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Economic Times | 10 Jul, 2020 | 06.03PM IST

Traders' Diary: Nifty faces key resistance at 10,847

RIL and financials lead the market rally as 22 of 30 Sensex stocks end the day in the green

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09:22 PM

RIL, BP launch fuel and mobility joint venture

Oil-to-telecom conglomerate Reliance Industries and energy major BP on Thursday announced the start of their new Indian fuels and mobility joint venture, Reliance BP Mobility (RBML). After the initial agreements in 2019, BP paid RIL $1 billion for a 49 per cent stake in the joint venture, with RIL holding 51 per cent.
08:53 PM

Here are the BSE bulk deals for today

Here are the BSE bulk deals for today
08:01 PM

Sebi eases ownership rules for Gift City Exchanges

Market regulator the Securities and Exchange Board of India(Sebi) has eased the ownership norms for stock exchanges operating from International Financial Services Centre(IFSC), GIFT City. Until now, only a select few category of investors such as Indian banks, insurance companies and public institutions were allowed to hold shares of stock exchanges based in IFSC, Gift City.
07:46 PM

Gold trade witnessing a mixed trend in Unlock 2.0

Gold trade in the country is witnessing a mixed trend in Unlock 2.0. While there are green shoots of a recovery, the supply side is under stress. Jewellers said jewellery manufacturers were asking for payment for the products they had supplied during the pre-Covid period but were yet to be sold. This has created a financial stress to the retailers, who have just started to witness footfalls at their showrooms, they said.
07:10 PM

Dow Jones gains as investors cheer declining jobless claims

US stocks opened higher on Thursday after data pointed to a declining trend in weekly jobless claims, with investors also weighing the risk of another business shutdown as US COVID-19 cases soared. The Dow Jones Industrial Average rose 27.64 points, or 0.11 per cent, at the open to 26,094.92.
06:35 PM

Tata Motors says JLR June quarter retail sales significantly hit by Covid-19

Tata Motors said on Thursday that Jaguar Land Rover (JLR) retail sales for the quarter ended June were significantly impacted by Covid-19 in line with the unprecedented market conditions, but improved month-on-month through the quarter. The unit’s June retail sales were 35,334 vehicles, down 24.9 per cent year-on-year, but representing an improving monthly trend within the overall quarter, with total sales of 74,067, which was down 42.4 per cent year-on-year.
06:23 PM

Punjab National Bank looks to raise Rs 10,000 crore through equity and debt mode

The country’s second largest lender Punjab National Bank on Thursday said it would raise upto Rs 10,000 crore through a share and bond sale. The bank said it would explore raising funds through a combination of QIP, FPO, rights issue and issuance of tier-2 bonds. “The board of directors in its meeting held today approved raising capital through issue of equity shares and Basel 3 complaint tier-2 bonds by way of private placement, QIP, FPO of upto Rs 10,000 crore,” the lender said in a exchange filing.
06:03 PM

TCS Q1 results: Profit slips 13.81% YoY to Rs 7,008 crore; misses Street estimates

Tata Consultancy Services, India's biggest IT company, on Thursday reported 13.81 per cent year-on-year (YoY) fall in profit at Rs 7,008 crore for the first quarter ended June 30. Analysts in an ET NOW poll had projected the figure at Rs 7,680 crore. Consolidated revenue of the company inched higher by 0.39 per cent on a yearly basis to Rs 38,322 crore.
05:42 PM

Where is Nifty headed?

Nifty formed an Inside bar on the daily chart. The 10,676 and 10,847 level will now act as a key support and resistance, respectively, said a technical analyst. “On the downside, there are multiple parameters like the 40-hour exponential moving average, hourly lower Bollinger Band, a gap area and a short-term rising trendline which are offering support to Nifty. On the flip side, the hourly upper Bollinger Band & the 200 DMA are posing crucial barriers. Thus Nifty is likely to consolidate in the 10,700-10,850 range before seeing any directional move,” said Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas.
04:30 PM

Adopt a cautious view towards market: Ajit Mishra, Religare Broking

"Honestly, we were anticipating some pause in the index but buoyancy in the global markets has again changed the tone. Among the important event, we’ll see participants reacting to the TCS numbers in the early trade on Friday i.e. July 10. We reiterate our positive yet cautious view on markets and suggest focusing more on position management,"said Ajit Mishra, VP - Research, Religare Broking.
03:41 PM

This is how the the 30-pack Sensex traded in today's session. It touched high of 36,806.30 and a low of 36,422.30 to finally settle at 36,737.69.

This is how the the 30-pack Sensex traded in today's session. It touched  high of 36,806.30 and a low of 36,422.30 to finally settle at 36,737.69.
03:40 PM

CLOSING BELL: HDFC twins, RIL give Sensex 409-point lift; Nifty50 tops 10,800; Bajaj Finance, SBI gain 4% each

  • RIL and financials lead the market rally
  • 22 of 30 Sensex stocks end the day in the green
  • Index contributors: HDFC, RIL, HDFC Bank, Bajaj Fin, SBI
  • Top Index gainers: SBI (4.17%), Bajaj Finance (4.02%), HDFC (3.25%)
  • Top Index losers: ONGC (1.29%), TechM (1.27%), HUL (0.33%)
  • All sectoral indices except FMCG, capital goods, oil & gas and power end the day in the green
  • S&P BSE METAL biggest sectoral gainer, up 2.13%
  • S&P BSE Fast Moving Consumer Goods biggest sectoral loser, down 0.35%
  • Volume toppers: Bajaj Fin, SBI, RIL, IndusInd Bank, ICICI Bank
CLOSING BELL: HDFC twins, RIL give Sensex 409-point lift; Nifty50 tops 10,800; Bajaj Finance, SBI gain 4% each
03:18 PM

Future Consumer, P&G, Marico among top losers in the FMCG stocks

Price as on 09 Jul, 2020 03:18 PM, Click on company names for their live prices.
03:15 PM

Tata group retail arm Trent looking to pursue 'accelerated expansion'

Tata group retail firm Trent Ltd is looking to pursue "accelerated expansion" in the future once its existing stores are back in business after being impacted by the coronavirus pandemic, according to the company's annual report. The company said India continues to be amongst the most attractive retail markets globally with its strong demographics and growing consumption, factors which will continue to play out over medium to long term.
03:01 PM

Sensex rises 400 points; here are the top index contributors

Sensex rises 400 points; here are the top index contributors
02:36 PM

Top 10 NSE gainers in afternoon session

Price as on 09 Jul, 2020 02:36 PM, Click on company names for their live prices.
02:06 PM

Sensex gainers & losers in the afternoon session

Sensex gainers & losers in the afternoon session
02:04 PM

Barring Infratel, telecom stocks trade higher

Price as on 09 Jul, 2020 02:04 PM, Click on company names for their live prices.
01:49 PM

Positive commentary from TCS on stable Q2 will be a huge positive: Edelweiss

"If they say that quarter two onwards we will see some stability returning, then it will be a very big positive statement because global agencies have been forecasting a 7-8% decline for the full year. So if quarter two is stabilising, then we will end up the year between 0% to 2% plus or minus and it will be a much better situation than what people are expecting," said says Sandip Agarwal, Lead Analyst - IT, Internet and Telecom, Edelweiss Financial Services.
01:29 PM

Not to sell IDBI Bank stake in FY21 if valuation is not good: Govt officials (Source: Cogencis)

01:28 PM

Flipkart purchases a minority stake in Arvind Youth Brands for Rs 260 crore; Arvind Fashions stock rises 5%

Flipkart purchases a minority stake in Arvind Youth Brands for Rs 260 crore; Arvind Fashions stock rises 5%
01:11 PM

Barring Bandhan, ICICI Bank, all S&P BSE Bankex constituents in the green

Barring Bandhan, ICICI Bank, all S&P BSE Bankex constituents in the green
01:06 PM

BHEL commissions Solar PV Plant in Madhya Pradesh for Indian Railways

State-run engineering firm BHEL on Thursday said it has successfully commissioned a 1.7 MW solar photovoltaic (PV) plant at Bina in Madhya Pradesh for the Indian Railways. The plant will directly feed power to traction systems of Indian Railways, a Bharat Heavy Electricals Limited (BHEL) statement said.
12:58 PM

Fitch Ratings affirms Glenmark long-term issuer default rating at BB- (Source: Agencies)

Fitch Ratings affirms Glenmark long-term issuer default rating at BB- (Source: Agencies)
12:45 PM

Rossari a subscribe for short-term and long-term investors: Nirali Shah, Samco Securities

Post a lull in the IPO market, Rossari Biotech is inaugurating the IPO season with its Rs 500 crore fresh issue and OFS. There are a number of reasons why Rossari is a subscribe for short and long term investors alike. (Analyst: Nirali Shah, Senior Research Analyst. Samco Securities)

  • Fundamentally it is extremely strong with a top line, EBITDA and net profit CAGR of 32%, 63% and 67% respectively from FY17 to FY20.

  • It carries a moat of leading the manufacturing of specialty chemicals for the textile space and caters to other categories such as home, personal care, animal health etc. with a list of top-notch client base.

  • With an exposure to over 17 foreign countries, Rossari has expanded to local as well as global markets to mark its presence in the competitive landscape.

  • A robust management and sound corporate governance policy will drive growth going forward and this is already visible in its current return ratios (ROCE 25% and RONW of 32% in FY20).

  • Since its P/E is slightly overvalued at 31x compared to average P/E of 27x, short term investors can subscribe only for listing gains.

  • However, for long term investors can hold on to this stock as it is still a fair deal because the handsome growth and strong book with a mere 0.3 Debt/equity ratio and sufficient cash still justifies the valuation.

  • One major risk could be its dependence on the textile space however they are trying to reduce this exposure eventually (Textiles formed 71.54% of its revenue in FY18 which is 43.71% in FY20). This is a big positive.
12:18 PM

Praj Indutries to foray into renewable chemicals and metals industry

Price as on 09 Jul, 2020 12:18 PM, Click on company names for their live prices.
11:55 AM

Tata Steel BSL crude steel production drops over 41% in June quarter

Tata Steel BSL on Thursday said its crude steel production fell over 41 per cent to 6,59,000 tonnes during June quarter 2020 as compared with 11,22,000 tonnes in corresponding period a year ago, hit by COVID-19 pandemic. The company's sales also declined 19.58 per cent to 6,94,000 tonnes in the June quarter as against sales of 8,63,000 tonnes in the first quarter of 2019-20.
11:49 AM

Cipla rises as drug maker launches remdesivir generic at Rs 4,000 per vial

Price as on 09 Jul, 2020 11:49 AM, Click on company names for their live prices.
11:25 AM

S&P BSE Finance rises 1%; here are the top gainers from the sector

S&P BSE Finance rises 1%; here are the top gainers from the sector
10:55 AM

S&P BSE Metals rises over 2% to emerge biggest sectoral gainer

S&P BSE Metals rises over 2% to emerge biggest sectoral gainer
10:27 AM

For the next couple of sessions, we expect that the USDINR (Spot) could quote in the range of 74.70 and 75.25: MOSL

10:21 AM

Sensex extends gains, rises 270 points

Sensex extends gains, rises 270 points
10:01 AM

Here are top 5 losers in the auto space

Price as on 09 Jul, 2020 10:01 AM, Click on company names for their live prices.
09:53 AM

YES Bank's Rs 15,000 crore FPO to open on July 15

Private sector lender YES Bank on Thursday said it has filed paper for its proposed follow-on public offer, through which the lender is aiming to raise Rs 15,000 crore. The FPO issue will be open from July 15 to July 17 and bidding by anchor investors will be held on July 14.
09:21 AM

Voda Idea, Future Consumer, YES Bank and Tata Motors among most active stocks on NSE

Price as on 09 Jul, 2020 09:21 AM, Click on company names for their live prices.
09:20 AM

OPENING BELL: Sensex gains nearly 200 points, Nifty50 above 10,750; Hudco, Lemon Tree rise 5% each

OPENING BELL: Sensex gains nearly 200 points, Nifty50 above 10,750; Hudco, Lemon Tree rise 5% each
09:14 AM

Pre-open session: Sensex gains 80 pooints, Nifty above 10,775

09:14 AM

Big Covid hit on health insurers

India’s health insurance sector is feeling the financial brunt of the coronavirus pandemic, with claimed amounts more than tripling to Rs 562 crore in less than a month, led by Maharashtra and Delhi. The number of claims also tripled to 35,000 on July 3 from about 11,000 reported on June 8, according to data from the General Insurance Council.
09:14 AM

PSU insurers’ merger plan shelved

The government has called off the merger of the three public sector non-life insurers — National Insurance, Oriental Insurance and United India Insurance — and has announced an additional capital infusion of Rs 9,950 crore. The Union Cabinet on Wednesday approved a Rs 12,450-crore equity infusion into the non-life companies, which includes the Rs 2,500 crore already invested in FY20.
09:14 AM

India Inc set to post worst Q1 sales

India Inc’s biggest companies are set to post their worst sales performance in nine quarters in April-June 2020, but profit fall will be cushioned by a better-than-expected show by banks and consumer firms. An analysis of the Nifty50 companies showed aggregate revenue for the sample will fall 23.2% year-onyear. Net profit is expected to drop only 6.9% with about two-thirds of the companies expected to report a fall.
09:12 AM

HNIs regain confidence in NBFCs

Wealthy investors and family offices appear to have regained confidence in NBFCs, which were finding it tough to raise money last year. Sales of market-linked debentures — securities where payouts are determined at the time of maturity — have gone up to pre-pandemic levels with the likes of Edelweiss, Anand Rathi, Centrum, and Mahindra Finance raising more than Rs 2,000 core in the April-June quarter from yield-hungry investors.
09:12 AM

TVS Group plans shareholding recast

The $8 billion TVS group, among the largest auto parts makers in the country, may be close to a family settlement in the shareholding structure of the holding company TV Sundram Iyengar & Sons, as discussions within the members to simplify the interlocking ownership patterns have been finalised. While there is no dispute within the family and the settlement is completely amicable, the idea is to hammer out a structure that will prevent potential future disputes among the next generation regarding management and ownership of group companies.
09:12 AM

Retail on a high in Indian equities

Retail participation in Indian equities has surged to a 15-year high in July as investors shifted from unattractive bank and corporate fixed deposits to take advantage of the market’s sharp recovery from the March lows. After hitting a 10-year high of 68% in June, retail participation has risen to 72% of the total cash market turnover so far in July. These levels were last seen in 2005, the mid-point of the 2003-07 bull market.
07:23 AM

SGX Nifty signals positive start

Nifty futures on the Singapore Exchange traded 37.5 points, or 0.35 per cent higher at 10,721, in signs that Dalal Street was headed for a positive start on Thursday.
07:22 AM

Oil prices flat as virus cases rise

Oil prices barely moved in early trade on Thursday as positive momentum from signs of a recovery in U.S. gasoline demand was tempered by concerns about renewed lockdowns with COVID-19 infections surging in the United States. U.S. West Texas Intermediate (WTI) crude futures were unchanged at $40.90 a barrel at 0035 GMT, after rising 0.7% on Wednesday. Brent crude futures inched up 3 cents to $43.32, after gaining 0.5% on Wednesday.
07:20 AM

Hong Kong, China stocks open on front foot

Hong Kong stocks started Thursday morning with healthy gains following another record-breaking performance on Wall Street. The Hang Seng index rose 0.85 percent, or 221.95 points, to 26,351.13. The benchmark Shanghai Composite index ticked 0.04 points up to 3403.48, while the Shenzhen Composite Index on China's second exchange inched down 0.17 points to 2,198.45.
07:19 AM

Japan stocks open modestly higher

Tokyo's key Nikkei index opened slightly higher on Thursday as investors took heart from rallies on Wall Street but trade was subdued with a lack of fresh market-moving events. The benchmark Nikkei 225 index edged up 0.30 percent or 66.48 points to 22,505.13 in early trade, while the broader Topix index was flat -- down just 0.07 points at 1,557.16.
07:19 AM

Wall Street's rally gets back on track

The Dow Jones Industrial Average rose 177.10 points, or 0.7 per cent, to 26,067.28, and the Nasdaq composite gained 148.61, or 1.4 per cent, to 10,492.50 to set another record. The S&P 500, which more index funds benchmark themselves against, rose 24.62 to 3,169.94 and is back within 6.4 per cent of its record.
07:17 AM

FPIs sell Rs 995 cr worth of stocks

Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 994.87 crore, data available with NSE suggested. DIIs were net buyers to the tune of Rs 853.41 crore, data suggests.
07:15 AM

Rupee slips 9 paise to 75.02 against dollar

The rupee skidded 9 paise to close at 75.02 against the US dollar on Wednesday amid rising crude oil prices and a firm greenback. While foreign fund inflows supported the rupee, factors like a strong dollar, volatile domestic equities and rising COVID-19 cases dragged the local unit down, forex traders said.
07:15 AM

Nifty, Sensex on Wednesday

On Wednesday, the Nifty50 on the National Stock Exchange closed at 10,705.75, lower by 93.90 points or 0.87 per cent from the previous close of 10,799.65 points. The BSE Sensex closed at 36,329.01, lower by 345.51 points or 0.94 per cent from its previous close of 36,674.52. It had opened at 36,738.38 and touched an intra-day high of 36,828.43 and a low of 36,234.17 points.
07:13 AM

Good morning, dear reader! Here's something to kickstart your trading day

Good morning, dear reader! Here's something to kickstart your trading day
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