Sensex, Nifty Updates: Following a global rally in equities, domestic indices Sensex and Nifty traded majorly bullish on Tuesday, amid heavy buying pressure in financial stocks. Sensex climbed 715 points higher to 33,943 and Nifty climbed 209 points to 10,023. SGX Nifty was rising 200 points higher at 10,021, indicating positive trend at domestic grounds today. On Friday, Sensex ended 552 points lower at 33,228 and Nifty closed 159 points lower to 9,813. Overseas, Asian shares and Wall Street futures rallied today as the formal start of the Federal Reserve's corporate bond buying programme. This helped in boosting investor sentiment and calming earlier worries about a second wave of coronavirus infections. Meanwhile, companies set to announce their earnings are Globus Spirits, Navin Fluorine, Maharashtra Bank, Hindustan Petroleum, IPCA Labs, NMDC, Schneider among others.
Here's a look at the updates of the market action on BSE and NSE today
12.10 PM: Expert Opinion on Tata Motors result
Expressing views on Q4-FY20 result of Tata Motors by Jyoti Roy, DVP Equity Strategist, Angel Broking said, "Tata Motors Ltd. consolidated revenue from operations for Q4FY20 stood at Rs 62,493 crore, down 28% (YoY) on the back of a steep fall in vehicle sales during the quarter. Revenue from JLR which contributes 75-80% of the company's total consolidated revenue, stood at Rs 50,561 crore, down 22% (YoY). JLR was on its way to recovery in the second and third quarters of FY20 but the Covid-19 pandemic disrupted major global markets such as the US, Europe and China in the fourth quarter.
Company reported consolidated net loss of Rs 9,894 crore for the March quarter against street estimate of net loss of Rs 1300 crore and compared to net profit of Rs 1,117 crore in the year-ago period. The company has made a onetime provision for impairment in the domestic PV business of Rs 1,419 crore during the quarter."
11.49 AM: Tata Motors share price drops 5%
Tata Motors share price was falling 5% lower to the intraday low of Rs 95.40 on Tuesday after the company said its owned Jaguar Land Rover (JLR) is planning to cut over 1,000 contract-agency jobs amid the ongoing COVID-19 pandemic pressures.
11.35 AM: Rupee rises 19 paise to 75.84 per dollar
The rupee opened strong at 75.89 per US dollar, then further gained up 19 paise to 75.84 over its previous close of 76.03 against the greenback on Monday.
Forex traders said where weak US currency supported the rupee, rising coronavirus cases worldwide and in domestic grounds weighed on the domestic unit.
11.10 AM: SEBI serves notice to Rakesh Jhunjhunwala
The Securities and Exchange Board of India (SEBI) has sent a show-cause notice to billionaire investor Rakesh Jhunjhunwala for alleged insider trading in the shares of education firm Aptech. The IT education and training company is owned by him and his family and is the only firm in the ace investor's portfolio in which he holds management control.
SEBI serves notice to Rakesh Jhunjhunwala over alleged 'insider trading' charges
10. 50 AM: Coronavirus toll
India's COVID-19 tally rose further on Monday to cross 3.3 lakh and the death toll surpassed 9,500. The number of cases worldwide has crossed 80.18 lakh, with death toll topping 4.36 lakh.
10.32 AM: Nifty's outlook
On Nifty's near term outlook, Angel Broking in its technical report said, "At our end, we still remain hopeful and expect the Nifty not to fall below 9500 now. Before this, 9750-9675 can be seen as intraday supports. On the flipside, 9925-10000 remains to be a sturdy wall and if the index has to regain any strength, it needs to again enter a five-digit territory soon."
10.25 AM: Tata Motors share price gains 3%
Tata Motors share price rose in early trade today despite the auto firm posting a net loss of Rs 9,863.75 crore in Q4. Share price of Tata Motors gained 3% to Rs 103.50 against the previous close of Rs 100.45 on BSE. Market cap of Tata Motors stood at Rs 35,021 crore today. Total 33.09 lakh shares changed hands amounting to turnover of Rs 33.23 crore on BSE. The large cap stock has gained after three days of fall.
Tata Motors share price gains 3% despite Rs 9,863-crore loss in Q4
10.19 AM: Market Update
Sensex climbed 715 points higher to 33,943 and Nifty climbed 209 points to 10,023.
10.00 AM: Top gainers today
All components in Sensex pack were trading in the positive territory with Tata Steel, ICICI Bank, HDFC, Bajaj Finance, IndusInd Bank, HDFC Bank, Infosys, Kotak Bank and SBI were also among the gainers.
9. 45 AM: Oil falls today
International oil benchmark Brent crude futures fell 0.53 per cent to USD 39.51 per barrel.
9.34 AM: Global stocks rally with start of Federal Reserve's corporate bond buying programme
Asian shares and Wall Street futures rallied on Tuesday as the formal start of the Federal Reserve's corporate bond buying programme boosted global investor sentiment and calmed earlier worries about a second wave of coronavirus infections.
U.S. stock futures, the S&P 500 e-minis, were up 0.98% following a late rally on Wall Street on Monday. Treasury yields rose and the yield curve steepened.
The Fed said it will start purchasing corporate bonds on Tuesday in the secondary market, one of several emergency facilities launched in the wake of the coronavirus pandemic.
Asian shares, Wall Street futures rise as Fed readies corp bond buying
9. 28 AM: Stocks in news today
JK Tyre, Mindtree, Ashoka Buildcon, Pfizer, Can Fin Homes, Meghmani Organics among others are the top stocks to watch out for in Tuesday's trading session.
9. 13 AM: Opening bell
Following a global rally in equities, domestic indices Sensex and Nifty opened majorly bullish on Tuesday. Sensex climbed 715 points higher to 33,943 and Nifty climbed 209 points to 10,023.
9.00 AM: PM to meet state heads today
On June 16, PM Modi will interact with heads of 21 states and UTs. These include states that have registered low cases of coronavirus and deaths. On June 17, PM Modi will be interacting with CMs of states with higher density of cases. The PM and state heads are expected discuss ways to flatten the coronavirus curve that has risen sharply during the Unlock 1.0
8.55 AM: Q4 earnings today
Globus Spirits, Navin Fluorine, Maharashtra Bank, Hindustan Petroleum, IPCA Labs, NMDC, Schneider among others will announce their Q4 results today
8.45 AM: FII/DII action
On a net basis, FII's offloaded Rs 2,960 crore, while DIIs bought Rs 1,076 croe worth equities on Monday
8. 35 AM: May deficit
May trade deficit comes in at $3.15 bn
8. 30 AM: Closing
Market indices Sensex and Nifty fell majorly by the second hour of session and closed over 1.6% lower each, amid weak global equities. Domwstic markets were in trading on a bearish note on Monday, in line with weak Asian counterparts and oil prices amid concerns of a rise in domestic coronavirus cases and second wave of coronavirus arising out of Beijing. Sensex ended 552 points lower to 33,228, and Nifty closed 159 points lower to 9,813.