Sensex ends 99 pts up on buying in RIL, IT stks; Nifty closes above 10,800

RIL rose over 3 per cent during the day and hit a lifetime high of Rs 1,947 on the BSE.
The Indian markets on Monday climbed off the day's high but still ended in the positive territory, thanks to buying in Reliance Industries (RIL), IT and metal stocks.

The S&P BSE Sensex ended at 36,694, up 99 points, or 0.27 per cent having reclaimed the 37,000 levels earlier in the session. The broader Nifty50 index, meanwhile, ended above the crucial 10,800 mark at 10,815, up 47 points or 0.44 per cent. RIL rose over 3 per cent during the day and hit a lifetime high of Rs 1,947 on the BSE after it announced the sale of 0.15 per cent stake in Jio Platforms to Qualcomm Ventures for Rs 730 crore. The stock ended at Rs 1,934, up 3 per cent. READ MORE

 
Besides, IT stocks such as Tech Mahindra, HCL Tech, and Infosys were among the top gainers on the BSE. On the other hand, financial counters such as Bajaj Finance, HDFC Bank, and HDFC ended as the biggest losers.

In the broader market, the S&P BSE MidCap index ended flat at 13,403.74, up 0.05 per cent while the S&P BSE SmallCap index closed the day at 12,784, down 0.15 per cent. 

Buzzing stocks

Shares of Hindustan Unilever (HUL) hit an over 10-week high of Rs 2,274 on the BSE during the day after the company announced that its board will meet on July 21 to consider special interim dividend. The stock ended at Rs 2,264.70, up 1.84 per cent. READ MORE

Shares of HDFC Bank ended over 2 per cent lower at Rs 1,080 on the BSE after a Bloomberg report alleged that the bank was probing allegations of improper lending practices and conflicts of interests in its vehicle-financing operation.

Avenue Supermarts tumbled up to 6 per cent to Rs 2,182 on the BSE after the firm's consolidated net profit for the June quarter declined 87.61 per cent to Rs 40 crore compared to a profit of Rs 323 crore in the same quarter last year. The stock ended at Rs 2,232, down over 3.8 per cent. READ MORE

 

Global markets

World shares were approaching a five-month peak and the dollar slipped on Monday as investors wagered the earnings season would see most companies beat forecasts given expectations had been lowered by coronavirus lockdowns. 

MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.8 per cent as Chinese stocks jumped 2.1% on Monday. Japan’s Nikkei gained 2.2 per cent and South Korea 1.7 per cent.

The optimism carried over to Europe, where stocks rose 1 per cent, even as the US on Friday slapped additional duties of 25 per cent on French luxury goods valued at $1.3 billion, in a tit-for-tat response to France’s digital services tax.

In commodities, oil prices dropped on big spikes in Covid-19 infections over the weekend in the United States and elsewhere while traders await an OPEC technical meeting expected to recommend an easing of supply cuts.

(With inputs from Reuters)


4:02 PM IST "In a volatile day of trade, the market gave up almost all of its early gains, before closing out the day with a positive bias. Financials ended negative while IT and FMCG led the sectoral gains. Markets are hoping for further stimulus measures from the RBI, following expectations of a softening of inflation rates, which would give RBI room for further rate cuts. Investors are advised to be cautious and to look at stock-specific movements with regards to earnings announcements and the commentary."

3:45 PM IST

3:44 PM IST

3:36 PM IST The S&P BSE Sensex ended 99 points or 0.27 per cent higher at 36,694 levels while NSE's Nifty ended at 10,815, up 47 points or 0.44 per cent.

3:24 PM IST

3:16 PM IST

3:06 PM IST “A meeting of the board of directors of the Company will be held on July 21, 2020, through audio-visual to consider the proposal for payment of interim (special) dividend, if any, for the financial year ending March 31, 2021 (FY21),” HUL said in an exchange filing.   The board will also consider the financial results for the quarter ended June 30, 2020 (Q1) along with the limited review report of the auditors for the corresponding period, it said. READ MORE

2:58 PM IST Wipro, the Bengaluru-headquartered information technology (IT) services company, will announce its financial results for the quarter ended June 2020 (Q1FY21) on Tuesday, July 14. It will be the second large-cap IT company to release its earnings after Tata Consultancy Services (TCS). That apart, it will be the first quarterly result announcement by the company under its new CEO, Thierry Delaporte, who took charge of the firm earlier this month. READ MORE

2:50 PM IST The Food and Drug Administration (FDA), USA's regulator for drug and food safety, has sped up approvals for facilities of Indian drug manufacturers. Analysts say the pandemic has opened the door for Indian companies manufacturing a spectrum of drugs like hydroxychloroquine, the anti-malarial drug touted by US President Donald Trump as a potential “game changer” in the fight against the pandemic, and Remdesivir, the investigational antiviral drug. READ MORE

2:41 PM IST A longer wait for a vaccine against Covid-19 virus may lead to a contraction of up to 7.5 per cent in the Indian GDP in FY21, a foreign brokerage said on Monday. Economists at Bank of America Securities also revised down their base case estimates on the real GDP within a week, and now expect it to contract by 4 per cent because of a drop in economic activity. READ MORE

2:31 PM IST Today at #GoogleForIndia we announced a new $10B digitization fund to help accelerate India’s digital economy. We’re proud to support PM @narendramodi’s vision for Digital India - many thanks to Minister @rsprasad & Minister @DrRPNishank for joining us. https://t.co/H0EUFYSD1q— Sundar Pichai (@sundarpichai) July 13, 2020

2:31 PM IST Shares of HDFC Bank slipped 3 per cent to Rs 1,071.2 on the BSE on Monday after a Bloomberg report alleged that the bank was probing allegations of improper lending practices and conflicts of interests in its vehicle-financing operation. "The result of the investigation isn’t public, but it followed issues thrown up by an internal audit of the bank’s vehicle-dealer lending, as well as allegations of conflicts of interest in the purchase of global positioning systems for vehicles financed by the bank," the report said quoting unnamed sources. READ MORE

LIVE UPDATES

MARKET COMMENT:: Vinod Nair, Head of Research at Geojit Financial Services

"In a volatile day of trade, the market gave up almost all of its early gains, before closing out the day with a positive bias. Financials ended negative while IT and FMCG led the sectoral gains. Markets are hoping for further stimulus measures from the RBI, following expectations of a softening of inflation rates, which would give RBI room for further rate cuts. Investors are advised to be cautious and to look at stock-specific movements with regards to earnings announcements and the commentary."

SECTOR WATCH:: Here's how sectoral indices on the NSE fared today


MARKET AT CLOSE:: Gainers and losers on the S&P BSE Sensex


CLOSING BELL

The S&P BSE Sensex ended 99 points or 0.27 per cent higher at 36,694 levels while NSE's Nifty ended at 10,815, up 47 points or 0.44 per cent.

INDEX GAINER:: Tech Mahindra gains over 5.5%


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


HUL to consider special interim dividend on July 21; stock hits 10-wk high

“A meeting of the board of directors of the Company will be held on July 21, 2020, through audio-visual to consider the proposal for payment of interim (special) dividend, if any, for the financial year ending March 31, 2021 (FY21),” HUL said in an exchange filing.
 
The board will also consider the financial results for the quarter ended June 30, 2020 (Q1) along with the limited review report of the auditors for the corresponding period, it said. READ MORE

Wipro Q1 preview: Covid-19 to dent numbers; strategy under the new CEO key

Wipro, the Bengaluru-headquartered information technology (IT) services company, will announce its financial results for the quarter ended June 2020 (Q1FY21) on Tuesday, July 14. It will be the second large-cap IT company to release its earnings after Tata Consultancy Services (TCS). That apart, it will be the first quarterly result announcement by the company under its new CEO, Thierry Delaporte, who took charge of the firm earlier this month. READ MORE

Six Indian drug firms that are doing serious business in coronavirus times

The Food and Drug Administration (FDA), USA's regulator for drug and food safety, has sped up approvals for facilities of Indian drug manufacturers. Analysts say the pandemic has opened the door for Indian companies manufacturing a spectrum of drugs like hydroxychloroquine, the anti-malarial drug touted by US President Donald Trump as a potential “game changer” in the fight against the pandemic, and Remdesivir, the investigational antiviral drug. READ MORE

India GDP to fall 7.5% if Covid-19 vaccine delayed, 4% in base case: Report

A longer wait for a vaccine against Covid-19 virus may lead to a contraction of up to 7.5 per cent in the Indian GDP in FY21, a foreign brokerage said on Monday. Economists at Bank of America Securities also revised down their base case estimates on the real GDP within a week, and now expect it to contract by 4 per cent because of a drop in economic activity. READ MORE

NEWS ALERT :: Google sets up $1000 cr fund to boost India's digital economy

HDFC Bank slides 3% on report of improper lending in vehicle finance unit

Shares of HDFC Bank slipped 3 per cent to Rs 1,071.2 on the BSE on Monday after a Bloomberg report alleged that the bank was probing allegations of improper lending practices and conflicts of interests in its vehicle-financing operation. "The result of the investigation isn’t public, but it followed issues thrown up by an internal audit of the bank’s vehicle-dealer lending, as well as allegations of conflicts of interest in the purchase of global positioning systems for vehicles financed by the bank," the report said quoting unnamed sources. READ MORE

Stocks that hit 52-week high on BSE today

COMPANY LATEST 52 WK HIGH PREV HIGH
BIOCON 418.20 455.00 420.35
BRITANNIA INDS. 3791.20 3834.70 3752.50
DIXON TECHNOLOG. 6375.00 6487.70 6332.70
DR LAL PATHLABS 1869.90 1918.05 1845.90
Click here for the full list

MARKET UPDATE:: Broader indices underperform


Rupee closing

Rupee ends flat at 75.19/$ vs Friday's close of 75.20 against the US dollar

HDFC Bank slips over 2% on alleged improper lending

>> According to a Bloomberg report, HDFC Bank is probing allegations of improper lending practices in its vehicle finance business.

>> While the nature of these allegations could not be ascertained, the bank confirmed that it is looking into them with regards to its vehicle finance vertical.


Bengaluru to Patna, return of city lockdowns frustrates companies

From leading consumer goods companies to e-commerce giants, firms are again forced to divert their attention towards minimising obstacles. In past few days, lockdown has been reimposed in key markets such as Chennai, Bengaluru, Pune, Thane, Guwahati, Hyderabad, and Patna. READ MORE

Healthcare services stocks in focus; Dr Lal PathLabs, Thyrocare up over 5%

Shares of diagnostic and healthcare services' companies were in focus on Monday. The shares rallied by up to 8 per cent in the intra-day trade on the BSE on expectation of earnings improvement going forward. Thyrocare Technologies, Dr. Lal PathLabs and Metropolis Healthcare were up between 5 per cent and 7 per cent on the BSE. In comparison, the S&P BSE Sensex was up 0.39 per cent at 36,736 points. READ MORE

Fall from intra-day high today

COMPANY DAY'S HIGH(RS) DAY'S LOW(RS) LATEST(RS) FALL(%)
MAHINDRA HOLIDAY 194.00 168.40 168.40 -13.20
UJJIVAN SMALL 40.00 36.55 36.70 -8.25
BIOCON 455.00 415.75 418.75 -7.97
MOTIL.OSWAL.FIN. 739.00 680.00 680.55 -7.91
Click here for the full list

European indices trade higher in early deals


MARKET CHECK :: Sensex turns flat, up 80 pts


PE/VC investments decline 10% y-o-y in first half of 2020: Report

Private Equity (PE) investments in the first half of the year dropped by 10 per cent in value terms to $18.3 billion, from $20.4 billion in the first half of 2019. Deals worth $9.6 billion in Jio Platforms accounted for 52 per cent of all PE/VC investments in 1H20. If Jio Platforms deals are excluded, investments in the first half of 2020 would be significantly lower at $8.7 billion. READ MORE

YES Bank FPO: Don't judge it on the basis of price discount alone

YES Bank’s Rs 15,000 crore follow-on public offer (FPO), which is set to hit the market on July 15, is priced at Rs 12-13 per share, a hefty 49-53 per cent discount to Friday's closing price of Rs 25.50. Though the discount suggests that there could some short-term gains, valuations are not significantly attractive. READ MORE

IPO ALERT :: Rossari Biotech's IPO subscribed 15% so far


SECTOR WATCH:: IT stocks trade higher

COMPANY LATEST(rs) CHG(%)
FIRSTSOUR.SOLU. 43.15 -0.58
WIPRO 227.55 2.50
TECH MAHINDRA 591.80 4.07
INFOSYS 798.20 2.10
HCL TECHNOLOGIES 598.10 2.70
» More

ITC, HDFC Bank, and 62 other stocks face stiff resistance at 200-DMA

As the indices try to conquer their 200-DMA levels, several stocks in the Nifty500 are also witnessing strong profit-booking. This average is acting as a firm hurdle for major stocks like ACC Ltd, Adani Ports and Special Economic Zone, Asian Paints , ITC Ltd, and Ujjivan Financial Services. There are 279 stocks trading below their respective 200-DMAs, with 64 of them majorly attempting to conquer the levels although the resistance has been resilient. READ MORE

RIL 43rd AGM: Jio biz update, bonus, Aramco deal details. What's in store?

While RIL's AGM has always been a much sought-after event for the corporate world, business media, investors, and other stakeholders, this time the AGM holds a greater significance given the company's record-breaking deal spree for its telecom business vertical, Jio Platforms. So far, RIL has raised a record Rs 1.18 trillion in less than three months by selling 25.24 per cent stake in its unit Jio Platforms to 13 marquee investors. READ MORE 


Equity seems to be losing its charm as long-term returns disappoint

Equity seems to be losing its charm as a preferred asset class, as investors raise questions on returns not compensating for the additional risk. Even as the Nifty50 Total Returns Index, which considers dividend payouts, earned 9.35 per cent a year returns over the past 10 years, the post office fixed deposit or Public Provident Fund has given returns of 8-8.7 per cent with almost no risk. READ MORE

Reliance extends gains, up 3% now


Commodity heatmap :: Copper hits record high on MCX


Omaxe hits 11-year low despite clarification, tanks 66% in 12 days

The real estate firm's stock was locked in lower circuit for 12th straight trading day. It has fallen 66 per cent from the level of Rs 220.55 on June 26, 2020. The stock is trading at its lowest level since July 14, 2009. Recently, the company had issued a clarification to the exchanges, saying the movement in the share price is "purely due to market conditions and based on demand and supply principles". READ MORE

SECTOR WATCH:: Nifty PSU Bank index underperforms


Avenue Supermarts dips 6% post Q1 nos; Analysts cut target price up to 34%

Avenue Supermarts Ltd, which owns and operates DMart stores across the country, said its consolidated total revenues fell to Rs 3,883 crore from Rs 5,815 crore in the year-ago quarter.
 
"Covid-19 continued to spread across the country. The ensuing restrictions have had a significant impact on our operational and financial performance in the quarter," said CEO and Managing Director Neville Noronha. "Our revenue, EBITDA and profit for the quarter were significantly lower as compared to the same quarter last year," he said in a statement. READ MORE

NEWS ALERT :: L&T inducts Subramanian Sarma, non-exec director on the board, as an exec director

>> S V Desai & T Madhava Das are elevated to the Board.

Alert: SV Desai & T Madhava Das are members of executive mgmt committee


NEWS ALERT :: Glenmark slashes FabiFlu prices by 27%, new MRP at Rs 75/tab Vs Rs 103/tab earlier

>> Co has also commenced a Post Marketing Surveillance (PMS) study on FabiFlu® to closely monitor the efficacy and safety of the drug in 1000 patients that are prescribed with the oral antiviral, as part of an open label, multicenter, single arm study. 
 
Alert: Genmark has developed the active pharmaceutical ingredient for FabiFlu to be sued as treatment for Covid-19 


RIL hits new high on closing deals with 4 investors; m-cap above Rs 12 trn

In a regulatory filing on Saturday, Reliance said it has closed the sale of 6.13 per cent stake in Jio Platforms with L Catterton, The Public Investment Fund, Silver Lake and General Atlantic, receiving over Rs 30,062 crore in the process. Interstellar Platform Holdings Pte Ltd of L Catterton paid Rs 1,894.50 crore for a 0.39 per cent stake in Jio Platforms. The Public Investment Fund paid Rs 11,367 crore for a 2.32 per cent stake while Silver Lake units -- SLP Redwood Holdings Pte Ltd and SLP Redwood Co-Invest (DE), L.P. -- have bought 2.08 per cent stake for Rs 10,202.55 crore. READ MORE

Markets have factored in the worst-ever quarterly numbers: Sunil Singhania

After a sharp recovery from their March 2020 lows, the markets are now preparing for India Inc to unveil its financial performance for the June quarter.
 
Sunil Singhania, founder, Abakkus Asset Manager, tells Puneet Wadhwa long-term investors should take a forward-looking call now rather than wait to buy at March lows.  READ INTERVIEW HERE

Economic recovery to gather pace in H2-2020; stay negative on India: Nomura

With most countries in an unlock mode after the stringent lockdown triggered by the Covid-19 pandemic over the past few months, Nomura expects an uptick in economic growth rates as measured by the gross domestic product (GDP) for most Asian countries in the second half of calendar year 2020 (H2-2020) as compared to the second quarter lows, but cautions that the pace of recovery will vary across regions. READ MORE

YES Bank declines for second straight day, slips 17% on heavy volumes

Shares of YES Bank extended their decline itnto second straight day, down 17 per cent to Rs 21.20 in the intra-day trade, on the BSE on Monday on the back of heavy volumes after the bank on Friday fixed floor price for its proposed follow-on public offer (FPO) at Rs 12 per share and a cap of Rs 13 per unit. In the past two trading days, the stock has tanked 20 per cent from a level of Rs 26.65 on the BSE. READ MORE

Q1 Earnings Preview | Nifty topline may dip up to 25% YoY

We expect a strong Covid-19 prompted overhang on Q1FY21 earnings. On a year-on-year (YoY) basis, Nifty topline can fall 20-25 per cent, operating profit could be down nearly 10 per cent and net profit, or profit after tax (PAT), down by about 25 – 28 per cent. Sectors optically doing well and recording YoY growth could include banks, telecom, and agrochemicals. On the other hand, information technology (IT) services and utilities could see a little YoY fall. READ MORE

Clariant Chemicals up 18%, hits 52-wk high on special dividend of Rs 140/sh

The company has fixed July 18, 2020 as the record date for the purpose of payment of special interim dividend. The dividend shall be paid on or after July 19, 2020, it said. READ MORE

Rupee Opening

Rupee opens mildly higher at 75.10 per US dollar vs Friday's close of 75.20/$

Biocon hits new high on DGCI nod to market Itolizumab for Covid treatment

Shares of Biocon surged 10 per cent to Rs 455, also its new high, on the BSE on Monday after the company said it has received the approval of Drugs Controller General of India (DCGI) to market its novel biologic drug Itolizumab for treatment of patients with moderate to severe Covid-19 complications. READ MORE

Most active stocks by volume

COMPANY PRICE(rs) CHG(%)
VODAFONE IDEA 9.81 0.62
FUTURE CONSUMER 11.95 4.82
S A I L 36.95 0.00
INDIABULLS HOUS. 242.65 3.04
IDBI BANK 41.20 -4.96
» More on Most Active Volume

Biocon up 2%

>> Biopharmaceutical major Biocon on Saturday said it has received the Drugs Controller General of India’s (DCGI) approval to market its novel biologic drug Itolizumab for treatment of patients with moderate to severe Covid-19 complications.


IRCTC gains 1% post 79% YoY jump in Q4 net profit


Vodafone Idea adds 1%

>> Vodafone Idea has repaid Rs 2,850 crore to its non convertible debenture (NCD) holders on maturity, a company executive said. The payout was made to mutual fund schemes of Franklin Templeton, UTI and Nippon, which had exposure to debt paper of the troubled telecom company.


MARKET CHECK :: Sensex gains 400 pts, reclaims 37K


Infosys trades 2% higher in early deals

>> Old National Bancorp, the largest financial services bank holding company headquartered in Indiana, and Infosys announced a strategic partnership that will enable faster adoption of digital solutions, modernize ONB's existing technology infrastructure, and enhance both the client and employee experience.


Result Impact | Avenue Supermarts tanks 3%

>> Avenue Supermarts Ltd, which owns and operates DMart stores across the country, on Saturday reported 87.61 per cent year-on-year fall in its consolidated net profit at Rs 40 crore for the April to June quarter.


Reliance Ind Partly-Paid shares surges 4.5%


STOCK ALERT :: RIL hits fresh record high, m-cap tops Rs 12 trn-mark


Sectoral trends on NSE at Open


Sensex Heatmap at Open


Opening Bell


Opening Bell


BROKERAGE VIEW :: Motilal Oswal Financial Services on Tata Motors

CMP: Rs 108 | TP: Rs 126 (+17%) | Reco: Buy

>> Jun’20 retail sales fell ~25% YoY to 35.3k. This was the first month of retail for many markets, such as the UK. In Jun’20, China (-7.4% YoY) and North America (+2.2% YoY) were particularly encouraging. UK sales were down 31.8%, EU sales 52.5%, and RoW sales 33.1%.

>> Over 95% of JLR’s retailers worldwide have totally/partially restarted their operations by now; moreover, all of the company’s plants have resumed manufacturing, with the exception of the Castle Bromwich facility, which would gradually start up again in August. All plants are operating on single shifts, with social distancing measures in place and production ramping up as demand increases.

>> Post the resumption of operations, the Range Rover Sport, the new Range Rover Evoque, and the Land Rover Discovery Sport emerged as the bestselling vehicles. Customer response to the new Land Rover Defender has been overwhelmingly positive, and as retailers have come back on line, there has been a surge of interest in the Land Rover. 

BROKERAGE VIEW :: Motilal Oswal Financial Services on Avenue Supermarts

CMP: Rs 2,322 | TP: Rs 2,000 (-14%) | Reco: Sell

>> Nevertheless, our channel checks suggest Jul’20 is being impacted by the second phase of lockdown, with nearly 20% of stores being closed once again. The NonGrocery category is operating at double-digit LTL decline. Thus, there is risk of slow recovery, which could extend well beyond 1HFY21.

>> We value D-Mart at an FY22E EV/EBITDA multiple of 42x, maintaining TP of Rs 2000 (20% discount to the three-year average EV/EBITDA multiple of 53x). This still implies a 14% downside. Maintain Sell.

BROKERAGE VIEW :: Motilal Oswal Financial Services on RIL

CMP: Rs 1,879 | TP: Rs 2,000 (+6%) | Reco: Buy

>> Given the recent closures of raising Rs 1,159b through stake sale in Jio Platforms as well as Rs 531b through rights issue, the company would become net debt free once the cash comes in.

>> Considering the company would become a net debt free, we have raised the multiple for refining and petrochemical from 6x to 7.5x. Consumption of petroleum products also appears to be normalizing. Making adjustments for the same, our valuation for refining and petrochemical increases from Rs 617/share to Rs 791/share.

>> Currently, RIL’s global refinery and petrochemical peers are trading at 8.9x FY21 EV/EBITDA. The stock is trading at 11.3x FY22E consolidated EBITDA and 17.7x FY22E consolidated EPS.
 

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


Markets at Pre-open


Markets at Pre-open


Equity seems to be losing its charm as long-term returns disappoint

Equity seems to be losing its charm as a preferred asset class, as investors raise questions on returns not compensating for the additional risk. Even as the Nifty50 Total Returns Index, which considers dividend payouts, earned 9.35 per cent a year returns over the past 10 years, the post office fixed deposit or Public Provident Fund has given returns of 8-8.7 per cent with almost no risk. READ MORE

Rossari Biotech IPO: Why Covid-19 outbreak may be positive for the company

At a time when most of the businesses are struggling to survive amid the Covid-19 pandemic, the company’s home, personal care and performance chemicals (HPPC) segment provided it cushion against the slowdown blues.
 
“Manufacturing of disinfectants and sanitizers as part of the HPPC segment led the company’s products to get categorised under essential goods. Therefore, the manufacturing facility at the Silvassa unit was not shut down… Due to the Covid-19 pandemic, import of a few raw materials were restricted but were substituted with domestic suppliers in time without impact on continuity of operation,” the company said in its red herring prospectus. READ MORE

Stocks to watch: RIL, Avenue Supermarts, Biocon, SAIL, IRCTC, IRCON, Infy

RIL: Reliance Industries (RIL) on Sunday announced the sale of 0.15 per cent stake in Jio Platforms to Qualcomm Ventures for Rs 730 crore. This is the 13th investment in Jio Platforms since April 22. So far the company has raised Rs 1.18 trillion selling 25.24 per cent stake.
 
Avenue Supermarts: Avenue Supermarts Ltd, which owns and operates DMart stores across the country, on Saturday reported 87.61 per cent year-on-year fall in its consolidated net profit at Rs 40 crore for the April to June quarter.
 
Infosys: Old National Bancorp, the largest financial services bank holding company headquartered in Indiana, and Infosys announced a strategic partnership that will enable faster adoption of digital solutions, modernize ONB's existing technology infrastructure, and enhance both the client and employee experience. READ MORE 


Stock picks by Vaishali Parekh: Buy Hindustan Unilever, Divis Labs

BUY HINDUSTAN UNILEVER | CMP: Rs 2,223 | TARGET: Rs 2,500 | STOP LOSS: Rs 2,100
 
After the short consolidation phase, the stock has given a breakout above the 2200 level with a bullish candle pattern in the daily chart. This signifies further upward movement with a positive bias in the coming days. The RSI also has indicated a trend reversal to signal a buy and with the chart looking attractive. We suggest to buy and accumulate the stock for an upside target of Rs 2,500 keeping the stop loss of Rs 2,100. READ MORE

Nifty likely to clear the hurdle of 10,850 very soon: Sameet Chavan

Market takes a breather around 200-SMA
 
The Nifty started the proceedings with a decent upside gap on Monday, owing to favourable cues from the global bourses. However, the momentum disappeared all of a sudden from the market, which resulted into a lacklustre movement throughout the remaining part of the day. It is hard to believe, but the Nifty gyrated in a slender range of merely 160 points during the week. In the midst of all this, the Nifty concluded the week with moderate gains of one and a half per cent. READ MORE

Bulk deals on BSE as on Friday

Bulk deals on NSE as on Friday

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


Rupee check

Source: Bloomberg


Oil slips as traders eye supply cut easing at OPEC meeting

>> Oil slipped in early Asian trade on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices.

>> Brent crude fell 27 cents to $42.97 a barrel by 6:45 am, while US West Texas Intermediate crude was at $40.27 a barrel, down 28 cents.

(Source: Reuters)


SGX Nifty hints at green start

>> At 8:24 am, the index was at 10,844 level, up 66 points or 0.61 per cent.

Asian shares firm, hope for best from US earnings

Source: Reuters


Wall Street jumps with financials; Gilead data offsets virus fears

Source: Reuters


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