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Stock Market Highlights: Sensex ends marginally lower, Nifty holds 11,500; banks drag, IT supports

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Stock Market Highlights: Indian shares ended lower on Thursday dragged by financial stocks and index heavyweights RIL and Bharti Airtel. However, gains in IT and FMCG stocks capped the losses. The Sensex ended 95 points lower at 38,990 while Nifty lost 7 points to end at 11,527.

Stock Market Highlights: Sensex ends marginally lower, Nifty holds 11,500; banks drag, IT supports
  • Thank you readers! Here are the key highlights from today's session


    - Sensex & Nifty Close Flat After A Narrow Trading Range; Nifty Bank Underperforms


    - Midcap Outperforms Frontliners With Midcap Index Closing Nearly 1% Higher


    - RIL Along With ICICI, Kotak & HDFC Drag Market While IT Stocks (Infy, TCS) Support


    - Sensex Closes 95 Points Lower At 38,991 & Nifty 8 Points Lower At 11,527


    - Nifty Bank Slips 344 Points To 23,531 While Midcap Index Gains 144 Pts To 17,214


    - Bharti Infratl Top Nifty Gainer; Posts Biggest One-day Gain In Six Months


    - Vodafone Idea Surges 30% On Reports Of Stake Sale, Fibre Asset Sale


    - Grasim Also Sees A Move Of 7% On Positive Development In Relation To Voda Idea


    - UPL Sees A Gain Of 4% After Macquarie’s positive Take On Agrochem Sector


    - Autos Continue To Move Higher On A Sequential Improvement In Monthly Sales


    - Bharti Airtel, ICICI Bank, Hindalco & Axis Bank Top Nifty Losers


    - Market Breadth Favours Advances; Advance-Decline Ratio At 4:3

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  • Closing Bell: Sensex ends 95 points lower Nifty holds 11,500; banks drag, IT supports

    Indian shares ended lower on Thursday dragged by financial stocks and index heavyweights RIL and Bharti Airtel. However, gains in IT and FMCG stocks capped the losses. The Sensex ended 95 points lower at 38,990 while Nifty lost 7 points to end at 11,527. Bharti Infratel, Grasim, Titan, UPL, and Tech Mahindra were the top gainers on the Nifty50 index while Bharti Airtel, ICICI Bank, Axis Bank, Kotak Bank and Hindalco led the losses. Broader markets outperformed benchmarks with both midcap and smallcap indices up 0.8 percent each. Among sectors, Nifty Bank lost 1.2 percent and Nifty Fin Services was down 0.9 percent. Nifty Metal was also in red for the day. Meanwhile, Nifty Auto, Nifty FMCG, Nifty Pharma and Nifty IT rose between 0.75 percent and 1.5 percent.

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  • Govt allows airlines to operate with 60% capacity


    The government has now allowed airlines to operate with 60 percent capacity in the domestic segment, as per a decision taken on Wednesday. The domestic flight operations were allowed to resume from May 25 after a two-month shutdown and airlines were asked to operate with one-third capacity. Gradually, the government allowed airlines to operate with 45 percent capacity and now it has been extended to 60 percent with immediate effect. As per the order, the decision has been taken in view of the current scheduled domestic flight operations and the demand seen for air travel in the domestic market.

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  • Indian Oil Corp's oil tanker catches fire off Sri Lanka

    Naval vessels and aircraft are conducting rescue efforts off Sri Lankan coast after a very large crude carrier (VLCC) chartered by the Indian Oil Corp (IOC) caught fire. The fully loaded vessel, identified as New Diamond, was on its way to Paradip from Mina Al Ahmadi in Kuwait when the incident took place. According to Srilankan navy officials, the ship is ablaze about 20 nautical miles off the east coast of the country close to Colombo. "The Sri Lanka air force has scrambled an observation aircraft and the navy has sent in two ships to help with rescue efforts," Commander Ranjith Rajapaksa of the Sri Lankan navy said. Various reports claimed that Sri Lanka's Marine Protection Authority assured steps will be taken to prevent any possible oil leak from the tanker which is carrying 270,000 tonnes of oil.

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  • Astral Poly extends gains, rises more than 6% just in the last hour

    Stock Market Highlights: Sensex ends marginally lower, Nifty holds 11,500; banks drag, IT supports
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  • NBCC signs MoU with Election Commission worth Rs 150 crore

    NBCC India has signed an MoU with Election Commission of India for planning, designing and construction of office building in Dwarka, New Delhi. NBCC will work as Project Management Consultant and the estimated cost of the project would be Rs 150 crore, the company said in a regulatory filing.

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  • As the economy starts unlocking, Angel Broking lists its top picks

    With the government gradually providing major relaxations in the ‘Unlocking phase’, analysts maintain their positive stance on the recovery theme given expectations of further improvement in economic activities along with the possibility of a vaccine sometimes by end of 2020 or early 2021. Angel Broking said that further easing of restrictions will help economic recovery and be positive for the markets. Here are some of the top picks from the brokerage among various sectors.

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  • Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd

    Vodafone Idea the stock is trading up by 11% on the basis of media reports that retailer Amazon and Verizon, one of the largest communication technology companies may invest more than $4 billion (more than half of the pending AGR dues) for stake in the Company. If this report turns out to be true then certainly Vodafone Idea will survive in the industry for at least next few years. So this will solve the first problem of the Company i.e. paying AGR dues for next few years.

    The second problem Company needs to fix is maintain its losing revenue market share by developing proper strategy. The third hurdle for the Company is ARPU hike in the industry. Vodafone Idea and Bharti Airtel are in favour to hike tariff plans steeply, although Jio is not ready to hike its plan rates. So Vodafone Idea and Bharti Airtel are not able to hike tariffs as it will lead to loss in subscribers for them. We believe if these three actions happen then Vodafone Idea will survive: successfully raising the desired quantum of funds, preventing its losing revenue market share and ARPU hike in the industry.

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  • Rupee at Close | The Indian rupee ended weaker on Thursday posting the single-biggest session fall against the US dollar since May 4.

    Stock Market Highlights: Sensex ends marginally lower, Nifty holds 11,500; banks drag, IT supports
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  • RBI Approves appointment of Murali Ramakrishnan as MD, CEO of South Indian Bank

    Private sector lender South Indian Bank on Thursday said the Reserve Bank of India (RBI) has approved appointment of Murali Ramakrishnan as its MD and CEO with effect from October 1. Ramakrishnan had retired from ICICI Bank as Senior General Manager at Strategic Project Group on May 30, 2020, and joined the South Indian Bank as an advisor on July 1, 2020. RBI has approved the appointment of Murali Ramakrishnan as Managing Director and CEO of the bank for a period of three years with effect from October 1, 2020, the Kerala-based South Indian Bank said in a regulatory filing. During his tenure at ICICI Bank, in the last assignment, Ramakrishnan was heading a business transformation project of small and medium-sized enterprises (SME) business. Shares of South Indian Bank were trading 1.65 percent higher at Rs 7.38 apiece on the BSE.

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  • Investors go long on Asian currencies, Indian rupee bets at three-year high: Poll

    Long positions on India's rupee were sharply raised to a three-year high, a Reuters poll found, as the central bank cut back on dollar-buying, while a weaker greenback and encouraging economic recovery signs propped up bullish bets on other Asian currencies. The fortnightly poll of 13 respondents showed investors held long positions on all nine Asian currencies for the first time since late January before the COVID-19 pandemic dealt its devastating economic blow. The rupee has appreciated close to 3 percent over the past two weeks after the central bank cut back on aggressive dollar-buying it has been undertaking in recent months to build reserves and keep the currency in check to help exports and its virus-hit economy. More here

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  • Market continues to trade in a narrow range with Nifty Bank underperforming Sensex and Nifty

    Stock Market Highlights: Sensex ends marginally lower, Nifty holds 11,500; banks drag, IT supports
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  • August Auto sales: Improvement on festive demand optimism; tractors, two-wheelers lead

    The automobile companies seem to be coming back on track. At least the August auto sales data seems to suggest. The sector witnessed increased demand for two-wheelers and tractors during the month driven by signs of early festive kick-off with Onam and Ganesh Chaturthi and increasing preference for personal mobility and better rural growth on decent monsoon. The country’s largest two-wheeler manufacturer Hero MotoCorp saw its sales rising over 7 percent YoY and said that it is witnessing strong retail off-take and is currently operating in a bull market with rural and semi-urban centers driving demand. Domestic sales for Bajaj Auto and Honda Motors also saw an uptick in August. Among passenger vehicles, Maruti Suzuki registered a 17 percent year on year jump in total sales led by mini cars comprising such as Alto and WagonR whose sales rose 94.7 percent. Tata Motors and Hyundai Motors also witnessed robust growth in the domestic market in August 2020. More here

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  • Morgan Stanley lists its top picks in select midcap NBFCs

    Morgan Stanley sees good risk-reward opportunity in select midcap non-banking financial companies amid improved liquidity. In a recent report, the global brokerage noted that despite outperforming Bankex and Sensex in general, many midcap NBFCs’ valuations remain attractive and below past cycle lows despite the recent run-up. The outperformance has come on the back of improving balance sheets at NBFCs/HFCs, pickup in economic activity, and better liquidity conditions. The risk-reward remains good should these NBFC firms sustain better collections and support from the RBI. Valuations were extremely depressed as these stocks hit new all-time lows. The low starting point coupled with the narrowing of valuation divergence between large-cap and small / mid-cap stocks also helped drive up stocks, added the brokerage. MS remains overweight on select mid-cap NBFCs like Aditya Birla Finance, M&M Financial, PNB Housing, Shriram City Union Finance and Shriram Transport Finance. More here

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  • Amazon, Verizon may invest over $4 billion in Vodafone Idea, stock up 13%

    Shares of Vodafone Idea rallied over 13 percent on Thursday on media reports that Amazon, Verizon may invest over $4 billion in the telecom company. Vodafone Idea's stake-sale talks had been paused pending the outcome of a court hearing in India, which created uncertainty and could have threatened Vodafone Idea's survival, Mint reported, citing two unnamed people aware of the negotiations. Amazon and Verizon are set to resume discussions following a Supreme Court ruling on Tuesday which gave mobile carriers 10 years to settle AGR dues.

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  • Nestle India & Maruti rise to the helm of top gaining stocks on the Nifty.

    Stock Market Highlights: Sensex ends marginally lower, Nifty holds 11,500; banks drag, IT supports
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  • AGR dues: Airtel may not have to pay anything for next 3 years, says sources


    Bharti Airtel may not have to pay anything towards Adjusted Gross Revenues (AGR) dues for the next three years as it has already made an upfront payment of Rs 18,004 crore, industry sources told CNBC-TV18.com. The Supreme Court has asked telecom service providers to pay their AGR dues over 10 years beginning April 2021, starting with an upfront 10 percent payment by March 31, 2021. Airtel's payment of Rs 18,004 crore so far constitutes about 41 percent of the total AGR demand on the company and will satisfy the dues that become payable in financial year 22, FY23 and FY24.

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  • India's services activity shrinks for sixth month in August, job losses mount


    Activity in India's crippled services industry fell for a sixth straight month in August as coronavirus restrictions continued to hurt business operations and demand, causing the longest streak of job losses on record, an industry survey showed. Thursday's survey adds to the gloom in the service sector, an engine of economic growth and jobs, suggesting a long and painful road to recovery after the economy shrank nearly a quarter in April-June. Although the Nikkei/IHS Markit Services Purchasing Managers' Index increased to 41.8 in August from July's 34.2, it remained well below the 50-mark separating growth from contraction. August was the sixth straight month the index was sub-50, the longest such stretch since a 10-month run to April 2014. More here

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  • Hero MotoCorp mulls majority stake in Ather Energy

    Hero MotoCorp, which currently holds a 35 percent stake in Bengaluru-based electric vehicle startup Ather Energy, could soon assume majority control of the company. Industry sources told CNBC-TV18 that Hero MotoCorp is considering assuming a majority stake and also the possibility of selling Ather scooters at Hero dealerships across the country. Hero MotoCorp has not ruled out the possibility of taking majority control and greater synergies with Ather. “With a stake of 34.6 percent, Hero MotoCorp is already the largest shareholder in Ather. This reflects our confidence in the progress that Ather has made over the past few years. As already stated, our internal program on Electric Vehicles (EVs) is also progressing well," a Hero MotoCorp spokesperson said in response to CNBC-TV18's query. More here

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  • Vodafone Idea board meet scheduled for fund raising may also take stock of fibre asset sale. Sources say Brookfield, KKR are contenders with Brookfield being seen as the front-runner.

    Stock Market Highlights: Sensex ends marginally lower, Nifty holds 11,500; banks drag, IT supports
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  • Sacchitanand Uttekar of Tradebulls: The two buzzing sectors are from IT and pharma space. First is Dr Lal PathLabs. "The structure has been really good, and the stock is in a secular upmove. On a weekly scale, we saw it taking support at its 20-week exponential average (EMA). We may see an extended move towards Rs 2,050 so we have a buy recommendation on the stock with a stop loss at around Rs 1,820,” said Uttakar.

    The second recommendation is Wipro. "The stock is seeing a fresh breakout after two days of consolidation. If you look at the daily RSI and ADX they are again showing signs of fresh momentum. We are expecting this particular move could extend towards Rs 300 so from a positional perspective, longs can be built in this particular counter with a stop loss for the trade placed at Rs 275,” added the expert.

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  • AGR dues: Airtel may not have to pay anything for next 3 years

    Bharti Airtel may not have to pay anything towards Adjusted Gross Revenues  (AGR) dues for the next three years as it has already made an upfront payment of Rs 18,004 crore, sources told CNBC-TV18.com.

    The Supreme Court has asked telecom service providers to pay their AGR dues over 10 years beginning April 2021, starting with an upfront 10 percent payment by March 31, 2021.

    Airtel's payment of Rs 18,004 crore so far constitutes about 41 percent of the total AGR demand on the company and will satisfy the dues that become payable in financial year 22, FY23 and FY24.

    This payment may also exempt Bharti from the 8 percent interest that has to be paid on the first three installments, sources said.

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  • Rossari Biotech's shares gain after Plutus Wealth acquires stake; stock up over 18% in two days

    Rossari Biotech's shares gained over 5 percent on Thursday after Plutus Wealth Management acquired equity shares in the company in a bulk deal. The stock rose as much as 5.29 percent to Rs 859 per share on the NSE.

    The stock has rallied over 18 percent in the last two trading sessions, and has more than doubled against the issue price of Rs 425.

    On Wednesday, Plutus Wealth acquired 3,00,000 shares of the company at Rs 773.82 per share on the NSE.Plutus Wealth Management is a financial advisory firm based in the UK.

    In the month of the June, the company lapped up shares in IFB Industries and bought 2,55,000 shares at Rs 392.62 per share.

    On July 23, Rossari Biotech was listed at Rs 670 per share, about 58 percent premium from the issue price of Rs 425.

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  • FM Nirmala Sitharaman to meet public & private sector banks & NBFCs from 11 am via video conference. 

    Stock Market Highlights: Sensex ends marginally lower, Nifty holds 11,500; banks drag, IT supports
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  • Stock Update: Vodafone Idea's shares surged as much as 14 percent to Rs 11.30 over report from Reuters said that U.S. wireless carrier Verizon Communications Inc and Amazon.com Inc may invest more than $4 billion for a stake in India's Vodafone Idea. 

    Vodafone Idea's stake-sale talks had been paused pending the outcome of a court hearing in India, which created uncertainty and could have threatened Vodafone Idea's survival, Mint reported, citing two unnamed people aware of the negotiations.

    But Amazon and Verizon are set to resume discussions following a Supreme Court ruling on Tuesday which gave mobile carriers 10 years to settle government dues. (Source: Reuters)

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  • Rupee Update: The Indian currency opened with losses on Thursday's session amidst volatility in the equity markets. The rupee opened at 73.21 against the US dollar as compared to Wednesday's close of 73.03. Yield on the 10-year government bond opened at 5.897 percent as compared to Wednesday's close of 5.942 percent.

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  • Investment Guide: Nifty Pharma up 40% in 2020; is there more steam to rally? Here's what experts say

    CNBC-TV18's Investment Guide is a brand new weekly classroom series, where we join viewers in their investment journey with some enriching lessons from veterans of the stock market.

    In the latest episode, Sonia Shenoy and Anuj Singhal get in conversation with Sailesh Raj Bhan, Deputy CIO of Equity Investments at Nippon India Mutual Fund and Nithya Balasubramanian, Director at Sanford Bernstein to discuss the pharma sector, which has seen a stupendous rally in 2020.

    The Pharma Index has been an outperformer this year with 40 percent returns so far and a massive 81 percent return from 52 week low levels. It was a COVID-19 triggered rally, pharma being an essential, saw lesser disruption than other sectors and exposure to exports helped the business. Watch the video here

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  • Rupee Opens | The Indian rupee opened lower against the US dollar.

    Stock Market Highlights: Sensex ends marginally lower, Nifty holds 11,500; banks drag, IT supports
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  • Technical View | The Nifty has opened flat and has entered a range between 11,400 and 11,600. We need to get past 11,600 to see levels closer to 11,800 and then 12,000. Traders are requested not to trade unless we don't go past either of the two levels mentioned, says Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments.

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  • CNBC-TV18 Exclusive |Centre continues to bat for borrowing by state governments to meet the GST Compensation Gap, clarifies further on the options. Sources say, macro economic situation does not permit entire payment to be done this financial year.

    Stock Market Highlights: Sensex ends marginally lower, Nifty holds 11,500; banks drag, IT supports
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Stock Market Highlights: Indian shares ended lower on Thursday dragged by financial stocks and index heavyweights RIL and Bharti Airtel. However, gains in IT and FMCG stocks capped the losses. The Sensex ended 95 points lower at 38,990 while Nifty lost 7 points to end at 11,527.

Market Movers

CompanyPriceChange%Loss
ONGC120.25 -4.85
Coal India146.40 -5.75
JSW Steel670.60 -25.75
NTPC113.55 -3.85
UPL808.00 -27.05
CompanyPriceChange%Loss
ONGC120.35 -4.65
NTPC113.55 -3.70
M&M784.85 -20.60
Power Grid Corp233.00 -6.70
Nestle17,678.30 -375.20
CompanyPriceChange%Loss
ONGC120.25 -4.85 -3.88
Coal India146.40 -5.75 -3.78
JSW Steel670.60 -25.75 -3.70
NTPC113.55 -3.85 -3.28
UPL808.00 -27.05 -3.24
CompanyPriceChange%Loss
ONGC120.35 -4.65 -3.72
NTPC113.55 -3.70 -3.16
M&M784.85 -20.60 -2.56
Power Grid Corp233.00 -6.70 -2.80
Nestle17,678.30 -375.20 -2.08

Currency

CompanyPriceChng%Chng
Dollar-Rupee73.8600-0.2175-0.29
Euro-Rupee87.8770-0.4200-0.48
Pound-Rupee102.2970-0.9290-0.90
Rupee-100 Yen0.6699-0.0019-0.29