Share Market Highlights: Sensex ends 600 points higher, Nifty at 11,662; HDFC twins, Adani Ports top gainers

Sensex, Nifty Highlights on October 6: Domestic benchmark indices ended majorly bullish on Tuesday, amid positive global equities. Sensex ended 600 points higher to 39,574 and Nifty gained by 159 points to settle at 11,662.  Yesterday, the 30-share benchmark Sensex ended 276 points higher to 38,973 and Nifty gained by 86 points to 11,503. Global markets were trading in green as investor sentiment were bouyed after US President Donald Trump was discharged from hospital following COVID-19 treatment. Hopes of a additional US stimulus aid also kept investor sentiments positive.

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

3. 45PM: Closing

Domestic benchmark indices ended majorly bullish on Tuesday, amid positive global equities. Sensex ended 600 points higher to 39,574 and Nifty gained by 159 points to settle at 11,662.

3. 29 PM: Rupee ends lower

The rupee pared initial gains and settled for the day 17 paise lower at 73.46 per US dollar on Tuesday. This was despite US dollar trading lower as focus shifted on possibility of fiscal stimulus package.

3. 10 PM: Key economic updates

Today, India is set to release its services PMI for the month Sep. While, the RBI is set to announce the next monetary policy on October 9.

On the speech front, US Fed Chairman is scheduled to speak today. ECB President is set to address a CEO summit later today.

China markets to remain closed from 05-08 Oct for public holiday.

3.05 PM: Market update

BoB in its weekly wrap said," Global manufacturing PMIs and US consumer confidence supported higher global yields. However, lower than estimated US payroll data shows the uphill climb to recovery."

"Barring Nikkei and Shanghai Comp (flat), other global indices ended higher this week on expectation of US fiscal package. Sensex (3.5%) surged the most in a truncated week, as the government announced unlock 5.0 guidelines. Banking and consumer durable stocks advanced the most."

2. 56 PM: Tata Motors share price gains over 8%

Shares of Tata Motors jumped over 8% on Tuesday's early session after Jaguar Land Rover's retail sales in the September quarter grew over 50% than its preceding quarter.

Jaguar Land Rover's retail sales for the quarter ending September 30, 2020, were 113,569 units, up over 50% from sales of 74,067 in the prior quarter, while down 11.9% from pre-Covid levels a year ago.

Following the press release, Tata Motors stock price opened with a gain of 2.91% today at Rs 137.80 and later touched an intraday high of Rs 145.1, rising 8.36% over the earlier closing of Rs 133.9.

2. 45 PM: IndusInd Bank outlook

Jaikishan Parmar - Sr. Equity Research Analyst, Angel Broking said, "Indusind Bank reported provisional numbers for Q2FY21. Deposit grew at 10% YoY & 8% QoQ. Advance grew at 2% YoY & 1% QoQ. On the deposit front bank did a bit better than advance growth compared to the historical trend. CASA deposit marginally improved sequentially by 30bps to 40.4%, however, YoY declined by 100 bps. The Investor would like to have better clarity on the moratorium book and the possibility of fresh slippages. Indusind Bank currently trades at 1.3x of trailing networth. Guidance on slippages from the moratorium book and asset quality will be key for re-rating in Q2FY21 results."

2. 35 PM: Market outlook

Dealmoney Securities said,"On daily scale nifty opened with gap up and traded near to the day high for the first half of the trading session. In second half we cloud witness a sell off and index gave up ~125 points from highs and hit day low. Index needs to breach 11,600-11,620 levels to continue with its bullish momentum."

2. 25 PM: Market update

Domestic benchmark indices traded on a bullish note on Tuesday, amid positive global equities. Sensex rose 550 points higher to 39,538 and Nifty gained by 148 points to 11,651.

2. 12PM: Nifty outlook

Expressing views on the market, Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said,"Nifty continued with its previous week's momentum and started the week with another gap up opening. The index surpassed the 11500 mark and rallied to register a high of around 11580. At noon, we saw some tentativeness and the index corrected back upto 11450, but then we again saw some pullback at the end and Nifty reclaimed 11500 mark at the close."

1. 52 PM: Nifty outlook

Motilal Oswal Financial Services said in its note," September month was majorly dominated by bears as index started correcting from initial days of month and witnessed selling pressure at higher levels. It not only breached the psychological support of 11000 mark but also fell towards 10800 levels. However, due to some recovery in last couple of days, Nifty trimmed-off some of its losses and concluded the month at 11073 levels, with loss of 1.23% over its August month's close. Index breached its sequence of higher lows of last 5 months and formed a small red body candle on monthly scale. However, Nifty bounced by 3.32% in the truncated week and formed a positive candle on weekly scale.

Currently, Nifty is giving breakout from Falling Trend line on daily chart and a sustainable move above 11500 may result into a directional move towards 11750 - 11800 zone. Momentum oscillator RSI turned northward on both daily and weekly scale, indicating sideways to positive momentum in coming daily. At current juncture, immediate support for Nifty is placed at 11333 then 11111 levels, while resistance can be seen around 11790 levels.

1. 47 PM: Global markets

YES Bank Securities said in its note,"Overnight, US stocks closed higher after doctors confirmed that President Trump would be discharged on Monday evening. Investors also grew more hopeful that lawmakers would reach a compromise on a new stimulus deal. Asian stocks were mostly higher in the morning trade as investors look forward to interest rate decision to be announced by the Reserve Bank of Australia. Markets in China are closed today for a holiday.

1. 32 PM: Majesco share price locks in upper circuit

Majesco share price touched hit new 52 week and all time high of Rs.858.95 today, after locking in upper circuit since Tuesday's opening bell, following release that the company board will consider share buyback. "The meeting of the board of directors of the company is scheduled to be held on October 8, 2020, to consider proposal for buyback of fully paid-up equity shares of the company," company said in its press release. Majesco stock price opened with a gain of 5% today and touched an intraday high of Rs 858.95 and low of Rs 847, over its last close of Rs 818.05 on BSE.

Majesco share price locks in upper circuit as board to consider share buyback

1. 20 PM: GST Council

India's GST Council failed to reach a consensus on the issue of pending GST compensation for the states at its 42nd meeting yesterday and the decision has now been deferred to October 12th, when the council will meet again. However, the Centre disbursed the amount collected as compensation cess this year, (~INR 20,000 crore) last night. The GST council has also decided to extend the compensation cess beyond 2022

1.11 PM: Market outlook

Motilal Oswal said in its note," The Nifty ended its three-month winning streak in Sep'20. With extreme volatility, the index oscillated in the range of ~800 points before closing 140 points or 1.2% lower MoM at 11,248. In Sep'20, FII outflows of USD0.8b were seen after four consecutive months of inflows. DII flows remained muted after two consecutive months of outflows. Mid-caps outperformed large-caps for the second straight month. The Nifty Midcap100 was up 1.8% while the Nifty was down 1.2%. Notably, over the last 12 months, Mid-caps are up 6% v/s the Nifty's fall of 2%. The Nifty Mid-cap100 P/E ratio now trades at 4% premium to large-caps at 20.6x (v/s 11.8x in Mar'20)."

The report added,"HFY21 (Apr-Sep'20) has turned out to be the best first half for the Nifty over the last decade, of course aided by the low base, post correction in Mar'20. The broad-basing of markets after almost three years of polarization augurs well as recovery in the underlying economy takes shape. Mid and Small-Cap indices have once again outperformed the Nifty in Sep'20. In our recently."

1.04 PM: Sobha stock rises over 14%

Share price of Sobha Ltd gained over 14% today amid the real estate firm's continued sales recovery in the September quarter. Sobha Ltd share price opened 3.97% higher at Rs 248 against previous close of Rs 239.15 on BSE. It touched an intraday high of Rs 272.90, a gain of 14.11%.

The stock has gained 16.24% in the last 3 days.

Sobha stock rises over 14% on recovery in Q2 sales

12. 50 PM: Global markets

Global markets were trading in green as investor sentiment were bouyed after US President Donald Trump was discharged from hospital following COVID-19 treatment. Hopes of a additional US stimulus aid also kept investor sentiments positive.

12.46 PM: Top gainers today

All 30 Sensex constituents were trading in the green. Index heavyweight HDFC led the rally on the Sensex chart, followed by Asian Paints, IndusInd Bank, HDFC Bank, Mahindra and Mahindra and State Bank of India.

12. 38 PM: Indian Rupee

Indian rupee gained 14 paise to trade at 73.15 per dollar on Tuesday, helped by positive domestic equities and weak American currency.

The domestic unit opened at 73.17 in the interbank forex market, and gained further ground to touch 73.15, rising 14 paise over its previous close.

On Monday, the rupee had depreciated by 16 paise to settle at 73.29 against the US dollar.

Rupee rises 14 paise to 73.15 amid weak dollar, positive equities

12. 20 PM: Dollar index

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.13 per cent down at 93.39. Progress on fresh stimulus caused dollar index to fall against other currency holders.

"Anticipation of US President Trump recovering from COVID and of Democrats and Republicans reaching a consensus on a fiscal stimulus package seems to be buoying risk sentiment," said Abhishek Goenka, Founder and CEO, IFA Global.

12. 09 AM: Brent crude futures

Brent crude futures, the global oil benchmark, rose 0.65 per cent to USD 41.56 per barrel. Oil price gained after reports that President Trump to recovering from Covid-19 and as six NOrwegian offshore oil & gas fields were shut due to strike.

11. 56 AM: Coronavirus toll

Worldwide, there were 357 lakh confirmed cases and 10.45 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload were at 66-lakh mark and the death toll from COVID-19 infections rose to 10.3 lakh, as of today.

11. 40 AM: TCS crosses Rs 10 lakh-crore market cap

(TCS) on Monday became the second Indian IT Indian firm after Reliance Industries to scale a market cap of more than Rs 10 lakh crore. TCS share closed 7.30% higher at Rs 2706 against previous close of Rs 2,522 on BSE.

Market cap of TCS at the time of close stood at Rs 10.15 lakh crore.

Reliance Industries Limited was the first Indian firm to have crossed the Rs 10 lakh crore market valuation mark. Its market valuation currently stands at Rs 14.95 lakh crore - the highest for any listed company in the country.

TCS becomes second Indian firm to cross Rs 10 lakh-crore market cap

11. 31AM: Gold price turns flat

Gold steadied from fall in the previous session and traded flat on Tuesday, near the key psychological level of Rs 50K.

On MCX, Gold prices traded flat at Rs 50,600 today, over its previous close of Rs 50,460 per 10 gm. Gold futures today hit an intraday high and low of Rs 50,630 and Rs 50,460, respectively.

Gold price trading flat; silver rates at Rs 61,700

11. 15AM: Oil futures outlook

Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said,"Oil prices were pushed higher as more number of workers went on strike over the wage issue risking an output of 330,000 barrels of oil per day. However, resurgence of the covid-19 virus raised worries over reinforcement of lockdown in major economies which undermined the outlook for Crude. The Organization of the Petroleum Exporting Countries (OPEC) is also reluctant to increase Oil production from January 2021 in an attempt to counter the weak demand. Failed wage talks between the union and the Norwegian Oil and Gas Association (NOG) triggered a strike leading to the closure of Six Norwegian offshore oil and gas fields."

He added,"As of today Traders can go for buy in Crude oil at 2840 with the stop loss of 2780 and for the target of 2950. We expect WTI crude oil may test $42 levels soon.

11.09 AM: IGST decision

On the decision to disburse Rs 20000 crores by Dr. V K VijayaKumar, Chief Investment Strategist at Geojit Financial Services said, "Even though  the decision to disburse Rs 20000 crores collected under  IGST is welcome,  the lack of consensus on GST compensation remains.  The centre has the constitutional responsibility to compensate the States.  The Centre has command over more resources compared to the States during this crisis.  So the Centre has to be more liberal.  At the same time States also should be more flexible regarding the 14% compensation which is unrealistic when the economy is likely to contract by around 10%."

10. 55 AM: HDFC share rises over 4%

HDFC share was the top gainer on Sensex today after the mortgage lender said its individual loan business improved in the second quarter, a sign that business was reverting to pre-covid levels.

Share price of HDFC rose 4.98% to Rs 1874 against previous close of Rs 1785.35 on BSE. The share has been trading higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.

HDFC share rises over 4% as lender sees business reverting to pre-covid levels

10. 42 AM: Global markets

Asian markets are trading higher ahead of the interest rate decision from Reserve Bank of Australia. Markets in China are closed for holiday.

U.S. markets closed higher as political uncertainty began to climb down after reports of improving health of President Trump.

European markets closed higher as global markets weighed reports of President Trump's health. Telecom stocks led the gainers pack.

10. 32 AM: Nifty technicals

Geojit Financial Services said in its note," Nifty spent very little time inside 11400-11500, both on the way up, as well during the period weakness in the second half. This hints at an underlying bullishness aiming 11800 as suggested yesterday. We are likely to step into the 11620-11715 region today, but with traders holding a very long heavy hand presently, there is also the risk of moving into air pockets, but 11380 and 11290 are expected to hold."

10. 20 AM: Stocks to watch today on October 6

Adani Ports, PVR, Infibeam Avenues, Britannia, Tata Motors among others are the top stocks to watch out for in Tuesday's trading session

Stocks in news: Adani Ports, PVR, Infibeam Avenues, Britannia, Tata Motors

10. 16 AM: Global markets

Asian stocks were trading higher, following a 2% rally in NASDAQ with an improvement in both US President Donald Trump's health and prospects for a US stimulus package.

President Donald Trump left the hospital to return to the White House where he will continue being treated for the coronavirus.  Investors were also bouyed post news that lawmakers would reach a compromise on a new stimulus deal.

10.09 AM: Market outlook

As per Reliance Smart Money,  NSE-NIFTY ended holiday truncated week on a positive note, where the index managed to recover partial loss of previous week. In the last week, the index lost once out of four trading sessions and reported rise of 3.3%. On Thursday, the index jumped above its short-term resistance zone on back of positive global cues and regained 11,400 mark. Its key technical indicators are positively poised. The index has potential to test 11,618 and 11,794 levels in the short-term. In case of decline, the index will initially find support at 11,073 level and then at 10,743 mark, which coincides with its recent positive gap and with its long-term moving average 200-day SMA, respectively.

As for the day, support is placed at around 11,366 and then at 11,316 levels, while resistance is observed at 11,448 and then at 11,479 levels.

9. 54 AM: Nifty technicals

As per Geojit Financial Services, the 11400-500 region looks to be a volatile zone, but favoured view expects Nifty to spend very little time inside this region. 11800 appears fairly achievable, as long as dips do not slip beyond 11327.

9. 40 AM: Market update

On markets's opening today - -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The markets have opened on a positive note; we should be able to achieve the levels of 11800 during the course of the October series. A strong support for the Nifty is at the 11300 level and as long as we can keep above this level, the trend of the market is bullish and any correction can be used to accumulate for higher targets."

9. 30 AM: FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 236.71 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 471.56 crore in the Indian equity market on 5 October 2020, provisional data showed.

9. 24 AM:  Market outlook

Ajit Mishra, VP - Research, Religare Broking said," Markets are closely following global events and the upcoming earnings season would further add to the volatility. We suggest maintaining a positive yet cautious approach and giving preferring to index majors. Nifty has the next hurdle at 11,600."

9. 17 AM: Opening session

Sensex rose 350 points higher to 39,304 and Nifty gained by 93 points to 11,59. Market indices continued bullish momentum, tracking global equities that were buoyed on news of improvement in both US President Donald Trump's health and prospects for a US stimulus package

9. 09 AM: Nifty technical

Aamar Deo Singh, Head Advisory, Angel Broking said," Overall, Nifty has been displaying bullish momentum over past few trading sessions, with key resistance seen around the 11600-11650 zone whereas immediate support is seen around 11200-11250 levels."

8. 50 AM; Rupee outlook

On rupee's outlook, Vaqarjaved Khan - Research Analyst, Angel Broking said, "In the week gone by, Indian rupee depreciated by 0.62 per cent and currently stands at 73.32 against the US dollar. S&P ratings are expecting India's economy to contract by 9 per cent in FY21 due to Covid-19 crisis as well as weakening fiscal position will constrain the Government's ability to support the ailing Indian economy. The House has approved a $2.2 trillion Democratic coronavirus stimulus plan despite reluctance in a deal between Democrats and the Republicans. However, the deal is unlikely to be passed in the Senate where Republicans hold the majority and are unlikely to become a law in the coming time. Also, non-farm payroll data from the US came in at 661K against expectations of 900K.

He added," With second stimulus package unlikely to pass, USDINR (CMP: 73.13) is likely to move in the range from 72.5 mark at the lower end of the spectrum and 74 mark at the higher end. (5th Oct-9th Oct 2020)."

8. 40 AM: Rupee closing

On the currency front, the Indian rupee depreciated by 16 paise to close at 73.29 per US dollar on Monday even as the domestic equity market was trading with significant gains. On Thursday, the rupee had closed 63 paise higher at 73.13 per dollar.

8. 30 AM: Closing on Monday

Market indices ended on a bullish note on Monday powered by gains in financial and technology stocks amid positive cues from global markets. Extending gains for the third straight session, the 30-share benchmark Sensex ended 276 points higher to 38,973 and Nifty gained by 86 points to 11,503. On Friday, Sensex gained 629 points to 38,697 and Nifty ended 169 points higher to 11,416.