Share Market Highlights: Sensex ends 633 points lower, Nifty at 11,333; JSW Steel, Tata Steel top losers

Sensex, Nifty Highlights on September 4:Domestic benchmarks Sensex and Nifty fell 1.6% each on Friday, extending yesterday's losses and closed on a bearish note, tracking losses from global markets. Barring European indices, major Asian equities including US futures fell heavily on back of expectation of weak US jobs data, scheduled to be released today. Amid heavy selling pressure in banking and financials, Sensex ended 633 points lower at 38,357 and Nifty closed 193 points down at 11,333. Meanwhile, April-June quarterly earnings announcements by Future Retail, Jubilant Life Sciences, Repco Home Finance will also set the tone for the stock market today. Yesterday, Sensex ended 95 points lower to 38,990 and Nifty closed 7.55 points lower at 11,527.

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

3. 49 PM: Closing session

Domestic benchmarks Sensex and Nifty fell 1.6% each on Friday, extending yesterday's losses and closed on a bearish note, tracking losses from global markets. Barring European indices, major Asian equities including US futures fell heavily on back of expectation of weak US jobs data, scheduled to be released today. Amid heavy selling pressure in banking and financials, Sensex ended 633 points lower at 38,357 and Nifty closed 193 points down at 11,333.

3. 31 PM: Market outlook

 S Ranganathan, Head of Research at LKP Securities said,"While Geopolitical Issues dominated trading today on the back of an already weak global cues in opening trade we did witness bargain hunting amidst the mayhem in select segments. Consumer Durables and Rural based stocks were bought into on the back of a well distributed bountiful monsoon and improved crop sowing this season".

3. 23 PM: World shares trade lower

World shares edged lower on Friday, and were on course for their worst week in more than two months, though gains in safer assets like bonds and the dollar were muted as investors awaited U.S. jobs data to see if it triggers a bigger sell-off. The pan-European STOXX 600 index added 0.4%, rebounding from its worst day in more than a month a day before amid a tech-led plunge on Wall Street on Thursday.

World shares trade lower ahead of US jobs data

3. 13 PM: Market at close

On market closing today, Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"We managed to stick above the 11300 level which is a saving grace for the bulls until markets reopen on Monday. If we breach this level on a closing basis, we could enter into a short term bear phase. On the upside, we need to get past 11600 for the markets to continue its upward momentum."

3.03 PM: Market deep in red

Domestic benchmarks Sensex and Nifty fell 1.75% each on Friday, extending yesterday's losses, following major drop in Asian equities. Amid heavy selling pressure in banking and financials, Sensex fell 670 points to 38,320 and Nifty was falling 200 points to 11,327.

2.57 PM: Infosys share price falls over 2%

Shares of Infosys Ltd fell over 2% on Friday on profit-booking, after it has entered into a definitive agreement to acquire Kaleidoscope Innovation in an all-cash consideration up to $42 million. Infosys stock has fallen after 2 days of consecutive gain. The stock of the index heavyweight fell 2.12% to an intraday low of Rs 915.55 on BSE. The stock of the IT major opened at Rs 921 and also touched an intraday high of Rs 929.50.

Infosys share price has fallen 1.27% in one week, 2.85% in one month.

Infosys share price falls 2% on profit booking

2. 44PM: Global markets

Barring European indices, major Asian equities including US futures fell heavily on Friday on back of weak US jobs data, scheduled to be released today.

2. 30 PM: Rupee ends stronger

Indian rupee, on the currency front, ended stronger on Friday at 73.14 per dollar as against the earlier closing of 73.47 per US dollar.

2. 13PM: Sector update

All the sector based indices fell depp in red today, almost 3% decline in metals, 2% fall in realty, pharma, banking and financials.

2.04 PM: RIL share falls 2%

Reliance Industries Ltd (RIL) share fell over 2 % amid report of likely stake sale in retail business to  US private equity  firm Silver Lake. Mukesh Ambani-led Reliance Retail is holding talks with Silver Lake to sell a 1.7-1.8 per cent stake in the entity for around Rs 7,500 crore.

Stock of RIL fell 2.22% to Rs 2065.6 against previous close of Rs 2,112 on BSE. The share trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.

RIL share falls 2% amid likely stake sale in retail business to Silver Lake

1. 49 AM: N R Agarwal update

Commenting on 1QFY21 result by N R Agarwal Industries, Amarjeet Maurya, AVP - Mid Caps, Angel Broking said,"In 1QFY21, N R Agarwal Inds's top-line de-grew by ~44% to Rs203cr. Top-line was negatively impacted mainly due COVID-19 lockdown. On the operating front, the company reported margin improvement (up by 462bp YoY to 17.8%), primarily on account of lower raw material costs by 993bp YoY as a percentage of sales and other operating expenses. The reported net profit de-grew by ~34% YoY to Rs16cr due to lower sales and higher depreciation cost."

1. 33 PM: JK Lakshmi Cement update

JK Lakshmi Cement, Jyoti Roy, DVP- Equity Strategist, Angel Broking suggested a target of Rs 328 and said,"JK Lakshmi promoted by Singhania group is a predominantly north India cement company with capacity of 13.3mn tonne predominantly based out North India which is the most favored region for the cement industry given better demand supply dynamics. Company had also posted a good set of numbers for Q1FY21 due to favorable regional presence and lower power and fuel costs. Despite the sharp fall in volumes cement companies were able to maintain their margins due to lower power and fuel costs which is expected to continue due to continued low crude prices. JK Lakshmi is our top pick in the mid cap cement space given that it is trading at a significant discount compared historical averages as well as peer group."

1. 28 PM: Vodafone Idea outlook

On Vodafone, Keshav Lahoti, Associate Equity Analyst, Angel Broking said, "On September 1, Vodafone Idea stock corrected by 13.2% as the Supreme Court allowed a 10-year staggered payment timeline to pay AGR dues against 15-20 years anticipated by the market. On September 2, Vodafone Idea rallied by 11.9% on Company announced that the board of directors is scheduled to meet on September 4 to evaluate all proposals to raise funds. This clearly indicated that the Company is not planning to shut the shop post the Supreme Court verdict. 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 a stake in the company.

He added," 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 the next few years. The second problem Company needs to fix is to maintain its losing revenue market share by developing a proper strategy. The third hurdle for the Company is ARPU hike in the industry. Vodafone Idea and Bharti Airtel are in favour to hike tariff plans steeply, although Jio is not ready to hike its plan rates. So Vodafone Idea and Bharti Airtel are not able to hike tariffs as it will lead to a loss in subscribers for them."

"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," he added later.

1. 19 PM: Market update

Domestic benchmarks traded on a bearish note on Friday, extending yesterday's losses, following major drop in global equities. Amid heavy selling pressure in banking and financials, Sensex fell 294 points to 38,696 and Nifty was falling 91 points to 11,435.

1. 02 PM: Vodafone Idea shares hits fresh 52-week high

Shares of Vodafone Idea extended gains for the third consecutive session on Friday, and a new 52-week high of Rs 13.45 on BSE, ahead of the board meeting to consider raising capital.

Vodafone Idea stock opened at Rs 11.31, also its intraday low and later touched an intraday as well as a new 52-week high of Rs 13.45. This was a rise of 7% as against the last close of Rs 12.56 on the BSE.

The stock of the telecom services provider has risen 51.29% in the last 3 days of gains, to its fresh 52-week high of Rs 13.45 on September 4 from Rs 8.89 on September 1.

Vodafone Idea share gains 51% in 3 days; board to discuss fundraising plan today

12. 48 PM: Real setate sector update

Speaking on outlook for real estate sector, Amit Modi, Director, ABA Corp & President (Elect), CREDAI Western UP said, "The real estate sector is undergoing a phase where end-users' sentiments associated with property ownership have become stronger than before. Remote working and limited commute have made it a viable option. The demand will impact the prices in coming times, as normalcy starts to return. Making the present times best for a property purchase; with home loan interest rates at their lowest and prices being stagnant, the buyers can procure themselves a once in a lifetime property deal."

12. 34 PM: Nifty outlook

On Nifty's near term outlook, Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said," Till the time, market do not get clarity on this front, the range bound movement is quite evident. Technically speaking, a sharp sell off followed by such uninterested trading sessions, generally does not bode well for the bulls. Hence, next couple of sessions would be crucial for markets to understand the next path of action. As far as levels are concerned, 11600-11650 remains to be a stiff hurdle; whereas on the lower side, 11500-11400-11325 would be seen as cluster of supports. Let see how things pan out and which way market decides to move."

12. 25PM: Rupee opens higher today

Indian rupee, the currency benchmark witnessed high volatility in Friday's opening deals, amid heavy selling in global as well as domestic equities and a rebound in the American currency.

Despite weak cues, the domestic unit opened on a strong note at 73.38 against the US dollar at the interbank forex market and gained further to quote at 73.35 per dollar.

The local unit, however, pared the initial gains and was trading at 73.46, up by just 1 paisa over its previous close of 73.47 per dollar.

Rupee volatile today; rises marginally to 73.46 per dollar despite weak equities 

12. 10 PM: Stocks in news

Tata Motors, RIL, SBI, Infosys, Vodafone Idea among others are the top stocks to watch out for in Friday's trading session

Stocks in news: Tata Motors, RIL, SBI, Infosys, Vodafone Idea

12.01 PM: Gold prices today

Gold traded mildly higher for the second consecutive session on Friday, amid a marginal pullback in global equity markets. Traders said investors rushed to the safe-haven asset ahead of the release of US Monthly payroll data, scheduled later in the day.

On the Multi-Commodity Exchange platform, gold traded a tad higher tracking international commodity markets. Gold October Futures gained Rs 80 at Rs 50,882, after hitting an intraday high of Rs 50,977 against the previous close of Rs 50,742 per 10 gm. MCX gold futures currently trade over Rs 5,300 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 rises for 2nd day; silver rates at Rs 66,700

11. 45 AM: PMI update

Commenting on India services PMI for the month of August,Jyoti Roy , DVP- Equity Strategist, Angel Broking said," PMI came improved to 41.8 in August from 34.2 in July thus signaling an improvement in the services sector. "

He added," While activity in the services sector has improved from post pandemic lows, the recovery is still weak as compared to the manufacturing sector which has been posting a smart recovery as signaled by the manufacturing PMI and auto sales numbers. The manufacturing PMI for August has improved to 52 from 46 in July while two wheeler, PV, LCV and tractor sales also posted strong growth sequentially. We expect the services sector to improve gradually from here on post unlock 4.0 over the next couple of months due to pent up demand and inventory push prior to the festive season."

11. 34 AM: Future Retail share falls 5%

Share price of Future Retail slipped 5% in early trade ahead of the firm's Q1 earnings set to be announced today. The retail stock has lost 30.71% in the last 4 days. The stock opened at a loss of 4.99% today at Rs 112.45 today.

The share trades higher than 100 day moving averages but lower than 5 day, 20 day, 50 day and 200 day moving averages. The stock has lost 72.53% in one year and fallen 67.12% since the beginning of this year. Total 1.64 lakh shares changed hands amounting to turnover of Rs  1.87 crore. Market cap of the firm fell to Rs 6,097 crore.

Future Retail share falls 5% ahead of Q1 earnings

11. 22AM: Gold outlook

Hareesh V Head of Commodity Research at Geojit Financial Services said," A steady U.S dollar and optimism that the deadly pandemic may be under control soon continue to hit the safe haven appeal of gold. However, hopes of more fiscal stimulus measures and elevating U.S-China trade tensions would offer firm support to prices. At the same time, traders may be extra cautious today ahead of the key U.S payroll and unemployment data."

11. 10 AM: Market outlook

On opening session today, Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," Even though we have opened with a gap down, we still need to breach 11300 on a closing basis to term this as a short term weakness for our markets. A good risk reward trade would be to go long at current levels with a stop at 11300 and a target of 11600."

10.56 AM: Coronavirus toll

Worldwide, there were 264 lakh confirmed cases and 8.73 lakh deaths from COVID-19 outbreak. Meanwhile, India's death toll from COVID-19 infections rose to 68,569 and total coronavirus cases to 39.36 lakh as of Friday.

10. 45 AM: Nifty outlook

On Nifty's outlook, Geojit Financial said in its note,"We had bet on volatility yesterday rather than a directional move, with the bias slightly favoured towards slippages, not exceeding 11300. Standard deviation studies point to a higher possibilities of a rise now, but with not many indicators in confirmation, it is difficult to see past 11700 for the time being."

10.34AM: Gold outlook

On Gold's outlook, Anuj Gupta, DVP- Commodities and Currencies Research, Angel Broking said,"Yesterday Gold prices have fallen by 0.16% and closed at 50,742 levels, and silver prices have fallen by 1.95% and closed at 66,926 levels.  In international market Gold is trading at $1937 levels and silver is trading at $26.76 levels. We witnessed a sharp recovery in Dollar index on the back of sharp fall in US Jobless claim and due to this data we notices fade out of gold and silver demand as safe heaven asset. The US Dollar recovered as positive data may strengthened the US economy  might weigh on the Gold prices. As of today, traders can go for sell in gold at Rs 51,100 levels with the stop loss of Rs 51,650 levels for the target of 50,200 levels. They can also go for sell in Silver  at Rs 67,500 levels, with the stop loss of 69,100 levels and for the target of 65,000 levels. In the Bullion index 'Bulldex' traders can also go for sell at 16000 with the stop loss of 16250 and for the target of 15700."

10. 24 AM Oil prices today

Oil price closed slightly lower yesterday as US unemployment data, which was below estimates, raised concerns over the speed of economic recovery. Brent crude futures, the global oil benchmark, fell 0.93 per cent to USD 43.66 per barrel.

10. 13AM: Global markets

Asian markets are trading lower tracking overnight plunge in US markets.

Stocks in Wall Street closed sharply lower as investors booked profits in technology stocks and as economic data raised concerns. US Monthly payroll data is scheduled later in the day.

European markets had closed lower as investors digested Euro are PMI data.

Australia's retail sales data for July will be announced later in the day.

10.05 AM: Nifty outlook

As per Reliance Securities, NSE-NIFTY once again remained sideways after forming bullish harami cross pattern around its 20-day EMA. Due to undergoing consolidation, its key technical indicators on the near-term timeframe chart remained mix. As mentioned earlier, we continue to believe that the index will oscillate between the low and high of that red candle before a directional move, which are placed at 11,326 and 11,794 levels, respectively. In case of breakdown, the index will initially find support at 11,111 level and then at 10,814 mark, which coincides with its recent swing low and its 200-day SMA, respectively.

As for the day, support is placed at around 11,495 and then at 11,463 levels, while resistance is observed at 11,572 and then at 11,617 levels.

9. 54 AM:Top losers and gainers

Kotak Bank, Axis Bank, HDFC, SBI, ICICI Bank were among the top losers on BSE. On the ohter hand, Maruti, Asian Paints and Sun Pharma were the only gainers

9. 40 AM: Global Markets

Overseas, Asian stocks were trading lower on Friday following sharp declines on Wall Street overnight. In US, stocks fell sharply on Thursday. The Dow Jones Industrial Average dropped 2.8%, to 28,292.73 for its biggest one-day decline since June 11. The S&P 500 slid 3.5% to 3,455.06 and the Nasdaq Composite fell by 5% to close at 11,458.10.

9. 33 AM: FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 7.72 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 120.08 crore in the Indian equity market on 3 September 2020, provisional data showed.

9. 25 AM: Opening session

Sensex and Nifty opened majorly bearish on Friday, extending yesterday's losses, following weak global cues. Sensex fell 560 points to 38,400 and Nifty was falling 150 points to 11,373.

9. 14 AM: Earnings today

Future Retail, Jubilant Life Sciences, Repco Home Finance among others are scheduled to announce their June quarter earnings on Friday.

9.08 AM: Banks stocks under focus

Investors will focus on bank stocks today. The Supreme Court has directed banks not to tag loans that were standard as on 31 August as non-performing even if there was a default, till further orders. FM Sitharaman also asked banks to roll out resolution plans for covid-hit accounts by 15 September and provide adequate support to the borrowers following the lifting of moratorium on repayment of debts. The minister urged lenders to immediately put in place a board-approved policy for resolution at the review meeting with heads of scheduled commercial banks and NBFCs through video conferencing. The six months moratorium on payment of EMIs ended on August 31.

9.00 AM: Technical Insights

On market's technical indicators, Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said," Going ahead, 11550 followed by 11650 are the levels to watch out for in the upward direction for Nifty, whereas on the flip side, 11450-11400-11325 is the cluster of supports."

Ajit Mishra said,"The recent macroeconomic data suggests that economic revival would be gradual. Further, there are no positive domestic triggers to boost sentiments thus we suggest continuing with a cautious approach and keeping a close watch on the lingering broader tension between India and China for cues."

8. 50 AM: Rupee closing

On the currency front, Indian rupee posted single-biggest session fall against the US dollar since May 4 and closed at 73.47 per dollar against the earlier closing of 73.03, amid weak momentum in the domestic equities and strong US dollar.

8. 40 AM: Market update

"Bank Nifty (down 1.44%) was the worst-performing index for the day on the basis of the Supreme Court observation on loan moratorium case. The Supreme Court said that banks should not take coercive action against borrowers. The next date of hearing on this case is scheduled on September 10," Keshav Lahoti, Associate Equity Analyst, Angel Broking.

8. 30 AM: Closing on Thursday

Domestic benchmarks closed on a negative note on Thursday, led by selling pressure in banking scrips, amid weak Asian equities. Reversing from 2 days of consecutive gains, Sensex ended 95 points lower to 38,990 and Nifty closed 7.55 points lower at 11,527.

Sensex, Nifty end lower after two sessions; PowerGrid, Axis Bank, ICICI Bank top losers