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

- Sensex & Nifty Close 1% Lower Amid Volatility

- HDFC Twins, Reliance Ind & IT Majors (TCS & Infosys) Drag Market

- Nifty Slips 98 Points To 11,203 & Sensex 422 Points To 38,071

- Nifty Bank Closes With A Minor Cut Of 29 Points At 22,077

- Midcap Index Gains 75 Pts To 15,535; Mkt Breadth Favours Advances

- Pharma Gains The Most Amongst Indices While Auto & IT Fall

- Reliance Ind Top Nifty Loser Ahead Its Q1 Earnings Tomorrow

- Dr Reddy’s Surges To Record High After Better-than-expected Q1 Earnings

- IndusInd Bank Up Over 4% After Board Approves `3,288 Cr Fund Raising

- Maruti Ends 1.5% Lower After Reporting 1st EBITDA & Net Loss Since 2003

- NIIT Tech, Future Retail, Dishman, Shriram Trans Amongst Top Midcap Gainers

Jul 29, 2020 3:50 PM

Closing Bell: Sensex ends 422 points lower, Nifty holds 11,200; IT stocks, RIL drag

Indian shares ended lower on Wednesday as investors booked profits in index heavyweight Reliance Industries after an eight-day rally, while the IT sector added to the losses. The Sensex ended 422 points lower at 38,071 while the Nifty lost 98 points to settle at 11,203. Oil-to-telecoms conglomerate Reliance Industries was the top loser on both the indices, down 4 percent after eight days of gains, that pushed the company’s market capitalization to more than Rs 13 lakh crore. M&M, HCL Tech and Hero Moto were the other top losers on the Nifty50 index, down over 2.5 percent each. Meanwhile, Dr Reddy's, Tata Steel, Grasim, Bharti Infratel, and Cipla were the top gainers on the index.

Jul 29, 2020 3:34 PM

Manappuram Finance's Q1 consolidated net profit up 39.2% at Rs 368.1 crore

Jul 29, 2020 3:20 PM

Edelweiss, Deloitte selected as pre-IPO advisors for largest-ever LIC IPO

The government has picked Edelweiss Financial Services Ltd and Deloitte as the two pre-initial public offer (IPO) transaction advisors for the listing of the country’s biggest insurer – Life Insurance Corporation of India (LIC), whose public offer is expected to be the largest ever in the history of the domestic capital markets, two individuals told Moneycontrol on condition of anonymity. The scope of the mandate includes advising the Centre on the modalities of the IPO and the timing, arriving at an optimal capital structure, preparing restated consolidated financial statements for the past three years for LIC and its subsidiaries, structuring the transaction amongst other aspects. Edelweiss Financial Services and Deloitte were unavailable for immediate comment.

Jul 29, 2020 3:05 PM

Market disregarding any bad news; 'banking-free' bull run to continue, says Gautam Shah

Gautam Shah, founder and chief strategist, Goldilocks Premium Research shared his views and outlook on markets. “This is the market which is disregarding any possible bad news and that is the best way to read it. I would say that there is a lot more upside, our working target has been about 11,350 to 11,400. So it is a mini barrier but if the market is able to clear this - which is my view – we could move to levels of around 11,600 where the bulls are going to get a challenge. So this is still a buy on dips market. One should stay in the game,” he said.

Shah believes that there are a lot of opportunities across sectors and that this is a "banking free" bull market. "...Something that we are seeing after a period of almost 5 years and many sectors are likely to do much better over the coming weeks and months,” he added.

Jul 29, 2020 2:52 PM

Gold rate today: Yellow metal eases ahead of US Fed meet; support seen at Rs 52,100 level

Gold prices in India eased from all-time high levels on the Multi Commodity Exchange (MCX) Wednesday tracking muted trend in the international spot prices ahead of the US Federal Reserve meeting later today, analysts said. Gold futures for August delivery fell 0.06 percent to Rs 52,560 per 10 grams as against the previous close of Rs 52,591 and opening price of Rs 52,550 on the MCX. Silver futures traded 0.21 percent higher at Rs 65,143 per kg. The prices opened at Rs 65,249 as compared to the previous close of Rs 65,004 per kg.

Jul 29, 2020 2:40 PM

Jul 29, 2020 2:24 PM

Rupee at Close | The Indian rupee ended stronger versus the US dollar.

Jul 29, 2020 2:21 PM

With eye on China, Govt discusses Import Monitoring System on engineering goods

The Narendra Modi government has sought feedback from industry associations on establishing an import monitoring mechanism for engineering goods. Currently, such a system exists for steel imports where companies have to intimate the government about inbound consignments from countries at least 15 days in advance.

Multiple sources have told CNBC-TV18 that the government is internally discussing a proposal for a similar import monitoring system on four categories of engineering goods. These goods are covered under the HS tariff code Chapter 84 (boilers, machinery, mechanical appliances, components), Chapter 85 (electrical machinery, sound recorders, television, components), Chapter 86 (rail locos, rolling stock, traffic signalling equipment, track fixtures) and Chapter 87 (vehicles and parts). Read more here.

Jul 29, 2020 2:13 PM

Jul 29, 2020 1:42 PM

Amarjeet Maurya, AVP - Mid Caps, Angel Broking Ltd. on Nestle India June quarter earnings

For Q2CY20, Nestle India (NIL) has reported better than expected results both on the top-line and bottom-line front. Top-line grew by 2% to Rs 3,050 crore. Top-line was negatively impacted mainly due COVID-19 lockdown. On the operating front, the company reported margins improvement (up 75 bps YoY at 24.5%) mainly due to lower other expenditure. On the bottom-line front, NIL reported growth of 11% YoY to Rs 487 crore due to healthy operating performance and lower taxes. Considering NIL’s strong product portfolio coupled with strong brand and market leadership position, we are positive on stock.

Jul 29, 2020 1:36 PM

Jul 29, 2020 1:07 PM

Jul 29, 2020 12:59 PM

Why brokerages raised target price for this cement stock despite 38% fall in profit

The stock price of the firm also rose over 3.5 percent in trade today on better than expected numbers and bullish brokerage views.Get latest Earnings online at cnbctv18.com

Jul 29, 2020 12:55 PM

Prashant Kumar, MD and CEO of Yes Bank

On moratorium:

Around 20-25 percent Retail loans were under moratorium while MSME and corporate book was 15-20 percent.

On defaults on moratorium:

90 percent of the customers who availed the moratorium were never in default during the last 12 months. So when everybody was asking for the moratorium or dispensation from the regulator and the government and once these dispensations have been given and when there are uncertain times, people are just keeping cash with them. It does not mean that they would turn into NPAs.

On asset quality:

Around 13 percent of the retail portfolio is unsecured and there is only 1 percent of the portfolio which has been given to the self-professionals otherwise it is to the salaried class. So depending on the situation and the customer behaviour and the cash coming back to these accounts, we are not seeing any adverse happenings in our retail and MSME. Book is very good and we believe book would continue to be great.

On deposits:

Deposits stand at Rs 1.17 lakh crore as on June 30th 2020. Every day we are seeing a better trajectory and deposit appreciation.

On provisions:

We have made 10 percent provision because that was the regulatory guideline. So we are having a provision of Rs 880 crore against the outstanding of Rs 7,800 crore which is little more than 10 percent.

On retail collection and credit card collection:

On the retail side, it is 70 percent of our pre-COVID collection and on the credit card side we are already 90 percent of the pre-COVID collection.

Jul 29, 2020 12:40 PM

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