UltraTech Cement, Kotak Bank, TCS, Maruti lead gains on Sensex
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Sensex, Nifty rally over 1% each led by gains in auto, IT stocks
Benchmark indices erased previous session losses and ended near the day's high, largely driven by gains in auto, pharma, IT and metal stocks.
The Sensex closed 558.22 points or 1.47% higher at 38492.95, and the Nifty rose 168.70 points or 1.52% to close at 11300.50. About 1,315 shares advanced, 1,300 declined, and 151 were unchanged.
UltraTech Cement, Kotak Mahindra Bank, Tata Motors, TCS and Grasim Industries were among major gainers on the Nifty, while Bharti Infratel, ICICI Bank, ONGC, Nestle and Asian Paints lagged.
Barring Nifty Media, all sectors ended in green. Nifty Auto was the best-performing index, up 3.21% followed by Nifty IT and Nifty Metal.
BSE MidCap and SmallCap indices rose over 0.5% each.
"We were successful in going past the 11300 level... it can be summarised that we have crossed the range bound movement. The markets should now be headed to 11450-11500 levels. The new support the market needs to respect on the downside is 11100," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
KKR plans to buy stake in fin-tech startup Incred: PTI
Private equity firm KKR is all set to buy stake in fintech startup firm Incred Finance, Press Trust of India reported citing an industry source.
The two have signed an exclusivity agreement under, which the private equity firm plans to merge its retail NBFC arm with Incred.
Nifty broad market indices
Top contributors in Sensex rally
Market check
Tata Motors appoints Thierry Bollore as CEO of JLR, effective 10 September
UltraTech Cement extends gains, stock up 8%
Ultratech Cement posted better-than-expected June quarter earnings. Standalone net profit fell 36% year-on-year (y-o-y) to ₹806 crore in the June quarter, while revenue for the quarter declined 33% to ₹7,290 crore. The company exceeded analysts’ estimates on both these fronts.
However, the stock has been rewarded for other key positives such as less- than-expected decline in cement sales volumes, better operating margins on strict cost controls and debt reduction.
Housing sales slump 79% across 8 major cities on pandemic crisis
Housing sales slumped 79% to 19,038 units across eight major cities during April-June as demand took a hit following the nationwide lockdown to curb the spread of pandemic, real estate brokerage firm PropTiger said on Tuesday.
Germany advises against travel to virus-hit Spanish regions: Reuters
India gold futures pare gains
August gold futures on MCX fell to ₹51,739 per 10 gram, down 0.7%, on Tuesday as participants offloaded their holdings on low spot demand. Futures had earlier topped ₹52,000 per 10 gram-mark.
Nissan forecasts record $4.5 bln annual loss on pandemic crisis: Reuters
UltraTech Cement surges 6% after results, top gainer on Sensex
UltraTech Cement gains; Q1 results beat estimates
UltraTech Cement reported a consolidated net profit of ₹797 crore, down from ₹1,281 crore in the year-ago period, while revenue declined to ₹7,633 crore, down 33% on year.
However, profit and revenue were both higher than estimates.
Rupee ends flat at 74.83 to a dollar Tuesday
BSE stocks that touched 52-weeks high today
Marico rises on upbeat June quarter earnings
Marico Ltd on Monday reported a 23.17% year-on-year increase in its consolidated net profit for the June quarter to ₹388 crore.
Revenue from operations fell 11.12% to ₹1,925 crore during the period.
Consolidated earnings before interest, tax, depreciation and amortisation (Ebitda) margins expanded 298 basis points to 24.3%.
As such, Ebitda was 10-13% above Jefferies India Pvt. Ltd and Kotak Institutional Equities’ estimates. A sharp 37% year-on-year drop in advertisement and sales promotion expenses helped the Ebitda beat. Plus, input costs remained softer.
Barring Media and PSU Bank, all Nifty sectoral indices higher
Nifty broad market indices
European shares edge higher, luxury stocks hit by weak earnings
European stocks inched higher on Tuesday as investors held out for more U.S. stimulus to limit the economic damage of the covid-19 pandemic, brushing aside the latest batch of underwhelming quarterly earnings reports from luxury goods makers, Reuters reported.
The pan-European STOXX 600 rose 0.3%, while the German DAX gained 0.5% and London's FTSE 100 was up 0.6%.
Global 5G network infra revenue to reach $8.1 billion in 2020: Gartner
Revenue from 5G network infrastructure is expected to double worldwide in 2020 to reach $8.1 billion, according to Gartner. Investment in 5G network infrastructure will account for 21.3% of the total wireless infrastructure revenue in 2020, up from 10.4% in 2019.
Communication service providers are expected to achieve 5G coverage across 95% of population in Greater China (China, Taiwan and Hong Kong), Asia/Pacific, North America and Japan by 2023.
BSE SmallCap underperforms broader market, up 0.50%
BSE MidCap at 13,659.02, up 0.69%
China starts building southern part of China-Russia East gas pipeline: Reuters
Nippon Life AMC up on rise in June quarter profit
Nippon Life India Asset Management reported a 24.3% year-on-year rise in its June quarter consolidated net profit to ₹156.12 crore.
Total income fell 6.7% to ₹336.18 crore, with assets under management worth ₹2.73 trillion for the quarter ended June.
Top gainers on Nifty 50
Sensex contributors
Evidence of SARS-CoV-2 exposure found in household cats, dogs in Italy: PTI
Scientists have found neutralising antibodies to the SARS CoV-2 virus, that causes covid-19, in a small proportion of household cats and dogs sampled in Italy, suggesting that the pets may be susceptible to the disease.
The researchers, including those from the University of Liverpool in the UK, tested samples from over 500 pets collected during visits to vets in Northern Italy.
While no animals tested PCR positive for the virus itself, 3.4% of dogs and 3.9% of cats had measurable SARS-CoV-2 neutralising antibodies, the researchers said.
RIL near day's high
Shares of Reliance Industries Ltd (RIL) rose on Tuesday, extending gains from the previous session.
Mint has reported that the oil-to-telecom conglomerate is close to buying Future Group’s retail assets for ₹24,000-27,000 crore to bolster its position in India’s retail segment, citing two people familiar with the details of the deal.
The estimated deal value includes the liabilities of Future Group that Reliance plans to absorb, the people said on condition of anonymity.
Volume toppers on Sensex
Top gainers on BSE
Market check
India's first case of mother-child vertical transmission of Covid-19 in Pune: PTI
Flipkart launches hyperlocal 90-minute delivery service, Flipkart Quick: Reuters
Pfizer, BioNTech SE begin later-stage trial coronavirus vaccine candidate
Pfizer Inc. and BioNTech SE have begun a later-stage trial for their top coronavirus vaccine candidate and set a goal of submitting it for regulatory review as soon as October -- one of the most ambitious timelines to date, Bloomberg reported.
The move pushes the New York-based pharmaceutical giant and its German partner closer to bringing a vaccine to market, and places them alongside frontrunners like Moderna Inc., which announced earlier Monday that it had started its own large, final-stage trial of a shot based on similar technology.
Nifty Metal major gainer among sectoral indices
Nestle India down ahead of June quarter results
BJP prez Nadda to hold discussions with CMs of BJP-ruled states Wednesday: ANI
Nitrogen dioxide levels fell over 70% during lockdown: PTI
Levels of nitrogen dioxide fell by more than 70% during the coronavirus-induced lockdown in New Delhi, a UN policy brief said on Tuesday, warning that the environmental gains could be temporary if the cities re-open without policies to prevent air pollution and promote de-carbonisation.
India's move to ban Chinese apps hurts rights of companies: CNBC TV18
HDFC hits day's high
Market check
Market check
Reckitt Benckiser second-quarter tops estimates, raises forecast: Reuters
Consumer products maker Reckitt Benckiser Plc reported better-than-expected quarterly results on Tuesday, as cautious customers stocked up on Lysol and Dettol disinfectants and Mucinex cough syrup during the coronavirus pandemic.
Like-for-like sales for the three months ended June 30 rose 10.5%, handily beating company-provided estimates of 7.8%.
The Slough-based company also said it expects high-single-digit underlying revenue performance in 2020 compared with the mid-single-digit sales growth initially expected.
Most Sensex stocks higher now; ICICI Bank remains worst hit
Nifty IT top gainer among sectoral indices
Angel Broking has Buy ratings on Escorts Ltd, target price ₹1,275/shr
"Escorts is a prominent tractor player domestically with market share in excess of 11%. With rural India relatively less impacted due to covid-19, record food-grain procurement by government agencies as well as expectation of normal monsoon 2020, we expect the tractor industry to outperform the larger automobile space in FY21E with Escorts a key beneficiary."
UltraTech Cement up ahead of June quarter results
Nifty Auto extends gains
Escorts Ltd up on encouraging Q1 results
Escorts Ltd reported a 6% year-on-year rise in June quarter net profit to ₹92.58 crore, largely driven by gains in its farm equipment vertical. Revenue from operations during the quarter under review stood at ₹1,089.26 crore while revenue from the agri machinery segment stood at ₹976.71 crore
India rupee trades higher
The Indian rupee traded higher at 74.76 per dollar on Tuesday amid gains in domestic equities. The unit had opened at 74.86 per dollar compared with previous close of 74.83.
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