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24 Sep 2020
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Share Market Highlights: Sensex ends 1,114 points lower, Nifty at 10,805; Asian Paints, L&T, RIL, top losers

India Stock Market Highlights Today: All Sensex components were in the red with M&M, Bajaj Finance, IndusInd Bank, Maruti, Axis Bank, Bajaj Finserv and ICICI Bank shedding up to 33%.

Sensex, Nifty Highlights on September 24: Sensex and Nifty closed almost 3% on Thursday, amid the expiry of September futures & options contracts, backed by weak global equities. Extending fall for the sixth consecutive session, the BSE 30-share benchmark Sensex ended 1,114 points lower at 36,553 and NSE Nifty 50 fell 326 points to 10,805. Yesterday, Sensex ended 65 points lower at 37,668 and Nifty declined 21 points to 11,131.

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

3. 45 PM: Closing session

Sensex and Nifty closed almost 3% on Thursday, amid the expiry of September futures & options contracts, backed by weak global equities. Extending fall for the sixth consecutive session, the BSE 30-share benchmark Sensex ended 1,114 points lower at 36,553 and NSE Nifty 50 fell 326 points to 10,805.

3. 39 PM: RIL update

Morgan Stanley has an OW on Reliance Industries, with TP at Rs  Rs 2,247. The brokreage said,"While RIL's prepaid offering has been one of the most value-for-money offerings, we believe this should be supportive to RIL broadening the reach of its digital ecosystem, it but will raise investor concerns on ARPU raise being slower than Street estimates."

Morgan Stanley has said, "We have an OW on Reliance Industries as we believe the company will benefit from the undercurrents in the telecom industry and increasingly foray into other digital businesses."

3. 20 PM: Market falls further

Sensex and Nifty fell almost 3% on Thursday, amid the expiry of September futures & options contracts today, backed by weak global equities. Extending fall for the sixth consecutive session, the BSE 30-share benchmark Sensex traded 1,114 points lower at 36,553 and NSE Nifty 50 fell 326 points to 10,805.

3. 11PM: Market outlook

S Ranganathan, Head of Research at LKP Securities said,"Weak Global Cues coupled with worrying data points from the US led to a gap down start today even as the re-emergence of the virus rattled the Euro Zone. Indices here saw deep cuts led by TCS & Infosys as both along with RIL were the ones which led the recovery in the last five months. The broader markets were pounded today much beyond the 3% cut witnessed in the Indices".

2. 55PM: Nifty techicals

On markets' crash today, -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The support level of 10900-10950 has been disrespected during today's trading session. We have also pierced of 10882 which was made on 3rd August 2020. This opens a new target of 10750. Any bounce can be utilised to short the Nifty for this target."

2. 41PM: Market outlook

Yash Gupta, Equity Research Associate, Angel Broking said," Indian Indices Nifty and Sensex, down by 212 points (1.9%) and 730 points (1.94%) respectively. Indian broader market trembles after weak global market clues and seems to be in pressure. Today all sectors are trading in red, S&P BSE Information Technology (down 3.46%), S&P BSE AUTO (down 3.10%), S&P BSE METAL (down 2.49%). We expect markets to be volatile on the back of global market clues. Global Market update - DOW Jones down by 525 points (down 1.92%) and NASDAQ down by 330 points (down 3.02%)."

2. 34 PM: Zydus Cadila update

Yash Gupta, Equity Research Associate, Angel Broking said," Zydus Cadila has received tentative approval from the USFDA to market Palbociclib Capsules, (US RLD: Ibrance Capsules) in the strengths of 75 mg, 100 mg, and 125 mg. Palbociclib is an anti-cancer medicine that interferes with the growth and spread of cancer cells in the body. It is used in adults to treat hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative breast cancer that has spread to other parts of the body (metastatic) in combination with an aromatase inhibitor as the first hormonal based therapy in postmenopausal women or in men, or fulvestrant with disease progression following hormonal therapy. The drug will be manufactured at the manufacturing facility at the SEZ, Ahmedabad. This is a positive development for Zydus Cadila.

2. 25 PM: Real estate sector update

Speaking on outlook for real estate sector, Sahil Kapoor, National Head, 360 Edge - 360 Realtors said, "After Lockdown, the markets have started to open which is also positively impacting Real Estate demands. Lower rate of interest, liquidity infusion by government, attractive payment plans, depreciated value of the rupee and growing demand for hard assets rather than paper money will continue to dovetail the industry in a positive direction. The government will also take major to further boost demand. The reduction in stamp duty in Maharashtra and MP is an emboldened step as it is helping in the quicker market recovery. Other states are also expected to follow the same."

2. 11PM: Zydus Wellness gains over 4%

Share of Zydus Wellness gained over 4% in early trade today after board of the firm cleared raising of funds via a QIP issue.  Zydus Wellness stock rose 4.11% to Rs 1,789 against the previous close of Rs 1718 on BSE.

Total 5360 shares changed hands amounting to turnover of Rs 97.44 lakh. The stock has gained after 3 days of consecutive fall.

1. 55 PM: Panacea Biotec update

 Yash Gupta, Equity Research Associate, Angel Broking sid," Panacea Biotec is excited to announce successful completion of its Phase 1/11 study to evaluate the safety and immunogenicity of its vaccine, DengiAlI, a single-dose live-attenuated tetravalent vaccine. DengiAIl induced robust, balanced neutralizing antibody responses against all the four Dengue virus serotypes. DengiAIl has been found to be safe and well-tolerated with no serious adverse effects and after a single-dose, more than 80% of the participants showed more than a Tri-valent response and 95% showed a multivalent response. This is positive development for the company."

1. 43 PM: Weak global cues

Big Tech stocks fell overseas, from worries over the pandemic and politics. European governments imposing tougher restrictions on businesses to slow the spread of the coronavirus also kept markets bearish. Delayed action from the U.S. Federal Reserve and Congress to help the U.S. economy with an additional stimulus package also made participants less optimistic.

1. 24 PM: Market outlook

On market crash today from Abhimanyu Sofat, Head of Research, IIFL Securities said, "It is possible that we may see more correction. Scotland and UK have said they are contemplating a lockdown. Fears that more economies may close down is creating more nervousness in the market. The revelations on global bank's transactions also weighed heavily. All this is collective bothering the market, which is at is on the lookout for reasons to correct. Market had already raced ahead of its valuations.

"If we see markets weakening further, it could add more jitters. I see a strong support at 10,800 if market were to weaken from here.  Cyclicals will be hammered further. People have stocked up on defensive stocks, and that pack which has stayed resilient, may also feel the heat. Stability in the global markets could be the only savior right now."

1. 17 PM:Rupee depreciates 26 paise to 73.83 per dollar

Indian rupee, the domestic currency depreciated 26 paise to 73.83 per dollar on Thursday's opening session as selloff in domestic equities and significant foreign fund outflows weighed on investor sentiment. The slump in the local currency was also on the back of firm dollar that continued with upward momentum over the uncertainty of the next stimulus package by the US government.  

The local unit opened on a weak note at 73.82 per dollar in the interbank forex market and fell further to 73.83, down 26 paise over its last close.

Rupee depreciates 26 paise to 73.83 per dollar amid weak equities, fund outflows

1.00 PM: Oil prices

Brent crude futures, the global oil benchmark, fell 1.01 per cent to USD 41.35 per barrel. Oil price gained as data showed as fuel inventories dropped last week on concerns over rising coronavirus cases leading to lower demand.

12. 54 PM: Market update

 

Tracking massive sell-off in global stocks amid heavy foreign fund outflow, Sensex is down 3% since the start of the week, having closed in the negative territory on all the three days of the week so far.

Asian stocks are trading lower on Thursday following overnight declines on Wall Street as investors fretted over uncertainty around the coronavirus pandemic and further stimulus.

12.01 PM: Gold falls below 50 K

Gold prices continued to decline on Thursday and fell below key psychological level of 50K in Indian commodity market.

Amid concerns over fresh rounds of coronavirus-induced lockdowns across Europe and Britain, precious metals continued weakness for the fourth straight session overseas, in tandem with equity markets. Investors were also concerned about the fresh coronavirus-induced curbs, globally denting hopes of a swift economic recovery.'

Gold price slips for fourth day, silver rates at Rs 56,500

12. 37 PM: RIL share falls 2%

Share price of RIL slipped 1.74%  to Rs 2,190 against previous close of Rs 2229 on BSE. Market cap of the firm fell to Rs 14.89 lakh crore.

Reliance Industries share fell in early trade today despite a report that said the Mukesh Ambani-led oil-to-retail conglomerate is in the race to acquire Debenhams, a British multinational retailer operating department stores in the UK with franchise stores in other countries.

RIL share falls 2% despite report firm in race to buy British retailer Debenhams

12. 19 PM: Global markets

Asian markets are trading lower taking cues from overnight sell off seen in US markets led by IT stocks.

U.S. markets closed lower with big cuts led by selloff in technology stocks on the back of divides over additional pandemic aid and rising coronavirus cases in US and Europe. European markets closed higher as investors reacted to key data coming out of euro zone weighing the chance of more stimuli.

11. 45 AM: Gold outlook

On gold falling below Rs 50,000/10gm, Nish Bhatt, Founder & CEO, Millwood Kane International said,"The dream run for Gold has hit a roadblock, after hitting life highs of over Rs 56,000/10gm last month, the yellow metal has been falling. Internationally, Comex Gold is trading below the $1900/oz level."

He added," While the Dollar index is near an 8-week high against the other currencies in the basket. As gold is an international commodity and a rally in the US Dollar affects its prices. Further stimulus is crucial as the Fed chairman in its testimony to Congress said that more government spending will be required to sustain the growth rate. Fears of a second lockdown in Europe is also one of the reasons for the fall in Gold."

"Going forward, clarity on fiscal stimulus in the US, control on the number of COVID cases worldwide, or a vaccine will guide gold prices," he said.

11. 22 AM: Coronavirus Toll

Worries about the sluggish pace of economic recovery due to the spread of pandemic worldwide has again turned market investors pessimistic. Worldwide, there were 321 lakh confirmed cases and 9.82 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 57-lakh mark and the death toll from COVID-19 infections rose to 0.91 lakh, while over 46 lakh people recovered from the disease.

11. 11 AM: Market falls further

Sensex and Nifty fell almost 2% on Thursday, amid the expiry of September futures & options contracts today, backed by weak global equities. Extending fall for the sixth consecutive session, the BSE 30-share benchmark Sensex traded 734 points lower at 36,946 and NSE Nifty 50 fell 208 points to 10,922.

11.03 AM:Nifty outlook

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said," We have been cautious on the market recently and our strategy to remain light on trading positions has played out well so far. Now, the index is near to its immediate support zone of 11000-10950. On the flipside, 11250-11300 remains an immediate resistance zone. The index could consolidate within this range in next couple sessions and we could also see some swings within the range on the expiry day."

10. 40 AM: Rupee opens 26 paise lower

Rupee depreciates 26 paise to 73.83 against US dollar in early trade

10. 36 AM: Oil prices today

The international oil benchmark Brent crude was trading 1.03 per cent lower at USD 41.34 per barrel on Thursday.

10. 26 AM: Market Update

Tracking massive sell-off in global stocks amid heavy foreign fund outflow, Sensex is down 3% since the start of the week, having closed in the negative territory on all the three days of the week so far.

10.11 AM: Nifty outlook

Nifty is approaching its crucial support zone around 11,000 mark whereas immediate resistance is seen around 11,250-11,300 zone. Also, tomorrow being monthly F&O expiry, we are likely to witness enhanced volatility.

10.05 AM: Top losers

All Sensex components were in the red with M&M, Bajaj Finance, IndusInd Bank, Maruti, Axis Bank, Bajaj Finserv and ICICI Bank shedding up to 33%.

9. 47 AM: Market technical indicators

On opening session today -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"We have achieved the first target of the Nifty which was advised to be between 10900-11000, the Nifty low is 10951. The index continues to remain weak and any rally up can be used to short this market. 10900-10950 is a support range for the market so traders can book profits at the current juncture and use any opportunity to short the October series futures contract at higher levels for a target of 10750. The resistance on the upside is at 11300."

9. 30 AM: Nifty outlook

As per Reliance Smart Money, NSE-NIFTY slipped to fresh one and half month low continuing its daily falling trend and after a lower level recovery finished trade with minor loss. Due to recent recovery in the index, its key technical indicators on the lower timeframe charts has reversed from their oversold zone. As mentioned earlier, our bearish view will remain intact, but near-term rebound cannot be ruled out. On the higher side, the index will initially face hurdle at 11,450 level and then at 11,618 mark. In case of further decline, the index will find next strong support around its 200-day SMA, which is placed at 10,767 level.

As for the day, support is placed at around 11,018 and then at 10,903 levels, while resistance is observed at 11,253 and then at 11,374 levels.

9. 22 AM: Global markets

Asian stocks are trading lower on Thursday following overnight declines on Wall Street amid a resurgence in COVID-19 infections across the world and European cities, raising the possibility of fresh lockdowns, further slowing the pace of global economic recovery. Moreover, sentiments were pessimistic due to delay in new US fiscal stimulus by Congress as lawmakers still struggled to move forward with a new package.

9. 18 AM: Opening session

Sensex and Nifty opened majorly bearish on Thursday, amid the expiry of September futures & options contracts today, backed by weak global equities. The BSE 30-share benchmark Sensex traded 398 points lower at 37,282 and NSE Nifty 50 fell 120 points to 11,011.

9. 09 AM: FII action

Foreign portfolio investors (FPIs) sold shares worth Rs 3,912.44 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,629.23 crore in the Indian equity market on 23 September, provisional data showed.

8. 50 AM; Rupee closing

On the currency front, Indian rupee too ended flat, rising by one paisa at 73.57 per dollar today, as investors turned cautious amid weak domestic equities.

8. 40 AM: Market outlook

On Nifty's near-term outlook, -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The markets reached close to 11000 but was swift to bounce back. However, the target of 10900-11000 is still open and we could very well achieve it. 11600-11650 is the resistance level and hence any rally up can be utilised to go short on the Nifty."

For today's trade, Ajit Mishra, VP - Research, Religare Broking said," We expect volatility to remain high on Thursday as well, thanks to the scheduled derivatives expiry of September month contracts. Indications are in the favour of some respite but sustainability would be key. In the present scenario, we feel it's more prudent to focus on the accumulation of quality stocks on dips."

8. 30 AM: Closing yesterday

Sensex and Nifty reversed early gains and closed a tad lower on Wednesday amid weak global cues.

Extending fall for the fifth consecutive session, Sensex ended 65 points lower at 37,668 and Nifty declined 21 points to 11,131.