Sensex, Nifty Updates:Domestic equity indices Sensex and Nifty closed higher on Wednesday, amid mixed cues from overseas, backed by buying pressure in banking, financials and pharma stocks. Extending gains for the second consecutive session, Sensex ended 622 points higher at 30,818 and Nifty ended 187 points higher at 9,066. Tracking gains in index-heavyweights, markets rose higher today amid volatility in global indices. Domestic market indices continued trading on a volatile note as invetsors sentiments were cautious amid rising number of coronavirus cases in the country. Markets globally traded on a mixed note today, as investors sentiments were buoyed with many economies re-opening, although kept cautious stance over the fears of second wave of coronavirus. Companies set to announce their earnings are Dr Reddy, Bajaj Auto, Ajanta Pharma, JSW Energy, Birlasoft, Mahindra Logistics, Strides Pharma Science, GHCL, JK Lakshmi Cement, Ultratech Cement among others. Yesterday, Sensex closed 167 points higher at 30,196 and Nifty ended 55 points higher at 8,879. Worldwide, there are 4,986,681 confirmed cases and 324,912 deaths from the coronavirus COVID-19 outbreak as of today. In India, the total number of cases has reached 106,750, with 42,309 recoveries and 3,303 deaths.
Here's a look at the updates of the market action on BSE and NSE today
3.45 PM: Closing session
Domestic equity indices Sensex and Nifty closed higher on Wednesday, amid mixed cues from overseas, backed by buying pressure in banking, financials and pharma stocks. Extending gains for the second consecutive session, Sensex ended 622 points higher at 30,818 and Nifty ended 187 points higher at 9,066. Tracking gains in index-heavyweights, markets rose higher today amid volatility in global indices.
3.30 PM: Dr. Reddy share price gains 5%
Dr. Reddy share price gained 4.96% to an intraday high of Rs 3,888, after reporting its quarterly results.
The company reported net profit of Rs 764 crore during the quarter ended March 31, 2020, as against profit of Rs 343 crore, recorded in a year-ago period. Net Interest Income rose 10% (YoY) to Rs 4432 crore in the January-March quarter of the current fiscal as compared to Rs 4,2563 crore in a year ago period.
3.00 PM: Market rises further
Domestic equity indices Sensex and Nifty rose sharply by the afternoon session of Wednesday, amid mixed cues from overseas, backed by buying pressure in banking, financials and pharma stocks. Tracking gains in index-heavyweights Sensex traded 600 points higher at 30,797 and Nifty rose 170 points to 9,035.
2.45 PM: Europen markets open mixed
European markets opened mixed today lower as investors kept close watch on developments on vaccine trial and economic recovery. Where FTSE tarded marginally higher, CAC and DAX were trading flat with neagtive bias.
2. 30 PM: Rupee ends lower
Rupee the local unit ended lower at 75.79 per US dollar as against its earlier closing of 75.63 per US currency.
2. 15 PM: Gold rises today
Gold price continued to rise as equities saw selling but was kept under check by strong dollar. On MCX, gold futures rose by Rs 166 to 47,216, after rising to the day's high of 47,354.
2.00 PM: Oil prices today
Oil prices saw some profits being taken out as concerns over lasting impact on economic activity overshadowed expected rise in demand and production cut.
1.30 PM: IRCTC share price rose 55% during coronavirus lockdown
IRCTC share price has risen 55.47% since PM Narendra Modi announced lockdown to contain the rising number of coronavirus cases on March 24. On March 24, the stock closed at Rs 858 on BSE. On the other hand, Sensex which closed at 26,674 on March 24 has risen merely 14% till date. The strong rise in IRCTC share can be attributed to investors' expectations that it will make a stellar recovery in terms of revenues and profitability post easing of lockdown.
IRCTC share price rose 55% during coronavirus lockdown; here's why
1.13 PM: Nifty outlook
Expressing views over Nifty's near term outlook, Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking said." It seems that the previous key support zone of 9000-9050 is now acting as a sturdy wall and precisely after entering this area, our markets took a u-turn. Going forward, it would be important to see whether Nifty manages to hold 8800-8750 or not. On the flipside, 8950-9050 would be the levels to watch out for."
12 .55 PM: IRCTC share price zooms 5% today as non AC trains set to resume
Shares of Indian Railway Catering & Tourism Corporation were locked at 5% upper circuit on BSE today after Indian Railways announced that 200 non-air-conditioned and time-tabled trains will resume services from June 1, 2020.
IRCTC share price opened with a gain of 5% today to hit an intraday high of Rs 1,334 apiece on BSE. Although the stock has risen 47% since the start of lockdown on March 23, 2020 of the year.
IRCTC share price rose 55% during coronavirus lockdown; here's why
12.23 PM: GLobal cues
Asian markets are trading mostly positive after China kept its benchmark lending rate unchanged at 3.85%. Investors also kept a close watch on vaccine development.
US markets closed lower retreating from yesterday's big gain led by profit booking in banking and retail shares after STAT news report raising concerns about Moderna's vaccine trial.
12.10 PM: Nifty near term support and resistance
As per daily market report by Geojit Financial Services, markets can attempt a test of 8940 or leap to 9170-9238 region in an optimistic scenario. But, inability to push any further beyond, or pull back below 8700, should set the path for an abrupt fall to 8000.
11.45 AM: Market update
Domestic market indices continued trading on a volatile note as investors sentiments were cautious amid rising number of coronavirus cases in the country. Tracking gains in index-heavyweights Sensex was rising 250 points higher at 30,445 and Nifty rose 83 points to 8,962.
11.31AM: Ujjivan Small Finance Bank share price climbs 3%
Ujjivan Small Finance Bank share price gained 3.2% to an intraday high of Rs 28.15, after reporting its quarterly results.
Ujjivan Small Finance Bank: The company reported net profit of Rs 73 crore during the quarter ended March 31, 2020, as against profit of Rs 64 crore, recorded in a year-ago period. Net Interest Income rose 46% (YoY) to Rs 466 crore in the January-March quarter of the current fiscal. Net Interest Margin came in at 11.2% in Q4FY20, against 10.8% in Q4FY19.
11.20 AM: Top gainers/losers
ITC, L&T, Tata Steel, NTPC, HUL, PowerGrid, HDFC twins and UltraTech Cement were among the top gainers. On the other hand, Hero MotoCorp, IndusInd Bank, Bajaj Finance, Asian Paints and SBI were among the top laggards.
11. 09 AM: Bajaj Finance share price gains 2.8%
Bajaj Finance share price touched an intraday high of Rs 2023.5, up 2.86%, after reporting its quarterly results.
The company reported a 19% fall in its net profit at Rs 948.10 crore during the quarter ended March 31, 2020, as against profit of Rs 1176.06 crore, recorded in a year-ago period. Total income gained 36.48% (YoY) to Rs 7230.83 crore in the January-March quarter of the current fiscal as compared to Rs 5298.01 crore in the same period last financial year.
10.47 AM: Rupee gains today
Indian Rupee, the local unit appreciated 6 paise to 75.60 against the US dollar in early trade on Wednesday, as against tha lst closing of 75.66 against the US dollar, tracking positive opening of domestic equities. While sustained foreign fund outflows and concerns over coronavirus pandemic weighed on the local unit, forex traders said.
Rupee vs Dollar: Rupee rises 6 paise to 75.60 per dollar amid positive equity market
10.30 AM: Brent crude today
Brent crude futures, the global oil benchmark, gained 0.81% to USD 34.93 per barrel.
10.18 AM: Larsen & Toubro Infotech share price climbs 7%
L&T Infotech share price opened with a gain of 2.56% and later rose 7% to an intraday high of Rs 1786.1, after reporting its quarterly results.
The company reported a net profit of Rs 402.59 crore during the quarter ended March 31, 2020, as against profit of Rs 121.83 crore, recorded in a year-ago period. Total income fell 8.39% (YoY) to Rs 6793.95 crore in the January-March quarter of the current fiscal as compared to Rs 7416.49 crore in the same period last financial year.
L&T Infotech FY20 profit marginally rises to Rs 1,520.5 crore, revenue climbs 15%
10.05 AM: Dollar rises today
Dollar index, that gauges the greenback's strength against a basket of six currencies, was up 0.09% at 99.46.
9. 58 AM: L&T Infotach
Larsen & Toubro Infotech: The company reported a net profit of Rs 402.59 crore during the quarter ended March 31, 2020, as against profit of Rs 121.83 crore, recorded in a year-ago period. Total income fell 8.39% (YoY) to Rs 6793.95 crore in the January-March quarter of the current fiscal as compared to Rs 7416.49 crore in the same period last financial year.
9.44AM: FIIs pull out $16 bn from India
Foreign investors have pulled out an estimated USD 26 billion from developing Asian economies and over USD 16 billion out of India, a latest Congressional report has said. While almost all major economies are shrinking as a result of coronavirus, only three countries China, India, and Indonesia are projected to experience small, but positive rates of economic growth in 2020, it said.
Coronavirus effect: Foreign investors pull out $16 billion from India
9.32 AM: Coronavirus toll
Worldwide, there are 4,986,681 confirmed cases and 324,912 deaths from the coronavirus COVID-19 outbreak as of today. In India, the total number of cases has reached 106,750, with 42,309 recoveries and 3,303 deaths.
9.26 AM: RIL rights issue opens today
Mukesh Ambani-led conglomerate Reliance Industries' (RIL) Rs 53,125 crore rights issue will open for subscription Wednesday. The rights issue which is part of steps to pare debt for RIL will be the largest share sale India has seen more than double the 2019 record held by Bharti Airtel and Vodafone Idea of around Rs 25,000 crore each.Reliance Industries' Rs 53,125-crore rights issue opens today
9. 20 AM: Earnings today
Companies set to announce their earnings are Dr Reddy, Bajaj Auto, Ajanta Pharma, JSW Energy, Birlasoft, Mahindra Logistics, Strides Pharma Science, GHCL, JK Lakshmi Cement, Ultratech Cement among others
9. 10 AM: Opening bell
At opening bell today, Sensex was rising 150 points higher at 30, 345 and Nifty rose 10 points to 8,889.
9.00 AM: Pre open session
In pre open session today, markets climbed higher, tracking rally in global indices.
8. 50 AM: Stocks to watch today on May 21
Dr Reddy, Bajaj Auto, Ajanta Pharma, JSW Energy, Birlasoft, Tata Power, L&T Infotech among others are the top stocks to watch out for in Wednesday's trading session
8. 40 AM: Rupee Closing
On the currency front, Indian rupee, the local unit ended near the day's high level at 75.64 per dollar
8.30 AM : Closing Bell
On Tuesday, equity indices erased early gains by the last hour of session led by weakness in European indices, although closed in the green territory. Sensex closed 167 points higher at 30,196 and Nifty ended 55 points higher at 8,879.
Sensex ends 167 points higher, Nifty at 8,879; banking stocks under pressure