Share Market Highlights: Sensex ends 364 points higher, Nifty at 11,466; Kotak Bank, HDFC Bank top gainers

Sensex, Nifty Highlights on August 24: Sensex and Nifty ended on a bullish note on Monday, on back of positive global equities, amid heavy buying in banking and financila stocks. Mirroring positive cues from other Asian markets, the S&P BSE Sensex ended 364 points or 0.95% higher at 38,799. The Nifty 50 index closed 94 points or 0.83% at 11,446. Meanwhile, April-June quarterly earnings announcements by Suzlon, IRB Infra, LIC Housing Finance, NOCIL, Scooters India and Globus Spirits will also set the tone for the stock market today. Last Friday, Sensex ended 214 points higher at 38,541 and Nifty closed 59 points higher at 11,371. In the last week, Sensex has risen 557 points or 1.47%, while Nifty has gained 193 points or 1.73%.

Here's a look at the updates of the market action on BSE and NSE today

3.54 PM: Closing session

Sensex and Nifty ended on a bullish note on Monday, on back of positive global equities, amid heavy buying in banking and financila stocks. Mirroring positive cues from other Asian markets, the S&P BSE Sensex ended 364 points or 0.95% higher at 38,799. The Nifty 50 index closed 94 points or 0.83% at 11,446.

3. 48 PM: Market quote

Commenting on today's rally, S Ranganathan, Head of Research at LKP Securities said, "Key indices rallied on Monday's trade as financials led the charge ably supported by select pivotals across the BFSI space. The broader market too depicted strength as smart investors were seen buying select small and midcap stocks across sectors which lent considerable steam to the rally today".

3. 32 PM: Nifty outlook

Commenting on markets today, Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments siad,"The markets almost touched the 11500 level today. We should be able to revisit that price point and possibly higher towards 11700. Any dip can be utilised as a buying opportunity. 11300 is now a strong support for the Nifty.

3.23 PM: Minda Industries share price slips 4%

Shares of Minda Industries share price slipped 4% on Monday's early session after the company posted weak numbers for the quarter ended June 2020. Meanwhile, the company's rights issue will open today and the submission of application will continue till September 8, 2020.

Following the updates, Minda Industries stock opened at Rs 339.70 and touched an intraday low of Rs 326.5, falling 4.39% on BSE. The stock price of Minda Industries also high low of Rs 343.45 in the session so far. Minda Industries shares had closed 0.25% higher at Rs 341.5 on Friday. Minda Industries is trading higher than 5, 20, 50, 100 and 200-day moving averages.

3. 12 PM: Gold, Silver prices in India on August 24

Gold price in India extended fall on Monday amid mild weakness in global markets as the US dollar strengthened. Rebound in dollar and better US economic activity made investors look for opportunities in risky assets, commodity traders said.

Price of bullion fell as the dollar index held steady against a basket of major currencies after climbing to a more than one-week high in the earlier session.

Gold price resumes fall amid strong dollar; silver rates at Rs 65,900

2. 57 PM: Rupee at close

On the currency front, Rupee extended gains and ended at 74.31 per US dollar, its highest level since March 18. This was against its earlier closing price of 74.84 per dollar on Friday. Government 10-year benchmark bond yield ended at 22 6.22% versus previous close of 6.14%, its highest level since April 22.

2.47 PM: Market rises further

Sensex and Nifty traded on a bullish note on Monday, extending last week's gains amid positive global equities. SGX Nifty was rising 35 points higher, indicating positive trend in domestic grounds today. Mirroring positive cues from other Asian markets, the S&P BSE Sensex traded 387 points or 0.50% at 38,822. The Nifty 50 index gained 105 points or 0.60% at 11,447.

2.31 PM: Dewan Housing share price rises 5%

Dewan Housing Finance share price climbed 5% in early trade today after the firm reported a profit of Rs 70.10 crore in Q1 against a loss of Rs 215.47 crore in the corresponding quarter of previous fiscal. Share price of Dewan Housing gained nearly 5% to Rs 15.74 against previous close of Rs 15 on BSE.

Dewan Housing stock trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. However, the share has lost 63% in one year and fallen 10% since the beginning of this year.

Dewan Housing share price rises 5% on Rs 70-crore profit in Q1

2. 18 PM: Sector update

Sectorally, barring IT, pharma and realty indices, all the other sector basesd indices closed bullish, with  most gains registered in banking and financial stocks.

2.04 PM: Real estste sector update

Speaking on outlook for real estate sector, Ankur Bhatiani, Director, Urbania Spaces said, "With the advent of COVID-19 in our lives, the designing and engineering that goes behind commercial spaces will witness a new dawn. The demand for thoughtfully designed offices and recreational areas with spacious layouts, abundance of natural light and technology to provide comfort and care at its optimum to the inmates would rise. The pandemic has given all the urban planners and developers set of new challenges and hopes. Technology integration combined with rational choice of amenities would become an essential part in development of office spaces. This will be done to make a judicious budget plan that has potential to remain undeterred in a crisis situation."

1. 46 PM: Eicher Motors shares gain 10%

Shares of Eicher Motors jumped 10% on Monday's early session after the stock as the stock split of 1:10 ratio took effect from today. The company had fixed August 25, 2020, as the record date for the stock split.

Eicher Motors stock opened at Rs 2,219.0 and touched an intraday as well as new 52-week high of Rs 2,389, rising 9.99% on BSE.  The stock price of Eicher Motors also low of Rs 2,197.75 in the session so far.

Eicher Motors shares had closed 1.5% higher at Rs 21,702 on Friday.

Eicher Motors share hits upper circuit of 10%, here's why

1.26 PM: Future Retail share price slips nearly 9%

Future Retail share price slipped nearly 9% in early trade today ahead of a crucial deadline to repay interest on foreign currency convertible bonds. The Kishore Biyani-led company has to pay $14 million due on foreign currency convertible bonds worth $500 million today. If the firm fails to repay the amount, it would be declared a defaulter and may face downgrade from rating agencies.

Why Future Retail share price slipped 9% today

1.11 PM: Nifty outlook

Geojit Financial in its note said" Though Friday's upswings failed to take flight, the day was marked by an inability to break the narrow ranges. This indicates indecision, rather than vulnerability. Hence, while the potential for 11150-10960 remains alive, favoured view expects prevailing trend to continue aiming 11800. Downside marker will remain in the 11300 vicinity."

12. 53 AM:  MCX bullion update

On MCX launching its first Bullion Index "Bulldex", Anuj Gupta , DVP- Commodities and Currencies Research, Angel Broking said," Today MCX has launched its first Bullion Index "BULLDEX" which is based on Gold and Silver. This Bulldex will trade like Nifty and Bank Nifty.  In this Bulldex the weightage of gold is 70.52% and Silver 29.48%. The lot size of the index is 50 lots. it means the profit and loss in 1 rs movement is rs 50. Today this index opened at 16400 levels. This contract has monthly expiry with cash settle contract. This contract is very useful for the traders as this will provide trading in futures and options and as well as hedging tool to the traders. This will also help to diversify the portfolio and low volatility. For trading perspective traders can go for sell in index at 16300 to 16400 levels with the stop loss of 16700 levels for the target of 16000 levels. Gold and silver trend looks down so the same trend will reflect in this index also."

12.39 PM: Sun TVs Q1 FY21 update

On Sun TVs Q1 FY21 numbers, Ashwin Patil, Senior Research Analsyt at LKP Securities said," Earnings came in line with our expectations as Ad revenues fell sharply by 66% yoy. This was due to Covid related lockdown and absence of original programming. On the other hand, subscription revenues maintained momentum. Also absence of IPL led to yoy fall, as the base year included Rs2.44 bn of IPL revenues. Profitability at the bottomline was impacted due to higher amortization expenses. Lower corporate Ad spending led to a steep drop in Ad revenues. Subscription revenues were up by 11.5% yoy as Cable TV revenues went up by 34.8% yoy while DTH revenues were down by 5.3% yoy. "

12. 24 PM: Granules Pharma update

Commenting on Granules Pharmaceuticals's US FDA approval for Ramelteon tablets, Yash Gupta, Equity Research Associate, Angel Broking said," Ramelteon Tablets had U.S. sales of approximately $33 million MAT for the most recent twelve months ending in June 2020 according to IQVIA Health. This is one of the significant approvals for Granules India Limited we continue to with Buy rating on Granules Indian."

12.09 PM: Rupee slips to 74.89 per dollar

Indian rupee, the currency benchmark slid 5 paise to trade at 74.89 per dollar on Monday's opening trade, on due to rise in demand for the US currency from banks and importers.

The Indian currency started off on a tepid note and traded in a narrow band of 74.91-74.88 per US dollar at the interbank forex market, as against Friday's close of 74.84 against the US dollar.

Rupee vs Dollar: Rupee slips 5 paise to 74.89 amid strong dollar

11. 58 AM: Top gainers and losers

Kotak Bank, followed by Asian Paints, HDFC duo, Tata Steel, IndusInd Bank, ICICI Bank and SBI were among the top gainers in the Sensex pack. On the other hand, HCL Tech, Tech Mahindra, PowerGrid, Titan, Infosys and TCS were among the laggards.

11.47 AM: Stocks in news

Oil India, ICICI Lombard, Indiabulls Housing, Godfrey Phillips, Union Bank among others are the top stocks to watch out for in Monday's trading session.

Stocks in news: Oil India, ICICI Lombard, Indiabulls Housing, Godfrey Phillips, Union Bank

11.35 AM: Oil India Q1 update

Commenting on 1QFY21 results of Oil India,  Yash Gupta, Equity Research Associate, Angel Broking said," Company's Consolidated revenue from operations for Q1FY21 stood at Rs 1,749.71 crore down by 48.2% YoY from Rs 3,380.87 crores in Q1FY20. Revenue from Crude Oil down by 54% at Rs 1205 Crores in Q1FY21 and revenue from natural gas down by 32.9% at Rs 388 Crores in Q1FY21. Profit after tax for the quarter stood at Rs 26.29 Crore down by 96.9% as compared to Rs 847.24 Crore in Q1FY20. Overall the company posted a Weak set of numbers for the quarter."

11. 24 AM: Rupee outlook

Commenting on Rupee, Vaqarjaved Khan, Research Analyst, Angel Broking said,"The week gone by Indian rupee appreciated by 0.04 percent and currently stands at 74.9 against the US dollar.  In a World Bank report in the past week they projected a steeper contraction than the 3.2 percent they had earlier forecasted in FY21 for India on account of the rising cases of coronavirus in India and the resultant regional lockdowns from the same. The US FED meeting minutes that were released during the past week projected a grimmer outlook for the US economy with the officials at the meeting agreeing that the ongoing health crisis would weigh heavily on economic activity, employment and inflation in the near term. The pandemic is capable of posing considerable risks to the US economy over the medium term as well.

With a grimmer outlook for both US and Indian economies USDINR is likely to move in the range from 74 at the lower end of the spectrum and 76 at the higher end of the spectrum in the current week. (24th-28th Aug 2020)."

11.11 AM: Nifty outlook

Expressing views on Nifty technical indicators, Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking On the daily chart, we can see a small'Rising Wedge'and 'Bearish Wolfe Wave'pattern and a move below 11250-11200 would confirm a near term reversal to undergo some price correction in coming days.

10. 40 AM: MCX gold

On the Multi-Commodity Exchange, gold September Futures traded 0.52% or Rs 270 lower at Rs 51,745, after hitting an intraday low of Rs 51,720 against the previous close of Rs 52,016 per 10 gm. MCX gold futures currently trade almost Rs 4,471 lower than the lifetime high of Rs 56,191 per 10 gm, hit on August 7.  Rebound in dollar and better US economic activity made investors look for  opportunities in risky assets.

10. 32 AM: Dollar index

Dollar was rising today after US business activity snapped back to the highest since early 2019 in August, as companies in both manufacturing and services sectors saw a resurgence in new orders, data by IHS Markit surveys suggested.

10. 22 AM: Market cues

Oversea, equities gained on Monday after the US Food & Drug Administration authorised the use of blood plasma from recovered patients as a treatment option for COVID-19. US President Donald Trump said that the plasma treatment cuts mortality rate by 35%.

10. 14 AM: Gold outlook

As per Geojit Financial Services, if the support of $1880-1900 region continue to hold the downside, expect an upside turn around in prices. However, it needs to close above $1960 to strengthen the momentum.

For MCX Gold August, resistance is placed at 52,600/54,000 and support is at 50,800. For MCX Silver August futures, the resistance is at 69,600 and the support is placed at 64,800/60,800.

10.05 AM: Market Update

Sensex and Nifty traded on a bullish note on Monday, extending last week's gains amid positive global equities. SGX Nifty was rising 35 points higher, indicating positive trend in domestic grounds today. Mirroring positive cues from other Asian markets, the S&P BSE Sensex traded 203 points or 0.50% at 38,638. The Nifty 50 index gained 68 points or 0.60% at 11,440.

9. 56 AM: Coronavirus toll

Worldwide, there are 235 lakh confirmed cases and 8.12 lakh deaths from COVID-19 outbreak. Meanwhile, the death toll in India crossed 57,000 mark and total coronavirus stood at 31.06 lakh as of Monday.

9. 48 AM: Global markets

Asian markets were trading higher as investors tracked developments on coronavirus vaccine and the first batch of firms listing on ChiNext under its revised IPO system. Wall Street markets closed higher supported by positive economic data.

European markets closed lower on Friday as investors gave importance to weak economic data coming out of Euro zone and geopolitical tensions.

9. 37 AM: Nifty technicals

Commenting on today's opening session,  Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The markets are trading in fine form above the crucial levels of 11350. The first target we should watch out for is 11500 and then 11700. The support for the week is at 11300."

9. 20 AM: Nifty outlook

As per Reliance Securities, in the last week, NSE-NIFTY lost once out of five trading sessions and reported gain of 1.7%. On Friday, the index bounced after forming a bearish reversal pattern around its negative gap of 28th February, 2020 (11,433-11,537), but later surrendered partial gain. Due to higher level reversal in the index, its technical indicators on the near-term timeframe chart remained in sell mode. This could drag the index towards its 20-day EMA and its 200-day SMA, which are now placed at 11,204 and 10,30 levels, respectively. On the higher side, the index will continue to face major hurdles in the range of 11,433-11,537.

As for the day, support is placed at around 11,350 and then at 11,328 levels, while resistance is observed at 11,406 and then at 11,440 levels.

9. 13 AM: Opening session

Mirroring positive cues from other Asian markets, the S&P BSE Sensex opened 111 points or 0.34% at 38,566. The Nifty 50 index gained 40 points or 0.36% at 11,412.

9.03 AM: FII/DII data

Foreign portfolio investors (FPIs) bought shares worth Rs 410.16 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 250.65 crore in the Indian equity market on 21 August, provisional data showed.

8. 50 AM: Earnings Today

Suzlon, IRB Infra, LIC Housing Finance, NOCIL, Scooters India and Globus Spirits are among of the companies which will announce their April-June quarter earnings today.

8. 40 AM: Rupee close

On the currency front, Rupee, the Indian benchmark currency posted biggest single-session rise against the US dollar since July 15 and closed at 74.84 per dollar as against the earlier closing of 75.03 per dollar. This was on the back of a weak dollar that fell after the US labour market looked weak.

8. 30 AM: Closing

Domestic benchmark indices ended on a bullish note on Friday led by gains in index-heavyweights HDFC Bank, Reliance Industries and Infosys amid strong cues from global equities. Sensex ended 214 points higher at 38,541 and Nifty closed 59 points higher at 11,371. In the last week, Sensex has risen 557 points or 1.47%, while Nifty has gained 193 points or 1.73%.

Sensex ends 214 points higher, Nifty at 11,371; banking stocks lead gains