Share Market Update: Sensex ends 995 points higher, Nifty at 9,314; Axis Bank, ICICI Bank top gainers
by BusinessToday.InStock Market LIVE Updates: HCL Tech, HDFC Bank, Maruti, IndusInd Bank, Bajaj Finance, Birla Corporation, MMTC, Meghmani Organicswere among the top gainers. While ITC, Reliance Industries, M&M, Ultratech Cement, Asian Paints, Titan and NTPC were among the top losers today
Sensex, Nifty Updates: Benchmark Sensex and Nifty closed majorly bullish on Wednesday, on back of positive overseas markets, buying pressure in banking and financials and better than estimate earnings. Reversing from two days of straight losses, Sensex closed 995 points higher at 31,605, Nifty ended 285 points higher at 9,314. Asian markets turned positive by the afternoon session as investors gave more weight to reopening of economies than to tensions between US and China. Only Shanghai, Hang Seng were trading flat with negative bias. On Tuesday, Sensex closed 63 points lower at 30,609, while the broader Nifty50 index ended 10 points down at 9,029.
Here's a look at the updates of the market action on BSE and NSE today
3.45PM: Closing bell
Benchmark Sensex and Nifty closed majorly bullish on Wednesday, on back of positive overseas markets, buying pressure in banking and financials and better than estimate earnings. Reversing from two days of straight losses, Sensex closed 995 points higher at 31,605, Nifty ended 285 points higher at 9,314.
3. 33 PM: Torrent Pharma share price falls over 4% post results
Torrent Pharma share price touched an intraday low of Rs 2476.2, falling 4.07% on reporting Q4 earnings.
The company reported 44% rise in net profit at Rs 314 crore during the quarter ended March 31, 2020, as against loss of Rs 152 crore, recorded in a year-ago period. Company's total income rose 4.8% (YoY) to Rs 1946 crore in the January-March quarter of the current fiscal as compared to Rs 1856 crore in a year ago period.
3.1 5 PM: Blue Dart share price drops over 2% post Q4 results
Blue Dart share price touched an intraday low of Rs 1973, falling 2.74% on BSE, after repoting Q4 results.
The company reported 37% fall in net profit at Rs 30.57 crore during the quarter ended March 31, 2020, as against profit of Rs 12.24 crore, recorded in a year-ago period.
Company's total income fell 7.1% (YoY) to Rs 726 crore in the January-March quarter of the current fiscal as compared to Rs 781 crore in a year ago period.
3.20 PM: Market at day's high
Benchmarks climbed in the last hour of session on Wednesday, amid buoyancy in overseas markets and heavy buying in banking and financials. Sensex climbed 1037 points higher at 31,646, Nifty rose 294 points higher at 9,326.
3.10 PM: Coromandel International hits new 52 week and all time high
Coromandel International share price hit an new 52 week and all time high of Rs.699.9 today. The stock opened with a gain of 4.93% today and later rose7.67% to the intraday high of Rs 699.9, after reporting Q4 earnings.
The company reported 112% gain in net profit at Rs 234 crore during the quarter ended March 31, 2020, as against profit of Rs 110 crore, recorded in a year-ago period.
Company's total income fell 8.84% (YoY) to Rs 2880 crore in the January-March quarter of the current fiscal as compared to Rs 2646 crore in a year ago period.
2.56 PM: Saksoft share price gains over 20% post earnings
Saksoft share price opened with a gain of 3.51% and 19.99% to the intraday high of Rs 163, after reporting its March qiuarter results.
The company reported 5.2% drop in net profit at Rs 9.8 crore during the quarter ended March 31, 2020, as against profit of Rs 10.3 crore, recorded in a year-ago period.
Company's total income fell 0.8% (YoY) to Rs 92.9crore in the January-March quarter of the current fiscal as compared to Rs 93.7 crore in a year ago period.
2.33 PM: Titan shares decline over 2%
Titan Company share price fell over 2% in early trade today after the firm said coronavirus lockdown has hit sales of the firm drastically. Share price of Titan Company slid up to 2.81% to Rs 868 compared to the previous close of Rs 893.15 on BSE.
Ace investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala jointly held 5.53% stake or 4.9 crore shares in the firm for the quarter ended March 2020.
This Rakesh Jhunjhunwala-held stock falls 3% as firm logs zero sales in first six weeks of lockdown
2.17 PM: Market rises further
Sensex climbed 816 points higher at 31,425, Nifty rose 240 points higher at 9,270.
2.07PM: Rupee ends at day's low
Rupee the Indis currency ended at 75.62 per dollar as compared to its earlier close of 75.66 per dollar, amid strengthened American currency and high volatility in the domestic equity market.
1.55 PM: Latest result date announcements
Birla Cable : June 1, 2020
Zydus Wellness : June 2, 2020
Sun Pharma Advanced Research Company : June 2, 2020
Aurobindo Pharma : June 3, 2020
Stovec Industries : June 4, 2020
Greaves Cotton : June 5, 2020
Gujarat Gas : June 5, 2020
Alkem Laboratories : June 05, 2020
Garden Reach Shipbuilders & Engineers : June 6, 2020
1. 46 PM: Market Update
Benchmark Sensex and Nifty turned bullish and rose sharply by Wednesday's afternoon, on back of positive opening in European markets and buying pressure in banking and financials. Sensex climbed 650 points higher at 31,266, Nifty rose 185 points higher at 9,212.
1.30 PM: Markets turn green overseas
Asian markets turned positive by the afternoon session as investors gave more weight to reopening of economies than to tensions between US and China. Only Shanghai, Hang Seng were trading flat with negative bias.
US markets closed positively on the back of removal of lockdown restrictions, with investors awaiting response from Trump regarding sanctions on China.
European markets led higher today amid rising optimism about reopening of economies and potential corona vaccine.
1.17 PM: Rupee trades lower
On the currency front, Indian rupee opened weak at 75.72 at the interbank forex market and then fell further to 75.74, down 8 paise over its last close of 75.66 against the US dollar.
Rupee vs Dollar: Rupee slips 8 paise to 75.74 per dollar amid volatile equity market
12.50 PM: PVR, Inox Leisure stocks hit by uncertainty
12.50 PM: PVR and Inox Leisure share price have more than halved in last three months as market sentiments were dented due to rising number of coronavirus cases across the globe. Announcement of lockdown in India to contain the spread of the deadly virus in March has dashed any hopes of recovery in the entertainment sector stocks.
PVR, Inox Leisure stocks hit by uncertainty as coronavirus brings business to halt
12.33 PM: Global markets mixed today
Markets were mixed overseas, as investors fretted upon the rising geopolitical trade tensions between US-China.
The market volalitity worldwide is on back of mounting fears regarding the economic impact of coronavirus on the country, suggest experts. This also imparts that globally investors have taken a back seat to try hands in such a volatile market.
12.22 PM: VIX Today
Volatility index, India VIX, plunged over 2.41% to 31.71 levels.
12. 11 PM: Biocon shares gain 1.25%
Biocon share price gained 1.25% intraday to Rs 363.10 on BSE after the company said its subsidiary Biocon Biologics has been granted license from Drugs Controller General of India for emergency use of CytoSorb, a extracorporeal blood purification (EBP) device, to treat Covid-19 patients who are 18 years of age or older and admitted to ICU with confirmed or imminent respiratory failure.
12.00 PM: Nifty outlook
Just as last week, the market have been consolidating in the narrow range of 9000-9200, on back of muted earnings season and rising number of coronavirus cases.
On the higher side, 9200 remains the immediate hurdle and traders can expect some momentum towards 9300-9350 in the near term, once 9200 is achieved. As per experts, bearish conditions will activate below 8,900 and from there the index can accelerate towards 8,800 level.
11.53 AM: Sectors today
Sectorally, except for media, auto, pharma and FMCG, all the other indices traded in green territory, with heavy buying registered in banking and financial stocks.
11.46 AM: Markets turn green
Benchmark Sensex and Nifty turned volatile, although rose back to initial gains on Wednesday, amid mixed cues from global markets. Amid buying pressure in banking and financials, Sensex climbed 215 points higher at 30,826, Nifty rose 72 points higher at 9,100.
11. 34 PM: Deepak Nitrite share price gains over 5% post results
Deepak Nitrite share price opened with a gain of 5.5% to an intraday high of Rs 528.7 after reporting quarterly results.
The company reported 9.95% rise in its net profit at Rs 172 crore during the quarter ended March 31, 2020, as against loss of Rs 156 crore, recorded in a year-ago period.
Company's total income fell 6.7% (YoY) to Rs 1057 crore in the January-March quarter of the current fiscal as compared to Rs 1134 crore in a year ago period.
11.22 AM: Technical outlook
As per technical charts, Nifty's support levels are at 8,960-8,900, while its resistance levels line up at 9,130-9,230. As per experts, bearish conditions will activate below 8,900 and from there the index can accelerate towards 8,800 level.
11.00 AM: Losers and gainers today
ITC, Reliance Industries, M&M, Ultratech Cement, Asian Paints, Titan and NTPC were among the top losers today. WhileHCL Tech, HDFC Bank, Maruti, IndusInd Bank, Bajaj Finance, Birla Corporation, MMTC, Meghmani Organicswere among the top gainers.
10. 48 AM: Titan shares drop over 2%
Titan share price touched an intraday low of Rs 868, falling 2.82% on BSE after the company announced in a BSE filing that its operations were hit substantially from 17th March 2020 till the 1st week of May 2020, when lockdown was gradually lifted.
Company was able to get only very marginal sales through its online channel at the end of April but delivery for these have been affected due to classification of our products as non-essential so far.
10.34 AM: Rupee opens flat at 75.67 per dollar
Indian Rupee opened flat at 75.67 per dollar at the interbank forex exchange, as compared to the last closing of 75.66 per dollar.
10. 23 AM: Fitch slashes growth of Indian economy by 5%
Fitch has contracted India's GDP by 5 per cent, which is a sharp decline from 0.8 per cent growth, earlier projected by the global rating agency in late April. This was on account of slump in economic activities following a "very severe" lockdown that has lasted much longer than expected.
"The biggest contribution to the downward revision in global GDP for 2020 comes from EM (emerging markets) excluding China, where we now see GDP falling by 5 per cent in India and Russia and by 6-7 per cent in Brazil and Mexico," Fitch said.
Coronavirus impact: Indian economy to contract 5% in FY21, says Fitch Ratings
10.11 AM: VIP Industries shares fall over 5% post results
VIP Industries share price touched an intraday low of Rs 203, falling 5.71% intraday on BSE after reporting results.
The company reported 62% drop in net profit at Rs 9.5 crore during the quarter ended March 31, 2020, as against profit of Rs 25.28 crore, recorded in a year-ago period.
Company's total income fell 27% (YoY) to Rs 316 crore in the January-March quarter of the current fiscal as compared to Rs 436 crore in a year ago period.
10.00 AM: Earnings Today
Sun Pharma, Dabur, Heritage Foods, India Grid Trust, Foseco, Aditya Birla Fashion and Retail, Vaibhav Global, United Spirits, Tata Investments, Quess, Ujjivan Financial Services among others will be reporting March earnings today.
9.48 AM: Market turns red
Benchmark Sensex and Nifty gave up initial gains to turn red on Wednesday, amid volatility in global markets, as investors fretted upon the rising geopolitical trade tensions between US-China. Extending fall for the third straight session, Sensex fell 25 points lower at 30,584 and Nifty fell 4.6 points to 9,018.
Sensex, Nifty turn volatile; 10 things to know about today's trend
9.33 AM: Coronavirus toll
India's total coronavirus cases have now surpassed 1.45 lakh including 60,490 recoveries and 4,167 death toll. Globally, there are 56.84 lakh confirmed cases and 3.52 lakh deaths from the coronavirus COVID-19 outbreak as of today.
9.15 AM: Opening bell
Benchmark Sensex and Nifty started Wednesday's trade on a positive note, amid mixed global cues, backed by buying pressure in banking stocks. Where Sensex traded 185 points higher at 30,800, Nifty climbed 50 points higher at 9,080.
9. 07 AM: Stocks in news today on May 27
Torrent Pharma, Blue Dart, Sun Pharma, Dabur, United Spirits, Bharti Airtel, VIP Industries among others are the top stocks to watch out for in Wednesday's trading session
9.04 AM: Pre-open session
Where Sensex pre-opened 215 points higher at 30,826, Nifty rose 72 points higher at 9,100
9:02 AM: Global cues
Overseas, markets were trading on a mixed note on Wednesday.
US markets closed sharply higher yesterday as optimism grew about the reopening of the economy and a potential coronavirus vaccine. US Futures (Dow Jones) traded at 25059, up 57 points or 0.23%.
Asian stocks, on the contrary, were witnessing mixed trend over concerns of rising geo-political trade tensions between the world's two biggest economies. Where, SGX Nifty, Kospi and Taiwan turned green, Shanghai, Nikkei, Hang Seng and Strit Times were trading marginally in red.
8. 50 AM: DII/ FII action
On a net basis, FIIs bought Rs 4,716.13 crore, while DIIs purchased Rs 2,841.09 crore worth in equities on Tuesday
8. 40 AM: Rupee closing
Indian Rupee closed at 75.66 per dollar at the interbank forex exchange, as compared to the last closing of 75.95 per US dollar
8.30 AM: Closing bell
Benchmark Sensex and Nifty erased early gains and closed lower on Tuesday, barring the positive strong global cues, on back of weakeness in SGX Nifty and selling pressure in IT and media stocks. Sensex closed 63 points lower at 30,609 and Nifty ended 10 points lower at 9,029.
Sensex, Nifty shed early gains, IT stocks slip; here's what led to last hour fall