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    Stock Market Highlights: Sensex, Nifty end with gains for 3rd week in a row; Bajaj twins, RIL contribute gains

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    Stock Market Highlights: Sensex, Nifty end with gains for 3rd week in a row; Bajaj twins, RIL contribute gains

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    Stock Market Highlights: Indian indices ended with gains for the 3rd week in a row on Friday led by Reliance Industries and Bajaj twins. RIL touched an all-time high as well as crossed Rs 11 lakh crore market capitalisation after it announced that it has become net debt-free on raising Rs 1.68 lakh crore in under two months. Among sectors, except IT and metal, all sectors ended in the green. Nifty Realty remained the best-performing index, up 6.4 percent followed by Nifty PSU Bank and Nifty Media.

    Stock Market Highlights: Sensex, Nifty end with gains for 3rd week in a row; Bajaj twins, RIL contribute gains
    • Here are this week's key takeaways:

      1. Market regains last week's losses; Sensex and Nifty up 3% each this week

      2. Nifty Bank up over 3%, Midap index 1.6% for the week

      3. Nifty Media, Energy and PSU Bank top gaining indices this week

      4. Bajaj Finserv, RIL, Bajaj Finance, Wipro and UPL top Nifty gainers this week

      5. IndusInd Bank, ITC, NTPC and Bajaj Auto post weekly losses

    • Here are the key highlights from today's trading session:

      1. Market ends at over 3-month high; Sensex & Nifty up over 1%

      2. Reliance Industries contributes 86 points to Nifty's gain of 153 points

      3. Nifty advances 153 points to 10,244 and Sensex 524 points to 34,732

      4. Midcap surges 138 points to 14,566 and Nifty Bank 382 points to 21,338

      5. Reliance Industries at record high with market cap hitting Rs 11 lakh crore

      6. RIL becoming net-debt free helps it gains market cap of Rs 66,000 crore today

      7. Sensex rebalancing boosts Bajaj Finance, stock up over 7%

      8. Bharti, IRCTC and Axis Bank gain on inflows due to FTSE rebalancing

      9. Tata Motors surges 6% despite Moody's downgrading to B1

      10. IndusInd Bank, HCL Technologies, ITC, Vedanata, M&M top Nifty losers

      11. Indiabulls Housing, Piramal Enterprises, Chola Mandalam, EID Parry amongst top Midcap gainers

      12. Muthoot Finance continues to move higher, hits fresh 52-week high

      13. Vodafone Idea, Info Edge, NIIT Technologies, Biocon top Midcap losers

    • Closing Bell: Market end higher, up over 1.5%; RIL crosses Rs 11 lakh crore m-cap, Bajaj twins top gainer

      Indian market ended with gains for the 3rd week in a row on Friday led by Reliance Industries and Bajaj twins. RIL touched an all-time high as well as crossed Rs 11 lakh crore market capitalisation after it announced that it has become net debt-free on raising Rs 1.68 lakh crore in under two months.

      At close, Sensex ended 1.53 percent or 524 points higher to 34,731.73 while the Nifty50 index ended at 10,244.40, up 153 points or 1.51 percent. Broader indices outperformed the benchmark indices by ending nearly 2 percent higher, where Nifty Smallcap100 and Nifty Midcap100 indexes ended 1.86 percent and 0.96 percent higher respectively. 

      Bajaj Finserv, Bajaj Finance, Reliance Industries, Tata Motors and Bharti Infratel remained the Nifty50 top gainers of the day while IndusInd Bank, M&M, Vedanta, HCL Technologies and ITC were the index top losers. 

      Among sectors, except IT and metal, all sectors ended in the green. Nifty Realty remained the best-performing index, up 6.4 percent followed by Nifty PSU Bank and Nifty Media.

    • Government invites bids to engage advisors for LIC IPO
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      Stock Market Highlights: Sensex, Nifty end with gains for 3rd week in a row; Bajaj twins, RIL contribute gains
    • Stock Update: Info Edge is planning to raise around Rs 1,000 crore via a Qualified Institutional Placement (QIP), the company may be holding a board meeting soon to mull on the fundraising plans, sources told CNBC-TV18. Like many other listed companies, Info Edge is also trying to take advantage of the run-up in the stock market giving a window of opportunity to these entities to raise capital via equity offerings. At 3:15 pm, the stock traded 2.17 percent lower to Rs 2,684.20 per share on the NSE.

    • A look at the 11 investments in just 58 days that made RIL debt free

      Reliance Industries Chairman Mukesh Ambani on Friday said that the company had become net debt-free after raising Rs 1.68 lakh crore in just 58 days. Along with stake sale to BP, total fundraising is over Rs 1.75 lakh crore, he announced.

      “I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021," Mukesh Ambani said.

      The company has raised Rs 1.15 crore from 11 tech investors in the past 2 months and Rs 53,124.20 crore from RIL's rights issue. Click here to read more

    • Alembic Pharma gets USFDA approval for generic acne treatment gel

      Alembic Pharmaceuticals on Friday said its joint venture has received nod from the US health regulator for generic Adapalene gel used for treatment of acne. The company's JV Aleor Dermaceuticals has received approval from the United States Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Adapalene gel USP, 0.3 percent, Alembic Pharma said in a filing to the BSE. The approved product is a generic version of Galderma Laboratories LP's Differin gel in the same strength, it added.

    • Cadila Health reports Q4 earnings. The company sees one-time loss of Rs 52.5 crore

      Stock Market Highlights: Sensex, Nifty end with gains for 3rd week in a row; Bajaj twins, RIL contribute gains
    • Rupee ends marginally weaker: Rupee ended at 76.18/$1 on Friday as against Thursday’s close of 76.14/$1.

    • City Union Bank plunges over 10% on weak Q4 earnings

      The share price of City Union Bank plunged over 10 percent on Friday after the company reported a loss of Rs 95.25 crore in the fourth quarter of fiscal 2020 on account of a jump in provisions.

      The stock hit an intraday low of Rs 122.40 per share after falling 10.62 percent on the BSE. It, however, recovered later and was trading 7 percent lower at Rs 127.35 apiece at 1.09 pm.

      The bank, on Thursday, reported a net loss of Rs 95.25 crore in Q4FY20 as against a net profit of Rs 175.11 crore in the year-ago period. In the December quarter, the bank had reported a profit of Rs 192.43 crore.

      Asset quality weakened as gross non-performing assets (GNPA) during the March quarter rose to Rs 1,413.39 crore from Rs 1,185.42 crore in December quarter. Gross NPA as a percentage of gross advances rose to 4.09 percent from 3.50 percent.

      Net NPA increased to Rs 778.48 crore from Rs 649.40 crore, on-quarter. Net NPA ratio was 2.29 percent as against 1.95 percent in the previous quarter.

    • European stocks advance as investors monitor coronavirus developments


      European markets advanced on Friday morning as investors monitor recent upticks in coronavirus cases in various countries.

      The pan-European Stoxx 600 climbed 0.6 percent in early trade, with oil and gas stocks adding 1.1 percent to lead gains, as almost all sectors and major bourses entered positive territory. Chemicals stocks fell 0.2 percent.

      Investor focus will likely remain on a resurgence of coronavirus cases in some parts of the world, with four U.S. states reporting a spike in new cases and hospitalizations amid attempts to reopen their economies. Meanwhile, a Chinese Center for Disease Control expert said Thursday that a recent outbreak in Beijing is now under control.

    • Trending Stock: CSB Bank's shares rallied almost 18 percent Friday after the bank announced the appointment of Pralay Mondal as President of Retail, SME, Operations and IT. This marks the confirmation of the CNBC-TV18 news break that Monday will join CSB Bank. The stock has risen over 86 percent from its 53-week low of Rs 95 apiece hit on March 25, 2020. 

    • CARE Ratings Q4 net profit drops 57% to Rs 16 cr
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      Stock Market Highlights: Sensex, Nifty end with gains for 3rd week in a row; Bajaj twins, RIL contribute gains
    • Technical Experts' View: Sameet Chavan from Angel Broking says, "Our markets were undergoing some stressful atmosphere ever since the news came out of the scuffle at the India-China border on Tuesday. Hence, we could see our markets struggling at higher levels and were trading around the lower end of the consolidation range."

      He further said that since yesterday’s move was a broad based one and was mainly driven by the financial stocks, consider this a healthy up move. Hence, continue to remain sanguine and expect the rally to extend towards 10,150-10,200 levels in today’s session.

      "On the flipside, 10,050 followed by 10,000 would now provide decent support. Traders are advised to focus on individual stocks especially from the broader market, who are providing better trading opportunities,” added Chavan. 

                            

    • Trending Stock: Muthoot Finance's shares hit an upper circuit for second consecutive day. The stock has gained as much as 9.18 percent to Rs 1,284 per share on the NSE. The recent surge is on the back of reporting the best loan growth in the last 5 years. In Q4FY20, the Kerala-based lender's consolidated net profit jumped 52.4 percent year-on-year (YoY) to Rs 835.78 crore. During the quarter, the company's gold loan portfolio increased by Rs 3,113 crore to Rs 41,611 crore. During FY19-20, the company's consolidated loan assets under management (AUM) climbed 22 percent to Rs 46,871 crore.

    • ICICI Bank divests stake in ICICI Lombard for Rs 2,250 crore

      ICICI Bank on Friday said it has divested 3.96 per cent stake in ICICI Lombard General Insurance Company for Rs 2,250 crore. Following this, the bank's shareholding in the insurer stands at approximately 51.9 percent. While announcing its results for the quarter ended March 2020 on May 9, 2020, the bank had stated that it would look at further strengthening the balance sheet as opportunities arise. Pursuant to the approval of its board, the bank has divested 18,000,000 equity shares of face value of Rs 10 each of ICICI Lombard General Insurance Company, ICICI Bank said in a filing to BSE.

    • Indian telcos have more to lose than Chinese companies if trade is stopped: COAI chief Rajan Mathews
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      Stock Market Highlights: Sensex, Nifty end with gains for 3rd week in a row; Bajaj twins, RIL contribute gains
    • CARE Ratings Q4 net profit drops 57% to Rs 16 crore

      CARE Ratings has reported 57.2 percent decline in consolidated net profit at Rs 15.68 crore for the quarter ended March 31, 2020. It had posted consolidated net profit of Rs 36.68 crore in the year-ago period, CARE Ratings said in a filing to BSE. The consolidated income of CARE Ratings during January-March quarter declined to Rs 73.40 crore, against Rs 99.02 crore in the year-ago period. The board of directors has recommended a final dividend of Rs 2.50 per equity share of face value of Rs 10 each for 2019-20, subject to the approval of shareholders, it said.

    • Glenmark Pharmaceuticals gets USFDA nod for Fingolimod capsules

      Drug major Glenmark Pharmaceuticals on Friday said it has received final nod from the health regulator for Fingolimod capsules. The capsules are used in the treatment of adult patients with relapsing forms of multiple sclerosis. "Glenmark Pharmaceuticals Inc, USA has been granted final approval by the United States Food and Drug Administration (USFDA) for Fingolimod Capsules, 0.5 mg, the generic version of Gilenya capsules, 0.5 mg, of Novartis Pharmaceuticals Corporation," the drug major said in a filing to BSE.

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      Stock Market Highlights: Sensex, Nifty end with gains for 3rd week in a row; Bajaj twins, RIL contribute gains
    • Jio and Reliance Retail to get listed within the next five years, says Mukesh Ambani

      Reliance Industries chairman Mukesh Ambani announced on Friday that they will move towards the listing of both Jio and Reliance Retail within the next five years. In a statement announcing that the company has now become net debt-free, the chairman added that they have received strong interest from strategic and financial investors in our consumer businesses, Jio and Reliance Retail. "We will induct leading global partners in these businesses in the next few quarters, and move towards listing of both these companies within the next five years. With these initiatives, I have no doubt that your company will have one of the strongest balance sheets in the world," Ambani said.

    • RIL shares hit record high; market cap crosses Rs 10.5 lakh crore

      The share price of Reliance Industries Ltd (RIL) gained over 1 percent to hit a record high in the early trade on Friday as the company announced that it has become net debt-free after having raised Rs 1.68 lakh crore in under two months. The stock gained 1.67 percent to hit an all-time high of Rs 1,684.00 apiece on the BSE. Reliance Industries Chairman Mukesh Ambani said that his company had become net debt-free and fulfilled its promise to shareholders ahead of the original schedule. The oil-to-technology major has raised Rs 1.15 lakh crore through stake sales to multiple investors in its technology subsidiary Jio Platforms and around Rs 53,000 crore through a rights issue.

    • This stock has turned Rs 1 lakh into Rs 9 lakh in just one year

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      Stock Market Highlights: Sensex, Nifty end with gains for 3rd week in a row; Bajaj twins, RIL contribute gains
    • Bajaj Consumer Care's shares slip 8% after disappointing Q4 earnings

      Bajaj Consumer Care's share price slipped 8 percent on Friday as its consolidated net profit plunged 61 percent year-on-year (YoY) to Rs 23.29 crore for the fourth quarter ended March 2020. The stock slipped as much as 8.07 percent to Rs 140 per share on the NSE. At 10:07 am, the shares traded 4.63 percent lower to Rs 145.25. During the same period last year, the company had reported a net profit of Rs 59.82 crore.

    • With double-digit gains, gold beats stocks, bonds in first half of 2020

      The first half of 2020 has been gold’s time to shine. The double-digit YTD gains outpaced equities and other safe-haven assets during these uncertain recessionary times. As of May 29, 2020, the S&P GSCI Gold was up 13.94 percent YTD. Unprecedented global fiscal and monetary stimulus measures have significantly increased sovereign debt levels, leading to concerns of currency devaluation. Historically, such environments have been constructive for gold as a globally recognised store of value. Low to negative global real yields and gold’s low correlation to other assets add to the positive catalysts in the current environment. More here

    • India Inc earnings fall 22% in March quarter, says Icra

      Earnings of India Inc fell by nearly a fourth in January-March as compared to the year-ago period due to legacy problems, Icra said on Thursday, warning of deeper impact in the June quarter due to COVID-19-induced lockdown. Absolute earnings of the corporate India contracted by 22 per cent and 12 per cent in Q4FY20 and FY20, respectively. Further, the impact is expected to be even more pronounced during Q1 FY2021, given the stringent two-month long nationwide lockdown, the rating agency said. It can be noted that with the onset of the pandemic, the investor class had got apprehensive about corporate earnings which resulted in a massive sell-off in equities.

    Stock Market Highlights: Indian indices ended with gains for the 3rd week in a row on Friday led by Reliance Industries and Bajaj twins. RIL touched an all-time high as well as crossed Rs 11 lakh crore market capitalisation after it announced that it has become net debt-free on raising Rs 1.68 lakh crore in under two months. Among sectors, except IT and metal, all sectors ended in the green. Nifty Realty remained the best-performing index, up 6.4 percent followed by Nifty PSU Bank and Nifty Media.
     

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