Share Market Highlights: Sensex ends 748 points higher, Nifty at 11,102; RIL, HDFC Bank, ONGC top gainers

1.46 PM: Ujjivan Small Finance Bank Q1 FY21 update

On Q1 FY21 results of Ujjivan Small Finance Bank, GEojit Financial in its note said," Collection efficiency improved and as on 30th July stands at 59% indicating bank is planning to get to pre Covid levels. For the quarter moratorium still stands at 47% magnifying the risk and going ahead expect better operational performance ,but bottom line to hurt by higher provisioning in FY21E&FY22E. We recommend 'Reduce' rating on the stock with a target price of Rs29 based on 1.3x FY22E Adj"

13.35 PM: Real estate sector update

Speaking on outlook for real estate sector, Vikas Bhasin, CMD, Saya Homes said, "Real estate has continued to be the most valuable capital asset for ages. Crisis situations like the present contagion leading to market crunch have strengthened its status. While the three months lockdown did have an impact on the pace of construction, but government's timely aid helped the industry in bearing the brunt from stakeholders. Quality of lifestyle has undergone transformation especially for luxury buyers, which has driven the demand for newly designed well-thought out spacious units. Real Estate has become the best option for end-users as well as investors due to its appreciation in value over the years. Demand for customized and state of art retail stores & office spaces are also emerging in peripheries. We are hopeful these demands would see an upscale movement as and when normalcy returns. The technological and digital integrations introduced during these unprecedented times will prove extremely useful in upcoming competitive times when market gets stabilized."

1. 26 PM: HDFC Bank stock gains over 5%

HDFC Bank share gained in early trade today amid reports that banking regulator RBI had cleared name of Sashidhar Jagdishan as the next CEO of the private lender. Jagdishan will succeed Aditya Puri who will retire from the top post on October 26. Jagdishan will take over from Puri on October 27 for a period of 3 years.

Buoyed by the news of new CEO, HDFC Bank share rose 5.79%  to Rs 1,059.90 against previous close of Rs 1,001.95 on BSE.

HDFC Bank stock gains over 5% after RBI clears Sashidhar Jagdishan's name for new CEO

1. 12 PM : RIL shares jump over 5%

Reliance Industries share price were trading as top gainers on both BSE and NSE, rising over 5% after reports that the oil conglomerate will soon acquire Chennai-based Netmeds as part of its broader consiladtion in the pharma e-commerce industry.

Reliance's entry through this yet-to-be-announced deal with Netmeds is expected to around $120 million.

Following the news, Reiance shares opened at Rs 2,017 and later touched an intraday high of Rs 2,121.7, rising 5.64% as against the earlier close of Rs 2,008.45 on BSE. RIL stock has gained after 2 days of consecutive fall. RIL share price is trading 4.4% away from 52-week high of Rs 2,198.7.

12. 50 PM: Market gains further momentum

Sensex and Nifty gained further on Tuesday, amid buoyed global equities. Reversing from declines for four straight sessions, S&P BSE Sensex traded 588 points higher at 37,528 and NSE Nifty gained 154 points to 11,045.

12. 44 PM: Exide Industries share price gains 7%

Exide Industries share price rose in early trade today despite the company reporting a net loss of Rs 13.5 crore in Q1 against a profit of Rs 161.6 crore, last year corresponding quarter. Share price of Exide Industries gained 6.93% to Rs 165.2 against previous close of Rs 154.50 on BSE.

Exide Industries share price gains 7% post Q1 earnings

12. 35 PM: Rupee declines by 16 paise

Indian rupee, the local currency benchmark, depreciated by 16 paise to 75.17 per dollar on Tuesday's opening trade, tracking weakness in Asian peers despite domestic equities trading on a positive note.

While firm start of the equity market and foreign fund inflows supported the rupee, factors like weak Asian currencies and rising COVID-19 cases dragged down the local unit.

Rupee declines 16 paise to 75.17 per dollar amid weak Asian currencies

12.24 PM: Coronavirus toll

Meanwhile, the number of cases around the world linked to COVID-19 has crossed 1.82 crore.In India, the number of infections touched 18,55,745.

12. 13 PM: Gold price scales record-high; silver above Rs 65K mark

Gold price in India climbed to yet another record high of Rs 53,865 per 10 gm today after WHO warned that there might never be a "silver bullet" for COVID-19 in the form of a perfect vaccine and that the road to normality would be long.

The rapid rise in coronavirus cases globally has dampened hopes for an economic recovery. Weakness in the dollar also helped the bullion inch higher.

Gold price scales record-high; silver above Rs 65K mark

11. 56 AM: Oil prices falling as rising cases cast doubts

Oil prices slid on Tuesday amid concerns that a nascent recovery in fuel demand could stall as a fresh wave of COVID-19 infections around the world sparks tighter lockdowns just as major producers ramp up output. U.S. West Texas Intermediate (WTI) crude futures fell 30 cents, or 0.7% to $40.71 a barrel, while Brent crude futures fell 37 cents, or 0.8% to $43.78 a barrel.

COVID-19 fallout: Oil prices falling as rising cases cast doubts over fuel demand recovery

11. 47 AM: Nifty outlook

Reliance Smart Money said in its daily note that NSE-NIFTY begun week/month on a negative note amidst weaker global cues. The index extended loss after a breakdown from its narrow range consolidation (i.e. between 11,055 and 11,340 levels) and moved towards its 200-day SMA, which is place around 10,860 level. Due to recent breakdown its key technical indicators turned in favour of bears. This could drag the index towards its 50-day EMA, which is placed at around 10,530 level. In case of rebound, the index will face major hurdle around 11,340 level.

As for the day, support is placed at around 11,017 and then at 10,960 levels, while resistance is observed at 11,140 and then at 11,207 levels.

11. 22 AM: Global cues

Sensex and Nifty gained further on Tuesday, amid buoyed global equities, on back of healthy US economic data. Record-low interest rates and abundant government stimulus helped indices recover from recent downtrend and gain momentum. In another update, China customs data showed Chinese purchases of US products accelerated recently and that China has fulfilled 5% of Sino-US energy trade deal in first half of 2020, which helped in equities gaining buying pressure. Hopes that vaccines against the COVID-19 disease might be ready by the end of the year also helped markets.

10.53 AM: Market outlook

"Going ahead, investors would watch out for any development over the US stimulus announcement and RBI credit policy for a possibility of another rate cut - which could provide some cheer to the markets," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services. Yesterday, said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

10. 43 AM: Google owner Alphabet issues record $10 billion bond at lowest-ever price

Alphabet Inc borrowed $10 billion in the investment-grade corporate debt market on Monday, the Google parent's largest ever bond issue, which it secured at its lowest-ever cost of financing. Of the $10 billion on offer, the $1 billion five-year tranche was issued at a coupon of 0.45%, the lowest coupon seen at that maturity since Apple Inc issued a $1.5 billion five-year note at 0.45% in 2013.

Google owner Alphabet issues record $10 billion bond at lowest-ever price

10. 34 AM: FII inflows

As per the exchange data available on BSE, foreign institutional investors purchased equities worth Rs 7,818.49 crore on a net basis on Monday.

10. 19 AM: Market rises further

Sensex and Nifty gained further on Tuesday, amid buoyed global equities. Reversing from declines for four straight sessions, S&P BSE Sensex traded 465 points higher at 37,406 and NSE Nifty gained 124 points to 11,015.

9. 56 AM: Market cues

Globally, bourses in Shanghai, Tokyo, Seoul traded on a positive note, while Hong Kong traded in the red. Stock exchanges in Europe also closed on a positive note in early deals. Globally, traders will also keep a track on macroeconomic data by the US.

9. 43 AM: Top gainers and losers

ONGC, followed by ITC, Asian Paints, Reliance Industries, Maruti, Bajaj Auto and NTPC were among the top gainers. On the other hand, IndusInd Bank, HCL Tech, Tech Mahindra, PowerGrid and Bajaj Finance were among the laggards.

9. 32 AM: Market cues

Asian bourses were trading with gains, following stock exchanges on Wall Street that ended on a positive note in overnight session.

9. 18 AM: Opening session

Sensex and Nifty opened on a bullish note on Tuesday, amid buoyed mixed global equities. Reversing from declines for four straight sessions, S&P BSE Sensex traded 235 points higher at 37,174 and NSE Nifty 50 gained 69 points to 10,967.

9. 00 AM: Stocks in news

Yes Bank, Jubilant Life, Exide, Bank of India, Dhanlaxmi Bank among others are the top stocks to watch out for in Tuesday's trading session.

Stocks in news: Yes Bank, Jubilant Life, Exide, Bank of India, Dhanlaxmi Bank

8. 50 AM: Technical indicators

As per technical indicators, psychological support point-11,000 mark has been broken with Nifty closing below the same. In case of breakdown, the index will find next support around its 200-day SMA, which is now placed at around 10,860 level, said Reliance Smart Money today. For the week ahead, investors will keep an eye on RBI policy, macro data, US-China tensions and coronavirus cases which will set trends for the benchmark indices.