Share Market Highlights: Sensex ends 95 points lower, Nifty at 11,535; PowerGrid, Axis Bank top losers

Sensex, Nifty Highlights on September 3: Domestic benchmarks Sensex and Nifty turned volatile by the afternoon session and closed on a negative note on Thursday, amid weak Asian equities. Reversing from 2 days of consecutive gains, Sensex ended 95 points lower to 38,990 and Nifty closed 0.75 points higher at 11,535. Yesterday, Sensex ended 185 points higher at 39,086 and Nifty gained 64 points to 11,535.

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

3. 53 PM: Market at close

Domestic benchmarks Sensex and Nifty turned volatile by the afternoon session and closed on a negative note on Thursday, amid weak Asian equities. Reversing from 2 days of consecutive gains, Sensex ended 95 points lower to 38,990 and Nifty closed 0.75 points higher at 11,535.

3. 45 PM: Closing update

On markets closing today- Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," The markets traded with lacklustre volumes with no definite direction. We continue being in a range between 11400-11600. If we need to see higher levels, we need to cross the resistance of 11600. That could take us to levels as high as 12000. A break of 11400 can take us to 11200-11250 levels."

3. 35 PM: Dr Reddy update

On launch of drugs by Dr.Reddy's Lab, Yash Gupta, Equity Research Associate, Angel Broking said," The Concerta brand and generic market had U.S. sales of approximately $1.159 billion MAT for the most recent twelve months ending in June 2020 according to IQVIA Health.Dr. Reddy's Methylphenidate Hydrochloride Extended-Release Tablets, USP are available in strengths of 18 mg, 27 mg, 36 mg, and 54 mg tablets in bottle count sizes of 100. This will be a positive development for Dr. Reddy's."

3. 11 PM: Lupin drug launch update

On Lupin announcing the launch of Leflunomide Tablets USP, Yash Gupta, Equity Research Associate, Angel Broking said," Leflunomide Tablets USP (RLD: Arava had an annual sales of approximately USD 42 million in the U.S. (IQVIA MAT June 2020). This is one of the significant approvals for Lupin, we continue with our Neutral outlook for Lupin limited."

2. 54 PM: Vodafone-Idea update

Commenting on Vodafone-Idea, post SC Verdict, Keshav Lahoti, Associate Equity Analyst, Angel Broking said," Today also stock is trading up by 11% on the basis of media reports that retailer Amazon and Verizon, one of the largest communication technology companies may invest more than $4 billion (more than half of the pending AGR dues) for stake in the Company. If this report turns out to be true then certainly Vodafone Idea will survive in the industry for at least next few years. So this will solve the first problem of the Company i.e. paying AGR dues for next few years. The second problem Company needs to fix is maintain its losing revenue market share by developing proper strategy. The third hurdle for the Company is ARPU hike in the industry. We believe if these three actions happen then Vodafone Idea will survive: successfully raising the desired quantum of funds, preventing its losing revenue market share and ARPU hike in the industry."

2. 41 PM: Nifty outlook

In mid-day market commentary, Yash Gupta, Equity Research Associate, Angel Broking said, "The market opened higher on back of positive global market clues though it has sold off somewhat post that. Today S&P BSE consumer durables (up 2.60%) and S&P BSE Healthcare (up 0.97%) holding up the market, laggards on the Sensex are S&P BSE Energy (Down .67%), S&P BSE bankex (Down 0.8%). Defensive sectors like S&P BSE Information Technology (Up 1.41% & S&P BSE Healthcare (up 0.97%) are again back in focus. Sensex has managed to hold on the back of defensive stocks like INFY (up 1.05%) TCS (up 1.45%). We expect the broader market to see some pressure."

On global markets, he added,"Global Market continued its rally yesterday as the Dow Jones rallied by 454 points (up 1.59%) while the NASDAQ was up by 116 points (up 0.98%)."

2. 39 PM: Bharti Infratel share gains over 9%

The leading wireless telecommunications service provider in India has informed the exchanges that its Board of Directors discussed, in a meeting held on August 31, the scheme of arrangement with Indus Towers and related agreements, and has decided to proceed with the merger.

Following the news, Bharti Infratel stock price climbed 9.38% to the intraday high of Rs 214.5 on BSE as against the last closing value of 223.85 on BSE. On NSE, Bharti Infratel stock hit intraday high of Rs 196.90. The stock opened at Rs 199 and also touched an intraday low of Rs 197 today. In the last 2 days of gains, Infrtael stock has gain over 13%.

2. 22PM: Rossari Biotech update

On Rossari Biotech hitting all time high after Plutus Wealth acquired a stake the company, Keshav Lahoti, Associate Equity Analyst, Angel Broking said,"Rossari Biotech got listed on the exchange at ~58% over issue price on July 23, 2020. Recently, the stock is rallying on the news that Plutus Wealth Management LLP acquired 3 lakh shares of the Company at Rs.773.82 per share."

He added," Market is positive on the stock considering that it has a strong balance sheet, good return ratios, outlook of the business is positive, proven track record of robust financial performance and surge in demand of home and personal care segment (sanitizers, cleaning products) due to covid-19."

2.18 PM: JSPL - August steel production update

Commenting on JSPL's August steel production, Jyoti Roy , DVP- Equity Strategist, Angel Broking said,"Jindal Steel & Power Limited has recorded a 38% YoY growth in consolidated Steel Sales to 8,36,000 tonnes in August 2020. JSPL continues to report robust sales numbers given the company's continued focus on exports which continues to drive growth despite slowdown in domestic steel demand. We believe that the company will continue to focus on exports for some time till the time domestic steel demand does not normalize."

2.02 PM:Indian Oil's crude carrier catches fire off Sri Lanka

An oil tanker chartered by Indian Oil Corp (IOC) has caught fire off the east coast of Sri Lanka where an aircraft and two navy ships have been deployed to help in the rescue effort, navy representative Commander Ranjith Rajapaksa and sources said on Thursday. The fully loaded New Diamond, a very large crude carrier (VLCC), was heading to the port of Paradip in India where state-run IOC operates a 300,000 barrel-per-day refinery.

Indian Oil's crude carrier catches fire off Sri Lanka

1. 41PM: Rupee falls to 73.32 per dollar

Indian rupee, the domestic currency benchmark, depreciated 29 paise to 73.32 per dollar on Thursday's in opening deals, amid weak momentum in the domestic equities and strong US dollar.

The local unit opened on a weak note at 73.23 on the interbank forex market, and fell further to 73.32, registering a fall of 29 paise over its last close of 73.03.

Rupee falls 29 paise to 73.32 amid strong dollar, weak equities

1. 34 PM: Global markets

Asian markets were trading higher on the back of positive closing in US and better services sector activity in China. Although, market turns mixed and traded marginally lower by the afternoon session.

U.S. markets closed higher on optimism over coronavirus relief package. European markets had closed higher taking cues from Wall Street ignoring not so good economic numbers from Euro region.

1. 29 PM: Nifty outlook

Commenting on Nifty outlook, Geojit Financial in its note said,"The 11550 mark disappointed bulls for the second consecutive day, on anticipated lines, signalling revival of risk appetite. To this end, the 11630 breakout point discussed early this week loses some relevance. A free move is less expected though, and favoured view sees volatility after initial attempts to move closer to 11700. The downside range of 11300 discussed yesterday, will continue to be in play today as well."

1. 12 PM: Dish TV stock hits 5% upper circuit

Dish TV share hit upper circuit of 5% on Thursday after the company reported a consolidated net profit of Rs 74.54 crore in Q1 against net loss of Rs 35.44 crore in the April-June period a year ago.

Share of Dish TV jumped 4.94 per cent to Rs 11.48 on the BSE. On the NSE, it gained 4.56 per cent to Rs 11.45. The stock gained 9% in the last 2 days. The share saw only buyers and no sellers on BSE. Dish TV stock trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Dish TV stock hits 5% upper circuit after firm logs profit in Q1

12. 59 PM: Top losers and gainers

Britannia, NTPC, Hindalco, Airtel, IndusInd Bank, PowerGrid, ICICI were among the top losers today. On the other hand, Wipro, UPL, Eicher Motors, Titan and Bharti Infratel were among the top  gainers.

12. 44 PM: Oil prices today

Oil price fell more than 2% as demand fell US hinted by the recent government data ignoring bullish crude inventory data. Brent crude futures, the global oil benchmark was trading 0.07 per cent lower at USD 44.40 per barrel.

12. 30 PM: Airlines update

Expressing views on the announcement, Jyoti Roy, DVP- Equity Strategist, Angel Broking said,"The central government announced that domestic airlines will now be allowed to operate at 60% of their pre-Covid level capacity as compared to 45% earlier. After resuming domestic passenger flights in India from the 25th of May the Civil Aviation Ministry had allowed Indian airlines to operate at 33% of their pre-COVID levels which was increased to 45% from the 26th of June. While this move is sentimentally positive for Airline companies we believe that demand will remain muted in the near future and is expected to pick up post the festive season and maintain a neutral rating on the sector. Markets will be keenly awaiting data for the domestic aviation industry for the month of August which will be released in a few days by the DGCA."

12.24 PM: PMI data

Activity in India's crippled services industry fell for a sixth straight month in August. Although the Nikkei/IHS Markit Services Purchasing Managers' Index increased to 41.8 in August from July's 34.2, it remained well below the 50-mark separating growth from contraction.

12. 11 PM: Nifty outlook

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said," Going ahead, it would certainly be very intriguing to see how things pan out in next couple of days. Meanwhile, 11550 followed by 11650 are the levels to watch out for in the upward direction; whereas on the flip side, 11450-11400-11325 is the cluster of supports."

11. 50 AM: InterGlobe Aviation, SpiceJet shares rise up to 5%

Shares of InterGlobe Aviation and SpiceJet rose in early trade today after the government allowed airlines to operate with 60 percent capacity in the domestic segment. Reacting to the development, share of SpiceJet opened 5.01% higher at Rs 53.40 against previous close of Rs 50.85 on BSE. The stock touched an intraday high of Rs 53.7, rising 5.6%. It trades higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.

InterGlobe Aviation, SpiceJet shares rise up to 5% after airlines allowed to operate at 60% capacity

11. 41AM: Market erases gains

Domestic benchmarks Sensex and Nifty turned volatile by the afternoon session and traded tad lower on Thursday, as investors turned cautious ahead of key data release worldwide. Sensex fell 58 points lower to 39,026 and Nifty was falling 9 points lower at 11,526.

11. 34 AM: Gold price steadies after recent fall

On the Multi-Commodity Exchange platform, commodities showed a muted move today. MCX precious metals were trading tad higher, tracking a similar move from international commodity markets.

Gold October Futures gained by Rs 6 at Rs 50,827, after hitting an intraday high of Rs 50,964 against the previous close of Rs 50,821 per 10 gm. MCX gold futures currently trade almost Rs 5,370 lower than the lifetime high of Rs 56,191 per 10 gm, hit on August 7. On MCX, the yellow metal has risen 41.5% to life-time high since the beginning of the year.

Gold price trading flat; silver rate at Rs 68,500

11. 20 AM: Silver prices today

Silver September Futures gained by Rs 30 at Rs 68,284 per kg today after they touched an intraday high of Rs 68,855 per kg. Silver Futures hit a lifetime high of Rs 77,949 on August 7.

11. 19 AM: Dollar index

Dollar index steadied against the basked of six Asian currencies today. This was after a gain of 0.6% in the last session, backed by robust US manufacturing sector, giving hopes of an economic recovery.

11. 01 AM: Coronavirus toll

Worldwide, there were 261 lakh confirmed cases and 8.67 lakh deaths from COVID-19 outbreak. Meanwhile, India's death toll from COVID-19 infections rose to 67,486 and total coronavirus cases to 38.53 lakh as of Thursday.

10. 45 AM: Precious metals outlook

Geojit Financial Services in its note said, "Expect weak bias to continue as long as $1974 caps upside for the day. However, mild support is seen at 1920, which needs to be cleared for the continuation of liquidation pres-sure. An unexpected rise above $2000 is a signal of renewed buying pressure." For MCX Gold Oct futures, the brokerage said resistance is placed at Rs 51850 and support at Rs 50520.

On Silver, the agency said," Expect a choppy with directionless trading initially. A direct rise above $29 is required to continue the further update. Strong support is seen at $27 break of which is a signal of selling pressure."

MCX Silver Nov futures resistance is placed at Rs 70820 and support at Rs 64300.

10. 39 AM: Global markets

Overseas, Asian stocks are trading higher on Thursday after the S&P 500 cruised to another record overnight. In US, markets rose sharply on Wednesday, continuing a strong start to September for the market.

10. 24 AM: FM meet today

On the domestic front, Finance Minister Nirmala Sitharaman will hold a review meeting with heads of banks and NBFCs on September 3 for smooth and speedy implementation of the one-time debt recast for resolution of COVID-19 related stress in bank loans.

10. 15 AM: CDSL crosses 2.5 crore demat accounts, being the first depository to do so

Speaking on the milestone achieved, CDSL MD & CEO, Shri Nehal Vora said, "We are delighted to add another landmark to our history of many firsts- Being the first listed depository in Asia-Pacific, being the first depository to launch operations in IFSC, GIFT City, Gujarat, first depository to reach the milestone of 2 crore demat accounts and now the first depository to cross more than 2.5 crore demat accounts."

9. 57 AM: SEBI orders Rs 40 crore recovery from two dozen accounts

The Securities and Exchange Board of India (Sebi) has ordered attachment of bank and demat accounts of two dozen defaulters in the matters of three companies - Mass Infra Realty, Skymarg Agro Industries India, and Life Care Real Developers - to recover dues totalling nearly Rs 40 crore.

The defaulters are 11 directors of Mass Infra Realty, five directors of Skymarg Agro, Life Care and its seven directors, the regulator said in three separate notices.

SEBI orders Rs 40 crore recovery from two dozen accounts

9. 31 AM: Vodafone fund-raising plan

Commenting on Vodafone fund-raising plan Keshav Lahoti, Associate Equity Analyst, Angel Broking said," Board of Directors of the Company is scheduled to meet on September 4, 2020, inter-alia, to consider and evaluate any and all proposals for raising of funds in one or more tranches by way of a public issue, preferential allotment, private placement, including a qualified institutions placement or through any other permissible mode. We think that Company will raise the major amount of funds in the form of equity. The Company will not be able to pay the AGR dues from internal accrual, so it is very important for them to raise funds from the market to survive in the industry."

He adde," To survive in the industry in the long run, Vodafone Idea needs to raise the required amount of funds, develop a turnaround strategy and hope that industry takes a steep hike in ARPU or suitable floor tariff gets implemented by the TRAI."

9. 25 AM: Opening session

Extending gains for the third straight session, domestic benchmarks Sensex and Nifty opened on a bullish note on Thursday, amid positive global equities. Sensex gained 24 points higher to 39,110 and Nifty was rising 29 points higher at 11,564.

9. 18 AM: FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 990.57 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 657.48 crore in the Indian equity market on 2 September, provisional data showed.

9. 10 AM: Nifty outlook

On Nifty's technical indicators, experts suggest the index has to surpass the sturdy wall of resistance near 11,550-11,650. Although, the 50 barometer index has closed well above its support of 11,350 level.

9.00 AM: Stocks in news

Kalpataru Power, Dish TV, Coal India, Edelweiss Financial, IndusInd Bank among others are the top stocks to watch out for in Thursday's trading session

Stocks in news: Kalpataru Power, Dish TV, Coal India, Edelweiss Financial, IndusInd Bank

8. 50 AM: Earnings Today

Jubilant Industries, MSTC, Page Industries, Panacea Biotec, Zuari Agro Chemical among others will report Q1 earnings today.

8. 40 AM: Nifty technical outlook

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The Nifty made a smart move towards 11600 but was unable to get past and close above it. We would need that to happen for the uptrend to be solid and convincing. Once we get past that, our target would be 11800-11900."

8. 30 AM: Closing on Wednesday

After a volatile trading session, Sensex and Nifty ended on a bullish note today led by positive global cues. Extending gains for the second day after 2% drop on Monday, Sensex ended 185 points higher at 39,086 and Nifty gained 64 points to 11,535. Yesterday, Sensex ended 272 points higher at 38,900 and Nifty gained 82 points to close at 11,470.

Sensex ends 185 points higher, Nifty at 11,535; RIL, M&M, ONGC top gainers