Sensex slips 477 pts from day's high, ends at 37,663; Tata Steel gains 6%

NSE's Nifty settled at 11,102, up 6 points or 0.058 per cent.
After starting on a strong note, the domestic stock market turned highly volatile in the intra-day session and ended flat on Wednesday, weighed down by blue-chips such as Reliance Industries (RIL), HDFC Bank, and Infosys. 

The S&P BSE Sensex today ended 25 points or 0.07 per cent lower at 37,663 levels while NSE's Nifty settled at 11,102, up 6 points or 0.06 per cent. Of Sensex's 30 constituents, 19 advanced while 11 declined. Volatility index, India VIX, dropped over 1 per cent to 23.5 levels.

On the sectoral front, metal stocks rallied the most. The Nifty Metal index jumped over 4 per cent to 2,269 levels with 13 out of 15 constituents advancing and the rest two ending in the red. READ MORE

In the broader market, the S&P BSE MidCap index ended 0.39 per cent higher at 13,910 levels while the S&P BSE SmallCap index ended at 13,430, up 0.85 per cent. 

Among individual stocks, SPARC settled nearly 7 per cent higher at Rs 186.50 on the BSE after the company declared healthy June quarter results on Tuesday. The company's net profit in Q1FY21 came in at Rs 56.69 crore, compared with a loss of Rs 94.19 crore in the year-ago quarter. READ MORE

PI Industries gained over 3.5 per cent to Rs 1,896.20 on the BSE after the company reported a strong set of numbers for the first quarter of the financial year 2020-21 (FY21). The stock hit an all-time high of Rs 1,966 during the session. READ MORE

Global markets

European stocks opened higher, aided by a batch of positive earnings. US equity futures rose too, indicating a firm open for Wall Street, while MSCI’s broadest index of Asia Pacific shares outside of Japan rose 0.7 per cent to a 6-1/2 month peak.

In Asia, Japan's Nikkei dipped 0.26 per cent and Australia's benchmark index slipped 0.6 per cent, notable underperformers in otherwise generally upbeat Asian stock markets. South Korea's Kospi hit its highest level since October 2018.

In commodities, Gold scaled an all-time peak, after topping the $2,000 mark in the previous session, spurred on by a weaker dollar, falling US Treasury yields and expectations of more stimulus measures to revive a pandemic-ravaged economy.

Oil prices, too, firmed after data showed a big drop in US crude inventories. 

(With inputs from Reuters)

3:52 PM IST Indian benchmark indices were volatile in trade before closing flat with a positive bias. Global cues were also positive while gold again jumped to record highs. Positive earnings reports are driving stocks and markets around the world, and the same trend is visible in the Indian markets too. Liquidity is a major driver for the markets and it is chasing companies which are declaring stable earnings or outlook. Uncertainties remain while in the near term markets will look forward to the commentary and RBI actions at the end of the MPC meeting tomorrow

3:46 PM IST

3:45 PM IST

3:44 PM IST

3:42 PM IST

3:41 PM IST

3:37 PM IST >> The benchmark S&P BSE Sensex ended 24 points, or 0.07 per cent, lower at 37,663 level >> The broader Nifty50, meanwhile, added 6 points, or 0.04 per cent, to close at 11,101 level.

3:25 PM IST Airtel Cloud will build an AWS Cloud Practice supported by AWS Professional Services, as well as develop differentiated Airtel Cloud products and capabilities leveraging AWS services, Airtel’s data centre capabilities, and Airtel’s network and telecoms offerings. Airtel customers will benefit from an integrated sales, consulting, and support approach from both companies, and improved security, scalability, and cloud management capabilities. READ MORE

3:17 PM IST Brij Mohan Khaitan stepped into the elite world of tea as a white knight when in 1961, a Marwari businessman, B Bajoria, had cornered a 25 per cent stake in Bishnauth, part of one of India’s top managing agency firms, Williamson Magor & Company. The shareholding was just a per cent short of the 26 per cent promoter holding. READ MORE

3:06 PM IST One in four people surveyed by Knight Frank, said they were more likely to move in the next 12 months as a result of the Covid-19 pandemic, with most respondents seeking a different property in the same location (40 per cent). Around 26 per cent said they are willing to move to a different property elsewhere in the same country and 34 per cent of those considering a move are scouting for a purchase abroad (9 per cent of all respondents), the survey findings suggest. READ MORE 

2:54 PM IST RATING: BUY | TARGET PRICE: Rs 240 We believe the key positive of SBIN which will drive its performance are: Being the largest bank in India the bank has business strengths making it a beneficiary of liquidity with huge deposit inflow during uncertain times resulting in a lower cost of funds;  Asset quality has improved on book clean –up efforts over the last few years resulting in lower slippages and NPA decline; PCR has improved to 67%. Provisions for legacy stress is mostly over though Covid-19 may keep credit cost elevated; Subsidiaries performance has been improving.

2:46 PM IST The day ahead market (DAM) traded 4,487 MU(million units)during the the month, an IEX statement said.   "With robust sell side liquidity, the average market clearing price in the day-ahead market during the month at Rs 2.47 per unit registered a 27 per centyear-on-year decline over a price of Rs 3.38 in July2019," the statement said. READ MORE

LIVE UPDATES

Market Closing Comment :: Vinod Nair, Head of Research at Geojit Financial Services

Indian benchmark indices were volatile in trade before closing flat with a positive bias. Global cues were also positive while gold again jumped to record highs. Positive earnings reports are driving stocks and markets around the world, and the same trend is visible in the Indian markets too. Liquidity is a major driver for the markets and it is chasing companies which are declaring stable earnings or outlook. Uncertainties remain while in the near term markets will look forward to the commentary and RBI actions at the end of the MPC meeting tomorrow

Market Statistics at Close


Sector loser :: 6 out of 10 Nifty pharma index-constituents end in the red


Sector gainer :: Nifty metal index ends over 4% higher


Sectoral trends on NSE at Close


Sensex Heatmap at Close


Closing Bell | Markets end mixed after a volatile day

>> The benchmark S&P BSE Sensex ended 24 points, or 0.07 per cent, lower at 37,663 level

>> The broader Nifty50, meanwhile, added 6 points, or 0.04 per cent, to close at 11,101 level.

Airtel ties up with Amazon to sell AWS solutions to companies in India

Airtel Cloud will build an AWS Cloud Practice supported by AWS Professional Services, as well as develop differentiated Airtel Cloud products and capabilities leveraging AWS services, Airtel’s data centre capabilities, and Airtel’s network and telecoms offerings. Airtel customers will benefit from an integrated sales, consulting, and support approach from both companies, and improved security, scalability, and cloud management capabilities. READ MORE

A white knight galvanises Eveready as it struggles amid debt problems

Brij Mohan Khaitan stepped into the elite world of tea as a white knight when in 1961, a Marwari businessman, B Bajoria, had cornered a 25 per cent stake in Bishnauth, part of one of India’s top managing agency firms, Williamson Magor & Company. The shareholding was just a per cent short of the 26 per cent promoter holding. READ MORE

Looking for a second home? UK, Spain among top destinations: Knight Frank

One in four people surveyed by Knight Frank, said they were more likely to move in the next 12 months as a result of the Covid-19 pandemic, with most respondents seeking a different property in the same location (40 per cent). Around 26 per cent said they are willing to move to a different property elsewhere in the same country and 34 per cent of those considering a move are scouting for a purchase abroad (9 per cent of all respondents), the survey findings suggest. READ MORE 


BROKERAGE VIEW:: Axis Securities on State Bank of India

RATING: BUY | TARGET PRICE: Rs 240

We believe the key positive of SBIN which will drive its performance are:
  • Being the largest bank in India the bank has business strengths making it a beneficiary of liquidity with huge deposit inflow during uncertain times resulting in a lower cost of funds; 
  • Asset quality has improved on book clean –up efforts over the last few years resulting in lower slippages and NPA decline;
  • PCR has improved to 67%. Provisions for legacy stress is mostly over though Covid-19 may keep credit cost elevated;
  • Subsidiaries performance has been improving.

Average spot power price falls 27% to Rs 2.47 per unit in July on IEX

The day ahead market (DAM) traded 4,487 MU(million units)during the the month, an IEX statement said.
 
"With robust sell side liquidity, the average market clearing price in the day-ahead market during the month at Rs 2.47 per unit registered a 27 per centyear-on-year decline over a price of Rs 3.38 in July2019," the statement said. READ MORE

MARKET CHECK:: BSE Midcap index outperforms Sensex


Tech companies could be brokers of tomorrow, says Zerodha's Nikhil Kamath

Most brokers who allowed commodity trading lost some money here, Zerodha luckily has a model wherein we have many smaller customers versus a few huge ones. This inherently mitigates risk and makes Zerodha a safer option for investors. Exchanges and brokers across the board have now updated their systems to make sure we are better prepared for this situation in the future. READ MORE
Nikhil Kamath, Co-founder and CIO, True Beacon and Zerodha

Cadila Healthcare slips 4.5% from day's high post June quarter results

It's net profit, however, came in at Rs 454 crore, clocking a 49.53 per cent growth YoY from Rs 303.6 crore reported in Q1FY20. In the March quarter of FY20, the profit was Rs 391.9 crore. Profit before tax (PBT), too, soared 50.64 per cent to Rs 593.40 crore in Q1FY20 as against Rs 393.90 crore in Q1FY19. Current tax expense for the quarter jumped 106.39 per cent at Rs 106.50 crore as against Rs 51.60 crore in Q1 June 2019. READ MORE

Rupee Closing

Rupee settles higher at 74.94 per US dollar vs Tuesday's close of 75.05/$

Tata Consumer Products hits new high on 82% jump in Q1 profit, slips later

Analysts at ICICI Securities expect steady improvement in earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin in FY21-22 due to the rising share of higher-margin branded products in India, revenue and cost synergy benefits, savings in distribution and cost-saving initiatives, and lower input prices. READ MORE 

RBI monetary policy: Rate cut too close to call on CPI risks, says survey

Of the 44 economists surveyed by Bloomberg, 22 expect a 25 basis-point rate cut on Thursday, one projects a 50-point move and the rest see no change. Das has already led the Monetary Policy Committee in cutting interest rates by 115 basis points this year, taking the repurchase rate down to 4 per cent, the lowest since it was introduced in 2000.‚Äč READ MORE

European markets trade 1% higher

Source: Reuters


Commodity Check :: Gold hits record above $2,000/oz on soft dollar, stimulus bets

>> Gold scaled an all-time peak on Wednesday, after topping the $2,000 mark in the previous session, spurred on by a weaker dollar, falling US Treasury yields and expectations of more stimulus measures to revive a pandemic-ravaged economy.

>> Spot gold was up 0.8% at $2,033.86 per ounce by 12:15 pm, after hitting a record high of $2,036.49. US gold futures rose 1.4% to $2,049.30.

>> “The outlook remains very strong for gold. Interestingly, we’ve seen traders reduce their long exposure to gold throughout this recent rally, suggesting new buyers could still come back into the market to push prices higher,” IG Markets analyst Kyle Rodda said.

(Source: Reuters)

Expectations from the RBI MPC

The Monetary Policy Committee (MPC) will put forth its third bi-monthly monetary policy decision for the fiscal year 2020-21 on August 6, 2020. Against the backdrop of COVID-19 led economic downturn, the previous two policies were advanced in March 2020 and May 2020.

The decision is expected to factor in the lockdown induced deceleration in the economic growth against the spike in inflation, which surpassed RBI’s upper tolerance level of 6% in June 2020 (6.1%).
 
We believe that there would be a status quo in this monetary policy with 55% probability on account of inflationary concerns. However, given the economic growth concerns the RBI is likely to retain the monetary policy stance at ‘accommodative’.

(Source: CARE Ratings)

rbi governor, shaktikanta das

HDFC Securities on Cholamandalam Invt and Finance


IIFL on CreditAccess Grameen (CREDAG)

A relatively healthier operating environment in rural areas and quick recovery in demand, as sporadic lock-downs reduce over the medium term, would enable a rapid return to normalisation in growth, provisions and profitability. We estimate a restoration in profitability to ~4.3-4.5% RoA/18-20% RoE (pre-capital infusion) by FY23ii. CREDAG could trade at 2.6x FY22ii BVPS, which indicates a 24% upside from CMP. We remain constructive on the stock

IIFL on Dixon Technologies

With strong macro tailwinds on account of the GoI’s policy initiatives to drive domestic manufacturing, Dixon will be placed in a sweet spot to expand its portfolio. Though management is upbeat on strong pre-festive order-bookings, weak consumer demand for white goods could be a potential dampener in the near term.

While the domestic mobile PLI scheme would provide a windfall gain during FY21-25, sustenance of volumes and profitability would be highly uncertain thereafter. Further, expansion in new segments like FATL washing machines (WMs) and refrigerators with top tier brands will not be easy.

We incorporate value of one domestic mobile PLI (Rs1,730/share) to our core business value (Rs5,187, at 35x Jun-22ii EPS), to arrive at our SOTP-based 12mth TP of Rs6,917. We like the business, but struggle to find value in the stock, despite 6% EPS upgrade in FY21-22ii; we downgrade the stock to ADD from Buy

MARKET COMMENT :: SBI Mutual Fund

For India, the immediate priority is to control the virus. We must revive demand through decisive fiscal measures. While we look to rationalize expenditure and boost revenue through formalization, growth acceleration remains central to improving our government debt profile. Should debt ratios continue to turn ugly, we may run out of firepower to counter the next shock. A credible boost to growth is the only way out.

ALERT | Bhumi Pujan at Ram Janmbhoomi site concludes

The three-day Vedic rituals at the Ram Temple in Ayodhya began on Monday and will end with bhoomi poojan today. Prime Minister Narendra Modi reached Ayodhya today for the grand ground-breaking ceremony of Ram Temple in Ayodhya. Modi is among the 175 people present at the ceremony. He will share the dais with just four other people — RSS chief Mohan Bhagwat, trust chief Nritya Gopaldas Maharaj, Uttar Pradesh Governor Anandiben Patel, and CM Yogi Adityanath FULL COVERAGE HERE


GLOBAL MARKET UPDATE

Thailand's baht rose to a one-month high on Wednesday ahead of a central bank statement on interest rates that is expected to hold fire on further cuts and save its increasingly limited policy ammunition for later in the year. Currencies and stocks across Asia's emerging markets were higher across the board in morning trade, with the ringgit, the won and the Taiwanese dollar all turning in solid gains against a broadly weaker US dollar

(Source: Reuters)

Barclays on manufacturing, services PMI

It would appear that the new set of localised lockdowns is weighing on India’s services activity. The July manufacturing and services PMIs have perhaps dashed hopes for a smooth rebound to normal activity, a view backed up by other relevant data, like fuel consumption and freight activity.

Emkay Global on Indian Oil


Nifty snapshot


Markets at 1PM


India's top telecom stock Vodafone Idea is also the biggest money loser

For investors riding a rally in India’s wireless carriers, the best returns are coming from an operator that’s warned it may collapse without help from the government.
 
Although Vodafone Idea Ltd. hasn’t made a profit since 2017 and ended last fiscal year with a record $10 billion loss, its shares have more than doubled in the past three months. The surge has been driven mostly on optimism that the Indian government will rescue the beleaguered carrier after the Supreme Court burdened it with billions of dollars in fees READ MORE

Photo: Bloomberg

Opinion | Neelkanth Mishra

Handling the dollar deluge

The Reserve Bank of India’s (RBI’s) balance sheet size has grown sharply to 27 per cent of gross domestic product (GDP) in early July, a level last seen in 2006-08, from just 22 per cent at the end of February. In absolute terms it has expanded by Ra 8.3 trillion, a growth of 18 per cent in just four months. READ MORE

Neelkanth Mishra

Exide: Replacement demand, undemanding valuations to support revenues

A pick-up in replacement demand and higher uninterruptible power supply (UPS) sales helped Exide Industries report better-than-expected June quarter (Q1) results. Though revenues declined 44 per cent, compared with the year-ago quarter, because of lower demand from automakers and industrial segments, it was offset by higher sales in the aftermarket and UPS segments in the second half of the quarter. READ MORE

BROKERAGE VIEW:: Anand Rathi Shares on Dixon Tech

While Q1FY21 was hurt by the lockdown, Dixon continues to lead the government’s self-dependence measures to manufacture consumer durables. It is well placed to benefit from the PLI scheme, for which submissions have been made. The recent notification putting television imports in the restricted category also augurs well for Dixon and supports customer additions. Annual imports in product categories where Dixon operates are Rs 1.38trn (at an 11% CAGR over FY11–19) offers a diversified opportunity which can be addressed effectively by only a few manufacturers in India. Expansion of Reliance Jio can further increase Dixon’s addressable set-top boxes and be another Rs 10bn opportunity waiting to unfold in coming years.

Here's why analysts are bullish on Gujarat Gas despite a 75% dip in Q1 PAT

Those at Sharekhan, meanwhile, believe that Gujarat Gas’s long term volume growth outlook remains robust as structural gas demand drivers like ban on polluting fuels and low spot LNG prices ($2-3/mmBtu) are well-placed and would lead to robust gas consumption growth in India. READ MORE

BSE Metal index jumps nearly 4%; SAIL advances 7%, Hindalco surges 6%

Among individual stocks, Steel Authority of India (SAIL) gained 8 per cent to Rs 37.3 after the company on Tuesday informed it attained a sales volume of 15.83 lakh tonnes in July 2020, its best-ever performance in the month of July and a growth of about 50 per cent over July 2019 sales which was 10.59 lakh tonnes. The company sold 12.73 lakh tonnes in the domestic market while it exported 3.10 lakh tonnes of steel during July, attaining a growth of 29 per cent and 349 per cent, respectively over the corresponding period last year (CPLY). READ MORE 


June Quarter Result :: Cadila Healthcare reports profit of Rs 454 crore

>> Revenue at Rs 3,640 crore


India's top telecom stock Vodafone Idea is also the biggest money loser

Although Vodafone Idea Ltd. hasn’t made a profit since 2017 and ended last fiscal year with a record $10 billion loss, its shares have more than doubled in the past three months. The surge has been driven mostly on optimism that the Indian government will rescue the beleaguered carrier after the Supreme Court burdened it with billions of dollars in fees. READ MORE

Bank stocks in focus; Nifty Bank up 2%; Axis Bank, HDFC Bank rally up to 4%

Among individual stocks, Axis Bank rallied 3.6 per cent to Rs 445 apiece on the National Stock Exchange (NSE) after the lender launched its Rs 15,000 crore qualified institutional placement (QIP) at a floor price of Rs 442.19 per equity share, which is at a 3 per cent premium to Tueaday's close of Rs 428.9 apiece.
 
"The committee of whole-time directors of the bank at its meeting held today i.e. 4th August 2020, has decided to open the issue for receiving bids. The committee also approved and adopted the preliminary placement document in connection with the issue," Axis Bank said in a regulatory filing READ MORE

Info Edge shares gain 7%, hit all-time high on launch of QIP

Shares of Info Edge advanced nearly 7 per cent to hit a record high of Rs 3,419 on the BSE on Wednesday after the company announced it has launched qualified institutional placement (QIP) to raise up to Rs 1,875 crore. In an exchange filing, the company informed on Tuesday that the Board of Directors of the Company at its meeting, approved and authorised the opening of the QIP on August 4, 2020. The floor price of the QIP has been fixed at Rs 3,177.18 per equity share. READ MORE 


Change in assets under management, a near-term challenge for AMCs

The stocks of two listed asset management companies (AMCs) – HDFC Asset Management Company (HDFC AMC) and Nippon Life India Asset Management Company (Nippon AMC) – have underperformed the broader market in the last one month. While the AMCs’ stocks shed upto 16 per cent over a last month, the BSE Sensex was up around 5 per cent during the same period. READ MORE

NEWS ALERT :: Markit Servies PMI for July improves to 34.2 vs 33.7 in June

>> The IHS Markit India Services Business Activity Index registered 34.2 in July, and despite rising slightly from 33.7 in June, signalled a further rapid reduction in service sector output.

>> Moreover, the latest reading was among the lowest recorded in nearly 15 years of data collection, surpassed only by the unprecedented falls in the previous three months

>> The Indian service sector remained severely restricted by lockdown measures implemented to curb the coronavirus disease 2019 (COVID-19) pandemic in July, according to the latest PMI survey data.

>>  Further substantial reductions in both activity and inflows of new work were recorded, as ongoing lockdown restrictions stifled demand and forced companies to cease operations. Subsequently, firms made further cuts to staff numbers, with the rate of job shedding the most marked on record. Looking ahead, the 12-month outlook for output was negative for a third successive month, with fears of a substantial economic downturn common among survey respondents

India has worst disconnect between stock rally, gloomy economy

The conundrum doesn’t bode well for Asia’s third-largest economy that’s set for its first contraction in more than four decades. Further negative surprises from macro data or virus cases can unravel a rally that’s added $605 billion in market value from the depths of the swoon to outstrip the government’s stimulus package. READ MORE

SPARC jumps 14% on impressive Q1 show

Shares of SPARC (Sun Pharma Advanced Research Company) zoomed 14.5 per cent to Rs 200 apiece on the BSE on Wednesday after the company declared healthy June quarter results on Tuesday, post market hours. At 9:34 am, the stock was ruling 10.6 per cent higher at Rs 193.2 on the BSE, as against 343 points, or 0.9 per cent, rally in the benchmark S&P BSE Sensex. READ MORE HERE

Top gainers (BSE 500)

COMPANY PRICE(rs) CHG(rs) CHG(%)
SPARC 192.80 18.15 10.39
AEGIS LOGISTICS 208.50 18.00 9.45
ORIENT CEMENT 70.80 4.25 6.39
INFO EDG.(INDIA) 3403.50 203.45 6.36
ICICI SECURITIES 473.00 23.95 5.33
» More on Top Gainers

Brokerages bullish on HDFC Bank

Jefferies

We believe that the appointment should offer a smoother transition as Mr. Jagdishan has been closely connected internally with the management team and the board of directors, as well as external stakeholders like clients, investors and regulators. While his appointment has been cleared for three years as of now, he should have about a 15-year career ahead of him – until he turns 70 – and this should offer continuity as well. We maintain our BUY rating with a price target of Rs 1,350 based on 3.3x Jun-22E adjusted PB and value of stake in subsidiaries READ THE FULL ARTICLE HERE

Anand Rathi on Dixon Technologies

While Q1FY21 was hurt by the lockdown, Dixon continues to lead the government?s self-dependence measures to manufacture consumer durables. It is well placed to benefit from the PLI scheme, for which submissions have been made. The recent notification putting television imports in the restricted category also augurs well for Dixon and supports customer additions.

Annual imports in product categories where Dixon operates are Rs 1.38trn (at an 11% CAGR over FY11-19) offers a diversified opportunity which can be addressed effectively by only a few manufacturers in India. Expansion of Reliance Jio can further increase Dixon's addressable set-top boxes and be another Rs 10bn opportunity waiting to unfold in coming years

Nomura on Aegis Logistics

We value Aegis at 17x of FY22F EPS of Rs 14.6 adjusted for ESOP and roll the target multiple to Jun-22F to arrive at our target pricce of Rs 260, implying 38%upside and initiate with Buy. Key downside risks: Any sharp rise in LPG prices and development of cross-country natural gas pipeline infrastructure.

HDFC Securities on BSE

The revival of derivatives volume on BSE, smart order routing and interoperability are key triggers to transaction revenue. The value proposed value unlocking of the StAR MF platform is positive and will be closely watched. We arrive at a SoTP-based target price of Rs 565 by assigning 10x multiple to core June-22E PAT (Rs 57/share), Rs 110/sh for the CDSL stake and adding net cash excluding SGF and clearing cash (Rs 397/sh). BSE has net cash of Rs 18bn (~78% of market cap) and a dividend yield of ~5%, which limits downside. Maintain ADD.

Edelweiss on Indian Oil


Rupee Opening

Rupee opens stronger at 74.93 per US dollar vs Tuesday's close of Rs 75.05/$

PI industries surges 7%, scales all-time peak after June quarter results

The company posted a 43 per cent year-on-year (YoY) rise in its consolidated net profit at Rs 146 crore against Rs 102 crore reported in the corresponding quarter of the previous fiscal. Revenue for the quarter came in at Rs 1,060, up 41 per cent YoY. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at Rs 236 crore, up 55 per cent from Rs 153 crore registered in the year-ago period. READ MORE 


RIL's heft adds to fund managers' woes as stock makes up 20% of Sensex

The stock has more than doubled from its March lows and quadrupled since December 2016, with a weighting of 14 per cent on the Nifty50 index as of July 31. After the latest jump, RIL’s weighting on the Nifty and the Sensex could have crossed a record 15 per cent and 18 per cent, respectively, according to back-of-the-envelope calculations. READ MORE

Axis Bank up over 2%

>> The lender has set a floor price of Rs 442.19 per equity share for its proposed Rs 15,000 crore qualified institutional placement (QIP). 

BUZZING STOCK:: Tata Consumer trades around 4% higher post June quarter nos


BUZZING STOCK:: PI Industries gains 5%


Sectoral gainers and losers on the NSE


MARKET AT THE OPEN:: Gainers and Losers on the S&P BSE Sensex


OPENING BELL

At 09:16 AM, The S&P BSE Sensex was trading 282 points or 0.75 per cent higher at 37,969 while NSE's Nifty was quoting 60.5 points or 0.55 per cent higher at 11,156 levels.

SENSEX HEATMAP AT PRE-OPEN


BROKERAGE VIEW :: Citi on HDFC Bank

Maintains 'Buy', Target price: Rs 1,350

>> Succession uncertainty ends; positive for the bank

>> Jagdoshan has been closely associated with bank's internal management

>> Transition should be smoother

BROKERAGE VIEW :: Morgan Stanley on JSPL

Maintains 'Overweight', Target: Rs 215

>> Domestic sales improved 16% MoM

>> Momentum in exports continue to improve, although share is declining

>> Domestic crude steel production down MoM, in-line with expectations

BROKERAGE VIEW :: UBS on Godrej Consumer

Maintains 'Buy', Target price: Rs 850

>> Healthy performance in a disrupted quarter

>> Household insecticides and hygiene products drove growth

>> Co is likely to standout among HPC firms in near-term

11,250 crucial for Nifty to negate bearish set-up: Vinay Rajani of HDFC Sec

Nifty needs to close above 11,250 to negate the Bearish Technical setup
 
Nifty reversed northward journey after witnessing a correction of 460 points from the recent top of 11,341. It, however, found support around its 200 days SMA and surged more than 200 points, to close above 11,100. This sharp recovery could end up being a dead cat bounce, as the trend-line support which was recently broken could act as a resistance at 11,250. Therefore, unless Nifty surpasses 11,250 on closing basis, probability of resuming down trend would remain. READ MORE

 

Weekly trading ideas by Religare Broking

Bharti Airtel
 
Recommendation: Buy
 
Last Close: 549
 
BHARTIARTL has been consolidating in a range of 540-590 levels for the past three months while holding firmly above the support zone of 100 EMA on the daily chart. READ MORE

Bulk deals on BSE as on Tuesday

Bulk deals on NSE as on Tuesday

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


NEWS ALERT :: China's services sector expands at slower pace in July at 54.1

>> The Caixin/Markit services Purchasing Managers’ Index (PMI) fell to 54.1 from June’s 58.4, which was the highest reading since April 2010. 

>> Growth in China’s services sector slowed in July from a decade high the previous month, as new export business fell and job losses continued, an industry survey showed on Wednesday.

>> The services sector, which accounts for about 60% of the economy and half of the urban jobs, had been slower to recover initially than large manufacturers, but the recovery has gathered pace in recent months as the nationwide COVID-19 restrictions on public gatherings gradually lifted.

(Source: Reuters)

Rupee check

Source: Bloomberg


Oil prices toppled from rising streak as jump in Covid-19 cases stokes fuel demand fears

>> Oil prices fell for the first time in four days on Wednesday, pulling back from as much as five-month highs as mounting coronavirus cases worldwide and in the United States undercut market confidence in a pickup in fuel demand.

>> Brent crude was down 16 cents, or 0.4%, at $44.27 a barrel. It finished 0.6% higher on Wednesday - the highest close since March 6.
 
>> West Texas Intermediate oil was down 17 cents, or 0.4%, at $41.53 a barrel. The contract ended Tuesday trading 1.7% higher, its highest close since late July.

(Source: Reuters)

SGX Nifty hints at green start

>> At 8:20 am, the index was at 11,105 level, up 33 points or 0.30 level

Asian Market check

Source: Reuters


US Market check

Source: Reuters


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