Share Market Highlights: Sensex ends 129 points lower, Nifty at 11,073; HDFC Bank, Kotak Bank, RIL top losers

Sensex, Nifty Highlights on July 31: Sensex and Nifty ended on a bearish note on Friday, tracking weak sentiments from global equities as investors turned cautious over weak key economic data. Sensex ended 129 points lower at 37,606 and Nifty fell 28 points to 11,073. Meanwhile, April-June quarterly earnings announcements by State Bank of India, Tata Motors, Sun Pharmaceutical Industries, Indian Oil Corporation, UPL will also set the tone for the stock market today. Yesterday, Sensex ended 335.06 points or 0.88 per cent lower at 37,736.07 and NSE Nifty tumbled 100.70 points or 0.90 per cent to end at 11,102.15.

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

3. 45 PM: Market at close

Sensex and Nifty ended on a bearish note on Friday, tracking weak sentiments from global equities as investors turned cautious over weak key economic data. Sensex ended 129 points lower at 37,606 and Nifty fell 28 points to 11,073.

3.18 PM: SBI shares rise almost 5% on stellar Q1 profit

State Bank of India (SBI) shares were were trading almost 5% higher on Friday after the compaby reported stellar result for the quarter ended June today. The lender reported a 81.2% growth in its standalone profit at Rs 4,189.34 crore in Q1FY21 from Rs 2,312.2 crore in the previous quarter.

Company's Net interest income, the difference between interest earned and interest expended, came 16.1% higher YoY at Rs 26,641.56 crore, as compared to Rs 22,938.8 crore in year-ago period.

SBI Q1 results: Profit rises 81% to Rs 4,189 crore, NII stands at Rs 26,641.6 crore

2. 57 PM: Sun Pharma outlook

The Q1 results of Sun Pharma is likely to remain muted, as per brokerage firm Motilal Oswal, which expects a 29.7% YoY fall in Q1 net profit, 0.6% YoY drop in net revenue and 14% YoY decline in EBITDA.

As per HDFC Securities, company's revenues are expected to decline by 3% to Rs 7,988 crore while EBITDA is likely to dip vy by 17%. PAT is expected to decline 5% YoY at Rs 693 crore. Brokerage said key things to watch out for would be debt reduction outlook and capex plan.

Sun Pharma share price climbs to 52-week high ahead of Q1 earnings

2. 44 PM: Sun Pharma hits new 52-week high

Share price of Sun Pharma gained over 3% in Friday's opening trade to toucha new 52-week high of Rs 521.55 as the pharmaceutical company plans to report its earnings performance for the Q1FY21.

Sun Pharma share price opened at Rs 515 and gained 3.6% to the intraday high as well as new 52-week high of Rs 521.55, as against the last closing value of Rs 509.95 on BSE, also its intraday low. Sun Pharma share has risen 8.36% in the last 4 days.

2. 34 PM: Top losers and gainers

HDFC, followed by Kotak Bank, HDFC Bank, Reliance Industries, Tata Steel and Nestle India were among the top losers today, while HCL Tech, TCS, SBI, Infosys, Sun Pharma and Tech Mahindra were among the gainers.

2. 28 PM: HDFC share slips nearly 3% post Q1 earnings

Share price of Housing Development Finance Corporation (HDFC) was trading lower today after the mortgage lender reported a 4.7 percent year-on-year (YoY) decline in standalone net profit in Q1. HDFC share price fell 2.81% to Rs 1,760 against previous close of Rs 1,811 on BSE.

The stock has lost 2.63% in one week and 25.72% since the beginning of this year. In one year, the share has fallen 15.51% . The stock has lost 5.56% in last 3 days. HDFC share price is trading higher than 50 day and 100 day moving averages but lower than 5 day, 20 day and 200 day moving averages.

HDFC share slips nearly 3% post Q1 earnings; what brokerages say

2.12PM:Reliance Industries share falls over 2% post Q1 earnings

RIL  share was trading lower a day after the Mukesh Ambani-led conglomerate announced its Q1 earnings for the current fiscal. RIL stock fell up to 2.62% to Rs 2,053 against previous close of Rs 2,108 on BSE. The share trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

The large cap share has gained 79.37% in one year and risen 38.13% since the beginning of this year. The share has surged over 20% in a month.

Reliance Industries share falls over 2% post Q1 earnings

1. 41 PM: Weak global cues

Asian markets were trading mixed taking cues from US GDP numbers. Chinese PMI came in above expectations at 51.1.

U.S. markets saw a negative start after GDP fell at a 32.9% annualized pace to record low levels but big fall was arrested better earnings from Facebook, Apple, Google, Amazon etc.

European markets closed lower yesterday after record drop in US GDP numbers and earnings numbers from Credit Suisse and Volkswagen.

1. 30 PM: Oil declines

Oil price fell tracking weak US GDP numbers which casted shadow on expected demand recovery. Brent crude futures, the global oil benchmark, rose 0.54 per cent to USD 43.17 per barrel.

1.12 PM: Foreign fund inflows

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 207.30 crore on Thursday, according to provisional exchange data.

12. 45 PM: Coronavirus toll

In India, domestic coronavirus cases neared 16.39 lakh with total deaths standing at 35,786. Worldwide, there are 174 lakh confirmed cases and 6.7 lakh deaths from the coronavirus COVID-19 outbreak.

12.04 PM:  Market turns volatile

Sensex and Nifty reversed the trend and traded on a bearish note on Friday amid weak global equities. Sensex traded 77 points lower at 37,663 and Nifty fell 19 points to 11,089.

11. 45 AM: Market outlook

Angel Broking in its daily market note said,"With yesterday's move, 11300-11350 has become an immediate ceiling for Nifty and till the time we do not surpass it, one should avoid aggressive bullish bets in the market. In fact, any bounce back towards 11175-11250 should ideally be used to lighten up longs.On the downside, as mentioned yesterday, a breach of 11050 would result in a decent profit booking towards 10950-10870 levels."

11. 34 AM: Real estate sector update

Speaking on outlook for real estate sector, Ashok Gupta, CMD, Ajnara India Ltd said, "The real estate sector has undergone a drastic transformation with the advent of COVID-19. Even though construction activities were completely halted for the lockdown months, but post that with timeline extension and skilled laborers construction has started gaining pace. The migrants have also started coming back to the cities for better job opportunities. The sector is constantly evolving with technology and is predicted to witness price correction only for luxurious segment. The mid-segment and affordable prices have been in their best form since last few years. RBI's support via repo rate cut has directly resulted in lower home loan rates which makes the current times ideal for a property purchase."

11. 12 AM: Rupee gains 15 paise

Indian rupee, the currency benchmark gained 15 paise to 74.69 per dollar on Friday's opening bell, tracking weakness in the greenback.

At the interbank forex market, the rupee opened at 74.74, gained further ground and touched 74.69 against the US dollar, up 15 paise over its last close of 74.84.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.40 per cent to 92.65.

Rupee gains 15 paise to 74.69 amid weak dollar, foreign fund inflows

10.52 AM: Stocks to watch today on July 31

RIL, Torrent Pharma, HDFC, Tata Motors, State Bank of India among others are the top stocks to watch out for in Friday's trading session.

Stocks in news: RIL, Torrent Pharma, HDFC, Tata Motors, State Bank of India

10. 43 AM: Gold prices trade near record highs
Gold August futures on Multi Commodity Exchange were trading higher by Rs 408 to Rs 53,189 per 10 gm against the previous close of Rs 53,039 per 10 gm, after touching an intraday high of Rs 53,294. Yesterday, Gold August Futures today touched an intraday as well as an all-time high of Rs 53,297 per 10 gm.On a similar note, Silver September futures gained by Rs 294 to trade at Rs 63,615 per kg today, after hitting a lifetime high of Rs 67,560 recently, in the last week.Gold price trades near record-high levels amid rise in Covid-19 cases

10. 32 AM: SBI shares trade as top gainers

SBI share price was among the top Sensex and Nifty gainers ahead of the lender's Q1 earnings set to be announced later in the day. SBI share hit intra day high of Rs 191.55, a rise of 2.68% on BSE. The share trades higher than 20 day, 50 day and 100 day moving averages but lower than 5 day and 200 day moving averages.Share of SBI has lost 42.54% in one year and fallen 42.82% since the beginning of this year. Of 47 analysts covering the stock, 40 have buy or outperform rating, five recommend hold, one underperform and one sell, according to Reuters. 
SBI share price gains nearly 3% ahead of Q1 earnings
10. 15 AM: Retail gold prices in major Indian cities:
Gold prices in the national capital rose by Rs 118 to Rs 53,860 per 10 gram on Thursday amid rupee depreciation, as per HDFC Securities.
The price of 24-carat gold stood at Rs 53,000 per 10 gram in New Delhi, while in Chennai, the price of 24-carat gold price in Chennai stood at Rs 51,030. In Mumbai, the rate was Rs 51,920 for 24-Carat gold, as per Good Returns website.

Gold demand crashes 70% in April-June; high prices, COVID-19 lockdown keep buyers away

9. 45 AM: Bharti Airtel Q1 update

Commenting on 1QFY21 results of Bharti Airtel, Keshav Lahoti, Associate Equity Analyst, Angel Broking said," Company reported  loss of Rs 15,933 crore including Rs 11,746 crore exceptional loss mainly due to AGR provision. Overall, Company reported better numbers than street expectations.

We are bullish on Bharti Airtel considering that it is almost immune to covid-19, industry dynamics are looking favorable and it is gaining revenue market share. Negative outcome for Vodafone-Idea in AGR matter can lead to increase in subscribers at rapid pace for the Company and increase in chances of next round of tariff hike by the industry.

9. 36 PM: HDFC 1QFY21 update

Commenting on 1QFY21 results of HDFC, Jaikishan Parmar, Sr. Equity Research Analyst, Angel Broking said, "For Q1FY21, HDFC Ltd reported a mixed set of numbers. NII grew by 10% YoY however, adjusting higher liquidity equity investment made in recent years NII grew 17% YoY. AUM grew at 12% YoY and 3% Sequentially, The individual book grew 11% and non-individual grew at 15% YoY. Other income increased owing to stake sale. PAT declined 5% YoY largely impacted due to higher provision cost.

The moratorium for individual loans reduced 600bps to 16.6% and non-individual declined to 460bps. HDFC Ltd has taken a total Rs954cr worth of COVID provision, which we believe is a bit lower. However, HDFC has an additional provision of 1.47% of AUM, this is well above the regulatory requirement. It has a very strong CET of 16.2%. Additional provision, strong CET, and healthy pre-provision profit provide comfort on balance sheet quality.

9. 19 AM: Nifty technical indicators

In the last expiry, NSE-NIFTY continued its prior rising trend and reported rise of 7.9%. Since 21st July, 2020 the index tried to hold higher levels with a narrow range consolidation (i.e. between 11,055 and 11,340 levels). As mentioned earlier, our bullish view will remain intact provided the index stays firm above its psychological support point-11,000 mark. In case of breakdown, the index will find next support around its 200-day SMA, which is now placed at around 10,860 level. 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 11,025 and then at 10,947 levels, while resistance is observed at 11,240 and then at 11,377 levels.

9.10 AM: Market at open

Sensex and Nifty opened on a bullish note on Friday amid weak global equities. Sensex traded 95 points higher at 38,847b and Nifty gained 37 points to 11,139.

9.00 AM: Market outlook

"The short term trend of Nifty seems to have turned down and a move below 11,000 levels could confirm short term trend reversal in the market. A decisive move below 10,900 is expected to drag Nifty to further lows up to 10,700-10,650. On the way up, 11,300 is going to be a strong overhead resistance," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

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8. 50 AM: Global bourses

Bourses in Shanghai, Hong Kong and Tokyo were trading in the red, while Seoul closed on a positive note. Stock exchanges in Europe ended with losses yesterday.

8. 40 AM: Earnings Today

State Bank of India, Tata Motors, Sun Pharmaceutical Industries, Indian Oil Corporation, UPL, 63 moons technologies, Future Lifestyle Fashions, Future Supply Chain Solutions, Aarey Drugs, BF Utilities, Deepak Fertilisers, Godrej Agrovet, JSW Energy, Just Dial, Dr Lal PathLabs, McLeod Russel, MEP Infrastructure Developers, Mahindra Holidays & Resorts, Motilal Oswal Financial Services, Nelco, NIIT, Reliance Communications, Reliance Capital, Reliance Home Finance, Tata Chemicals, Tata Metaliks, Thyrocare Technologies, UCO Bank, Ujjivan Small Finance Bank, Vakrangee, among others will report Q1 FY 21 earnings today.

8. 30 AM: Closing

Sensex and Nifty fell for the second straight session on Thursday in line with global markets, as a dovish stance by the US Federal Reserve warned the coronavirus pandemic might threaten the modest economic recovery. While Sensex ended 335.06 points or 0.88 per cent lower at 37,736.07, NSE Nifty tumbled 100.70 points or 0.90 per cent to end at 11,102.15.

Sensex ends 335 points lower, Nifty holds 11,100 as stalled US stimulus roils global markets