Indices end near day's high, Sensex up 558 pts; UltraTech Cement jumps 7%
All that happened in the markets today
The domestic stock market ended Tuesday's session with around 1.50 per cent gains amid buying in IT, financials, and auto stocks. The benchmark S&P Sensex advanced 558 points or 1.47 per cent to settle at 38,493, with UltraTech Cement (up 7 per cent) being the top gainer, followed by TCS (up 4.7 per cent), M&M (up nearly 4.5 per cent), and Maruti (up 4 per cent).
NSE's Nifty ended at 11,300.5, up 169 points or 1.52 per cent. Volatility index, India VIX, declined over 5 per cent to 23.73 levels.
Among individual stocks, UltraTech Cement moved higher by 7 per cent to Rs 4,136 on the BSE after the company reported better-than-expected operational performance in the April-June quarter of FY21 (Q1FY21). READ MORE
HDFC Life Insurance hit an all-time high of Rs 647.50 on the BSE during the day ahead of its inclusion in the benchmark index Nifty50 from Friday, July 31, 2020 onwards. The stock ended at Rs 640.55.
Among individual stocks, UltraTech Cement moved higher by 7 per cent to Rs 4,136 on the BSE after the company reported better-than-expected operational performance in the April-June quarter of FY21 (Q1FY21). READ MORE
HDFC Life Insurance hit an all-time high of Rs 647.50 on the BSE during the day ahead of its inclusion in the benchmark index Nifty50 from Friday, July 31, 2020 onwards. The stock ended at Rs 640.55.
Shares of Tech Mahindra gained as much as 6 per cent to Rs 702 on the BSE after the company's April-June quarter (Q1FY21) earnings beat Street estimate. The stock settled at Rs 683.50, up nearly 3 per cent.
In the broader market, the S&P BSE MidCap index ended 0.76 per cent higher at 13,669 levels while the S&P BSE SmallCap index ended at 12,917, up 0.6 per cent.
On the sectoral front, barring Nifty Media, all the other indices ended in the green. Nifty Auto index rallied over 3 per cent to 7,417 levels while Nifty IT gained over 2 per cent to 18,043 points.
In the broader market, the S&P BSE MidCap index ended 0.76 per cent higher at 13,669 levels while the S&P BSE SmallCap index ended at 12,917, up 0.6 per cent.
On the sectoral front, barring Nifty Media, all the other indices ended in the green. Nifty Auto index rallied over 3 per cent to 7,417 levels while Nifty IT gained over 2 per cent to 18,043 points.
Global Markets
European stocks inched higher on Tuesday as investors held out for more US stimulus to limit the economic damage of the Covid-19 pandemic, brushing aside the latest batch of underwhelming quarterly earnings reports from luxury goods makers.
In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan ended up 0.8 per cent. Japan's Nikkei closed lower, but Chinese blue chips rose 0.8 per cent and E-Mini futures for the S&P 500 ESc1 were steady after a 1.7 per cent rebound from the Nasdaq on Monday helped Wall Street higher.
In commodities, gold hit a record high before falling a bit as investors booked profit following a steep surge in the precious metal. Oil prices, on the other hand, were steady as hopes for additional US measures to stimulate the economy countered a demand outlook dampened by the rising of coronavirus cases across the globe.
(With inputs from Reuters)
4:12 PM
MARKET COMMENT:: Vinod Nair, Head of Research at Geojit Financial Services
"Indian benchmark indices closed up by around 1.4 per cent, with Auto and IT constituents contributing the most to the gains. Some of the stocks rallied on the basis of their earnings results with operating margins and earnings visibility being the key notables. Globally, there was an expectation that the US Fed would continue with its dovish policy stance, which would ensure liquidity, especially into emerging markets like India. Liquidity has been a key driver for the market performance, and the Fed decision is likely to be greeted positively. The advice to remain cautious remains and investors must accumulate only quality stocks."
3:44 PM
SECTOR WATCH:: Nifty Auto gains the most
3:43 PM
MARKET AT CLOSE:: Gainers and losers on the S&P BSE Sensex
3:36 PM
CLOSING BELL
The S&P BSE Sensex rallied 558 points or 1.47 per cent to settle at 38,493 while NSE's Nifty ended at 11,300, up 169 points or 1.52 per cent.
3:28 PM
BROKERAGE VIEW:: Centrum Broking on Biocon
The management has guided that company would continue to bring 3 products each fiscal until FY23E and beyond that two products each fiscal. The key concern at this point would be unexplainably low market share in the key products like Pegfilgrastim and Trastuzumab, we closely watch this scenario and feel if the market share in these products could touch low-mid double digits in coming 8 to 12 months and along with ramp-up in Insulin Glargine the earnings could be impressive. We maintain Buy with the target price of Rs 498 (SOTP based). We have valued each business segment separately.
3:22 PM
BUZZING STOCK:: Infosys gains nearly 1.7%
3:14 PM
BUZZING STOCK:: Thyrocare Technologies jumps 14%
3:05 PM
MARKET CHECK :: Nifty nears 11,300
3:04 PM
TCS, HDFC contribute the most to Sensex's 500-point rally today
2:54 PM
NEWS ALERT :: Tata Motors appoints Thierry Bolloré as new chief Executive Officer of JLR w.e.f September 10
>> Bolloré succeeds Prof Sir Ralf Speth, who will take up the previously announced position of Non-Executive Vice Chairman of Jaguar Land Rover plc
Via BSE filing
Via BSE filing
2:48 PM
MARKET CHECK
2:44 PM
UltraTech Cement surges 7% on strong operational performance in Q1
Shares of UltraTech Cement moved higher by 7 per cent to Rs 4,136 on the BSE on Tuesday after the company reported better-than-expected operational performance in the April-June quarter of FY21 (Q1FY21). The company reported a consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization) of Rs 2,353 crore, as against an average analyst estimate of Rs 1,702 crore. READ MORE
2:40 PM
Tractor growth, partnership with Japan's Kubota key triggers for Escorts
A better-than-expected June quarter performance and expectations of steady growth for FY21 led to the 2.2 per cent gain for the Escorts stock. The outperformance was due to a better product mix and lower expenses which resulted in higher realisations and margin expansions. The gains on the operating front came despite the 14 per cent year-on-year fall in tractor volumes. Agri machinery (tractors) is the largest of the three segments Escorts is in and accounts for 80 per cent of its revenues. READ MORE
2:28 PM
BROKERAGE VIEW:: Emkay Global Financial Services on Nippon Life
RATING: HOLD | TARGET PRICE: Rs 280
We cut FY21/22 PAT estimates by ~3.5%/2.7% and roll forward our valuation to Sept’22E. Maintain Hold with a revised TP of Rs 280 (Rs 271 earlier), corresponding to 29x P/Sept’22E EPS with 24% RoE by FY23E. The key risk to our call is another sell-off in the market impacting AUMs negatively.
We cut FY21/22 PAT estimates by ~3.5%/2.7% and roll forward our valuation to Sept’22E. Maintain Hold with a revised TP of Rs 280 (Rs 271 earlier), corresponding to 29x P/Sept’22E EPS with 24% RoE by FY23E. The key risk to our call is another sell-off in the market impacting AUMs negatively.
2:20 PM
RESULT IMPACT:: Ultratech Cement jumps over 6% post June quarter nos
>> Net profit slips 37.8% YoY to Rs 796.3 crore;
>> Revenue down 33.2% YoY to Rs 7,633.8 crore;
>> EBITDA falls 29.7% YoY to Rs 2,074.6 crore
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First Published: Jul 28 2020 | 7:23 AM IST