MARKET WRAP: Sensex up 519 pts on broad-based buying, Nifty ends at 10,471
All that happened in the markets today
 "BSE Sensex")
All the sectoral indices on the NSE ended higher (Photo: Kamlesh Pednekar)
Equity benchmark indices ended around 1.5 per cent higher on Tuesday, owing to across-the-board buying.
The S&P BSE Sensex rallied 519 points or 1.49 per cent to settle at 35,430 levels, while the Nifty50 index ended at 10,471, up 160 points or 1.55 per cent.
Bajaj Finance (up over 9 per cent), L&T (up over 6.5 per cent), and IndusInd Bank (up over 6.5 per cent) were the top gainers on the 30-share Sensex. On the other hand, Reliance Industries (RIL) ended as the biggest loser - down 1.5 per cent.
IT stocks reversed morning losses and ended higher, shrugging off US President Donald Trump's decision to suspend the entry into the United States of certain foreign workers. Nifty IT index gained 1.5 per cent to 14,680 levels.
All the sectoral indices on the NSE ended higher, led by the Nifty PSU Bank index, up 3.4 per cent. Broader indices continued to outperform the benchmarks. The S&P BSE MidCap and SmallCap indexes advanced 1.7 per cent and 1.8 per cent, respectively.
Global markets
Asian equity markets bounced on Tuesday after U.S. President Donald Trump said the U.S.-China trade pact was “fully intact”, clarifying earlier confusing statements from the White House over the fate of the deal.
Asian equity markets bounced on Tuesday after U.S. President Donald Trump said the U.S.-China trade pact was “fully intact”, clarifying earlier confusing statements from the White House over the fate of the deal.
MSCI’s broadest index of Asia Pacific shares outside of Japan rose 0.72% to 517.1 points after earlier going as low as 509.9. Chinese shares regained lost ground too, with the blue-chip index last up 0.38%.
(With Reuters inputs)
3:58 PM
MARKET COMMENT:: Vinod Nair, Head of Research at Geojit Financial Services
"The Indian indices traded positive, in sync with global indices, seemingly on the back of continued liquidity flows into the markets. The gains were spread across sectors and market caps, with even the IT index overcoming its losses, due to the proposed change in H-1B visa rules. Markets were also optimistic on the back of news of a de-escalation in border hostilities and the pace of Covid-19 recoveries increasing, in spite of the new virus infections. Investors advised to remain cautious and keep booking profits."
3:43 PM
SECTOR WATCH:: Nifty PSU Bank index gains nearly 3.5%
3:39 PM
MARKET AT CLOSE:: Losers and gainers on the S&P BSE Sensex
3:36 PM
CLOSING BELL
The S&P BSE Sensex jumped 519 points or 1.49 per cent to end at 35,430 while NSE's Nifty ended at 10,471, up 160 points or 1.55 per cent.
3:28 PM
MARKET CHECK
3:18 PM
CIL's coal allocation for non-power sector jumps to 6 MT in April-May
Coal India's fuel allocation under the exclusive e-auction scheme for non-power consumers like steel and cement jumped five-fold to 6.10 million tonnes (MT) in the last two months. The state-owned company had allocated 1.20 MT of coal to non-power consumers under the scheme in April-May 2019, as per latest government data. READ MORE
2:56 PM
Click here for the full list
Recovery from intra-day lows in today's session
| COMPANY | DAY'S LOW(RS) | DAY'S HIGH(RS) | LATEST(RS) | RISE(%) |
|---|---|---|---|---|
| C P C L | 72.10 | 84.55 | 83.50 | 15.81 |
| IRB INFRA.DEVL. | 81.55 | 94.90 | 91.75 | 12.51 |
| CYIENT | 225.50 | 263.00 | 252.95 | 12.17 |
| PRESTIGE ESTATES | 214.20 | 244.60 | 238.30 | 11.25 |
2:51 PM
IndusInd Bank gains 6% as promoter buys additional 1.39 lakh shares
Shares of IndusInd Bank rose 6 per cent to Rs 520 on the BSE on Tuesday after the private sector lender said that its promoter had acquired additional shares of the bank through open market purchases. “On June 18, IndusInd International Holdings, one of the promoters of Bank, purchased 139,000 equity shares of the bank for Rs 6.82 crore,” IndusInd Bank said in an exchange filing. READ MORE
2:49 PM
B&K Securities on Century Textiles
2:48 PM
Prabhudas Lilladher on SBI Cards
FY22 should witness return to normalcy attributed to Co.’s SBI association, existing sophisticated technology infrastructure and data analytics. Valuation multiple stands trimmed as it reflects the vulnerability of unsecured nature of business to pandemic shocks. At CMP, stock trades at 42x FY20 & 32x FY22E P/E. While a credit card business remains a high growth high return model and SBICARD FY22 earnings expected to report robust 27% RoE and 5% RoA, our revised multiple at 36x (earlier 38x) stands justified. Maintain BUY with target orice of Rs 643 (earlier Rs 646).
2:46 PM
Emkay Global on paints
Recent channel checks indicate mixed demand trends for paint companies, with small towns showing stronger-than-expected recovery, while urban towns witnessing steep declines due to the lack of laborers and demand postponement. Recovery in small towns is aided by channel stocking, unfinished work getting completed and pent-up demand, which is likely to result in better performance of Berger Paints vs. Asian Paints in the near term. We estimate Berger to have a higher share in small towns at ~60-70% vs. Asian Paints at ~50%. We remain underweight on Asian Paints (Hold) and Berger (Sell) due to demand uncertainty and rich valuations. We reduce FY21/22E earnings for Asian Paints by 17%/7% and Berger by 13%/6%.
2:44 PM
HDFC Securities on Tata Motors
We set a Mar-22 SOTP target price of Rs 112. We value the India business at 9x EV/EBITDA and the JLR business at 2x EV/EBITDA. Key risks: Earlier than expected stake sale of the PV business on the upside, delayed economic recovery and any increase in geo political risks on the downside.
2:43 PM
MARKET UPDATE:: Sensex extends gain
2:30 PM
Investors are spending fresh billions hedging market mania: Experts
Whether it’s a bearish portent of a sell-off to come or prudent hedging after a fierce stock rebound, traders are bolstering their defenses against an end to this vertiginous rally. Gold and longer-maturity bonds are getting outsized inflows. Protective equity options are outdrawing speculative contracts, while volatility markets are positioning for fresh disruptions. READ MORE
2:21 PM
MARKET CHECK:: Top 5 losers on the BSE at this hour
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Jun 23 2020 | 7:47 AM IST
