MARKET WRAP: Sensex gains 142 pts, Nifty ends at 11,270; pharma stocks zoom

All that happened in the markets today

4:15 PM

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

Sectoral news flow boosted positivity in the Indian markets with the Pharma index leading the gains. The gains were news-driven, with earnings results and government actions accounting for sectoral gains. Earnings results of select pharma companies drove gains in the sector while government actions to boost domestic defence productions helped gains in defence stocks.  With valuations going high, investors are advised to remain cautious and nimble with their investments.

3:45 PM

SECTOR WATCH:: Nifty Pharma rallies nearly 5.5%

3:44 PM

Top gainers and losers on the S&P BSE Sensex at close

3:42 PM

MARKET AT CLOSE

3:41 PM

Markets at close

Sensex ends 142 points higher at 38,182, Nifty settles 56 points higher at 11,270

3:27 PM

Amara Raja Batteries trading strong post Q1 nos

3:20 PM

AGR Case :: Want to go into cause of initiation of insolvency for telcos under IBC, says Justice Arun Mishra

>> Says, we want an understanding of their outstanding liabilities, urgency in pushing for insolvency

3:19 PM

NEWS ALERT :: AGR hearing begins

3:19 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ABB POWER PRODUC	938.00	944.00	6.49
AJANTA PHARMA	1728.90	1759.35	2.20
AUROBINDO PHARMA	954.85	967.60	5.32
BHARAT DYNAMICS	438.00	465.10	4.52
BIRLASOFT LTD	147.60	151.00	3.33

3:13 PM

AGR Case :: Telecom stocks trade mixed ahead of hearing

COMPANY NAME	LATEST	HIGH	LOW	CHG (rs)	CHG(%)	VALUE (rs CR)
VODAFONE IDEA	9.15	9.19	8.82	0.32	3.62	52.94
QUADRANT TELE.	0.19	0.20	0.19	0.00	0.00	0.02
RELIANCE COMMUNI	2.65	2.65	2.65	-0.13	-4.68	0.28
BHARTI AIRTEL	556.80	565.05	555.00	-3.80	-0.68	37.26

3:07 PM

Sector Watch :: All 10 constituents of the Nifty Pharma index trade higher

2:56 PM

RIL top Sensex loser at this hour

2:55 PM

BUZZING STOCK:: Mastek surges around 10%

2:46 PM

M&M's tractor sales momentum crucial for uptick from current levels

While tractor sales have recovered, the company’s market share fell to 39.1 in the quarter as compared to 41.2 per cent in FY20. Its listed peer Escorts reported a 12 per cent fall amid a sharper recovery in May and June. M&M highlighted that supply side issues have been responsible for the fall in sales and loss of market share. READ MORE

2:32 PM

NEWS ALERT :: China will sanction 11 US officials in retaliation for restrictions imposed by Trump on Hong Kong officials, reports Bloomberg

>> Those sanctioned include Senators Marco Rubio, Ted Cruz, Tom Cotton and Pat Toomey; Congressman Chris Smith; Human Rights Watch Executive Director Kenneth Roth; National Endowment for Democracy President Carl Gershman; and Michael Abramowitz, the president of Freedom House, Chinese Foreign Ministry spokesman Zhao Lijian told a briefing in Beijing on Monday.

Alert: The US said Friday that it was placing sanctions on 11 Chinese officials and their allies in Hong Kong, including Chief Executive Carrie Lam, over their roles in curtailing political freedoms in the former British colony

2:26 PM

Insurance firms see surrenders decline in Q1, brace for trend to change

Life insurers, in order to avert surrenders, provide loans against policy, or bridge loans, to policyholders. Such loans come at a cheaper rate of interest than personal loans and they can be repaid whenever the policyholder wants. Typically, these loans are available against traditional policies, which generally attract high surrender charges. READ MORE

2:18 PM

MARKET UPDATE:: Sensex off day's high but still in the green

2:11 PM

Equity schemes clock largest outflows in 7 years as redemptions pick up

Equity schemes saw the largest net outflows in seven years, with outflows reaching Rs 2,480 crore in July. Industry analysts attributed the redemptions to high net worth investors (HNIs) booking profits amid market run-up. “This can be attributed to profit-booking by HNIs and also some investors waiting on sidelines,” said N S Venkatesh, chief executive of Association of Mutual Funds in India. READ MORE

2:06 PM

NEWS ALERT :: AGR hearing will now take place at 3 pm

2:04 PM

Rupee Closing

Rupee ends at 74.90 per US dollar vs Friday's close of 74.93/$

1:58 PM

Tea company McLeod Russel moves to settle debts as promoters reduce stake

Sources said most lenders have reached a consensus that debt restructuring is the right choice and not auction under the insolvency law. The resolution proposal before the lenders includes a combination of sale of tea gardens, infusion by promoter/investor and restructuring of balance debt.

 

McLeod's debt is at around Rs 2,000 crore. "Lenders have now realised that restructuring is the right choice as in the NCLT route, the haircut could be 50-60 per cent. With restructuring, it will be possible to recover the entire amount over a period of time," said sources, referring to the National Company Law Tribunal. READ MORE

 

1:53 PM

AHEAD OF RESULTS:: Titan Co trades around 2% higher

1:46 PM

Improving realisations may help steelmakers forget Covid-19 memories

Steel stocks, which continued to gain from their March-April lows, have now regained levels last seen in February this year. Tata Steel, JSW Steel, and SAIL have rebounded 57-84 per cent, while Jindal Steel & Power (JSPL) has been a strong outperformer, gaining more than 200 per cent. The trigger has been provided by improving steel realisations, after the beating taken during the April-May period following the lockdown. READ MORE 

1:35 PM

'Quality' stocks come at a premium, valuations have crossed pre-Covid level

The valuation for most ‘quality’ stocks has surpassed their pre-Covid levels following a sharp run-up in stock prices. According to Kotak Institutional Equities’ analysis, one-year forward (FY22) price-to-earnings (P/E) multiple for 30 of 32 top companies across sectors is currently higher than the pre-Covid levels. READ MORE

1:23 PM

Shipping Corporation jumps 9% on Rs 317 crore profit in June quarter

Crude tankers were increasingly sought after by refiners and traders during the quarter to store crude oil on the high seas due to a slump in global crude prices and lack of storage space on-land. The tanker fleet, SCI’s largest division, account for more than half of the total fleet but in terms of tonnage (capacity), it constitutes close to 80 per cent of the total dead weight tonnage (DWT). The tanker division was the only segment that registered a growth in revenue on a yearly basis, at Rs 861.46 crore compared to Rs 571.25 crore in Q1FY20. READ MORE

1:12 PM

Reserve Bank's silence on record India bond sales leaves traders baffled

Their patience is running thin as the RBI refrained from taking steps to ease the market’s debt burden at a policy review last week, even as the government plans to sell Rs 12 trillion ($160 billion) of bonds this fiscal year. “The big question for the market is how this massive borrowing is going to be facilitated when banks are already full to the limit,” said Naveen Singh, head of fixed-income trading at ICICI Securities Primary Dealership Ltd. in Mumbai. “If the RBI doesn’t intervene, we could see yields resetting upwards at every auction,” he said. READ MORE 
 

12:58 PM

BUZZING STOCK:: M&M surges over 5.7%

12:49 PM

MARKET UPDATE:: Broader indices outperform benchmarks

12:38 PM

Telecom stocks gain ahead of SC hearing on AGR

COMPANY	LATEST(rs)	CHG(%)
VODAFONE IDEA	9.18	3.96
BHARTI AIRTEL	563.00	0.43
TATA COMM	854.70	5.00

12:32 PM

BROKERAGE VIEW:: YES Securities on Birla Corporation

RATING: BUY | TARGET PRICE: Rs 943

We have upgraded EBITDA estimates by 5%/1.9% for FY21E/FY22E respectively due to better than anticipated demand and pricing in May‐June combined with cost optimization measures. Accordingly, we expect peak net debt/EBITDA for BCORP at 3.3x in FY21E (despite factoring in that BCORP will not receive any subsidies in FY21E) vs the previous est. of 3.6x.