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Stock Market Closing Bell: On account of massive buying in banking, energy and auto stocks, the Indian indices closed more than half per cent up on Wednsesday intraday trade session. After the closing bell trade session, the BSE Sensex shot up 230 points and closed at 39,073 mark while the 50-stocks NSE Nifty scaled up 77 points and closed at 11,549 mark. Bank Nifty index soared 322 points and closed at 23,414 levels.
Speaking on the current market scenario; SEBI registered technical stock analyst Simi Bhaumik said, "The NSE Nifty has managed to close above its yesterday's high that means the market is expected to go northward up to 11,650 levels. Any dip in the markets should be seen as buying opportunity because overall market is bullish."
Shares of Indostar Capital Finannce, IIFL Finance, GIC Housing Finance, Bajaj Electricals, Tata Motors, Blue Dart Express, TVS Srichakra, Blue Star and Parag Milk Foods were among the leading gainers in the intraday trade session while shares of Adani Enterprises, HEG, Tube Investments, Adani Transmission, Vinati Organics and Bharti Airtel were among the major losers today.
Banking stocks participated in today's rally that helped Sensex and Nifty break their resistance levels. Banking major IndusInd Bank share price skyrocketed 5.85 per cent, rBL Bank shares soared 6.43 per cent, shares of Kotak Mahindra Bank surged 2.82 per cent, Axis Bank share scaled northward 2.76 per cent while ICICI Bank stock price added around 1 per cent.
Auto stockis continue to attract fresh buyers throughout the intraday trade session. Auto major Tata Motors share price skyrocketed 8.82 per cent, Hero MotoCorp shares jumped 6.48 per cent, shares of TVS Motor Company shot up 4.88 per cent, Bajaj Auto stocks went northward 2.25 per cent, Eicher Motors stock price escalated 1.45 per cent while Balkrishna Industries counter added 1.31 per cent.
Among the major Asian indices, the Japanese Nikkei 225 index went off 0.03 per cent, South Korean Kospi went up 0.11 per cent, Hong Kong's Hang Seng added 0.02 per cent while the Shanghai index dipped 1.30 per cent in the opening bell trade session.
At Wall Street yesterday, Dow Jones dashed 0.21 per cent, Nasdaq shot up 0.76 per cent, S&P 500 appreciated 0.36 per cent while SmallCap 2000 rose 0.20 per cent.
Vinod Nair, Head of Research at Geojit Financial Services:
Indian benchmark indices picked up positivity towards the latter half of the trading day, after trading flat with a slight positive bias, and ended in gains. It was in sync with a positive opening in the European markets which is banking on additional stimulus measures to aid economic recovery.
Index heavyweight Reliance contributed more than half of the Nifty gains, while sectorally Auto and the Banking index contributed most.
Auto stocks gained on expectations of government measures to help out the ailing sector. Markets expected to trade uncertain on lack of fresh triggers while stock specific action will continue.
- August 26, 2020 03:58 PM IST
Deepak Jasani, Head Retail Research, HDFC Securities:
Tomorrow is the monthly F&O expiry day. Though index volatility has been limited in the past month, stock specific moves have been large and hence we could see some sharp moves in select stocks on squaring up/rolling over of positions. Tomorrow is also the much anticipated speech by the chairman of the U.S. Federal Reserve.
Nifty continues its upmove. Largecaps continue to perform (led by financials) and select mid and smallcaps are also doing well.
- August 26, 2020 03:34 PM IST
Market Close: Last hour buying helped the benchmark indices to close the range bound day on the positive note with Nifty above 11,500. At close, the Sensex was up 230.04 points or 0.59% at 39073.92, and the Nifty was up 77.30 points or 0.67% at 11549.60. About 1528 shares have advanced, 1105 shares declined, and 124 shares are unchanged. Tata Motors, Hero Motocorp, IndusInd Bank, Zee Entertainment and Reliance Industries were among major gainers on the Nifty, while losers were Bharti Airtel, UltraTech Cement, Britannia Industries, Asian Paints and Maruti Suzuki. Buying witnessed in the auto, bank, energy, metal and IT stocks. BSE Midcap and Smallcap indices ended in the green.
- August 26, 2020 03:28 PM IST
Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services:
Gold prices continue to fall as hopes surrounding a potential COVID-19 vaccine and positive signals on the US-China trade front buoyed risk sentiment. Top US and Chinese trade officials reaffirmed their commitment to a Phase 1 trade deal which was in question few months back, this gave boost to the financial market, hammering the bullion's down.
On data front, US consumer confidence unexpectedly fell in August to hit a six-year low. On the other hand new home sales recorded a significant increase. Investors today will focus on the US Core durable goods orders data and weaker-than-expected economic data could keep the dollar weighed down and support precious metals at lower levels.
Market participants now also await speech by US Federal Reserve Chairman Jerome Powell tomorrow where he is expected to address the US central bank's view on inflation and monetary policy. As we witness a fall in prices, an outflow in ETF is also seen as SPDR holdings fell 0.3% to 1,248.87 tonnes on Tuesday from 1,252.38 tonnes on Monday. Broader trend on COMEX could be in the range of USD 1890- 1945 and on domestic front prices could hover in the range of Rs 50,800-51,450.
- August 26, 2020 03:26 PM IST
Lupin & Mylan Launch Nepexto, Biosimilar Etanercept In Germany:
Lupin and Mylan N.V. announced launch of Nepexto, biosimilar etanercept, in the German market. Nepexto is indicated for the treatment of moderate to severe active rheumatoid arthritis, juvenile idiopathic arthritis from the age of 2 years, active and progressive psoriatic arthritis, severe axial spondyloarthritis, moderate to severe plaque psoriasis and chronic severe plaque psoriasis in children and adolescents from the age of 6 years.
- August 26, 2020 03:16 PM IST
KNR Constructions bags order:
Company has been awarded by Government of Tamilnadu, Highways Department, an order worth of Rs 1157,41,91,862 towards "Construction of Elevated Highway along Avinashi Road in Coimbatore City from Goldwins to Upplipalayam to be completed within a period of 48 months from the appointed date.
- August 26, 2020 03:08 PM IST
Yash Gupta, Equity Research Associate, Angel Broking:
Rally in Auto stock led by Tata Motors and Hero motocorp in hope of GST rate reduction. The market is range bound as mix clues from global market. We expect the broader markets to be in range bound and may see some pressure due to sector specific profit booking.
CLSA on Dabur:
CLSA has maintained a buy call on the stock with target at Rs 590 per share. It is of the view that the company has strengthening fundamentals but the balance sheet needs optimisation, according to a CNBC-TV18 report.
Dabur's FY20 annual report highlights its organisational transformation adding that traction in its profitable businesses keeps a positive outlook on the stock adding that RoE and working capital days have scope for improvement
Tata Motors in focus:
Tata Motors share price rose 6 percent on August 26, a day after the company said it proposed to reduce its debt to near-zero levels.
In the previous trading session, the share, which has risen 55 percent in the past three months, closed up 4.83 percent or Rs 5.85 at Rs 127.05.
At Tata Motors annual general meeting on August 25, N Chandrasekaran, Chairman of the Tata Group, said the company had a net automotive debt of Rs 48,000 crore and was targeting to reduce it to near-zero levels in three years, CNBC-TV18 reported
ICICIdirect on LIC Housing Finance:
Business growth is seen remaining gradual with a focus on opportunities in Tier II, III cities. Slightly aggressive pricing is seen offsetting benefit of lower funding cost thereby keeping margins steady. Given the current scenario, strong parentage, housing finance business (which is better placed) and higher proportion of individual loans provide comfort. However, higher restructuring and thereby regulatory provisions remain a near term risk. We expect earnings growth at 12% CAGR in FY20-22E to | 2961 crore. Valuing the business at ~1x FY22E ABV, we revise our target price to Rs 345/share. We have a buy recommendation on the stock.
Moody's downgrades SBI:
Moody's Investors Service has downgraded State Bank of India's standalone profile to ba2 from ba1 saying it sees SBI's asset quality and profitability deteriorating.
The rating agency, however, affirmed SBI's long term local and foreign currency deposit ratings at Baa3, the same level as India's sovereign rating.
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