Market updates: Sensex rallies 329 points to close at 35,171; Infosys up 7 per cent

Nifty finishes with gains of 94 points at 10,383

 

3:40 pm

Closing bell

Equity benchmark Sensex rallied 329 points on Friday, led by gains in Infosys, HDFC Bank, TCS and Reliance Industries amid positive cues from global markets.

The 30-share index settled 329.17 points, or 0.94 per cent, higher at 35,171.27, while the NSE Nifty surged 94.10 points, or 0.90 per cent, to 10,383.

Infosys was the top gainer in the Sensex pack, rallying around 7 per cent, followed by TCS, IndusInd Bank, ONGC, HDFC Bank and HCL Tech.

On the other hand, ITC, Bajaj Finance, Kotak Bank and Sun Pharma finished in the red.

According to traders, broad-based buying on the first day of the new monthly derivatives series and positive cues from global equity markets lifted the benchmarks.

After an unbroken rise in the last two weeks, the markets turned a bit volatile this week, said Joseph Thomas, Head of Research - Emkay Wealth Management.

“This was mainly influenced by factors like the phenomenal rise in the coronavirus cases in the US and India, the military stand-off between India and China at the border, and also with the ongoing spat between China and the US on many issues including trade and the source of the pandemic,” he said.

The domestic bourses, for the most part of the week, reflected the broad trends in other global markets, he added.

Bourses in Japan and Seoul ended with significant gains, while Hong Kong settled in the red. Markets in Shanghai were closed for a public holiday.

Stock exchanges in Europe were trading over 1 per cent higher in early deals.

Meanwhile, international oil benchmark Brent crude futures rose 1.27 per cent to $41.57 per barrel.

On the currency front, the rupee pared initial gains and settled on a flat note at 75.65 against the US dollar. - PTI

 

3:30 pm

European shares edge higher

The pan-European STOXX 600 index was down 0.4 per cent. File Photo   -  Reuters

 

European stocks opened higher on Friday, propped up by positive company updates, although investors remained cautious about a resurgence in US Covid-19 cases and its impact on the global economy.

The pan-European STOXX 600 index was up 0.6 per cent by 0720 GMT, with technology, chemical companies and miners leading sectoral gains. Click here to read more.

3:15 pm

Oil prices advance on growing fuel demand

For India, the current market conditions are fortuitous CARLOS GARCIA RAWLINS

 

Oil prices rose on Friday, extending gains on optimism about a recovery in fuel demand worldwide, despite a surge in coronavirus infections in some US states and signs of a revival in US crude production.

US West Texas Intermediate (WTI) crude futures gained 25 cents, or 0.7 per cent, to $38.97 at 0643 GMT but were on track for a slight drop for the week.

Brent crude futures rose 32 cents, or 0.8 per cent, to $41.37 and were also heading for a small decline for the week. Click here to read in full the global crude oil report.

 

3:05 pm

Stocks and oil gain despite surging coronavirus cases

Passersby wearing protective face masks, following an outbreak of the coronavirus, are reflected on a screen displaying stock prices outside a brokerage in Tokyo. (file photo)   -  REUTERS

 

Markets showed signs of optimism on Friday, with European shares opening higher and oil prices rising despite a record number of new Covid-19 infections in the US.

They rose across the US by at least 39,818 on Thursday, the largest one-day increase of the pandemic. The governor of Texas temporarily stopped the state's reopening on Thursday as infections and hospitalisations surged.

But European shares opened higher, with the Stoxx 600 up 0.8 per cent and London's FTSE 100 up 1 per cent at 0736 GMT.

The MSCI world equity index, which tracks shares in 49 countries, was up 0.3 per cent, extending gains from late on Thursday. Click here to read more.

2:45 pm

Dollar set for biggest drop in 3 weeks as US infection cases jump

The greenback steadied on Friday but was set for its biggest weekly drop in three weeks as caution over growing coronavirus infections cast doubt over the US economic outlook while a bounce in stocks pushed the kiwi dollar higher.

Though an easing in European lockdown rules bodes well for sentiment in the region, headlines from other major economies weighed on sentiment.

The governor of Texas temporarily halted the state's reopening on Thursday as Covid-19 infections and hospitalisations surged. Texas, at the forefront of efforts to reopen devastated economies shut down by the pandemic, has seen one of the biggest jumps in new cases. Click here to read more on the global forex markets.

 

2:30 pm

Money in Swiss banks: India ranks 77th

India has moved down three places to 77th rank in terms of money parked by its citizens and enterprises with Swiss banks at the end of 2019, while the United Kingdom (UK) has retained its top position, as per the latest data from Switzerland’s central bank.

2:15 pm

Hyundai records over 1 lakh sales of Venue in a year

Hyundai Motor India Ltd (HMIL) on Friday said it has sold over one lakh units of the Venue compact sports utility vehicle (SUV) since its launch last year, with over 97,400 customers in India and more than 7,400 in international markets.

 

1:55 pm

Covid-19 cases inching towards 5-lakh mark

In a matter of one week, Covid-19 cases are slated to increase by a lakh. On June 21, India recorded 4,10,461 cases; these are likely to cross the 5-lakh mark by June 27. On June 26, the number reached 4,90,401. Between June 25 and 26, up to 17,296 new cases were added.

 

1:35 pm

Nifty call: Go long on rally above 10,280 levels, with a fixed stop-loss

 

The Sensex and Nifty commenced the session in positive territory amid mixed Asian markets. The Nikkei 225 has surged 1.1 per cent to 22,512, while the Hang Seng index has fallen 0.76 per cent to 24,592 in today's session.

US indices - the Dow Jones and S&P 500 - had gained 1.2 per cent and 1.1 per cent respectively in the last session. The market breadth of the Nifty index is biased towards advances. Click here to read more.

 

1:15 pm

Contract farming: Godrej Agrovet seeks a big play in oil palm

Godrej Agrovet can build a good contract farming ecosystem for oil palm cultivation, says MD Balram Singh Yadav. Read more.

 

12:55 pm

Ashok Leyland shares fall over 3 per cent after Q4 earnings

Ashok Leyland virtually launched its new modular truck platform — Avtr — recently

 

Shares of Ashok Leyland on Friday fell over 3 per cent after the company reported a 92.31 per cent decline in consolidated net profit in the fourth quarter ended March 31.

The stock declined 3.17 per cent to Rs 51.85 on the BSE. On the NSE, it fell 3.08 per cent to Rs 51.80.

The Hinduja Group flagship firm on Thursday reported a 92.31 per cent decline in consolidated net profit at Rs 57.78 crore in the fourth quarter ended March 31.

The company had posted a net profit of Rs 751.71 crore in the same quarter of the previous fiscal, it said in a regulatory filing.

Revenue from operations during the quarter under review stood at Rs 5,088.04 crore, as against Rs 9,874.04 crore in the year-ago period.  - PTI

 

 

12:30 pm

Sensex, Nifty hold firm

The benchmark indices held on to their morning gains at mid-session on Friday. Sensex was at 35,132, up 289 points or 0.83 per cent, while the Nifty was at 10,377, up 88 points or 0.86 per cent.

The top gainers on the Sensex were Infosys (up 6.5 per cent), TCS (4.87 per cent), HCL Tech (3 per cent), ONGC (2.75 per cent) and Bajaj Auto (2.51 per cent). The laggards were Kotak Bank (down over 3 per cent), ITC (1.63 per cent), Sun Pharma (1.26 per cent), Titan (1.05 per cent) and Bajaj Financial Services (0.83 per cent).

Among the BSE sectoral indices, the IT index was up over 5 per cent, the BSE TECK index gained over 4 per cent, while oil and gas gained over 2 per cent. Metals spurted over 1 per cent.

 

12:10 pm

Petrol price crosses Rs 80-mark in Delhi for first time since 2018, diesel at new high

Petrol price in the national capital on Friday crossed Rs 80 per litre mark, for the first time in more than two years, as oil companies continue to raise petrol and diesel prices in line with costs.

 

11:50 am

Daily rupee call: Rupee bullish above 75.6

 

The rupee (INR) opened higher at 75.52 against the dollar (USD) on Friday, as against the previous close of 75.72. Thus, it is now above the resistance level of 75.6, and, so might extend its gains further.

The nearest resistance can be spotted at 75.4, above which the domestic currency might appreciate to 75.15. But if it declines and breaks below 75.6, it will most likely descend towards the support of 75.8. Subsequent support is at 76. Click here to read in full the daily rupee call report.

11:30 am

SEBI tweaks rule to give investors ‘preferential’ boost

Given the poor market sentiment, the Securities and Exchange Board of India (SEBI) has made it easier for listed companies to mop up funds through fresh issuance of shares or preferential allotment. Under the new rule, preferential issues can be priced near the prevailing share prices. Click here to read more.

 

11:15 am

Rupee rises 14 paise to 75.51 against US dollar in early trade

The rupee appreciated 14 paise to 75.51 against the US dollar in early trade on Friday tracking positive domestic equities and gains in Asian currencies amid weakness in the greenback.

Forex traders said buying in the domestic equity market and a weak American dollar supported the local unit.

The rupee opened on a strong note at the interbank forex market at 75.51 against the US dollar, up 14 paise over its last close. It had settled at 75.65 against the US dollar on Thursday. Click here to read the rupee report in full.

 

10:30 am

Sensex, Nifty trade firm

Benchmark indices Sensex and Nifty were firm but off their early highs in morning trade on Friday. Sensex was at 35,032, up 190 points or 0.44 per cent firmer, while the Nifty was at 10,343, up 55 points or 0.54 per cent firmer.

The top gainers on the Sensex were Infosys (up over 5 per cent), TCS (3.64 per cent), IndusInd Bank (2.87 per cent), HCL Tech (2.72 per cent) and Tech Mahindra (2.32 per cent). The laggards wer Kotak Bank, Hindustan Unilever, Bajaj Finance, Maruti and Asian Paints.

According to an agency report,  Sensex surged over 300 points in early trade on Friday tracking gains in index-heavyweights Infosys, Reliance Industries, HDFC Bank and ICICI Bank amid positive cues from global markets.

In the previous session, the BSE barometer closed 26.88 points or 0.08 per cent lower at 34,842.10, and the broader Nifty slipped 16.40 points, or 0.16 per cent, to close at 10,288.90.

Foreign institutional investors turned net sellers on Thursday, offloading equities worth Rs 1,050.61 crore, provisional exchange data showed.

According to traders, broad-based buying on the first day of the new monthly derivatives series and positive cues from global equity markets lifted benchmarks in opening session.

Bourses in Japan and Seoul were trading with significant gains, while those in Hong Kong were in the red. Markets in Shanghai were closed for a public holiday.

Stock exchanges on Wall Street jumped over 1 per cent in overnight session.

Meanwhile, international oil benchmark Brent crude futures rose 1.27 per cent to $41.57 per barrel (with inputs from PTI). 

 

10:20 am

Dollar stays firm as coronavirus anxiety persists

The dollar held firm on Friday as caution over rapid rises in United States (US) coronavirus cases cast doubt over the reopening of the economy, keeping the allure of its safe-haven value.

The dollar index stood at 97.360, having pared a large part of this week's losses.

Against the yen, the dollar traded at 107.17 yen, having gained 0.5 per cent in the overnight session.

The euro eased to $1.1221, losing steam after hitting a one-week peak of $1.1348 on Tuesday though the currency has maintained weekly gains of about 0.4 per cent. Click here to read in full the global forex market report.

10:00 am

Oil prices crawl up on demand recovery

For India, the current market conditions are fortuitous CARLOS GARCIA RAWLINS

 

Oil prices rose in early trade on Friday, extending gains from the previous day on optimism about recovering fuel demand worldwide, despite surges in coronavirus infections in some states of the United States (US) and indications of a revival in US crude production.

US West Texas Intermediate (WTI) crude futures gained 15 cents, or 0.4 per cent, to $38.87 at 0009 GMT but were on track for a slight drop for the week.

Brent crude futures rose 22 cents, or 0.5 per cent, to $41.27, but were also heading towards a decline for the week. Click here to read more on the global crude oil report.

 

9:40 am

Stocks going nowhere as virus fears hold optimism in check

Asian stock markets ground higher on Friday, and are set to end a choppy week more or less where they began it as surging coronavirus infections cast a shadow over encouraging economic data and checked hopes for a swift global recovery.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent, for a weekly gain of around 0.5 per cent. Japan's Nikkei rose 1 per cent to sit flat for the week.

Bulls seem to have the upper hand in currency markets, with the US dollar down 0.3 per cent for the week, and riskier currencies such as the Australian dollar marginally ahead. Majors were steady in morning trade on Friday. Click here for more.

 

 

9:15 am

Opening bell

The benchmark indices, the BSE Sensex and NSE Nifty, opened firm. Sensex was up 0.96 per cent or 333 points at 35,175 and the Nifty shot up 88 points or 0.86 per cent to 10,377.

 

9:10 am

Day Trading Guide for Friday, June 26, 2020

₹1028 • HDFC Bank

S1

S2

R1

R2

COMMENT

1015

1000

1040

1055

Consider initiating fresh long positions with a fixed stop-loss if the stock moves beyond ₹1,040 levels

 

₹699 • Infosys

S1

S2

R1

R2

COMMENT

690

680

710

720

Fresh short positions are recommended with a stiff stop-loss only if the stock falls below ₹690 levels

 

₹202 • ITC

S1

S2

R1

R2

COMMENT

198

195

205

208

Near-term outlook is bullish for the stock of ITC. Make use of intra-day dips to buy with a fixed stop-loss

 

₹81 • ONGC

S1

S2

R1

R2

COMMENT

79

76

84

87

Initiate fresh short positions with a tight stop-loss if the stock of ONGC fails to rally above ₹84 levels

 

₹1717 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1705

1685

1735

1750

Fresh short positions are recommended with a fixed stop-loss only if the stock declines below ₹1,705 levels

 

₹185 • SBI

S1

S2

R1

R2

COMMENT

180

174

190

197

Fresh long positions can be initiated with a tight stop-loss only if the stock of SBI advances above ₹190 levels

 

₹2010 • TCS

S1

S2

R1

R2

COMMENT

1990

1970

2030

2050

Make use of intra-day rallies to initiate fresh short positions while maintaining a fixed stop-loss at ₹2,030 levels

 

10296 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

10235

10175

10360

10425

Consider initiating fresh long positions with a tight stop-loss if the contract reverses higher from 10,235 levels

 

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

9:00 am

Today's Pick: Max Financial Services (₹535.7): Buy

 

The stock of Max Financial Services jumped 6 per cent accompanied by above average volume on Thursday, conclusively breaking above the key long-term resistances at ₹500 and ₹520. This rally provides investors with a short-term perspective an opportunity to buy the stock at current levels. Since recording a 52-week low at ₹279 in late March this year, the stock has been in a medium-term uptrend. Short-term trend is also up for the stock. Click here to read in full Today's Pick on Max Financial Servicesgz

 

 

 

Published on June 26, 2020