MARKET: Sensex slips 433 pts ahead of AGR hearing; Nifty Bank down over 2%

NSE's Nifty ended at 11,178, down 122 points or 1.08 per cent.
The domestic stock market ended over 1 per cent lower on Friday amid selling in financial counters ahead of the hearing of adjusted gross revenue (AGR) case in the Supreme Court. Further, weak global cues such as lacklustre Chinese economic data and confusion over US fiscal stimulus, too, weighed on investor sentiment. 

The S&P BSE Sensex today shed 433 points or 1.13 per cent to settle at 37,877 levels. HDFC Bank, ITC, ICICI Bank, Axis Bank, and Reliance Industries (RIL) were the major contributors to the index's loss. NSE's Nifty ended at 11,178, down 122 points or 1.08 per cent. 

On a weekly basis, Sensex slipped 0.4 per cent while Nifty lost 0.3 per cent.

In the broader market, the S&P BSE MidCap index fell over 1 per cent to 14,434 levels while the S&P BSE SmallCap index declined 0.6 per cent to 13,855.18 points. 

Among sectoral indices on the NSE, Nifty Auto slipped 2.56 per cent while Nifty Bank fell over 2 per cent. 

Global markets

Global shares dipped on Friday after lacklustre Chinese economic data and worries about a delay in US fiscal stimulus discouraged some investors from taking on risk. European shares were also dragged lower by a hit to travel stocks after Britain added more European countries to its quarantine list. The pan-European STOXX 600 was down 0.7 per cent, although on track to gain for a second straight week.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.1 per cent, although shares in Japan rose 0.2 per cent.

Chinese shares rose 1.5 per cent in choppy trade, with the data suggesting domestic demand is still struggling after the coronavirus outbreak.

E-mini futures for the S&P 500 were flat.

(With inputs from Reuters)


3:40 PM IST

3:39 PM IST

3:37 PM IST The S&P BSE Sensex ends 433 points, or 1.13 per cent, lower at 37,877 while NSE's Nifty ends at 11,178, down 122 points or 1.08 per cent. 

3:21 PM IST >> SBI has clarrified that CoC has complete autonomy to decide who gets how much.    >> SBI has clarrified that operational creditors (like the DoT) cant be paid at par with financial creditors. Alert: CoC is Committee of Creditors (Source: TV Reports)

3:09 PM IST COMPANY LATEST(rs) CHG(%) VODAFONE IDEA 8.86 -1.99 BHARTI AIRTEL 530.25 -1.01 TATA COMM 816.55 5.00 » More

2:58 PM IST Banking stocks cracked at the bourses in the later afternoon session on Friday, dragging the benchmark indices S&P BSE Sensex and NSE's Nifty50 nearly 1 per cent lower. Nifty Bank index declined 3.3 per cent to trade at 21,459 level on the NSE and was trading as the top sectoral loser. Nifty PSU Bank and Nifty Financial Services indices were down around 3 per cent each at 2:30 pm. READ MORE

2:54 PM IST Ramco Cements shares declined over 2.7 per cent on the BSE on Friday after the company reported a profit before tax (PBT) of Rs 157.50 crore for the quarter ended June 30, 2020, down 43 per cent against Rs 279.93 crore profit in the year-ago period. Revenue dropped 24 per cent YoY to Rs 1,056.79 crore from Rs 1,396.82 crore. READ MORE

2:51 PM IST Shares of Hindalco Industries slipped 1.5 per cent to Rs 180.65 on the BSE on Friday aftet the company reported its June quarter result.The company reported loss of Rs 709 crore in the recently concluded quarter, as against a profit of Rs 1,063 crore in the year-ago period. Sequentially, the profit was Rs 668 crore in the March quarter of FY20. That apart, its revenue from operations skid from Rs 29,972 crore in Q1FY20 to Rs 25,283 crore in the June quarter of this fiscal. EBITDA came in at Rs 2,359 crore, down from Rs 3,769 crore reported in the corresponding quarter of the previous fiscal. READ MORE

2:46 PM IST

2:40 PM IST

LIVE UPDATES

Nifty sectoral indices at close


Heatmap: Top Sensex gainers and losers at close


CLOSING BELL

The S&P BSE Sensex ends 433 points, or 1.13 per cent, lower at 37,877 while NSE's Nifty ends at 11,178, down 122 points or 1.08 per cent. 

AGR Case :: Batting for spectrum as an asset of the telco, SBI tells SC

>> SBI has clarrified that CoC has complete autonomy to decide who gets how much. 
 
>> SBI has clarrified that operational creditors (like the DoT) cant be paid at par with financial creditors.

Alert: CoC is Committee of Creditors

(Source: TV Reports)

Telecom stocks in focus

COMPANY LATEST(rs) CHG(%)
VODAFONE IDEA 8.86 -1.99
BHARTI AIRTEL 530.25 -1.01
TATA COMM 816.55 5.00
» More

Bank stocks crack; Nifty Bank index declines over 3%; Axis Bank, BoB dip 4%

Banking stocks cracked at the bourses in the later afternoon session on Friday, dragging the benchmark indices S&P BSE Sensex and NSE's Nifty50 nearly 1 per cent lower. Nifty Bank index declined 3.3 per cent to trade at 21,459 level on the NSE and was trading as the top sectoral loser. Nifty PSU Bank and Nifty Financial Services indices were down around 3 per cent each at 2:30 pm. READ MORE

Ramco Cements slips over 2.5% as Q1 PBT drops 43% to Rs 157.5 crore

Ramco Cements shares declined over 2.7 per cent on the BSE on Friday after the company reported a profit before tax (PBT) of Rs 157.50 crore for the quarter ended June 30, 2020, down 43 per cent against Rs 279.93 crore profit in the year-ago period. Revenue dropped 24 per cent YoY to Rs 1,056.79 crore from Rs 1,396.82 crore. READ MORE

Hindalco dips 1.5% on Rs 709 crore loss in June quarter

Shares of Hindalco Industries slipped 1.5 per cent to Rs 180.65 on the BSE on Friday aftet the company reported its June quarter result.The company reported loss of Rs 709 crore in the recently concluded quarter, as against a profit of Rs 1,063 crore in the year-ago period. Sequentially, the profit was Rs 668 crore in the March quarter of FY20. That apart, its revenue from operations skid from Rs 29,972 crore in Q1FY20 to Rs 25,283 crore in the June quarter of this fiscal. EBITDA came in at Rs 2,359 crore, down from Rs 3,769 crore reported in the corresponding quarter of the previous fiscal. READ MORE

SECTOR WATCH:: Nifty Bank index tumbles nearly 900 points from day's high


MARKET UPDATE:: HDFC twins, ICICI Bank top contributors to Sensex's sharp fall


INDEX LOSER:: HDFC Bank slips 2.6%


MARKET CHECK


Massive sell-off in the markets


Rupee Closing

Rupee ends weaker at 74.90 per US dollar vs Thursday's close of 74.84/$

Markets at 2 pm

>> Sharp slide seen in markets. S&P BSE Sensex slides 380 points, or 1 per cent, at 37,929 level.

>> NSE's NIfty50 is down 112 points, or 1 level, at 11,188 level.

Parag Milk Foods up 7% on launching a new product in its premium category

Parag Milk Foods, which runs brands such as ‘Gowardhan’, ‘Go’, ‘Pride of Cows’ (POC), ‘Avvatar’ today launched Pride of Cows Curd, Full of Love. "Pride of Cows Curd is made from pure Pride of Cows milk and is derived from the Company’s own farm. The curd will be delivered to the consumer’s doorstep through a completely contact-free process that involves a full automated milking and production system and a cold chain network that maintains a constant temperature throughout in order to retain the curd’s flavor and aroma," the company said in its press release. READ MORE

Ahead of AGR case hearing :: Bharti Airtel trades flat, Tata Comm up 5%

The S&P BSE Telecom index advanced 0.2 per cent as compared to the benchmark S&P BSE Sensex's 0.32 per cent gain. Tata Communications, Optiemus Infracom Ltd (both up 5%) and Reliance Communication (up 4%) were the top index gainers. READ MORE

MARKET CHECK :: Sensex turns negative


Balkrishna Ind drops 5% post weak Q1 result; declares dividend of Rs 3/sh

Besides, its consolidated net revenue stood at Rs 942.61 crore, down 21.38 per cent on a yearly basis, from Rs 1,198.93 crore in Q1FY20. EBITDA came in at Rs 240.43 crore in Q1FY21, registering a de-growth of 10.3 per cent YoY from Rs 268.04 crore reported last year. EBITDA margin, on the other hand, improved to 25.51 per cent up 3.15 per cent YoY. READ MORE

Strong US portfolio to drive revenue growth for Aurobindo Pharma

Aurobindo’s June quarter performance was in line with Street estimates, led by a steady growth in its US business. The geography, which accounts for 52 per cent of its revenues, posted a 16 per cent growth in revenue.
 
Higher growth in oral solids and dietary supplements, which account for 80 per cent of the total revenue, bodes well for the firm. Though US revenues were better than estimates, growth on a sequential basis came in just under 4 per cent, pegged back by elective surgeries, which were postponed because of the Covid-19 pandemic. READ MORE

June Quarter Result :: Voltas posts consolidated profit at Rs 82 cr vs Rs 166 cr YoY

>> Revenue at Rs 1,364 cr vs Rs 2,697 cr YoY


MARKET CHECK:: Top 5 gainers on the BSE at this hour


June Quarter Result :: Ramco Cement reports profit of Rs 109.6 cr

>> Revenue at Rs 1,041.8 crore

>> EBITDA at Rs 260 crore

>> EBITDA margin at 25%


Motherson Sumi: Declining losses at greenfield plants to aid margins

The Motherson Sumi stock has surged 20 per cent over the past week on expectations of revenue recovery and lower losses at its greenfield plants. While consolidated revenue in the June quarter was down 49 per cent over the year-ago levels, the company expects the sales trend to improve and reach pre-Covid levels by the December quarter. READ MORE

BUZZING STOCK:: Mahindra Life surges nearly 12%


BROKERAGE VIEW:: Anand Rathi Shares on Kalpataru Power

Despite Covid disruptions, Kalpataru Power posted better-than-expected results. Its healthy order book and execution ramp-up at various sites helped management remain upbeat and maintained its 5-10% revenue growth and 10.5-11% EBITDA margin guidance for FY21. Also, it is confident of bagging orders of `90bn-100bn. In accordance with the better-than-expected Q1 and healthy order backlog of Rs 135bn, we have raised our revenue and margin. The ongoing monetisation of transmission assets is likely to significantly de-lever the balance sheet. We maintain a Buy with a higher sum-of-parts-based TP of Rs 385 (earlier Rs 344).

MARKET CHECK:: eClerx Services continues to soar; rallies another 13% in today's session


NEWS ALERT :: July Wholesale Price Index-Inflation comes in at (-)0.58%

>> It was (-)1.81% in June, 2020

>> It was 1.08% in July, 2019

RBI's payout unlikely to plug the huge govt revenue hole created by Covid

India’s Finance Minister Nirmala Sitharaman can expect another payout from the central bank in coming weeks, but it’s unlikely to plug a huge government revenue hole created by the pandemic. The Reserve Bank of India’s board, led by Governor Shaktikanta Das, is meeting Friday, and since August is typically the month the central bank makes its annual transfer to the government, expectations are running high that the RBI will disclose its dividend payout. READ MORE

Shriram City Union Finance surges 16%


Hero MotoCorp shares slip 2% after June quarter profit plunges 95% YoY

Shares of Hero MotoCorp slid 2 per cent to Rs 2,757.66 on the BSE after the two-wheeler maker reported a 95 per cent year-on-year (YoY) decline in consolidated net profit at Rs 57.78 for the quarter ended June 30 (Q1FY21), on account of lower sales due to Covid-19 pandemic. Total income during the quarter under review declined to Rs 3,119.22 crore as compared with Rs 8,410.41 crore in the year-ago period, Hero MotoCorp said in a regulatory filing. READ MORE

Nifty Pharma index rallies nearly 3%; Lupin surges 10%, Cipla, Cadila up 3%

Among individual stocks, Lupin gained up to 10 per cent to Rs 1,019 in the intra-day deals. At 10:46 AM, the stock was ruling over 8 per cent higher at Rs 1,008.15 and was the top gainer on the Nifty Pharma index. Cipla, Cadila Healthcare, Sun Pharma, and Torrent Pharma were next on the gainers' list as their share prices rose in the range of 3.3 to 2.1 per cent. All the 10 constituents of the Nifty Pharma index were trading in the green. The benchmark Nifty50 index, on the other hand, was trading flat at 11,323 levels. READ MORE 


MARKET UPDATE:: India VIX cools 4% to below 20 level


Greaves Cotton dips 3% post Q1 nos; Nagesh Basavanhalli steps down as CEO

Besides, the Board of the company approved the resignation of Nagesh Basavanhalli as Managing Director and CEO and appointed him as the Vice Chairman (Non-Executive) with immediate effect. READ MORE

Top gainers on BSE at this hour

COMPANY PRICE(rs) CHG(%)
REDINGTON INDIA 108.80 15.62
MAHINDRA LIFE. 247.20 12.77
ECLERX SERVICES 674.20 8.65
RAIL VIKAS 21.35 7.02
LUPIN 992.00 6.62
» More on Top Gainers

Decline in equity flows may push up asset size needed by AMCs to break even

The industry’s assets under management (AUM) have grown substantially spurred by retail participation via systematic investment plans (SIPs), especially after demonetisation. The bulk of this growth has been driven by equity funds, which charge higher fees than debt and hybrid schemes. The total expense ratio (TER) for such schemes can be 1.5-1.7 per cent of AUM as against 0.1-1 per cent for liquid or debt schemes. READ MORE

Eicher Motors dips 3% after posting a loss of Rs 55 crore in June quarter

Earnings before interest, tax, depreciation and amortisation (EBITDA) were at Rs 4 crore in the quarter as compared to Rs 614 crore in the same quarter of previous financial year.
 
"The previous quarter put forth unprecedented challenges for the industry and for Eicher Motors, However, the long-term potential for both Royal Enfield and VE Commercial Vehicles (VECV), the truck and bus making company of Eicher Motors, is promising," said Eicher Motors' Managing Director Siddhartha Lal. READ MORE

Redington India in focus; shares jump 18% post June quarter nos

The company's net profit declined 19.31 per cent to Rs 88.78 crore during the quarter as against Rs 110.03 crore profit logged during the corresponding quarter of the previous fiscal. Total revenue came in at Rs 10,722 crore, down 8.2 per cent as against Rs 11,686.6 crore in the year-ago period. READ MORE

3M India slides 4% on consolidated net loss of Rs 43 crore in June quarter

It's standalone net loss came in at Rs 39.91 crore during the quarter under review, compared to Rs 84.9 crore profit in the year-ago period. Besides, it reported a pre-tax loss of Rs 54.17 crore, down from Rs 131 crore pre-tax profit reported in Q1FY20. Total income from operation (including other income) stood at Rs 326.6 crore, down from Rs 747.63 crore earned in Q1FY20. READ MORE

BPCL dips 1% despite 93% YoY jump in Q1 PAT of Rs 2,076 cr, recovers later

According to the oil and gas company, the rise in profit was mainly due to inventory gain, despite a decline in sales and weak refining margin. The state-run oil marketing company posted consolidated net profit at Rs 2,187.74 crore, up 21.6 per cent YoY. READ MORE

MARKET CHECK:: Sensex holds opening gains


Rupee Opening

Rupee opens at 74.85 per US dollar vs Thursday's close of 74.84/$

Nifty Pharma index trades higher in early deals


Most active stocks by volume

COMPANY PRICE(rs) CHG(%)
VODAFONE IDEA 9.07 0.33
SUZLON ENERGY 4.04 4.94
ASHOK LEYLAND 62.80 2.87
NBCC 27.05 3.64
LEMON TREE HOTEL 30.65 -4.96
» More on Most Active Volume

Reclaiming lost ground: India regains $2-trillion market capitalisation

The Indian market has once again topped the $2-trillion market capitalisation (m-cap) threshold as shares in the broader market joined the party. The country’s m-cap slipped below the psychological level in March ahead of the sharp sell-off triggered by the pandemic. READ MORE

Minda Corp slips 1% on Rs 35 cr Q1 loss

>> Auto component maker Minda Corporation on Thursday reported a loss of Rs 35.40 crore for the quarter to June 2020. The flagship company of the Spark Minda had posted a profit of Rs 21.20 crore in the June quarter of 2019-20.


Praj Industries trades weak post Q1 result

>> Net loss of Praj Industries reported came in at Rs 10.50 crore in the quarter ended June 2020 as against net profit of Rs 8.77 crore during the previous quarter ended June 2019.


Eicher Motors slides 2%

>> VE Commercial Vehicles (VECV), the truck and bus making company of Eicher Motors, has signed an agreement to buy the bus division of Volvo in India for Rs 100 crore. Further, the company on Thursday reported 66 per cent fall in its total revenue from operations to Rs 818 crore in the April to June quarter and a loss of Rs 55 crore as against a profit of Rs 452 crore in Q1 FY20.


Hero MotoCorp dips 1.5% on 95% YoY dip in Q1 profit

>> The country's largest two-wheeler maker Hero MotoCorp on Thursday reported a 95.38 per cent decline in consolidated net profit at Rs 57.78 crore for the first quarter ended June 30, on account of lower sales due to coronavirus pandemic. The company had posted a net profit of Rs 1,256.69 crore during the April-June period of previous fiscal.

Result Reaction | Tata Steel up 0.6%

>> Domestic steel major Tata Steel on Thursday reported a consolidated net loss of Rs 4,648.13 crore for the quarter ended June, mainly on account of reduced income. The company had posted a consolidated net profit of Rs 714.03 crore during the same period a year ago.


BPCL mildly lower on profit booking post Q1 nos


Sectoral trends on NSE at Open


Sensex Heatmap at Open


Opening Bell


Opening Bell


Covid-19 impact: Earnings of Nifty50 firms slump to over 6-year low

Even as the equity market recovers from the lows of March 20 on the hope of a swift earnings recovery and benign liquidity, the Covid-19 pandemic is continuing to erode the profits of India Inc. The underlying earnings per share (EPS) of the Nifty 50 index, which tracks the combined net profit of 50 companies that are part of the index, has now declined to a six-and-a-half year low of Rs360 per index unit. READ MORE

Top gainers and losers on the S&P BSE Sensex at Pre-open


Markets at Pre-open


Markets at Pre-open


Top stocks to watch out for today

Tata Steel: Domestic steel major Tata Steel on Thursday reported a consolidated net loss of Rs 4,648.13 crore for the quarter ended June, mainly on account of reduced income. The company had posted a consolidated net profit of Rs 714.03 crore during the same period a year ago.
 
Earnings today: A total of 231 companies including Glenmark Pharma, Berger Paints, and Hindalco Industries are scheduled to announce their June quarter earnings today.
 
Telcos, Banks: Telecom and bank stocks are expected to be in focus today as the Supreme Court will hear the AGR case, starting 3 PM. READ MORE 


Trading strategies for Copper and Natural Gas by Tradebulls Securities

Sell Copper | TGT: 500 | Stop loss: 518
 
There is a clear negative divergence (RSI_14) on the daily scale and price us also far from its 50-EMA, suggesting that it is overstretched. Copper has made ‘harami’ candlestick pattern on daily scale which is again a sign of reversal. We recommend going short at current levels for the expected target of 500 and recommend stoploss of 518 on a closing basis. READ MORE

VIX shows no downside risk for Nifty in short-term: Nilesh Jain

BUY NIFTY | TARGET: 11,400 | STOP LOSS: 11,200
 
The Nifty index is consolidating from the past couple of sessions and also trading with a positive bias. Although, it has an immediate hurdle of its previous swing high which is placed at 11,373 and if Nifty breaks the same, then, we can expect the positive momentum to continue towards 11,400-11450 levels. READ MORE

Here's a Bull Spread strategy for Larsen and Toubro by HDFC Securities

Bull Spread strategy on Larsen & Toubro
 
Buy Larsen 1000 CALL at Rs 28 & simultaneously sell 1060 Call at Rs 10
 
Lot Size 550.

Rationale:
 
>> Long build up is seen in the Larsen Futures’ where we have seen 5% (Prov) rise in the Open Interest with Price moving up by 4%. READ MORE
 

Bulk deals on NSE as on Thursday

Bulk deals on BSE as on Thursday

FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee check

Source: Bloomberg


Oil prices rise, head for weekly gain amid cautious hopes for fuel demand recovery

>> Oil prices advanced on Friday and were heading for a second week of gains amid growing confidence that demand for fuel is starting to pick up despite the coronavirus pandemic that has slammed economies worldwide.
 
>> Brent crude was up 14 cents, or 0.3%, at $45.10, heading for a gain of about 1.6% this week.

(Source: Reuters)

NEWS ALERT :: China's July retail sales unexpectedly slip

>> Industrial output grew 4.8% in July from a year earlier, data from the National Bureau of Statistics showed on Friday

>> China’s retail sales unexpectedly fell in July from a year ago while the comeback in factory output was slower than forecast amid signs the recovery in the world’s second-largest economy remains fragile.

>> Retail sales dropped 1.1% on year, worse than a predicted 0.1% rise and compared with a 1.8% drop in June. Sales fell for the seventh straight month as consumer demand remained sluggish despite strict coronavirus containment measures easing.

(Source: Reuters)

SGX Nifty update

>> At 8:26 am, the index was at 11,323.50 level, up just 0.05 points.

Asian Market check

Source: Reuters


S&P 500 ends down slightly after flirting with record levels again

Source: Reuters


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