Share Market Highlights: Sensex ends 134 points lower, Nifty at 11,504; Maruti, Kotak Bank, HUL top losers

Sensex, Nifty Highlights on September 18: Sensex and Nifty turned red by the last hour of session and closed lower on Friday, amid weak cues from global markets. Sensex ended 134 points lower at 38,845 and Nifty fell 25 points to 11,490. Yesterday, the 30-share benchmark BSE Sensex closed 323 points lower at 38,979 and NSE Nifty 50 fell 11 points to 11,504.

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

3. 52 PM: Closing session

Sensex and Nifty turned red by the last hour of session and closed lower on Friday, amid weak cues from global markets. Sensex ended 134 points lower at 38,845 and Nifty fell 25 points to 11,490. Yesterday, the 30-share benchmark BSE Sensex closed 323 points lower at 38,979 and NSE Nifty 50 fell 11 points to 11,504.

3. 45 PM: Rupee closes higher

On the currency front, Indian rupee strengthened by 21 paise to close at 73.45 per dollar on Friday as weak American currency that buoyed investor sentiment.

3. 33 PM: Sector today

Sectorally, gains in IT, media, auto, realty and pharma were capped by losses in metal, FMC, banking and financials.

3. 20 PM: Market closing update

On markets closing --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"There was a sharp fall in the markets that pushed the Nifty down by over 100 points from the day's high. However, we were quick to regain most of the fall towards the end of the day. The markets continue to respect the 11500 level which is heartening for the bulls. The key level to be respected is 11300-11350 and if we can manage that, we should be able to achieve 11800 by the expiry next week."

3. 07 PM: Market Update

Sensex and Nifty turned red by the last hour of session amid weak cues from global markets. Sensex traded 180 points lower at 38,776 and Nifty fell 25 points to 11,490.

2. 45 PM: Angel Broking IPO

Angel Broking will open its initial public offer (IPO ) of equity shares on September 22. Price band of the IPO has been fixed at Rs 305 to Rs 306 per equity share. The share sale will close on September 24. The shares have face value of Rs 10 each .

Angel Broking plans to raise Rs 600 crore through the share sale which consists of a fresh issue of Rs 300 crore and offer for sale of Rs 300 crore by promoters and investor.

Angel Broking to launch IPO on September 23, price band fixed at Rs 305-Rs 306 per share

2. 22 PM: Real estate sector update

Speaking on outlook for real estate sector, Kushagr Ansal, Director, Ansal Housing & President, CREDAI Haryana said, "The real estate sector has seen a wave of increased interest from buyers towards Tier II- III cities, the pattern is similar for  investors as well.  The influencing factors being lower price points, abundance of land and resources, scarcity of organised and modern living societies and government's support in boosting infrastructure of smaller cities. Government's mission of 'Housing for All' also finds varied opportunities in smaller towns. Experienced realtors with a track record of timely deliveries in projects are in a better position to enter these untouched markets at this time. As end-users are looking for value for money and assurance before committing to such a high-end financial transaction."

2.01 PM: Hindustan Zinc share rises 2%

Shares Hindustan Zinc Ltd (HZL) were trading higher on Friday after the firm said it proposes to raise up to Rs 4,000 crore via debentures. The proposal is pursuant to the approval of the board of directors in its meeting held on July 21, it added.

Hindustan Zinc stock gained 1.8% to the intraday high of Rs 220, as agaisnt the earlier close of Rs 216.05. The stock opened at 215.90, also its intraday low. Hindustan Zinc stock has gained after 4 days of consecutive fall. The stock has risen 3.48% since the beginning of the year. the stock hit a new 52-week high of Rs 258.80 on August 11, 2020 and 52-week low of Rs 122, on March 13, 2020.

1. 49 PM: ByteDance mulls US IPO of TikTok Global

China's ByteDance is planning a US initial public offering of TikTok Global, the new company that will operate the popular short video app, should its proposed deal be cleared by the US government, people familiar with the matter said on Thursday. ByteDance is racing to clinch an agreement with the White House that will stave off a US ban on TikTok that President Donald Trump has threatened could happen as early as next week.

ByteDance mulls US IPO of TikTok Global as it races to clinch WH deadline

1. 33 PM: Sebi asks MF houses to establish policy on trade execution, allocation

Markets regulator Sebi on Thursday asked mutual fund houses to put in place a policy specifying role of several teams engaged in fund management and back office with regard toexecution of order and allocation of trade among various schemes. The policy will ensure that all the schemes and its investors are treated in a fair and equitable manner, the Securities and Exchange Board of India (Sebi) said in a circular.

Sebi asks MF houses to establish policy on trade execution, allocation

1. 20 PM: Avanti Q1 update

Geojit Fnancial in its note said," Avanti's Q1FY21 revenue de-grew by 12.6%YoY impacted by decline in volumes (Feed-19%YoY, Processing-7%YoY), due to Covid-19 led disruptions.However, EBITDA margin improved by 100bps YoY to 13.5% due to reduction in costs. Relaxation in restrictions, improvement in export prices, regional diversification and increasing market share will support future volumes. MEIS (export incentive scheme) changes will impact incentive receipts, however, the company has to adjust this gap with farm-gate & export prices without affecting competitiveness.Expect Revenue/PAT to grow at 9%/14% CAGR over FY20-22E. We value AFL at FY22E P/E of 19x considering healthy growth & RoE and no debt and maintain Buy rating with a revised Target of Rs.565.

1. 12  PM: Angel Broking Limited Initial Public Offer

Angel Broking Limited, one of the largest retail broking houses in India in terms of active clients on NSE as of June 30, 2020 (Source: CRISIL Report), will open the initial public offer of equity shares of face value of Rs 10 each on 22nd September 2020.

The Offer will close on 24th September 2020. The price band of the Offer has been fixed at Rs 305 to Rs 306 per Equity Share.

1. 08 PM: CAMS IPO

Nirali Shah, Senior Research Analyst,Samco Securities said," CAMS is coming out with an IPO looking to raise Rs 2,244 crore through an offer for sale. The price band is set at Rs 1,229-1,230 per share for a lot of 12 shares. We recommend investors to subscribe to the IPO for listing gains. The company has a robust business with strong market leadership indicated by a 70% market share in the mutual fund RTA industry. Given the high entry barriers and the near duopoly nature of the market, the moat of the company remains intact. CAMS has also delivered strong operating margins and shareholder returns consistently and maintains a clean balance sheet with negative working capital. With growth being linked to the rise in AUMs for Mutual Funds, the company is poised to generate consistent returns going forward. Investors just need to be cautious regarding the slower pace of growth as paper-based transactions which contribute a large part of revenues see a decline over time.  

1. 49 PM: Oil prices today

Oil price rose as OPEC and its allies said that it would crack down on countries which failed to comply with output cuts and planned an EM in October. Brent crude futures, the global oil benchmark, rose 0.55 per cent to USD 43.54 per barrel.

12. 34 PM: Rupee rises by 33 paise

The Indian rupee strengthened by 33 paise to 73.33 per dollar on Friday's opening trade as weak American currency and positive domestic equities buoyed currency investors.

The local unit opened at 73.47 per US dollar at the interbank forex market, then gained further ground and touched 73.33, registering a rise of 33 paise over its previous close.

Rupee rises 33 paise to 73.33 amid weak dollar, positive equities

12. 17 PM: Coronavirus toll

Worldwide, there were 303.51 lakh confirmed cases and 9.50 lakh deaths from COVID-19 outbreak. Meanwhile, India's death toll from COVID-19 infections rose to 0.84 lakh and total coronavirus cases to 52.21 lakh as of Friday.

12.00 PM: Bata India update

Commenting on Bata India, Angel Brokng sai in its nonte,"Bata India announced a Scheme of Amalgamation Bata Properties Limited (BPL) and Coastal Commercial & Exim Limited (CCEL). Bata Properties Limited (BPL) is wholly owned subsidiary of Bata India Limited and Coastal Commercial & Exim Limited (CCEL) is a wholly owned subsidiary of BPL. Upon completion of the said amalgamation, CCEL will cease to be a subsidiary of BPL and in turn of the Company. In our view, it's just company level adjustment, which has no impact on a company's financial. This development is neutral for Bata."

11. 49 AM: Nifty outlook

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said," We continue to remain cautious and still do not expect the Nifty to surpass the sturdy wall of 11650-11700 soon. Going forward, 11480-11450 would be seen as crucial support and a move below this would trigger some decent correction thereafter. "

He added," Also, we would like to draw attention towards the 'US Dollar Index' which has corrected significantly in the last couple of months. Recently, this index has formed a base around the 92 mark and is now about to surpass the key hurdle of 93.60-94. Since US Dollar Index and Equity markets are inversely correlated, any surge in this would lead to correction in our markets. Hence, it is important to take a note of this development as well."

11. 33 AM: Gold prices today

Gold prices gained amid weak dollar after central banks globally pledged to keep interest rate near zero for a prolonged period and pledged to roll out further stimulus if required revive the coronavirus induced downturn.

On the Multi Commodity Exchange, Gold October Futures gained Rs 77 at Rs 51,530, after hitting an intraday high of Rs 51,644 against the previous close of Rs 51,453 per 10 gm.

Silver September Futures, gained Rs 132 to Rs 68,270 per kg today after they touched an intraday high of Rs 68,500 per kg.

Gold price rises to Rs 51,600, silver rates at Rs 68,500

11. 15 AM: Dr Reddy's Labs share hits all-time high

Dr Reddy's Laboratories share gained over 9% today after the company settled patent litigation for Revlimid with Celgene, a Bristol Myers Squibb Company, which allowed the company to sell Lenalidomide in the US post-March 2022.

Dr Reddy's Labs share hits all-time high after firm settles patent litigation in US

11.01 AM: Gold technical outlook

Anuj Gupta, DVP- Commodities and Currencies Research, Angel Broking said, "Weakness is a dollar on the back of Federal Reserve pledged to keep interest rates low for a long time but stopped short of offering further on stimulus to shore up a battered U.S. economy and they also hold interest rates till 2023 with inflation never breaching 2% over the period. This is positive for gold and silver in longer-term as traders can park their money in safe-haven assets like Gold.

For gold trading, he added," As for today traders can go for buy-in gold at Rs 51,200 levels with the stop loss of Rs 50,700 levels for the target of 51,900 levels. They can also go for buy-in Silver at Rs 68,000 levels, with the stop loss of 67,000 levels and for the target of 69,800 levels. In the Bullion index, "Bulldex" traders can also go for buy at 16000 with the stop loss of 15850 and for the target of 16250. In the international market, gold may test $2000  per ounce and silver may test $ 28.50 per ounce soon."

10. 45 AM: HCL Tech update

HCL Technologies Ltd. and Google Cloud have announced the expansion of their strategic partnership to bring HCL's Actian portfolio, starting with Actian Avalanche, to Google Cloud. Actian Avalanche is a high-performance hybrid cloud data warehouse and enables a seamless path to migrate legacy data warehouses, including IBM Netezza and Oracle Exadata, to Google Cloud, through a hybrid-cloud offering leveraging Google Cloud's Anthos application platform.

On HCL Tech, Jyoti Roy, DVP- Equity Strategist, Angel Broking said," This latest announcement from HCL and Google Cloud builds on the partnership between the two firms as HCL and Google Cloud had earlier announced the launch of HCL's Google Cloud Ecosystem to accelerate enterprise cloud adoption worldwide in 2019. We continue to maintain our positive outlook on HCL Tech as the announcement reflects the company's leadership position in the cloud migration space. We believe that HCL will be the biggest beneficiary of migration from public cloud to hybrid cloud driven by strong presence in the Infrastructure management business. We maintain our BUY rating on the stock with a revised target price of Rs. 945."

10. 33 AM: Global markets

Asian markets are trading higher on the last day of the week with technology shares in focus.

U.S. markets closed mostly taking cues from weakness seen in labor market as situation remains worrisome on coronavirus front. Technology stocks led the decline.

European markets closed lower as investors reacted to the recent central bank meeting outcomes and comments WHO which warned of a "very serious situation" unfolding in Europe.

10. 24 AM: Nifty technical outlook

As per Geojit Financial Services, though 11450 was not fully achieved, the pull back evolved on anticipated lines. A spontaneous fall is not expected In case of a breach of 11450, and instead, a consolidation inside 11450-11385 is possible, before another upswing is attempted, that would keep the 12000-12500 view intact. Alternatively, inability to float above the 11450-11385 region would activate the 10800-10500 view, but favoured view does not expect a collapse for now.

10. 17 AM: Relaxo footwear updare

Amarjeet Maurya- AVP - Mid Caps, Angel Broking said,"Relaxo Footwears (RFL) plans to strengthen its position in the southern and western regions where it has a thin presence. Post Covid-19, we expect RFL to recover fast on the revenue front due to low-ticket size products, strong brand and wide distribution network."

10.01 AM: Top gainers and losers

Sun Pharma, followed by Tech Mahindra, Tata Steel, TCS, Titan, PowerGrid, NTPC, Reliance Industries and Asian Paints were among the top gainers on Sensex today. On the other hand, HUL, Bajaj Auto, Maruti and Nestle India were among the laggards.

9. 55 AM: Global markets

Asian stocks were trading mostly higher on Friday.

European stocks ended in red yesterday after the World Health Organization's (WHO) regional director for Europe on Thursday warned of a "very serious situation" unfolding in Europe. Weekly cases have now exceeded those reported when the pandemic first peaked in Europe in March, said WHO's Hans Klug. The Bank of England kept its main interest rate unchanged at the record low of 0.1% on Thursday.

In Wall Street, stocks fell on Thursday as technology-related shares slid for a second day.

9. 43 AM: Market outlook

On today's opening session, -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments  said," We are successfully keeping above the levels of 11550 which is a positive sign. As long as we are above 11300-11350, the overall trend of the market has a positive bias and dips can be utilised to initiate fresh long positions. A target of 11800 is expected."

9. 32 AM: Nifty technical

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said, "With a broader view also, we are a bit unsure whether the Nifty has enough strength to go pass the sturdy wall of 11650-11680. For the coming session, 11620-11650-11680 continues to be a strong resistance zone and we advise traders not get carried away by last 2-3 days' upmove. As far as supports are concerned, 11570-11540 would be seen as intraday supports and a move below 11540 would give early signs of weakness."

9.27 AM: Stocks to watch today on September 18

Vedanta, Dr Reddy, Hindalco, EIH, TVS Motors among others are the top stocks to watch out for in Friday's trading session

Stocks in news: Vedanta, Dr Reddy, Hindalco, EIH, TVS Motors

9. 13 AM: Opening session

Sensex and Nifty opened on a bullish note on Monday, amid positive global equities. Sensex traded 220 points higher at 39,200 and Nifty gained 58 points to 11,584.

9. 04 AM: Market Outlook

On Nifty's near-term technicals, Aamar Deo Singh-Head Advisory, Angel Broking said," It appears that Nifty is unable to breach and hold above the 11600 mark, which is a crucial resistance. The overall uptrend remains intact, but for any meaningful rally towards 11750-11800 zone, 11600 level needs to be overcome. On the downside, 11200-11300 is a key zone of support."

8. 50 AM: FII action

Foreign portfolio investors (FPIs) sold shares worth Rs 249.82 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,067.83 crore in the Indian equity market on 17 September, provisional data showed.

8. 40 AM: Rupee closing

Indian rupee, the domestic currency benchmark closed at 73.66 against the US currency, registering a fall of 14 paise over its last close of 73.52 per US dollar.

As per Geojit Financial Services, For USDINR, 73.83 and 74.05 may act as crucial levels in the upside while 73.48 and 73.25 will act as support levels.

8. 30 AM: Yesterday's closing

Sensex and Nifty ended on a bearish note on Thursday backed by weak global equities amid rising concerns about economic recovery from the COVID-19 pandemic. Erasing 2 days of gains, the 30-share benchmark BSE Sensex closed 323 points lower at 38,979 and NSE Nifty 50 fell 85 points to 11,519.

Sensex ends 323 points lower, Nifty at 11,519; Hindalco, Bajaj Finserv top losers