Share Market Update: Sensex falls 335 points to 37,736, Nifty at 11,102; IndusInd Bank, HDFC, Axis Bank top losers

Sensex, Nifty LIVE Updates on July 30: Sensex and Nifty ended in the red on derivatives expiry day for July on Thursday. While Sensex fell 335 points to 37,736, Nifty lost 100 points lower at 11,102. Earlier in the day, Sensex gained 297 points to 38,368 and Nifty rose 80 points to 11,282. On Wednesday, Sensex closed 421 points lower at 38,071 and Nifty lost 97 points to 11,202.

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

2: 45 pm: Bharti Airtel share falls post Q1 earnings

Bharti Airtel share slips  4% to Rs 543.40 against previuos close of  Rs 566.35 on BSE   after telco reported Q1 earnings. The telco reported a consolidated net loss of Rs 15,933 crore for the quarter ended June 30, 2020, as provisions on account of adjusted gross revenue (AGR) payout to the government took a toll on its finances. The firm reported a net loss of Rs 2,866 crore in the corresponding quarter last year.

2: 19 pm : Sharad Mittal, CEO at Motilal Oswal Real Estate Fund on Mindspace REITS IPO

"A REIT is a listed product which allows investors to make liquid investments in real estate in a ticket size as low as Rs 50,000. Investors can earn a return of 11-12% of which 7-8% which accrues from rental yield is as stable as debt. Combining the stability of debt and upside of equity, REITs are a must have in any investor portfolio.

The oversubscription of the Mindspace REIT IPO demonstrates that a) there is a demand for a product like REITs to be a part of investor portfolios and b) commercial real estate continues to have the strong backing of both HNIs and institutions. This is contrary to the popular belief that rental assets will be severely impacted due to new norms such as Work From Home (WFH) which have evolved during the COVID pandemic. The success of this IPO shall also bode well for future investments in the sector which have dried up post the spread of the COVID pandemic."

2: 10 pm: Of 30 sensex stocks, 21 were trading in the red.  

2: 08 pm: IndusInd Bank, Bharti Airtel, Axis Bank and PowerGrid were the top losers on Sensex falling up to 5%.

1: 30 pm Morning Star on Mutual funds

Inflows during Q1 declined sharply compared to the corresponding period a year ago, primarily due to increased redemptions in June 2020 as investors booked profits. Few top performing funds continue to draw bulk of the inflows, particularly funds in the large-cap, focused, and multi-cap categories, while underperforming funds witnessed outflows. Banking & PSU funds witnessed the highest inflows during the quarter ended June 2020, followed by Corporate bond funds as the flight to safer assets continued. Credit risk and medium duration funds saw some respite from the heavy redemptions witnessed in April. Long duration funds outperformed other categories amid the fall in yields during the trailing 3 months. Arbitrage funds drew strong inflows amid heightened volatility in the equity markets. Index heavyweights Reliance Industries and HDFC Bank led the top sold list amid the sharp rebound in equity markets.

12: 59 pm : Indices turn red

Sensex and Nifty turned red in afternoon session shedding all early gains.  Sensex fell 80 points to 37,991, Nifty was trading 14 points lower at 11,188.

11: 45 am: Outlook for real estate sector

Vijay Verma, CEO at Sunworld Group said,"Lockdown months have made everyone realise the importance of living in a space that is well maintained and has efficient hygiene and cleaning standards in place. People with disposable income and savings have started considering owning a capital asset that will provide them financial security in a crisis like situation. Property investment at present is proving to be the safest investment avenue, with the kind of stability delivered and appreciation guaranteed in future. RTMI homes that are available with spacious units, well-maintained surroundings, greater green cover, and daily amenities available within premises will prove first-choice for homebuyers looking to improve their living conditions.

Even if these properties are located in the peripheral regions, the buyers would be keen on investing due to the reduced travel in WFH, and reasonable price point offered. There is no doubt that doing away with stalled inventories will be the priority for the majority of developers to bring the cash flow in motion, therefore till the time market is in recovery phase; developers will be in a position to offer some kind of deferment payment plans. As soon as normalcy returns, price correction would not be feasible in mid-segment and affordable housing."

11: 30 am: Bharti Airtel share gains 2.23% to Rs 579 againt previous close of Rs 566 in early trade today after the telco announced its Q1 earnings. The telco posted a fifth straight quarter of loss as it made additional provision for statutory dues. Bharti Airtel reported widening of losses to Rs 15,933 crore for June quarter against Rs 2,866 crore  loss for the corresponding period last year.

11:15 am: HDFC share trading 0.62% lower at Rs 1,867 against previous close of Rs 1,879 on BSE. 

11: 00 am: PVR, Inox Leisure shares decline

Share price of PVR and Inox Leisure fell today after government announced guidelines for Unlock 3.0. Schools, cinema halls and metro trains will remain closed till August 31, government said. PVR share price declined 10% to Rs 1,023 against previous close of Rs 1,137 on BSE. Stock of PVR opened with a loss of 10% today. Similarly, share of another multiplex operator Inox Leisure opened 13.63% lower at Rs 220.55, against previous close of Rs 255.35 on BSE.

10. 31 AM: Oil prices drop

Oil price moved up after a drop in US crude inventories but the price rise was kept under check by the rising coronavirus cases. Brent crude futures was up 4 cents at $43.79 a barrel, while US crude futures inched up 1 cent to $41.28.

10. 23 AM: Rupee opens 7 paise lower

Rupee, the dometic benchmark fell by 7 paise to 74.87 against US dollar in early trade of Thursday, as against the previous close of 74.79 per dollar.

10. 20 AM: Indigo result update

Commenting on 1QFY21 results of Interglobe Aviation, Jyoti Roy, DVP- Equity Strategist, Angel Broking said,"Interglobe Aviation (Indigo) reported a weakest of numbers for Q1FY21 as execution was impacted during the quarter as Revenues from operations fell by 91.9% YoY to Rs.766.7 crore for the quarter due to 90.9% YoY drop in Available Seat Kilometers (ASK). While fuel costs were down by 96% YoY high fixed costs hurt profitability. Load factor for the quarter stood at 61.3% as compared to 88.9% in Q1FY20

We believe that operations will remain under pressure even in the second quarter and recovery will be gradual thereafter. We believe that Airlines will be amongst the last sectors to recover to pre Covid levels and hence will remain under pressure for some time to come. However, with free cash of Rs.7,528 crore on its balance sheet, Indigo is best placed amongst all the airlines to weather the current crisis.

10.14 AM: Gold hits new high

Gold August futures on Multi Commodity Exchange were trading 19 points lower at Rs 53,020 per 10 gm as against the previous close of Rs 53,039 per 10 gm. Earlier today, Gold August Futures today touched an intraday as well as an all-time high of Rs 53,297 and a low of Rs 52,980 today, after opening at yesterday's close.

On a similar note, Silver September futures fell by Rs 294 to trade at 65,060 per kg today, after hitting a lifetime high of Rs 67,560 recently, in the last week.

10.02 AM: Global markets today

Asian markets were trading mixed after FOMC left rates unchanged. On Wall Street, benchmark indices closed higher after FOMC left rates near zero and reiterated its promise to support the economy but warned that rising corona cases may slowdown the pace of recovery. European markets closed mixed ahead of the FOMC rate decision and as a fresh US relief package hit an impasse.

9. 50 AM: Spot gold hits new high

Gold price gained to record high in international market today after FOMC left rates unchanged near zero as the rapid rise in virus cases dampens hopes for an economic recovery. Later the bullion eased on profit booking. In the international market, Comex gold was rising 0.21% to $1,957 per ounce, after hitting an all-time high of $1,965 today. Meanwhile, Spot gold was down 0.3% to $1,964.70 per ounce. US gold futures rose 0.3% to $1,959.20. Gold price has risen over 28% so far this year.

Similarly, Silver futures dropped 0.9% to $24.20 per ounce.

9. 45 AM: Gold outlook

Hareesh V, Head Commodity Research at Geojit Financial Services said,"Gold's bullish outlook will remain intact due to increased demand for safe assets amid surging pandemic cases and a weaker US dollar. Hopes of fresh policy easing measures from Central banks and escalating geopolitical uncertainties also lifted the sentiments of the yellow metal. However, immediate profit taking cannot be ruled out due to weak physical demand and record high prices.

On London spot's technical outlook, he added," As long as prices stay above $1920 expect rallies towards the next psychological level of $2000 initially followed by $2280 later. However, a direct drop below $1880 could negate the outlook and take prices lower."

9. 30 AM: Nifty support and resistance today

Reliance Smart money said in its daily report that," NSE-NIFTY rose to fresh four and half month high post a break out from its prior narrow range consolidation, but later the index failed to hold higher levels amidst decline across frontline majors and settled tad above 11,200 level. As mentioned earlier, our positive stance will remain intact on the index as we believe that such kind of minor decline will be a good entry point for fresh long trades. In case of decline, the index will initially find support at around 11,000 mark and then at around 10,860 level, which coincides with its psychological support point and its, long-term moving average 200-day SMA, respectively. On the higher side, the index will face hurdles around 11,400 and 11,500 levels.

As for the day, support is placed at around 11,121 and then at 11,040 levels, while resistance is observed at 11,313 and then at 11,423 levels."

9. 15 AM: Stocks in news today

Bharti Airtel, YES Bank, PVR, Inox Leisure, CEAT among others are the top stocks to watch out for in Thursday's  trading session

Stocks in news: Bharti Airtel, YES Bank, PVR, Inox Leisure, CEAT and more

9.09 AM: Pre-open session

Sensex and Nifty opened higher on Thursday, the expiry day for futures contract of the month, in line to the positive trend overseas. Sensex gained 197 points at pre-open session to 38,259 and Nifty gained 64 points higher at 11,267.

9.00 AM: Positive global trend

Global equities were buoyed today as positive outcome from Fed's meet. The promise of ultra-easy monetary policy boosted stocks globally as the US Federal Reserve left interest rates near zero to support the country's virus-battered economy.

8. 55 AM: Earnings Today

Billionaire Mukesh Ambani-led Reliance Industries (RIL) will announce its June quarter earnings on July 30, 2020. Mortgage lender HDFC (Housing Development Finance Corporation) along with other listed companies will also release their earnings report on Wednesday. The June quarter earnings reports will provide a clear picture of the disruption caused by the coronavirus pandemic-induced lockdown.

Share market expectations: 7 things you need to know before tomorrow's opening bell

8. 50 AM: Nifty outlook

Commenting on Nifty's near term outlook, Rohit Singre, Senior Technical Analyst at LKP Securities said,"  Index is in V shape recovery. If we look at a weekly chart, going forward 11k mark became good support holding above 11k mark index can see current momentum to continue towards immediate hurdle zone of 11300-11400 zone ".

8. 40 AM: Rupee closing

On the currency front, Indian rupee ended stronger at 74.79 per dollar against the earlier close of 74.83 per dollar. The local currency was trading in a narrow range at the interbank forex market, ahead of the outcome of the US Federal Reserve's policy today.

8. 30 AM: Closing session

Domestic benchmarks Sensex and Nifty ended on a negative note on Wednesday, on the back of weak global equities. Yesterday, Sensex closed 421 points lower at 38,071 and Nifty lost 97 points to 11,202. Markets were also trading mixed on Wednesday, ahead of the FOMC outcome scheduled to end today. Rising coronavirus cases and ongoing tensions between the US and China also weighed on the sentiment.

Sensex falls 421 points, Nifty ends at 11,202; auto stocks lead losses