Share Market Highlights: Sensex ends 268 points higher, Nifty at 11,215; Axis Bank, Titan top performers

Sensex, Nifty Updates: Sensex and Nifty reversed trend in a volatile trade and ended on a bullish note on Thursday, bouyed by correction in European and Asian equities. Sensex ended 268 points higher at 38,140 and Nifty closed 82 points higher to 11,215. Yesterday, Sensex closed 58 points lower at 37,871 and Nifty ended 29 points down at 11,132.

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

3. 56 PM: Market Quote

Commenting on today's volatile trade, Vinod Nair, Head of Research at Geojit Financial Services sadi,"Benchmark indices ended the day with gains, following positivity in the global markets. Global markets set aside the rising US-China tensions and focused on potential vaccine developments and better than expected earnings numbers. Domestically, except for IT, most major indices were in the gains. Liquidity seems to be driving the markets. Any dip looks like it will be bought into and are likely to be short-lived, especially in the current mood of the markets when the negatives are being overlooked".

3. 44PM: Closing session

Sensex and Nifty reversed trend in a volatile trade and ended on a bullish note on Thursday, bouyed by correction in European and Asian equities. Sensex ended 268 points higher at 38,140 and Nifty closed 82 points higher to 11,215.

3.30 PM: Expert outlook

Commenting on today's rally, S Ranganathan, Head of Research at LKP Securities said,"The Key Indices closed decisively above mark as Bulls wrested the initiative with good support from key pivotals across sectors. While Reliance has been instrumental in providing the bulls with the much needed ammunition this month, the pharmaceutical pack has lent able support today even as we witnessed profit booking in Rural based stocks".

3. 23 PM: ICICI Securities share price surges over 7%

ICICI Securities shares were trading 7% higher on Thursday's early session after the company posted healthy set of Q1 numbers.

The company reported a 70% growth in its profit after tax (PAT) to Rs 193 crore during April-June quarter as compared to Rs 114 crore in the year-ago period. Following the earnings update, shares of ICICI Securities  opened with a gain of 2.93% and later gained 7.1% to the intraday high of Rs 567.1 as against the last close of Rs 529.50.

3.02 PM: Oil prices drop today

Oil prices traded lower on Thursday after data showed rise in U.S. crude inventories and also as tensions rose between U.S. and China.

2. 40 PM: Dhanuka Agritech Q1 result update

Commenting on Dhanuka Agritech Q1 result update, Centrum Broking said," Despite Q1 traditionally being a weak quarter for DAGRI, strong growth in Q1FY21 coupled with guidance of a sustained growth in Q2 and Q3 will drive very strong FY21E earnings given the monsoons, better pricing realisation for farmers + higher cash transfers by the Government, aggressive marketing and healthy product pipeline. Ergo, we see revenues growing at a record pace of ~25.2% in FY21 and also a healthy ~14.8% even on this base in FY22E, driving a 25/23.1% CAGR over FY20-22E in EBITDA/EPS. Reiterate BUY."

2. 28 PM: Global cues

Asian markets were trading mixed on Thursday amid concerns over rising tensions between US and China. Concerns rose after U.S. ordered China to close its Houston consulate and on the status of stimulus package.

Wall Street closed slightly higher ahead of Tesla and Microsoft's earnings. European markets closed lower as rising coronavirus cases overshadowed optimism over the recent EU recovery fund.

2. 15 PM: JSPL result update

Commenting on 1QFY21 results of JSPL, Jyoti Roy, DVP- Equity Strategist, Angel Broking said," JSPL reported a better than expected set of numbers for Q1FY21. Consolidated revenues for the quarter was down by 6.7 YoY to Rs.9,279 crore. EBIDTA for the quarter was up by 9.7% YoY to Rs.2,384 crore while EBIDTA margins expanded by 383bps to 25.7% due to company's access to low cost raw materials. Net profit for the quarter stood at Rs.268 crore as compared to a net loss of Rs.87 crore in Q1FY20. The company was able to deliver a robust set of numbers during the quarter led by higher volumes as consolidated steel production increased by 4% to 2.03mn tonnes while sales were up by 8.0% YoY to 2.07mn tonnes. During the quarter JSPL clocked exports of 0.9mn tonnes. Post the better than expected set of numbers for Q1FY21 we expect a rerating for the stock."

1. 57 PM: Nifty outlook

Angel Broking in its note said, Nifty's near term supports are placed around 11040 and 10960 whereas resistance is seen in the range of 11200-11250.

1.46 PM: L&T result update

Commenting on 1QFY21 results of Larsen&Toubro,  Keshav Lahoti, Associate Equity Analyst, Angel Broking said,"L&T revenue declined by 28.3% YoY to Rs.21,260 crore mainly due to complete lockdown in India for the first 20 days of April and subsequently due to supply chain and labour issues at sites. Due to slow execution during the quarter, order book increased by 4% to  ~ Rs.305,100 crore. In the Infrastructure segment, early signs of ordering activity pick up in domestic as well as international is visible to the Company. Working capital has further deteriorated to 26.8% for the quarter (23.9% in Q1FY20). We expect ordering and execution activity to improve gradually over the next few months provided that no second wave of coronavirus outbreak happens. We are positive on the prospects of the Company considering that it has a robust order book, it is trading at a significant discount to its historical average valuation and offers favorable risk reward from current levels."

1. 23 PM: Gold near term outlook

On gold's near term outlook, Geojit Financial in its daily report said prices may look towards next targets of $1880 initially followed by $1920/2000 levels. Meanwhile, inability to cross above $1880, intraday bias may be corrective selling and it may take prices to $1770 level later.

1. 04 PM: Silver near term outlook

On Silver price, the Geojit Financial in its daily report said,"Rallies to continue with prices likely to surge further higher towards Rs 65000. next re-sistance in london spot market is seen at $24.60 followed by $28, while weak bias expected only if prices break the support of $19.20.

12. 56 PM: YES Bank share slips 20%

YES Bank share slipped 20% in early trade today with the stock falling for the fourth straight session. Share price of YES Bank opened with a loss 20 per cent to hit a low of Rs 14.60 against previous close of Rs 18.25 on BSE. The large cap share is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

YES Bank share slips 20%, falls for fourth straight session post FPO

12. 34 PM: L&T shares erase early gains, declines over 1%

Shares of Larsen and Toubro Ltd (L&T) were trading tad lower on Thursday's afternoon session, after the construction major reported weak set of results yesterday.

"The consolidated PAT attributable to shareholders of the company, including profits from discontinued business, is Rs 303 crore, reflecting a decline of 79% vis-a-vis PAT of Rs 1,473 crore for the corresponding quarter of the previous year," L&T said in its regulatory filing submitted yesterday.

Following L&T's Q1 update, company's shares rose 2% to Rs 937.80 in opening trade on BSE, however lost momentum to trade at day's low of Rs 910.25, down 1.1% as against the last close of Rs 920.95.

12. 17 PM: rupee rises today

Indian rupee, the domestic currency rose 11 paise to 74.64 against the US dollar in opening trade on Thursday supported by weak American currency and foreign fund inflows.

At the interbank forex market, the domestic unit opened on a strong note at 74.65 and later gained further ground to touch 74.64, registering a rise of 11 paise over its previous close of 74.75 per dollar on Wednesday.

Rupee rises 11 paise to 74.64 amid weak dollar, foreign fund inflows

12.04 PM: Rossari Biotech lists with premiun over 57%

Share of Rossari Biotech listed with a gain of over 57% on BSE signaling a positive mood for the listing of other firms as COVID-19 keeps markets volatile. Rossari Biotech share rose 57.65% or Rs 245 to Rs 670 against issue price of Rs 425 on BSE.

Market cap of the firm rose to Rs 3,479 crore. Total 1.33 lakh shares changed hands amounting to turnover of Rs 8.89 crore on BSE. Later, Rossari Biotech share price rose up to Rs 698.35, a gain of 64.31% over issue price  on BSE.

Rossari Biotech listing: Stock debuts at Rs 670 per share, gains 57% over issue price

11. 48 AM: Market update

Sensex was trading 224 points higher at 38,095 and Nifty gained 76 points higher to 11,208.

11. 30 AM: Nifty outlook

"Nifty has almost tested the 11,250 today so some consolidation cannot be ruled out. In absence of any major event, markets would continue to take cues from the ongoing earnings season as well as global markets. Besides, it would await more data on how demand and economy recovery is panning out amid the pandemic. Traders should maintain positions on both sides and limit leveraged trades," said Ajit Mishra, VP - Research, Religare Broking.

11. 16 AM: Market gains momentum

Sensex and Nifty gathered momentum during first half of Thursday's session and climbed higher, amid mixed overseas equities. Sensex was trading 150 points higher at 38,020 and Nifty gained 50 points higher to 11,182.

11. 00 AM: Gold outlook

On MCX Gold's near term outlook, Kishore Narne, Associate Director & Head, Commodities & Currencies, Motilal Oswal Financial Services said," We have been bullish on gold for the last couple of years and the view has played out very well, and two quarters back in Dec'19, we have revised our targets from Rs 42,000/10gms to Rs 65,000/10 Gms in 18-24 months. We expect gold to keep up the momentum with occasional corrections, and we suggest investors to use every dip to keep buying gold over medium to long term targets of Rs 65,000"

10. 36 AM: Silvers today

Silver future prices, that earlier erased gains, reversed trend and continued yesterday's climb in the Indian commodity markets on Thursday. Silver futures in the domestic market gained 0.11%  to trade at Rs 61,181 per kg today, after touching an intra day high of Rs 61,140 today. Acute supply concerns, that remain high amid virus outbreak in Mexico and Latin America have also caused silver price to gain more momentum than the yellow bullion metal. Rebound in industrial demand for silver to be used for manufacturing of products ranging from solar panels to electronics has also led to the rise in prices in the international commodity markets.

10. 24 AM: Gold hits new high

Gold prices surpassed Rs 50K mark yesterday and today hit an all-time high of Rs 50,264/10 gm today on MCX, tracking heightened buying sentiment from global markets.

Gold futures on Multi Commodity Exchange were trading 172 points higher at Rs 50,250 per 10 gm for the very first time as against the previous close of Rs 50,078 per 10 gm. Gold August Futures today touched an intraday as well as all-time high of Rs 50,264 and a low of Rs 50,125 today, after opening at 50,191 per 10 gm.

10. 09 AM: Market update

Sensex and Nifty traded marginally higher on Thursday, extending yesterday's losses amid weak set of global cues. Sensex traded 63 points higher at 37,934 and Nifty gained 27 points higher to 11,160.

9. 48 AM: Top gainers and losers

Asian Paints, followed by L&T, Sun Pharma, ITC, Titan, HDFC, SBI and ONGC werethe top gainers today, while Axis Bank, Infosys, Tech Mahindra, HDFC Bank, M&M and PowerGrid were among the laggards.

9. 36 AM: Nifty outlook

Reliance Smart Money in its daily note, NSE-NIFTY reversed from its new four and half month high of 11,238 level and breached its daily rising trend. Yesterday, the index reversed down due to lack of mixed global cues and also, amidst higher level profit booking in frontline majors. Despite recent decline, its major technical indicator remained in favour of bulls. We believe the index will either remain sideways or it will witness minor decline before resumes northward journey. As mentioned earlier, on the lower side, the index will initially find support at around 10,865 mark and then at around 10,560 level. On the higher side, the index will face hurdles around 11,435 and 11,600 levels.

As for the day, support is placed at around 11,047 and then at 10,961 levels, while resistance is observed at 11,228 and then at 11,324 levels

9. 28 AM: Weak global cues

Overseas, European shares erased the economic stimulus-backed rally and reversed the trend to red, triggered by a fall in Asian indices. The spread of the coronavirus in the US and other hotspots heightened concerns that economic recovery is far from assured in the near term. The United States also reported more than 1,000 deaths from COVID-19 on Tuesday leading to Nasdaq's closing in the red.

Vinod Nair, Head of Research at Geojit Financial Services, said, "The spike in US-China tensions hit the global markets while a surge in virus infections globally also impacted sentiment."

5 things to know before tomorrow's opening bell

9. 12 AM: Opening session

Sensex traded 63 points higher at 37,934 and Nifty gained 27 points higher to 11,160.

9.00 AM: Stocks in news

AU Small Finance Bank, Biocon, Dish TV, HDFC Asset Management Company, PNB Housing Finance, Radico Khaitan among others are the top stocks to watch out for in Thursday's trading session.

Stocks in news: Vodafone Idea, Larsen & Turbo, Rallis India, ICICI Securities

8. 50 AM: Earnings

AU Small Finance Bank, Biocon, Dish TV, HDFC Asset Management Company, PNB Housing Finance, Radico Khaitan are among the top companies that will be reporting their April-June quarterly earnings

8. 40 AM: Rupee Closing

On the currency front, Indian rupee ended almost unchanged at 74.76 per dollar on Tuesday, as against the earlier close of 75.75 per dollar.

8. 30 AM: Closing

Reversing the trend after five straight sessions of gains, Sensex closed 58 points lower at 37,871 and Nifty ended 29 points down at 11,132.

Sensex ends 58 points lower, Nifty at 11,132 amid weak global cues