Sensex surges 511 pts on buying in RIL, banks; mid, small-caps underperform

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai
The Indian stock market ended yet another session on a positive note on Tuesday amid broad-based buying and firm global cues. The S&P BSE Sensex jumped 511 points or 1.37 per cent to settle at 37,930, with Power Grid (up over 6 per cent) being the top gainer and Bajaj Finance (down over 4 per cent) the biggest loser. Reliance Industries (RIL) was the major contributor to the index's gains, followed by HDFC, ICICI Bank, Maruti, and HDFC Bank. 

NSE's Nifty rallied 140 points or 1.27 per cent to end at 11,162 levels. Of 50 constituents, 32 advanced and 18 declined.

Among individual stocks, Vodafone Idea ended over 8 per cent lower at Rs 8.31 on the BSE after after the Supreme Court on Monday reserved its order on timeline of staggered payment of adjusted gross revenue (AGR) related dues by telecom operators. READ MORE

Bajaj Finance ended over 4 per cent lower at Rs 3,293 on the BSE after the company informed the exchanges that Rahul Bajaj has decided to step down as the chairman. READ MORE

In the broader market, the S&P BSE MidCap ended 0.22 per cent lower at 13,624 levels while the S&P BSE SmallCap index ended over 0.24 per cent higher at 12,947. 

The sectoral trends on the NSE remained positive as barring Nifty Pharma and Nifty FMCG, all the other indices ended in the green. Nifty Bank gained over 2 per cent to 22,782 levels while Nifty Realty index ended at 201 levels, up 2 per cent. 

 
Global markets

China shares ended higher on Tuesday, lifted by healthcare stocks as global hopes for a coronavirus vaccine firmed, but profit-taking following the previous session’s rally checked gains. Around the region, MSCI’s Asia ex-Japan stock index was firmer by 1.89%, while Japan’s Nikkei index closed up 0.73 per cent.

European stocks, too, rallied after European Union leaders reached a “historic” deal on a massive stimulus plan for their coronavirus-hit economies.

In commodities, oil prices edged higher, helped by positive news about vaccine trials and a European Union stimulus deal but gains were capped by fears that new lockdowns could derail a recovery in demand.

(With inputs from Reuters)


LIVE UPDATES

Market Closing Comment :: Deepak Jasani, Head Retail Research, HDFC Securities

Indian equity benchmarks continued to rise for the fifth consecutive day on July 21. Volumes on the NSE were sharply higher showing wide participation among stocks. PSU stocks (on the back of divestment process gaining momentum), Reliance media companies, Banks, Cement and Auto stocks witnessed buying interest, while Bajaj Finance and Bajaj Finserv corrected post not- so-encouraging results from Bajaj Finance. FMCG, Pharma and Media stocks also underperformed.
 
Asian shares were mostly higher Tuesday on rising hopes for an effective vaccine to fight the coronavirus pandemic. European stocks climbed to a four-month high and German equities erased losses for the year after leaders agreed on a landmark recovery plan. EU leaders clinched a deal on €750B recovery fund. The recovery fund will be available from January 2021 and there will be no new bridge financing until then. In addition to the recovery fund, the EU said its next budget, which will fund initiatives between 2021 and 2027, will total €1.074T.
 
Markets have closed well for the 5th consecutive session gaining 550+ points in the process. While momentum shows some more upside in the offing, lack of correction suggests caution and mild profit taking.

BSE Snapshot at Close


Broader markets :: Midcaps fail to participate in rally, end flat


Sectoral trends on NSE at Close


Sensex Heatmap at Close


Closing Bell

>> Markets built on Monday's gain. The S&P BSE Sensex settled 511 points, or 1.37 per cent, higher at 37,930.33.

>> The broader Nifty50 breached 11,150 on the upside and closed at 11,170.20 level, up 148 points or 1.34 per cent.

The mystery investor who made a killing in Ruchi Soya

Indore-based edible oil maker Ruchi Soya Industries has been having a stellar run ever since it was relisted on the bourses, emerging from a bankruptcy with a new promoter on board — yoga guru Ramdev's Patanjali Ayurved. On January 27, the shares were listed at Rs 17 apiece. READ MORE

MARKET CHECK


INDEX GAINER:: Power Grid surges over 6%


June Quarter Result :: HDFC Life's net profit grows 6% at Rs 451 cr vs Rs 425 cr YoY

>> Value of new business down 43%  at Rs 291 cr vs Rs 509 cr YoY

>> New business margin at 24.3% Vs 29.8% YoY

>> New biz premium down 33% at  Rs 2,623 cr Vs Rs 3,926 cr YoY

>> Renewal premium up 24% at  Rs 3,239 cr Vs Rs 2,610 cr YoY


Den Networks, Hathway Cable freeze at 10% upper circuit post Q1 results

Shares of Den Networks and Hathway Cable & Datacom were locked in their 10 per cent upper circuit bands on the BSE at Rs 109.60, and Rs 52.70, respectively, on Tuesday after reporting a strong set of numbers for the quarter ended June 2020 (Q1FY21). These stocks also hit their respective 52-week highs on the BSE. READ MORE

Gold firms near nine-year high on increased stimulus bets, silver soars

Spot gold was up 0.2% at $1,818.23 per ounce by 0510 GMT after hitting its highest since September 2011 on Monday. U.S. gold futures rose 0.2% to $1,821.10.
 
"What's really driving the gold market is stimulus and we are going to get more of it. It's the eye candy that's driving sentiment right now," said Stephen Innes, chief market strategist at financial services firm AxiCorp. READ MORE

Rahul Bajaj steps down as Bajaj Fin's chairman; stk dips 8% from day's high

"Rahul Bajaj, Non-Executive Chairman of the Company, having been at the helm of the Company since its inception in 1987 and the Group for over five decades, as part of succession planning, has decided to demit the office as Chairman of the Board w.e.f. close of business hours on July 31, 2020. "He would, however, continue to serve the Company as a Non-Executive Non Independent Director," it said. READ MORE

MARKET CHECK:: Mastek jumps over 15%


L&T Q1 preview: Analysts see up to 90% YoY fall in profit on Covid-19 disruption

The April-June quarter of the fiscal year 2020-21 (Q1FY21) is likely to be one of the weakest quarters for the Engineering & Capital Goods (ECG) companies as the Covid-19-induced lockdown triggered demand and supply disruptions, contract labour shortage and paucity of liquidity, that stalled project execution. Order inflows during the period, analysts say, were impacted by a delay in tendering/awarding projects while crude oil price crash would have impacted orders in hydrocarbon space of the companies. READ MORE 


Rupee Closing

Rupee ends near day's high at 74.75 per US dollar vs Monday's close of 74.92/$

MARKET CHECK:: Sensex extends gains, up 500 pts


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


BROKERAGE VIEW:: Centrum Broking on Wipro

Wipro’s Q1FY21 results were a beat on IT Services EBIT margin which helped deliver PAT beat. US dollar revenues were in-line with estimates. The new CEO Mr Thierry Delaporte took over effective July 6th, 2020 and street would watch for turnaround potential under his leadership. Mr Delaporte had successful track record as Chief operating officer at Capgemini and we see scope improvement in growth prospectus. We expect Wipro’s US dollar revenues to decline by 6% for FY21 ( vs 5.8% decline modelled for TCS). Led by 1QFY21 IT Services margin beat, we raise consolidated EBIT margin assumptions. This leads us to raise EPS estimates by 10.8/8.1% for FY21/FY22E. We believe Wipro performance over next one year would be watched on a turnaround perspective under the new CEO. With net cash of Rs 299bn (20% of Mcap) and sizeable buyback expected in September 2020, we see catalysts for steady outperformance.  We believe risk return and margin of safety remains favorable. Raise TP by 15.5% to Rs 275/sh (14.5x June 22E EPS vs 14x June22E EPS earlier). Rate BUY ( vs Add earlier)

BROKERAGE VIEW:: ICICI Securities on Majesco

RATING: BUY | TARGET PRICE: Rs 705
 
Majesco India, which holds 74.07% stake in the US entity, will receive cash of US$ 420 million (Rs 3,154 crore). Assuming a capital gains tax, the company would receive cash of nearly Rs 2,555 crore. This, coupled with cash of Rs 26 crore on the company's balance sheet, would take total cash with the firm to Rs 2,581 crore or Rs 852/share. The company plans to distribute this cash via dividend or buyback. Assuming a 10% holding discount to cash and uncertainty on method of distribution, we conservatively arrive at a target price of Rs 705/share, 76% upside from current levels. The transaction is expected to be completed by the end of 2020 and is subject to regulatory approval in India and the US.

MARKET CHECK :: Sensex off highs


What EU leaders agreed on the post-coronavirus recovery package

1. Key to the deal is a new element in EU policy making: the European Commission will borrow massively on the market and then grant much of the cash, rather than lend it, to countries most in need of economic stimulus.
 
EU leaders agreed the Commission would cheaply borrow 750 billion euros using its triple-A rating. Of that, it would disburse 390 billion in grants and 360 billion in cheap loans. READ MORE

Bajaj Auto Q1 preview: Higher other income to cushion decline in net profit

Edelweiss Securities
 
The brokerage pegs the company’s revenues at Rs 3,099.9 crore, a decline of 60 per cent year-on-year (YoY) from Rs 7,755.8 crore logged in the corresponding quarter of FY20. Sequentially, the drop would be 54.5 per cent compared to Rs 6,815.9 crore of Q4FY20.
 
“We expect revenue to decline by nearly 60 per cent YoY. Besides, realisations and margins are expected to be adversely impacted by lower share of 3Ws (down to 10 per cent from 13 per cent in Q1FY20),” noted the brokerage in a results expectations report. READ MORE

SBI Card Board approves raising Rs 1,500 cr via non-convertible debentures

In a regulatory filing on Monday, SBI Card said that its board "approved raising of funds by way of issuance of Non-Convertible Debentures (NCDs) aggregating to Rs 1,500 crores in one or more tranches over a period of time."
 
For the first quarter (April-June) of financial year 2020-21, the SBI Cards and Payment Services on Monday reported a nearly 14 per cent rise in its net profit at Rs 393.29 crore. READ MORE

Firm realisations, cost control boost ACC's June quarter performance

ACC’s performance for the second quarter ending June 2020 (Q2) bore the brunt of lockdown as cement sales volumes declined. The company follows January-December accounting year. However, good realisations and cost control measures lifted the operational performance. READ MORE

European markets open higher


NEWS ALERT :: Vehicle registration for June tumbles by 42%: FADA

>> On a YoY basis, 2-Wheeler degrows by 40.92%, 3-Wheeler by 75.43%, CV by 83.83%, and PV by 38.34%.

>> Tractors registrations continue to march ahead with June numbers showing a growth of 10.86%

>> Robust Demand recovery observed in rural market leading to rise in sales volume of tractors, followed by 2W, small commercial vehicles. However, M&HCV and PV sales particularly in Urban pockets play laggards as Lockdown persists in many cities

Alert: FADA is Federation of Automobile Dealers Associations

(Source: FADA Statement)

Mid-caps worst hit as analysts see 24% dip in Q1FY20 PAT for India Inc

Economic activity in most of the April-June quarter of financial year 2020-21 (Q1FY21E) came to a standstill when India locked down to contain the spread of the coronavirus pandemic. The lockdown hampered manufacturing, disrupted supply chains and froze demand, leading to significant revenue loss for India Inc. READ MORE

HDFC Bank's Q1 provides some relief to investors despite higher bad loans

HDFC Bank’s June 2020 quarter (Q1) numbers, reported last Saturday, offer comfort to investors on the asset quality front with small moratorium book, accelerated recognition of non-performing assets (NPAs), and higher provisioning.
 
Therefore, despite higher bad loans and a sharp fall in retail loan originations in Q1, the stock of HDFC Bank jumped 3.1 per cent on Monday, outperforming the Nifty Bank index, which gained 1.6 per cent. READ MORE

Majesco to sell US arm to PE firm Thoma Bravo for Rs 4,455 cr; stk soars 5%

“Majesco, subsidiary of Majesco Limited, has signed a definitive agreement to be acquired by Thoma Bravo, L.P., a leading private equity firm focused on the software and technology-enabled services sectors, in a transaction valuing the company at $594 million. Following the closing of the transaction, Majesco will operate as a privately-held company,” the company said in a press release. READ MORE

Bharti Airtel, Vodafone Idea: Here's how to trade telecom stocks

Telecom stocks were trading mixed on Tuesday, a day after the Supreme Court (SC) reserved its order with respect to the Department of Telecommunications (DoT) plea for a 20-year staggered payment timeline for the service providers, turning down the telecom companies’ demand for re-assessment of dues linked to adjusted gross revenue (AGR). Following the development, shares of Vodafone Idea slipped over 7 per cent on the BSE on Tuesday while the S&P BSE Telecom index traded over 1 per cent lower at 1,311.85 levels. READ MORE 


MARKET CHECK :: Sensex extends gains, up 480 pts now


June Quarter Result :: Bajaj Fin posts consolidated net profit of Rs 962.3

>> Consolidated Net Interest Income comes in at Rs 4,152 crore

>> Revenue at Rs 6,648 crore

>> Gros NPA at 1.4%


DMart faces JioMart challenge; analysts say impact may not be significant

Reliance Industries’ (RIL’s) announcement on its retail business Reliance Retail, which includes its online grocery segment JioMart, has affected investor sentiment towards Avenue Supermarts. The stock of Avenue Supermarts, which operates the popular chain of DMart hypermarkets, has shed 6 per cent since last Wednesday (July 15), adding to the 7.6 per cent decline between July 11 and July 14 that it had seen after weak results. READ MORE

Rakesh Jhunjhunwala's portfolio outperforms; net worth over Rs 10,000 crore

Thus far in the current financial year 2020-21 (FY21), the net worth of Rakesh Jhunjhunwala and family has increased Rs 2,514 crore with the value of their investments once again surging past the Rs 10,000 crore mark. Based on Monday’s closing, Jhunjhunwala family’s total investments in listed companies stood at Rs 10,797 crore, up 30 per cent from the Rs 8,284 crore at March-end. READ MORE  


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



NEWS ALERT :: Info Edge to invest Rs 10.6 crore in Bizcrum Infotech via subsidiary

>> The Company has acquired/agreed to acquire 2,869 cumulative, non-redeemable, mandatorily and fully convertible preference shares, through a mix of primary & secondary mode of acquisition, as part of a larger fund raise exercise by Bijnis including other third party investors. Upon the successful closing of the said fund raise exercise, the aggregate shareholding of the Company in the said entity would be around 28.22% on fully converted & diluted basis.


Centre likely to reduce AGR licence fee for wireless broadband to Re 1

The Union Cabinet may soon take up the proposal seeking reduction in the licence fee for wireline broadband — from 2.5 per cent of the adjusted gross revenue to Rs 1 of the AGR — a move aimed at proliferation of these services. It could be taken up by the Cabinet next week. READ MORE
COMPANY LATEST(RS) CHG(RS) CHG(%) VOLUME
VODAFONE IDEA 8.34 -0.70 -7.74 43604633
BHARTI AIRTEL 570.85 -4.90 -0.85 167482
TATA COMM 689.00 -12.55 -1.79 12027
» More

Lenders may convert part of Kishore Biyani's Future Retail debt into equity

Lenders to Kishore Biyani-led Future Retail (FRL) are considering converting part of its debt into equity before a possible sale to a rival. The final decision on the debt restructuring of the company could be taken within a month, as the company will be unable to service its debt once the moratorium on loan repayment ends in August-end, sources in the know said. READ MORE

STOCK ALERT :: Ashish Dhawan picks 3.05% stake in June qtr


Sector Alert :: Nifty Realty index trades as top gainer on NSE


Broader market check :: S&P BSE MidCap index underperforming benchmarks


HUL Q1 preview: GSK acquisition, the lower tax rate to support profit

The April - June 2020 quarter (Q1FY21) has been an unprecedented period with the Covid-19-induced lockdown impacting manufacturing and supply chain operations. Though supply-side issues were temporary, the demand pattern could have a lasting impact on some categories, analysts say. READ MORE

Result Today | Asset quality, provisions key monitorables in Axis Bank's Q1 nos

HDFC Securities
 
The brokerage firm expects a 14 per cent year-on-year (YoY) growth in credit at around Rs 5.66 trillion from Rs 4.97 trillion in Q1FY20. This, however, would be approximately 1 per cent sequential decline from Rs 5.71 trillion in Q4FY20.
 
“We have factored in higher loan loss provisions, up 21 per cent YoY, even as the bank has a provision coverage ratio (PCR) of around 69 per cent, and contingent provisions at 20 per cent of gross non-performing assets (GNPAs). Higher provisions will drag net earnings 10 per cent YoY lower to Rs 1,230 crore,” analysts at the brokerage said in a results preview note. READ MORE

Cement shares rally as ACC logs strong operational performance in June qtr

ACC, post market hours on Monday, reported a 40.6 per cent YoY decline in its consolidated net profit to Rs 271 crore for the quarter ending June, impacted mainly by a decline in sales during the lockdown. The company, which follows a January-December financial year, had posted a profit of Rs 456 crore in the same quarter a year ago. READ MORE

Bajaj Finance trades flat ahead of earnings


'Correlation of Indian markets with global peers will be high from here on'

Markets have taken all bad news regarding the rise in Covid-19 cases in India, economic stress, and sub-par corporate earnings in their stride. RAHUL SINGH, chief investment officer for equities at Tata Asset Management tells Puneet Wadhwa that he remains overweight on consumer, telecom, energy, and private banks. READ MORE 


Rupee opens at over 2-week high

>> Rupee opens higher at 74.80 per US dollar vs Monday's close of 74.92/$

NEWS ALERT :: EU governments approve fund worth 750 billion euro for regional economies

>> The 27 European Union governments have reached a breakthrough agreement over the region’s 750 billion euro pandemic recovery fund, following marathon talks in Brussels.

>> In an early Tuesday press conference, European Council President Charles Michel said he believes this deal will be seen as a “pivotal moment” for Europe.
(Via CNBC)

STOCK ALERT :: Axis Bank picks 1.14% stake in Indiabulls Hsg Fin in June quarter


Vodafone Idea tanks 9% as SC reserves order on AGR dues' payment timeline

Individually, the stock of Vodafone Idea slipped 9 per cent to Rs 8.24 in the early morning trade on the BSE. At 09:21 am, Vodafone Idea was trading 5 per cent lower at Rs 8.55, while Bharti Airtel was trading flat at Rs 577, as compared to 1.1 per cent rise in the S&P BSE Sensex. READ MORE

Market regulator issues guidelines on leveraged intra-day trades

It has asked brokers to collect upfront so-called value at risk (VAR) margin and extreme loss margin (ELM) even for trading in the equity cash segment. This will be implemented in three phases starting December 2020, where brokers will be penalised if margin to clients is more than 25 per cent of the sum of VAR and ELM. From March 2021 and June 2021 they will be penalised if the margin exceeds 50 per cent and 70 per cent of VAR+ELM, respectively. From August 2021 onwards, brokers will be penalised if margin exceeds VAR+ELM. READ MORE

Result Impact | SBI Cards hits 52-week high

>> Co posted a 1 per cent drop in its profit before tax (PBT) at Rs 528 crore in the quarter ended June 2020 (Q1FY21). The PBT was Rs 533 crore in quarter ended June 2019 (Q1FY20). The net profit for the period under review rose 13.8 per cent to Rs 393 crore from Rs 346 crore in Q1FY20.


InterGlobe Aviation trades flat with positive bias


Result Impact | ACC jumps 5%

>> Cement maker ACC on Monday reported a 40.53 per cent decline in its consolidated net profit to Rs 270.95 crore for the quarter ending June, impacted mainly by a decline in sales during the lockdown. The company, which follows a January-December financial year, had posted a profit of Rs 455.68 crore in the same quarter a year ago, it said in a BSE filing.


Vodafone Idea slumps about 6% post AGR hearing


Sectoral trends on NSE


Sensex Heatmap


Early Deals


Early Deals


OPENING BELL

At 09:16 am, the S&P BSE Sensex was trading 390 points or over 1 per cent higher at 37,809 levels while NSE's Nifty was ruling 110 points or 1 per cent higher at 11,132 levels. 

BROKERAGE VIEW :: Motilal Oswal Financial Services on ACC

CMP: Rs 1,330 | TP: Rs 1,570 (+18%) | Reco: Buy

>> ACC trades at a 35–60% valuation discount to peers Shree, UltraTech, and Ramco. We believe such a large discount is excessive as: (a) ACC has arrested its
market share losses since CY17, (b) its net cash balance sheet (19% of market cap) renders it well-placed to withstand any extended disruption from COVID19, and (c) with planned capacity expansions in CY22, the proportion of inefficient assets would decline, improving profitability.

>>  We value ACC at 9x CY21E EV/EBITDA (~30% discount to the past five-year average of 12.7x) to arrive at Target Price of INR1,570; this implies target EV/t of USD90 and target P/E of 21x on CY21. Maintain

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


Markets at Pre-open


Markets at Pre-open


Stocks to watch: InterGlobe Aviation, Bajaj Finance, HUL, Axis Bank, ACC

HUL: The FMCG major is slated to release its June quarter results for the fiscal year 2020-21 (Q1FY21) later in the day. Analysts will keenly track the company's result after peer Britannia Industries posted better-than-expected numbers for the quarter under review.
 
Axis Bank: Axis Bank is scheduled to report its June quarter earnings for financial year 2020-21 (Q1FY21) on Tuesday, July 21. Owing to the Rs 7,730.02 crore provisions set aside in the March quarter of FY20, analysts expect lower sequential provisioning in the quarter under review. Besides, loan growth may be tepid due to loss of business amid Covid-19 induced nationwide lockdown.
 
Earnings today: Besides HUL and Axis Bank, 59 other companies are scheduled to announce their June quarter results today. The list includes names such as Bajaj Finance, Crisil, IndiaMART InterMESH, Polycab, and SBI Life. READ MORE 


BROKERAGE VIEW :: Motilal Oswal Financial Services on M&M

CMP: Rs 594 | TP: Rs 695 (+17%) | Reco: Buy

>> M&M expects faster recovery in rural India. Moreover, rural demand should improve sales momentum for Auto sector while urban centers are expected to take a little longer to return to normalcy.

>> Factors such as lower household incomes, employment uncertainties, higher cost of finance and difficulty in procuring finance as a result of the potential rise in NPAs (in the Financial Sector) could result in demand constraints for discretionary items such as automobiles.

>> M&M’s loss of sales due to COVID-19 in Mar’20 is estimated at 23,400/ vehicles/14,700 tractors, while for 1QFY21, it is estimated at 87,000 vehicles/ 30,000 tractors. While it is difficult to estimate the definite impact of COVID-19 on the business beyond 1QFY21, the economy should see demand constraints for discretionary items.

>> On  the supply side, short-to-medium term risks exist. This is because many suppliers are facing working capital issues in addition to labor availability challenges, limited working hours and adherence to COVID-19 safety norms. Production at the suppliers' end is resuming gradually and almost 100% are now operational.

BROKERAGE VIEW :: Motilal Oswal Financial Services on IT sector

>> We expect the relative earnings outperformance of the IT sector to sustain over the remaining part of FY21. Despite the recent run-up, we believe the IT sector still trades at reasonable valuations given its underlying impressive FCF, return ratios and payout metrics, and offers an attractive risk-reward proposition.

>> Thus, we are raising weight in Infosys and introducing Wipro, in-turn raising our allocation to IT further in our model portfolio.

>> We believe Wipro is a good re-rating candidate due to (a) potential upside of a turnaround under the new CEO, (b) possibility of an impending buy back, and (c) relatively attractive valuations (v/s TCS and Infosys, 14.5x 1-year forward P/E). 


NEWS ALERT :: Karur Vysya Bank appoints Ramesh Boddu as MD, CEO for 3 years

BROKERAGE VIEW :: Nomura on ACC

Maintains 'Neutral', Targte price: Rs 1,250

>> Earnings beat expectations on higher realisation, lower costs

>> Volumes marginally lower, cement realisation significantly higher

>> Higher volume growth, cement prices, and fall in operating costs key upside risks

BROKERAGE VIEW :: Citi on ACC

Maintains ' Buy', target price: Rs 2,100

>> Trades at 10x 1-year forward EV/EBITDA on consensus

>> We remain constructive on the stock

>> Co should continue to focus on margins and profitability

BROKERAGE VIEW :: CLSA on ACC

Maintains 'Buy', Revised target price: Rs 1,675 from Rs 1,575

>> Report strong June qtr results with EBITDA at Rs 520 crore

>> Higher volume decline was offset by lower costs

>> Blended EBITDA/t up 22% QoQ is best in a decade

>> Raise EBITDA estimate by 3-6%

BROKERAGE VIEW :: Jefferies on ACC

Maintains 'Buy', Revised target price: Rs 1,700 from Rs 1,500

>> June quarter earnings address concerns on its ability to optimise cost

>> Sector would see volatility due to tough macro picture

>> Raise EPS estimate by 11-24% to factor in lower than expected costs

Nifty view & stock calls by Anand Rathi: Buy Bharti Airtel, Manappuram Fin

BUY NIFTY | TARGET: 11,200 | STOP LOSS: 10,870
 
The Nifty index continued to make a higher top and a higher bottom pattern. On the daily chart, the Nifty index also surpassed its major hurdle of 200-DMA which is placed at 10,870 levels. It was earlier acting as major resistance and now it will act as immediate support. READ MORE

Bulk deals on BSE as on Monday

Bulk deals on NSE as on Monday

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


Rupee check

Source: Bloomberg


Oil check

>> Oil prices were little changed on Tuesday, trapped in the narrow trading band of the past three weeks as investors gauged hopes for a recovery in oil demand against fears of new lockdowns due to a growing number of coronavirus cases.


SGX Nifty hints at a gap-up start

>> At 8:14 am, the index was at 11,119 level, up 98 points or 0.89 per cent.

Asian markets set to track US gains on vaccine, EU deal hopes

Source: Reuters


Wall Street closes higher, Nasdaq sets record as potential vaccines show promise

Source: Reuters


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