Sensex ends 269 pts up, Nifty tops 11,200; RIL m-cap crosses Rs 13.5 trn

All that happened in the markets today

After a one-day blip, the domestic equity market resumed rally and ended Thursday's session in the positive territory, supported by buying in select blue-chip counters such as Reliance Industries (RIL), ICICI Bank, ITC, State Bank of India (SBI), and HDFC Bank.

The S&P BSE Sensex surged 269 points or 0.71 per cent to settle at 38,140 levels while NSE's Nifty ended at 11,215, up 83 points or 0.74 per cent. 

RIL’ market capitalisation (m-cap), including the partly paid shares, crossed the Rs 13.5 trillion mark after both the stocks hit their respective new highs on the BSE on Thursday. RIL fully-paid shares closed at Rs 2,060.65 apiece on the BSE. The stock hit an all-time high of Rs 2,079 in the intra-day deals. READ MORE

In the broader market, the S&P BSE MidCap index ended 1 per cent higher at 13,783 levels while the S&P BSE SmallCap index gained 0.61 per cent to 12,996 points. 

Sectorally, barring Nifty IT, all the other indices on the NSE ended in the green. The Nifty Pharma index gained nearly 1.5 per cent to 10,322 while Nifty Auto ended at 7,301, up 1.35 per cent. 

Global markets

European stocks rose on Thursday as better-than-expected corporate earnings offset worries about rising cases of the Covid-19 and a sharp escalation in tensions between the United States and China. The pan-region Euro Stoxx 50 climbed 0.42 per cent while the German DAX gained 0.43 per cent and the FTSE 100 by a similar margin. S&P mini-futures added 0.29 per cent, pointing to a stronger open on Wall Street.

In commodities, oil prices rose on the back of a weaker dollar, but gains were capped by concerns about rising US oil inventories and a persistent surge in new coronavirus cases.

Gold, on the other hand, steadied near a nine-year peak.

(With inputs from Reuters)

4:19 PM

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

"Benchmark indices ended the day with gains, following positivity in the global markets. Global markets set aside the rising US-China tensions and focused on potential vaccine developments and better than expected earnings numbers. Domestically, except for IT, most major indices were in the gains. Liquidity seems to be driving the markets. Any dip looks like it will be bought into and are likely to be short-lived, especially in the current mood of the markets when the negatives are being overlooked".

3:43 PM

SECTOR WATCH:: Nifty IT ends in the red

3:42 PM

MARKET AT CLOSE:: Top gainers and losers on the S&P BSE Sensex

3:40 PM

CLOSING BELL

The S&P BSE Sensex surged 269 points or 0.71 per cent to end at 38,140 while NSE's Nifty ended at 11,215, up 83 points or 0.74 per cent.

3:29 PM

MARKET CHECK

3:21 PM

MARKET UPDATE:: RIL hits m-cap of Rs 13 trillion

3:16 PM

BROKERAGE VIEW:: Centrum Broking on HUL

The management cautioned near-term demand outlook uncertain owing to intermittent lockdown across the country and lower discretionary spends, yet appear to be optimistic on future prospects for its strong portfolio in health, hygiene, and nutrition.  Further, management expects gradual recovery in the economy in Q2, building on Govt. support to lower-middle-income group and bumper Kharif crop driving rural consumption for value for money products. Building on GSK-CH merger and synergies we increase revenue/ PAT estimates for FY21E/FY22E by 11.3%/12.0% and 9.8%/10.6%. We retain ADD rating with DCF-based revised target price of Rs 2,462 implying 56x FY22E EPS.

3:08 PM

FY21 operating margins of Indian steelmakers to fall 200 bps to 15%: Crisil

Operating margins of domestic primary steel producers are set to decline by 200 basis points (bps) to 15 per cent this fiscal, on weaker sales volumes and realisation, and limited cushion available from lower raw material costs.

 

That said, producers might still be better off than in the previous downturn of fiscal 2016 because the imposition of antidumping duty by the government and resolution of stressed assets have helped shore up their debt metrics. READ MORE

2:59 PM

Cement stocks decline

COMPANY	LATEST(rs)	CHG(%)
INDIA CEMENTS	119.65	0.38
AMBUJA CEMENTS	197.80	-1.59
ORIENT CEMENT	67.65	-1.60
ACC	1360.50	-0.86
PRISM JOHNSON	47.10	-2.48

2:49 PM

JUNE QUARTER RESULTS | PNB Housing Finance revenue slips 16.2% YoY to Rs 1,870 crore

-- AUM down 5% YoY at Rs 88,333 cr

2:41 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
COROMANDEL INTER	805.00	828.55	-1.05
DIXON TECHNOLOG.	7631.00	7776.00	3.51
GRANULES INDIA	275.65	280.00	2.07
J K CEMENTS	1537.15	1548.90	2.73
L & T INFOTECH	2251.00	2359.50	-3.39

2:33 PM

MARKET UPDATE:: Tech Mahindra up over 2%

2:24 PM

ITC Q1 preview: FMCG segment to cushion overall nos; PAT may dip 30% YoY

The company's fast-moving consumer goods (FMCG) and personal care verticals, analysts say, may perform better as the lockdown kept people indoors, thereby, boosting the demand for ready-to-eat/cook food items, and personal hygiene products such as soaps and sanitisers. Impact of the lockdown of manufacturing facilities, cigarette inventory levels, the performance of new products / launches, guidance on price and volume, and alternate distribution channels during the lockdown are some of the key monitorables. READ MORE  

2:16 PM

MARKET CHECK:: Top 5 gainers on the BSE at this hour

2:08 PM

Rupee Closing

Rupee settles at 74.77 per US dollar vs Wednesday's close of 74.76/$