MARKET WRAP: Indices rally for 5th straight day, Sensex ends 187 pts higher

All that happened in the markets today

4:05 PM

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

Benchmark indices were volatile in trading today, after swinging from losses to end the day flat, with a positive bias. This was in spite of negative global cues, due to renewed uncertainty regarding economic recovery and delay in a complete opening up of economies from lockdowns. These uncertainties regarding the sustainability of the market rally were visible in the Indian markets also but were offset by gains in IT and Financials Index. Any impact seen on momentum, which has been driving the market along with liquidity, can lead to nervousness in the markets, and investors are advised to watch out for the same.

3:43 PM

SECTOR WATCH:: Nifty Metal cracks over 1.7%

3:42 PM

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

3:36 PM

CLOSING BELL

The S&P BSE Sensex gained 187 points or 0.51 per cent to settle at 36,674.52 levels while NSE's Nifty ended at 10,799.65, up 36 points or 0.33 per cent. 

3:28 PM

MARKET CHECK

3:17 PM

MARKET CHECK:: NTPC slips over 3%

3:12 PM

ED files charges against GVK group, promoters for Mumbai airport 'scam'

An officer said an Enforcement Case Information Report (ECIR), which is equivalent to police first information report, has been filed under Section 3 of Prevention of Money Laundering Act (PMLA). The section deals with concealment of proceeds of crime where the accused shall be guilty of money laundering. READ MORE

3:01 PM

Financials in focus; Bajaj Finance, M&M Financial, Bandhan Bank up over 5%

Shares of financial firms, mainly non-banking financial companies (NBFC) were in focus on Tuesday. The stocks rallied up to 20 per cent on the BSE after Bajaj Finance said its assets under management (AUM) under moratorium declined from 27 per cent, at the end of April 2020, to about 15.5 per cent at the end of June 2020. Bandhan Bank has reported healthy loan and deposit growth in the April-June quarter on a yearly basis despite nationwide Covid-19-induced lockdown. READ MORE

2:55 PM

MARKET UPDATE :: Metal stocks drag; Nifty Metal index down nearly 2%

2:52 PM

BUZZING STOCK:: Bajaj Finance extends gains, rises as much as 10% intraday

2:49 PM

Franklin MF in talks with bond issuers to list unlisted debt on bourses

Last month, the Securities and Exchange Board of India (Sebi) gave a three-month window to unlisted bond issuers to get their securities listed.

 

The fund house is also working on getting the schemes under wind-up listed on exchanges, as required by Sebi’s new norms, so that investors with urgent need of liquidity can use this facility. READ MORE

2:41 PM

Further re-rating of M&M depends on UV, capital allocation outcome

The Mahindra & Mahindra stock has gained 46 per cent since mid-May, outperforming the BSE Auto Index which was up 32 per cent during the same period. The outperformance was due to expectations of higher growth for tractors, better-than-expected operating performance in the March quarter and improving capital allocation policies. READ MORE

2:31 PM

Maruti Suzuki India partners with Axis Bank for easy vehicle financing

Under the partnership, Axis Bank will offer a variety of options to customers, including 100 per cent on-road funding for salaried customers for eight years, step-up EMI scheme starting at Rs 1,250 per lakh and balloon EMI scheme with final EMI being 25 per cent of loan amount, the company said in a statement. READ MORE 

2:21 PM

Reliance, Sterlite, TechM set to power next-gen 5G telecom networks

Three Indian giants — Anil Agarwal-run Sterlite Technologies, Reliance Industries-controlled Radisys, and Tech Mahindra — are developing software, manufacturing, and systems integration capabilities to power the building of the next-generation of ‘virtualised’ 5G telecom networks. The move entails moving from the current hardware-dependent networks to ones that will be software-centric with hardly any dependency on the underlying hardware. READ MORE

2:18 PM

MARKET CHECK:: Bajaj Finance extends gains, up 7%

2:13 PM

Race for next Sebi chief hots up again as Tyagi tenure ends next month

The government had narrowed down on some of these names in February, before Tyagi’s three-year tenure was set to end on February 28. However, he was granted a six-month extension to ensure continuity at Sebi amidst the Covid-19 crisis. READ MORE

2:05 PM

Rupee Closing

Rupee ends weaker at 74.94 per US dollar vs Monday's close of 74.67/$

2:01 PM

MARKET CHECK:: Rain Industries jumps over 12%

1:57 PM

Bosch trades highest since March 2020, surges 13% in range-bound market

Bosch shares hit a four-month high of Rs 13,556, ralling 12 per cent in the intra-day trade, on the BSE on Tuesday in an otherwise range-bound market, and were trading at their highest level since March 4, 2020. At 01:29 pm, the stock of the auto ancillary company was trading 11 per cent higher at Rs 13,358 as compared to 0.38 per cent rise in the S&P BSE Sensex. READ MORE

1:49 PM

BROKERAGE VIEW:: Edelweiss Securities on Escorts

We believe Escorts will be in a better position to reap benefits of this upcycle like never before. We estimate 18% earnings per share (EPS) CAGR during FY20-23E, and further improvement in cash flow and return on capital employed (RoCEs) from these levels as well, which will continue to support the stock’s valuation. The stock is currently trading at 16x/19x (adjusting to treasury share/without treasury shares) FY22E EPS. We initiate coverage with a BUY rating with a target price of Rs 1,332 per share, valuing at 20x/24x (adjusting to treasury share/without treasure shares) on FY22E EPS.

1:38 PM

European indices trade higher in early deals

(Source; Reuters)

1:38 PM

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

1:29 PM

MARKET UPDATE :: S&P BSE Bankex index sees sharp recovery

1:22 PM

MARKET UPDATE :: S&P BSE FMCG index trades weak

1:16 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ALKYL AMINES	2315.30	2345.00	0.66
BHARAT DYNAMICS	433.70	454.25	1.55
ESCORTS	1091.25	1096.35	1.73
HIND.AERONAUTICS	1003.70	1028.00	5.51
IDBI BANK	50.45	55.75	-4.99

1:11 PM

Financials dominate large- and mid-cap universe of equity mutual funds

Stocks in the financial space dominate the large- and mid-cap universe of equity mutual funds (MFs). According to an analysis done by Edelweiss, financial stocks account for 28 per cent of the market cap of the top 100 stocks (large-caps), followed by consumer stocks at 18 per cent, technology at 14 per cent, and oil & gas at 13 per cent. READ MORE

1:00 PM

MARKET VOICE :: Shyam Sekhar

12:53 PM

BROKERAGE VIEW :: Edelweiss on Sobha

Sobha’s Q1FY21 new sales volume decreased to 0.65msf (down 39% YoY, 28% QoQ) stalled by the covid-19-induced lockdown. Given the lockdown during April and May 2020, this is a reasonable performance in our view. By value, sales (company’s share) were at INR3.9bn (down 40% YoY, 29% QoQ). Average realisation is largely stable at ~ Rs 7,500/sft. The company managed to reduce net debt for the second consecutive quarter. Enquiries in Bengaluru have returned to pre-covid-19 levels. While the health crisis may disrupt H1FY21 operations, we expect the sales momentum to improve riding the robust 14.6msf launch pipeline. Maintain ‘BUY’ with an SoTP-based target price of Rs 291

12:52 PM

BROKERAGE VIEW :: Sushil Finance on Arvind Ltd

COVID-19 has an extensive impact on the textile sector with lower volumes, tepid demand and disrupted supply chain. However, the management is confident that the sector will turn around by Q2FY21 with plants already ramping up to Capacity utilization of 45-50%. Hence, we have revised our estimates and expect the company to report sales of Rs. 8,339 Cr in FY22 with PAT & EPS of Rs.250.9 Cr and Rs.9.7.  We have assigned a PE of 5.5X and have arrived with a target price of Rs.53 (+~61%) within an investment horizon of 16-20 months.

12:51 PM

BROKERAGE VIEW :: LKP on Cochin Shipyard