Sensex ends 214 pts higher amid broad-based buying; Asian Paints gains 4%

All that happened in the markets today

3:54 PM

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

Indian indices had a strong opening and inspite of volatility held onto some of the gains, supported by positive global cues. The broader market indices performed better than the benchmarks. Overnight gains in US Tech shares, in spite of underwhelming economic data in the US, helped global markets. Domestically, more hopes arose regarding normalisation of businesses and affected sectors, as the government continued with the “unlock” process.

 

Markets were up by almost 1.5% on a weekly basis. Expectations and remarks from Central Banks, especially from the US Fed, drove global markets this week.

 

WEEK AHEAD

 

Indian markets are showing strong correlation with the global markets. The markets, globally, are currently running on hope and liquidity. The expectation of economic activity picking up and earning normalising will have to translate into reality or at least show signs of it, for the markets to sustain the current momentum. Until then investors are advised to remain cautious while trading and remain stock specific.

 

3:45 PM

MARKET COMMENT :: Sanjeev Zarbade, VP PCG Research, Kotak Securities

The BSE-30 Index gained 1.6 per cent in the current week. Market mood remained volatile over the past week as participants grappled with the pace of economic recovery. NTPC, Tata Steel and ONGC  were among the top gainers while State Bank of India, Mahindra & Mahindra and Axis Bank were major losers in the BSE-30 Index.

Action has shifted to mid and small cap indices. Metals and Power stocks have done well in this week. On the economy front, trade deficit for July was at US$4.8 bn against a surplus of US$0.8 bn in June; July exports fell by 10.2 per cent YoY while imports fell by 28.4 per cent YoY. FPIs bought equities worth US$1.9 bn over the past five trading sessions while DIIs sold US$368 mn worth of equities in the same period.

3:43 PM

PSBs gain; All the 12 constituents of the PSU Bank index end in the green

3:42 PM

Metal index ends as top loser on NSE; 10 out of 15 constituents end in the red

3:40 PM

BSE Snapshot at Close

3:39 PM

Sectoral trends on NSE at Close

3:37 PM

Sensex Heatmap at Close

3:35 PM

Closing Bell | Indices end off day's high

>> The S&P BSE Sensex ends at 38,435, up 214 points or 0.56 per cent. The index hit intra-day high of 38,579.83

>> NSE's Nifty ends at 11,377, up 65 points or 0.57 per cent. The index's intra-day high was 11,418.5

3:31 PM

AGR Case :: Hearing adjourned to Aug 24

3:30 PM

Oil check :: Motilal Oswal Financial Services

3:27 PM

Asian Markets Wrap :: Motilal Oswal Financial Services

3:24 PM

US Court reduces $280 mn punitive damages in TCS-Epic Systems case

The US Court of Appeals, 7th Circuit, Chicago, returned a verdict on the appeal filed by TCS, reducing the damages award. The court held that the punitive damages award of $280 million is constitutionally excessive and directed the Trial Court to reassess them. READ MORE

3:20 PM

NEWS ALERT:: EU official says latest round of Brexit talks bring no breakthrough, reports Reuters

3:16 PM

SECTOR CHECK :: Metals, ITs reverse gains

3:09 PM

MARKET CHECK :: Indices cooling off a bit

3:04 PM

AGR Case :: Spectrum is recognized as an asset, it is the most valuable asset with telcos, says Kipal Sibal for Airtel

>> Spectrum is taken as security by the lenders. 

 

>> If SC refuses to recognise the sale of spectrum, banks will stop lending to telcos, will grievously hurt the telecom sector

COMPANY	LATEST(rs)	CHG(rs)	CHG(%)
VODAFONE IDEA	8.62	0.11	1.29
BHARTI AIRTEL	523.15	-2.35	-0.45
TATA COMM	892.00	-11.55	-1.28

2:56 PM

AGR Case :: SC holding that spectrum can't be sold, will not help recover AGR dues, says Salve for RComm CoC

>> If spectrum sale is not allowed, Spectrum will be returned to DoT, auctioned for future use, wont help recover AGR. 

>> Issue of sale of spectrum should be left to NCLT

2:55 PM

HDFC twins contribute the most to today's gain in Sensex

2:54 PM

AGR Case :: Harish Salve (for Jio), Kapil Sibal (for Airtel) say no demand by the govt for additional dues

2:48 PM

NEWS ALERT :: YES Bank executes definitive agreement for sale of 100% equity shareholding of YES Asset Management, YES Trustee

2:45 PM

GAIL: Demand, fertiliser plants, city-gas distribution to drive earnings

Domestic gas demand has rebounded to pre-Covid-19 levels now as reflected in GAIL’s stock prices. The country’s largest state-owned gas processor and distributor has seen its stock prices surge 25 per cent from May lows. Though the June quarter performance reported last week disappointed the Street, prospects are nevertheless improving for the company. READ MORE

2:37 PM

STOCK ALERT :: Asian Paints hits record high

2:31 PM

AGR Case :: Videocon RP concludes arguments

>> AGR dues for Videocon is pegged at Rs 1,376 cr

Alert: RP is resolution professional

2:30 PM

AGR Case :: We are not liable to pay anything beyond the CIRP process, says Videocon counsel

>> AGR dues will be addressed as operational dues under the IBC Process 

 

>> Waterfall mechanism will have to be followed as per IBC.

2:27 PM

AGR Case :: As per trading guidelines, past dues need to be paid before transfer of spectrum, observes SC

>> If you don't pay, Bharti, who acquired Videocon spectrum, will have to pay

2:25 PM

BUZZING SOTCK:: Jubilant Life Sciences gains 4%

2:25 PM

AGR Case :: Payment of AGR dues will be as per the IBC, says Videocon counsel

2:24 PM

Indian PSBs face fresh capital shortages as coronavirus bites: Moody's

The most likely source of capital to plug these capital shortfalls is the government, despite its completion of a large recapitalisation just a few months ago. READ MORE

2:16 PM

NEWS ALERT | Hearing begins in the AGR case

2:12 PM

GMM Pfaudler, IndiaMART: 70% of Nifty500 stocks trade above their 200-DMA

The 200-day moving average (DMA) is widely acknowledged as an indicator to determine the overall trend by market participants. Simply put, this average assists in identifying a bullish and bearish sentiment for an index or a stock. One can even consider taking a medium-to-long term position in an index or a stock with the help of 200-DMA. READ MORE