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

All that happened in the markets today

Indian markets rallied in the final hour of Thursday's session, boosted by financials, after spending majority of the day in a range-bound manner. The benchmark indices ended over 2 per cent higher after the Supreme Court allowed the Department of Telecommunications (DoT) time till third week of July to consider the telecom companies' proposal. The apex court also directed telcos to submit financial documents of the last 10 years. CLICK HERE TO READ FULL REPORT

The S&P BSE Sensex jumped 700 points or over 2 per cent to settle at 34,208.05 levels while the Nifty50 index reclaimed the psychological level of 10,000 and ended at 10,092, up 210.50 points or over 2 per cent. Volatility index, India VIX, dropped over 5 per cent to 31.58 levels. 

Among individual stocks, Bajaj Finance, Axis Bank, and Power Grid were the top Sensex gainers. Muthoot Finance surged over 16 per cent to Rs 1,162.55 after declaring its March quarter results. Reliance Industries (RIL) hit a fresh high of Rs 1,665 during the day. The stock ended at Rs 1,656, up 2.53 per cent. 

All the sectoral indices on the NSE, barring Nifty Pharma, ended in the green, led by Nifty Bank index, up 3.74 per cent.

In comparison, the broader market underperformed the benchmarks. The S&P BSE MidCap index gained 1 per cent and and the SmallCap index rallied around 1.5 per cent.

Global markets

Global stocks drifted on Thursday as spiking coronavirus cases in some US states and China crushed hopes of a quick global economic comeback from the pandemic. S&P 500 mini futures clawed back losses during Asian trade to end 0.2 per cent lower. China's blue-chip CSI300 shares were a bright spot, adding 0.7 per cent. 

In Europe, too, shares retreated. The pan-European STOXX 600 index fell 0.3 per cent after two straight days of gains, driven by optimism over global stimulus helping economies claw back from the coronavirus-led slide.

In commodities, oil prices ticked up after US oil product stocks shrank. Brent crude futures were up 37 cents at $41.08 a barrel at the time of writing of this report. US West Texas Intermediate (WTI) crude futures rose 25 cents to $38.21 a barrel.

Both benchmarks were down about 2 per cent earlier in the session.

(With inputs from Reuters)

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