Share Market update: Sensex slips 413 points, Nifty manages to hold 10K; ICICI Bank, Airtel, HDFC Bank top losers

Share Market Live:  Sensex and Nifty ended a session of volatile trade on a negative note today with banking stocks leading the losses.  While Sensex fell 413 points to 33.956 and Nifty lost 120 points to 10,046. Earlier, Sensex and Nifty opened higher today amid positive global markets. Sensex gained 150 points to 34,520 and Nifty rose 12 points to 10,179. Meanwhile, companies set to announce their earnings are Hero MotoCorp, KRBL, GPPL, Bombay Dyeing, Kaycee Industries, Graphite India, MRPL, Tata Steel Long Products, PSP Projects among others.

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

4:10 pm: Banking and consumer durables stocks led the losses in today's sessions with BSE bankex shedding 556 points to 23,678 and BSE consumer durables index falling 404 points to 20,617. 

4:05 pm: Top Sensex gainers were IndusInd Bank, Sun Pharma, M&M   and HDFC rising up to 2.71%.

4:00 pm: Market breadth was negative with 1117 stocks ending higher against 1,459 falling on BSE.

3: 50 pm: Of 30 Sensex stocks , 21 closed in the red. Top Sensex losers were ICICI Bank,  Bharti Airtel, HDFC Bank, Bajaj Finance and Kotak Bank falling up to 3.15%.

3: 30 PM: Sensex, Nifty close volatile trading session on a negative note.  While Sensex fell 413 points to 33.956 and Nifty lost 120 points to 10,046.

2: 50 pm: Motilal Oswal has given a buy call on PI Industries  after its Q4 earnings.

"PI closed FY20 on a strong note with revenue/EBITDA growth of 19%/25% YoY, mainly driven by 31% revenue growth in the CSM business. For FY21, management remains confident of achieving 20% plus revenue growth.

We believe the company has levers in place for sustaining growth momentum in the near term due to (a) its recently commenced two multi-purpose plants ramping up operations, (b) revenue from the Isagro acquisition, (c) sustaining growth momentum in the CSM business on the back of strong $1.5 bn order book, and (d) product launches in the domestic market (2-3 every year), thereby providing earnings visibility.

Additionally, PI has successfully marked its entry into the pharma value chain by tying up with a few large pharma companies in Japan and India, thus garnering an additional growth lever.

We maintain our estimates for FY21/FY22E and value the stock at 30x FY22E EPS to arrive at a TP of INR1,835, implying 15% upside."

2: 45 pm:  Market breadth turned negative with 1053 stocks rising against 1448 falling on BSE.

2: 40 pm: BSE bankex falls 466 points to  23,769 against previous close of 24,235. Bank Nifty loses 452 points or 2.14% to 20,734  against previous close of  21,187.

2: 10 pm:  Indices turn negative. While Sensex trades 183 points lower at 34,186, Nifty loses 71 points to 10,096. Of 30 Sensex stocks, 22 are trading  in the red.

1: 55 pm: YES Securities upgrades  life insurance sector

We are upgrading our stance on the Indian Life Insurance sector from cautious to positive. The key drivers for the upgrade are

1) Increase in our assumptions on profitability (VNB Margins) as we are more confident that the companies will now be able to pass on the increase in reinsurance rates (first round of hike absorbed by the market)

2) Channel check outcomes suggest better than expected persistency in April and May 2020

3) Cut in interest rates has led to lowering of discount rates in our discounted VNB approach to valuations

4) Online channels (both direct and aggregators) have scaled up their capabilities and adaptability of customers to the same has also improved

5) Finally, we have raised our long term VNB growth forecasts as we believe that while growth in protection will continue, savings should make a stronger comeback as economy bounces back. Based on this, we upgrade our rating on HDFC Life from Reduce to ADD and that of SBI Life and ICICI Pru Life from ADD to BUY. We rate ICICI Pru Life as the top pick in the sector. A second wave of COVID 19 outspread remains a key risk to our call.

12: 50  pm : On Sensex, top gainers were IndusInd Bank, Sun Pharma and HDFC. Of 30 Sensex stocks, 21 were trading green.  Nestle, Reliance and NTPC were top index losers in afternoon trade.

12: 45 pm : Bank Nifty was trading 177 points higher at 21,365.

12: 40 pm: BSE healthcare index rose 317 points to 16,332 in afternoon trade.

12: 35 pm : Banking stocks lead gains with BSE bankex rising 249 points to 24,485. 

12: 30 pm: Sensex rises  350 points to 34,717, Nifty up 94 points to 10,261.

11: 45 am: Geojit has given a buy call on AARTI Industries. "Due to impact of Covid-19, we can expect near term slowdown in growth. Considering, this we downgrade our earnings estimates by 28% and 13% for FY21 and FY22E.

However, execution of multi year contracts, strong off-take from Pharma segments and improved outlook on account of issues in China, will be beneficial.

We value ARTO at P/E of 28x on FY22E, with a target price of Rs1,151 and upgrade to Buy"

11: 00 am : Titan Company share falls 2.7% post Q4 earnings, top loser on Sensex. The stock lost up to Rs 992.2 against previous close of Rs 1019 on BSE.

Titan Company share falls 3% post earnings surprise in Q4; here's what brokerages say

10: 45 am: Expert quote

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking said, "The indices cooled-off from the morning highs during the day, however, there is no sign of a change in the momentum and hence, the biasness continues to be positive. In last couple of sessions, many stocks from the broader markets have witnessed price upmove with good volumes and hence, we are likely to see a continuation of some stock specific upmoves in the near term. The intraday support for the index is placed around 10080 and traders are advised use intraday declines as buying opportunities. For a near-term perspective, 9900 remains a key support and till this is intact, it would be prudent to keep a buy on dip approach and trade with a positive bias.

On the higher side, 10350 is the immediate hurdle for Nifty which is the '200 SMA' on the weekly charts. However, we expect that the index would surpass this hurdle soon and approach 10500-10600 zone. As mentioned above, many stocks from the broader market have witnessed price upmove with good volumes in last couple of sessions. Traders are advised to look for such opportunities which could deliver decent returns in the near term."

10:15 am : Sensex gains 250 points to 34,622 and Nifty rises 75 points to 10,243. 

9: 45 am : PVR share trading lower post Q4 earnings

PVR share price fell in early trade today after the multiplex operator posted a net loss of Rs 74.61 crore for the fourth quarter ended March 2020 after COVID-19 pandemic affected film exhibition business. Share price of PVR fell up to 4.57% to Rs 1,106 against previous close of Rs 1159.50 on BSE. PVR share opened 2.67% lower at Rs 1128.20 on BSE.

PVR share price slips over 4% as coronavirus stings Q4 earnings

9: 20 am: Tech Mahindra, Sun Pharma and Tata Steel are top Sensex gainers.  Bajaj Finance, HDFC Bank and Maruti are top losers on Sensex.

9: 16 am: Sensex opens 150 points higher at 34,520 , Nifty gains 12 points to 10,179.

US markets

The S&P 500 rallied 38.46 points, or 1.2%, to 3,232.39 and is at its highest level since February, which a panel of economists said on Monday is the month when the recession officially began. That's when employment set a peak before tumbling after businesses shut down across the country to slow the outbreak. The Dow Jones Industrial Average rose 461.46, or 1.7%, to 27,572.44. The Nasdaq composite, which is more heavily weighted to the big technology stocks that held up the best earlier this year, gained 110.66, or 1.1%, to 9,924.74.

Stocks in news: PVR, INOX Leisure, Gujarat State Petronet, RITES, Hero MotoCorp, Bombay Dyeing, Graphite and more

9.00 AM: FII/ DII action

On a net basis, FIIs infused Rs 813.27 crore and DIIs sold Rs 1,238 crore worth in equities on Monday.

8.50 AM: Earnings today

Companies set to announce their earnings are Hero MotoCorp, KRBL, GPPL, Bombay Dyeing, Kaycee Industries, Graphite India, MRPL, Tata Steel Long Products, PSP Projects among others.

8. 40 AM: Market Expectations

Sensex and Nifty are likely to open marginally higher on Tuesday, amid higher Asian markets and NASDAQ hitting record high last night. SGX Nifty also traded 37 points higher at 10, 202, indicating bullish in domestic market today.

8.30 AM: Closing on Monday

Sensex and Nifty closed marginally higher on Monday, tracking weak cues from overseas. SGX Nifty turned negative and fell 10 points lower as European indices started the day in the negative. Sensex closed 83 points higher at 34,370 and Nifty climbed 25 points higher to 10,167.