Thank you readers! Here are the key highlights from today's session

- Sensex & Nifty Gain For 3rd Straight Day While Nifty Bank Slips For 2nd Day

- Financials Keep Market Gains In Check; HDFC Bank & ICICI Bank Top Losers

- Sensex & Nifty Gain Over 0.5% Each, Nifty Bank Falls 0.5%

- Nifty Gains 56 Points To 10,607 & Sensex 178 Points To 36,021

- Midcap Index Gains 98 Pts To 15,043 & Nifty Bank Slips 101 Pts To 21,852

- Infra, IT & Auto Amongst Top Gaining Indices; PSU Bank Top Losing Index

- Auto Stocks Continue To Move Higher After MoM Improvement In Sales

- RIL Up Over 1% After 12th Deal For Jio Platforms; Intel Invests `1,894.5 Cr

- Eicher Motors, Adani Ports, Bharti, Hero Moto Top Nifty Gainers

- JSW Steel, Tata Steel, IndusInd Bank, Zee Ent Top Nifty Losers

- Motherson Sumi Slips 6% After Business Restructuring

- Equitas, LIC Hsg, RBL bank, L&T Fin Amongst Top Midcap Losers

- HDFC Life Up Over 5% On Announcement Of Inclusion In Nifty

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

Jul 3, 2020 3:40 PM

Closing Bell: Sensex ends 177 points higher, Nifty above 10,600; auto stocks gain

Indian shares ended higher on Friday, tracking gains in broader Asian markets after robust data from the United States and China bolstered hopes of a global economic rebound, but a record spike in domestic coronavirus cases capped gains. The Sensex ended 177 point higher at 36,021 while the Nifty rose 56 to settle at 10,607. Both indices ended higher for their third straight week. Eicher Motors, Adani Ports, Bharti Airtel, Hero Moto, and Bajaj Auto were the top gainers. Meanwhile, JSW Steel, Tata Steel, IndusInd Bank, Zee, and HDFC Bank led the losses.

Jul 3, 2020 3:35 PM

Jul 3, 2020 3:23 PM

Defence stocks rally after government approves military purchases worth Rs 38,900 crore

Shares of companies in the defence sector rallied on Friday after the government approved the acquisition of missiles, ammunition, and weapon systems worth Rs 38,900 crore. Bharat Dynamics, Apollo Micro Systems, and Bharat Electronics Ltd surged more than 10 percent each. The other gainers included Sika Interplant Systems and Astra Microwave Products. The Defence Acquisition Council approved the procurement of 12 SU-30 MKI, 21 MIG-29, and upgrades for existing 59 MIG-29 fighter jets. These aircraft upgrades and kits are being procured from Russia agencies for approximately Rs 18,000 crores.

Jul 3, 2020 3:14 PM

Amidst India-China geopolitical tensions, Chinese mobile makers hold investments

With geopolitical tensions rising between China and India, Chinese mobile manufacturers are cautious about investing in India. Companies like Oppo and Vivo that were in the race to apply for the Indian government's ambitious PLI (production-linked incentive) scheme have decided to hold their investments, for now, sources told CNBC-TV18. They confirmed that the companies have not yet registered for the scheme. Global companies like Foxconn, Wistron, and domestic players like Dixon, Lava, and Karbonn have already registered for the scheme, said the sources. Dixon manufactures for Samsung, Xiaomi, Panasonic whereas Foxconn manufactures for Apple, Xiaomi, HMD global. Wistron manufactures smartphones for Apple. More here

Jul 3, 2020 3:01 PM

The EPS worry: FY20 same as FY18, revival only seen in FY22

March quarter earnings of the Nifty50 and other companies have been impacted by the ongoing COVID-19 pandemic. As per a recent report by Credit Suisse, Nifty FY20 EPS (earnings per share) was around 400, down 9 percent when compared the same period in last fiscal, to the same level as FY18. It is around 40 percent below 650 where it started 2.5 years back, it added. CLSA also noted that Q4 was the 22nd consecutive quarter of cuts. "The Nifty showed a record 23 percent/10 percent cuts in FY21/FY22 consensus EPS. Nearly 90 percent of our broader 140-stock universe showed cuts in FY22 consensus PAT," CLSA said in a note. Going ahead Credit Suisse said that the consensus expects FY21/22 growth at 16 percent/38 percent.

Jul 3, 2020 2:46 PM

Investing in the times of COVID-19: ICICI Direct lists resilient midcaps and smallcaps

In the current uncertain scenario, when many stocks are at multi-year lows, and finding opportunities is challenging, ICICI Direct in a recent report has identified resilient stocks from the midcap…

Jul 3, 2020 2:31 PM

Rupee Update: The Indian rupee ended stronger versus the US dollar. The local currency ended at 74.64/$ on Friday as against Thursday's close of 75.01/$.

Jul 3, 2020 2:14 PM

Ambit Capital’s top calls in the retail sector

The COVID-19 pandemic drives multiple uncertainties for the richly valued, high-fixed-cost, metro-centric retail sector, according to brokerage house Ambit Capital. Change in consumer behavior or priorities, lower credit availability and loss of jobs/income cuts would hit low-ticket discretionary category too. Over a longer period, industry consolidation will benefit stronger players though COVID could potentially wipe out next 2 years’ earnings growth, the brokerage said. The brokerage has 'Buy' rating on Titan, Jubilant, and Trent while it downgraded Aditya Birla Fashion and Retail, PVR, Relaxo, and DMart to 'Sell'. Read more.

Jul 3, 2020 2:04 PM

JSW Steel | The company’s crude steel production in Q1FY21 was at 2.96 mt, down 25.4 percent, QoQ and 30.2 percent, YoY.

Jul 3, 2020 1:59 PM

BEL trades with gains after govt's approval of defence orders of Rs 38,900 crore

Jul 3, 2020 1:51 PM

Currency Focus: Rupee at over three-month peak; RBI in focus

The Indian rupee strengthened to its highest level in more than three months on Friday as investors bet on further declines in the dollar amid expectations of further inflows, with support from the central bank’s non-intervention in the spot market. The partially convertible rupee firmed to 74.60 per dollar in early trade, its highest since March 27. By 0630 GMT, the unit was trading at 74.85/85 versus its close of 75.01 on Thursday.

Jul 3, 2020 1:39 PM

Commodity Update: Gold steadies in tight range as virus fears offset solid U.S. jobs data

Gold was flat, trading in a narrow $5-range on Friday, as worries over a global surge in coronavirus infections and lingering trade tension between the United States and China overshadowed strong U.S. jobs data. Spot gold was mostly unchanged at $1,775.35 per ounce by 0647 GMT. U.S. markets are closed on Friday ahead of Independence Day on July 4.

Jul 3, 2020 1:25 PM

Suresh Ganapathy of Macquarie expects consolidation in the NBFC sector, says a lot of smaller NBFCs may not survive

Jul 3, 2020 1:11 PM

PTC India Financial shares jump 3% after SBI clears Rs 300-crore loan

PTC India Financial Services share price jumped 3 percent intraday on July 3 after State Bank of India sanctioned a term loan-WC augmentation (TLWC) of Rs 300 crore. SBI sanctioned TLWC of Rs 300 crore with a door-to-door tenor of three years, including a moratorium of six months, with sublimit of Rs 300 crore as investment limit for investment in CPs/NCDs/Bonds within the overall TLWC limit, the company said in an exchange filing.

Jul 3, 2020 12:57 PM

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