Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were swinging between gains and losses in the afternoon deals on Tuesday. The 30-share Sensex swung again to green with a gain of just 20 points to trade at 30,691. While Nifty 50 was just up 13 points to trade at 9,052. UltraTech Cement was the top Sensex gainer with a growth of 4.63 per cent. The cement company was followed by Titan, Tata Steel, IndusInd Bank and HDFC Bank. On the flip side, Bharti Airtel was the top Sensex laggard, down 4.72 per cent. TCS, Bajaj Finance, Tech Mahindra and HDFC were among other losers on the pack. Except for Nifty IT and Nifty Media, all the sectoral indices were trading in positive territory. Nifty FMCG gained 434 points or 1.56 per cent with ITC, Godrej Consumer Properties and Britannia as top gainers.
Bharti Airtel promoter firm Bharti Telecom plans to raise USD 1 billion through equity sale to become debt-free, according to a source aware of the development. The promoter firm Bharti Telecom plans to dilute 2.75 per cent stake with a floor price of Rs 558 per share through secondary placement.
The 30-share Sensex swung again to green with a gain of just 20 points to trade at 30,691. While Nifty 50 was just up 13 points to trade at 9,052
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Avenue Supermarts’ (DMart) reported Q4FY20 revenue/EBITDA/PAT – up 23.6%/12.1%/41.6% YoY – ahead of our estimates on the back of strong store expansion (18 stores in Q4FY20; 38 in FY20), steady SSSG (10.9% for FY20) and PAT benefitting from a lower effective tax rate. While business growth was strong through most of the quarter, the lockdown dented revenue in March (up just 11% YoY). Q1FY21 has started on a challenging note and we reckon that in our FY21 estimates (expect <15% YoY revenue growth). Comparable EBITDA margin dipped 120bps YoY (pre-Ind AS 116) in the wake of adverse mix and the challenging environment. We remain positive on DMart’s long-term growth strategy, lean cost structure, and strong balance sheet. Considering the huge opportunity pie available for a handful of organized players, we would not be worried about DMart’s prospects with the launch of Jiomart. Retain HOLD with TP of INR2,300. ~ Edelweiss Securities
Days after the Odisha government allowed home delivery of liquor, food delivery company Zomato has expanded its on-demand alcohol delivery service – Zomato Wine Shops — for customers in the eastern state. The company said it will begin with operations to deliver liquor, just like grocery deliveries, in Bhubaneswar on Tuesday and would soon take it to Rourkela, Balasore, Balangir, Sambalpur, Berhampur and Cuttack. Last week, both Swiggy and Zomato were roped in by the Jharkhand government to deliver liquor online even as the two companies have been discussing similar service with other state governments as well.
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DCBB’s 4QFY20 performance was underwhelming on a/c of the rise in GNPLs despite the standstill classification (albeit partial) benefit. Profit was below estimates, impacted by higher provisions. We’ve lowered our estimates to factor for higher provisions, slower growth and NIM compression. We like DCBB’s conservative lending approach but extrinsic factors will pose significant near term challenges given its significant MSME exposure. We maintain ADD with a TP of Rs 100 (0.9xFY22E ABV).
~ HDFC Securities
We raised FY21e/22e PAT 31%/17% on expected savings on tax expense on adoption of the new tax regime (Sec. 115 BAA of the IT Act, 1961) by three subsidiaries. We retain our Buy rating, raising our target to `650, valuing it at 7x FY22e EV/EBITDA and an EV/ton of $55. Risks: High pet-coke and diesel prices, extension of the lockdown: Anand Rathi
Gold and silver prices ticked up in Tuesday’s session on the back of a sharp rise in coronavirus cases which triggered investors to rush to safe-haven assets. Besides, escalation in US-China trade tension also increased gold demand. On MCX, gold June futures were up 0.28 per cent or Rs 132 at Rs 47,105 per 10 grams. While silver July futures advanced 1.39 per cent or Rs 670 to Rs 48,927 per kg. Despite today’s gain, gold prices are still Rs 1,000 off from a record high of Rs 47,929 per 10 grams.
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ITC share price shot up 4% on Tuesday morning as investors reacted to the purchase of Sunrise Foods Private Limited by the FMCG major. ITC announced on Sunday that the company has entered into a Share Purchase Agreement with Sunrise Foods Private Limited to acquire 100% of the equity share capital of the latter. ITC shares were trading at Rs 193.7 per share, up from its closing of Rs 186 apiece on Friday. The deal is however, subject to fulfillment of various terms and conditions. With this analysts expect ITC to augment its foods portfolio and in the spices segment. The purchase price has not been disclosed.
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Headline indices BSE Sensex and Nifty 50 were trading with gains on Tuesday mirroring the positive global markets. The 30-share Sensex surpassed the crucial 31,000-mark, gaining 414 points. While the broader Nifty 50 index also zoomed past 9,150 mark. The surge in indices was supported by the hopes of economic recovery on the back of relaxations in lockdown restrictions. In the 30-share pack Sensex, Titan was the biggest gainer, up 4.55 per cent at Rs 888. UltraTech Cement, IndusInd Bank, Tata Steel, HDFC Bank, Tata Steel, Nestle India were up 2.5-4.5 per cent.
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Bharti Airtel share price fell as much as 5.37 per cent to Rs 561.10 apiece on BSE in Tuesday’s trade on reports that promoter Bharti Telecom has sold some of its equity stake in the telecom services provider through secondary placement. Bharti Airtel was the top Sensex laggard in today’s trade in comparison to a 1.04 per cent rise in S&P BSE Sensex. The promoter firm Bharti Telecom planned to dilute 2.75 per cent stake with floor price of Rs 558 per share through secondary placement, according to a Financial Express report.
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Continuing its odds-defying movement, Radhakishan Damani’s Avenue Supermarts has seen its share price jump 26% from their recent lows on the Nifty50, outperforming the benchmark index. However, that could soon change for the retail giant as coronavirus plagues store sales. DMart’s revenue grew for the March quarter stood at 23% on-year basis while profit after tax grew 41%, both below estimates, which is for the first time that Radhakishan Damani’s company has missed expectations. With the fall in estimates and the brewing headwinds that the DMart is likely to face, top brokerage firms are cutting the target price for the stock and changing recommendations.
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The Nifty50 opened with a gap up this morning but what needs to be seen is if we are able to sustain above the level of 9175 which is a key resistance for this week. If we are successful in doing that, we could see the index climb to levels closer to 9300 by Thursday which is the month-end expiry. The support point to keep an eye on would be 8950. If we trigger that on the downside, we could slide to 8750.
– Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Ride hailing app Uber has retrenched hundreds of its employees in India, after recently announcing pay cuts and layoffs for its employees, as coronavirus eats up revenues. The company has announced that 600 employees in its India unit will no longer work for it as the company looks to cut costs amid pandemic. The number amounts to 25% of Uber’s total workforce in the country, Uber said in a statement on Tuesday. “Around 600 full time positions across driver and rider support, as well as other functions, are being impacted. These reductions are part of previously announced global job cuts this month,” Pradeep Parameswaran, President for Uber’s India and South Asia businesses, said
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We lower loan growth while increase our slippages est. for FY21E/22E. Opex benefit may only be seen in FY22 as income would be depressed in FY21. Hence our PAT est. could be lower by 12.2%/2.9% for FY21/22E. We keep our multiple/TP unchanged at 1.2x FY22 ABV/Rs131. Maintain BUY. Risks: lower loan growth and higher stress in SME/retail loans: Centrum Broking
As containment measures continue to ease in the country, this might help reviving the economy and getting it back on track steadily. Current positive sentiments and inflows could keep rupee cushioned for the near term and prevent any sharp depreciation in the pair. However, fixation of Chinese Yuan to its weakest level since 2008 at 7.129; along with RBI building reserves shall limit any possible strength in the rupee. Therefore, amid mixed bag of event will help rupee continue to trade within its range of 75.00-76.20 levels for few sessions: Amit Pabari, MD, CR Forex Advisors
Telecom operators have increased tariffs by ~35% in Nov’19. There is a possibility of another round of tariff hikes by telecom companies in FY21 given that tariffs are still very low. If Vodafone Idea goes out of business, Bharti would benefit significantly from the addition of subscribers. Accumulate Bharti Airtel for a target price of Rs 629, an upside of 6.1 per cent: Angel Broking
HDFC Bank share price gained 3 per cent to Rs 865 apiece on BSE. It was the top contributor to Sensex’s gain today. HDFC Bank hit day’s high of Rs 871 while low of Rs 850.
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Gold prices traded steady as equities gained on optimism over partial reopening of global economy but offset support from a softer dollar and lingering tensions over Hong Kong and Venezuela. The German economy is starting to recover after some restrictions are lifted, a business morale survey showed, boosting European sentiment. Market participants will keep an eye on the US consumer confidence data scheduled later today; a weaker than expected number could lend support to gold prices. Broader trend on COMEX could be in the range of $1720-1770 and on domestic front prices could hover in the range of Rs 46,650-47,450: Navneet Damani, VP, Motilal Oswal.
Bharti Airtel was the top Sensex laggard, down 3.5 per cent. TCS, Hero MotoCorp and M&M were among other losers on the pack.
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ITC was the top Sensex gainer with a growth of 4 per cent after the company announced to acquire spices manufacturer Sunrise Foods Private Ltd. The stock was trading at Rs 194 apiece on BSE.
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BSE Sensex gained 358 points or 1.17 per cent to 31,030, while Nifty 50 advanced 113 points or 1.25 per cent to trade at 9,152.
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In the cacophonous analytical scrutiny of, and political volleyball over the efficacy of the government’s recent marathon five-part series of measures, an important abdication of responsibility by the monetary policy committee (MPC) has been paid almost no attention. While unexpectedly announcing an outsized cut in the policy repo rate for the second time in less than two months, the MPC last week shied away—yet again—from offering a number (or range) forecast for India’s real GDP growth and CPI inflation.
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Nifty set to open with gap-up on back of favorable global cues. The US futures are trading with more than a 1% surge. Whereas, the Asian markets are also marching in green with gains of nearly 0.75%. The stocks which may remain into news will be Bharti airtel post news of block deal, HDFC with the Q4 result of a decline in profit, and the surge of provision due to COVID-19 and ITC has entered into a share purchase agreement (SPA) to acquire 100% of the equity share capital of Sunrise Foods Private Limited (SFPL): Vishal Wagh, Head of Research, Bonanza Portfolio Ltd
8K Miles, Blue Dart, Coromandel International, Deepak Nitrite, Jaiprakash Power, Max Financial Services, Wonderla Holidays, VIP Industries, Torrent Pharmaceuticals and Praj Industries are among 19 companies which are scheduled to announce their March quarter earnings today
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Foreign funds have slashed their holdings of India’s government bonds to the lowest in three years amid dwindling returns, just as the nation embarks on a mammoth borrowing plan. The amount of sovereign securities held by global funds has slumped 767 billion rupees ($10 billion) from this year’s peak in February as steep hedging costs diminished pay-offs in one of Asia’s highest-yielding markets. The rupee’s plunge by about 6% in 2020 further reduced the appeal of Indian debt.
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India’s stock brokers are coming up with new strategies to serve clients and partners, as the nation gradually reopens for business under the cloud of pandemic-led uncertainty. The initiatives, ranging from arming financial advisers with tablet computers to extending the horizon of price targets, draw on lessons from the world’s biggest lockdown that has imposed economic and social stress on companies.
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Indian stock markets are not responding positively and are volatile inspite of the recent stimulus package series announced by the finance minister. Many of you must be wondering what to do in such a scenario. There is a higher probability that due to the increase in risk investors end up taking wrong decisions based on emotions which then affect their long-term financial goals. Here are a few tips to deal with such emotions.
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The brewing feud between US-China is further also adding to the participants’ worries. We may see some rebound next week due to oversold positions in banking and financial space but sustainability would be difficult at the higher levels. Traders should prefer hedged trades and prefer defensive viz. pharma, IT and select FMCG for long trades: Ajit Mishra, VP – Research, Religare Broking Ltd
The market is feeding off expectations, expectations of more boosters from the government and RBI, expectations of business normalisations post easing of lockdown sanctions, expectations of infections peaking out. However, the time frame or the quantum of support is unknown and may not be determinable. Investors are advised to trade cautiously. Any news regarding the slowdown in number of infections or specific sectoral news will have an impact on the markets: Vinod Nair- Head of Research- Geojit Financial Services
Bharti Airtel promoter firm Bharti Telecom plans to raise USD 1 billion through equity sale to become debt-free, according to a source aware of the development. The promoter firm Bharti Telecom plans to dilute 2.75 per cent stake with floor price of Rs 558 per share through secondary placement.
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Trends on SGX Nifty indicate a positive opening for Sensex and Nifty on Tuesday with 115 points or 1.27 per cent gain. Nifty futures was trading at 9,156 level.
