China border, are keeping investors inclined towards safe heaven assets like Gold, Dollar and US treasury bonds: Amit Pabari, managing director, CR Forex Advisors

Gold price edged higher on Monday as a continued rise in novel coronavirus cases around the world intensified fears about a delay in global economic recovery and prompted investors to seek the safe-haven metal. The week is holiday-shortened in the US due to Independence Day on 3rd July. The focus would be on non-farm payrolls on Thursday: Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares & Stock Brokers

The fall in US equities on Friday was led by banks, after the Federal Reserve asked them to cap dividends and halt buybacks to build up defence in case the crisis worsens further. US recorded 40000 new confirmed Coronavirus cases, the highest recorded so far. Rupee is likely to open around 75.60 and trade 75.40-75.80 range. Asian currencies are trading flat: Abhishek Goenka, Founder and CEO, IFA Global

Nifty Bank was down 2 per cent, Nifty Financial Service slipped 1.58 per cent in early trade. While Nifty FMCG gained 0.37 and Nifty Pharma was up 0.84 per cent.

Axis Bank was the top Sensex laggard, down 3.42 per cent, followed by Bajaj Finance, IndusInd Bank, ICICI Bank and Bajaj Finserv. On the other hand, after posting profit in the January-March quarter of the financial year 2019-20, ITC was the top Sensex gainer. M&M, Sun Pharma, Maruti Suzuki, TCS, HUL and Asian Paints were among other gainers on the pack.

Check live prices: Axis Bank

Domestic equity market benchmarks Sensex and Nifty were trading over half a per cent lower in Monday’s trade, following negative global cues.

Check live Sensex, Nifty levels

Bharat Electronics, Petronet LNG, Bharat Forge, Central Bank of India, MRF, Balaji Telefilms, Bajaj Hindusthan Sugar, CESC, GIC Housing Finance, GMR Infrastructure, Panacea Biotec, Parag Milk Foods, PC Jeweller, Phoenix Mills, Raymond, Reliance Communications, Rail Vikas Nigam, Venky’s India, and Welspun India, are among 586 companies that are scheduled to announce their March quarter earnings today.

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Domestic benchmark indices Sensex and Nifty are expected to open in the negative on Monday as SGX Nifty was seen trading down 60 points. Equity markets ended the last week on strong footing, as they snapped a two-day losing streak and gained close to 1% each. Analysts say market movement this week will be aided by stock specific actions. “Nifty 50 after rallying almost 38 percent from the lows has formed a spinning top candlestick pattern indicating a moment of indecisiveness. The index seems to be facing a major hurdle at 10550 as this level coincides with a 61.8% Fibonacci retracement of the fall from top to the recent bottom,” said Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote. 

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Nifty set to open in line with the global market. The US market is witnessing bears back in force. The surging Covid-19 cases are an indication of a second wave starting in the US. As per the expert, the US has a very small room now to avoid the second wave. So, chances of introduction of lockdown have increased. Which will put breaks on the economic recovery. Going forward, for intraday any penetration below 10195 will dig further downside till 10100. On the flip side, 10410 should work as resistance above 10410 it may test 10500 and 10552 levels: Vishal Wagh, Head of Research, Bonanza Portfolio

In overnight trade on Friday, US stock indices tanked over 2 per cent after several US states imposed business restrictions in response to a surge in coronavirus cases. The Dow Jones Industrial Average fell 2.84%, the S&P 500 lost 2.42%, and the Nasdaq Composite dropped 2.59%.

Asian stock markets edged lower in Monday’s trade on the back of rising coronavirus cases. In Japan, the Nikkei 225 slipped 1.37% while the Topix index fell 1.25%. South Korea’s Kospi also shed 0.97%.

Trends on SGX Nifty suggests a negative opening for BSE Sensex and Nifty 50 on Monday. The Nifty futures were trading 46.25 points or 0.45 per cent lower at 10,285.80 on Singaporean Exchange.

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