MARKET WRAP: Sensex up 420 pts as Infosys rallies 10%, Nifty ends at 10,740

All that happened in the markets today

Benchmark indices ended Thursday's volatile session on a positive territory, led by a rally in Infosys and select financial counters. 

The S&P BSE Sensex ended 420 points or over 1 per cent higher at 36,471.68 levels. Of 30 constituents, 19 ended in the green and rest 11 in the red. Infosys (up 9.5 per cent) ended as the biggest gainer on the index after the company posted better-than-expected numbers for the June quarter of the fiscal year 2020-21 (Q1FY21). The stock was also the major contributor to the Sensex's gains.

NSE's Nifty ended at 10,740, up 122 points, or over 1 per cent.

The trend among Nifty sectoral indices was positive. Barring Nifty Media, all the other indices advanced. Nifty IT ended as the biggest gainer - up over 2.8 per cent to 16,926 levels. 

In the broader market, the S&P BSE MidCap index ended 0.71 per cent higher and the SmallCap index ended flat with the negative bias.

Global markets

Emerging market stocks fell to a one-week low on Thursday as tensions between the United States and China and rising coronavirus cases around the world weighed on investor sentiment, while a stronger dollar hit risky currencies. 

A broad dispute between Washington and Beijing over the control of advanced technologies and the protection of civil liberties in Hong Kong continued to hit risk appetite.

The MSCI’s index for developing world stocks dropped 1.6 per cent, after rising in the previous session. 

In commodities, oil prices fell after OPEC and other producers including Russia agreed to ease record supply curbs from August, though the drop was cushioned by tightening global inventories as economic activity picks up.

(With inputs from Reuters)

4:03 PM

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

"In spite of negative global cues, Indian benchmark indices gained strength as the day went on, powered by the IT index and Infosys in particular. Infosys reported better-than-expected numbers and was backed by good deal wins and a decent outlook. Ground realities remained little changed, as the virus infections and geopolitical tensions created uncertainty on the global economic recovery. Investors need to remain stock specific and the earnings results and commentary should be watched out for."

3:45 PM

SECTOR WATCH:: Nifty Media ends in the red

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 gained 420 points or 1.16 per cent to settle at 36,472 while NSE's Nifty ended at 10,740, up 122 points or 1.15 per cent. 

3:25 PM

Bajaj Consumer Care zooms 20% on healthy operational performance in Q1

Shares of Bajaj Consumer Care were locked in the upper circuit band of 20 per cent at Rs 181 on the BSE on Thursday after the company reported a strong operational performance in June quarter (Q1FY21) with EBITDA (earnings before interest, taxes, depreciation, and amortization) margins coming in at 30.42 per cent against brokerages' estimate of around 20.5 per cent. EBITDA margin stood at 30.93 per cent in June 2019 quarter (Q1FY20) and 25.67 per cent in March quarter (Q4FY20). READ MORE 

3:19 PM

With inflation in India ticking higher it may be time for RBI to pause

Having cut its key lending rate by an aggressive 115 basis points (bps) in 2020, on top of 135 bps cuts in 2019, the RBI so far has had little success in spurring credit growth amid varying degrees of lockdowns across India.

 

Some economists and market insiders argue it may be prudent for the MPC, the policy committee, to hold its fire when it meets early next month. READ MORE

3:13 PM

Large Deals :: 4.4 lakh shares trade in 2 blocks on NSE at Rs 2,005/Sh

(Via CNBC TV18)

3:06 PM

NEWS ALERT :: India signs Air Bubble agreement with various countries, says Hardeep Singh Puri

>> Alert: Air Bubble essentially means air routes between two countries. Thues, India may soon start International flights.

3:02 PM

NEWS ALERT :: PM Modi to deliver keynote address at this year’s High-Level Segment of UN Economic and Social Council session

 >> Session is on Friday, July 17, 2020 at the United Nations in New York.

>> This year's address will be through video conferencing

2:55 PM

Capital infusion in 3 state-owned insurers 'credit positive': Moody's

The Rs 12,450-crore capital injection in three state-run insurance companies is "credit positive" as their capital had been significantly depleted over the last few years, Moody's Investors Service said on Thursday. Last week the Union Cabinet had decided to put on hold the merger of National Insurance, The Oriental Insurance and United India Insurance and approved a Rs 12,450 crore capital infusion into these three general insurers. READ MORE

2:50 PM

Strong metro rail order book, indigenisation initiatives bode well for BEML

Shares of BEML are up a good 60 per cent from their March lows. Though there are some near-term concerns on new order flows and project execution in the backdrop of lockdowns, the company's existing order book of close Rs 10,000 crore as on end March 2020 provides good revenue visibility of three and a half years. READ MORE

2:41 PM

MARKET INSIGHT :: What dragged Asian markets lower today?

2:34 PM

Private banks stare at washed-out Q1; moratorium, Covid-19 provisions eyed

For Edelweiss Securities, the April-June, 2020 quarter earnings are unlikely to bring forth any big reveal on asset quality, margins or loan growth for lenders. While the moratorium option will ensure nearly invariant asset quality, loan disbursements are likely to be muted, it said in a result expectation report. READ MORE

2:23 PM

Aditya Birla Fashions' rights entitlement shares tumble 39%

The dealings in the REs for Renunciation of Aditya Birla Fashion and Retail Ltd were permitted on the Exchange with effect from the July 8, 2020 and will close on July 17, 2020. The shares shall be settled on T+2 rolling settlement basis and the trades shall be settled on trade-for-trade basis. The REs shall be tradable in dematerialized form only. READ MORE

2:14 PM

NEWS ALERT :: Federal Bank cuts lending rates by 10-20 bps across tenures