MARKET WRAP: Sensex gains 173 pts as auto, IT, and metal stocks advance
All that happened in the markets today
 "Markets")
NSE's Nifty added 69 points or 0.61 per cent to end at 11,247. (Photo: PTI)
After trading in a range for the most part of the session, the domestic stock market witnessed a sharp upside in the last hour of the trade. At the close, the S&P BSE Sensex stood at 38,050.78 levels, up 173 points or 0.46 per cent while NSE's Nifty added 69 points or 0.61 per cent to end at 11,247. Volatility index, India VIX, declined 1.68 per cent to 21.31 levels.
NTPC, Maruti, Larsen & Toubro (L&T), and HUL were among the major contributors to the Sensex's gain while Reliance Industries (RIL), and Bharti Airtel were the top drags. Of 30 constituents, 24 advanced while the rest 6 declined.
Among individual stocks, Sun TV ended around 6.5 per cent higher at Rs 425.85 on the BSE after the company shared a healthy subscription outlook going forward and said that revenues were already close to 75 per cent of the pre-Covid levels. READ MORE
NTPC ended nearly 8 per cent higher at Rs 95.40 after the company's profit before exceptional item and tax rose 16.10 per cent to Rs 4,280 crore. READ MORE
Shares of Glenmark Pharmaceuticals rose as high as 7 per cent to Rs 508.50 on the BSE after the company posted an over two-fold increase in consolidated net profit at Rs 254.04 crore for the quarter ended June 2020 (Q1FY21). The stock, however, pared its gains later and ended over 1 per cent up at Rs 480.90. READ MORE
In the broader market, the S&P BSE MidCap index settled 0.41 per cent higher at 14,492 while the S&P BSE SmallCap index climbed 0.84 per cent to 13,972 points.
Among sectoral indices on the NSE, Nifty Metal gained the most - up 2.5 per cent to 2,466 levels, followed by Nifty Auto (up 2.43 per cent).
Among sectoral indices on the NSE, Nifty Metal gained the most - up 2.5 per cent to 2,466 levels, followed by Nifty Auto (up 2.43 per cent).
Global markets
Shares crept back toward recent peaks on Monday as Chinese markets swung higher, while investors waited to see if the recent sell-off in longer-dated US Treasuries would be extended and perhaps take some pressure off the dollar.
Chinese blue chips led the way with gains of 2.35 per cent, as the country's central bank provided more medium term loans to the financial system.
Beijing had also granted a patent for CanSino Biologics Covid-19 vaccine candidate Ad5-nCOV. But Tokyo's Nikkei fell 0.6 per cent as Japan became the latest country to confirm its biggest economic contraction on record.
In commodities, oil prices steadied as news that China planned to ship large volumes of US crude in August and September countered rising tensions between the two countries and a delay in the review of their trade pact over the weekend.
(With inputs from Reuters)
3:42 PM
Sensex gainers and losers at close
3:41 PM
SENSEX AT CLOSE
3:40 PM
SECTOR WATCH:: Auto, metal stocks rally
3:39 PM
CLOSING BELL
Sensex ends 173 points, or 0.46 per cent, higher at 38,051, and the Nifty50 index settles 81 points, or 0.72 per cent, higher at 11,259
3:34 PM
Indian economy likely to contract by 16.5% in Q1FY21: SBI report
"In May, we had indicated that the Q1FY21 GDP growth will exhibit a sharp decline at least in excess of 30 per cent. However, the current situation warrant us to revisit our GDP growth... In principle, revenue decline of listed companies has been far outstripped by cost rationalisation thereby not impacting margins. As per our estimates, Q1FY21 real GDP degrowth would be now around –16.5 per cent," Soumya Kanti Ghosh, chief economic advisor for SBI wrote in his latest report Ecowrap, dated August 17. The government is expected to release Q1FY21 GDP data on August 31. READ MORE
3:24 PM
AGR hearing | SC had indicated that entity using the spectrum must discharge the AGR dues:Solicitor General to SC
-- Sharing of spectrum different from Spectrum trading: Solicitor General
3:18 PM
BUZZING STOCK:: Thyrocare Tech zooms 18%
3:15 PM
» More on 52 Week High
Stocks that hit 52-week high on BSE today
| COMPANY | PRICE(rs) | 52 WK HIGH | CHG(%) |
|---|---|---|---|
| ADVANCED ENZYME | 238.90 | 244.20 | 10.22 |
| ALKYL AMINES | 2862.95 | 2950.00 | 1.17 |
| APL APOLLO TUBES | 2283.15 | 2319.40 | 4.32 |
| BAJAJ ELECTRICAL | 485.55 | 491.15 | 3.76 |
| JINDAL STAIN. | 47.05 | 48.00 | 4.79 |
3:03 PM
» More
Bharti Airtel, Vodafone Idea trade lower ahead of SC's AGR hearing
| COMPANY | LATEST(rs) | CHG(%) |
|---|---|---|
| VODAFONE IDEA | 8.92 | -0.11 |
| BHARTI AIRTEL | 520.55 | -1.58 |
| TATA COMM | 829.45 | 1.61 |
2:55 PM
Broader markets race ahead in August, even as large-caps show fatigue
To underscore the buying frenzy in the broader markets, nearly 300 stocks have gained more than 25 per cent this month, and more than 40 of them have gained over 50 per cent each. Most of these stocks belong to the small-cap universe, where foreign portfolio investors (FPIs) or large mutual funds (MFs) abstain from investing because of sparse liquidity. As a result, experts said gains in the small-cap universe could be fuelled by retail investors, who are not particularly known to place well-researched bets. READ MORE
2:50 PM
Pending AGR verdict has been an overhang on telecom stocks. Should you exit?
BSE Telecom Index: The index appears to be in a consolidation mode between 1,370 and 1,235 levels. The current momentum shows that the index will face resistance at its 50-day moving average (DMA) placed at 1,298. From an immediate viewpoint, the index needs to give a strong close above 50-DMA. Though the overall trend looks stable, a breakout from this consolidation phase will define the next course. READ MORE
2:41 PM
Nifty Metal index in focus, up 2%
2:29 PM
NEWS ALERT :: Britannia declares interim dividend of Rs 83/share for FY21
>> The record date for the purpose of determining the entitlement of the shareholders for the purpose of payment of Interim Dividend has been fixed as Thursday, 27th August, 2020 and the Interim Dividend is proposed to be paid to the shareholders, subject to deduction/withholding of applicable taxes, within the time prescribed under law.
>> The Company at their meeting held today have approved the enhancement of limit for Issuance of Commercial Paper, from time to time, from Rs. 800 Crores to Rs. 1,279 Crores.
(Source: BSE filing)
>> The Company at their meeting held today have approved the enhancement of limit for Issuance of Commercial Paper, from time to time, from Rs. 800 Crores to Rs. 1,279 Crores.
(Source: BSE filing)
2:21 PM
BROKERAGE VIEW:: Edelweiss Securities on Emami
As things normalise, we expect revenue growth to improve as the rural business recovers, wholesale dependence recedes and product relaunches gain desired traction. Furthermore, alleviation of promoter-level pledging concern and launches in the health & hygiene space are added positives. We maintain ‘BUY/SO’ with TP of Rs 380. The stock is trading at a PE of 28.4x FY22E.
2:10 PM
Rupee Closing
Rupee ends at 74.89 per US dollar vs Friday's close of 74.90/$
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Aug 17 2020 | 7:41 AM IST
