MARKET WRAP: Indices extend gains, Sensex up 524 pts as RIL surges over 6%

NSE's Nifty50 ended at 10,244, up 153 points or 1.5 per cent
Extending their rally into the second straight day, the benchmark indices ended Friday's session with around 1.5 per cent gains, led by Reliance Industries (RIL) as the company announced it has become net debt-free, much before its original schedule of March 31, 2021. The stock rallied 6.5 per cent to end at Rs 1,764. In the process, the company scaled the market capitalisation of Rs 11 trillion. READ MORE

The S&P BSE Sensex today gained 524 points or 1.53 per cent to settle at 34,732. Of 30 stocks on the index, 18 ended in the green and rest 12 in the red. Besides RIL, ICICI Bank, HDFC Bank, Bajaj Finance, and Bharti Airtel were the major contributors to the index's gains. 

NSE's Nifty50 ended at 10,244, up 153 points or 1.5 per cent with 33 constituents advancing, 16 declining and 1 remaining unchanged. Volatility index, India VIX, dipped over 5 per cent to 29.78 levels. 

On a weekly basis, Sensex gained nearly 3 per cent while Nifty added 2.7 per cent.

Sectorally, all the indices except Nifty IT and Nifty Metal ended in the green. Nifty Realty index zoomed over 6 per cent to 29.78 levels. On the other hand, Nifty IT slipped 0.35 per cent to 14,500. 

In the broader market, the S&P BSE MidCap index gained 1.37 per cent to 12,804 while the S&P BSE SmallCap index rallied around 1.4 per cent to 12,277.

Global markets

Asian shares and US stock futures teetered in choppy trade on Friday as lingering concerns about a fresh spike in coronavirus cases offset growing hopes for a quick economic recovery. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1 per cent. US S&P 500 e-minis were oscillating between the positive and negative zones. 

Shares in China rose 1.15 per cent, led by gains in financials and the health care sector, but South Korean stocks fell 0.25 per cent due to concern about diplomatic tension with North Korea.

In Europe, stocks rose, with the Stoxx 600 up around half a per cent at the time of writing of this report. 

In commodities, oil rose to above $42 a barrel, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and signs of demand, hit by the coronavirus crisis, recovering.

(With inputs from Reuters)

3:43 PM IST

3:42 PM IST

3:35 PM IST The S&P BSE Sensex rallied 524 points or 1.53 per cent to end at 34,732 while NSE's Nifty ended at 10,244, up 153 points or 1.51 per cent.

3:28 PM IST

3:26 PM IST Alembic Pharmaceuticals on Friday said its joint venture had received nod from the US health regulator for generic Adapalene gel used for the treatment of acne. The company's JV Aleor Dermaceuticals has received approval from the United States Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Adapalene gel USP, 0.3 per cent, Alembic Pharma said in a filing to the BSE. READ MORE   

3:12 PM IST

3:00 PM IST COMPANY PRICE(rs) 52 WK HIGH CHG(%) ADANI GREEN 420.60 420.60 4.99 ALEMBIC PHARMA 942.80 950.00 3.80 COROMANDEL INTER 718.80 748.95 -2.81 DHANUKA AGRITECH 726.20 804.00 -6.86 DIXON TECHNOLOG. 5650.00 5758.00 1.48 » More on 52 Week High

3:00 PM IST

2:50 PM IST

2:38 PM IST

2:30 PM IST

2:22 PM IST The government proposes to engage up to two pre-IPO transaction advisors, for assisting the Department of Investment and Public Asset Management (DIPAM) in the preparatory processes leading to the Initial Public Offer (IPO) of Life Insurance Corporation of India (LICI), tipped to be the largest ever in the country. READ MORE

LIVE UPDATES

SECTOR WATCH:: Nifty Realty soars over 6%


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


CLOSING BELL

The S&P BSE Sensex rallied 524 points or 1.53 per cent to end at 34,732 while NSE's Nifty ended at 10,244, up 153 points or 1.51 per cent.

MARKET CHECK


Alembic Pharma gets USFDA nod for generic Adapalene gel for acne treatment

Alembic Pharmaceuticals on Friday said its joint venture had received nod from the US health regulator for generic Adapalene gel used for the treatment of acne. The company's JV Aleor Dermaceuticals has received approval from the United States Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Adapalene gel USP, 0.3 per cent, Alembic Pharma said in a filing to the BSE. READ MORE 

 

MARKET CHECK:: Bajaj Finance jumps 7%


Stocks that hit 52-week high on BSE today

COMPANY PRICE(rs) 52 WK HIGH CHG(%)
ADANI GREEN 420.60 420.60 4.99
ALEMBIC PHARMA 942.80 950.00 3.80
COROMANDEL INTER 718.80 748.95 -2.81
DHANUKA AGRITECH 726.20 804.00 -6.86
DIXON TECHNOLOG. 5650.00 5758.00 1.48
» More on 52 Week High

MARKET CHECK :: Nifty Energy index up over 3.5%


MARKET UPDATE :: Sensex at day's high, up 600 pts


MARKET UPDATE :: Choppy session for markets; Sensex up nearly 500 pts


MARKET UPDATE:: RIL contributes over 260 pts in Sensex's gains of around 390 pts


Finance Ministry invites bids from transaction advisors for LIC IPO

The government proposes to engage up to two pre-IPO transaction advisors, for assisting the Department of Investment and Public Asset Management (DIPAM) in the preparatory processes leading to the Initial Public Offer (IPO) of Life Insurance Corporation of India (LICI), tipped to be the largest ever in the country. READ MORE

RIL partly-paid shares hits 10% upper circuit, surge 16% in 2 days

Shares of Reliance Industries’ partly-paid (RIL PP) shares were locked in the 10 per cent upper circuit band at Rs 812.90 on the BSE on Friday, having rallied 16 per cent in the past two days, after group chairman Mukesh Ambani said that RIL has become net debt-free company after raising a record Rs 1.69 lakh crore from global investors and a rights issue within two months. RIL PP shares have a face value of Rs 2.5 each. READ MORE 


Rupee closing

Rupee ends lower at 76.18/$ vs Thursday's close of 76.14 against the US dollar

MARCH QUARTER EARNINGS: Cadila Health reports profit of Rs 392 crore

Revenue -- Rs 3,752 crore

Ebitda -- Rs 791 crore

Margin -- 21.1 per cent

MARKET UPDATE:: Top 5 losers on the BSE at this hour


Difficult for Vodafone Idea to pay upfront AGR dues: Credit Suisse

In a report it said that after having paid Rs 6,900 crore of AGR dues, estimate is that Vodafone Idea would have Rs 6,000 crore of cash balance as of March 2020 assuming no incremental capex in fourth quarter of financial year 2020.
 
"With VIL not having access to incremental debt funding, it would be difficult for VIL to pay more than Rs 50 billion of incremental dues. On the other hand, having already paid 48 per cent of dues, incremental upfront payment will not be a problem for Bharti Airtel especially post the recent capital raise and declining leverage on back of improving profitability," Credit Suisse said. READ MORE

MARKET CHECK:: Ruchi Soya continues to soar, hits 5% upper circuit


STOCK ALERT :: RIL's m-cap hits Rs 11 trillion-mark


$30-billion deal renewal headache for IT companies

IT outsourcing deals worth around $30 billion that are coming up for renewal over the next three months are likely to be negatively impacted owing to the uncertain demand environment.
 
According to outsourcing advisors and experts, while almost half of the deals are likely to see delay, the others are expected to be renewed at a lower price as enterprises ask for discounts in roll-over contracts. READ MORE

MARCH QUARTER RESULTS | Bajaj Electricals incurs net loss of Rs 1.1 crore

>> EBITDA at Rs 37 crore; margin 2.9%

>> Revenue at Rs 1,300.7 crore

>> Board approves raising Rs 500 cr via debt securities


Tariffs, trade barriers: How India plans to protect domestic biz from China

The plan has been under review since at least April, according to a government document seen by Reuters, and is in line with Prime Minister Narendra Modi's recently announced self-reliance campaign to promote local products.
 
The new duty structures are likely to be gradually outlined over the next three months, said the sources, who asked not to be named as the plan is still being finalised. READ MORE

BHEL, BPCL: 42 of 57 stocks in BSE PSU index set to rise, shows MACD

The S&P BSE PSU index consists of 57 stocks. Out of these, 42 are exhibiting positive momentum with upward strength as per the Moving Average Convergence Divergence (MACD). This indicator shows the bullish and bearish dimension on the positive crossover / negative crossover and the relevance of the zero line. Stocks that cross or stay above the zero line with a positive crossover are said to have an upward direction with strong positive momentum. As this is a trend following indicator, the upward direction of the moving averages highly denotes firm underneath strength. READ MORE

No dividend for FY20: Thomas Cook's Rs 300-crore cash saving plan

Global travel industry has been hit due to travel bans and quarantine measures imposed by states to restrict the spread of Covid-19.
 
Thomas Cook pre-tax loss on standalone basis widened to Rs 83.50 crore in fourth quarter FY 2020 compared to Rs 23.80 crore during same period due last year, the company said in stock exchange filing late on Thursday evening. A one time stamp duty payment of Rs 25 crore contributed to the loss. READ MORE

Kaya, Alok Textiles, Birla Tyres and 35 others rally over 100% in a month

Shares of Kaya, Alok Textiles, Birla Tyres, Borosil Renewables, Hathway Bhawani Cabletel & Datacom, and Dalmia Bharat Sugar and Industries were among the 38 stocks whose market price has more-than-doubled over the past one month. Besides, Nectar Lifesciences, Bilcare, Satin Creditcare Network, Aayush Food and Herbs, Ujaas Energy, Anjani Foods and Tiaan Ayurvedic & Herbs have also appreciated by an over 100 per cent during the same period. READ MORE

MARCH QUARTER RESULTS | Ramco Cements posts net profit of Rs 146.2 crore

>> Revenue at Rs 1,390 crore
 
>> Ebitda at Rs 279.2 crore
 
>> Ebitda margin at 20.1 per cent
 

RIL, HDFC contribute the most to the Sensex's 300-point up move


MARKET UPDATE :: Nifty hits intra-day high of 10,200

>> Nifty tops 10,200 for the first time since June 9


NEWS ALERT :: CSB Bank appoints Pralay Mondal as President (Retail, SME, Operations and IT)

Alert: Pralay Mondal recently tendered his resignation as Executive Director & Head of Retail Banking in Axis Bank

BROKERAGE VIEW:: Emkay Global Financial Services on Pidilite Industries

RATING: SELL |  TARGET PRICE: Rs 1,170
  • Sales declined of 6% to Rs15.4bn and EBITDA grew 8% to Rs3bn, both largely in line with expectations. Adjusted PAT (excl. exceptional of Rs330mn in 4QFY20 and tax write-back of Rs530mn in 4QFY19) fell 3% and was 16% below estimates.
     
  • Gross margin expansion was stronger at 510bps, led by a 20% decline in VAM and lower crude prices. A further 20% fall in VAM prices and soft crude prices are likely to benefit but forward covers, rupee depreciation and lower sales may limit gains in the near term.
     
  • Aggression in new products and investments in new businesses are positive and may drive better returns in the long term. However, these would also require increased spending to scale up and are unlikely to be margin accretive in near term.
     
  • We cut FY21-22EPS by 6%. The uncertain pace of recovery, growth challenges from the slowdown in real estate and higher competition in construction chemicals can pose further downside risks to earnings. We maintain Sell, with a TP of Rs 1,170 (40x Jun-22 EPS).

Cement's strength will be tested if demand, volumes fail to pick up

Stocks of major cement manufacturers such as Shree Cement, UltraTech Cement, ACC and Ambuja Cements have rebounded up to 39 per cent since March-April lows as easing of lockdown helped cement demand rebound, and in turn kept realisations firm. This, coupled with benign input prices has augured well for profitability. READ MORE

Nifty Realty index up 4%, top gainer on NSE; DLF surges 7%


Most active stocks by volume

COMPANY PRICE(rs) CHG(%)
VODAFONE IDEA 9.47 -2.97
SUZLON ENERGY 4.28 4.65
RELIANCE POWER 3.26 4.82
TATA MOTORS 102.65 6.48
B H E L 32.30 1.73
» More on Most Active Volume

BROKERAGE VIEW:: ICICI Securities on Natco Pharma

RATING: BUY | TARGET PRICE: Rs 260

We marginally revise our estimates and maintain BUY rating on the stock with a SoTP-based target price of Rs715/share (earlier: Rs716/share) including NPV of Rs149/share for Revlimid opportunity. Key downside risks: Delay in US launches, earlier-than-anticipated competition in Copaxone and currency volatility.

MARKET UPDATE:: Sensex at day's high


Sugar stocks in focus; EID Parry hits 52-wk high, Balrampur, Triveni up 5%

Shares of sugar companies were in focus at the bourses on Friday. The stocks gained up to 7 per cent on the BSE on report that the government is considering proposal to increase the minimum selling price (MSP) of sugar from the current Rs 31 per kg. Moreover, the strong operational performance of sugar companies in the January-March quarter (Q4FY20) results declared so far also aided the sentiment. READ MORE 

sugar
 

MARKET UPDATE:: Midcap index outperforms Sensex


Top gainers on the BSE at this hour


India Inc's Q4 net profit takes a 22% hit due to Covid-19, says ICRA

While aggregate revenues were down 2.9 per cent YoY, the impact on margins was higher. While margins contracted 30 basis points (bps) on YoY basis, they fell sharp by 120 bps on sequential basis to 16.8 per cent. Profitability was impacted adversely due to subdued demand, tepid realisations in commodity sectors, and negative operating leverage. Pre-tax profit margins fell to multi-quarter lows of 7.1 per cent. The impact of the lockdown is expected to be even more pronounced in the June quarter. READ MORE

NEWS ALERT :: Sharp rally in Alembic Pharma after its JV receives USFDA final nod for Adapalene Gel USP

>> Co said that its joint venture Aleor Dermaceuticals Limited (Aleor) has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Adapalene Gel USP, 0.3%.

>> The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Differin Gel, 0.3%, of Galderma Laboratories, L.P. (Galderma). Adapalene Gel USP, 0.3% is indicated for the topical treatment of acne vulgaris in patients 12 years of age and older.



BUZZING STOCK:: Indiabulls Housing Finance surges 11%


DCB Bank extends rally, surges 20% in two days on heavy volumes

The trading volumes on the counter nearly doubled with a combined 7.57 million equity shares changing hands on the NSE and BSE till 10:02 am. In comparison, the S&P BSE Sensex was up 0.22 per cent at 34,285 points.
 
In the past two trading days, the stock of the private sector lender has rallied 20 per cent after the lender reported a reduction in accounts in SMA/overdue categories wherein moratorium was granted. READ MORE


DIC India zooms 16% on receiving first tranche of payment for land sale

On February 27, 2020, Godrej Properties had informed the exchanges that the company had "entered into an agreement to purchase land in the upcoming & fast developing micro-market of Chandivali, Mumbai."
 
Spread across about 3 acres, this project will offer 0.45 million square feet of saleable area primarily comprising residential apartments with a small amount of retail space, it had said. READ MORE


BROKERAGE VIEW:: ICICI Securities on Triveni Engineering

With the introduction of MSP, continuance of export policy and Triveni’s effort towards diverting higher sugarcane towards ethanol has created a strong business model with sustainable earnings & stronger balance sheet. Given the strong cash flow generation of ~Rs 700 crore in the next two years, we believe the company would be able to reduce its working capital debt by ~ Rs 400 crore. We value the stocks1.2x FY21E BV to arrive at a target price of Rs 82/share and maintain BUY recommendation on the stock.

BROKERAGE VIEW:: Prabhudas Lilladher on Pidilite Industries

Rating: HOLD | CMP: Rs 1,391 | TP: Rs 1,317

We retain our hold rating on the stock despite near term demand pressures due to COVID19 and little construction/wood work activity given strong business moat and sustained investment behind categories of future like 1) waterproofing and construction chemicals 2) Wood coatings 3) Industrial floorings and 4) stake in Tenex India Stone Products. PIDI has also acquired 2.4% stake in Papperfry, which will open new growth opportunities for its products and can have larger implications, in our view. While Benign VAM prices will help prevent sharp margin erosion, expect 1H21 to show steep decline in sales and profitability. We estimate 11.2% PAT CAGR over FY20-22 and value the stock at Rs 1,317 based on SOTP (45xFY22 to standalone business). Retain HOLD, expect returns to be back ended.

BROKERAGE VIEW:: YES Securities on Cummins India

  • We remain highly skeptical on KKC’s margin recovery to 11%+ over FY20‐FY22 due to, i) Unfavorable product mix (increasing share of industrials within domestic sales, delay in export revival), ii) Pricing pressure in India worse than global levels (LHP/ HHP pricing significantly below inflation levels in domestic market), iii) Competition getting fierce amidst slowing demand and iv) KKC’s inability to keep control over fixed costs. We also expect contraction in margins of Export biz in mid‐term, foreseeing incremental competition over time.
  • Retain ‘SELL’ with TP of Rs 332 at 17x FY22E EPS. Deteriorating earnings quality (non‐core income as % of PBT at 45% in FY22E) & weakening return metrix justify our ratings & target multiple.
 

BROKERAGE VIEW:: Edelweiss Securities on Fortis Healthcare

Fortis Healthcare (FORH) reported weak Q4FY20 numbers impacted by COVID-19. While hospital EBITDA margin contracted 50bps YoY to 11%, occupancy fell to 65% (from 68% levels). With cost control becoming the need of the hour, FORH has: 1) achieved INR800mn cost saving target in FY20; 2) reduced 25% fixed cost during COVID-19; and 3) brought down breakeven occupancy to 47% from 55% earlier. Diagnostics margin contracted 500bps to 17% and revenue declined 8%. Going forward, management expects hospital business to normalise only in Q3FY21 and diagnostics to achieve 90% of pre-lockdown revenue by July end. Hence, we revise down FY21/FY22E EBITDA 40%/20%. That said, with successful implementation of growth initiatives and cost cutting measures, we believe FORH is well poised for sustainable profitable growth over the long term. Additionally, an open offer provides short-term upside with expected case hearing on July 6, 2020. Maintain ‘BUY’ with revised TP of Rs160 (earlier Rs185).

BROKERAGE VIEW:: Edelweiss Securities on Gulf Oil Lubricants

Gulf Oil Lubricants (GOLI) reported an 18% YoY dip in Q4FY20 sales in the wake of persistently weak auto demand. The volumes were hit 13.5% YoY during the quarter as the lockdown affected end-of-year incentive programmes. Stable input cost lifted gross margin 381bps YoY, but EBITDA margin slipped 161bps YoY, leading to a 25% YoY slide in EBITDA, due to higher employee costs and other spends. That said, despite a challenging year, GOLI’s market share increased while volumes dipped merely 2% YoY in FY20 (adjusted for institutional order in FY19). Raw material price (base oil down 25% April onward) remains a tailwind. Maintain ‘BUY’ with a TP of Rs 724 at 17x FY22E EPS, in line with the leader (Castrol).

Bajaj Consumer Care slips 8% as net profit for March quarter falls 61% YoY

At 09:44 am, the stock was trading over 5 per cent lower at Rs 144.20. In comparison, the benchmark S&P BSE Sensex was trading flat at 34,175.53, down 32.5 points or 0.10 per cent.
 
The stock had hit a 52-week high of Rs 345 on June 26, 2019, and its 52-week low stands at Rs 117.50, touched on March 25, 2020. READ MORE

Rupee Opening

Rupee opens weaker at 76.28 per US dollar vs Thursday's close of 76.18/$

NEWS ALERT :: ICICI Bank sells 3.96% stake in ICICI Lombard GIC for Rs 22.5 bn

>> The Bank has today divested 18,000,000 equity shares of face value of Rs. 10 each of ICICI Lombard General Insurance Company Limited, representing 3.96% of its equity share capital at March 31, 2020, on the stock exchange for an approximate total consideration of Rs. 22.50 billion.

>> Following this, the Bank’s shareholding in ICICI Lombard General Insurance Company Limited stands at approximately 51.9%. 


Reliance Industries hits new high; market-cap crosses Rs 10.5-trillion

Shares of Reliance Industries (RIL) hit a new all-time high of Rs 1,684, up 2 per cent on the BSE on Friday, extending its previous day’s 2.5 per cent gain after the company on Thursday said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia's Public Investment Fund (PIF) for Rs 11,367 crore and has become net-debt free. READ MORE

Sector Watch :: Nifty IT index trades in the red


Spike in volatility in 2020 could spur significant changes in MF stocks

The broader market-focused mid-cap and small-cap indices, too, have seen similar swings. Depending on changes to half-yearly market capitalisation (m-cap), stocks fall into one of the three categories — large-cap, mid-cap, or small-cap. READ MORE

Result Impact | Whirlpool of India dips 1.5%

>> Consumer durables firm Whirlpool of India reported a 26 per cent year-on-year drop in its profit before tax (PBT) for the January-March quarter (Q4). The Gurugram-headquartered firm’s PBT fell from Rs 161.4 crore to Rs 119 crore in the last quarter.


Result Impact | Thermax slips 1%

>> The company Thursday reported a 69 per cent decline in consolidated profit after tax (PAT) at Rs 39 crore for the quarter ended March 31, 2020, mainly on account of lower income. Total income fell to Rs 1,353.66 crore during the quarter under review from Rs 2,125.62 crore in January-March quarter of 2018-19 fiscal.


Tata Motors trades flat despite rating downgrade by Moody's


Future Supply Chains hits 5% upper circuit

>> Private-equity players including Brookfield, Carlyle, e-commerce platform Amazon, and Japanese giant Nippon Express have had preliminary discussion on taking a controlling stake in Future Supply Chain Solutions


MARKET UPDATE:: ICICI Lombard down over 1% as 4.1% equity changes hands


Reliance Industries hits fresh record high as Co becomes net-debt free


Sensex leaps 200 pts in early trade


Sectoral trends on NSE at Open


Sensex Heatmap at Open


Opening Bell


Opening Bell


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


Markets at Pre-open


Markets at Pre-open


NEWS ALERT :: Fulfilled my promise to the shareholders by making Reliance net debt-free, says Mukesh Ambani

>> Says, Our net-debt was Rs 1,61,035 crore, as on 31st March 2020. With these investments, RIL has become net debt-free.

>> Reliance raised over Rs 168,818 crore in 58 days

>> Along with the stake sale to BP in the petro-retail JV, the total fund raise is in excess of Rs 1.75 lakh crore. 

>> Jio Platforms has raised Rs 1,15,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF since April 22, 2020

NEWS ALERT :: Glenmark Pharmaceuticals receives ANDA approval for Fingolimod Capsules

>> Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (U.S. FDA) for Fingolimod Capsules, 0.5 mg, the generic version of Gilenya 1 Capsules, 0.5 mg, of Novartis Pharmaceuticals Corporation.

>> According to IQVIATM sales data for the 12 month period ending April 2020, the Gilenya® Capsules, 0.5 mg market2 achieved annual sales of approximately $2.1 billion*

(Via BSE filing)

FUEL PRICE UPDATE

Stocks to watch: RIL, PNB, Tata Motors, Thermax, Bajaj Consumer Care

RIL: Reliance Industries Ltd on Thursday said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia's Public Investment Fund (PIF) for Rs 11,367 crore,taking the cumulative fund raising to about Rs 1.16 trillion in two months.
 
Future Group stocks: The Future Group is in advance talks with Mukesh Ambani's Reliance Industries to sell stakes in Future Retail and some other units, according to industry sources.  READ MORE

Gold price today: Rs 47,496 per 10 gram, silver at Rs 48,360 per kg

Gold prices in India dipped on Friday to Rs 47,496 from Rs 47, 571 per 10 grams, while silver rates rose marginally to Rs 48,360 from Rs 48,352 per kg, according to Indian Bullion and Jewellers Association.
 
The prices of gold jewellery vary across India, which is the second-largest consumer of the metal, due to excise duty, state taxes, and making charges. READ MORE

Here's a Bull Spread strategy for L&T Finance Holdings by HDFC Securities

Rationale:
 
Long build up is seen in the L&T Finance Futures’ where we have seen 17%(Prov) rise in the Open Interest with price moving up by 4.5 per cent.

The stock price has broken out on the daily chart where it closes at highest level since April 30 with higher volumes. READ MORE

Pullback on the higher side likely if Nifty holds 10k: Nilesh Jain

BUY NIFTY | TARGET: 10,250 | STOP LOSS: 9,900
 
The NIFTY index rebounded sharply from the lower levels and formed a morning star-like candlestick pattern on the daily chart. It also reclaimed 100-DEMA, placed at 10,030 levels, which was earlier acting as a major resistance zone. Now, as long as Nifty trades above 10,000 levels, the overall structure hints of a continuation of a current pullback towards its previous swing high. The momentum oscillator MACD has provided buy crossover on the hourly chart. 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 on faith in supply cuts, demand recovery

>> Oil prices pushed higher in early trade on Friday, building on gains in the previous session, after OPEC producers and allies promised to meet their supply cut commitments and two major oil traders said demand was recovering well.

>> US West Texas Intermediate (WTI) crude futures climbed 23 cents, or 0.6%, to $39.07 a barrel, while Brent crude futures rose 18 cents, or 0.4%, to $41.69 a barrel. Both contracts rose around 2% on Thursday.

(Source: Reuters)

SGX Nifty hints at flat start

>> At 8:21 am, the index was at 10,032.5 level, down 1 point

Asian stocks set to rise after mixed Wall Street session

Source: Reuters


S&P 500 closes nominally higher amid Covid-19 spikes, muted data

Source: Reuters


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