Financials, RIL lift indices; Sensex jumps 700 pts, Nifty ends at 10,092

All that happened in the markets today

4:27 PM

NEWS ALERT:: Saudi Arabia's PIF to invest in Jio Platforms

Reliance Industries Limited (“Reliance Industries”) and Jio Platforms Limited (“Jio Platforms”), India's leading digital services platform, today announced an investment of Rs 11,367 crore by The Public Investment Fund (“PIF”).  This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.  PIF's investment will translate into a 2.32 per cent equity stake in Jio Platforms on a fully diluted basis.  With this investment, Jio Platforms has raised Rs 115,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, and L Catterton, since April 2020.

4:03 PM

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

"In spite of negative global cues, Indian indices ended the day positive with steady gains. With the Supreme court AGR ruling providing a respite to the exposed banks, the relief was visible in the banking stocks especially those which had exposure to the telecom companies. The Banking index contributed the most to the positivity and almost all components of the index ended the day on a positive note. The current geopolitical situation and associated comments also gave some support to sectoral movements. Caution is advised."

3:45 PM

SECTOR WATCH:: Nifty Bank gains over 3.7%

3:44 PM

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

3:36 PM

CLOSING BELL

The S&P BSE Sensex gained 700 points or over 2 per cent to end at 34,208.05 while NSE's Nifty ended at 10,092, up 210 points or 2.13 per cent. 

3:26 PM

MARKET CHECK

3:16 PM

MARKET UPDATE: India VIX slips nearly 6% to 31.43 levels

3:11 PM

NEWS ALERT :: RBI Guv chairs meeting of sub-committee of Financial Stability and Development Council

>>  The Sub-Committee also discussed about the proposal of setting up of an Inter Regulatory Technical Group on Fintech (IRTG-Fintech) and the National Strategy on Financial Education (NSFE) 2020-2025

>> It also deliberated upon the status and developments under the Insolvency and Bankruptcy Code (IBC), 2016 and the working of credit rating agencies.

(Source: RBI statement)

3:07 PM

Stocks that are supporting Sensex rally

2:56 PM

SECTOR WATCH:: Nifty Bank index recovers 900 points from day's low

2:50 PM

NEWS ALERT :: Reliance Industries close to acquiring stake in some units of Future Group, reports Bloomberg

>> An agreement with the Future Group, which already has a partnership with Amazon can be announced as early as next month.

>> RIL hits record high of Rs 1,653.
 

2:43 PM

5G rollout, bad optics: SC order on AGR dues to have a far reaching impact

Future developments in the telecom sector remain uncertain after the Supreme Court (SC) hearing on Thursday, where the government asked for allowing a staggered payment of adjusted gross revenue (AGR) outstanding and waived interest charges on telecom PSUs. SC has also asked telecom companies to file financial statements and fixed the next hearing for the AGR-related dues case in July, while the DoT will also consider proposals made by the telecom companies. READ MORE

2:39 PM

MARKET UPDATE:: Volatility index, India VIX, cools off 5%

2:37 PM

Heatmap: S&P BSE Sensex gainers and losers at this hour

2:29 PM

MARKET UPDATE:: RIL hits new high of Rs 1,653, up 2%

>> The stock gains over 18% from recent low of Rs 1,394, touched on May 20, 2020

2:27 PM

STOCK ALERT:: 4 stocks from S&P BSE 500 index locked in 20% upper circuit on the BSE

-- The list includes Shankara Building Products, Somany Ceramics, Nava Bharat Ventures, and ITD Cementation India

2:23 PM

Recovery from intra-day lows in today's session

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
SHANKARA BUILD.	315.30	379.60	379.60	20.39
NAVA BHARAT VENT	38.50	45.95	45.95	19.35
SOMANY CERAMICS	115.50	136.90	136.90	18.53
ITD CEM	42.95	50.60	50.60	17.81

2:18 PM

MARKET CHECK :: Sensex rallies 600 pts

2:16 PM

PSU stocks in focus; ITI surges 20%, BHEL gains 15%, Coal India up 8%

Telecom equipment providers ITI hit 20 per cent upper circuit at Rs 108 on the BSE. The stock has rallied 33 per cent in the past two trading days after the Department of Telecommunications (DoT) reportedly asked state-owned Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam (MTNL) to exclude Chinese gearmakers from supplying 4G telecom equipment. Private telecom operators have been asked to consider staying away from such Chinese firms. READ MORE

2:08 PM

Rupee closing

Rupee ends flat at 76.14/$ vs Wednesday's close of 76.15 against the US dollar

2:03 PM

NEWS ALERT :: FM to address media at 4 pm today

>> Conference on launch of Garib Kalyan Rojgar Abhiyaan by Hon' PM on Saturday, 20th June. 

1:57 PM

MARKET UPDATE:: Top 5 losers on the BSE at this hour

1:52 PM

NMDC hopes to keep volumes intact in FY21; remains wary about realisations

“We hope to achieve what we did in FY20 and that itself will be great positive for the company. The April month was a complete wash out for us as nearly 50 per cent of production declined. But in May, our production picked up and we have done 4.1million tonne production and sales,” Amitava Mukherjee, director finance at NMDC, told Business Standard.

 

State-owned NMDC was unable to meet its production target last year. The company produced 31.49 mt and sold 31.51 mt of iron ore during 2019-20, as against production of 32.36 million tonne and sales of 32.36 mt during the previous year. READ MORE

1:48 PM

India will reduce imports, turn Covid-19 crisis into opportunity: PM Modi

"India will turn this Covid-19 crisis into an opportunity. It has taught India to be self-reliant. India will reduce its dependence on imports. To make India self-reliant in the energy sector, a major step is being taken today," Prime Minister Modi said addressing the event to launch the auction of 41 coal mines for commercial mining on Thursday. READ MORE

1:39 PM

MARKET CHECK :: Nifty reclaims 10K

1:31 PM

MARKET CHECK :: Nifty hits intra-day high of 10,000

1:27 PM

MARKET CHECK :: Sharp rally in indices; Sensex surges 350 pts

1:22 PM

Bharti Airtel, Vodafone Idea: How to trade AGR case-related stocks?

Telecom stocks were back in focus on Thursday after the Supreme Court asked telecom companies to file their financial statements before it and fixed adjusted gross revenue (AGR)-related dues case against them for hearing in July.

 

On their part, Bharti Airtel has already paid Rs 18000 crore, 70 per cent of the Rs 25,600 crore received by Department of Telecom (DOT) from all companies. On the other hand, Vodafone Idea (VIL), which has liabilities worth Rs 53,000 crore pleaded saying that it does not have enough money to pay and should be given some time. READ MORE

1:15 PM

Nifty Metal Index adds over 2%, top gainer on NSE

1:06 PM

Voda Idea, Bharti Airtel recover from day's low as SC defers AGR hearing

Bharti Airtel was trading 0.27 per cent higher at Rs 563.50, after hitting a high of Rs 572.85 during the SC hearing. However, Vodafone Idea was up 5 per cent at Rs 10.31, recovering nearly 14 per cent from the intraday's low of Rs 9.07 on the BSE. In comparison, the S&P BSE Sensex was up 0.69 per cent at 33,738 points. According to analysts, anything less than 15 years would significantly curtail the ability of Vodafone Idea to meet AGR obligations. READ MORE