Share Market Highlights: Sensex ends 408 points higher, Nifty at 10,813; Bajaj Finance, HDFC top gainers

Sensex, Nifty Updates: Sensex and Nifty closed on a bullish note on Thursday, tracking gains in financial stocks amid positive cues from global markets. Traders said domestic markets followed optimistic sentiments from global equities, shrugging off concerns over rising number of COVID-19 cases and its impact on economic recovery. Sensex ended 408 points higher at 36,737 and Nifty gained 107 points to 10,813. Asian counterparts, bounced back from lows and were trading back in positive territory, tracking gains from Wall Street. Yesterday, Sensex ended 345 points lower at 36,329 and Nifty closed 93 points lower at 10,705. Investors will also await the start of Q1 earnings season, with Tata Consultancy Services (TCS) announcing its financial numbers for June quarter. Besides this, official data on industrial production, and retail, as well as wholesale inflation, will be released this week

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

4,00 PM: Expert outlook on Housing market

Dhruv Agarwala, Group CEO, Housing.com, Makaan.com, PropTiger.com said," These are unprecedented times and the situation on the ground is evolving every day. In this uncertain scenario, even the Reserve Bank of India has not provided a GDP projection for the current financial year. Attempting to predict the prospects of the real estate sector is indeed extremely tough under the circumstances. It will largely depend upon how soon the situation with regard to the corona virus starts getting better. But what should give comfort to various stakeholders in the real estate sector is that a large chunk of people still see real estate as the best investment option. As per a recent consumer sentiment survey that Housing.com conducted in conjunction with NAREDCO, around 35% of the respondents considered real estate as the most attractive investment option. The other solace for the sector is that while sales are currently under pressure, most of the people who participated in the survey have opined that they have not cancelled their decision to buy properties but have in fact only deferred their decision by 6-12 months, mainly due to the prevailing uncertainty. Considering these findings as well as the fact that searches on our platform,

He added,"Housing.com have surpassed pre-covid levels by 25%, we believe real estate will be one of the first sectors to bounce back as the situation starts getting back to near normal."

3. 44 PM: Closing

Sensex and Nifty closed on a bullish note on Thursday, tracking gains in financial stocks amid positive cues from global markets. Traders said domestic markets followed optimistic sentiments from global equities, shrugging off concerns over rising number of COVID-19 cases and its impact on economic recovery. Sensex ended 408 points higher at 36,737 and Nifty gained 107 points to 10,813.

3.35 PM:  Market quote

Commenting on today's rally, S Ranganathan, Head of Research at LKP Securities said,"On a historic day for the BSE,  bulls were in cruise control as Financials & Metals helped sustain the momentum. Prime Minister's thoughts on India emerging as a transformative open Economy provides confidence to Investors as the street closed positive in today's session."

3.27 PM:Market quote

Vinod Nair, Head of Research at Geojit Financial Services at Geojit Financial Services said,"Benchmark indices regained its momentum, led by Metal and Financials index. In Spite of rising concerns regarding the spread of the virus infections, markets continued to focus on the path to recovery in the economy. With liquidity giving adequate support, investors are looking towards the start of the earnings season. With the lockdown and the economic activity coming to a standstill in the last quarter, investors will be looking forward to the earnings commentary, to understand the outlook."

3.00 PM: ICICI Bank share price gains 2%

ICICI Bank share price were trading almost 2% higher on Thursday's early session after the lender's board approved capital raising plan via share sale of up to Rs. 15,000 crore.

Following the update, ICICI Bank shares climbed 1.93% to the intraday high of Rs 376.05 as against the earlier closing of Rs 365.35 on BSE. The stock opened at Rs 373.80 and touched an intraday low of Rs 365.35.

2.55 PM: Spot gold today

Geojit Financial said in its note, "Gold price moved above $1800 mark, the highest since September 2011 as investors ran for safety given the rising coronavirus situation."

2. 37 PM: Rossari Biotech IPO expert comment

Commenting on Rossari Biotech IPO, Nirali Shah, Senior Research Analyst. Samco Securities said,"Post a lull in the IPO market, Rossari Biotech is inaugurating the IPO season with its Rs. 500 Cr fresh issue and OFS. There are a number of reasons why Rossari is a subscribe for short and long term investors alike. Fundamentally it is extremely strong with a top line, EBITDA and net profit CAGR of 32%, 63% and 67% respectively from FY17 to FY20. A robust management and sound corporate governance policy will drive growth going forward and this is already visible in its current return ratios (ROCE 25% and RONW of 32% in FY20). Since its P/E is slightly overvalued at 31x compared to average P/E of 27x, short term investors can subscribe only for listing gains.

She added, " Long term investors can hold on to this stock as it is still a fair deal because the handsome growth and strong book with a mere 0.3 Debt/equity ratio and sufficient cash still justifies the valuation. "

2. 21 PM: Gold near term outlook

Geojit Financial said in its note that precious metals traded on a steady note as resurging virus cases and further stimulus action from central banks. Gold prices in the global spot platform that was firm above 8 month peak, briefly tested the psychological level of $1800 an Ounce.

1. 56 PM: Gold prices rise today

Gold price moved above $1800 mark, the highest since September 2011 as investors ran for safety given the rising coronavirus situation.

On MCX, Gold August Futures touched intraday high of Rs 49,269 per 10 gm, rising Rs 110 as against the last close of Rs 49,159 per 10 gm. Gold August Futures today opened at Rs 49,139 per 10 gm and touched an intraday low of Rs 49,103 during the session.

1. 35 PM: TCS trades muted ahead of earnings

Share price of Tata Consultancy Services (TCS) were trading tad lower on Thursday, as the IT major plans to publish its April-June quarter (Q1) earnings today.

Share price of TCS fell 1.02% to an intraday low of Rs 2,195 against the earlier close of Rs 2,317. The stock opened at Rs 2,225 and touched an intraday high of Rs 2,244.65.

Ahead of its Q1 earnings, TCS stock price has gained 2.62% in one week, 6.62% in one month and 2.2% since the beginning of year 2020.

1. 12 PM: Gold technical outlook

On Gold's technical outlook, Geojit Financial said, "In terms of Spot gold, prices continue to edge higher as long as it stays above $1770. Next resistances are seen at $1830 followed by $1882. Meanwhile, an unexpected drop below $1720 could negate the buying momentum and take prices lower.

For MCX Gold Aug Futures, resistance is placed at Rs 49,820-51,500 and support at Rs 48,150."

12. 44 PM: Yes Bank share price gains over 5%

YES Bank shares were rising on Thursday's early session as the lender's board of directors have given its nod to a further public offer (FPO) to raise around Rs 15,000 crore, to boost its capital adequacy.

Furthermore, State Bank of India said its board has approved for investment of up to Rs 1,760 crore in Yes Bank's upcoming FPO.

YES Bank share price gained 5.3% to the intraday high of Rs 27.50 as against the last closing value of Rs 26.10. The stock price of the private lender opened at Rs 27.45 and also hit a day's low at Rs 26.50 on BSE.

Yes Bank share price gains over 5% on Rs 15,000 crore FPO plan; SBI to invest Rs 1,760 crore

12. 25 PM: Market Update

Sensex and Nifty traded on a bullish note on Thursday, tracking gains in financial stocks amid positive cues from global markets. Traders said domestic markets followed optimistic sentiments from global equities, shrugging off concerns over rising number of COVID-19 cases and its impact on economic recovery. Sensex traded 321 points higher at 36,650 and Nifty gained 84 points to 10,790.

12. 07 AM: Top gainer and losers today

Tata Steel, IndusInd Bank, Bajaj Finance, ICICI Bank, M&M, SBI and Axis Bank were among the top gainers today. On the other hand, Maruti, Reliance Industries, TCS and Titan were among the laggards.

11.43 AM: Oil prices steady today

Oil prices were little changed on Thursday as concerns about renewed COVID-19 lockdowns in the United States outweighed signs of a recovery in U.S. gasoline demand.

U.S. West Texas Intermediate (WTI) crude futures dipped 3 cents, or 0.07%, to $40.87 a barrel by 0443 GMT, after rising 0.7% on Wednesday.

Brent crude futures edged up 2 cents, or 0.05%, to $43.31, after gaining 0.5% on Wednesday.

Oil prices range bound today as COVID-19 fears offset gasoline recovery signs

11.29 AM: Rupee rises to 74.91 per US dollar

The rupee rose 11 paise to 74.91 per US dollar on Thursday amid positive domestic equities and weak US currency that supported the local unit.

Meanwhile foreign fund outflows and concerns over rising COVID-19 cases weighed on investor sentiment, traders said.

The rupee opened at 74.94 per US dollar, then gained further ground to touch 74.91 per dollar, up 11 paise over its previous close of 75.02 against the greenback on Wednesday.

Rupee gains 11 paise to 74.91 amid weak dollar, gains in domestic equity market

11. 12 AM: Coronavirus toll

Worldwide, the number of cases linked to theCovid-19 disease has crossed 1.20 crore and the death toll has topped 5.48 lakh. In India, the number of infections spiked to 7.67 lakh and the death toll rose to 21,129.

11. 01 AM: Global cues

Asian markets were trading higher on Thursday as investors awaited June CPI inflation from China. Wall Street closed higher despite coronavirus cases continuing to rise in the US. European markets closed lower as rising coronavirus cases in most parts of the world continued to cast doubt of economic recovery.

10. 34 AM: Nifty support and resistance levels

Reliance Smartmoney in its daily report said,"  In case the index violates, 10,600 mark current down move will accelerate. This could drag the index towards 10,440 level. On the higher side, its long-term moving average 200-day SMA (10,885 level) will cap the up-move.

As for the day, support is placed at around 10,630 and then at 10,500 levels, while resistance is observed at 10,890 and then at 11,035 levels."

10. 16 AM: TCS Q1 FY21 results expectations by HDFC Securities

TCS is likely to report 2.5% (QoQ) revenue de growth to Rs 38,965 crore and net profit may fall 5% (QoQ) to Rs 7654 crore in Q1FY21. EBIT margin could decline by 90bps (QoQ) to 24.2%. Commentary on demand recovery, tech budget normalisation and cost rationalisation initiatives will be key monitorables.

9.43 AM: FPI activity

"The foreign institutional investors (FPI) activity in the coming weeks is something that needs to be watched closely as there are already reports of likely rebalancing of portfolios and resultant trimming of positions. It is also significant that the domestic markets, for most part of the week, reflected the broad trends in other global markets," said Joseph Thomas, Head of Research - Emkay Wealth Management.

9. 35 AM: Technical outlook

"The short term trend of Nifty seems to have reversed down from the swing high. One may expect further weakness in the short term. The intermediate trend of Nifty continues to be positive for the Nifty and weakness down to 10,550-10,500 could now be a buy on dips opportunity,"said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

9. 22 AM: Opening bell

Sensex and Nifty opened on a bullish note on Thursday, amid positive global equities. Sensex traded 195 points higher at 36,543 and Nifty gained 48 points to 10,753.

9. 13 AM: Market outlook by experts

"Profit booking was witnessed today after Nifty gained nearly 5 per cent in the previous five trading sessions and Bank Nifty surged nearly 1200 points (6 per cent) in the last four days. Markets closed in red at the end of a volatile trading day as investors weighed the gradual resumption of business activity against a steady rise in new coronavirus cases. Moreover, there was caution ahead of the June quarterly earnings season starting on Thursday, global market weakness and high valuation," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

9.02 AM: Market focus for today

Investors will prepare a new strategy to move ahead for Q1 earnings season, with Tata Consultancy Services (TCS) announcing its financial numbers for June quarter. Besides this, official data on industrial production, and retail, as well as wholesale inflation, will be released this week.

"All eyes will be on Q1FY21 earnings of TCS, which is scheduled tomorrow, July 9. Traders should prefer hedged trades instead of outrights, citing a possible uptick in the volatility ahead," said Ajit Mishra, VP - Research, Religare Broking.

Share market expectations: 5 things to know before tomorrow's opening bell

8. 56 AM: Stocks to watch today on July 9

TCS, ICICI Bank, Yes Bank, South Indian Bank, Infosys among others are the top stocks to watch out for in Thursday's trading session.

Stocks in news: TCS, ICICI Bank, Yes Bank, South Indian Bank, Infosys

8. 50 AM: Global cues

SGX Nifty was rising 30 points higher at 10,714, indicating positive trend in domestic grounds today. Asian counterparts, bounced back from lows and were trading back in positive territory, tracking gains from Wall Street.

8. 40 AM: Rupee Closing

On the currency front, Indian rupee, the local unit ended weaker against the dollar at 75.01 per dollar. Earlier the domestic unit settled at 74.93 per dollar on Tuesday.

8. 34 AM: Nifty outlook

"Nifty could not sustain the gains after opening in positive territory and ended down with 93 points at 10,705. During the day, Nifty rose above 10,800 backed by good movement in large cap counters. At present level, Nifty support is seen at 10,550 while resistance comes at 10,850-10,900," said Sumeet Bagadia, Executive director, Choice Broking.

8. 30 AM: Last Closing

Yesterday, Sensex ended 345 points lower at 36,329 and Nifty closed 93 points lower at 10,705.

Sensex, Nifty snap five-day rally as rising virus cases hit recovery hopes