Tata Motors Q2 result: Loss widens to Rs 314.5

Tuesday, October 27, 2020
The country's largest commercial vehicle maker Tata Motors on Tuesday reported a consolidated loss of Rs 314.5 crore for the quarter ended September 30. The CNBC-TV18 poll has estimated Rs 1,290 crore loss. The company had reported a loss of Rs 216.56 crore in the September quarter of 2019. The auto major’s total revenue from operations dropped by 18.19 per cent to Rs 53,530 crore, from 65,431.95 crores a year ago. The company’s finance costs increased by Rs 114 crore to Rs 1,950 crore in the quarter due to higher gross borrowings. The company said its revenue in the last six months had been impacted as the group’s manufacturing plants and offices had to be closed down for a considerable period of time due to the Covid-19 pandemic. The company is monitoring the situation closely taking into account directives from the governments. Read more

Indian economy saw growth rebound through Q2FY21: Nomura

Tuesday, October 27, 2020
The Indian economy saw growth rebound through the second quarter of the ongoing fiscal with gross domestic product (GDP) contraction likely to have narrowed to -10.4% from the sharp -23.9% seen in the previous quarter, according to Nomura. The Nomura Monthly Activity Indicator, which takes into account high-frequency indicators from across sectors, improved to -8.6% year-on-year in September from -19.7% in August and a record low of -37.8% in June, “implying a swift GDP growth rebound”, the firm said in a report today. In the run-up to the festive season, aggregate demand recovered to 77% of normal in September against 71% recorded in the month earlier while aggregate supply picked up to 92% of normal in September against 86% in August, it said.

Closing Bell:Sensex gains 376 points, Nifty at 11889.40

Tuesday, October 27, 2020
At close, the Sensex was up 376.60 points or 0.94% at 40,522.10, and the Nifty was up 121.60 points or 1.03% at 11,889.40 led by gains in financial and FMCG stocks. Kotak Mahindra Bank was the top gainer, followed by Nestle India, Asian Paints and Bajaj Finance. TCS, ONGC, Infosys were the top losers. About 1249 shares have advanced, 1354 shares declined, and 178 shares are unchanged. Nifty Private Bank index gained 3 per cent, While Nifty IT slipped 1 per cent. The BSE MidCap index gained 1.65 per cent while the BSE SmallCap index rallied 0.6 per cent. India VIX declined nearly 3 per cent to 22.19 levels. All other sectoral indices ended in the green, except Nifty IT and PSU Bank.

India, US sign landmark defence pact

Tuesday, October 27, 2020
India and the United States today(27th Oct.2020) inked a landmark defence agreement that will allow sharing of high-end military technology, classified satellite data and critical information between the two countries. The signing of the long-negotiated Basic Exchange and Cooperation Agreement (BECA) during the third edition of the 2+2 dialogue between the two strategic partners also signals further boosting of bilateral defence and military ties and it comes in the backdrop of India's tense border standoff with China in eastern Ladakh. External Affairs Minister S Jaishankar and Defence Minister Rajath Singh held the talks with US Secretary of State Mike Pompeo and Defence Secretary Mark T Esper. Both sides were assisted by their top military and security officials. Read more

MARKET UPDATE: Sensex hovered around 40,050 levels, and Nifty gave up the 11,750 level

Tuesday, October 27, 2020
The markets in India turned flat in today's(27th October 2020) volatile start on the back of weak global cues. Among headline indices, the S&P BSE Sensex hovered around 40,050 levels, and the Nifty50 index gave up the 11,750 level. Kotak Mahindra Bank, up 5 percent, was the top Sensex gainer, followed by NTPC (up 4%) and Nestle India (up 2%). The trend among Nifty sectoral indices was largely in the red, led by the Nifty PSU Bank index, down 1.2 percent. In the broader market, the S&P BSE MidCap index was up 0.2 percent while the SmallCap index fell by 0.2 percent. Thirty-seven companies including Bharti Airtel, Tata Motors, and Amara Raja Batteries are scheduled to announce their September quarter earnings today. Read more

Muthoot Finance plans to raise Rs 2,000 cr through bonds

Monday, October 26, 2020
Gold loan company Muthoot Finance on Monday said it is looking to raise up to Rs 2,000 crore through a public issue of non-convertible debentures (NCDs) for lending purposes. The proposed debenture issue will have a base issue size of Rs 100 crore with an option to retain oversubscription up to Rs 1,900 crores aggregating up to tranche limit of Rs 2,000 crore."The issue will open on October 27, 2020, and will close on November 20, 2020, with an option to close on such earlier date or an extended date as may be decided by the board of directors or NCD committee. The NCDs are proposed to be listed on BSE. The allotment will be on a first come first serve basis. The funds raised through this issue will be utilised primarily for lending activities, the company said. There are six investment options for Secured NCDs with monthly or annual interest payment frequency or on maturity redemption payments with coupon ranging from 7.15 per cent to 8 per cent per annum. Read more

Closing Bell:Sensex tanks 540 points, Nifty at 11767.75

Monday, October 26, 2020
At close, the Sensex was down 540 points or 1.33% at 40145.50, and the Nifty was down 162.60 points or 1.36% at 11767.80 due to the board sell-off and weak global cues. Hero MotoCorp, Bajaj-Auto, Reliance and M&M were top losers in the Sensex pack. while gainers were HDFC Life, Nestle, Kotak Mahindra, IndusInd Bank and L&T.About 986 shares have advanced, 1655 shares declined, and 171 shares are unchanged. The BSE MidCap index tumbled 1.77 per cent while the BSE SmallCap index fell 0.88 per cent. Nifty Auto and Metal indices shed over 3 per cent each. On the NSE, all the sectoral indices ended in the red.

Amazon.com Inc. and RIL fight for dominance of India’s e-commerce space

Monday, October 26, 2020
Amazon.com Inc. and RIL’s fight for dominance of India’s e-commerce space is turning into a face-off, with both sides battling over the assets of a supermarket chain that could be key to their wider ambitions. Ambani and Jeff Bezos want the stores and warehouses of Future Retail Ltd., which has penetrated Indian cities and small towns with sales of everything from grocery to fashion and electronics. Amazon, which owns a stake in a Future unit, and Reliance have in recent months made pacts with the Future Group, which they say are now being violated. Amazon wants to block Reliance’s purchase of Future’s brick-and-mortar assets because such a deal would give Ambani unparalleled dominance in the only billion-people economy open to foreign firms. Bezos has bet more than $6 billion on India, and Future’s assets will allow it to reach small towns that house key consumers in a market estimated to swell to $1 trillion.

PM Modi to inaugurate India Energy Forum:India may see $206 bn investment in oil and gas

Monday, October 26, 2020
The country's oil and natural gas sector is likely to see investment to the tune of $206 billion during the next eight to ten years.With Prime Minister Narendra Modi addressing the top global executives at the India Energy Forum by CERA Week 26th Oct.2020, it is expected he would further entice companies to promote a cor a self-reliant India. This when the domestic fuel market is recovering from the pandemic-driven decline. The three-day forum will see participation from Dan Brouillette (US Secretary of Energy), Prince Abdulaziz (Minister of Energy of Saudi Arabia) and Sultan Ahmed Al Jaber (CEO of Abu Dhabi National Oil Company). “The importance of such a global meet comes when you realize that the country is set to see such large investment this decade. Read more

MARKET UPDATE:Sensex slipped 150 points to 40,540 levels and the Nifty slipped below the 11,900-mark

Monday, October 26, 2020
The Indian benchmark indices dipped slightly in today's(26th October 2020) early deals, tracking mixed cues in other Asian markets. The S&P BSE Sensex slipped 150 points, or 0.36 percent, to 40,540 levels and the Nifty50 index slipped below the 11,900-mark. Tech Mahindra (down 2%) and Reliance Industries (down 1%) were the top Sensex drags. On the other hand, IndusInd Bank gained 4 percent on a report that Kotak Mahindra Bank was exploring an all-stock takeover of the bank. Meanwhile, Nestle India rose as high as 2 percent after the announcement of its September quarter results. The trend among the Nifty sectoral indices was largely negative, with the Nifty Metal index, down 1 percent leading the list. In the broader market, the S&P BSE Sensex slipped 0.14 percent while the S&P BSE SmallCap index gained 0.3 percent. Read more

Bharat Biotech starts Covaxin's at-risk manufacturing

Saturday, October 24, 2020
Hyderabad-based vaccine maker Bharat Biotech has not only started the at-risk manufacturing of its candidate Covaxin but is also looking to ramp up capacities as India’s first indigenous Covid-19 vaccine candidate gets the nod for phase 3 trials. The first vaccine candidate will be an intra-muscular one, followed by intra-dermal and nasal ones, depending on test results. Besides setting up a second plant at its Genome Valley facility in Hyderabad to make Covaxin, the firm is looking for another site in the country to make the vaccine. This would be crucial as BBIL expects to forge global partnerships with international agencies like Gavi and also some countries for Covaxin by December.

YES Bank, TTML, Suzlon etc.hit upper circuit on BSE

Saturday, October 24, 2020
Among the 282 stocks that hit their respective upper circuit on the BSE on 23rd Oct.2020(Friday) YES Bank, Suzlon Energy, Tata Teleservices (Maharashtra) (TTML), MTNL, Reliance Power, Reliance Infrastructure, Future Consumer, Indiabulls Integrated Services, and Jet Airways (India) were the important ones. Indo Count Industries, Himatsingka Seide, Ramco Systems, and Godawari Power & Ispat were among the notable stocks that had only buyers queuing up. YES, Bank hit the upper circuit of 5 percent at Rs 13.35 on the BSE ahead of the September quarter results on Friday. The board of directors of the bank is scheduled to meet on October 23, 2020, to consider and approve unaudited financial results of the bank for the second quarter ended September 2020 (Q2FY21). The trading volume more-than-doubled with a combined 110 million shares changing hands, and there were pending buy orders for 14 million shares on the NSE and BSE, exchange data show. Read more

Parliament's joint panel summons Facebook, Twitter

Friday, October 23, 2020
A joint committee of Parliament today(23rd October 2020) issued summons to Facebook in order to seek its "oral evidence" on the issues of data protection and privacy. Twitter too is said to have been directed for an appearance next week. The joint committee led by BJP MP Meenakshi Lekhi has 20 members from the Lok Sabha and 10 from the Rajya Sabha. The agenda of Friday's meeting read: "Oral evidence by the representatives of Facebook India Online Services Pvt Ltd on the Personal Data Protection Bill, 2019." However, the summon to Facebook and Twitter is strictly pertaining to the issue of citizen's personal data protection. The summons to Twitter assumes significance as these come close to the Centre's letter to the microblogging site's chief Jack Dorsey. Read more

Flipkart to acquire 7.8% stake in Aditya Birla Fashion

Friday, October 23, 2020
Aditya Birla Fashion and Retail entered into an agreement with Flipkart today(23rd Oct.2020) for a partnership that will see Flipkart infusing Rs 1,500 crore for a 7.8 percent stake in Aditya Birla Fashion. The agreement would involve the sale and distribution of various apparel brands, Aditya Birla Fashion said, along with providing pre-emption rights and right of first refusal to Flipkart for 1-5 years. Aditya Birla Fashion would issue 3.1 million preference shares to Flipkart at Rs 205 per share, it said in a BSE notification. Aneesh Roy, executive vice-president, research, Edelweiss, said the capital raise would further bolster Aditya Birla Fashion's balance sheet and accelerate growth. The partnership would also enable the company to strengthen its omnichannel presence. The promoter and promoter group companies of Aditya Birla Fashion would hold about 55.13 percent stake upon completion of the issuance. Read more

MARKET UPDATE:Sensex rose 140 pointsto 40,700 levels and the Nifty testing 12,000-mark

Friday, October 23, 2020
The markets in India advanced close to half a percent in today's(23rd October 2020) early deals, in line with the overnight gains in the main Wall Street indices. The S&P BSE Sensex rose 140 points, or 0.35 percent, to 40,700 levels and the Nifty50 index was testing the psychological mark of 12,000. Tata Steel (up 2%), ICICI Bank, HDFC Bank, and Bharti Airtel (all up 1%) were the top Sensex gainers. Meanwhile, SBI Cards plunged 10 percent after announcing its September quarter results. All the Nifty sectoral indices were trading higher, led by the Nifty Bank index, up 1 percent. The broader market tracked the gains in the headline indices, with the S&P BSE MidCap and SmallCap indices trading half a percent higher, each. Tech Mahindra, Nestle India, Yes Bank, and ICICI Lombard General Insurance Company are among the 38 companies set to announce quarterly earnings today. Read more

Bajaj Auto Q2 profit falls 19% to Rs 1,138 crore

Thursday, October 22, 2020
Shares of a major two-wheeler Bajaj Auto fell 1 per cent to Rs.2983 after the company reported 18.84 per cent year-on-year (YoY) drop in net profit at Rs 1,138.20 crore for the quarter ended September 30, missing a CNBC-TV18 poll estimates which of Rs 1,212 crore. The auto major had reported Rs 1,402.42 crore profit for the corresponding quarter last year. Total revenue from operations declined 7.16 per cent YoY to Rs 7,155.86 crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 0.9 per cent year-on-year to Rs 1,266.2 crore, but margin expanded 110 bps YoY to 17.7 per cent in Q2 FY21. Operating profit of the company inched lower by 1 per cent to Rs 1,233 crore. As on September 30, 2020, the company's surplus cash and cash equivalents stood at Rs 16,240 crore as against Rs 14,232 crore as on June 30, 2020, and Rs 14,322 crore as on March 31, 2020.Bajaj Auto sold 1,053,337 units in Q2FY21, down 10 per cent YoY, against 1,173,591 units in Q2FY20. Read more

Kovid-19 lockdown: Borrowers to get compound interest waiver for the six-month moratorium period

Thursday, October 22, 2020
The Union Cabinet is understood to have given its go-ahead to the compound interest waiver for borrowers for the six-month moratorium period announced by the Reserve Bank, according to government sources. The government had filed an affidavit in the Supreme Court in a case concerning the moratorium, stating that it would waive interest on interest on loans up to Rs 2 crore for a select category of borrowers. The apex court has asked the government to present a clear plan on the scheme at the next hearing on November 2. The government will now inform the court about the approval from the Cabinet and subsequent directives in this regard. The Centre expects an expenditure of Rs 5,500-6,000 crore on the proposed waiver.

GOI sets aside $7 bn for COVID-19 vaccination

Thursday, October 22, 2020
Govt of India has set aside about 500 billion rupees ($7 billion) to vaccinate the world’s most populous nation after China against the coronavirus, according to some sources. The govt estimates an all-in cost of about $6-$7 per person in the nation of 1.3 billion, it is said. The money provisioned so far is for the current financial year ending March 31 and there will be no shortage of further funds for this purpose, they added. While a government-backed panel predicts that India is past the peak of infections and may contain the spread by February, the nation has taken a massive blow to economic growth and Modi has been reopening the economy. Starting this weekend, Indians will be celebrating several festivals that could lead to a sharp jump in daily virus infections. Pm Narendra Modi on Tuesday said his government will ensure all Indians have access to a Covid-19 vaccine as soon it is ready.

Closing Bell: Sensex down 148 points, Nifty at 11896.45

Thursday, October 22, 2020
At close, the Sensex was down 148.82 points or 0.37% at 40558.49, and the Nifty was down 41.20 points or 0.35% at 11896.50 dragged by banks, pharma, and tech stocks. NTPC was the top Sensex gainer, followed by Bharti Airtel, Bajaj Finance, Tata Steel, Axis Bank, ONGC, ITC and HUL. On the flip side, IndusInd Bank was the top loser, followed by ICICI Bank, Titan Company, Infosys, HDFC Bank, Reliance Industries, Maruti Suzuki. About 1412 shares have advanced, 1188 shares declined, and 159 shares are unchanged. Nifty Pharma index was the top sectoral loser down 1 per cent. The BSE MidCap and SmallCap indices were trading flat with a positive bias.IT and bank ended in the red while buying witnessed in the energy, metal and infra sectors.

MARKET UPDATE:Sensex fell 116 points to 40,590 levels and Nifty hovered around 11,900-mark

Thursday, October 22, 2020
The benchmark indices in India were trading with marginal cuts today(22nd October 2020), on the back of weak global cues. Among the headline indices, the S&P BSE Sensex fell 116 points to 40,590 levels and the Nifty50 index hovered around 11,900-mark. ICICI Bank, PowerGrid, and Asian Paints (all down 1%) were the top Sensex laggards. On the other hand, Bajaj Finserv gained 2 percent after the announcement of its September quarter results. Meanwhile, Vedanta rose 5 percent after announcing that the company's board of directors will meet on October 24 to consider interim dividend. The Nifty sectoral indices were largely in the red, with the Nifty Pharma index, down 1 percent, leading the list of losers. In the broader market, the S&P BSE MidCap and SmallCap indices were trading 0.2 percent higher, each. Forty-eight companies including Asian Paints, Bajaj Auto, Bharti Infratel, and SBI Cards are set to announce their quarterly earnings today. Read more

No merit in relaxing 10% cap on single stock investment: Ajay Tyagi, chairman, Sebi

Wednesday, October 21, 2020
SEBI sees no merit in increasing the 10 percent investment cap on a single stock for actively-managed mutual fund (MF) schemes. “The 10 percent cap is meant for diversification cap. Just because some scrip is outperforming doesn’t mean you raise the ceiling. That will be self re-enforcing that scrip has moved up and you are allowing higher investment in the same scrip. That doesn’t sound very logical. For the sake of diversification, the 10 percent ceiling is something which stays,” said Ajay Tyagi, chairman, Sebi while addressing the media at a market summit organised by industry body CII.

Bajaj Finance Q2 profit declines 36% YoY to Rs 965 crore

Wednesday, October 21, 2020
Shares of Bajaj Finance was down 0.89 per cent at Rs 3,233 on Wednesday after the Company posted huge 35.94 per cent year-on-year (YoY) drop in net profit at Rs 964.88 crore for the quarter ended September 30 as the lender almost tripled provisions for bad loans as the coronavirus pandemic impacted demand for credit and borrowers’ ability to repay. Analysts in an ET NOW had projected the figure at Rs 1,037 crore. The Company had reported Rs 1,506 crore in the same period last year. Loan losses and provisions for the second quarter ended September 30, 2020, was ₹1,700 crore as against ₹594 crores in Q2 FY20. Consolidated assets under management rose to ₹137,090 crores as compared to ₹135,533 crores in the year-ago period.Net interest income of the NBFC increased 4 per cent YoY to Rs 4,165 crore which was better than the CNBC-TV18 poll estimates of Rs 3,711.7 crore. Total operating expenses for Q2 FY21 was down by 16% to ₹1,160 crores from ₹1,384 crores. Read more

Closing Bell:Sensex gains 162 points, Nifty at 11937.65

Wednesday, October 21, 2020
At close, the Sensex was up 162.94 points or 0.40% at 40707.31, and the Nifty was up 40.90 points or 0.34% at 11937.70 for the fourth day. PowerGrid, Bharti Airtel, Hindalco, GAIL and Tata Steel are the top gainers in the Sensex pack, While losers include Britannia, TCS, SBI Life Insurance, Hero MotoCorp and HDFC Life. About 1354 shares have advanced, 1269 shares declined, and 165 shares are unchanged. The BSE MidCap index gained 33 points or 0.23 per cent. While, the BSE SmallCap index closed at 14,900, up just 5 points. Nifty Auto, Nifty FMCG, Nifty IT and Nifty Media indices ending the day in the red. On the flip side, Nifty Metal index gained 2.23 per cent followed by the bank, infra and energy indices.

HUL Q2 result : Net profit rises 9%to Rs 2,009 crore,announces interim dividend of Rs 14

Tuesday, October 20, 2020
Hindustan Unilever (HUL) share price fell over 2 per cent to Rs 2,133 apiece in intraday deals on BSE on Tuesday after the Company reported an 8.7 per cent year-on-year (YoY) rise in its net profit at Rs 2,009 crore for the second quarter of the current fiscal year (Q2FY21). The company had logged a profit of Rs 1,848 crore in the year-ago period. Total sales (revenue) of the company increased 16 per cent during the quarter to Rs 11,442 crore, against Rs 9,852 crore in the year-ago period. The board also declared an interim dividend of Rs 14 per share. The record date for the purpose of determining the entitlement for payment of the interim dividend is fixed as October 29, 2020. HUL’s earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter came at Rs 2,869 crore, which registered a 17 per cent on-year growth. Read more

Vedanta Resources CFR under review for downgrade: Moody's

Tuesday, October 20, 2020
Moody's Investors Service placed Vedanta Resources Limited's B1 corporate family rating (CFR) under review for downgrade today(20th Oct.2020). Concurrently, Moody's has placed under review for downgrade the B3 ratings on the senior unsecured bonds issued by Vedanta and those issued by its wholly-owned subsidiary, Vedanta Resources Finance II Plc, and guaranteed by Vedanta, affecting $4.2 billion in outstanding debt. The rating outlook was changed to ratings under review from negative. "The review follows an increase in refinancing risk and significant funding needs at the holding company level, following Vedanta Resources' failure to acquire the balance shareholding in key subsidiary Vedanta Limited that would have improved access to group cash," the report Kaustubh Chaubal, a Moody's vice president and senior credit officer as saying. Read more

Closing Bell:Sensex gains 112 points, Nifty at 11896.80

Tuesday, October 20, 2020
At close, the Sensex was up 112.77 points or 0.28% at 40544.37, and the Nifty was up 23.80 points or 0.20% at 11896.80. IndusInd Bank, Reliance Industries, HCL Tech, LT, Tech Mahindra, Asian Paints and Hindustan Unilever were top Sensex gainers. While losers included Britannia Industries, ONGC, GAIL, IOC and UPL.About 1344 shares have advanced, 1299 shares declined, and 157 shares are unchanged. Nifty IT gained nearly 1.5 per cent followed by Pharma and auto, while Nifty PSU Bank slipped around 1.5 per cent. The BSE MidCap index ended 0.47 per cent higher at 14,775 levels while the BSE SmallCap index ended at 14,896, up 0.3 per cent. Energy, FMCG, metal and PSU bank indices closed in the red.

MARKET UPDATE:Sensex hovered around 40,530 levels,up 100 points and Nifty reclaimed the 11,900 level

Tuesday, October 20, 2020
The markets in India were up marginally today(20th October 2020) in a volatile session, amid weak global cues. The S&P BSE Sensex hovered around 40,530 levels, up 100 points and the Nifty50 reclaimed the 11,900 level. HCL Tech (up 2%), TCS, and Tech Mahindra (both up 1%) were the top Sensex gainers. On the other hand, Axis Bank, Kotak Mahindra Bank, State Bank of India, and ICICI Bank (all down 1%) were the top Sensex drags. Meanwhile, Britannia Industries slipped over 4 percent despite posting a healthy 23 percent increase in net profit for the September quarter at Rs 495 crore as compared to the corresponding quarter a year ago. The Nifty sectoral indices were trading mixed, with the Nifty PSU Bank index, down 1 percent. In the broader market, the S&P BSE MidCap index was flat while the SmallCap index gained 0.2 percent. Read more

HDFC Bank shares gain after strong Q2 results

Monday, October 19, 2020
HDFC Bank shares gained 2.5 per cent to Rs 1,235 apiece on the BSE on Monday after the bank reported a healthy September quarter (Q2FY21) results. The bank reported an 18.4% on-year jump in net profit to Rs 7,513 crore compared to a net profit of Rs 6,344.9 crore in the quarter ended September 2019. The lender reported profit growth of 19.58 per cent in June and 17.71 per cent in the March quarter. It had posted a net profit of Rs 6,658.6 crore in the first quarter ended in June 2020. The lender reported a 17% year-on-year growth in its net interest income to Rs 15,774.4 crore in Q2FY21 from Rs 13,515 crore in Q2FY20. On the asset quality front, gross non-performing assets stood at 1.08% from 1.36% last quarter while net non-performing assets stood at 0.17% from 0.33% in the previous quarter. Provisions saw a decline of 5% quarter-on-quarter to Rs 3,704 crore. Read more

Major factors behind today's stock market rally

Monday, October 19, 2020
Today( 19th Oct 2020) almost all Sensex stocks opened higher on as investors went all out to buy amid renewed hopes of an early economic stimulus package from the US and a vaccine by year-end. In the last 12 sessions, bluechip indices have closed in the red for just one session, which outlines the one-way rally the the market has seen. HDFC twins were the biggest positive contributors during the first hours of the day. PSU stocks also saw some buying and were among the top gainers. "Nifty has good support at 11,650 and until we do not break that, we are in positive territory. The resistance on the the upside is at 12,050. If we are unable to move past either level convincingly, we would be range-bound and trading in this zone should be avoided. Stocks that look interesting for an up move include Axis Bank, HDFC Bank, and Tata Steel," experts opinied.Some of the key factors for the rally are Read more

Closing Bell:Sensex gains 448 points, Nifty at 11873.05

Monday, October 19, 2020
At close, the Sensex was up 448.62 points or 1.12% at 40431.60, and the Nifty was up 110.50 points or 0.94% at 11873 for the second straight day on Monday, mainly lifted by bank stocks. ICICI Bank was the top Sensex gainer, followed by Axis Bank, Nestle India, State Bank of India (SBI), HDFC, IndusInd Bank and HUL.On the contrary, Bajaj Auto and TCS were the top Sensex loser. Tech Mahindra, Sun Pharma, Maruti Suzuki and Infosys were among other Sensex losers. About 1470 shares have advanced, 1150 shares declined, and 148 shares are unchanged. Nifty PSU Bank index was top sectoral gainer, up 4.17 per cent, While Nifty Pharma index fell 1.67 per cent.BSE MidCap index up 0.58 per cent while the BSE SmallCap index up 0.43 per cent. Among sectors, except pharma, IT and auto other indices ended in the green

MARKET UPDATE:Sensex up by 350 points to 40,330 levels and Nifty topped the 11,850-mark

Monday, October 19, 2020
The Indian equity markets started today (19th October 2020) on a strong footing, with the benchmark indices rising nearly one percent, amid positive cues from Asian indices. Among headline indices, the S&P BSE Sensex gained 350 points, or 0.88 percent, to 40,330 levels and the Nifty50 index topped the 11,850-mark. HDFC Bank rose as much as 3 percent after reporting a healthy set of September quarter results. Besides, ONGC (up 4%), ICICI Bank, and HDFC (both up 2%) were the other top Sensex gainers. The majority of the Nifty sectoral indices were trading in the green, led by the Nifty Financial Service index, up 1.3 percent In the broader market, the S&P BSE MidCap and SmallCap indexes were trading 0.4 and 0.5 percent higher, each. Twenty-one companies including ACC, Britannia Industries, and HDFC Life are set to report their quarterly earnings today.

HCL Tech Q2 profit rises 18.5% to Rs 3,142 crore, share price falls post Q2 result

Friday, October 16, 2020
HCL Technologies share price fell 4.4 % to Rs 821 apiece on BSE after the IT company announced July-September quarter results. HCL Tech Q2 net profit came at Rs 3,142 crore in July-September quarter, rising 18.5 per cent year on year and up 7.4 per cent on a sequential basis. The company had posted a net profit of Rs 2,651 crore in the corresponding period of the last year. Revenue for the quarter rose 6.1 per cent YoY to Rs 18,594 crore compared with Rs 17,528 crore sales the company reported in the year-ago quarter. The operating margin of the IT services provider improved 110 basis points sequentially to 21.6 per cent in the July-September period—a 22-quarter high. The dollar revenue growth stood at 6.4% at 2,507 million and the company posted constant currency revenue growth at 4.5 per cent. The company has also declared an interim dividend of Rs 4 per equity share of Rs 2 each for FY21. The company has signed 15 transformational deals in the quarter ended September 2020 Read more

Modi govt's farm reforms could turn India into a food-export powerhouse

Friday, October 16, 2020
The recent laws by Modi Govt to liberalise farm sales could turn out to be the most far-reaching. In a fractious and unruly session last month, parliament passed three laws that some say could pave the way for India to upend the global food trade, while others fear it will wreck the livelihoods of millions of farmers. Within days, rural groups and opposition leaders launched public protests. The move toward a free market for farm sales goes to the heart of a system that directly affects more than half of the nation’s 1.37 billion people, altering government controls that millions of families have come to rely on, but that have hobbled the nation’s efforts to productively farm one of the largest areas of fertile land on earth. If they succeed, India could not only feed itself but become a major food exporter. Read more

Closing Bell:Sensex gains 254 points, Nifty at 11762.45

Friday, October 16, 2020
At close, the Sensex was up 254.57 points or 0.64% at 39982.98, and the Nifty was up 82.10 points or 0.70% at 11762.50 on healthy buying in the financial counters. Tata Steel was the top Sensex gainer, followed by HDFC Bank, UltraTech Cement, Power Grid Corporation of India, ONGC, Kotak Mahindra Bank and Infosys. On the other side, HCL Tech shares were the top loser, followed by M&M, Reliance Industries (RIL), Asian Paints and Sun Pharma. About 1459 shares have advanced, 1135 shares declined, and 171 shares are unchanged. Barring Nifty IT and Nifty Media indices, all the sectoral indices ended in the positive territory today. Nifty Bank index too gained 2 per cent.BSE Midcap and Smallcap indices rose 1 per cent each. India VIX declined nearly 2 per cent to 21.64 levels.

Christopher Wood hiked allocation to Indian equities in his Asia Pacific relative-return portfolio

Friday, October 16, 2020
Christopher Wood, global head (equity strategy) at Jefferies in his latest note to investors, said that he has hiked allocation to Indian equities in his Asia Pacific ex-Japan relative-return portfolio by one percentage point and added two percentage points to the existing investment in HDFC in the Asia ex-Japan long-only portfolio. At 2x 12-month forward adjusted book, compared with a five-year average forward price-to-book ratio (P/BV) of 2.6x, Wood feels HDFC’s valuation remains attractive. Among Indian stocks, besides HDFC, Wood also holds Reliance Industries (RIL), Maruti Suzuki, SBI Life Insurance, ICICI Lombard General Insurance, DLF, and Cipla in his Asia ex-Japan thematic equity portfolio for long-only absolute-return investors. Read more

MARKET UPDATE:Sensex rose 350 points to 40,080 levels and Nifty reclaimed the 11,750-mark

Friday, October 16, 2020
Markets in India were steady and trading nearly a percent higher today morning(16th October 2020). Among headline indices, the S&P BSE Sensex rose 350 points, or 0.9 percent, to 40,080 levels and the Nifty50 index reclaimed the 11,750-mark. IndusInd Bank and Infosys (up 2% each) were the top Sensex gainers, followed by Tata Steel and HDFC Bank (both up 1%). Meanwhile, HCL Tech slipped over 4 percent after the announcement of its September quarter results. All the Nifty sectoral indices were trading in the green, led by Nifty IT and Nifty Bank indexes, both up 1 percent, each. In the broader market, the S&P BSE MidCap and SmallCap indices were both up half a percent, each. Six companies, including Bajaj Consumer Care, and Federal Bank are scheduled to announce their quarterly earnings today.

Tata Exlsi shares gains 5 percent on strong September quarter earnings

Thursday, October 15, 2020
Shares of design and technology services provider Tata Elxsi on Thursday rose by over 5 per cent and hit a record high of Rs 1,533.55 on the BSE in early trade on the stock exchange after the company reported a 58.3 per cent increase in net profit to Rs 78.8 crore for the September quarter. It had reported a net profit of Rs 49.8 crore in the year-ago period, The company's operational revenues grew 11.5 per cent YoY at Rs 430 crore from Rs 385.8 crore in the corresponding period a year ago. The company’s growth was driven by both its key businesses – Embedded Product Design (EPD) and Industrial Design & Visualisation (IDV). Read more

Key factors that dragged the markets lower

Thursday, October 15, 2020
Snapping its ten-day gaining streak, the Indian stock market came under selling pressure today amid weak global cues and profit-booking in recent outperformers such as RIL and information technology (IT) counters. Bluechip indices have rallied for 10 straight days, the biggest rally in 13 years, and have shown signs of fatigue in the last few days. Analysts expect volatility to remain and suggest cautious stock picking. India VIX, the measure of volatility, spiked over 9 percent. Equity investors lost Rs 3.3 lakh crore in the Thursday session as the total market cap of BSE-listed companies slid to Rs 157.22 lakh crore. Why the fall? 1. Early stimulus hopes fade: US Treasury Secretary Steve Mnuchin said he and House of Representatives Speaker Nancy Pelosi were "far apart" on another coronavirus economic relief package, and that a deal would be hard to reach before the November 3 elections. Read more

Closing Bell:Sensex down1066 points, Nifty at 11680.35

Thursday, October 15, 2020
At close, the Sensex was down 1,066.33 points or 2.61% at 39728.41, and the Nifty was down 290.60 points or 2.43% at 11680.40 as governments across Europe tightened restrictions to battle an accelerating second wave of Covid-19 infections. Asian Paints, Coal India Hero MotoCorp and JSW Steel were among major gainers on the Nifty, while losers were Bajaj Finance, Tech Mahindra, IndusInd Bank, ICICI Bank and SBI. About 802 shares have advanced, 1797 shares declined, and 145 shares are unchanged. The volatility index jumped over 9 per cent to 22.05 levels. BSE MidCap index slipped 1.75 per cent and the BSE SmallCap index fell 1.45 per cent.

MARKET UPDATE:Sensex down 90 points around 40,700 levels and Nifty hovered around 11,950

Thursday, October 15, 2020
The benchmark indices in India were trading lower today(15th October 2020) after quickly giving up the opening gains. The S&P BSE Sensex was trading around 40,700 levels, down 90 points, and the Nifty50 hovered around 11,950. Infosys gained 4 percent after delivering a healthy set of numbers in the second quarter of FY21. Besides, Tata Steel (up 2%), ONGC, and NTPC (both up 1%) were the other top Sensex gainers. The trend among the Nifty sectoral indices was mixed, with the Nifty Bank index, down 0.7 percent, leading the list of losers. In the broader market, the S&P BSE MidCap and SmallCap indices were both up 0.2 percent, each. Oil and gas pipeline infrastructure service provider Likhitha Infrastructure will list its shares on bourses today, with the final issue price fixed at Rs 120 per share. Overall, the issue was subscribed to 9.51 times, and analysts expect the issue to see a muted listing. Read more

Chasing market momentum has pitfalls

Wednesday, October 14, 2020
Trying to chase market momentum many a time, end up burning your fingers. That is exactly what has just happened to small investors in at least nine BSE500 stocks. Retail investors, defined as those investing up to Rs 2 lakh in the shares in a company, bought so much into those nine companies during the September quarter that their combined stake in them rose by 200-700 basis points in three months. A 28-115 percent rally on such of these stocks in the June quarter seems to have drawn the investors to these counters. None of the stocks has delivered positive returns since June 30. Data showed small retail investors hiked stakes in Indiabulls Housing Finance by 432 basis points to 16.02 percent in September quarter from 11.7 percent in June quarter, following a 115 percent rally on the stock in June quarter. But the stock is down 27 percent since then. Read more

SBI Card share price hits fresh 52-week high on festive season offers, stock up 4%

Wednesday, October 14, 2020
Shares of SBI Cards and Payments gained 4 per cent and hit a new high of Rs 892 on the BSE on Wednesday in an otherwise weak market. The company said it has kick-started festive season offers in line with the changing shopping trends and customers will be offered discounts as well as cashback across a host of brands. With over 1,000 offers across 2,000 cities, SBI Card aspires to bring customers rewarding shopping experience on their festive season purchases, The festive offers that started from Oct.1 will run till Nov. 15, 2020. Offers are available nationally across marquee brands such as Amazon, Brand Factory, Croma, Caratlane, Fabindia, FirstCry, Grofers, Home centre, Samsung Mobile, Lloyds, More Hypermarket, More Supermarket, Pantaloons and Tata Cliq. Read more

Closing Bell:Sensex gains 169.23 points, Nifty at 11971.05

Wednesday, October 14, 2020
At Close, the Sensex was up 169.23 points or 0.42% at 40794.74, and the Nifty was up 36.50 points or 0.31% at 11971 for the 10th straight day. Bajaj Finserv and Bajaj Finance were the top index gainers, followed by ICICI Bank, IndusInd Bank, and Tata Steel. On the other hand, NTPC, ONGC, and Tech Mahindra were the top losers. About 1202 shares have advanced, 1439 shares declined, and 160 shares are unchanged. India VIX slipped nearly 2.5 per cent to 20.21 levels. Among sectors, except the bank, FMCG and metal other indices ended in the red. BSE Smallcap Index ended marginally lower and Midcap index gained 0.5 per cent.

Indian economy to bounce back with 8.8% growth in 2021 after contracting by 10.3% in 2020

Wednesday, October 14, 2020
The International Monetary Fund (IMF) yesterday (13th October 2020) slashed the growth forecast for India saying that the country’s economy will contract 10.3% in FY21, the third steepest decline after Spain and Italy, and the sharpest fall among emerging markets and developing countries. This is the second downgrade for India by IMF after it reversed its forecast of 1.9% growth in April to a 4.5% contraction in June for 2020-21. The economies of Spain and Italy are seen shrinking by 12.8% and 10.6%, respectively. IMF’s forecast for the Indian economy is gloomier than the Reserve Bank of India’s projection of a 9.5% contraction in the real gross domestic product (GDP) in the full fiscal. The economy shrank an unprecedented 23.9% in the June quarter. Last week, the World Bank said the situation in India is worse than ever, forecasting the country’s economy will shrink 9.6% in FY21, much steeper than the 3.2% fall estimated by IMF in June. Read more

MARKET UPDATE:Sensex dipped 100 points to 40,520 levels and the Nifty hovered around 11,900 levels

Wednesday, October 14, 2020
The markets in India were trading with slight cuts on today(14th October 2020), in line with the trend in Asian indices, ahead of the Supreme Court hearing on a batch of petitions seeking a waiver of interest on loans during the moratorium period. Among the headline indices, the S&P BSE Sensex dipped 100 points to 40,520 levels and the Nifty50 index hovered around 11,900 levels. ONGC, PowerGrid, NTPC, and IndusInd Bank (all down 1 percent) were the top Sensex laggards. On the other hand, Tata Steel gained 1 percent. Wipro slipped 5 percent despite improving its performance in the second quarter of FY21 on several parameters. Karnataka Bank, on the other hand, rose 5 percent after announcing its September quarter results. Sixteen companies including Infosys, Tata Elxsi, and Den Networks are scheduled to declare their September quarter earnings today. Infosys is expected to report a strong set of numbers for the quarter, mainly led by the ramp-up of large deal wins.

Wipro announces ₹9,500 crore buyback plan at ₹400 per share,Profit Rises 3% In September Quarter

Tuesday, October 13, 2020
Wipro, the fourth largest Bangalore based IT services company in India, has reported a 3.2 per cent sequential growth in consolidated profit for the quarter ended September 2020, and also announced a share buyback of Rs 9,500 crore. Consolidated profit increased to Rs 2,465.7 crore for the quarter, compared to Rs 2,390.4 crore in the previous quarter. Wipro's gross revenue rose 1.4 per cent sequentially to ₹ 15,110 crores and revenue from IT services increased 3.7 per cent to $1,992.4 million. Wipro will buy back 23.75 crore shares or 4.16 per cent of the total paid-up capital. at ₹ 400 per equity share, the company said in a press release. The record date of the said buyback was not fixed. Wipro also announced that the company entered into a definitive agreement to acquire Eximius Design India private Limited, an engineering services company with expertise in semiconductor, software and systems design for a total consideration of about ₹100 crores. Read more

Infosys m-cap nears Rs 5-trillion

Tuesday, October 13, 2020
Infosys shares hit a fresh record high of Rs 1,164.70, up 3 percent on the BSE today(13th October 2020), on the expectation that the company may raise its FY21 revenue growth guidance while announcing its July-September quarter (Q2FY21) results in tomorrow. The information technology (IT) bellwether is set to become the fifth company to touch market capitalisation of Rs 5-trillion. At 02:46 pm, the market capitalisation (market-cap) of Infosys stood at Rs 4.95 trillion, 1 percent away from the Rs 5-trillion mark. Currently, Reliance Industries leads the pack with Rs 15.4 trillion market cap, followed by Tata Consultancy Services (Rs 10.61 trillion), HDFC Bank (Rs 6.6 trillion), and Hindustan Unilever (Rs 5.02 trillion), BSE data shows. Read more

Closing Bell:Sensex gains 32 points, Nifty at 11934.50

Tuesday, October 13, 2020
At close, the Sensex was up 31.71 points or 0.08% at 40625.51, and the Nifty was up 3.50 points or 0.03% at 11934.50. IT majors HCL Tech and Infosys were the top index gainers followed by Kotak Mahindra Bank and Reliance Industries Limited. Titan, Sun Pharma, and ICICI Bank, SBI and Bajaj Finance were the top losers. About 1129 shares have advanced, 1459 shares declined, and 177 shares are unchanged. Nifty PSU Bank index, down 1.4 per cent. On the sectoral front, buying seen in the energy, IT, metal, while selling witnessed in the auto, bank, FMCG and pharma indices.

Jio and Airtel ring in active vs inactive subscriber battle

Tuesday, October 13, 2020
Reliance Jio’s falling share of active customers or Visitor Location Register (VLR), against Bharti Airtel's growing numbers, is now a highly discussed point in telecom circles. VLR denotes subscribers who are active on the network, can send or receive calls, don’t have their mobile switched off, and are not outside the coverage area. For some investors and analysts, Reliance Jio’s lower figure is definitely concerning, according to sources. According to the Telecom Regulatory Authority of India (Trai) data for June released last month, Reliance Jio and Airtel had more or less the same number of VLRs (311 million). But a huge difference was spotted between the two rivals in their respective percentage share of active customers to their total subscriber base. This includes active and inactive customers and is also known as the Home Location Register (HLR). The percentage is known as the VLR ratio. Read more

MARKET UPDATE:Sensex down 30 points around 40,550 levels and Nifty hovered around 11,900-mark

Tuesday, October 13, 2020
The markets in India were trading flat with a negative bias today(13th October 2020) ahead of the Supreme Court's hearing on a batch of petitions seeking a waiver of interest on loans during the moratorium period. Among headline indices, the S&P BSE Sensex was trading around 40,550 levels, down 30 points, and the Nifty50 index hovered around 11,900-mark. ICICI Bank, IndusInd Bank, and Axis Bank (all down 1%) were the top Sensex laggards. On the other hand, Bharti Airtel gained 2 percent after Trai's released the subscription data for July. Ultratech Cement and Tata Steel were also up 1 percent each. The trend among Nifty sectoral indices was mixed, with the Nifty Private Bank index, down 0.9 percent, leading the list of losers. Read more

Nirmala Sitharaman's consumption boost of Rs 1 lakh crore to Indian Economy

Monday, October 12, 2020
FM Nirmala Sitharaman today (12th Oct.2020) announced measures to stimulate consumer spending and capital expenditure that would generate demand of Rs 1 lakh crore, including the private sector, and in turn, help the growth of gross domestic product (GDP). A leave travel concession (LTC) cash voucher scheme and special festive advance scheme for government employees are expected to generate additional consumer demand of Rs 36,000 crore, the government said, pegging the numbers on conservative estimates. Capital expenditure by Centre and states is likely to generate demand of about Rs 37,000 crore. “Given that private-sector spending through LTC tax benefit would be at least Rs 28,000 crore, we estimate total demand boost due to today's measures to be more than Rs 1 lakh crore,” Sitharaman said, after elaborating on the measures. Read more

Nirmala Sitharaman announces Special Festival Advance and LTC cash voucher to government employees

Monday, October 12, 2020
The Finance Minister announced LTC cash voucher scheme ahead of the festive season to boost demand. Additionally, Sitharaman has also announced a one-time Rs 10,000 interest-free festival advance for central government employees through the Special Festival Advance Scheme to increase consumer spending to spur demand in the economy. As part of the announcement, central government employees who get Leave Travel Concession (LTC) for their travels will get an equivalent of the amount even without travelling. They could use the allowance to make purchases of their choice. This will apply to the purchase of goods that attract 12 per cent GST or more and can be spent on buying goods worth three times the fare and equal to the cash encashment. The spending will have to be done by digital mode only. Read more

Closing Bell:Sensex gains 84 points, Nifty at 11930.95

Monday, October 12, 2020
At close, the Sensex was up 84.31 points or 0.21% at 40593.80, and the Nifty was up 16.80 points or 0.14% at 11931 for 8th straight day. ITC, State Bank of India, and Power Grid were the top Sensex gainers. While Tata Steel, ONGC, HDFC Bank, Bharti Airtel and Titan were top losers. About 927 shares have advanced, 1713 shares declined, and 184 shares are unchanged. Among sectors, except IT and pharma other sectoral indices ended in the red.BSE Midcap was trading with losses while BSE Smallcap was trading flat with a positive bias.

MARKET UPDATE:Sensex gained 300 points to 40,860 levels, and the Nifty reclaimed the level of 12,000

Monday, October 12, 2020
The markets in India rose nearly one percent today(12th October 2020), ahead of the press conference of Finance Minister Nirmala Sitharaman on economic issues at 12:30 pm today. Among headline indices, the S&P BSE Sensex gained 300 points to 40,860 levels, and the Nifty50 index reclaimed the psychological level of 12,000 for the first time since February 24, 2020. Axis Bank, State Bank of India, ITC, and HDFC (all up 2%) were the top Sensex gainers. On the other hand, shares of Vedanta hit 10 percent lower circuit after the company failed to receive the required number of shares to delist Vedanta Limited. The trend among Nifty sectoral indices was mixed, with the Nifty Bank index, up 1 percent, leading the list of gainers. The broader market continued to underperform, with the S&P BSE MidCap and SmallCap indexes trading 0.3 percent higher, each. Read more

BOT highway projects: Govt targets bidding out six projects by April 2022

Saturday, October 10, 2020
The government is reviving the build-operate-transfer (BOT) model of getting private investment into highway construction after a gap of more than two years. The government is targeting to bid out six projects by April 2022. The first project to go off the block would be around 70 km, costing over Rs 1,700 crore, in Karnataka. The National Highways Authority of India (NHAI) is expected to invite bids for it later this month. The Karnataka project would be the first BOT offering after the government brought in the new model concessionaire agreement in order to attract private investment. The last BOT project – Hapur-Moradabad highway – was awarded in March 2018 to IRB Infrastructure Developers for approximately Rs 3,400 crore, according to sources.

BSE listed companies' market-cap hits record high

Friday, October 9, 2020
The total market capitalisation of BSE-listed companies touched a new high of Rs 160.68 trillion today(9th Oct.2020), led by RIL, information technology (IT), and pharmaceutical stocks. Investor wealth of BSE-listed firms, measured by market capitalisation (m-cap), saw a previous record high of Rs 160.57 trillion, scaled on January 17, 2020. At 02:40 pm, the benchmark S&P BSE Sensex traded at 40,526 points. The index is just 4 percent away from its all-time high level of 42,273.87, touched on January 20, 2020. The S&P BS Sensex, however, ended the day at 40,509 levels - up 327 points, 0.8 percent. On the other hand, the S&P BSE Midcap and the S&P BSE Smallcap index are over 20 percent away from their respective record high levels hit during January 2018.

Update on Vedanta delisting

Friday, October 9, 2020
The metals major is about to close a 5-day reverse book building process today (Oct. 9) in which public shareholders have already tendered 137.1 crores of the total 169.73 crore shares held by them, against the minimum requirement of 134 crore shares taking the promoter shareholding to above the 90% threshold required for a successful delisting. Shares of the company closed 3.83 per cent higher at Rs 122.10 on Friday, Of the 137 crore shares, more than 69 crore shares tendered up to Rs 155 per share, 21 crore at Rs 160 per share and 31.80 crore at Rs 320 per share. The Bombay Stock Exchange has extended the bidding till 7 pm today as some of the retail shareholders reportedly faced trouble in tendering shares. The discovered price on account of the reverse book building process will be announced soon. It is the price at which the promoter shareholding reaches 90% of the total issued and paid-up equity share capital of the company. Read more

RBI keeps policy rates unchanged and will run 'accommodative' stance

Friday, October 9, 2020
The monetary policy committee (MPC) of the Reserve Bank of India (RBI) kept policy rates unchanged, and the governor assured that the worst was possibly over for the economy and it can now hope for a steady recovery towards pre-pandemic growth rates. The newly-appointed six-member MPC voted unanimously to keep the policy repo rate at 4 percent, and said the real gross domestic product (GDP) growth rate in 2020-21 could be a negative 9.5 percent, with “risks tilted to the downside.” The stance of the policy would remain “accommodative,” for “as long as necessary – at least during the current financial year and into the next year – to revive growth on a durable basis and mitigate the impact of Covid-19 while ensuring that inflation remains within the target going forward,” RBI governor Shaktikanta Das in his streamed monetary policy address today(9th Oct.2020) morning. Read more

Closing Bell:Sensex gains 326 points, Nifty at 11914.20

Friday, October 9, 2020
At close, the Sensex was up 326.82 points or 0.81% at 40509.49, and the Nifty was up 79.60 points or 0.67% at 11914.20 for the seventh-day post-RBI MPC meet. Axis Bank, State Bank of India, HDFC Bank, L&T, ONGC and IndusInd Bank were among other gainers. On the flip side, Sun Pharma, Asian Paint, Nestle India, UltraTech Cement, Tata Steel were top Sensex losers. About 1216 shares have advanced, 1426 shares declined, and 164 shares are unchanged. Nifty PSU Bank index jumped over 3 per cent, followed by Nifty Financial Services and Nifty IT indices. Among sectors, bank, infra, IT indices ended in the green, while selling witnessed in the FMCG, auto, metal and pharma indices.

MARKET UPDATE:Sensex dipped 50 points to 40,140 levels and the hovered around 11,850-mark

Friday, October 9, 2020
In Indian markets, the benchmark indices fluctuated between gains and losses today(9th Oct.2020) as RBI Governor Shaktikanta Das began the monetary policy address. The S&P BSE Sensex dipped 50 points to 40,140 levels after earlier rising to 40,320 levels. The Nifty50 index, meanwhile, hovered around 11,850-mark. Tata Steel (up 2%), Bharti Airtel, Larsen & Toubro, and Mahindra & Mahindra (all up 1%) were the top Sensex gainers. On the other hand, TCS and Reliance Industries slipped 0.7 percent, each. Besides, Lakshmi Vilas Bank surged 15 percent after the bank received an indicative non-binding offer from the Clix Group. The Nifty sectoral indices were trading largely in the green, led by the Nifty Metal index, up 1 percent. In the broader market, the S&P BSE MidCap and SmallCap indices were trading 0.3 percent, each. Five companies including Rashtriya Chemicals & Fertilizers, and Steel Strips Wheels are scheduled to announce their quarterly earnings today.

Infosys to acquire Blue Acorn iCi for up to $125M

Thursday, October 8, 2020
IT major Infosys said on Thursday that it will acquire US-based analytics company Blue Acorn iCi for up to $125 million. In a regulatory filing, Infosys said that the move further strengthens its end-to-end customer experience offerings and demonstrates its continued commitment to helping clients navigate their digital transformation journey. Blue Acorn iCi brings to Infosys significant cross-technology capabilities through the convergence of customer experience, digital commerce, analytics, and experience-driven commerce services, it said. It also said that the cost of acquisition would be up to $125 million including management incentives and bonuses. The acquisition is expected to close during the third quarter of FY 2021, subject to customary closing conditions."The Blue Acorn iCi acquisition is another important turning point in Infosys' journey to build capabilities relevant to the digital importance of our clients and assert our commitment to the Adobe ecosystem. Read more

Closing Bell: Sensex jumps over 304 points for the 6th Day, Nifty closes at 11834.60

Thursday, October 8, 2020
At close, the Sensex was up 303.72 points or 0.76% at 40182.67, and the Nifty was up 95.70 points or 0.82% at 11834.60. Tata Consultancy Services was top Sensex gainer, followed by HCL Tech, Infosys, Tech Mahindra, HDFC Bank, UltraTech Cement, Bharti Airtel, SBI, Sun Pharma, Tata Steel and HUL.On the flip side, ONGC was top Sensex loser, followed by Reliance Industries Ltd (RIL), Asian Paints, ITC, Bajaj Auto, Power Grid Corporation of India and Titan Company. About 1215 shares have advanced, 1419 shares declined, and 159 shares are unchanged. Nifty IT index, up 4 per cent followed by the pharma and bank, while selling seen in the energy and FMCG stocks. The S&P BSE MidCap and SmallCap index were both trading half a per cent higher.

MARKET UPDATE:Sensex up 400 points to 40,300 levels and the Nifty testing the 11,850-mark

Thursday, October 8, 2020
The markets in India started today's(8th October 2020) session on a strong footing, up 1 per cent, with major contribution from IT stocks. The S&P BSE Sensex was up 400 points to 40,300 levels and the Nifty50 index was testing the 11,850-mark. TCS gained 4 per cent after exceeding analysts' expectations on all fronts in its September quarter earnings. Wipro was also up 4 per cent after announcing that it will consider share buyback programme. Besides, Infosys and Tech Mahindra also gained 3 per cent and 2 per cent each, respectively. All the Nifty sectoral indices were trading in the green, led by Nifty IT index, up 3 per cent. In the broader market, the S&P BSE MidCap and SmallCap index were both trading half a per cent higher. seven companies including 5paisa Capital, GM Breweries, and Prabhat Dairy are scheduled to announce their September quarter earnings today.

RRVL likely to divest only 10-15% stake

Wednesday, October 7, 2020
Reliance Retail Ventures (RRVL) is expected to divest only a small stake of 10-15 percent in its retail holding company, the proceeds of which will be used to fund acquisitions such as the retail and wholesale business of Future Group and others. As part of its initial and ongoing fund-raising exercise, RRVL has already divested an 8.48 percent stake to a bevy of private equity funds for Rs 37,710 crore. The 10-15-per cent divestment, say sources, will not include strategic investors but only private equity (PE) and sovereign funds. The strategy, according to these sources, is clearly different from the massive fund-raising exercise it undertook in Jio Platforms, where it sold 32.97 percent stake to a clutch of 13 investors for Rs 152,055 crore.

Centre approves 16 proposals to fetch Rs 11,000-crore additional investments in electronics manufacturing

Wednesday, October 7, 2020
The Centre yesterday(6thOct.2020) approved 16 proposals from marquee brands, including makers of Apple devices, under two new flagship schemes, in a move expected to fetch Rs 11,000-crore additional investments in local electronics manufacturing. In turn, this would imply production worth Rs 10.5 trillion over the next five years, giving a fillip to Prime Minister Narendra Modi’s Make in India and Atma Nirbhar Bharat schemes. A statement issued by the Ministry of Electronics and Information Technology said that of the total, Rs 6.5 trillion worth of electronic goods will be exported by 2025 under the Production Linked Incentive (PLI) plan. Read more

Closing Bell:Sensex gains 304 points for 5th day, Nifty at 11738.85

Wednesday, October 7, 2020
At close, the Sensex was up 304.38 points or 0.77% at 39,878.95, and the Nifty was up 76.50 points or 0.66% at 11,738.90. Top BSE Sensex gainers include ONGC, Maruti Suzuki, Reliance Industries Ltd, Hindustan Unilever, TCS, Nestle India, Titan Company, Bajaj-Auto. Bajaj Finance was the top loser, followed by Bajaj Finsv, IndusInd Bank, Kotak Mahindra Bank, ICICI Bank, HDFC, Axis Bank and SBI. About 1040 shares have advanced, 1584 shares declined, and 200 shares are unchanged. Nifty Financial Services index was down 0.84 per cent, Nifty Private Bank index fell 0.80 per cent while the Nifty Metal index dropped half a per cent. While Nifty FMCG index was up 0.75 per cent.BSE Midcap and Smallcap indices ended lower. On the sectoral front, auto, infra, IT and FMCG indices ended in the green, while selling witnessed in the metal, pharma and energy sectors.

MARKET UPDATE:Sensex dipped 80 points at 39,500 levels and the Nifty hovered below the 11,650-mark

Wednesday, October 7, 2020
The markets in India opened flat with a negative bias today(7th October 2020), amid mixed cues from other Asian markets. Among the headline indices, the S&P BSE Sensex dipped 80 points at 39,500 levels and the Nifty50 index hovered below the 11,650-mark. Bajaj Finance dipped 3 percent and was the top Sensex drag after it gave a business update for the quarter ended September 2020. Besides, IndusInd Bank and Bajaj Finserv also slipped 2 percent each. On the other hand, Reliance Industries gained 1 percent after announcing that the Abu Dhabi Investment Authority would invest Rs 5,512 crore into Reliance Retail Ventures for a 1.2-per cent stake. TCS was also trading 1 percent higher ahead of its September quarter results announcement. The trend among Nifty sectoral indices was largely negative, led by the Nifty Private Bank index, down 1 percent. Read more

Tata Motors share price rallies more than 8% as JLR's Q2 sales grow 53% QoQ

Tuesday, October 6, 2020
Shares of Tata Motors jumped more than 8 per cent to Rs 145.7 on the BSE on Tuesday after Jaguar Land Rover's retail sales in the September quarter grew over 50 per cent from sales in the previous quarter. Retail sales for the quarter ended September 30 were 1.13 lakh units, up 53. 33 per cent from 74,067 units sold in the previous quarter. The automaker on October 1 reported a 5.09 per cent increase in total sales to 1,10,379 units in the second quarter of the current fiscal. The company sold 1,05,031 vehicles in the same period last fiscal. In an exchange filing, Tata Motors said that Jaguar Land Rover retail sales for the three-month period to 30 September 2020 were significantly improved from sales in the preceding quarter but continue to be impacted by Covid-19. Retail sales were still down 11.9 per cent from pre-COVID levels a year ago, the company said. Read more

Closing Bell: Sensex gains 600 points, Nifty at 11662.40

Tuesday, October 6, 2020
At close, the Sensex was up 600.87 points or 1.54% at 39574.57, and the Nifty was up 159 points or 1.38% at 11662.40 lifted mainly by bank and auto stocks.HDFC was the top Sensex gainer, followed by IndusInd Bank, M&M, HDFC Bank, Asian Paints, Bajaj Finance and ICICI Bank. Tata Steel shares fell the most, followed by Nestle India, L&T, NTPC, Bharti Airtel, Reliance Industries (RIL) and Infosys. About 1488 shares have advanced, 1165 shares declined, and 159 shares are unchanged. Nifty Bank index gained 2.01 per cent and Nifty Financial Services was up 2.80 per cent. The BSE MidCap gained 0.70 per cent, while the BSE SmallCap index was up 0.60 per cent. Barring Nifty FMCG index, Nifty Metal index, pharma and energy all the sectoral indices were trading in positive territory.

external members of RBI'S monetary policy committee appointed

Tuesday, October 6, 2020
The government has appointed Jayanth Varma who is a professor in the Indian Institute of Management, Ahmedabad, Ashima Goyal, member of the Economic Advisory Council of Prime Minister, and Shashanka Bhide, senior advisor at National Council for Applied Economic Research as external members of the Reserve Bank of India's monetary policy committee. 1. Jayanth Varma is a known expert in financial markets. He is currently a professor at the Indian Institute of Management (IIM), Ahmedabad, and teaches courses in the capital market, fixed income, alternative investment, and corporate finance. He has been the dean of IIM for three years. Prior to this, he was a full-time member of the market regulator Securities Exchange Board of India for a year. This is after completing his three years stint at Sebi as a part-time member. Prof. Varma, who is also a qualified cost accountant awarded a gold medal for scholastic performance from the IIM. Read more

MARKET UPDATE:Sensex gained 300 points to 39,270 levels and the Nifty reclaimed the 11,600 mark

Tuesday, October 6, 2020
Markets in India rose over half a percent in today's(6th October 2020) early deals, on firm global cues. The S&P BSE Sensex gained 300 points to 39,270 levels and the Nifty50 index reclaimed the 11,600 marks. HDFC and IndusInd Bank gained 5 percent and 3 percent, respectively, after posting business updates. Meanwhile, Tata Motors also ticked up 3 percent as Jaguar Land Rover reported a 50 percent growth in September quarter sales at 1.13 lakh vehicles on a sequential basis. Britannia Industries gained 1 percent after its board has approved a bonus debenture issue and dividend. The trend among Nifty sectoral indices was largely positive, led by the Nifty Bank index, up 1.5 percent. In the broader market, the S&P MidCap and SmallCap indexes were trading 0.7 percent and 0.6 percent higher, respectively.

TCS becomes second Indian firm with Rs.10 lakh crore market cap after Reliance

Monday, October 5, 2020
Tata Consultancy Services on Monday became the only second listed Indian firm after Reliance to reach the Rs 10 lakh crore market capitalization. Shares of Tata Consultancy Services rallied 7 per cent to Rs 2,706 on the BSE in the early morning trade on Monday after the company said it will consider a buyback on Wednesday, October 7, 2020. ICICI Securities believes that TCS has the potential to do a buyback of Rs 20,000 crore, which is around 2 per cent of its market capitalisation. Following the rally in its share price, the company’s market valuation jumped to Rs 10.16 lakh before the trade close.TCS is the second most-valuable domestic firm in terms of market capitalisation. Meanwhile, Reliance Industries Limited is the first Indian film to have crossed the Rs 10 lakh crore market valuation mark. Its market valuation is currently at Rs 15,02,355.71 crore – the highest for any listed company in the country. Read more

Govt's key reforms fail to gain traction

Monday, October 5, 2020
Delay in appointing a new central bank committee to decide interest rates is just the latest of govt’s key economic reforms that are failing to gain traction during the nation’s worst crisis in decades. Three of its major policies -- the goods and services tax, a bankruptcy and insolvency law, and the Monetary Policy Committee -- have been mired in problems since the Covid-19 outbreak upended economic activity. The central govt has delayed payments it promised India’s 28 states as compensation under the new consumption tax regime, increasing tension between the two tiers of government. The bankruptcy law has been suspended, frustrating the loan recovery efforts of lenders already saddled with one of the world’s worst bad-loan problems. And on top of that, the government didn’t appoint members to the central bank’s MPC in time for its scheduled policy decision last week, delaying possible stimulus that the economy desperately needs.

Closing Bell:Sensex gains 276 points, Nifty at 11503.35

Monday, October 5, 2020
At close, the Sensex was up 276.65 points or 0.71% at 38973.70, and the Nifty was up 86.40 points or 0.76% at 11503.40 mainly lifted by information technology (IT) stocks and private sector lenders such as HDFC Bank, and ICICI Bank. TCS was the top Sensex gainer, followed by Tata Steel, Sun Pharma, Infosys, Tech Mahindra and IndusInd Bank. On the flip side, Bajaj Finserv, Bajaj Finance, Bharti Airtel, ITC, Power Grid Corporation of India, RIL and Bajaj-Auto were the top Sensex losers. About 1461 shares have advanced, 1213 shares declined, and 173 shares are unchanged. the volatility index, India VIX, shot up 7.67 per cent. Nifty IT index, up 3.47 per cent. Buying witnessed in the IT, metal, pharma, FMCG and banking stocks, while infra and energy indices ended in the red.

Centre, RBI gets a week to file affidavits in Loan moratorium case

Monday, October 5, 2020
The Supreme Court today(5th Oct.2020) adjourned the hearing in the loan moratorium case to October 13. The bench granted an additional week's time to the government to file the affidavit recounting the guidelines, notifications, and circulars that have been taken by the RBI and Union government. The development comes as the Centre is set to formulate a scheme to waive compound interest for small borrowers during the six-month moratorium period, which may come at a cost of Rs 5,000-7,000 crore. The government, during the hearing, submitted a Cabinet note to the apex court following its approval. Read more

MARKET UPDATE:Sensex gained 400 points to 39,140 levels and the Nifty topped the 11,500-mark

Monday, October 5, 2020
The markets in India were trading firm, in line with Asian indices, today(5th Oct.2020) on reports that US President Donald Trump could return to the White House today after responding well to Covid-19 treatment. Among headline indices, the S&P BSE Sensex gained 400 points, 1 percent, to 39,140 levels and the Nifty50 index topped the 11,500-mark. TCS and IndusInd Bank (up 5%) were the top Sensex gainers. The trend among Nifty sectoral indices was positive, led by the Nifty IT index, up 1.7 percent. Meanwhile, the volatility index, India VIX, shot up 6 percent. Meanwhile, in the broader market, the S&P BSE MidCap and SmallCap indexes were trading half a percent higher, each. One of the largest retail broking houses, Angel Broking, will debut at the bourses today. The issue price is fixed at Rs 306 per share, the higher end of the price band. The IPO was oversubscribed nearly four times.

Govt ready for waiver of the compounding of interest for small borrowers during moratorium

Saturday, October 3, 2020
The central government is ready to bear the burden of an interest waiver for small borrowers as the estimated impact of the move on the entire banking system would otherwise be Rs 6 trillion, the finance ministry told the Supreme Court yesterday(2nd Oct.2020). “After careful consideration and weighing all possible options, the Union government has decided to continue the tradition of handholding the small borrowers. The government, therefore, has decided that the relief on waiver of compound interest during the six-month moratorium period shall be limited to the most vulnerable category of borrowers,” an affidavit submitted by the department of financial services (finance ministry) on Friday stated. Read more

Multiplex Shares Rally 17 % After Government Allows Cinemas To Operate With 50% Seating

Thursday, October 1, 2020
Shares of multiplex operators like Inox Leisure and PVR rallied up to 17 per cent on the BSE on Thursday after the government allowed cinema halls to operate with 50 per cent seating capacity under 'Unlock 5' rules released by the Home Ministry from October 15 outside containment zones adhering to the Standard Operating Procedure (SOP). Following the government's order - PVR shares rallied as much as 14 per cent to hit an intraday high of ₹ 1,395 and Inox Leisure surged as much as 18 per cent to hit an intraday high of ₹ 318.20. About 9,500 theatres have remained shut since the nationwide coronavirus lockdown started in late March. Movie industry representatives in Bollywood have said it would take at least two years for them to recover financially from the pandemic, putting tens of thousands of jobs at risk. Many big-budget Bollywood movies have been getting pushed to the next fiscal year, as falling box-office collections made production houses face a liquidity crunch. Read more

Closing Bell:Sensex gains 629 points, Nifty at 11416.95

Thursday, October 1, 2020
At Close, Sensex closed 629 points or 1.65 per cent, higher at 38,697.05 and Nifty ended 169 points, or 1.51 per cent, up at 11,416.95 endings near the day’s high amid across-the-board buying. IndusInd Bank shares jumped 12.5% followed by Bajaj Finance, Axis Bank, ICICI Bank, and Tech Mahindra. Only ITC, NTPC, Reliance, Titan, and ONGC ending the day in red with marginal losses. The volatility index, India VIX, slipped nearly 6.5 per cent to 18.27 levels. BSE Midcap index closed 0.73 per cent up while the BSE Smallcap index settled 0.69 per cent up. Among the sectoral indices, BSE Energy and Consumer Durables ended with mild losses. BSE Bankex index jumped almost 4 per cent while Finance rose over 3 per cent.

Covid-19 crisis:Unlock 5.0 has been set in motion in India

Thursday, October 1, 2020
In India unlock 5.0 has been set in motion from today(1st Oct.2020). The new set of guidelines aims to further open up economic activities. Last month the MHA allowed metro rails to resume, allowed functions and gatherings of up to 100 people, allowed bars and pubs to open and removed all interstate and intrastate movement restrictions. However, education institutions were told to remain closed, cinemas and entertainment parks were kept shut, and international travel too, except as permitted by the MHA, remained suspended. What are the major changes expected in unlock:5? Read more

MARKET UPDATE:Sensex rose 400 points to 38,500 levels, and the Nifty topped the 11,350-mark

Thursday, October 1, 2020
The markets in India shot up 1 percent today(1st October 2020), on the back of favourable global cues. Among headline indices, the S&P BSE Sensex rose 400 points to 38,500 levels, and the Nifty50 index topped the 11,350-mark. Bajaj Auto and IndusInd Bank (up 3%) were the top Sensex gainers, followed by Bajaj Finance, Axis Bank, and Bajaj Finserv (all up 2%). Reliance Industries gained 1 percent after the company announced that US private equity firm Silver Lake Partners will invest an additional Rs 1,875 crore in Reliance Retail. PVR and Inox Leisure zoomed 15 and 17 percent, respectively, after the central government allowed the reopening of cinema halls, theatres, and multiplexes with effect from October 15 with a maximum of 50 percent capacity. Besides, ONGC and Oil India dipped 3 percent each after the government cut natural gas prices cut by 25 percent. Read more

India records current account surplus of $19.8 bn in Q1-2020-21

Thursday, October 1, 2020
The current account balance (CAB) of India recorded a surplus of $19.8 billion (3.9 percent of GDP) in Q1 of 2020-21. This contrasts with a deficit of $ 15 billion (2.1 percent of GDP) in April-June 2019 (Q1Fy20). The surplus in April-June 2020 (Q1Fy21) comes on top of a surplus of $0.6 billion (0.1 percent of GDP) in the preceding quarter (Q4 Fy20), said the Reserve Bank of India in a statement. The surplus was due to a sharp contraction in the trade deficit to $10 billion, as the country’s merchandise imports declined sharply relative to exports on a year-on-year basis. Net services receipts remained stable, primarily on the back of earnings from computer services. Private transfer receipts, comprising broadly remittances by Indians working overseas, amounted to $ 18.2 billion--a decline of 8.7 percent from their level a year ago.

All 32 accused in the Babri Masjid demolition conspiracy case acquitted

Wednesday, September 30, 2020
A special court today(30th Sept.2020) acquitted all 32 accused, including former deputy prime minister Lal Krishna Advani, in the demolition of the Babri mosque in Ayodhya on December 6, 1992. "The accused tried to stop the demolition," said special CBI judge Surendra Kumar Yadav in Lucknow. The court said the demolition was not planned and some members of the crowds impulsively attacked the structure. “The court has said that there is no legal evidence to prove the charges. The court also did not find any evidence of a conspiracy,” I B Singh, a lawyer for one of the accused, told. The judge also said the Hindu activists who tore down the 16th-century mosque were "anti-social elements", according to NDTV.com. Read more

Google India to launch 'Namaste Digital' show on DD to empower SMBs

Wednesday, September 30, 2020
Google India on Wednesday said that it will launch a new show in partnership with Doordarshan named as Namaste Digital as part of its new multi-pronged effort to assist small and medium-sized businesses (SMBs) steer the challenging economic environment. The "Namaste Digital" show will provide as a mass media programme for SMBs to learn about the Internet and help them grow their business, Google said. Keeping the needs of different businesses in mind, Google has also associated with Zoho and Instamojo to help small and medium businesses build a digital presence. and delivery services providers Dunzo and Swiggy to fast track the onboarding process, with both partners committing to provide additional support to small businesses to start accepting orders online and enable delivery logistics. Under the new initiative, small businesses will be able to create business websites using Zoho inventory and sell online through Zoho Commerce for free till March 31, 2021. Read more

Closing Bell:Sensex gains 94 points, Nifty at 11247.55

Wednesday, September 30, 2020
At close, the Sensex was up 94.71 points or 0.25% at 38067.93, and the Nifty was up 25.10 points or 0.22% at 11247.50 lifted mainly by FMCG and pharma stocks. Nestle India, Titan Company, Tech Mahindra, and Asian paints were top gainers. Tata Steel, BPCL, Bharti Airtel, IndusInd Bank and Power Grid were the worst performing Sensex constituents. About 1196 shares have advanced, 1370 shares declined, and 151 shares are unchanged. The Nifty FMCG index, up over 1 per cent. The S&P BSE MidCap and SmallCap indexes ended 0.05 per cent and 0.04 per cent higher, respectively. The mixed trend seen among the sectoral indices with FMCG, IT and pharma ended in the green, while metal, energy and infra sectors finished lower. Volatility slipped 0.42% during the day.

Walmart in talks to invest $25 bn in Tata Group's 'super app

Tuesday, September 29, 2020
Walmart is in talks with Tata Group for a potential investment of up to $25 billion in a proposed super app. As per discussions reported between the two companies, the super app could be launched as a joint venture between Tata and Walmart, leveraging on the synergies between Tata's e-commerce business and Flipkart, Walmart's e-commerce unit, according to the report. The news comes as Reliance Industries Ltd, controlled by Asia's richest man Mukesh Ambani, raised over $20 billion from investors including Facebook, Alphabet's Google, KKR & Co and Silver Lake Partners by selling stakes in its digital business Jio Platforms. The super app, which is scheduled to be launched in India in December or January, will bring together Tata's consumer business under one channel offering a wide range of products in the retail space, Mint said. Tata's consumer businesses include watch and jewellery brand Titan and fashion retail chain, Trent. Read more

Serum Institute to make 200 mn Covid vaccines in 2021

Tuesday, September 29, 2020
India registered 70,589 new Covid-19 cases, taking the total caseload to 6,145,291. The death toll now stands at 96,351. The Union Health Ministry has launched a web portal that will provide all important information on coronavirus, vaccine development, ongoing clinical trials, and progress made in this area locally and globally. The "vaccine web portal" and the ''National Clinical Registry for Covid-19'' have been developed by ICMR. The Ministry of Health and Family Welfare yesterday (28th Sept.2020) said that the first vaccine in India will most likely be available by early 2021. The WHO and its leading partners have agreed to roll out 120 million rapid-diagnostic tests for the coronavirus to help lower- and middle-income countries make up ground in a testing gap with richer countries - even if it's not fully funded yet. Read more

Closing Bell:Sensex ends flat amid high volatility, Nifty at 11222.40

Tuesday, September 29, 2020
At close, the Sensex was down 8.41 points or 0.02% at 37,973.22, and the Nifty was down 5.10 points or 0.05% at 11,222.40 after fluctuating between gains and losses. Ultratech Cement was the top gainer followed by TCS, JSW Steel, Hero MotoCorp and Tata Steel. While losers included ONGC, IndusInd Bank, UPL, Power Grid Corp and Axis Bank. Nifty PSU Bank index, down 2 per cent. About 1170 shares have advanced, 1406 shares declined, and 168 shares are unchanged. Buying witnesses in the metal, IT and auto sectors, while the bank, FMCG, infra, pharma and energy indices ended in the red. The S&P BSE MidCap index up 0.12 per cent while the S&P BSE SmallCap down 0.02 per cent.

MARKET UPDATE:Sensex 90 points higher at 38,069 levels and the Nifty hovering around 11,250-mark

Tuesday, September 29, 2020
The markets in India were trading flat with a positive bias today(29th Sept.2020), on the back of firm cues from the main Wall Street indices. The S&P BSE Sensex was trading nearly 90 points higher at 38,069 levels and the Nifty50 index was hovering around the 11,250-mark. TCS, Asian Paints, Maruti Suzuki, and Bajaj Auto (all up 1%) were the top Sensex gainers. On the other hand, Powergrid dipped 1 percent in early deals. In the broader market, the S&P BSE MidCap index was trading at 14,738.75, up 0.12 percent while the S&P BSE SmallCap was trading at 14,860, down 0.02 percent.

Beware! time bomb ticking in stock markets:Jim Rogers

Monday, September 28, 2020
The next decade is going to be tough for global investors, Legendary investor Jim Rogers believes. In an interaction with ETNOW, he said the worst of his lifetime is yet to come, which will take a huge toll on many of the hyped-up stocks. Commenting on the ongoing trend, where expensive stocks are getting more expensive and cheap ones are getting cheaper, he said this always happens towards the end of a bull market, as people think they are safe, and thereafter, you have a blow-off in the market. “That is what happens now. This is a sign that this bull market is getting very old. Several hyped-up stocks are likely to crash when the next bear market comes,” he said. Read more

RBI postpones September’s Monetary Policy Committee meeting, new dates to be announced shortly

Monday, September 28, 2020
The meeting of the Monetary Policy Committee (MPC), for the penultimate policy review for 2020, which was scheduled for 29 September, 30 September, and 1 October 2020 has been rescheduled. The revised dates will be notified later, RBI said. The Reserve Bank is required to conduct at least four meetings of the Monetary Policy Committee in a year. The central bank didn’t give any reason, but the external members for the MPC have not been appointed by the government. This may have forced the central bank to defer the meetings. Even as weak demand hurts the economy, the RBI had refrained from cutting the benchmark lending rate, leaving the rate unchanged at 4 per cent in the last MPC meeting. However, it continued to maintain the accommodative stance in the wake of weak growth numbers and the adverse impact of the coronavirus pandemic on the economy. Read more

Closing Bell:Sensex gains 593 points, Nifty at 11227.55

Monday, September 28, 2020
At close, the Sensex was up 592.97 points or 1.59% at 37981.63, and the Nifty was up 177.20 points or 1.60% at 11227.50 amid broad-based buying. IndusInd Bank was the top Sensex gainer, followed by Bajaj Finance, Axis Bank, Power Grid Corporation of India, ONGC, ICICI Bank and Sun Pharma. On the flip side, HUL, Infosys and Nestle India were the losers on the Sensex pack. About 1888 shares have advanced, 763 shares declined, and 158 shares are unchanged. Nifty Media index was the top sectoral gainer, up 4.77 per cent. Nifty Bank index jumped 3.26 per cent while the Nifty FMCG index gained 0.85 per cent. On the sectoral front, all the Nifty sectoral indices ended in the green. BSE Midcap and Smallcap indices rose over 2 per cent each.

MARKET UPDATE:Sensex rose 350 points to 37,740 levels and Nifty topped the 11,100-mark

Monday, September 28, 2020
The equity markets in India gained nearly one per cent today(28th Sept.2020), tracking positive cues from other Asian markets, ahead of the Supreme Court hearing in the loan moratorium and interest waiver case. Among headline indices, the S&P BSE Sensex rose 350 points to 37,740 levels and the Nifty50 index topped the 11,100-mark. ONGC (up 4%) was the top Sensex gainer, followed by Bajaj Finance (up 3%), NTPC, Axis Bank, and Larsen & Toubro (all up 2%). Meanwhile, Lakshmi Vilas Bank slipped 5 percent after a large section of the bank's shareholders voted against the reappointment of the managing director and chief executive, as well as seven directors and auditors, at the recent AGM. All the Nifty sectoral indices were trading in the green, led by the Nifty Metal index, up 1.8 percent. The broader indices, meanwhile, outperformed the benchmark indices, with the S&P BSE MidCap and SmallCap indexes trading over 1 per cent higher, each.

COVID-19: India's active cases see net reduction

Sunday, September 27, 2020
India reported a net reduction in its count of active coronavirus cases on Saturday,26th Sept.2020. In the seventh daily reduction in eight days, the country’s active cases came down by 9,147 to 960,969. A jump of 93,420 in the number of cured cases, meanwhile, pushed recoveries in the country to 4,849,584, or 82.14 percent all infections reported so far. While a single-day increase of 85,362 in total cases took India’s overall tally to 5,903,932, its death toll reached 93,379 with 1,089 fatalities being reported in 24 hours. The second-most-affected country by active and total cases, and third by a fatality, India has added 595,918 in the past seven days. following are the salient points of the coronavirus data released by the MoHFW on Saturday (September 26, 2020): Read more

Advanced Enzyme stock gains 33% in 2 days as Nalanda India picks up stake

Friday, September 25, 2020
Shares of agricultural products company Advanced Enzyme Technologies rallied 13 per cent to Rs 317 on the National Stock Exchange (NSE) in the early morning trade on Friday touching new 52 weeks high and surging over 33 per cent in the last 2 days, after foreign portfolio investor (FPI) bought nearly 4 per cent stake in the company via the open market. Nalanda India Equity Fund has bought 41,90,491 equity shares in Advanced Enzyme Technologies (representing 3.75 per cent of the total paid-up equity) for Rs 111 crore, at Rs 263.8 per share. Advanced Vital Enzymes Private Limited sold 3 million equity shares at a price of Rs 265 per share on the NSE. Advanced Enzyme Technologies in annual report 2019-20 said it may benefit from an increase in healthcare spending in the US and India. The US has the highest health spending in the world and it is drastically moving towards the usage of human healthcare enzymes and Probiotics. Read more

Closing Bell:Sensex gains 835 points, Nifty at 11050.25

Friday, September 25, 2020
At close, the Sensex was up 835.06 points or 2.28% at 37388.66, and the Nifty was up 244.80 points or 2.27% at 11050.30 due to across-the-board buying. Bajaj Finserv, HCL Tech, Bharti Airtel, IndusInd Bank, L&T, TCS, ICICI Bank, ONGC and Infosys.are top Sensex gainers. While losers included SBI Life Insurance, UPL, HDFC Life and BPCL. About 1953 shares have advanced, 648 shares declined, and 165 shares are unchanged. Nifty IT index was top sectoral gainer, up 3.46 per cent and FMCG indexes up 3.5 per cent. All the sectoral indices ended in the green. BSE Midcap and Smallcap indices gained 2-3 per cent.

India’s economy showed signs of stabilising

Friday, September 25, 2020
In August India’s economy showed signs of stabilising with manufacturing and services gradually improving even as coronavirus cases escalated across the country. Five of the eight high-frequency indicators compiled by Bloomberg News gained last month, while two were unchanged and one deteriorated. That kept the needle on a dial measuring so-called animal spirits steady at 4 -- a level arrived at by using the three-month weighted average to smooth out volatility in the single-month readings. A strong rebound is still a far way off though as a surge in virus cases continues to disrupt activity and has led many economists to downgrade their growth forecasts for the year. Read more

MARKET UPDATE:Sensex rose 350 points to 36,910 levels, and the Nifty topped the 10,900-mark

Friday, September 25, 2020
In Indian markets, benchmark indices gained 1 percent in today's(25th Sept.2020) opening deals, following similar trends in Asian indices. The S&P BSE Sensex rose 350 points to 36,910 levels, and the Nifty50 index topped the 10,900-mark. IndusInd Bank, Mahindra & Mahindra, Bajaj Finance, and TCS (all up 2%) were the top Sensex gainers. All the Nifty sectoral indices were trading in the green, led by the Nifty Auto index, up 2 percent. In the broader market, the S&P BSE MidCap and SmallCap indexes were also trading 1 percent higher, each.

Angel Broking IPO subscribed 3.9 times for final day

Thursday, September 24, 2020
The initial public offer of Angel Broking has been subscribed 3.9 times on September 24, the final day of bidding, backed by retail investors. The Rs 600-crore initial public offering of Angel Broking was subscribed nearly 2 times on the National Stock Exchange (NSE) and BSE on Wednesday, the last day for bidding. The IPO has received bids for 2.43 crore equity shares against an offer size of 1.37 crore equity shares, the data available on exchanges showed. The offer received a bumper response from retail investors who have subscribed the issue 3.4 times so far on Day 3 of the issue. However, the IPO failed to get any subscription from Qualified Institutional Buyers (QIB). The IPO consists of a fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore by promoters and investors. Angel Broking is one of the largest independent full-service retail broking house in India which was incorporated in 1996 in terms of active clients. Read more

Closing Bell:Sensex crashes 1155 points, Nifty at 10805.55

Thursday, September 24, 2020
At close, the Sensex was down 1,114.82 points or 2.96% at 36553.60, and the Nifty was down 326.40 points or 2.93% at 10805.50. Barring HUL, all the Sensex constituents such as IndusInd Bank, Bajaj Finance and ICICI Bank ended deep in red today. The volatility index, India VIX, shot up 12.32 per cent to 23.53 levels. About 598 shares have advanced, 2009 shares declined, and 155 shares are unchanged. Nifty IT and Nifty Metal indices were top sectoral losers, down 4.20 per cent and 4.24 per cent, respectively. Nifty Bank fell 3.4 per cent, Nifty Auto 3.54 per cent and Nifty FMCG index lost 0.95 per cent. The S&P BSE MidCap and SmallCap indexes were trading over 2 per cent lower, too.

MARKET UPDATE:Sensex dipped 570 points to 37,090 levels and the Nifty slipped below 11,000 level

Thursday, September 24, 2020
The Indian markets started the expiry day of September(24th Sept.2020), derivative series on a feeble note, plunging over one percent, on the back of subdued global cues. The S&P BSE Sensex dipped 570 points to 37,090 levels and the Nifty50 index slipped below the psychological level of 11,000. Mahindra & Mahindra, Bajaj Finance, Infosys, Tata Steel, and IndusInd Bank, all slipped over 2 percent and were the top Sensex laggards. All the Nifty sectoral indices were painted red, with Nifty IT and Nifty Metal indexes, down 2 percent each, taking the biggest hit. In the broader market, the S&P BSE MidCap and SmallCap indexes were trading 1.75 percent and 1.9 percent lower, respectively.

Bharti Airtel, Vodafone Idea shares plunge up to 9% after Jio launches new post-paid plans

Wednesday, September 23, 2020
Shares of telecom service providers, Bharti Airtel and Vodafone Idea (Vi) shares fell up to 9 per cent in Wednesday’s trade after Reliance Jio rolled out postpaid tariff plans, making a concerted bid for the higher paying subscribers of India's older operators. Under the new plans, Jio is offering an extensive content portfolio at a rate which is 6-20 per cent cheaper than Airtel and Voda-Idea. Reliance Jio has introduced new postpaid plans called JioPostpaid Plus that offers a free subscription to OTT platforms Amazon Prime, Disney+ Hotstar, and Netflix and a host of other benefits. It is also offering in-flight connectivity for Indian travellers going overseas, free international roaming in the US and UAE, besides other offers. Jio’s new monthly post-paid tariff plans range from Rs 399 to Rs 1,499, will be available from September 24 in Jio Stores and via home delivery, while Airtel’s postpaid plans start at Rs 499, though Vi’s also begin from Rs 399. Read more

Closing Bell:Sensex slips 66 points, Nifty at 11131.85

Wednesday, September 23, 2020
At close, the Sensex was down 65.66 points or 0.17% at 37,668.42, and the Nifty was down 21.80 points or 0.20% at 11,131.90 amid volatility. Infosys, HCL tech, Asian Paints, L&T, HDFC Bank, Maruti Suzuki, ITC were major gainers in the Sensex pack, while losers include Bharti Airtel, Tata Steel, TCS, Power Grid Corporation of India, NTPC, ONGC and Bajaj-Auto. About 1213 shares have advanced, 1382 shares declined, and 155 shares are unchanged. Nifty IT was the top sectoral gainer. Nifty PSU Bank index, down 2 per cent. The BSE MidCap and SmallCap indexes were trading 0.7 per cent and 1.2 per cent higher, respectively. Barring Nifty Metal and Nifty PSU Bank indices, all the sectoral indices were trading in the positive territory. India VIX, rose 3 per cent

MARKET UPDATE:Sensex up 340 points at 38,080 levels and the Nity testing the 11,250-mark

Wednesday, September 23, 2020
Equity markets in India rose half a percent today(23rd Asept.2020), tracking the overnight gains on the major Wall Street indices. The S&P BSE Sensex was up 340 points at 38,080 levels and the Nity50 index was testing the 11,250-mark. Reliance Industries gained 2 percent after the company announced that KKR will invest Rs 5,500 crore for a 1.28 percent stake in Reliance Retail. The stock was the top Sensex gainer, followed by Infosys, Maruti, and IndusInd Bank (all up 1%). All the Nifty sectoral indices, barring the Nifty Metal index, were trading in the green, led by the Nifty Private Bank index, up 0.6 percent. In the broader market, the S&P BSE MidCap and SmallCap indexes were trading 0.7 percent and 1.2 percent higher, respectively.

KKR to invest Rs 5,550 crore in Reliance Retail Ventures

Wednesday, September 23, 2020
Global investment firm KKR will invest Rs 5,500 crore in Reliance Retail for 1.28 percent equity share, Reliance Industries Limited said in a BSE filing today(23rd Sept.2020). This is the second investment by KKR in a Reliance subsidiary, following an Rs 11,367 crore investment in Jio Platforms announced earlier this year. “I am pleased to welcome KKR as an investor in Reliance Retail Ventures as we continue our onward march. KKR has a proven track record of being a valuable partner to industry-leading franchises and has been committed to India for many years," said Mukesh Ambani in a statement issued by RRVL. Read more

TCS share price hits new 52-week high after UK supermarket chain Morrisons expands strategic pact

Tuesday, September 22, 2020
Shares of Tata Consultancy Services (TCS) gained 2 per cent to Rs 2,523 in an otherwise weak market on Tuesday after the company said it has expanded its partnership with Morrisons, a leading supermarket chain in the UK, through a five-year contract for application management services, data services and cybersecurity services. Tata Consultancy Services stock surpassed its previous high of Rs 2,538 apiece on September 15, 2020. TCS said the partnership will help accelerate the latter’s plan to simplify and modernise its technology to improve the shopping trip, eliminate wasted effort and become more popular and accessible to its customers. Morrisons selected TCS as its Application – Managed Services partner in 2016, to improve the customer and employee experience. Since then, TCS has worked closely with the retailer to help drive its growth and modernisation agenda across various lines of business, leveraging its comprehensive portfolio of business and technology services and solutions. Read more

India needs huge investment to give all Indians Covid vaccine

Tuesday, September 22, 2020
A vaccine for the coronavirus will likely be ready by early 2021 for India. Rolling it out safely across India’s large population will be the country’s biggest challenge in fighting its surging epidemic, experts say. “By year-end, we will have data that will tell us which vaccines are working and which ones are not going to do so well,” said Kang, who until July was heading the Indian government committee looking into prospective indigenous vaccine candidates. “If we get good results by year-end then we are looking at vaccines being potentially available in tiny numbers in the first half of 2021 and larger numbers in the latter part.” Read more

Closing Bell:Sensex crashes 300 points, Nifty at 11153.65

Tuesday, September 22, 2020
At Close, Sensex closed 300 points, or 0.79 per cent, lower at 37,734.08 while Nifty ended at 11,153.65 with a loss of 97 points or 0.86 per cent. Maruti Suzuki was the most loser in the Sensex pack followed by L&T, IndusInd Bank, Axis Bank, ONGC, Reliance Industries, Asian Paints and Titan Company. On the flip side, HCL Tech was the top Sensex gainer followed by TCS, Sun Pharma, Tech Mahindra, ICICI Bank and Bharti Airtel. Nifty Bank index fell 1.07 per cent while Nifty FMCG was down 0.78 per cent. Realty, Oil & Gas, Capital Goods and Industrials lost 2 per cent. India VIX slipped nearly 5 per cent to 21 levels. BSE Midcap and Smallcap indices were 1.68 per cent and 1.79 per cent down, respectively. Barring Nifty Pharma and Nifty IT indices, all the sectoral indices have ended in the negative territory.

MARKET UPDATE:Sensex dipped 200 points to 37,820 levels and the Nifty fell below the 11,200-mark

Tuesday, September 22, 2020
The markets in India headed lower after a flat start today(22nd Sept.2020), in tune with subdued global cues. The S&P BSE Sensex dipped 200 points to 37,820 levels and the Nifty50 index fell below the 11,200-mark. Bajaj Finance, Bajaj Finserv, ONGC, and Tata Steel, all slipped over 2 percent and were the top Sensex laggards. On the other hand, IT stocks HCL Tech, Tech Mahindra, and TCS rose 1 percent each. Shares of GMM Pfaudler tanked 10 percent on the BSE after the company said its promoters planned to sell up to 28 percent stake worth up to Rs 1,433 crore in the company via offer for sale. The trend among Nifty sectoral indices was mixed, with the Nifty Metal index, down 1 percent, leading the list of losers. Meanwhile, the broader markets underperformed their benchmark peers with the S&P BSE MidCap and SmallCap index dipping over 1 percent and 2 percent, respectively.

Birla Corporation slips 9 per cent after HC bans Harsh Vardhan from group cos

Monday, September 21, 2020
Shares of Birla Corporation (Birla Corp) slipped 9 per cent to Rs 662 on the BSE in the intra-day trade on Monday after the Calcutta High Court (HC) on Friday restrained Harsh Vardhan Lodha from holding any office in M P Birla group entities. With this Lodha, who has fought for almost a decade to retain control of cement maker Birla Corp and the MP Birla group companies, will be removed with immediate effect from all company positions. The court’s ruling is a significant victory for the extended Birla family, which is contesting the legal validity of Priyamvada Birla’s Will, according to a Mint report. The two sides have been locked in a battle for 18 years over the Will in which Priyamvada Birla bequeathed her estate and control of the now Rs 25,000 crore MP Birla empire to her Chartered Accountant RS Lodha and his second son Harsh Vardhan Lodha. Read more

Many States opt for RBI window to meet GST shortfall

Monday, September 21, 2020
The Central govt. has received support from 21 states and Union Territories (UTs) for its offer of the Rs 97,000-crore Reserve Bank of India (RBI) window giving them compensation under the goods and services tax (GST) regime. This will help clear this proposal at the GST Council in case of a vote. The 21 states and UTs are Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Jammu & Kashmir, Karnataka, Madhya Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Puducherry, Sikkim, Tripura, Uttarakhand, and Uttar Pradesh (UP), said finance ministry sources.

Closing Bell:Sensex crashes 812 points, Nifty at 11250.55

Monday, September 21, 2020
At Close, Sensex closed 812 points, or 2.09 per cent, down at 38,034.14 while Nifty ended 254 points, or 2.21 per cent, lower at 11,250.55. IndusInd Bank was the most loser of the Sensex pack, followed by Bharti Airtel, Tata Steel, ICICI Bank, M&M, Maruti Suzuki, Axis Bank, Bajaj Finance and Nestle India. On the contrary, Kotak Mahindra Bank, Infosys and TCS were the top Sensex gainers. The nifty Metal index lost 5.53 per cent, followed by 4.46 per cent loss in Nifty Pharma index. Nifty Realty index fell 6 per cent. Nifty IT index too settled lower. Nifty Bank declined over 3.3 per cent. All the sectoral indices settled in the negative territory. BSE Midcap and Smallcap indices closed 3.43 per cent and 3.61 per cent down, respectively.

MARKET UPDATE:Sensex hovered around 38,850 and Nifty holding the 11,500-level

Monday, September 21, 2020
The Indian benchmark indices were started the expiry week of the September series derivative contracts on a flat note, tracking similar trends from the other Asian markets today(21st Sept.2020) The S&P BSE Sensex hovered around 38,850 and the Nifty50 index was holding the 11,500-level. Tech stocks were the top gainers in the Sensex pack, led by HCL Tech (up 4%). TCS, Tech Mahindra, and Infosys were also up 1 percent each. The trend among the Nifty sectoral indices were largely negative, led by the Nifty PSU Bank index, down half a percent. On the other hand, the Nifty Pharma index was trading 1 percent higher. In the broader market, the S&P BSE MidCap index was trading flat while the SmallCap index was up 0.5 percent. Route Mobile will debut at the bourses today after the finalisation of the issue price at Rs 350 per share. The issue was subscribed over 73 times and is expected to list at a premium of 50-60 percent.

MARKET UPDATE:Sensex dipped 184 points to 39,120 levels and the Nifty fell below the 11,600-mark

Thursday, September 17, 2020
The equity markets in India slipped half a percent today(17th Sept.2020) in tune with the losses in other Asian markets. The S&P BSE Sensex dipped 184 points to 39,120 levels and the Nifty50 index fell below the 11,600-mark. ICICI Bank, TCS, and IndusInd Bank were all trading 1 percent lower in early deals. On the other hand, ONGC was up 1 percent. The trend among Nifty sectoral indices was largely negative, led by the Nifty Bank index, down 1 percent. In the broader market, the S&P BSE MidCap and SmallCap indexes were trading flat. IT services firm Happiest Minds Technologies will make stock market debut today. The Rs 702-crore initial public offering of Happiest Minds Technologies garnered massive responses from investors as it was subscribed to a whopping 151 times.

NBFCs ride out the storm with help of stimulus

Wednesday, September 16, 2020
The health of India’s NBFCs remained resilient in August, suggesting that record stimulus steps by the central govt are helping the crisis-hit sector ride out the pandemic. Premiums on non-bank lenders’ bonds narrowed to a two-year low, according to an index of AAA-rated five-year notes. Three other indicators compiled by Bloomberg, covering areas including liquidity and share performance, stayed steady from the previous month, with two at levels indicating strength. India’s non-bank lending sector was hit by a crisis in 2018 when a large financier unexpectedly defaulted, and the nation now needs it to stay healthy in order to prevent the gross domestic product from shrinking further. The reach of shadow banks extends into many corners of the economy, as they lend to a wide range of businesses from road-side teashops to tycoons. Read more

MARKET UPDATE:Indices flat;Sensex at 39,090 levels, and Nifty at 11,500-mark

Wednesday, September 16, 2020
The equity markets in India today (16th Sept.2020) were trading flat with a positive bias, tracking mixed cues from other Asian markets. The S&P BSE Sensex added 50 points at 39,090 levels and the Nifty50 index topped the 11,500-mark. Mahindra & Mahindra, Larsen & Toubro, and Bajaj Auto (all up 3%) were the top Sensex gainers. On the other hand, State Bank of India and Axis Bank were trading half a percent lower. Aurobindo Pharma rose 4 percent in early deals after the company announced its collaboration with the Council of Scientific and Industrial Research to develop vaccines to protect against Covid-19. The trend among Nifty sectoral indices was largely positive, led by the Nifty Auto index, up 0.7 percent. In the broader market, the S&P BSE MidCap and SmallCap indexes were trading 0.4 percent higher, each.

MARKET UPDATE:Sensex hovered around 38,820 levels, and Nifty at 11,450-mark

Tuesday, September 15, 2020
The equity markets in India climbed off the day's top to trade flat with a positive bias today(15th Sept.2020). The S&P BSE Sensex hovered around 38,820 levels, after rising as high as 39,013 levels intra-day. The Nifty50 index was, meanwhile, holding the 11,450-mark. Sun Pharma and Bajaj Finance (both up 2%) were the top Sensex gainers, followed by NTPC, ICICI Bank, and Tata Steel (all up 1%). The trend among Nifty sectoral indices was positive, led by the Nifty Pharma index, up 2 percent. The broader market, meanwhile, continued to outperform the benchmarks, with the S&P BSE MidCap and SmallCap indexes trading 0.8 percent and 1 percent higher, respectively. Six hundred and forty-two companies including Vedanta, SpiceJet, and Future Enterprises are scheduled to announce their earnings today.

MARKET UPDATE:Sensex up by 335 points at 39,190 levels and Nifty reclaimed the 11,550-mark

Monday, September 14, 2020
The equity markets in India were trading firm today(14th Sept.2020), with the Sensex and Nifty gaining over half a percent. Meanwhile, the broader indices outperformed their benchmark peers after the Sebi tweaked rules for multi-cap mutual funds. According to the new norms, multi-cap funds must hold at least 75 percent of their assets in equities with 25 percent each in large, medium, and smaller companies. Consequently, the S&P BSE MidCap index rose 1.18 percent while the S&P BSE SmallCap was up 2 percent. Among the headline indices, the S&P BSE was up 335 points at 39,190 levels and the Nifty50 index reclaimed the 11,550-mark. HCL Tech (4 percent) gained the most after the company raised its guidance. Besides, Reliance Industries (up 1 percent) hit a fresh all-time high. The HDFC twins and IndusInd Bank were also trading 1 percent higher. The Nifty sectoral indices were all trading in the green, led by Nifty IT and Nifty Private Bank indexes, both up 1 percent. Read more

Ashok Soota's Happiest Minds IPO scroes in second innings

Friday, September 11, 2020
Ashok Soota, a pioneer of India’s information technology services industry, has headed three outsourcing companies including one of the nation’s largest, Wipro Ltd., and taken two of them public. Happiest Minds Technologies' was the latest startup, which was oversubscribed 151 times and was founded in the year 2011 when he was 68. The Rs 700-crore initial public offer (IPO) of his IT service company, making it the eighth biggest IPO of the last decade. The IPO of the Mumbai-headquartered digital IT services provider was subscribed 351.5 times by non-institutional investors and 77.4 times by Qualified Institutional Buyers (QIB) during September 7-9. Retail demand for the issue was strong as well, garnering 70.94 times subscription. Happiest Minds, which gets almost all of its revenue from digital services, is one of two IPOs this week to woo Indian investors. About 13 years ago, he took his previous company, Mindtree, to an IPO, and that issue was oversubscribed 103 times. Read more

Cold chain logistics required for Covid-19 vaccine distribution

Friday, September 11, 2020
As the vaccine for Covid-19 is getting ready putting together an efficient cold chain to deliver it to nook and corner of the country. From having community cold-chain networks to combining agricultural and medical cold chains wherever possible — many such ideas are abroad. A few hundred vaccine candidates are being developed globally, using different technology platforms. India, with 1.3 billion people, is the world’s largest vaccine maker. Some frontrunners are in advanced stages of trial and can hit the market early next year. Read more

India, China agree on 5-point plan to resolve standoff

Friday, September 11, 2020
The Indian Army and the Chinese People's Liberation Army(PLA) have been locked in a tense standoff in multiple areas along the Line of Actual Control(LAC) in eastern Ladakh since early May. The two countries agreed to a five-point plan for resolving the prolonged border face-off in eastern Ladakh that included abiding by all existing agreements and protocol on management of the frontier, maintaining peace and tranquility, and avoiding any action that could escalate matters. The plan was finalised during the talks between External Affairs Minister S Jaishankar and his Chinese counterpart Wang Yi in Moscow on Thursday evening on the sidelines of a Shanghai Cooperation Organisation (SCO) meet. Read more

Closing Bell:Sensex gains 14 points, Nifty at 11464.4

Friday, September 11, 2020
At Close, Sensex closed 14 points, or 0.04 per cent, up at 38,854.55 and Nifty closed 15 points, or 0.13 per cent, up at 11,464.45 with a positive bias on Friday. State Bank of India was the Sensex gainer followed by TCS, Tech Mahindra, Hindustan Unilever (HUL), Bajaj Finance, Kotak Mahindra Bank, Titan Company and Reliance Industries. Indusind Bank was the top loser followed by Power Grid Corporation of India, Bharti Airtel, Asian Paints, HDFC Bank, Maruti Suzuki and Nestle India. Nifty IT index was top sectoral gainer, up 1.29 per cent, followed by Nifty Realty index which gained 1.27 per cent. Nifty PSU Bank index gained 0.79 per cent while the Nifty FMCG index settled 0.63 per cent higher.BSE Midcap and Smallcap indices outperformed the benchmark Sensex, closing 0.58 per cent and 0.52 per cent higher, respectively. Except for Nifty Media index and Nifty Private Bank index, all the sectoral indices traded in the green today.

MARKET UPDATE:Volatile session-Sensex hovered around 38,760 points and the Nifty gave up the 11,450-mark

Friday, September 11, 2020
In Indian equity markets, the benchmark indices slipped into the red zone after giving up their modest opening gains in today's(11th Sept.2020) volatile session. The S&P BSE Sensex hovered around 38,760 points after falling around 150 points from the opening highs. The Nifty50 index also gave up the 11,450-mark. Titan, HDFC Bank, Kotak Mahindra Bank, and State Bank of India (all up 1%) were the top Sensex gainers. On the other hand, Reliance Industries slipped 0.9 percent after the company called the reports about Amazon's interest in Reliance Retail 'speculative'. The Nifty sectoral indices were trading largely in the green, led by the Nifty PSU Bank index, up 0.9 percent. In the broader market, both the S&P BSE MidCap and SmallCap indexes were trading half a percent higher. One hundred and four companies including IRCTC, BHEL, and Adani Green are scheduled to announce their quarterly earnings today.

Closing Bell:Sensex gains 646 points , Nifty at 11449.25

Thursday, September 10, 2020
At Close, Sensex closed 646 points, or 1.69 per cent, higher at 38,840.32 while Nifty logged a gain of 171 points, or 1.52 per cent, to settle at 11,449.25. Reliance Industries Ltd was the major gainer in the Sensex pack, followed by Asian Paints, Tata Elxsi, Granules India, Infibeam Avenues, Laurus Labs, Adani Gas and Adani Green Energy. All sectoral indices on NSE ended with gains except Nifty Metal, which was down 1.14% and Nifty Pharma ended the day flat. Nifty PSU Bank rallied the most up 2.5 per cent. BSE Midcap settled 0.92 per cent higher and the Smallcap index closed with a gain of 1.27 per cent. Volatility index, India VIX, declined over 4 per cent to 21.27 levels.

Govt short of finances as it tries to fix economy

Thursday, September 10, 2020
The latest numbers on the government’s fiscal deficit for the April-July 2020 period have exceeded the annual Budget target by 3 percent. In April-June 2020, the fiscal deficit had already risen to about 83 percent of the target for the full year. The figures on government finances are based on monthly reports released by the Controller General of Accounts (CGA). But what gets highlighted and discussed are the cumulative numbers for the latest period for which the data is released. A study of the monthly trajectory of the government’s revenues and expenditure, therefore, may present a slightly different picture, providing different takeaways for policymakers and observers of the Indian economy. Read more

Relief on NPAs extended after govt tells interest issue being looked into

Thursday, September 10, 2020
Today(10th Sept.2020)The Supreme Court of India extended its interim order that no account is to be declared NPA till further orders after the Centre said an expert panel has been set up to look into the issue of interest being charged by banks on instalments deferred during the moratorium period due to the COVID-19 pandemic. The top court was hearing a batch of pleas which have raised the issue of interest being charged on instalments which were deferred during the moratorium period due to the COVID-19 pandemic. The top court granted two weeks to the Centre and Reserve Bank of India (RBI) to file the affidavit and place before it the decisions taken in this regard. Read more

MARKET UPDATE:Sensex gained 440 points to 38,630 levels and the Nifty testing the 11,400-mark

Thursday, September 10, 2020
The Indian benchmark indices added to their opening gains and were trading over 1 percent higher in today's(10th Sept.2020) late morning session. The S&P BSE Sensex gained 440 points to 38,630 levels and the Nifty50 index was testing the 11,400-mark. IndusInd Bank (up 3%) was the top Sensex gainer. Meanwhile, Reliance Industries scaled a new lifetime high after gaining 2 percent amid reports that marquee investors including KKR, Abu Dhabi Investment Authority, and Saudi Arabia’s Public Investment Fund (PIF) could be in line to pick stakes in the company's retail-arm Reliance Retail Ltd. All the Nifty sectoral indices were trading in the green, led by Nifty PSU Bank index, up 1.9 percent. In the broader markets, the S&P BSE MidCap and SmallCap indexes were trading 1 percent and 1.7 percent higher, respectively. Seventy-four companies including Hindustan Aeronautics and J&K Bank are scheduled to announce their June quarter results today.

Oxford Covid-19 vaccine trial on hold in UK after unexplained illness in volunteer

Wednesday, September 9, 2020
AstraZeneca Plc on Tuesday said it has stopped a late-stage trial of one of the leading Covid-19 vaccine candidates after an unexplained illness in a study participant which had reported in the United Kingdom. In a statement issued on Tuesday evening, the company said its "standard review process triggered a pause to vaccination to allow the review of safety data".AstraZeneca didn't reveal any information about the possible side effect except to call it "a potentially unexplained illness".It's likely the unexplained illness was serious enough to require hospitalization and not a mild side effect such as fever or muscle pain, said Deborah Fuller a University of Washington researcher who is working on a different COVID-19 vaccine that has not yet started human trails. The suspension of the trial has impacted other AstraZeneca vaccine trials - as well as clinical trials being conducted by other vaccine makers, which are looking for signs of similar reactions. Read more

Closing Bell:Sensex down 171 points, Nifty at 11278.00

Wednesday, September 9, 2020
At Close, Sensex ended 171 points, or 0.45 per cent, lower at 38,193.92 while Nifty settled 39 points, or 0.35 per cent, lower at 11,278 amid weak global clues. Tata Steel was the Sensex gainer, followed by RIL, Sun Pharma, Bharti Airtel, Asian Paints, Nestle India and Maruti Suzuki. State Bank of India was the most Sensex loser followed by Bajaj Finserv, Axis Bank, ONGC, ITC, Bajaj Finance, ICICI Bank, Kotak Mahindra Bank and HDFC Bank. Nifty PSU Bank index declined 2.87 per cent. The BSE Midcap and Smallcap indices closed 0.28 per cent and 0.94 per cent down, respectively. Among sectoral indices, Nifty Auto, Nifty Media, Nifty Metal and Nifty Pharma settled with gains.

MARKET UPDATE:Sensex slid 300 points to 38,060 levels and the Nifty gave up the 11,250-mark

Wednesday, September 9, 2020
Indian equity markets were dragged by over half a percent lower today(9th ASept.2020) mainly due to weak global cues, concerns over India-China tensions, and unwelcome news on the COVID front. The S&P BSE Sensex slid 300 points to 38,060 levels and the Nifty50 index gave up the 11,250-mark. ONGC and Tata Steel (both down 3 percent) were the top Sensex laggards. On the other hand, Reliance Industries rose 1 percent after announcing that Silver Lake would invest Rs 7,500 crore in Reliance Retail. Meanwhile, AstraZeneca Pharma tumbled 12 percent after the company "voluntarily paused" a randomized clinical trial of its coronavirus vaccine in what it called a routine action after a volunteer developed an unexplained illness. IRCTC shares also slid 4 percent in early deals after the company said the government plans to sell about 15-20 percent stake via offer for sale (OFS) and would like to complete the transaction in a minimum number of tranches. Read more

IRCTC shares gains 8 per cent on additional special trains and after reports government may sell 15-20% stake

Tuesday, September 8, 2020
Shares of Indian Railway Catering and Tourism Corporation (IRCTC) gained 3 per cent to Rs 1,460 on the BSE on Tuesday, rising 7 % in the past two trading days on the operation of additional special trains with effect from Saturday, September 12. and also after media reports indicated that the government is planning to sell 15-20 per cent of its stake in the company via offer for sale (OFS). The stock hit a 52-week high of Rs 1,995 apiece in February this year since then the stock has corrected nearly 27 per cent. “Indian Railways to run additional 40 pairs of more special trains in addition to the Shramik specials and the special trains, w.e.f. 12th September 2020. These will be fully reserved trains. Tickets can be booked from 10th September 2020,” Ministry of Railways said.IRCTC reported a 79.3 per cent jump in net profit from a year ago. The company reported a net profit of Rs 150.6 crore, compared with Rs 84 crore a year ago. Read more

The bull-run in markets will continue:Goldman Sachs

Tuesday, September 8, 2020
Analysts at Goldman Sachs believe that, the market rally that started in March 2020 after hitting their lowest point 2020 has more legs, and cautions that there could be intermittent corrections along the way. "Markets, are in the first phase of a new investment cycle, which it calls a ‘Hope’ phase, following a deep recession. Investors, it says, start to anticipate a recovery in this phase and is typically the strongest part of the cycle, Goldman Sachs says. “That is what we have been seeing this year. The main triggers for the rebound, in our view, were a combination of slowing infection rates and extraordinary policy support. Financial conditions, which were tightening sharply in the early part of the lockdown, eased rapidly and governments implemented extraordinary fiscal support packages,” wrote, chief global equity strategist and head of macro research at Goldman Sachs in yesterday's report. Read more

Closing Bell: Sensex down 51.88 points, Nifty at 11317.35

Tuesday, September 8, 2020
At close, the Sensex was down 51.88 points or 0.14% at 38365.35, and the Nifty was down 37.60 points or 0.33% at 11317.40 with a negative bias on Tuesday amid selling in blue-chip counters. HCL Tech and Infosys were the top Sensex gainers followed by Reliance Industries, Tech Mahindra, TCS, HDFC Bank, Maruti Suzuki and Bajaj Auto. On the flip side, Tata Steel was the top Sensex loser followed by Bharti Airtel Axis Bank, ONGC, Sun Pharma, NTPC, State Bank of India. About 957 shares have advanced, 1695 shares declined, and 170 shares are unchanged. Except for the Nifty IT index, all the sectoral indices settled in the negative territory today.BSE Midcap and Smallcap indices shed 1-1.5 per cent.

India-China standoff: Firing takes place on LAC in eastern Ladakh sector

Tuesday, September 8, 2020
An incident of firing took place on the LAC in the Eastern Ladakh sector where troops of India and China have been engaged in a stand-off for over three months, according to sources, today(8th Sept.2020). India recently outflanked China by taking control of strategic height near Pangong lake's southern bank. It thwarted an attempt by the Chinese army to transgress into Indian areas near the southern bank of Pangong Tso near Chushul in Ladakh. India and China are engaged in a standoff since April-May over the transgressions by the Chinese Army in multiple areas including the Finger area, Galwan valley, Hot springs, and Kongrung Nala. The situation worsened after 20 Indian soldiers were killed in violent clashes with Chinese troops in Galwan valley in June. The talks between the two sides have been going on for the last three months including five Lieutenant general-level talks but have failed to yield any results, so far.

MARKET UPDATE:Sensex hovered around 38,400 levels;Nifty around 11,350-mark

Tuesday, September 8, 2020
The equity markets in India fluctuated between minor gains and losses today (7th sept.2020) despite firm cues from Asian indices as investors turned cautious on geopolitical concerns. According to reports, incidents of firing were reported overnight on the Line of Actual Control in Eastern Ladakh sector where troops of India and China have been engaged in a stand-off for over three months. The S&P BSE Sensex hovered around 38,400 levels, and the Nifty50 index was around the 11,350 mark. Powergrid (down 1%) was the top Sensex loser, followed by Nestle, Titan, and HDFC (all down over half a percent). Bharat Dynamics plunged 12 percent as the government is set to sell a 15 percent stake in the defense company through an offer for sale today and tomorrow at a floor price of Rs 330 per share. The trend among the Nifty sectoral indices was largely negative, with the Nifty PSU Bank index, down half a percent, leading the list of losers. Read more

Dixon Technologies shares hit new 52-week high, crosses Rs 10,000-crore in m-cap

Monday, September 7, 2020
Dixon Technologies, the largest electronic manufacturing services gained 4 per cent on the BSE on Monday to hit a record high of Rs 8,935 on the expectation of higher demand for consumer electronics. The company's market capitalisation crossed Rs 10,000 crore today after five straight days of gains. The stock surpassed its previous high of Rs 8,822, touched on August 28, 2020, on the BSE. The stock has skyrocketed 267 per cent from its 52-week low of Rs 2,433.20, hit in September last year. Dixon is well placed to cater to the business proposition and is well equipped to serve the export markets in select categories. It further said, that set-top box is emerging to be a big category for Dixon with Rs 8 bn-10 bn revenue potential in FY22 with volumes of 800k-1,000k per month driven by RJio, Dish TV and Siti Cable. Dixon continues to lead the government’s self-dependence measures to manufacture consumer durables. Read more

Closing Bell: Sensex gains 356 points, Nifty at 11355.05

Monday, September 7, 2020
At close, the Sensex was up 60.05 points or 0.16% at 38,417.23, and the Nifty was up 21.10 points or 0.19% at 11,355 amid high volatility. ITC and Hindustan Unilever were top Sensex gainers followed by TCS, Asian Paints, HDFC and Axis Bank. On the other hand, M&M was the top Sensex loser followed by Bajaj Finance, NTPC, UltraTech Cement, ONGC, Bharti Airtel and IndusInd Bank. About 1212 shares have advanced, 1461 shares declined, and 187 shares are unchanged. The Nifty Auto index fell nearly 0.5 per cent. Nifty Bank settled at 23,015 down 0.3 per cent. Nifty Realty index ended around 1 per cent lower at 218 levels. Nifty FMCG, Nifty IT and Nifty Media were the only indices that ended in the green with 0.57 per cent higher and rest of the sectoral indices settled in the negative territory.

MARKET UPDATE:Volatile session;Sensex down by 200 points around 38,150 levels;Nifty near 11,300-mark

Monday, September 7, 2020
The equity markets in India were trading lower in today's (7th sept.2020) volatile session, with financials and FMCG stocks pressuring the benchmark indices. The S&P BSE Sensex hovered around 38,150 levels, down 200 points, and the Nifty50 index was near the 11,300-mark. Titan, IndusInd Bank, and Maruti (all up 1%) were the top Sensex gainers. On the other hand, Mahindra & Mahindra dipped 2 percent. Vodafone Idea surged 10 percent ahead of the company's strategic announcement today. The Nifty sectoral indices were trading mixed, with the Nifty Bank index, down 0.5 percent, leading the list of losers. In the broader market, the S&P BSE MidCap and SmallCap indexes were trading half a percent higher, each. Fifty-two companies are expected to report their earnings including CG Power, General Insurance Corporation of India, and Parag Milk Foods.

Vodafone Idea shares hit new 52-week high on fund-raising plan

Friday, September 4, 2020
Shares of Vodafone Idea gained 7 % for the third straight day, hitting a new 52-week high of Rs 13.45, on the BSE on Friday ahead of the company's board meeting today to consider fundraising plan. The stock has jumped 51.29 % in three sessions. The board will discuss and possibly finalise fund-raising proposals, a few days after the Supreme Court verdict gave telecom companies 10 years to clear their gross revenue (AGR) dues. The board at the meeting will “consider and evaluate any and all proposals for raising of funds in one or more tranches by way of a public issue, preferential allotment, private placement, including a qualified institutions placement or through any other permissible mode and/or a combination thereof by way of issue of equity shares or by way of issue of any instruments,” the filing had said.Yesterday, the stock gained 25 % on the back of the media reports which suggested retailer Amazon and Verizon may invest more than $4 billion for a stake in the company. Read more

Closing Bell:Sensex down 634 points, Nifty at 11333.90

Friday, September 4, 2020
At close, the Sensex was down 633.76 points or 1.63% at 38357.18, and the Nifty was down 193.60 points or 1.68% at 11333.90 amid across-the-board sell-off seen in metal, pharma, banks. The volatility index, India VIX, rose over 7 per cent to 21.95 levels. Maruti Suzuki India, Bajaj Auto, Zee Entertainment, TCS, and Bajaj Finance were the major gainers in the Sensex pack, while SBI, ICICI Bank, Axis Bank, Tata Steel and Kotak Mahindra Bank were top losers. About 1002 shares have advanced, 1674 shares declined, and 177 shares are unchanged. Metal index down 3 per cent. Nifty Bank dipped nearly 2 per cent.BSE Midcap and Smallcap indices ended 1-1.7 per cent lower. All the Nifty sectoral indices ended in the red.

MARKET UPDATE:Sensex tanks 450 pts, Nifty below 11,400

Friday, September 4, 2020
The equity markets in India today(4th September 2020), in tune with the overnight plunge in the US markets, were trading over one percent lower amid across-the-board selling. The S&P BSE Sensex dipped 456 points, or 1.17 percent, to 38,560 levels and the Nifty50 index gave up the psychological level of 11,400. ICICI Bank, State Bank of India, and IndusInd Bank, all cracked 2 percent each and were the top Sensex losers. All 30 constituents of Sensex were trading in the red. All the Nifty sectoral indices were painted red, led by the Nifty Bank index which fell 2.5 percent. The broader markets mirrored the losses in the benchmarks, with both the S&P BSE MidCap and SmallCap indexes trading with nearly one and a half percent cut. Sixty-eight companies including Nalco, Future Retail, and Jubilant Life Sciences, are scheduled to announce their June quarter earnings today.

Aviation stocks rise as Govt allows airline to operate at 60% capacity

Thursday, September 3, 2020
Shares of two listed aviation companies - InterGlobe Aviation and SpiceJet – rallied up to 5 % on the BSE on Thursday after the government allowed domestic airlines to increase flights up to 60 per cent of their total capacity. Shares of IndiGo jumped to trade at Rs 1,306 per share and SpiceJet, the other private listed carrier was trading at a high of Rs 53.7 per share. Up till now, airlines were operating at 45 per cent of their pre-COVID level capacity. Indian airlines resumed domestic operations from May 25 after being grounded for two months due to the lockdown to contain the Covid-19 pandemic. Air travel was the safest mode of transport due to its controlled access and complete traceability at departure, transit, and arrival."While this move is sentimentally positive for airline companies, we believe that demand will remain muted in the near future and is expected to pick up post the festive season and maintain a neutral rating on the sector," said Angel Broking. Read more

Verizon, Amazon may invest over $4 billion in Vodafone Idea

Thursday, September 3, 2020
Verizon Communications Inc(US wireless carrier) and Amazon.com Inc may invest more than $4 billion for a stake in India's Vodafone Idea Ltd, the Mint newspaper reported today (3rd Sept.2020), sending shares of Vodafone Idea up 10 percent. Vodafone Idea's stake-sale talks had been paused pending the outcome of a court hearing in India, which created uncertainty and could have threatened Vodafone Idea's survival, Mint reported, citing two unnamed people aware of the negotiations. But Amazon and Verizon are set to resume discussions following a Supreme Court ruling on Tuesday which gave mobile carriers 10 years to settle government dues.

India's Q2- 2020 GDP growth most affected among G-20 countries

Thursday, September 3, 2020
IMF chief economist Gita Gopinath yesterday(2nd Sept.2020) tweeted a graph suggesting India's gross domestic product (GDP) may have shrunk the most among G-20 countries in the April-June quarter, at 25.6%, when compared with the previous quarter. In her tweet, accompanying the graph, Gopinath said, “In #GreatLockdown Q2 (June quarter) 2020 GDP growth at historical lows. The graph puts G20 growth numbers on a comparable scale, quarter-on-quarter non-annualised. Should expect rebounds in Q3 (September quarter) but 2020 overall will see major contractions. China recovers strongly in Q2 after a collapse in Q1 (March quarter)." The chart shows all countries except China registering GDP contraction. While China's economy is shown to have expanded by a robust 12.3 percent over the March quarter on a non-annualised basis, the UK is the most affected after India, with a GDP contraction of 20.4 percent. The US economy is shown to have shrunk 9.1 percent on a quarterly basis. Read more

Closing Bell:Sensex down 95.09 points, Nifty at 11527.45

Thursday, September 3, 2020
At Close, Sensex is down 95.09 points or 0.24% at 38990.94, and the Nifty down 7.50 points or 0.07% at 11527.50 after fluctuating between minor gains and losses during the session. Titan was the top gainer in the Sensex pack, followed by Tech Mahindra, Grasim Industries and Nestle India. while losers were Bharti Airtel, ICICI Bank, Hindalco Industries, Axis Bank and Kotak Mahindra Bank. About 1452 shares have advanced, 1199 shares declined, and 176 shares are unchanged. MidCap index ended 0.4 per cent higher at 15,079 levels while BSE SmallCap index settled at 14,761 points, up 0.74 per cent. The volatility index, the India VIX slipped 2.75%. Buying seen in the IT, pharma, auto and FMCG pack, while bank and metal remained under pressure.

MARKET UPDATE:Sensex rose 70 points to 39,150 levels and the Nifty testing 11,600-mark

Thursday, September 3, 2020
The equity markets in India were trading flat with a positive bias today(3rd September 2020), amid favourable cues from other Asian markets. The S&P BSE Sensex rose 70 points, or 0.18 percent, to 39,150 levels and the Nifty50 index was testing the 11,600-mark. Mahindra & Mahindra, Larsen & Toubro, and Bajaj Auto (all up 1%) were the top Sensex gainers. On the other hand, Bajaj Finance and ICICI Bank slipped 1 percent each. Among other individual stocks, aviation stocks were flying high after the central government permitted Indian airlines to increase the number of passenger flights to 60 percent of their pre-COVID capacity. The trend among Nifty sectoral indices was mixed, with the Nifty Auto index, up 1 percent, leading the list of gainers. In the broader market, the S&P BSE MidCap and SmallCap indexes were trading half a percent higher, each. Read more

Amazon adds gold, insurance services to its menu of financial services in India

Wednesday, September 2, 2020
Amazon.com Inc has added insurance and gold to its menu of financial services in India, to expand its customer base and attract more subscribers to its Prime loyalty programme. The push ramps up the competition as financial technology (fin-tech) rivals and their deep-pocketed foreign backers struggle for profitability in a predominantly cash-based economy where about 190 million adults do not have bank accounts. To boost online payments, Amazon launched its Amazon Pay digital wallet in 2016. It has since introduced a credit card, signed up to a state-backed payments network, and processes payments for movie and flight tickets as well as telephone and utility bills. It began offering auto insurance in July and gold investment products in August - both a first for Amazon. Read more

IndiaMART InterMESH gains 98% in 2 months

Wednesday, September 2, 2020
Shares of IndiaMART InterMESH gained 9 per cent, hitting a new high of Rs 4,189, on the BSE in the intra-day trade on Wednesday on the expectation of strong earnings outlook . The stock was trading higher for the third straight day in an otherwise weak market.In the past two months, the stock has gained 98 per cent reporting strong operational performance for the quarter ended June 2020. The leading E-commerce company caters to the business-to-business model and has seen rapid growth since getting listed on the stock exchanges a year ago. It has disinvested 70 per cent stake in the equity share capital of 10 times to Mayank Chowdhary and Atul Todi for Rs 21.17 lakh.IndiaMART is a dominant market leader in the online B2B Classifieds industry with over 70% market share, catering to a large audience spread over 1000 cities. Total revenue from operations during the quarter grew 4 per cent year on year (YoY) at Rs 153 crore. Read more

GOI puts Rs 2 crore cap on exports promotion scheme

Wednesday, September 2, 2020
The government has capped benefits at Rs 2 crore for each business on trade done between September 1 to December 31, sparking protests against the "unilateral step" under its biggest exports promotion scheme A Commerce Department notification released yesterday (1st sept.2020) said that all benefits under the Merchandise Exports of India Scheme (MEIS) will stop from January 1, 2021, effectively confirming the end date of the scheme. The department argued that the advance notice of four months of the end date of MEIS provides certainty for future pricing decisions. Read more

Closing Bell:Sensex gains 185 points, Nifty at 11535.00

Wednesday, September 2, 2020
At Close, Sensex gained 185 points or 0.48 per cent, higher at 39086.03 and Nifty settled 72.70 points, or 0.56 per cent higher at 11535.00 for the second consecutive session. Power Grid, Reliance Industries, and Mahindra & Mahindra were the top index gainers while Bajaj Auto, Sun Pharma, and Axis Bank were the top losers. Shares of Vodafone Idea jumped 14 per cent after the company announced a board meeting on September 4 to consider fundraising. The BSE MidCap index was trading 0.7 per cent higher and the SmallCap index gained 2 per cent. The oil & gas, Metal and IT indices gained over a per cent.

MARKET UPDATE:Sensex hovered around 38,870 levels and the Nifty trading near 11,490-mark

Wednesday, September 2, 2020
The equity markets in India were trading flat on today(2nd September 2020). Among the benchmark indices, the S&P BSE Sensex hovered around 38,870 levels and the Nifty50 index was trading near 11,490-mark. ONGC gained over 2 percent after the announcement of its June quarter results and was the top Sensex gainer in the early deals. UltraTech Cement, Tech Mahindra, and Tata Steel (all up 1%) were the other top gainers. On the other hand, Bajaj Auto and Kotak Mahindra Bank dipped 1 percent each. Shares of Vodafone Idea leaped 14 percent after the company announced a board meeting on September 4 to consider fundraising. The trend among Nifty sectoral indices was mixed, with the Nifty PSU Bank index, down 0.9 percent, being the major drag. In the broader market, the S&P BSE MidCap index was trading 0.7 percent higher and the SmallCap index was ruling 1 percent up. Read more

Bharti Airtel jumps 7 percent, Voda Idea tanks 20 per cent after AGR Dues Verdict

Tuesday, September 1, 2020
Shares of Bharti Airtel Ltd. gained 7 per cent to Rs. 555, a biggest single-day gain since May, while Vodafone Idea Ltd. hit a lower circuit of 20 per cent after the Supreme Court granted telecom operators 10 years to pay thousands of crores worth of pending dues. The apex court said telcos should pay 10 per cent of the AGR-related dues by March 31, 2021. It further added that every year by February 7 a payment has to be made. The chairmen of the telecom companies will have to give undertakings for payments, according to an order by the three-judge panel headed by Justice Arun Mishra. Default on payment instalments will invite interest, penalty and contempt of court. According to the DoT’s calculations, Bharti Airtel owes the exchequer Rs 43,780 crore, of which the company has paid Rs 18,004 crore. Vodafone Idea has paid Rs 7,854 crore of its Rs 50,399 crore dues.Market experts think the ruling will certainly put pressure on Vodafone Idea which owes more than Rs 50,000 Read more

Rupee the new inflation-fighting tool?

Tuesday, September 1, 2020
When all most of us are worried about interest rates and how The RBI is fighting a spike in bond yields, it has quietly sent a message on its currency policy. It can’t handle the `impossible trinity’ anymore. This may well be the turning point in the adoption of policy tools. In a note announcing the `Measures to Foster Orderly Market Conditions’, the central bank has slipped in a message that it is worried about inflation and it won’t hesitate to use measures other than interest rates to fight price pressures. The recent appreciation of the rupee is working toward containing imported inflationary pressures,’’ said RBI in the note, which was dominated by measures to contain the bond market volatility. When RBI openly accepts that currency appreciation is helping achieve one of its key goals of inflation management when its hands are tied, it is an acknowledgment that the objective of currency operations has evolved beyond just tempering the volatility. Read more

Supreme Court gives telcos 10 yrs to pay AGR dues

Tuesday, September 1, 2020
Today (1st September 2020) the Supreme Court allowed the companies to clear their adjusted gross revenue (AGR) dues in ten years and begin by making an upfront payment of 10 percent of the total dues. Telecom companies have to give an undertaking for paying the AGR dues as per the SC order. The payment timeline begins from April 1, 2021, and the first installment needs to be paid before March 31, 2021. In a stern message to the telecom companies, SC said that any default in payment would invite interest, penalty, and contempt of court. According to the DoT’s calculations, Bharti Airtel owes the exchequer Rs 43,780 crore, of which the company has paid Rs 18,004 crore. Vodafone Idea has paid Rs 7,854 crore of its Rs 50,399 crore dues. Tata Teleservices has paid about Rs 4,197 crore and the balance is about Rs 12,601 crore. Read more

Closing Bell: Sensex gains 273 points, Nifty at 11470.25

Tuesday, September 1, 2020
At Close, Sensex gained 273 points, or 0.71 per cent, higher at 38,900.80 and Nifty settled 83 points, or 0.73 per cent higher at 11,470.25. Bharti Airtel shares surged to become the top Sensex gainers. Vodafone Idea tanked as much as 20 per cent. ONGC, Axis Bank, and ICICI Bank were the other drags.Mid-caps outperformed as their sectoral index on BSE closed 1.16 per cent higher. BSE Smallcap index closed 0.54 per cent up. The metal stock jumped over 3 per cent. Power and Healthcare rose up to 3 per cent. IT, oil & gas ended in the red.

MARKET UPDATE:Sensex climbed 450 points to reclaim 39,000-level and Nifty testing the 11,500-mark

Tuesday, September 1, 2020
The historic fall in Q1 GDP growth did not dampen the sentiment of investors who sent the benchmark indices near a percent higher in today's (1st September 2020) early deals ahead of the Supreme Court's verdict on AGR. The S&P BSE Sensex climbed 350 points, or 0.92 percent, and reclaimed the 39,000-level and the Nifty50 index was testing the 11,500-mark. IndusInd Bank (up 4%), Tata Steel, State Bank of India, and Bajaj Finance (all up 2%) were the top Sensex gainers. On the other hand, ONGC dipped 3 percent. The Supreme court is set to deliver decisions on three key issues: the tenure for staggered payment of AGR dues, whether or not Reliance Jio has to pay the hefty AGR dues bill of Rcom, and Bharti Airtel, that of Aircel and Videocon. And three, whether banks can, as creditors, transfer spectrum to a new buyer under IBC, without first taking cognizance of the dues of the government. Read more

Wockhardt locks 5 % down post Q1 profit

Monday, August 31, 2020
Shares of Wockhardt were locked in the 5 per cent lower circuit band at Rs 312.55 on the BSE on Monday despite reporting a consolidated net profit of Rs 759.75 crore for June quarter. The company had posted a net loss of Rs 36.88 crore for April-June 2019-20. The main reason for reporting profit is on account of exceptional items in connection with the transfer of a business comprising 62 products and Baddi facility to Dr Reddy's Laboratories. Total income stood at Rs 606.22 crore in the quarter under review. It was Rs 733.66 crore in the year-ago period, the filing added. Wockhardt launched a new chemical entity (NCE) during the quarter in the Indian pharma market. Products have been launched under the tablet and injection category under the brand name 'Emrock O and Emrock'.It said that divestment of business undertaking to Dr Reddy's Laboratories was accomplished during the quarter and Rs 1,483 crore has been received towards the same. Read more

Factors that contributed for the market correction today

Monday, August 31, 2020
After an initial short rally today morning that took the S&P BSE Sensex to day’s high of 40,010.17, the markets lost ground as trade progressed. The S&P BSE Sensex lost over 1,200 points in intra-day trade to hit a low of 38,714.43 as trade progressed. At around 2:45pm, the 30-share index was trading nearly 1,050 points, or 2.7 percent, lower at 38,465 levels. It, however, recouped some losses and closed 839 points, or 2.1 percent, lower at 38,628 levels. Major factors that led to the market fall today are: Read more

Closing bell:Sensex tanks 839 points, Nifty at 11387.50

Monday, August 31, 2020
At Close, Sensex ended lower by 839.02 points or 2.13 per cent at 38628.29, and the Nifty down 284.40 points or 2.44 per cent at 11387.50 amid India-China border tension. Reliance Industries (RIL) was the biggest contributor to the index's loss, followed by ICICI Bank, Sun Pharma, SBI, Bajaj Finserv and Bajaj Finance and HDFC. Metals, pharma and the PSU Bank index tumbled over 4 per cent while the midcap index down 3 per cent. India VIX jumped over 24 per cent to 22.84 levels. Except Nifty IT all other sectoral indices ended with losses.

MARKET UPDATE:Sensex zooms 400 points to 39,870 levels and Nifty hovered around 11,780 levels

Monday, August 31, 2020
Equity markets in India today(31st August 2020) gained one percent in early deals, lifted by financials, ahead of the release of Q1 GDP data later in the day. Among the benchmark indices, the S&P BSE Sensex was trading 400 points higher at 39,870 levels after briefly reclaiming the psychological level of 40,000, earlier in the session. The Nifty50 index hovered around 11,780 levels. IndusInd Bank (up 5%, Axis Bank, ONGC, and HDFC Bank (all up 2%) were the top Sensex gainers. On the other hand, Bharti Airtel dipped 1 percent. Reliance Industries rose 2 percent and Future Retail surged as much as 20 percent after Reliance Industries announced the acquisition of retail & wholesale business and the logistics & warehousing business of the Future Group. The majority of the Nifty sectoral indices were trading in the green, led by the Nifty Bank index, up 1.5 percent. Read more

Axis Bank, ICICI Bank, and State Bank of India lifted the markets

Friday, August 28, 2020
Axis Bank, ICICI Bank, and State Bank of India-some of the Bluechip financial counters-lifted the markets today as analysts turn positive on the sector. That apart, August Futures and Options (F&O) series, which ended on August 27, saw strong participation from the banking sector underlying optimism in the space. According to global brokerage UBS, the economy is recovering gradually, as suggested by high-frequency data, lowering the risks of bad loan formation. "The recent capital infusion (over US$10bn) in some banks/non-banking financial companies (NBFC) would be an additional cushion. We cut our FY21/FY22 estimates for GNPL formation from 7%/5% to 4%/5% of loans. Bank stocks are down 12-62% YTD and have underperformed the broader markets. We think the sector’s downside risks are limited," they said in a recent report. Read more

Closing Bell:Sensex gains 350 points, Nifty at 11647.60

Friday, August 28, 2020
At Close, Sensex is up 353.84 points or 0.9 per cent at 39467.31, and the Nifty jumped 88.30 points or 0.76 per cent at 11647.60 for the sixth consecutive session led by financial counters.IndusInd Bank gained the most followed by Axis Bank, State Bank of India and ICICI Bank. Powergrid, Maruti, Infosys were the top drags. Among the sectors, the banking index jumped 4 per cent while the midcap index added half a per cent. Nifty Auto shed over half a per cent while the metal index ended in the red. Volatility slipped 3.44% during the day’s trade.

Is Golden era for Bank Fixed Deposits gone forever?

Friday, August 28, 2020
As the interest rate on bank deposit continues to be subdued and real returns turn negative in the wake of rising inflation, the common Indian bank depositor has been left rueing a bitter harvest. At stake is the future of a time-tested investment instrument that generation after generation of Indians used to keep their money in and generate fairly decent returns over time. Bank fixed deposit (FD) rates have fallen from 8-10 percent per annum a few years ago to 5-7 percent per annum currently, says Jimmy Patel, MD & CEO, Quantum Mutual Fund. For most of India's senior citizens, FDs are the primary investment, and current rates are not viable because of paltry real returns, he adds. Read more

MARKET UPDATE:Sensex up 220 points at 39,334 levels and Nifty topped the 11,600-mark

Friday, August 28, 2020
Equity markets in India today(28th August 2020) were trading firm, up to half a percent, on the first day of the September F&O series, with financials contributing majorly to the gains. The S&P BSE Sensex was trading 220 points up at 39,334 levels and the Nifty50 index topped the 11,600-mark. Axis Bank (up 4%) and Larsen & Toubro (up 2%) were the top Sensex gainers. GMR Infra shot up 10 percent after the company said the Group would separately list its airport business. The trend among Nifty sectoral indices was positive, led by the Nifty Bank index, up 2 percent. In the broader market, the S&P BSE MidCap was trading 0.8 percent higher and the SmallCap index was up 0.4 percent. Eighty-one companies, including Khadi India, and Archies, are scheduled to announce their June quarter results today.

HAL share tanks 15 % as Government to sell up to 15% stake

Thursday, August 27, 2020
Shares of Hindustan Aeronautics tanked 15 % on the BSE on Thursday, after the company informed that the government plans to sell as much as 15 % stake in the company through a public offering of shares in the next two days. which will help it mop up about Rs 5,000 crore at a time when its finances have been stretched due to the ongoing pandemic. The government is selling its stake at a floor price of Rs 1,001 per share through an offer for sale (OFS). The offer could fetch the exchequer around Rs 5,020 crore. The government proposes to sell 3,34,38,750 equity shares representing 10 per cent paid-up share capital of the company, with an option to sell an additional 5 per cent stake or 1,67,19,375 equity shares. A total of 20 per cent of the offered size will be reserved for retail investors, and they will be allocated offer shares at a discount of 5 per cent to the cut-off price in accordance with the OFS guideline. The government holds about 90% in HAL post its IPO in 2018.

Indian equities may continue to rise in anticipation of the ensuing recovery

Thursday, August 27, 2020
Reduced pessimism around Covid-19, Global stimulus, and significant reform expectation from the Indian government is keeping Indian market sentiments positive. Many of the concerns around banking, real estate, and the economy itself, should sort themselves out over the next 24 months. Notwithstanding the usual market gyrations, Indian equities may continue to rise in anticipation of the ensuing recovery. Investors must use this opportunity to build a high-quality portfolio for the next big upcycle. The following are a few stocks that may perform well in this direction as per Amar Ambani, Partner and Head of Research, Yes Securities ( Source: Economic Times). Read more

Closing Bell: Sensex gains 40 points,Nifty at 11559.25

Thursday, August 27, 2020
At Close, Sensex closed 40 points, or 0.10 per cent, up at 39,113.47 and Nifty settled 10 points, or 0.84 per cent, up at 11,559.25 in green for the fifth consecutive session on August 27, supported by gains in select heavyweight Stocks. IndusInd Bank was the top Sensex gainer, followed by M&M, SBI, HDFC, Axis Bank, Maruti Suzuki and Sun Pharma. On the contrary, ONGC, Bajaj-Auto, Reliance Industries, Kotak Mahindra Bank and Bharti Airtel were among top Sensex losers.BSE Energy fell over a per cent. BSE Realty surged 6.63 per cent.BSE Midcap index closed flat while the Smallcap index ended 0.35 per cent higher. Barring Nifty FMCG index and Nifty IT, all the sectoral indices finished in green today.

MARKET UPDATE:Sensex up 200 points at 39,260 levels and Nifty reclaimed the 11,600 level

Thursday, August 27, 2020
The markets in India today(27th August 2020) rose half a percent ahead of the expiry of the August series derivative contracts. The S&P BSE Sensex was up 200 points at 39,260 levels, and the Nifty50 index reclaimed the crucial psychological level of 11,600. IndusInd Bank (up 2%) was the top Sensex gainer, followed by HDFC (up 1%). Hindustan Aeronautics tanked 11 percent in early deals after the company said that the government plans to sell as much as 15 percent stake in the company through a public offering of shares. The trend among Nifty sectoral indices was positive, led by the Nifty Bank index, up 0.9 percent. The broader markets tracked the benchmarks' gain, with the S&P BSE MidCap and SmallCap indices trading 0.6 percent higher, each. Fifty-one companies including NMDC and Avanti Feeds are scheduled to announce their June quarter results today.

Setting up a bad bank is not just necessary but unavoidable:Former RBI Governor

Wednesday, August 26, 2020
D Subbarao, the former RBI Governor, feels that setting up a bad bank is not just necessary but unavoidable in the present circumstances when NPAs are likely to balloon and much of the resolution will have to take place outside the IBC framework. The standard advantage of a bad bank is that the entity taking a decision on the sale price is different from the entity accepting that price. Conflict of interest and corruption is avoided, and importantly, is seen to be avoided. The former RBI Governor noted that with the economy contracting by at least five percent this fiscal year, non-performing assets (NPAs) will balloon. Also, according to RBI's Financial Stability Report, gross NPAs of banks may rise to 12.5 percent by March 2021 under the baseline scenario, from 8.5 percent in March 2020. Read more

JMC Projects secure new order worth Rs554cr in building and factory business

Wednesday, August 26, 2020
Shares of JMC Projects, One of the leading Civil Engineering and EPC company gained 16.2 per cent to Rs 62.2 apiece on the BSE on Wednesday after the company bagged new project orders worth Rs 554 crore. Among these, project worth Rs 315 crore was a 'Building Project' in South India, while Rs 239 crore worth project was a 'Factory Project' in Maharashtra. We are delighted with the new order wins especially in our Buildings & Factory (B&F) business. These new orders will strengthen our portfolio and will help us further expand our client base in the B&F market. JMC has won orders of around Rs 4,000 crore till date in FY21 despite the challenging market conditions, demonstrating JMC’s impeccable reputation for domain expertise, prudent tendering and client confidence," said S. K. Tripathi, CEO & Dy. Managing Director. Also, he added, Our execution capabilities and strong order book give us the confidence to deliver good performance going forward.” Read more

Closing Bell:Sensex gains 230 points, Nifty ends at 11549.60

Wednesday, August 26, 2020
At close, the Sensex was up 230.04 points or 0.59% at 39073.92, and the Nifty was up 77.30 points or 0.67% at 11549.60 led by auto, banks. Tata Motors, Hero Motocorp, IndusInd Bank, Zee Entertainment and Reliance Industries were major gainers on the Sensex Index. while losers were Bharti Airtel, UltraTech Cement, Britannia Industries, Asian Paints and Maruti Suzuki. About 1528 shares have advanced, 1105 shares declined, and 124 shares are unchanged. Nifty Auto index, up 1.6 per cent.BSE MidCap, as well as the SmallCap index, were both up 0.5 per cent each. Buying witnessed in the auto, bank, energy, metal and IT stocks.

MARKET UPDATE:Sensex flat, Nifty around 11,500

Wednesday, August 26, 2020
The markets in India today(26th August 2020) were trading flat with a positive bias, on the back of mixed global cues. The S&P BSE gained 72 points at 38,910 levels and the Nifty50 index hovered around 11,500-mark. Bajaj Auto (up 3%) was the top Sensex gainer, followed by PowerGrid, Mahindra & Mahindra, and Bajaj Finserv (all up 2% each). On the other hand, Bharti Airtel dipped 1 percent in early deals. Can Fin Homes surged 8 percent after announcing its June quarter results. All the Nifty sectoral indices were trading in the green, led by the Nifty Auto index, up 1.6 percent. In the broader market, the S&P BSE MidCap as well as the SmallCap index were both up 0.5 percent each. Thirty-one companies, including Indraprastha Gas and Gillette India, are scheduled to announce their June quarter results today.

Indian economy will take longer to recover: RBI

Tuesday, August 25, 2020
stimulus measures once the cure to Covid-19 is found, the report adds. High-frequency indicators so far pointed to a “retrenchment in activity that is unprecedented in history,” the annual report said, adding, “the improvements that became visible in May and June after the lockdown was eased in several parts of the country, appear to have lost strength in July and August, mainly due to reimposition or stricter imposition of lockdowns, suggesting that contraction in economic activity will likely prolong into the second quarter.” The central bank noted that the shock to consumption is severe, and it will take quite some time to mend and regain the pre-pandemic momentum. Read more

Tata Motors share price up nearly 6% as Company will cut consolidated debt to zero in 3 years

Tuesday, August 25, 2020
Shares of Tata Motors gained 6 per cent to Rs. 128.35, On Tuesday after the company said it proposed to reduce its debt to near-zero levels. At the annual general meeting of the Tata Motors on August 25, N Chandrasekaran, Chairman of the Tata Group said, currently the TML group has a net automotive debt of Rs 48,000 crore and currently we are deleveraging this business substantially. The target is to bring it to near zero debt levels in the next three years.JLR would be cash-positive this year, while India PV business was being subsidised to a new legal entity, Tata Motors CFO said at the AGM. The new company’s models like the Nexon, Altroz and Harriers have been received well in India and show investments have started paying off. Tata Motors overtook Mahindra & Mahindra (M&M) to third place in terms of vehicles registered in July over the year-ago period.

Closing Bell:Sensex up 45 points, Nifty at 11472.25

Tuesday, August 25, 2020
At close, the Sensex was up 44.80 points or 0.12% at 38843.88, and the Nifty was up 5.80 points or 0.05% at 11472.30. Bajaj Finance was the top Sensex gainer, followed by State Bank of India (SBI), Tech Mahindra, Tata Motors, Asian Paints, Bajaj Finserv and IndusInd Bank. On the other hand, NTPC, Sun Pharma, Nestle India, Tata Steel, L&T and Infosys were among top Sensex losers. About 1192 shares have advanced, 1419 shares declined, and 104 shares are unchanged. Nifty PSU Bank index jumped 1.34 per cent and Nifty Financial Services gained 0.91 per cent. While Nifty Metal index fell 0.74 per cent, Nifty Pharma 0.62 per cent and the Nifty FMCG index declined over half a per cent.BSE Midcap and Smallcap ended 0.7 and 0.8 per cent higher, respectively. Among sectors, except bank and auto, other indices ended in the red.

MARKET UPDATE:Indices at 6-month high;Sensex up 166 pts to 38,960 levels, Nifty reclaimed 11,500-level

Tuesday, August 25, 2020
The markets in India today(25th August 2020) rose half a percent to the highest level in the last six months, due to firm global cues. The S&P BSE Sensex was up 166 points, or 0.43 percent, at 38,960 levels and the Nifty50 index reclaimed the psychological level of 11,500. IndusInd Bank (up 2%) was the top Sensex gainer, followed by State Bank of India, Axis Bank, and Asian Paints (all up 1%). Max Financial Services surged 10 percent after Axis Bank said it has reduced the size of the stake that it plans to buy in Max Life Insurance to 17 percent from 29 percent. All the Nifty sectoral indices, except Nifty IT index, were trading in the green, led by Nifty PSU Bank index, up 1 percent. The broader markets, once again, outperformed the benchmarks, with the S&P BSE MidCap and SmallCap indexes trading 0.7 and 0.8 percent higher, respectively. Seventy-six companies including Can Fin Homes, Atul Auto are scheduled to announce their June quarter results today.

Direct tax collections from metros sees double-digit decline

Monday, August 24, 2020
With most top Indian cities witnessing double-digit contraction in receipts, direct tax collections are likely to remain muted in the second consecutive quarter of the current fiscal year. Kolkata emerged the worst-affected metro city, reporting a drop of 60 percent in the mop-up during April-August 20. It was followed by Chennai and Delhi, which saw a decline of 41 percent and 36 percent, respectively. Mumbai was, however, one of the least-affected regions, though the collection was down there too. Mumbai, which has the highest share of 34 percent in overall direct tax collections, witnessed a drop by 13 percent, despite accounting for an ever-growing share of total Covid-19 cases. Read more

Adani Group to obtain 74% stake in Mumbai International Airport

Monday, August 24, 2020
Shares of Adani Group companies rallied up to 9 per cent on Monday after the Company is set to acquire a 74 per cent stake in Mumbai International Airport (MIAL) for nearly Rs 15,000 crore, which operates the country’s second-largest airport, with the current operator settling its disputes with its minority partner and exiting the venture. Adani Green Energy surged 9.35 per cent to Rs 411.90 on the BSE while Adani Enterprises gained 4.13 per cent at Rs 242.85. Besides, Adani Power, Adani Ports and Special Economic Zone, and Adani Gas rose in the range of 1-2 per cent. Adani Group might acquire the 50.5 per cent stake of GVK Group in MIAL and will buy the remaining 23.5 per cent from the minority partners, Airports Company South Africa (ACSA) and Bidvest Group.ACSA and Bidvest hold 10 and 13.5 per cent stake, respectively, in MIAL. The deal with MIAL would make Adani the largest private airport operator in India, after the GMR Group, which operates the Delhi and Hyderabad airports. Read more

Closing Bell:Sensex gains 364 points, Nifty at 11466.45

Monday, August 24, 2020
At close, the Sensex was up 364.36 points or 0.95% at 38799.08, and the Nifty was up 94.90 points or 0.83% at 11466.50 led by buying in private banks, and finance stocks. Kotak Mahindra Bank and IndusInd Bank were top gainers followed by Bajaj Finance, HDFC Bank and Zee Entertainment. Powergrid, Mahindra & Mahindra, and Tech Mahindra were the worst-performing stocks on Sensex. About 1500 shares have advanced, 1109 shares declined, and 136 shares are unchanged. All sectoral indices, except Nifty Pharma and Nifty IT, were trading with gains.BSE Midcap and Smallcap indices rose 0.4 per cent and 1.6 per cent respectively.

MARKET UPDATE:Sensex climbed 206 pts to 38,640 levels, Nifty topped 11,400-mark

Monday, August 24, 2020
The markets in India climbed half a percent today(24th August 2020), lifted mainly by financials. The S&P BSE Sensex rose 206 points, or 0.5 percent, to 38,640 levels and the Nifty50 index topped the 11,400-mark. Kotak Mahindra Bank gained the most 2 percent, followed by HDFC Bank, IndusInd Bank, and State Bank of India (all up 1 percent each). On the stock-specific front, Gautam Adani-led Adani Group gained 3 percent as it is set to acquire a 74 percent stake in Mumbai International Airport with the current operator settling its disputes with its minority partner and exiting the venture. The Nifty sectoral indices were largely in the green, led by the Nifty Bank index, up 1.4 percent. The broader markets continued their outperformance with the S&P BSE MidCap and SmallCap indexes ruling 0.6 percent and 1 percent higher, respectively. Read more

Public Sector Banks face fresh capital shortages as coronavirus aftermath: Moody's

Friday, August 21, 2020
Public sector banks in India will need external capital injection of Rs 1.9-2.1 trillion over the next two years to restore loss absorption capacity, according to Moody’s. The most likely source of capital to plug these capital shortfalls is the government, despite its completion of a large recapitalisation just a few months ago. Uncertainty surrounding India's economic recovery and the ongoing clean-up of balance sheets are making it difficult for banks to raise equity capital from markets, the rating agency said in a statement. "PSBs dominate India's banking system, meaning any failure could jeopardise financial stability Moody’s, said. The sharp slowdown in India's economic growth, exacerbated by the coronavirus outbreak, will hurt public sector banks' (PSBs) asset quality and drive up credit costs. The Non-Performing Loans (NPLs) ratio will rise to 14.5 percent by March 2022 from 11 percent as of March 2020.

Coming soon:Single e-compliance window for India Inc

Friday, August 21, 2020
GOI is planning to develop a single online compliance framework for India Inc to enable companies to comply with different regulatory requirements at one go, according to sources. This will reduce compliance burden,” as per the source.The corporate affairs ministry has initiated discussions with various regulators including the RBI, Sebi, and the Department for Promotion of Industry and Internal Trade, on the possibility of creating a single platform or compliance forms with common data sources, the official said. Coming after other key initiatives such as one nation one tax, and faceless assessment under income tax, the move is expected to significantly boost ease of doing business in the country. Read more

MARKET UPDATE:Sensex jumped 312 pts to 38,530 levels, Nifty reclaimed the 11,400-mark

Friday, August 21, 2020
The markets in India rose over half a percent today(21st August 2020), following the firm trend in the Asian markets. The S&P BSE Sensex jumped 312 points, or 0.82 percent, to 38,530 levels, and the Nifty50 index reclaimed the 11,400-mark. PowerGrid (up 3%), NTPC, and SBI (both up 2%) were the top Sensex gainers. Among other individual stocks, GMM Pfaudler surged over 8 percent in early deals after it said it has acquired a 54 percent stake in its parent firm Pfaudler Group for a consideration of around $27.4 million. The trend among Nifty sectoral indices was positive, led by the Nifty PSU Bank index, up 1.6 percent. Meanwhile, the broader markets kept up their outperformance, with the S&P BSE MidCap and SmallCap indexes both trading over 1 percent higher. Fifty-one companies including PNB, Indiabulls Housing Finance, and Union Bank of India, are scheduled to announce their June quarter results today.

Aarti Drugs gains 20% and hits all time high after Board approves issuance of bonus shares

Thursday, August 20, 2020
Shares of Aarti Drugs gained as much as 20 per cent to a lifetime high of Rs 2892 on the BSE on Thursday after the company's board approved issuing 3 bonus equity shares for every one fully paid-up equity share held.i.e 3:1.The company will intimate the “Record Date” for determining eligible Shareholders entitled to receive Bonus Shares in due course, it added."The Board of Directors has approved Increase in the authorized share capital of the Company from Rs. 25,00,00,000/- to Rs. 120,00,00,000/- by creation of additional 9,50,00,000 Equity Shares of Rs. 10/- and the issuance of fully paid up Bonus Share in the ratio of 3:1," the company said in a filing to exchanges today. The company has delivered a good set of numbers for the June quarter, even as Covid-19 pandemic disrupted economic activity across the globe. Aarti Drug’s net profit rose 281 per cent to Rs 85.45 crore in the quarter ended June while sales rose 34 per cent to Rs 544.67 crore in the quarter from a year ago.

Closing Bell: Sensex down 394 points, Nifty at 11312.20

Thursday, August 20, 2020
At Close, Sensex closed 394 points or 1.02 per cent, lower at 38,220.39 and Nifty closed 96 points, or 0.84 per cent, down at 11,312.20. NHPC was the top gainer followed by ONGC, Powergrid, and Tata Steel. On the other side HCL Technologies, HDFC, Axis Bank and Bharti Airtel were top losers.BSE Midcap and Smallcap indices rose 0.87 per cent and 0.72 per cent, respectively. Nifty Private Bank index slipped over 1 per cent while Nifty Bank index fell 1.3 per cent. Nifty Media, on the other hand, rose over 3 per cent. Bank, finance, energy and telecom packs fell over a per cent each.

MARKET UPDATE:Sensex down 250 pts, Nifty hovered around 11,300-mark

Thursday, August 20, 2020
The equity markets in India languished in today's late morning session, with financials dragging the indices. The S&P BSE Sensex was trading 278 points, or 0.72 percent, lower at 38,340 levels and the Nifty50 index hovered around 11,300-mark. ICICI Bank, down 2%, was the top Sensex loser, followed by IndusInd Bank, Larsen & Toubro, and ONBC (all down over 1%). On the other hand, IT stocks -- TCS, Infosys, and HCL Tech -- were among the few Sensex stocks trading in the green. The trend among Nifty sectoral indices was largely in the red, with the Nifty Bank, Nifty Financials, and Nifty Metal indexes all trading over 1 percent lower. The broader market, however, quickly erased the opening losses. The S&P BSE MidCap index turned flat while the SmallCap index inched into the green. Read more

Govt to set up National Recruitment Agency to hold common govt job exam

Wednesday, August 19, 2020
Today Govt approved the proposal to set up a National Recruitment Agency (NRA) to conduct a common examination for jobs in the government and state-owned banks. This “historic decision" was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi,” said, Information & Broadcasting Minister Prakash Javadekar. This Common Eligibility Test will help "youngsters of the country find jobs easily”, said Javadekar, explaining that this will remove the hassle of multiple tests for various government jobs and make the process smoother and simpler. “Candidates for government jobs appear for multiple examinations and pay repetitive fees. The NRA will remove these pain points with a common test for multiple government jobs.” Read more

CSB Bank reports 174% YoY jump in Q1 profit at Rs 53.5 cr

Wednesday, August 19, 2020
Shares of CSB Bank gained 14.4 per cent to Rs 227.85 per share on the BSE on Wednesday after the bank reported a net profit of 53.56 crores in June quarter of FY21which grew 174.1 per cent on a yearly basis as against Rs 19.54 crore in Q1FY20.In the March quarter of FY20, the bank had incurred a net loss of Rs 59.68 crore.CSB Bank said its interest income rose 18.90 per cent YoY to Rs 422.60 crore from Rs 355.42 crore. The bank's operating profit before provisions and contingencies stood at Rs 129,09 crore, clocking a growth of 222 per cent YoY. Provision of the bank has also increased from over five-fold to Rs 57.53 crore Q1FY21, as against Rs 10.07 crore in the corresponding quarter last year, Out of which Rs 13.76 crore were for bad loans. In the March quarter, the same stood at Rs 84.32 crore. Read more

Closing Bell:Sensex slips from day’s high, up 86 points, Nifty at 11408.40

Wednesday, August 19, 2020
At close, the Sensex was up 86.47 points or 0.22% at 38614.79, and the Nifty was up 23 points or 0.20% at 11408.40. Tech Mahindra, Zee Entertainment, GAIL, Bharti Airtel, and Maruti were the top gainers on Sensex. Bajaj Auto, Nestle India, Wipro and ONGC were the top losers. About 1651 shares have advanced, 926 shares declined, and 104 shares are unchanged. Nifty PSU Bank index, up 1.9 per cent. S&P BSE MidCap and Small Cap indices trading 0.8 per cent higher. All Nifty sectoral indices traded with gains except Nifty Auto, Nifty FMCG, Nifty Pharma, and Nifty IT. While buying witnessed in the banking & financial, energy and infra sectors.

IT services providers tapping their alumni network to revive businesses

Wednesday, August 19, 2020
IT services providers including Mindtree, Birlasoft, and LTI are tapping their alumni network as businesses revive following stepped up outsourcing by clients to cut costs and scale up their technologies. This network, apart from being a great source of finding workers who know exactly what the company wants, is useful because the software services providers do not have to highlight their uniqueness during recruiting. And, with new hires being onboarded remotely, bringing back former employees is an added advantage. Exact numbers are difficult to estimate, but in cases, like Mindtree the returning employees account for 10-15% of the total talent intake over a given period according to sources.

MARKET UPDATE:Sensex rose 227 pts, Nifty hovered around 11,450-mark

Wednesday, August 19, 2020
The equity markets in India were trading half a percent higher today(19th August 2020), lifted by gains in some heavyweight stocks. The S7p BSE Sensex rose 227 points, or 0.6 percent, to 38,740 levels and the Nifty50 index hovered around the 11,450-mark. SBI (up 2%) was the top Sensex gainer, followed by ICICI Bank and Larsen & Toubro (both up 1%). Reliance Industries also climbed 1 percent in early deals after announcing the acquisition of a majority equity stake in online pharmacy delivery startup Netmeds for a cash consideration of approximately Rs 620 crore. All the Nifty sectoral indices were trading in the green, led by Nifty PSU Bank index, up 1.9 percent. The broader market outperformed the benchmark indices in early deals, with the S&P BSE Midcap and Small Cap indices trading 0.8 percent higher. Thirty-two companies including CSB Bank, Muthoot Finance, are scheduled to announce their June quarter earnings today.

Vedanta falls 6% as HC refuses to reopen Sterlite copper plant

Tuesday, August 18, 2020
Shares of Vedanta Limited dropped 6 per cent to Rs 120.20 on the BSE after the Madras High Court refused to allow reopening of Sterlite copper smelting plant in Tamil Nadu's Thoothukudi. The High Court upheld the Tamil Nadu government's order of May 2018, which directed the closure of Vedanta's facility. The judgment was pronounced on August 18 by a Division Bench of Justices TS Sivagnananam and Bhuvani Subbaroyan. Vedanta Limited had moved the court challenging the state government's closure order against its Sterlite Copper Plant on May 28, 2018. The Thoothukudi Sterlite copper smelting plant remains shut since April 9, 2018, after the Tamil Nadu Pollution Control Board (TNPCB), through an order dated April 9, 2018, rejected the Consent to Operate (CTO) for the plant and issued a direction for closure and disconnection of power supply at the plant. 13 people were allegedly shot dead by the police on May 22, 2018 during a protest against the plant. Read more

Apple planning to roll out locally made iPhone 12 by next year

Tuesday, August 18, 2020
Apple, the American tech giant, is planning to roll out locally made models of its upcoming iPhone 12 by the middle of next year, according to sources. This will be the seventh iPhone model to be made in the country, giving a boost to Prime Minister Narendra Modi’s Atmanirbhar vision. Also, the local production of its latest iPhone SE (2020) is expected to begin by the end of this year. Till recently, iPhone production in India was limited to older models at a lower price tag. Read more

Closing Bell:Sensex gains 477.54 points, Nifty at 11385.35

Tuesday, August 18, 2020
At close, the Sensex was up 477.54 points or 1.26% at 38528.32, and the Nifty was up 138.30 points or 1.23% at 11385.40. ONGC, Ultratech Cement, Maruti and Titan were the top gainers on BSE Sensex.While Powergrid, Tech Mahindra,BPCL, HCL and NTPC were the top losers.About 1860 shares have advanced, 886 shares declined, and 132 shares are unchanged.Nifty Realty was the top gainers, up 1.17%.All other sectoral indices ended in the green. BSE Midcap and Smallcap indices added 1 percent each. India VIX declined over 4 per cent to 20.43 levels.

MARKET UPDATE:Sensex gains 200 pts, Nifty tops 11,300

Tuesday, August 18, 2020
The equity markets in India were trading half a percent higher today(18th August 2020), helped majorly by heavyweight Reliance Industries. The S&P BSE Sensex was trading 213 points higher at 38,260 levels and the Nifty50 index reclaimed the 11,300-mark. Reliance Industries (up 1.9 percent) was the top Sensex gainer, followed by ONGC, NTPC, and ICICI Bank (all up 1% each). On the other hand, HDFC Bank dipped 1 percent in early deals after US-based Rosen Law Firm said it plans to investigate potential securities claims against the bank following allegations of sharing "materially misleading business information" with investors. Bandhan Bank also gained 2 percent after the RBI lifted the restrictions imposed on the remuneration of the bank's MD & CEO. The trend among Nifty sectoral indices was positive, led by Nifty Financial Services, up 0.5 percent. Read more

The Indian economy may contract16.5 % in Q1FY21, as against previously expected contraction of 20%

Monday, August 17, 2020
There is a small Silverline for the Indian economy. It may report a contraction of16.5 percent in April-June quarter of FY21, as against a previously expected contraction of 20 percent, as degrowth in corporate GVA, courtesy better-than-expected results of some financial and non-financial companies have been significantly better than revenue degrowth in Q1FY21, said economists at SBI. "In May, we had indicated that the Q1FY21 GDP growth will exhibit a sharp decline at least in excess of 30 percent. However, the current situation warrants us to revisit our GDP growth... In principle, the revenue decline of listed companies has been far outstripped by cost rationalisation thereby not impacting margins. As per our estimates, Q1FY21 real GDP degrowth would be now around –16.5 percent," Soumya Kanti Ghosh, chief economic advisor for SBI wrote in his latest report Ecowrap, dated August 17. The government is expected to release Q1FY21 GDP data on August 31. Read more

MARKET UPDATE:Volatile market-Sensex 77 points down at 37,800 levels and Nifty slipped below 11,200-mark

Monday, August 17, 2020
The equity markets in India erased their opening gains and were trading flat with negative bias today(17th August 2020), following the mixed trend in Asian indices. The S&P BSE Sensex was trading 77 points lower at 37,800 levels after rising as high as 38,119 in the opening deals. The broader Nifty50 index also slipped below the 11,200-mark. NTPC, Larsen & Tourbo, Titan, and Tech Mahindra (all up 1%) were the top Sensex gainers. On the other hand, Reliance Industries and Axis Bank dipped over 2 percent each. Meanwhile, Glenmark Pharma surged as much as 7 percent after posting an over two-fold increase in consolidated net profit in June 2020 quarter. The trend among Nifty sectoral indices was mixed, with the Nifty PSU Bank index, down 1 percent, leading the list of gainers. Thirty-seven companies, including Can Fin Homes, Petronet LNG, and Suven Pharmaceuticals, are set to report their quarterly earnings today.

Aatmanirbhar Bharat' a duty towards global good: PM Modi in his Independence Day speech

Saturday, August 15, 2020
Prime Minister Narendra Modi in his address to the nation today on the occasion of 74th Independence Day said that an 'Aatmanirbhar Bharat' would be economically stronger which would lead to more peace and financial stability across the region."Many nations are watching India as a centre for their supply-chain operations. Now, we have to internalise the motto of ‘Make for the world’ alongside ‘Make in India’." he said. "The world is interconnected and interdependent now. Therefore, India's contribution to the global financial system should rise. This is India's duty towards global development. For that to happen, India would have to become self-reliant," the PM stressed during his seventh speech from the ramparts of the historic Red Fort. Read more

Eicher Motors tanks 5% after Q1 result

Friday, August 14, 2020
Shares of Eicher Motors tanked nearly 7.35 per cent on Friday after the company reported a consolidated net loss of Rs 55 crore for the first quarter ended June 30 as sales were adversely hit due to COVID-19 pandemic. It had posted a profit of Rs 452 crore in the corresponding quarter last year. The company's revenue from operations in the quarter under review declined to Rs 818 crore from Rs 2,382 crore in Q1FY20. Royal Enfield sold 58,383 motorcycles during the June quarter, down 68 per cent from 181,966 motorcycles sold over the same period in FY20. The maker of the Royal Enfield motorcycles is seeing demand recovery with the bookings almost returning to pre COVID-19 levels. The company has an order backlog of around 40,000 units. Read more

Covaxin is safe:Result of the Ist phase of the vaccin developed by Bharat Biotech-ICM

Friday, August 14, 2020
It is reported that preliminary results of phase 1 clinical trials of the Bharat Biotech-ICMR developed Covid-19 vaccine, Covaxin, suggest that the vaccine is safe. The vaccine is being tested on 375 volunteers who have enrolled at 12 sites in India. Two doses of the vaccine are being administered to each volunteer. “As of now, we know that it is safe. The second step is to know how effective the vaccine is for which we have started collecting the samples,” said Savita Verma, principal investigator, who is leading the trial at PGI, Rohtak. Read more

Closing Bell:Sensex down 600 points, Nifty at 11178.40

Friday, August 14, 2020
At close, the Sensex was down 433.15 points or 1.13% at 37877.34, and the Nifty was down 122.10 points or 1.08% at 11178.40. Tata Steel was the top Sensex gainer followed by Sun Pharma, Reliance Industries, TCS, Infosys, Housing Development Finance Corporation, ICICI Bank and NTPC.On the other hand, Power Grid, HCL Tech, Maruti Suzuki, Bajaj-Auto, Tata Steel and Titan Company were the top index losers. About 1085 shares have advanced, 1600 shares declined, and 133 shares are unchanged. Nifty IT index was up 0.58 per cent. Nifty Pharma index, up 2.5 per cent. The nifty Auto index dipped over 1 per cent. Except for metal and pharma, all other sectoral indices ended in the red. BSE Midcap and Smallcap indices ended 0.5-1 per cent lower.

Inflation above MPC comfort range for fourth straight month

Friday, August 14, 2020
Consumer Price Index (CPI)-based inflation came in above the monetary policy committee’s target band of 4 percent (with a margin of +/-2) for the fourth consecutive month in July. The official data released yesterday(13th August 2020) showed that retail inflation rose to 6.93 percent year-on-year, up from 6.23 percent in June, mainly because of a rise in food and petroleum prices. Consumer Food Price Index-based inflation (CFPI) rose to 9.62 percent in July, compared to 8.72 percent in the previous month. Last week, the Reserve Bank of India’s (RBI’s) monetary policy committee kept key policy rates unchanged, deciding to use the future rate cuts “judiciously to maximize the beneficial effects”. The repo rate currently stands at 4 percent, and the reverse repo rate at 3.35 percent. Retail inflation has breached the RBI’s upper tolerance limit (6 percent) for four consecutive months and seven out of eight months.

India regains $2-trillion market capitalisation

Friday, August 14, 2020
As shares in the broader market joined the party the Indian market has once again topped the $2-trillion market capitalisation (m-cap) threshold. The country’s m-cap slipped below the psychological level in March ahead of the sharp sell-off triggered by the pandemic. During the depth of the correction, the combined m-cap of all listed stocks had slipped to multi-year lows of $1.3 trillion on March 23. Since then, India has added nearly $700 billion in market value thanks to the liquidity-fueled global rally. At its peak, India’s m-cap stood at $2.22 billion at the start of the year, when the benchmark Sensex and the Nifty indices hit all-time highs. Read more

MARKET UPDATE:Sensex up by 152 points at 38,460 levels and the Nifty hovered around the 11,350-mark

Friday, August 14, 2020
The equity market in India edged up half a percent today(14th August 2020) ahead of the SC hearing on telcos' AGR dues later in the day. The S&P BSE Sensex added 152 points at 38,460 levels and the Nifty50 index hovered around the 11,350-mark. Reliance Industries, Larsen & Toubro, and Sun Pharma (all up 1%) were the top Sensex gainers. Besides, Eicher Motors slipped over 2 percent in early deals after posting a net loss of Rs 55 crore in the June quarter results (Q1FY21). Hero MotoCorp was also trading lower after reporting a 95 percent YoY dip in Q1 net profit. The Nifty sectoral indices were trading largely in the green, led by the Nifty Pharma index, up 0.6 percent. In the broader market, the S&P BSE MidCap and SmallCap indexes were trading 0.12 and 0.58 percent higher, respectively. Read more

The economic reality India may face after the reopening relief fades

Thursday, August 13, 2020
In India, ever since the sudden lockdown brought all economic activity to a screeching halt, all hopes of a turnaround have come to be pinned on an easing of restrictions. Easing began in May in stages and for some time, economic data was showing signs of a recovery in business activity. But as the lives-versus-economy dilemma enters a more critical stage, these signs are now waning. Even as the government clutches at straws in search of potential game-changers, the gradual easing of lockdowns has sparked hope in some quarters. But what will come to the economy's rescue after the reopening relief fades, remains entirely uncertain. Read more

Tata Power shares rally 9 per cent after Q1 result and on merger proposal

Thursday, August 13, 2020
Tata Power shares surged as much as 9 per cent to Rs 57.9 on the BSE on Thursday after the firm reported a 10 per cent on-year rise in consolidated net profit at Rs 268 crore in the April-June quarter on the back of reduced expenses. The company had posted a net profit of Rs 243 crore in the corresponding quarter of the preceding year. Revenue from operations fell 16.9 per cent YoY to Rs 6,453 crore in the first quarter of FY21Its consolidated profit before tax (PBT) and exceptional items for the June quarter dipped 31 per cent to Rs 480 crore, as against Rs 605 crore PBT posted in Q1FY20.In a span of three months, Tata Power share price has rallied 114 per cent from Rs 27 apiece to Rs 57.85. The company also announced its three wholly-owned subsidiaries, Coastal Gujarat Power Ltd (CGPL), Tata Power Solar Systems (TPSSL) and Af-Taab Investment Company (Af-Taab) are proposed to be merged with the parent company for greater synergies in the financing, compliance, and oversight. Read more

Closing Bell: Sensex end flat, Nifty at 11300.45

Thursday, August 13, 2020
At close, the Sensex was down 59.14 points or 0.15% at 38310.49, and the Nifty was down 7.90 points or 0.07% at 11300.50 and settled in red for the second consecutive session in Thursday's volatile trade. ONGC, TCS, Tech Mahindra, SBI, NTPC, UltraTech Cement, Tata Motors and HCL Tech were top gainers. While Bharti Airtel, ITC, Maruti Suzuki, Bajaj-Auto, HDFC and Sun Pharma were the top losers on the Sensex. About 1564 shares have advanced, 1128 shares declined, and 136 shares are unchanged. Nifty PSU Bank index fell over one per cent, while the Nifty Auto index gained 1.22 per cent. Nifty Metal index, up 2 per cent. On the sectoral front, except bank and pharma other indices ended in the green, while BSE Midcap and Smallcap indices rose 1.6 per cent and 0.7 per cent respectively

MARKET UPDATE:Sensex up by 120 points at 38,490 levels and the Nifty at 11,350-mark

Thursday, August 13, 2020
The equity market in India was trading with slim gains on Thursday, lifted primarily by metal stocks. Among the headline indices, the S&P BSE Sensex was up 120 points at 38,490 levels and the Nifty50 index topped the 11,350 marks. TCS, SBI, and Tech Mahindra (all up 1%) were the top Sensex gainers. On the other hand, Bharti Airtel dipped over 4 percent in early deals. Aurobindo Pharma also fell 4 percent despite reporting a 22.8 percent YoY rise in consolidated profit at Rs 780.7 crore in the June quarter. Indiabulls Group stocks gained after Sameer Gehlaut stepped down as the company's executive chairman with immediate effect. The trend among Nifty sectoral indices was largely in the green, led by Nifty Metal index, up 2 percent, The broader indices outperformed their benchmark peers with the S&P BSE MidCap and the SmallCap index trading 0.8 percent higher each. Read more

HAL share gains 10 per cent on approval of equipment acquisition

Wednesday, August 12, 2020
Shares of Hindustan Aeronautics (HAL) rallied as much as 10.5 per cent and hit a fresh 52-week high of Rs 1,126 on the BSE on Wednesday after the Ministry of Defence (MoD) on Tuesday approved the acquisition of 'Make in India' equipment worth Rs 8,722 crore required by the Indian Armed Forces. HAL stock price has rallied over 151 per cent from March lows of Rs 448 apiece and the total market capitalisation of the company stands at Rs 36,949.82 crore. The Defence Acquisition Council held meeting with Defence Minister Rajnath Singh, accorded approval for capital acquisitions of various platforms and equipment required by the Indian Armed Forces. Proposals for an approximate cost of Rs 8,722.38 crore were approved. DAC approved procurement of 106 basic trainer aircraft from HAL to address the basic training requirements of the Indian Air Force. It also added that post-certification, 70 BTA will be initially procured from HAL and balance 36 after operationalisation of HTT-40 fleet.

PSB shares were trading higher in an otherwise weak market

Wednesday, August 12, 2020
PSB shares were trading higher on the NSE, in an otherwise weak market, today(12th August 2020). The Nifty PSU Bank index rose 4 percent in the morning deals on the NSE as against a 0.36 percent decline in the benchmark S&P BSE Sensex. The government is considering extending "ratna" title to PSBs like SBI, and Bank of Baroda, according to media reports. As per government rules, a public sector enterprise can be awarded 'ratna' title to give them financial autonomy. Currently, there are four categories of 'PSU ratna' in India, namely 'miniratna-II', mini Ratna-I', 'navratna' and 'maharatna'. Read more

Closing Bell:Sensex ends flat,Nifty at 11308.40

Wednesday, August 12, 2020
At close, the Sensex was down 37.38 points or 0.10% at 38369.63, and the Nifty was down 14.10 points or 0.12% at 11308.40. State Bank of India (SBI), Maruti Suzuki, M&M, Bharti Airtel and TCS were the top Sensex gainers. While losers were Kotak Mahindra Bank, Cipla, Hindalco Industries, Dr Reddy’s Labs and BPCL.About 1487 shares have advanced, 1207 shares declined, and 140 shares are unchanged. The mixed trend seen on the sectoral front with metal, pharma and FMCG indices ended lower Nifty Metal and Nifty Pharma down 1.54 per cent and 1.32 per cent. The Nifty PSU Bank index rose over 3 per cent. while buying witnessed in the auto and PSU bank stocks.

MARKET UPDATE:Sensex dipped 260 points to 38,140 levels and the Nifty hovered around 11,250-mark

Wednesday, August 12, 2020
The equity markets in India slid half a percent today(12th August 2020), weighed down by metals and financials. The S&P BSE Sensex dipped 260 points to 38,140 levels and the Nifty50 index hovered around 11,250-mark. Bajaj Finance (down 2%), Bajaj Finserv, and Axis Bank (down 1%) were the top Sensex laggards. Besides, heavyweights HDFC Bank and Reliance Industries also slipped more than 1 percent each in early deals. The trend among NIfty sectoral indices was largely in the red, led by losses in the Nifty Metal index, down 1.4 percent. One thirty -seven companies, including Aurobindo Pharma, Ashok Leyland, and Tata Power are scheduled to announce their June quarter results today.

Axis Bank shares gains 4% on raising Rs 10,000 crore via allotment of equity shares

Tuesday, August 11, 2020
Shares of Private sector lender Axis Bank gained 4 per cent after the Bank raised Rs 10,000 crore via allotment of equity shares to qualified institutional buyers (QIB). Axis Bank had set a floor price of Rs 442.19 per equity share for its proposed Rs 15,000-crore qualified institutional placement (QIP). A committee of Whole-Time Directors decided to close the issue on August 10, 2020, and accorded its consent for the issue of 238,038,560 equity shares of Rs 2 each of the bank at a price of Rs 420.10 per equity share. This takes into account a discount of 5 per cent, to the floor price of Rs 442.19 per equity share, aggregating to Rs 10,000 crore, to successful eligible qualified institutional buyers, it stated. The board of the bank had last month approved the Rs 15,000 crore fundraise plan. The QIP was okayed by shareholders at the annual general meeting held on July 31, 2020, the bank said.

Mid, small-caps likely to outperform large-caps in 2020

Tuesday, August 11, 2020
Mid-and-small caps seem to be getting their mojo back with both these indices outperforming their large-cap peer after a subdued performance for the last two years. From their March 2020 low, the S&P BSE Mid-cap and S&P BSE Small-cap indices have surged 57 percent and 49 percent, respectively as compared to 47 percent rise in the S&P BSE Sensex. Even on a year-to-date basis, the returns have been better. The small-cap index on the BSE has moved up nearly a percent. The mid-cap index, however, lost 3.7 percent YTD, but is still better than the 7.5 percent fall in the S&P BSE Sensex during this period, ACE Equity data show. Read more

Closing Bell:Sensex ends 225 points, Nifty at 11322.50

Tuesday, August 11, 2020
At close, the Sensex was up 224.93 points or 0.59% at 38,407.01, and the Nifty was up 52.30 points or 0.46% at 11,322.50. Axis Bank was the top Sensex gainer followed by IndusInd Bank, ITC, HDFC Bank, Tata Steel, HDFC and ICICI Bank. On the contrary, Titan Company was the top loser followed by Bharti Airtel, HCL Tech, ONGC, Tech Mahindra and Sun Pharma. About 1559 shares have advanced, 1146 shares declined, and 143 shares are unchanged. Nifty Pharma index was down 1.42 per cent. While Nifty Bank, Nifty Metal and Nifty Financial Services gained over 1 per cent. Among sectors, except pharma and IT, other indices ended in the green. BSE Midcap and Smallcap indices ended marginally lower.

MARKET UPDATE:Sensex climbed 338 points to 38,520 levels and Nifty topped the 11,350-mark

Tuesday, August 11, 2020
The equity markets in India India rose over half a percent today(11th August 2020), in line with a strong trend in other Asian markets. The S&P BSE climbed 338 points to 38,520 levels and the Nifty50 index topped the 11,350-mark. ICICI Bank gained 2 percent after the bank launched its qualified institutional placement (QIP), setting the floor price at Rs 351.36 per share. Besides, Axis Bank and Tata Steel (both up 2%) were among the other top gainers. On the other hand, Titan slipped over 3 percent after the announcement of its June quarter results. All the Nifty sectoral indices were trading in the green, led by the Nifty Metal index, up 2 percent. Today, 90 companies, including RITES, Motherson Sumi, and Metropolis Healthcare, are scheduled to announce their June quarter results.

Manmohan Singh offers three remedies to help to restore the country’s financial health

Monday, August 10, 2020
Former prime minister Manmohan Singh and world-renowned economist has proffered three steps to restore the country’s financial health. Singh, a long-time Congress stalwart who is often credited as the architect of India's economic reforms program, suggested direct cash assistance to protect livelihoods and retain spending power, government-backed credit guarantee schemes to make capital available for businesses, and institutional autonomy to fix the financial sector. "I do not want to use words like 'depression' in a cavalier fashion," said Singh in a conversation with the BBC, adding that a deep and prolonged economic slowdown was inevitable. Read more

Divi's Laboratories shares gains 18 per cent post quarter results

Monday, August 10, 2020
Shares of Divi's Laboratories on Monday zoomed 18 per cent to a fresh 52-week high of Rs 3,228.05 on the BSE after reporting 80.61 per cent year-on-year (YoY) rise in consolidated net profit for the June quarter of 2020-21. The drug firm reported a net profit of Rs 492.06 crore for the quarter on account of robust sales. The company had report a profit of Rs 272.44 crore in the year-ago same period. Total income stood at Rs 1,747.80 crore during the quarter under review as against Rs 1,193.20 crore in April-June 2019-20, it added."The company has been able to have near-normal operations during the quarter and there was minimal impact due to COVID-19 pandemic," Divi's Laboratories said. "Divi’s Lab delivered all-time high sales/EBITDA/PAT for the quarter. Overall performance was led by volumes and did not include any business opportunity related to COVID-19 treatment. Research and brokerage firm Emkay Global Financial Services, HSBC and Motilal Oswal has recommended buying the shares.

Closing Stock:Sensex gains 141 points, Nifty at 11270.15

Monday, August 10, 2020
At close, the Sensex was up 141.51 points or 0.37% at 38182.08, and the Nifty was up 60.70 points or 0.54% at 11274.70 on the back of positive global cues, encouraging quarterly numbers by select pharma companies and the government's push for Atmanirbhar Bharat (Self-Reliant India). M&M was the top Sensex gainer, followed by Cipla, Larsen & Toubro (L&T), Sun Pharma, Kotak Mahindra Bank, HDFC and State Bank of India (SBI). while losers included Eicher Motors, Asian Paints, Maruti Suzuki, BPCl and Reliance Industries. About 1723 shares have advanced, 996 shares declined, and 166 shares are unchanged. Nifty Pharma index gained 5.5 per cent. Except, Nifty Metal index, all other sectoral indices were trading in green. Midcap and Smallcap indices ended with over 1 per cent gain.

MARKET UPDATE:Sensex rose 300 points to 38,340 levels and Nifty reclaimed the 11,300 mark

Monday, August 10, 2020
The equity markets in India were trading half a percent higher today(10th August 2020), lifted mainly by pharma stocks. Among the benchmark indices, the S&P BSE Sensex rose 300 points to 38,340 levels and the Nifty50 index reclaimed the 11,300 marks. Larsen & Toubro and Mahindra & Mahindra gained 3 percent each in early deals and were the top Sensex gainers. Meanwhile, Divi's Laboratories surged 15 percent after the announcement of its June quarter results. The Nifty sectoral indices were trading in the green, led by the Nifty Pharma index, up 2 percent. One hundred companies including Titan and Bank of Baroda are scheduled to announce their June quarter results today.

Mahindra & Mahindra Q1 profit falls 97% to Rs 68 Crore

Friday, August 7, 2020
Auto major Mahindra & Mahindra on Friday reported a 97 per cent decline in consolidated profit at Rs 67.79 crore for June quarter 2020, adversely impacted by the COVID-19 pandemic. The company had reported a profit of Rs 2,259.74 crore ina year ago.The analysts had projected a net profit of Rs 200 crore for the company. The company's revenue also fell 56 per cent YoY to Rs 5,589.43 crore from Rs 12,805.47 crore reported in the year-ago quarter.M&M said profit before the exceptional gain of Rs 29 crore declined 96 per cent YoY to Rs 39 crore for the quarter. It sold 27,565 units of vehicles and 64,140 units of tractors during the quarter, down 78 per cent and 22 per cent YoY. Total exports were at 3,109 units, down 72 per cent.M&M's operating margin for the quarter stood at 10.3 per cent as compared to 14 per cent in Q1FY20. The company also approved the appointment of Nisaba Godrej and Muthiah Murugappan as additional directors on the board of directors. Read more

What India has been spending during the pandemic

Friday, August 7, 2020
Months of lockdown and KOVID-19 threat have altered the habits of Indian consumers: Their spending patterns reveal just how deeply concerned they are with protecting their health and fortifying their store-cupboards, warding off boredom, and keeping their homes neat and tidy. Consumers around the world are showing an increased interest in safeguarding their health and boosting their immunity. In India, that often means Ayurveda and Companies such as Dabur India Ltd. and The Himalaya Drug Co. are witnessing high demand for traditional products like chyawanprash and proprietary supplements like Septilin. Read more

Microsoft may strike a deal to buy all of TikTok’s global business

Friday, August 7, 2020
Microsoft may strike a deal to buy all of TikTok’s global business, including the viral video app’s operations in India and Europe. The value of Tik-Tok’s India business may be as much as $10 billion. On Sunday (2nd August 2020) Microsoft had said that it was in negotiations with ByteDance, the Chinese owner of TikTok and the world’s largest startup, to explore a purchase of the TikTok service in the US, Canada, Australia, and New Zealand. Since then, Microsoft has also pursued a plan that will include all countries where TikTok operates.It does not operate in China, and such a deal would not extend to its China-facing sister app Douyin. Read more

Closing Bell: Sensex end flat, Nifty at 11214.05

Friday, August 7, 2020
At Close, managed to end marginally in the green with Sensex up 15.12 points or 0.04 per cent at 38040.57, and the Nifty adding 13.80 points or 0.12 per cent at 11214. Among Sensex top gainers were Asian Paints, Bajaj Finance, IndusInd Bank, Bajaj Finserv, Maruti Suzuki and Bharti Airtel. On the flip side, Titan Company was the top loser, followed by HCL Tech, Infosys, M&M, Sun Pharma, LT, UltraTech Cement. Nifty PSU Bank index and Nifty Metal index gained 0.99 per cent and 0.85 per cent. Nifty IT index slipped over 1 per cent. The midcap index gained over a per cent while the IT and pharma sectors ended in the red.

MARKET UPDATE:Sensex, Nifty in the red-sensex at 38000 levels and Nifty gaveup 11,200-mark

Friday, August 7, 2020
The equity market in India was trading with slight cuts today (7th August 2020) amid mixed global cues. Among the benchmark indices, the S&P BSE Sensex dipped 30 points to around 38,000 levels and the Nifty50 index gave up the 11,200-mark. HCL Tech, Tata Steel, ICICI Bank (all down over 1%) were the top Sensex laggards while ONGC gained 1 percent. Vodafone Idea slid as much as 7 percent after reporting a sharp rise in its losses to Rs 25,460 crore for the June quarter of FY21 while HPCL's stock gained 4 percent after the company reported a 157 percent jump in its June quarter net profit. The trend among Nifty sectoral indices was largely negative, with the Nifty Bank index, down 0.7 percent, leading the list of losers. On the other hand, the broader market outperformed their benchmark peers after changes in circuit limits for about 650 companies became effective today. The S&P BSE MidCap and SmallCap indexes were both trading 0.7 percent higher. Read more

RBI extends debt restructuring for MSME, ups gold LTV ratio

Thursday, August 6, 2020
Financials and realty stocks soared in the afternoon session today after the RBI, in its second bi-monthly policy for the financial year 2020-21 (FY21), announced measures to support NBFCs, HFCs, corporate debt market, debt MF, agriculture and backward districts (via priority sector loans). Besides, it announced a relaxation on the loan-to-value (LTV) ratio for gold loans. "It has been decided that stressed MSME borrowers will be made eligible for restructuring their debt under the existing framework, provided their accounts with the concerned lender were classified as standard as on March 1, 2020. This restructuring will have to be implemented by March 31, 2021," RBI governor Shaktikanta Das said. Read more

RBI extends loan restructuring facility of MSME loans

Thursday, August 6, 2020
The Reserve Bank of India (RBI), in its second bi-monthly monetary meet held on August 6 provided a fresh lifeline to millions of stressed small businesses by extending the provision of restructuring of loans. Besides, it announced a relaxation on the loan-to-value (LTV) ratio for gold loans. The repo rate has been unchanged at 4 per cent and the reverse repo rate is at 3.35 per cent, while the MSF rate and Bank rates were also left unchanged at 4.25 per cent. “The scheme has provided relief to a large number of MSMEs. With Covid-19 continuing to disrupt normal functioning and cash flows, the stress in the MSME sector has got accentuated, warranting further "It has been decided that stressed MSME borrowers will be made eligible for restructuring their debt under the existing framework, provided their accounts with the concerned lender were classified as standard as on March 1, 2020. This restructuring will have to be implemented by March 31, 2021," RBI governor Shaktikanta Das said. Read more

Closing Bell:Sensex gains 362 points, Nifty at 11200.15

Thursday, August 6, 2020
At close, the Sensex was up 362.12 points or 0.96% at 38025.45, and the Nifty was up 98.50 points or 0.89% at 11200.20 post-Reserve Bank of India (RBI) kept the repo rate unchanged at 4 per cent. Tata Steel was the top Sensex gainer followed by Infosys, HCL Technologies, UPL and Bajaj Finance. while losers were Shree Cements, Eicher Motors, Adani Ports, M&M and Bharti Airtel. About 1567 shares have advanced, 1056 shares declined, and 167 shares are unchanged. Apart from Nifty Auto and Nifty PSU Bank all sectoral indices were up in the green. IT, metal, pharma and FMCG gained more than 1 per cent. BSE Midcap and Smallcap indices rose 0.7 per cent and 1 per cent respectively.

Nifty50 valuation hits all-time high

Thursday, August 6, 2020
The valuation of the benchmark indices has hit an all-time high as investors bid up share prices. At the close of trade yesterday(5th August 2020), the NSE Nifty 50 index price-to-earnings (PE) multiple reached an all-time high of 30.4 times its trailing 12-month earnings per share (EPS). The current valuation is 38 percent higher than the 10-year average of 22x and over 50 percent higher than the 20-year average of around 20x. In comparison, the index was valued at 28.6x at its life-time high of around 12,355 on January 16 this year. Analysts attribute this to a combination of a steady decline in the Nifty 50 underlying EPS in the last two quarters due to the pandemic and a sharp rise in the index from the March 20 lows. Read more

RBI:Repo rate unchanged at 4%; stance accommodative

Thursday, August 6, 2020
The RBI today(6th August 2020) decided to keep the benchmark repo rate unchanged at 4 percent, already the lowest since 2000, and reverse repo rate at 3.35 percent. The six-member Monetary Policy Committee (MPC) of the RBI, headed by the Governor Shaktikanta Das, announced the decision after its 24th two-day bi-monthly meeting. RBI had last revised its policy rate on May 22, in an off-policy cycle to perk up demand by cutting interest rate to a historic low. Governor Shaktikanta Das said the MPC voted to keep interest rate unchanged and continue with its accommodative stance to support growth. "Global economic activity has remained fragile. A surge in Covid-19 cases has subdued early signs of revival, said Das, adding: "Economic activity had started to recover, but a surge in infection has forced imposition of lockdowns." Supply chain disruptions were persisting and inflationary pressures were evident across segments, he said. Read more

Tata Consumer Products hits new high after Q1 results

Wednesday, August 5, 2020
Tata Consumer Products' shares hit an all-time high of Rs 471.70 apiece on Wednesday after the Tata Group FMCG major reported a robust June quarter, with net profit rising 82 per cent year-on-year (YoY) to Rs 346 crore helped by an increase in demand in some categories. The company posted a net profit of Rs 190.09 crore in April-June a year ago. Revenue from operations was up 13.44 per cent to Rs 2,713.91 crore during the quarter as against Rs 2,392.36 crore in the corresponding period of the last fiscal. Tata Starbucks' operations for Q1 were adversely impacted due to COVID-19. As of June 30 2020, close to 60 per cent of the total 186 stores have reopened, it said. The company has acquired 50 per cent stake of PepsiCo India in NourishCo Beverages Ltd, making it a wholly-owned subsidiary with effect from May 18, 2020, and hence TCPL has shown a gain of Rs 84 crore. Read more

Disparity between rallying global stocks and deteriorating data is the most pronounced in India

Wednesday, August 5, 2020
The Indian shares have logged one of the best rebounds from the March lows globally while battling some of the world’s worst economic data. The surge has pushed up valuations to a record as investors look past the grim reality and the world’s third-highest tally in coronavirus cases. The disconnect between rallying global stocks and deteriorating data is very much pronounced in India. The situation does not go well for Asia’s third-largest economy that’s set for its first contraction in more than four decades. Further negative surprises from macro data or virus cases can unravel a rally that’s added $605 billion in market value from the depths of the swoon to outstrip the government’s stimulus package. Read more

Closing Bell: Sensex down 25 points, Nifty at 11101.65

Wednesday, August 5, 2020
At close, the Sensex was down 24.58 points or 0.07% at 37663.33, and the Nifty was up 6.40 points or 0.06% at 11101.70. Sensex gainers were Tata Steel, Axis Bank, Maruti Suzuki, Kotak Mahindra Bank and Bajaj Finserv. On the flip side, Power Grid Corporation of India, HDFC Bank, Tech Mahindra, Reliance Industries (RIL), Infosys were among top Sensex losers. About 1611 shares have advanced, 994 shares declined, and 152 shares are unchanged. The nifty Metal index was up over 3 per cent. Nifty Auto and Private Bank indices gained 1 per cent, each. Nifty FMCG index, slipped 0.17 per cent. The midCap index gained 0.92 per cent and the SmallCap index was up 0.8 per cent. Metal, auto, infra and IT sectors ended higher while selling witnessed in the energy and pharma space.

MARKET UPDATE:Sensex up 350 points and reclaims 38,000-mark and Nifty at 11,200 level

Wednesday, August 5, 2020
Indian stock market was trading nearly a percent higher today(5th August 2020). The benchmark S&P BSE Sensex was ruling 325 points or 0.86 percent, higher at 38,013 level. Tata Steel and Axis Bank, up 2.4 percent each, were the top gainers on the index, followed by gains in IndusInd Bank and Reliance Industries (up 2 percent each), and Bajaj Finance (1 percent). On the downside, only Power Grid and Nestle were trading as laggards on the 30-share index, down 1 percent each. The broader Nifty50, meanwhile, was inching towards 11,200-level, and was at 11,187 in early deals Sectorally, metal stocks surged higher amid positive global cues. The nifty Metal index was up 2 percent on the NSE, while Nifty Auto and Private Bank indices advanced 1 percent, each. In the broader market, the S&P BSE MidCap index was at 13,984 level, up 0.92 percent. On the other hand, the S&P BSE SmallCap index was up 0.8 percent at 13,424 level.

HDFC Bank share price gains nearly 6% on RBI appointing new CEO

Tuesday, August 4, 2020
Private lender HDFC Bank's share price rose nearly 6 per cent intraday on August 4 on the report of RBI approving new CEO. Mr.Sashidhar Jagdishan will be the new CEO of HDFC Bank for a period of 3 years w.e.f. his date of taking charge, i.e. October 27, 2020, and will be replacing Aditya Puri. The appointment will put an end to one of the most keenly watched successions in India’s banking industry. He is a chartered accountant and holds a Master’s degree in Economics of money, banking and finance. He joined the Bank in the 1996 and currently, he is the Group Head of Finance, Human Resources, Legal & Secretarial, Administration, Infrastructure, Corporate Communications, Corporate Social Responsibility & the Strategic Change Agent of the bank. He joined the bank around 1996 as a Manager in the Finance function, and then went on to become Business Head - Finance in 1999 and Chief Financial Officer in the year 2008. Read more

key factors for today's bull run in Dalaal street

Tuesday, August 4, 2020
Yesterday(3rd August, Monday) was a bloody show by bears, but today bulls decimated them by recouping all losses thanks to strong global cues and low-level buying by investors. The outperformance of select blue-chips also boosted the gains. The 30-share Sensex jumped 748 points to close at 37,688, while peer Nifty climbed 211 points to end at 11,103 points. Nifty Midcap and Nifty Smallcap indices added over a percent each, underperforming their headline peers. Read more

Closing Bell: Sensex gains 748 points, Nifty at 11095.25

Tuesday, August 4, 2020
At close, the Sensex was up 748.31 points or 2.03% at 37687.91, and the Nifty was up 203.70 points or 1.87% at 11095.30. Reliance Industries, HDFC Bank, ONGC, ITC, Asian Paints, and Maruti Suzuki were the top gainers on Sensex. On the other hand Tech Mahindra, HCL Tech, and IndusInd Bank were the worst performer. About 1685 shares have advanced, 933 shares declined, and 133 shares are unchanged. Nifty Auto was the top gainer along with Nifty Media. Nifty IT index slipped into the red, down 0.4 per cent. The S&P BSE MidCap index gained 1 per cent and the S&P BSE SmallCap index was trading nearly 1.3 per cent higher.

MARKET UPDATE:Extended rally-Sensex up 333 points at 37,272 level and Nifty at 10,990 level

Tuesday, August 4, 2020
Equities in Indian markets extended their rally and were trading nearly a percent higher today(4th August 2020). The benchmark S&P BSE Sensex was at 37,272 level in morning deals, up 333 points, or 0.9 percent. RIL, ONGC, ITC, Asian Paints, and Maruti Suzuki trading as top gainers on the index. On the downside, IndusInd Bank, TechM, Power Grid, and HCL Tech slipped in the red. HDFC Bank surged over 5 percent after media reports suggested the Reserve Bank of India has approved Sashidhar Jagdishan's name for the post of CEO of the bank. The broader Nifty50, meanwhile, was at 10,990 level, up 92 points, or 0.9 percent. Sectorally, the Nifty IT index slipped into the red, down 0.4 percent, after US President Donald Trump on Monday signed an executive order restricting federal agencies from contracting or subcontracting foreign workers, hurting Indian IT professionals who work in the US on the H-1B visa. Read more

Tata Motors share price jumps over 8% ,after June quarter numbers

Monday, August 3, 2020
Shares of Tata Motors gained over 8 per cent to Rs 114.4 on the BSE on Monday after the company on Friday released its June quarter numbers for the fiscal year 2020-21. The company has reported a consolidated net loss of Rs 8,438 crore on-year for the quarter ended June 30, 2020, down 128.16% from Rs. 3,698.34 crore in June 2019.Net Sales at Rs 31,983.06 crore in June 2020 down 47.97% from Rs. 61,466.99 crore in June 2019. EBITDA stands at Rs. 1,289.23 crores in June 2020 down 65.1% from Rs. 3,693.93 crore in June 2019. Tata Motors stock has risen over 78 per cent since March, from a 52-week low of Rs 63.60 apiece. Most brokerages such as JM Financial Institutional Securities, CLSA, Citi and Motilal Oswal Financial Services have maintained their bullish stance on the stock post the company's June quarter results, with a potential upside of up to 25 per cent.

Closing Bell:Sensex down 667 points, Nifty at 10891.60

Monday, August 3, 2020
At close, the Sensex was down 667.29 points or 1.77% at 36939.60, and the Nifty was down 181.90 points or 1.64% at 10891.60 weighed down by Reliance Industries and financial counters. Titan was the top gainer, followed by Tata Steel, HCL Tech, L&T, Tata Motors and State Bank of India. On the other hand, losers include UPL, IndusInd Bank, HDFC Life, Kotak Mahindra Bank and IOC. About 1409 shares have advanced, 1213 shares declined, and 169 shares are unchanged. Among sectors, except metal other indices ended in the red. BSE Midcap Index ended 0.3 per cent lower, while the Smallcap Index gained 1 per cent. Volatility index, India VIX, climbed 3.89 per cent to 25.13 levels, indicating increased volatility in the market.

MARKET UPDATE:Sensex slips 300 points aand Nifty below 11,000-mark

Monday, August 3, 2020
Equity markets in India started the first trading session of August on a weak start, extending its consolidation phase from the previous week. The benchmark S&P BSE Sensex tanked 290 points, or 0.77 percent, to trade at 37,317 levels in early deals amid selling in financial counters. IndusInd Bank, HDFC Bank, and HDFC Bank, down between 1.5 and 2 percent, were the top laggards on the Sensex index, followed by weakness in HDFC, Bajaj Finance, and Reliance Industries. On the upside, Maruti Suzuki, Bajaj Auto, and M&M were the top gainers on the benchmark index on the back of healthy July auto sales figures. That apart, Bandhan Bank skid over 8 percent on the BSE after 356 million equity shares changed hands on the counter in a block deal. The broader Nifty50, meanwhile, was testing 11,000 level, down 73 points or 0.0.66 percent. Read more

Wholesale auto sales make comeback: In July Maruti Suzuki sold 88.2 per cent more than June 2020

Saturday, August 1, 2020
India's largest passenger car manufacturer, Maruti Suzuki, today(1st August 2020) announced that it had sold 108,000 units in July, 88.2 percent more than June 2020. The numbers are dispatch from the manufacturer to their dealers and don’t reflect retail sales. While it is a sign of recovery, Maruti executives said that the numbers primarily indicate that supply-side issues like availability of workforce and raw material supply has largely been addressed

5+3+3+4 structure and 10+2 system: New National Education Policy

Friday, July 31, 2020
In major “school to college” reforms, the government on July 28 unveiled the new National Education Policy that restructures school education by setting out 3-6 years as pre-school age and dilutes the emphasis on board exams, among other changes. One of the sweeping reforms is the transition from the decades-old 10+2 format to the 5+3+3+4 structure. The policy aims at transforming the pedagogical structure from the existing 10 years + 2 years to a more inclusive transition from foundational to the secondary stage. The 5+3+3+4 structure brings into the fold the already existing playschools within the ambit of ‘formal education'. With the 5+3+3+4 system of education, the 10+2 system would not change in terms of the years a child spends within the formal education system in the country at the school level. The new structure brings into the fold the already existing playschools within the ambit of ‘formal education’.

Big countries such as India are at a disadvantage in dealing with pandemics

Friday, July 31, 2020
India is now the epicenter of the global coronavirus pandemic. It ranks just behind the U.S. and Brazil in confirmed cases and is growing faster than either. The total rose 20% in just the last week, despite the fact that India is testing less than most of its peers. It’s looking increasingly likely that India will wind up being the country with the most cases in the world. It is a reflection of the fact that big, diverse countries are at a disadvantage in dealing with pandemics. Smaller nations such as New Zealand or Thailand can manage the flow of cases by shutting down their international borders. But internal borders are as porous in India as they are in the U.S. Read more

SBI Q1 Results:Profit jumps 81% to Rs 4,189.34 crore

Friday, July 31, 2020
State Bank of India (SBI) the country’s largest bank on Friday reported an 81% YoY surge in net profit at Rs 4,189.34 crore for the quarter ended June 2020 compared with a profit of Rs 2,312.20 crore in the same quarter last year driven by a one-time gain from stake sale in SBI Life for Rs 1,539.73 crore. Consequently, SBI's holding in the life insurance firm has fallen to 55.5 % from 57.60 % earlier. On a quarterly basis, the net profit grew 17 % from Rs 3,580.8 crore reported in the March quarter of FY20.On a consolidated basis, the net profit came in at Rs 4,776.5 crore, up 61.88 % YoY, from Rs 2,950.5 crore reported in Q1FY20. Net interest income (NII) for the quarter came in at Rs 26,641 crore compared to Rs 22,938.8 crore in the year-ago period.Profit as well as NII both were ahead of a CNBC-TV18 poll estimates of Rs 3,222.2 crore and Rs 23,940.3 crore respectively. Read more

Closing Bell:Sensex down 129 points, Nifty at 11073.45

Friday, July 31, 2020
At close, the Sensex was down 129.18 points or 0.34% at 37606.89, and the Nifty was down 28.70 points or 0.26% at 11073.50 weighed down by index heavyweights Reliance Industries and the HDFC Bank. Sun Pharma was the top index gainer followed by State Bank of India, M&M, HCL Tech, Axis Bank, ONGC and Tech Mahindra. On the other hand, RIL, HDFC Bank, Kotak Mahindra Bank, Bajaj-Auto, Asian Paints and HDFC were top losers. About 1221 shares have advanced, 1407 shares declined, and 168 shares are unchanged. Nifty Pharma surged over 3.5 per cent. Nifty Financial Services fell 0.61. Pharma, FMCG, IT and metal ended in the green, while selling witnessed in the energy, auto and infra sectors.

MARKET UPDATE:Volatile start-Sensex up by 60 points after slipping to as much as 37,538 levels, and Nifty gave up 11,100-mark

Friday, July 31, 2020
The equity markets in India fluctuated between gains and losses in a volatile start today(31st July 2020). The S&P BSE Sensex was trading 60 points higher at 37,800 levels after slipping to as much as 37,538 levels. The Nifty50 index gave up the 11,100-mark. Reliance Industries slid 2 percent after reporting its June quarter results. The HDFC twins slipped 2 percent each and were among the top Sensex losers. On the other hand, IT stocks were once again in focus with HCL Tech, TCS, Tech Mahindra, and Infosys all rising over 1 percent each. The trend among Nifty sectoral indices mixed. Nifty IT index rose 1 percent while the Nifty Financial Services index dipped 1 percent. Five hundred and seventy-six companies including State Bank of India, Tata Motors, Sun Pharmaceutical Industries, Indian Oil Corporation are scheduled to announce their quarterly results. Read more

HDFC Q1 Results:Net profit down 5 per cent

Thursday, July 30, 2020
Housing Development Finance Corporation on Thursday reported a standalone net profit of Rs 3,051.52 crore for June quarter of FY21, down a 4.7 per cent year-on-year (YoY) down from Rs 3,203.1 crore-profit reported in Q1FY20. The profit numbers beat market estimates as a CNBC-TV18 poll had estimated the number to come at Rs 2,698.8 crore. Consolidated net profit of HDFC was Rs 4,058.53 crore. It improved 14.6 per cent on a yearly basis from Rs 3,540 crore reported in Q1FY20. The company's revenue stood at Rs 13,017.7 crore in Q1FY21 against Rs 12,990.3 crore reported in the corresponding quarter last year.HDFC informed the bourses that it has kept aside Rs 1,199 crore as provisions to deal with the impact of the coronavirus. The net interest income (NII) for the quarter under review jumped 10 per cent year-on-year (YoY) to Rs 3,392 crore, up from Rs 3,079 crore reported in the corresponding quarter of the previous fiscal.CNBC-TV18 poll expected NII to come at Rs 3,419.5. Read more

Land prices have more than doubled officially in Kashmir-but no buyers

Thursday, July 30, 2020
In January 2020, the Divisional Commissioner of Kashmir passed orders significantly increasing the market value of residential, commercial, and agricultural land in all 10 districts of the territory for 2020-21. Official minutes of meetings suggest that the hike in land rates were anywhere between five percent in certain districts and 20 percent in Srinagar district. But an examination of new land rates shows that land prices were raised much more than that. The government’s objectives were primarily three. First, incentivise the locals to think of selling their property by massively enhancing their official land values by getting into the base effect play. Second, anticipating a rise in property transactions by opening up its purchase to outsiders, the government would have significantly enhanced its revenues from stamp duty collections. Read more

Closing Bell:Sensex down 335.06, Nifty at 11102.15

Thursday, July 30, 2020
At close, the Sensex was down 335.06 points or 0.88% at 37736.07, and the Nifty was down 100.70 points or 0.90% at 11102.20 mainly due to selling in the financial counters. Sun Pharma was the top gainer, Maruti, Dr Reddys Labs and Infosys. IndusInd Bank was the worst-performing stock, followed by HDFC, BPCL and Axis Bank. About 1033 shares have advanced, 1570 shares declined, and 167 shares are unchanged. All sectoral indices ended with loses, except Nifty IT and Nifty Pharma. while BSE Midcap and Smallcap indices ended marginally lower.

MARKET UPDATE:Sensex up by 263 points to hover around 38,334 levels, and Nifty around 11,270 level

Thursday, July 30, 2020
Equity markets in India were trading half a percent higher today(30th July 2020). The S&P BSE Sensex added 263 points to hover around 38,334 levels and the Nifty50 index was trading around 11,270 levels. IT stocks-HCL Tech, TCS, and Infosys-rose over 1 percent. Bharti Airtel gained 2 percent after posting a 15 percent growth in Q1 revenue. while InterGlobe Aviation slipped 4 percent before recouping losses after posting its biggest-ever quarterly loss. The Nifty sectoral indices were trading in the green, led by the Nifty IT index, up 1 percent. Four hundred and three companies, including Reliance Industries, HDFC, and Dabur India, are slated to report their quarterly earnings today. Read more

Maruti Suzuki posts Rs 249 crore loss for Q1

Wednesday, July 29, 2020
Maruti Suzuki on Wednesday reported a consolidated loss of Rs 249.4 crore for the June quarter of FY21 (Q1FY21) as compared to a profit of Rs 1,376.8 crore reported in the corresponding quarter last year due to operating loss and lower revenue following a steep decline in sales volumes during the lockdown. It was the first time since its listing in 2003 that the auto major reported a quarterly loss. Analysts had projected a net loss of Rs 340 crore for the company. Revenue from operations declined sharply by 79.2 per cent to Rs 4,106.5 crore compared to the year-ago period. The company sold a total of 76,599 vehicles during the quarter, sharply lower from 4,02,594 in the same quarter a year ago. Sales in the domestic market stood at 67,027 units, while exports were at 9,572 units. The stock was down at Rs 6,172.35, down 1.83 per cent on the BSE. Read more

Closing Bell:Sensex down 421 points, Nifty holds at 11202.85

Wednesday, July 29, 2020
At close, the Sensex was down 421.82 points or 1.10% at 38071.13, and the Nifty was down 97.60 points or 0.86% at 11202.90 as investors booked profit in the recent outperformers. Reliance Industries Ltd was the top Sensex loser followed by M&M, HCL Tech, and Nestle. While the gainers were IndusInd Bank, Tata Steel, UltraTech Cement, Sun Pharma, Bajaj Finance, and L&T.About 1359 shares have advanced, 1300 shares declined, and 129 shares are unchanged. Nifty Pharma gained 3 per cent, Nifty PSU Bank index gained over 1.5 per cent. Nifty Auto fell over 1 per cent. Most of the sectoral indices ended in the red, while Nifty Pharma, Nifty Metal, and Nifty PSU Bank were the top sectoral gainers.BSE MidCap index gained 0.68 per cent. BSE SmallCap gained over 0.4 per cent.

Moody's Investors Service forecast a negative outlook for the steel industry in India

Wednesday, July 29, 2020
Due to the adverse effect of coronavirus pandemic on the economy Steel consumption is expected to decline at least 10 percent for rated Indian steel-makers, says a report. Moody's Investors Service in the latest report has forecast a negative outlook for the steel industry in the Asia Pacific region. According to Moody's Investors Service, India's (Baa3 negative) economic growth will remain materially lower than in the past, with real GDP contracting 3 percent in 2020. "We assume that economic activity will gradually pick up in July. However, given the possibility for second or third waves of virus infections or deeper economic costs than currently factored in, the downside risk to these forecasts is significant," the agency said. Moody's estimates that lower GDP growth will translate into steel consumption falling at least 10 percent for rated steel-makers in the 12 months to March 2021.

India's GDP growth to lose momentum from late third quarter: Oxford Economics report

Wednesday, July 29, 2020
Oxford Economics, a Global forecasting firm, yesterday (28th July 2020) said it expects India's GDP growth to lose momentum from the late third quarter (October-December) of the current fiscal as the push from the initial reopening fades. It further said India fares the worst in its Asia recovery scorecard, implying that the country will likely take the longest among major economies to converge to its pre-coronavirus growth level. Oxford Economics, in a report titled 'India: A reopening went wrong', said the central government's attempts to restart the economy are already running aground. "In our baseline, we expect GDP growth to lose momentum from late Q3 on, once the push from the initial reopening fades and, likely compounded by the ongoing pandemic and inadequate policy support, legacy economic headwinds re-assert themselves. Read more

MARKET UPDATE:Volatile start: Sensex slipped 100 points to 38,400 levels, and Nifty slipped below 11,300-mark

Wednesday, July 29, 2020
The equity market in India had a volatile start today on the back of mixed cues in Asian markets. The S&P BSE Sensex slipped 100 points to 38,400 levels and the Nifty50 index slipped below the 11,300-mark. IndusInd Bank surged as much as 7 percent after the bank got approval to raise Rs 3,288 crore through preferential issue of fully paid-up shares. Besides, YES Bank also rose 3 percent higher after the announcement of its June quarter results. All the Nifty sectoral indices were trading in the green, led by the Nifty PSU Bank index, up 1.6 percent. One hundred and eighty companies are scheduled to announce their quarterly earnings today. Analysts expect Bharti Airtel to post a loss of as much as Rs 318.9 crore as compared to Rs 5,236.9 crore loss reported in Q4FY20. Revenue growth for the quarter, however, is likely to remain flat with India's non-wireless revenues traction remaining robust. Read more

UltraTech Cement surges 9% on better-than-expected Q1 show

Tuesday, July 28, 2020
Shares of UltraTech Cement moved higher by 9 per cent to Rs 4,210 on the BSE on Tuesday after the company reported better-than-expected operational performance in the April-June quarter of FY21 (Q1FY21). It reported a 36.4 per cent year-on-year (YoY) fall in net profit at Rs 806 crore compared with Rs 1,267 crore in the corresponding quarter last year due to one-time loss of Rs 157.4 crore and lockdown impact on revenue but beat analysts' estimates pegged at Rs 480 crore for the quarter. Revenue for the quarter fell 32.81 per cent YoY to Rs 7,290 crore compared with Rs 10,851 crore in the same quarter last year. The company doubled other income to Rs 278.8 crore against Rs 134.7 crore YoY, which supported profitability. The company’s consolidated net sales were at Rs 7,563 crore against Rs 11,229 crore over the corresponding period of the previous year. Read more

ICICI Bank is now the second most widely tracked stock in the world

Tuesday, July 28, 2020
ICICI Bank has now become the second most widely tracked stock in the world after e-commerce giant Alibaba. As many as 59 analysts covered ICICI Bank, and all of them had ‘buy’ ratings on the lender. On the other hand, 64 experts tracked Alibaba, and 63 had ‘buy’ ratings on the stock, while one had a ‘hold’ call, as per a report. In terms of wealth creation, the stock has outperformed the benchmark equity indices over the past 10 years: ICICI Bank had delivered 8.70 percent annualised return to investors between July 2010 and July 2020, while BSE Bankex has gained 8.50 percent CAGR and Sensex 7.8 percent.

Closing Bell: Sensex gains 558 points, Nifty at 11300.55

Tuesday, July 28, 2020
At close, the Sensex was up 558.22 points or 1.47% at 38492.95, and the Nifty was up 168.70 points or 1.52% at 11300.50 tracking gains from its Asian peers. Ultratech Cement, Kotak Mahindra Bank, TCS, M&M, Maruti Suzuki, IndusInd Bank and Tech Mahindra were major Sensex gainers, While ICICI Bank, Nestle India, Asian Paints, ONGC and ITC were among the top Sensex losers. About 1315 shares have advanced, 1300 shares declined, and 151 shares are unchanged. The nifty Auto index gained 3.21 per cent. Nifty IT index too jumped over 2 per cent. All the sectoral indices ended in the green.BSE Midcap and Smallcap indices rose over 0.5 per cent each.

Indian IT firms go aggressive in mergers and acquisitions

Tuesday, July 28, 2020
The top four Indian IT firms have a cash reserve of close to $15 billion. Market leader Tata Consultancy Services has around $5.9 billion, while it is around $3.6 billion for Infosys. Wipro is sitting on close to $3.4 billion, while HCL Technologies has $1.75 billion. As growth slows owing to the pandemic, these cash-rich tier-I IT services companies are pursuing organic growth, including acquisition, indicating a change in capital allocation policies. Apart from mergers and acquisitions (M&As), even large rebadging deals (outsourcing work while reducing employee strength) and buying out captives of global firms are part of these initiatives. This is being done to drive revenue growth at a time most firms posted a revenue decline in sequential terms in Q1 of FY21, which is traditionally considered to be a strong quarter for IT services companies. Read more

MARKET UPDATE:Sensex up by 210 points at 38,140 levels, and Nifty above at 11,200 level

Tuesday, July 28, 2020
Equity markets in India climbed higher today(28th July 2020), tracking gains from other Asian markets. The S&P BSE Sensex was trading around 38,140 levels, up 210 points and the Nifty50 index was trading above the 11,200-mark. Tech Mahindra surged over 5 percent after its June quarter profit before tax rose 32.9 percent sequentially to Rs 1,283 crore. IndusInd Bank also gained over 2 percent ahead of its quarterly results. Meanwhile, YES Bank tanked another 10 percent in early deals. The trend among Nifty sectoral indices was green, led by the Nifty IT index, up 1.3 percent. One hundred and thirty-two companies, including IndusInd Bank, UltraTech Cement, and Nestle India, are scheduled to announce their results today.

YES Bank hits 10% lower circuit after FPO shares list for trading

Monday, July 27, 2020
Private sector lender Yes Bank’s shares were locked in 10 % lower circuit at Rs 12.30 on the BSE on Monday after the listing of fresh shares allotted in the follow-on public offer (FPO). The stock was trading at Rs 12.30 per share, down from its previous close of Rs 13.65 apiece. 12,504 million equity shares of YES Bank are listed and admitted for trading on the exchange with effect from July 27, 2020. The private sector lender raised Rs 14,272 crore through the FPO, which was subscribed 95 per cent. The issue opened on July 15 and closed two days later.FPO had sailed through only due to the lender's underwriting agreement with SBICap, wherein the latter agreed to underwrite Rs 3,000 crore at a price equal to or the lowest end of the price band. YES BANK stock has consistently been falling since the pricing announcement of the FPO. It has fallen 54 per cent from the level of Rs 26.65 on July 9, 2020. There were pending sell orders of 41,640,911 shares, with no buyers available. Read more

Closing Bell: Sensex falls 194 points, Nifty at 11131.80

Monday, July 27, 2020
At close, the Sensex was down 194.17 points or 0.51% at 37934.73, and the Nifty was down 62.40 points or 0.56% at 11131.80 mainly on selling in financial counters. Asian Paints, HCL Tech, Infosys, TCS and BPCL were the top gainers on Sensex today. ICICI Bank, HDFC Bank, Axis Bank, Zee Entertainment and IndusInd Bank were major losers in the Sensex. About 857 shares have advanced, 1790 shares declined, and 161 shares are unchanged. Among sectors, IT and metal indices ended in the green, while banks, pharma, auto and FMCG remained under pressure. BSE Midcap and Smallcap indices fell 1 per cent each.

MARKET UPDATE:Fluctuating market-Sensex at 38,100 levels, and Nifty holding at 11,200 level

Monday, July 27, 2020
Equity markets in India fluctuated between minor gains and losses today(27th July 2020) amid mixed global cues. The S&P BSE Sensex hovered around 38,100 levels while the Nifty50 index continued to hold the 11,200 level. Among individual stocks, HDFC Bank dipped over 2 percent after Managing Director Aditya Puri sold 95 percent of his shareholding in the bank valued at Rs 842.7 crore between July 21 and July 23. YES Bank tanked 10 percent after the over 12.5 billion new shares issued in the follow-on public offering commenced trading. Besides, Reliance Industries, TCS, and HCL Tech rose over 1 percent each and were the top Sensex gainers. The trend among Nifty sectoral indices was mixed, with the Nifty Bank index, down 1.3 percent, leading the list of losers. One hundred companies including Tech Mahindra, Marico, and Havells India are scheduled to announce their quarterly results today.

Mphasis rallies 20% after June quarter profit rises to Rs 264

Friday, July 24, 2020
Shares of Mphasis rallied 20 per cent to Rs 1,174.7,hits fresh 52 Week high on the BSE on Friday after the company’s April-June quarter (Q1FY21) earnings came in-line with Street estimate. The company reported a 3.9 per cent increase in consolidated net profit at Rs 275.1 crore in the June 2020 quarter. Its net profit stood at Rs 264.6 crore in the year-ago period, Mphasis said in a regulatory filing. The company’s revenue from operations grew 10.9 per cent to Rs 2,288.2 crore in the quarter under review from Rs 2,062.5 crore in the year-ago period. The company announced new TCV (total contract value) wins of USD259m in 1QFY21 in Direct International. This is the highest ever TCV win for a quarter for Mphasis and comprises one large deal win of over USD100m TCV. Read more

Indian GDP may not shrink too severely: DEA Secy

Friday, July 24, 2020
Economic Affairs Secretary Tarun Bajaj Speaking at an event organised by industry body Ficci, said that based on tax collections so far, India’s economic contraction in this fiscal year might be less severe than anticipated and that the proposal of a ‘bad bank’ had been discussed internally, but no decision had been taken. “Currently, there is no proposal for debt monetisation on the table. Questions on fiscal position and debt monetisation plan should be asked after three-four months,” said Bajaj. Economists, including former RBI governor Raghuram Rajan, and former advisor to the Prime Minister, Rathin Roy, have advocated that the government can get the RBI to monetise deficit, provided it has a clear expenditure plan on where it wants to spend the resources it raises. Read more

Closing Bell:Sensex down 12 points, Nifty at 11194.15

Friday, July 24, 2020
At close, the Sensex was down 39.35 points or 0.10% at 38101.12, and the Nifty was down 21.30 points or 0.19% at 11194.20 with negative bias led by selling in financial, auto, and metal counters. HCL Tech and Reliance Industries were the top Sensex gainers followed by Tech Mahindra, Sun Pharma, and IndusInd Bank. Axis Bank, SBI, Zee Entertainment and ICICI Bank being the worst performers on Sensex. About 1055 shares have advanced, 1557 shares declined, and 140 shares are unchanged. Nifty Pharma was up 1.38%. Nifty Metal was down over 2%, followed by banking and finance indices. Nifty financial services were down 1.55%. Except IT and Energy other sectoral indices ended in the red, while BSE Smallcap and Midcap indices ended lower.

MARKET UPDATE:Sensex dips 250 points to 37,880 levels, and Nifty below 11,200

Friday, July 24, 2020
The Indian markets slipped half a percent today(24th July 2020), dragged down primarily by financials, due to weak global cues. The S&P BSE Sensex dipped 270 points to 37,880 levels and the Nifty50 index was hovering around 11,150-mark. Asian Paints and State Bank of India (both down 2%) were the top Sensex laggards. On the other hand, Sun Pharma rose as much as 3 percent in early deals, and Reliance Industries was also trading 1 percent higher on reports that Amazon is in talks to buy a 9.9 percent stake in its retail arm. Meanwhile, Biocon was trading with marginal gains after announcing its June quarter results while Mphasis rose over 5 percent after announcing its quarterly numbers. Barring the Nifty Pharma index, which is up 1 percent, the trend among Nifty sectoral indices was negative, led by the Nifty Bank index, down over 1 percent. Read more

Rossari Biotech shares surge about 65% on market debut

Thursday, July 23, 2020
Shares of Rossari Biotech made a strong debut by listing at Rs 670, a 58 per cent against its issue price of Rs 425 per share on the BSE on Thursday and rallied 64 per cent to hit a high of Rs 698 on the exchange. The company's nearly Rs 500-crore maiden offer was subscribed 79 times on the final day of bidding, according to data available on the exchanges. Its promoter shareholding has now fallen to 73% from 95%. The ₹496-crore IPO received bids for 64,87,33,645 shares against the total issue size of 81,73,530 shares, according to data available with the NSE. Rossari Biotech had raised ₹149 crores from anchor investors. Rossari is among the largest manufacturers of textile speciality chemicals in India. It also manufactures acrylic polymers. The company offers three main product categories -- namely home, personal care and performance chemicals; textile speciality chemicals and animal health & nutrition products.

Closing Bell: Sensex up 268 points, Nifty at 11215.45

Thursday, July 23, 2020
At close, the Sensex was up 268.95 points or 0.71% at 38140.47, and the Nifty was up 82.90 points or 0.74% at 11215.50. Reliance Industries, State Bank of India and ICICI Bank Eicher Motors were major gainers in the Sensex pack, While losers include Axis Bank, HUL, Shree Cements, Infosys, and TCS were major losers. About 1436 shares have advanced, 1184 shares declined, and 145 shares are unchanged. Nifty Metal index, up 0.7 per cent. Nifty IT down 0.18%. Except IT other indices ended in the green. BSE Midcap and Smallcap indices also ended higher.

stocks of 5paisa Capital has jumped nearly 300 percent

Thursday, July 23, 2020
stocks of 5paisa Capital has jumped nearly 300 percent from its March lows and has been a direct beneficiary of the surge in the number of retail investors amid the Covid-19 lockdown. It is the only listed company in the discount broking space. Analysts said it remains to be seen if the gains sustain going forward. The stock has risen 295 percent from its March lows, and it is up more than 83 percent on a year-to-date basis. It scaled its 52-week high of Rs 375.65 last Friday (17th July 2020). Read more

MARKET UPDATE:Indian markets trading with slim gains -Sensex rose 54 points to 37,920 levels, and Nifty at 11,150 levels

Thursday, July 23, 2020
The equity markets in India were trading with slim gains today(23rd July 2020), in line with the trends in Asian markets. The S&P BSE Sensex rose 54 points to 37,920 levels and the Nifty50 index hovered above 11,150 levels. Asian Paints (up 2%) was the top Sensex gainer. Larsen & Toubro was also trading over 1 percent higher after announcing its June quarter results. ICICI Securities also rose as much as 7 percent following the announcement of its quarterly results. Meanwhile, YES Bank hit a 20 percent lower circuit at Rs 14.60 on the BSE. The Nifty sectoral indices were trading mixed, with the Nifty Metal index, up 0.7 percent, leading the list of gainers. Specialty chemical company Rossari Biotech will get listed at the bourses today. The public issue, which consists of a fresh issue of Rs 50 crore and an offer for sale of 1.05 crore shares by promoters, saw a massive subscription of 79.37 times backed by QIB and non-institutional investors. Read more

Pune's Serum Institute of India is placing its bets on the Oxford-AstraZeneca vaccine candidate AZD1222

Wednesday, July 22, 2020
Oxford-AstraZeneca vaccine candidate AZD1222 being produced at Pune’s Serum Institute of India is most likely immunogenic and effective for mass use.CEO Adar Poonawalla stated that he would start manufacturing at personal risk. The company is investing $200 million in the vaccine facility and that he wants to keep the price at below Rs 1,000. I’m confident that the Oxford-AstraZeneca vaccine candidate will be immunogenic and effective for mass use. Once the trials are successful in India and the UK, we are certain that COVISHIELD will be one of the first vaccines to be introduced" Sri Poonawalla said. Read more

Bajaj Auto Q1 net profit plunges 53 per cent YoY to Rs 528

Wednesday, July 22, 2020
The Pune based two-wheeler major Bajaj Auto on Wednesday reported a standalone net profit of Rs 528 crore for the April-June quarter of FY21 (Q1FY21), down 53 per cent, from a profit of Rs 1,125.67 crore in the year-ago period, dented by lower volumes but the operating performance was ahead of analysts estimates. Sequentially, the profit tumbled 60 per cent from Rs 1,310.29 crore posted in the March quarter of FY20. Revenue from operations fell 60.3 per cent year-on-year to Rs 3,079.24 crore in the quarter ended June 2020, hit by lower sales volumes. Bajaj Auto said it sold 4,43,103 units during the first quarter against 12,47,174 units in the year-ago period. On a consolidated basis, the net profit was Rs 395.5 crore, down from Rs 1,012.16 crore clocked in Q1FY20. The company’s EBITDA (earnings before interest, tax, depreciation and amortisation) came to Rs 441 crore in the June quarter, while margin came in at 14.3 per cent. Read more

Burman family(Dabur India)may join hands with the Khaitans to manage the Eveready Ind. India

Wednesday, July 22, 2020
The promoters of Dabur India — The Burman family- may join hands with the Khaitan's of Williamson Magor Group to manage the country’s largest dry cell battery maker, Eveready Industries India. After the last tranche of a share purchase of 8.48 percent by the Burmans about a week back, the promoter holding in Eveready slipped below theirs. At present, the Burman family holding is at 19.84 percent while promoters of Eveready are at 15.07 percent. From the current holding pattern, the Burmans are likely to be the majority partner, sources said. With this partnership, the promoters of Eveready are hoping to ring-fence the long-term interests of the company. Eveready had earlier held talks with Energizer and Duracell for a slump-sale of the battery business. Finalising the deal is pending because of an interim order of the Delhi High Court, preventing a change in the capital structure and sale of assets of Eveready, McLeod Russel India, and other Williamson Magor group companies.

Closing Bell:Sensex dips 59 points, Nifty at 11132.60

Wednesday, July 22, 2020
At Close, Sensex ended 58.81 points or 0.16 per cent at 37871.52, and the Nifty shed18.60 points or 0.17 per cent at 11143.70. Axis Bank was the top gainer on Sensex followed by Titan and Power Grid. HUL was the top loser followed by Tata Steel, Hero MotoCorp and BPCL About 1164 shares have advanced, 1448 shares declined, and 147 shares are unchanged. Except for Nifty Bank, Nifty Pharma, Nifty Media, and Nifty Private Bank, all sectoral indices , auto, IT and PSU banks dragged the most and ended in the red.

MARKET UPDATE:Indian market volatile-Sensex slipped 70 points to 37,861 level, and Nifty at 11,144 level down 18 points

Wednesday, July 22, 2020
The benchmark S&P BSE Sensex slipped around 70 points, or 0.18 percent, to trade at 37,861 level, after hitting a high of 38,199 in the opening deals. Axis Bank, Bajaj Finserv, and ICICI Bank were the top gainers on the 30 shares index, while Hindustan Unilever, Maruti Suzuki, and Bajaj Finance were the top drags. Individually, Axis Bank leaped 6 percent after the lender's logged strong net interest income (NII) growth, controlled opex, and sequential decline in provisions. Besides, outstanding funded BB & below pool declined slightly to Rs 6,420 crore while the moratorium book plummeted to 9.7 percent, which eased concerns on the asset quality outlook. On the downside, HUL slipped 2 percent to Rs 2,277 on the BSE on profit booking post the FMCG major's June quarter result. Read more

23.5% Delhi residents had IgG antibodies:Sero-surveillance study by NCDC

Tuesday, July 21, 2020
In Delhi, 23.48 percent of Delhi's respondents had IgG antibodies as per a sero-surveillance study. This indicates that many people would likely be infected with coronavirus but asymptomatic. The study was conducted by the National Center for Disease Control (NCDC) in collaboration with the Delhi government from June 27 to July 10. A total of 21,387 samples were collected according to lab standards and then tested. These tests were not diagnostic but done to identify the presence of antibodies in the general population. Antibody testing done repeatedly over time generates important evidence for assessing the spread of the pandemic from time to time. Read more

Bajaj Finance Q1 Results:Profit falls 19% YoY to Rs 962 crore

Tuesday, July 21, 2020
NBFC major Pune based Bajaj Finance on July 21 reported a 19 per cent year-on-year (YoY) fall in consolidated net profit at Rs 962.32 crore for the quarter ended June 30. It had posted a net profit of Rs 1,195.25 crore in the corresponding quarter last year. The Pune-based company's net interest income rose 12% over the year-ago period to Rs 4,152 crore, against the Rs 3,637-crore forecast. Bajaj Finance made additional contingency provisions worth Rs 1,450 crore for Covid-19, taking the overall contingency provision to Rs 2,350 crore during the quarter. Consolidated revenue for the quarter came in at Rs 6,648.2 crore rising 14.5 per cent over Rs 5,805.5 crore in the corresponding period the previous year. Consolidated asset under management of the company increased 7 per cent YoY to Rs 1,38,055 crore during the quarter. Read more

Closing Bell:Sensex gains 511 points, Nifty at 11162.25

Tuesday, July 21, 2020
At close, the Sensex was up 511.34 points or 1.37% at 37930.33, and the Nifty was up 140.10 points or 1.27% at 11162.30. ICICI Bank was the top Sensex gainer followed by Ultra Cement, HCL Tech, Axis Bank, BPCL, Eicher Motors and HDFC Bank. while losers included Bajaj Finance, Bajaj Finserv, Britannia, Bharti Infratel and Cipla. About 1427 shares have advanced, 1223 shares declined, and 155 shares are unchanged. Nifty PSU Bank index gained to 2%, followed by Nifty Private Bank and Nifty Bank index. Auto, bank, energy, metal and infra sectors ended in the green, while pharma and FMCG stocks remained under pressure.

MARKET UPDATE:Sensex aup 400 points to 37,856 levelels, and Nifty 112.5 points up at 11,135 levels

Tuesday, July 21, 2020
The Indian stock market opened on a positive note today(21st July 2020) amid across-the-board buying and firm global cues. The S&P BSE Sensex was ruling over 400 points or over 1 percent higher at 37,856 levels while the NSE's Nifty50 was trading 112.5 points or 1 percent higher at 11,135 points. Among individual stocks, ICICI Bank was up 2.6 percent and was the top gainer on the Sensex, followed by Power Grid and Ultratech Cement. FMCG major HUL was trading nearly 0.5 percent higher at Rs 2,341.35 ahead of its June quarter numbers later in the day. On the sectoral front, all the indices on the NSE were trading in the green. Nifty PSU Bank was up over 2 percent at 1,472.40 levels. In the broader market, the S&P BSE MidCap index gained 0.78 percent higher at 13,761 levels while the S&P BSE SmallCap index was trading at 13,020, up 0.8 per cent. Read more

Infosys won a multi-year deal from US investment firm Vanguard worth $1.5 billion

Monday, July 20, 2020
Infosys won a multi-year deal from US investment firm Vanguard worth $1.5 billion, say sources. This will perhaps make it the biggest deal Infosys has ever signed. The sources also say the scope of the work could be extended to 10 years, with the contract value rising to over $2 billion. The mammoth deal explains a good part of the surge in the company’s share price on Wednesday and Thursday last week, and the confidence the company had in reinstating its revenue guidance for the year. Infosys won the deal in a hotly contested battle with Wipro in the final lap. Other serious contenders in the race included TCS and Accenture. It combines BPM services and digital transformation work to take Vanguard’s record-keeping services onto a cloud-based platform. The company will initially have 300-400 people working out of the facility and it will ramp up gradually, based on the release timeline, sources said.

M&M Financial gains 12% on 1:1 rights issues at Rs 50 per share

Monday, July 20, 2020
Shares of Mahindra & Mahindra Financial Services (MMFSL) were up 12 per cent to Rs 234 in the intra-day trade on the BSE on Monday after the company said its board approved a 1:1 rights issue at Rs 50 per share, amounting to Rs 3,089 crore. The issue will open on July 28 and close on August 11, it said in a regulatory filing. The record date for the same is July 23, 2020. The company has fixed the rights entitlement ratio as one fully paid-up equity share for every one fully paid-up equity share held by the eligible equity shareholders of the company, as on the record date. The issue size would consist of 61.77 crores fully paid-up equity shares of the face value of ₹2 each, for an aggregate amount not exceeding ₹3,089 crores. It would be priced at ₹50 per share, including a premium of ₹48 per share. The entire issue price will be payable at the time of making the application in the issue, the company said. Read more

Closing Bell: Sensex gains 398 points, Nifty at 11022.20

Monday, July 20, 2020
At close, the Sensex was up 398.85 points or 1.08% at 37418.99, and the Nifty was up 120.50 points or 1.11% at 11022.20.HDFC Bank, after reporting a 20% jump in net profit in the June quarter, was the top gainer on Sensex, followed by HCL Tech, Infosys, Britannia Industries, Bajaj Finance, HCL Tech, Bajaj Finserv and ICICI Bank. On the other end, Sun Pharma was a major loser followed by Titan, HUL, Cipla, Zee Entertainment, BPCL, and Kotak Mahindra Bank. About 1487 shares have advanced, 1154 shares declined, and 181 shares are unchanged. Nifty Private Bank index was up 1.34%, followed by Nifty Bank. Among sectors, except pharma other indices ended in the green. BSE Midcap and Smallcap indices ended with 1 per cent gain.

MARKET UPDATE:Sensex advanced 360 points to 37,380 levelels, and Nifty surpassed the crucial 11,000-mark

Monday, July 20, 2020
In Indian markets, bulls kept their hold on the benchmark indices today(20th July 2020) The frontline S&P BSE Sensex advanced 360 points, or 0.97 percent, to 37,380 level in the early deals with 20 out of 30 constituents trading in the green on the index. The broader Nifty50 index, on the other hand, surpassed the crucial 11,000-mark and hit a high of 11,013.90 level in the morning deals. Among individual stocks, HDFC Bank surged 3 percent to Rs 1,132 level after the bank's June quarter result came in line with Street expectations. That apart, parent company HDFC gained 1.5 percent on the Sensex. That apart, Vodafone Idea jumped 6 percent to Rs 9.4 apiece as it paid Rs 1,000 crore to the government over the weekend as part of its Adjusted Gross Revenue (AGR) dues. Read more

HDFC Bank posted a 5.15% rise in profit for Q1FY21

Saturday, July 18, 2020
HDFC Bank has posted a 5.15 percent rise in profit before tax (PBT) at Rs 8,973.8 crore for the first quarter ended June 2020 (Q1FY21). It had posted a PBT of Rs 8,533.6 crore in quarter ended June 2019 (Q1FY20). Its net profit for the reporting quarter rose by 19.6 percent to Rs 6,658.62 crore from a net profit of Rs 5,568.16 crore in Q1FY20. The Net Interest Income (NII) grew by 17.8 percent on a Year-on-Year basis from Rs 13,294.3 crore in Q1FY20 to Rs 15,665.4 crore in Q1FY21, driven by 20.0 percent growth in advances and 24.6 percent rise in deposits. Read more

Mahindra & Mahindra stock zooms 61% in 3 months

Friday, July 17, 2020
Mahindra & Mahindra (M&M) shares hit an over five-month high of Rs 588, up 3 percent on the BSE today(17th July 2020); extending its previous days’ 4 percent rally on the expectation of good June quarter earnings. In the past three months, the stock has outperformed the market by surging 61 percent, as compared to a 16 percent rise in the S&P BSE Sensex. For the January-March quarter (Q4FY20) quarter, M&M had reported a robust operational performance. The company reported a standalone net loss of Rs 2,500 crore, due to exceptional loss of Rs 2,800 crore on account of impairment on investments due to Covid-19. It had posted a net profit of Rs 849 crore in the year-ago quarter. EBITDA (earnings before interest, taxes, depreciation, and amortization) margins came at 12.4 percent down just 100 basis points on a quarter on quarter (QoQ) basis.

Britannia Q1 Results:Profit more than doubles to Rs. 543 Crore

Friday, July 17, 2020
Britannia Industries on Friday posted a strong set of numbers for the first quarter of the fiscal year 2020-21 (Q1FY21). The Company posted a 118.25 per cent year-on-year (YoY) rise in net profit at Rs 542.68 crore for the quarter ended June 30. It had posted a net profit of Rs 248.64 crore in the corresponding quarter last year. Revenue from operations jumped 26.7 per cent year-on-year to Rs 3,420.67 crore in June quarter 2020. Earnings before interest, tax, depreciation and amortisation jumped 81.4% to Rs 716.6 crore while the operating margin expanded to 21% from 14.6%. Numbers beat analysts' estimates on all parameters. Profit was expected at Rs 395 crore on revenue of Rs 3,255 crore and EBITDA was estimated at Rs 516 crore with margin at 15.9 per cent for the quarter, according to the average of estimates of analysts polled by CNBC-TV18. Read more

Closing Bell:Sensex gains 548 points, Nifty at 10901.70

Friday, July 17, 2020
At close, the Sensex was up 548.46 points or 1.50% at 37020.14, and the Nifty was up 161.70 points or 1.51% at 10901.70, led by energy, infra stocks.ONGC, Reliance Industries (RIL), Titan Company, HDFC Bank, M&M, Bajaj Finance and ICICI Bank were the top Sensex gainers. While Nestle India, TCS, Infosys, HCL Tech and Axis Bank were top Sensex losers. About 1622 shares have advanced, 978 shares declined, and 153 shares are unchanged. The nifty Metal index gained 2.25 per cent. Except IT all other sectoral indices ended in the green. BSE Midcap and Smallcap indices gained over 1 per cent each.

MARKET UPDATE:Sensex rose to 36,600 levels, and Nifty hovered around 10,800 mark

Friday, July 17, 2020
The Equity market in India was trading higher in today's(17th July 2020) range-bound session, lifted by metals and auto stocks. The S&P BSE Sensex rose 130 points to 36,610 levels and the Nifty50 index hovered around 10,800 levels. HCL Tech climbed as much as 2 percent after the announcement of its June quarter results. Britannia Industries also gained 2 percent ahead of the announcement of its quarterly results. Besides, Tata Steel, up 3 percent, was the top Sensex gainer. The trend among Nifty sectoral indices was positive, led by the Nifty Metal index, up 1 percent. Thirty-two companies including Britannia Industries, and ICICI Lombard are scheduled to announce their quarterly results.

Closing Bell: Sensex surges 420 points,Nifty at 10739.95

Thursday, July 16, 2020
At close, the Sensex was up 419.87 points or 1.16% at 36471.68, and the Nifty was up 121.80 points or 1.15% at 10740. Infosys gained the most followed by M&M, Nestle India, IndusInd Bank, Kotak Mahindra Bank, HCL Tech and Bajaj Finance. On the other hand, Tech Mahindra, ITC, NTPC, Power Grid Corporation of India. About 1058 shares have advanced, 1512 shares declined, and 158 shares are unchanged. Titan Company, ICICI Bank and Bharti Airtel were among top losers on the index. Nifty IT index was top sectoral gainer, with a growth of 2.82.BSE Midcap Index ended with a 0.7 per cent gain, while the BSE Smallcap index ended marginally lower.

India Coronavirus update: 32,695 new cases in the past 24 hours- biggest single-day spike yet

Thursday, July 16, 2020
India has recorded 32,695 Covid-19 cases in the past 24 hours — its biggest single-day spike yet — to take its total number of coronavirus cases to 970,596. With over 600 deaths on 15th July 2020, the country's Covid-19 the death toll has now reached 24,929. India, the third-most-affected country by total cases and eighth by death toll, has added 201,580 cases — 21% of its total tally — in the past 7 days alone. Worldometer recorded an increase of over 230,000 coronaviruses. The recovery rate in West Bengal has gone downhill since the last two weeks, while the rate of infection has been increasing — and all these when the city is facing an acute shortage of beds in both government and private hospitals. In the last two weeks, from 30 June to 14 July, Bengal’s discharge/recovery rate has fallen from 66.48 percent to 60 percent. In Kolkata, it has nosedived from 64 percent to 56 percent, according to state government data. Read more

MARKET UPDATE:Sensex, Nifty volatile;Sensex around 36,050 levels, and Nifty hovered 10,600 mark

Thursday, July 16, 2020
In Indian markets, benchmark indices erased the majority of the opening gains in a volatile start today(16th July 2020). The S&P BSE Sensex was trading near 36,050 levels and the Nifty50 index hovered around 10,600-mark. IT services major Infosys surged 10 percent after its June quarter results beat Street estimates with an 11.5 percent YoY rise in net profit at Rs 4,233 crore. Besides, other IT stocks also gained. HCL Tech, TCS, and Tech Mahindra climbed between 1 to 4 percent and were the top Sensex gainers. Twenty-two companies including Cyient and Bajaj Consumer Care are scheduled to announce their March quarter results today

Mukesh Ambani welcomes Google to Jio Platforms : RIL AGM Highlight

Wednesday, July 15, 2020
Google will invest Rs 33,737 crore for a 7.7 percent stake in Jio Platforms, announced RIL chairman, Mukesh Ambani at the 43rd Annual General Meeting of RIL shareholders. Addressing shareholders virtually, Ambani thanked them for their faith in the company and highlighted the recent capital raising efforts of the company that includes a rights issue and stake sales in Jio Platforms. Calling coronavirus the most disruptive event in modern world history, he said that adversity brings opportunity for growth. "Jio has designed and developed a complete 5G solution from scratch. It will be ready for trials as soon as the 5G spectrum is available and can be ready for field deployment next year," Ambani said at Reliance Industries' annual general meeting. Read more

Wipro surges 18% as Q1 operational performance beats Street estimate

Wednesday, July 15, 2020
Shares of Wipro surged 18 per cent to Rs 268.7 on the BSE on Wednesday, their biggest single-day percentage gain since May 2004 after the Bangalore based information technology (IT) services major reported a better-than-expected performance in June quarter of FY21. Around 2,972,739 shares changed hands on the counter. The total market cap of Wipro Ltd. stood at Rs 148689.7 crore. The company had reported a net profit of Rs 2,390.20 crore which grew by 0.11 per cent year-on-year (YoY) for the quarter ended June 30, beating analysts' expectations. Revenue stood at Rs 14,913.10 crore in the first quarter of the current financial year, marking a fall of 5.08 per cent compared to the previous quarter. The earnings before interest and tax (EBIT) grew by 3.3 per cent to Rs 2,782.2 crore and margin rose 146 bps QoQ to 19.06 per cent during the April-June period.

Closing Bell:Sensex slips 758 points from day's high,Nifty at 10618.20

Wednesday, July 15, 2020
At close, the Sensex was up 18.75 points or 0.05% at 36051.81, and the Nifty was up 10.80 points or 0.10% at 10618.20. Wipro gaining the most followed by Infosys, Tech Mahindra, HCL Tech, Tata Steel, Axis Bank, Bajaj Finance and TCS. On the other hand, Bharti Airtel, Reliance Industries, Kotak Mahindra Bank, ITC, Nestle India were among the top Sensex losers. RIL dips 4% post-AGM. About 1083 shares have advanced, 1503 shares declined, and 156 shares are unchanged. Nifty IT index gained 3 per cent followed by Nifty Metal index which gained over one per cent. Energy, infra and PSU bank ended lower. while buying witnessed in the IT, pharma, FMCG and Auto space.

MARKET UPDATE:Sensex up 430 points,around 36,450 levels, and Nifty topped the 10,700 level

Wednesday, July 15, 2020
In Indian markets, today(15th July 2020)benchmark indices rose over one percent on the back of firm global cues. The S&P BSE Sensex was trading around 36,450 levels, up 430 points, and the broader Nifty50 index topped the 10,700 level. Infosys gained 2 percent ahead of the announcement of its June quarter results later in the day. Besides, Reliance Industries was also trading one percent higher ahead of the company's 43rd Annual General Meeting which will be held via videoconferencing later in the day. Moreover, Wipro surged 10 percent in early deals after reporting better-than-expected quarterly numbers. All the Nifty sectoral indices were trading in the green, led by the Nifty IT index, up 2 percent. Read more

Some factors behind today's market crash

Tuesday, July 14, 2020
Markets witness sharp sell-off today with financials bearing the greatest brunt, on the back of weak global cues, and concerns with regard to rising Covid-19. Technically too, markets are trading closer to key resistance levels, so profit-booking is being witnessed. Going forward, we could see a rise in INDIA VIX, indicating short-term concerns and fears of the investor community. The 30-share flagship BSE Sensex plunged 752 points to 35,941 while broader NSE Nifty tumbled 219 points to 10,583. Bank, auto, financials, media, and metal stocks, which surged in the recent rally, were under heavy pressure. Read more

Biocon Share gains 5 %, as Company to launch COVID-19 drug

Tuesday, July 14, 2020
Shares of Bengaluru-based Biocon gained almost 7 per cent intraday on July 14 after the company said it will launch biologic drug Itolizumab for the treatment of moderate to severe COVID-19 patients on the basis of its clinical trials done on 30 patients across four centres. The price band will be around Rs 8,000 per vial. Itolizumab is the first novel biologic therapy to be approved anywhere in the world for treating patients with moderate to severe Covid-19 complications and has been used since 2013 for the treatment of patients with moderate to severe chronic plaque psoriasis under the brand name Alzumab, the health ministry said. The company has received approval from the Drugs Controller General of India (DCGI) to market Itolizumab injection 25mg/5mL solution for emergency use in India for treating patients with cytokine storm.Itolizumab will be manufactured and formulated as an intravenous injection at Biocon’s bio-manufacturing facility at Biocon Park, Bengaluru.

Google may invest $4 bn in Reliance digital arm

Tuesday, July 14, 2020
Alphabet Inc's Google is in advanced talks to invest $4 billion for a stake in the digital arm of Reliance Industries Ltd, Bloomberg reported today (14th July 2020), according to some sources. Investors, including Facebook and KKR & Co, have already poured in a combined $15.64 billion for just over 25% in Jio Platforms. The funding spree, which began late April, and a share sale by Reliance have helped make India's biggest company net-debt free.

Closing Bell: Sensex drops 660 points, Nifty at 10607.35

Tuesday, July 14, 2020
At close, the Sensex was down 660.63 points or 1.80% at 36033.06, and the Nifty was down 195.30 points or 1.81% at 10607.40. IndusInd Bank, Axis Bank, Maruti Suzuki, State Bank of India (SBI), HDFC, Bajaj Finserv and ICICI Bank were major losers. While Bharti Airtel, Dr Reddy's Labs and Titan Company were major gainers. About 820 shares have advanced, 1829 shares declined, and 116 shares are unchanged. Nifty Bank index plunged 3.5 per cent, Nifty PSU Bank down 3.53 per cent and Nifty Private Bank index fell 3.68 per cent. Nifty Pharma was the only index that ended in the green-up 0.48 per cent, rest all the sectoral indices settled in the red.BSE Midcap and Smallcap indices ended 1 per cent lower. The volatility index, India VIX rose 5.73 per cent to 26.70 levels

MARKET UPDATE:Sensex down 315 points to 36,380 levels and Nifty slipped below the 10,750 levels

Tuesday, July 14, 2020
The markets in India slipped half a percent today (14th July 2020), dragged mainly by the HDFC twins, following weak global cues. The S&P BSE Sensex was down 315 points to 36,380 levels. Both HDFC and HDFC Bank slipped more than 2 percent and were among the top Sensex laggards after the latter conducted a probe into allegations of improper lending practices in its vehicle-financing operation. Besides, IndusInd Bank also dipped 2 percent. The broader Nifty50 index also slipped below the 10,750 levels. The trend among Nifty sectoral indices was largely negative, led by the Nifty PSU Bank index, down 1.6 percent. Read more

Some factors which can erode your wealth in the long term

Monday, July 13, 2020
Over 25 years, even a modest 5% inflation reduces the value of Rs 1 lakh to less than Rs 30,000 (see graphic). If inflation is higher at 7%, the value would drop to below Rs 20,000. So, while the amount may seem big today, the inflation-adjusted value of what you get back will not be substantial. The features of some life insurance policies can take your breath away. The return of premium term plans gives back the entire premium paid if the policyholder survives the full term. Just think about it. You can get an insurance cover of Rs 2-3 crore for 20-30 years and if you survive the term, the company will give back every rupee you paid as premium. It’s truly a great offer. Or is it? The money you will get back after 20-30 years would have lost a lot of its value by then. Read more

DMart shares tank 6 percent post Q1 nos

Monday, July 13, 2020
Shares of Avenue Supermarts tumbled 6 per cent to Rs 2,182, on Monday's trade after the company posted a weak set of numbers for the quarter ended June 2020. The Company on Saturday reported an 87.61 per cent year-on-year (YoY) plunge in consolidated net profit at Rs 40 crore for the June quarter. The Radhakishan Damani-led company had reported a profit of Rs 323 crore in the same quarter last year. Revenues were down 33.2% from Rs 5,815 in the previous year to Rs 3,883.2 crore in the quarter. Profit margin contracted 450 basis points YoY to 1 per cent for the quarter from 5.5 per cent in the corresponding quarter of last year. The operator of hypermarket stores DMart said that operations and financial performance during the quarter were hit by the lockdown. "For 1QFY21, Avenue Supermarts' top-line de-grew by 33% YoY to Rs 3,883 crore. Top-line was negatively impacted mainly due to COVID-19 lockdown. Currently, the company’s most of the stores operate at 80% of pre-COVID sales level. Read more

Closing Bell:Sensex gains 99.36 points, Nifty at 10802.70

Monday, July 13, 2020
At close, the Sensex was up 99.36 points or 0.27% at 36693.69, and the Nifty was up 34.70 points or 0.32% at 10802.70. Tech Mahindra, HCL tech, JSW Steel and Reliance Industries were the major gainers in the Sensex pack. HDFC Bank, Bajaj Finance, HDFC, Power Grid and ICICI Bank were major losers. About 1110 shares have advanced, 1543 shares declined, and 175 shares are unchanged. Nifty IT gained 1.2 per cent. Nifty PSU Bank index was down 1.7 per cent, followed by Nifty Bank index. Nifty Metal was top gainer while all banking and financial services indices were in the red. BSE Midcap and Smallcap indices ended flat.

Google announces $ 10 billion Google for India Digitisation Fund

Monday, July 13, 2020
Google announced "Google for India" Digitization Fund worth $10 billion (Rs 75,000 crore) today (13th July 2020), which the technology giant would invest in India over the next 5-7 years. The investment will be done through a mix of equity investments, partnerships, and operational, infrastructure, and ecosystem investments. Calling India's digital journey far from complete, Pichai announced the Google for India Digitization Fund that will invest nearly $ 10 billion in India over 5-7 years. "We’ll do this through a mix of equity investments, partnerships, and operational, infrastructure, and ecosystem investments. This is a reflection of our confidence in the future of India and its digital economy," wrote Pichai. Read more

MARKET UPDATE:Sensex jumped 415 points to 37,000 levels and the Nifty at crucial 10,800 mark

Monday, July 13, 2020
The equity market in India started the week today (13th July 2020) on a strong note and was trading one percent higher, on the back of firm global cues. The S&P BSE Sensex jumped 415 points and reclaimed the 37,000 levels and the Nifty50 index conquered the crucial 10,800-mark. Reliance Industries rose over 2 percent and hit a lifetime high on the BSE after it announced the sale of 0.15 percent stake in Jio Platforms to Qualcomm Ventures for Rs 730 crore. Besides, Tata Steel and Tech Mahindra also gained 2 percent each. Meanwhile, Avenue Supermarts tumbled 5 percent after the announcement of its June quarter results. All the Nifty sectoral indices were trading in the green, led by the Nifty Metal index, up 1.8 percent. Eighteen companies including 5Paisa, India Home Loan, and MBL Infrastructures, are scheduled to announce their quarterly earnings today.

Government-gauranteed $40 billion loans is too little and may not be enough to save the pandemic hit companies

Friday, July 10, 2020
After months of lockdown, India reopened for business in June but for thousands of small entrepreneurs, the blow has been devastating. Businesses from textiles to sports goods and furniture are shuttered or working at a bare minimum. Govt's programme to help small businesses back on their feet through $40 billion of government-guaranteed loans is too little and may not be enough to save the many companies that form the backbone of India's economy, nearly three dozen entrepreneurs Reuters spoke to across the country said. Some said their business was so hamstrung by the pandemic that taking on new debt made little sense. They would rather the government had helped them by cutting the goods and service tax or waive off the interest on loans. Read more

Yes Bank share price dips 9% as board approves FPO price band

Friday, July 10, 2020
Yes Bank share price declined 9 per cent to close at Rs 244.3 on July 10 after the board of directors of the bank at its meeting held earlier today i.e., July 10, 2020, has approved the floor price of its ₹15,000 crore FPO or follow-on public offer at ₹12 per equity share and a cap of ₹13 per equity which opens on July 15 and closes on July 17, 2020. Employees of Yes Bank, have a Rs 200 portion reserved for them in the FPO, a discount of ₹1.00 per equity share will be given to the eligible employees of the bank bidding in employee reservation portion. The minimum bid lot is of 1,000 equity shares and in the multiples of 1,000 equity shares thereafter. State Bank of India will invest close to Rs 1,700 crore. A meeting of the CRC will be be held on July 14 for the allocation of equity shares to successful anchor investors pursuant to the offer and for determination of the anchor investor allocation price.

Closing Bell:Sensex slips 143 points, Nifty at 10768.05

Friday, July 10, 2020
At close, the Sensex was down 143.36 points or 0.39% at 36594.33, and the Nifty was down 45.50 points or 0.42% at 10768 amid weak global cues. Sun Pharma was the top gainer on Sensex followed by HUL, Bharti Airtel,Reliance Industries and Bajaj Finance. On the other end, Tech Mahindra was the top loser followed by Tata Steel, HDFC, Titan Company and IndusInd Bank. About 989 shares have advanced, 1646 shares declined, and 159 shares are unchanged. Nifty Pharma, Nifty Realty, and Nifty FMCG were the top sectoral gainers. Nifty PSU Bank index fell 2.67% while the Nifty Private Bank index was down 2.3%. Bank, metal and auto remained under pressure.

MARKET UPDATE: Sensex around 36,650; Nifty slipped below 10,800-mark

Friday, July 10, 2020
The Indian markets were trading with slight cuts today (10th July 2020) after weak cues from global markets. The S&P BSE Sensex hovered at around 36,650 levels. IndusInd Bank (down 2%) was the top Sensex loser, followed by Tech Mahindra and Mahindra & Mahindra (both down over 1%). TCS fluctuated between minor gains and losses after reporting a 13.8 percent YoY decline in its June quarter profits. The broader Nifty50 index also slipped below the crucial 10,800-mark. The majority of the Nifty sectoral indices were trading in the red, led by Nifty Private Bank and Nifty Metal indexes, both down 1 percent each. Forty-four companies, including IRCTC, Lakshmi Vilas Bank, SAIL are scheduled to announce their quarterly numbers.

Yes Bank share price jumps 5% as Rs 15,000 crore FPO to open on July 15

Thursday, July 9, 2020
Shares of YES Bank rose as much as 5.36 per cent to Rs 27.50 on the BSE on Thursday after the bank said it has filed paper for its proposed follow-on public offer, through which the lender is aiming to raise Rs 15,000 crore. The FPO issue will be open from July 15 to July 17 and bidding by anchor investors will be held on July 14, the three-day offer, which includes an employee reservation portion of up to Rs 200 crore. The bank has filed a red herring prospectus dated July 7, 2020 (RHP), in connection with the offer, with the Registrar of Companies, Maharashtra at Mumbai," YES Bank said in a regulatory filing.SBI told the exchanges on July 8 that it will invest up to Rs 1,760 crore in Yes Bank's follow-on public offer. Read more

Closing Bell:Sensex gains 408 points, Nifty at 10813.45

Thursday, July 9, 2020
At close, the Sensex was up 408.68 points or 1.12% at 36737.69, and the Nifty was up 107.70 points or 1.01% at 10813.50 after Prime Minister Narendra Modi, at the India Global Week Summit, said India was seeing green shoots of economic recovery. Hindalco Industries, SBI, Bajaj Finance, Tata Steel and HDFC were among major gainers on the Nifty, while losers were Bharti Infratel, Coal India, Tech Mahindra, ONGC and Hero MotoCorp. Nifty Auto, Nifty FMCG. Nifty Metal was up over 2%. Except for FMCG, other sectoral indices ended in the green. BSE Midcap and Smallcap ended with marginal gains.

Chemical stocks extend rally

Wednesday, July 8, 2020
Shares of chemicals, commodities, and specialty chemicals space were trading up to 15 percent higher on the BSE today(8th July 2020) amid reports that the government is planning to offer tax incentives to promote 'Make in India' for the chemical sector. As per media reports, the government is expected to offer tax incentives of 100 percent for the first five years while the same will be limited to 75 percent for the next five years and 50 percent for five years thereafter. The government may also infuse capital between 10 percent and 20 percent. Navin Fluorine International (Rs 1,765), Neogen Chemicals (Rs 593), and Ultramarine & Pigments (Rs 249) have hit their respective 52-week highs today.

Gold breached $1,800 barrier for the first time since 2011

Wednesday, July 8, 2020
Gold briefly breached $1,800 an ounce today(8th July 2020) for the first time since 2011 as mounting fears over the fast global spread of the coronavirus sent investors scurrying for safe havens. Spot gold had risen 0.3 percent to $1,799.22 per ounce by 0854 GMT, after hitting its highest since November 2011, at $1,800.18, earlier in the session. US gold futures rose 0.2 percent to $1,812.90 per ounce. European shares opened lower as soaring COVID-19 cases dented hopes of a swift economic recovery. Read more

IndusInd Bank gains 9 per cent on report Route One Investment may raise stake

Wednesday, July 8, 2020
IndusInd Bank share price gained over 9% to Rs. 577 in early trade today after a report said US-based hedge fund Route One Investment is likely to raise stake in the private sector lender from current 5.4 per cent to 9.9 per cent. The stock price has gained over 20 per cent in the last 7 days. The market cap of the bank rose to Rs 39,526 crore. Total 24.64 lakh shares changed hands amounting to a turnover of Rs 138.02 crore. Currently, Route One Investment Company has a 5.41 per cent stake in IndusInd Bank through two entities but plans to hike it to around 9.9 per cent through preferential allotment of shares, enabling the bank to strengthen its Balance Sheet and raise capital. The promoters wish to raise their stake in the company to 26 per cent but RBI has reportedly struck down this plan. Read more

Closing Bell:Sensex down 345.51 points, Nifty at 10705.75

Wednesday, July 8, 2020
At Close, Sensex was down 345.51 points or 0.94 per cent at 36329.01, and the Nifty shed 93.90 points or 0.87 per cent at 10705.75. IndusInd Bank was the biggest gainer in Sensex followed by State Bank of India, Tata Steel and Hindustan Unilever. Infosys, HCL Tech, Maruti, Bajaj Finance, and NTPC were major losers in Sensex pack. About 1225 shares have advanced, 1492 shares declined, and 159 shares are unchanged. Nifty PSU Bank index was up 3.11% and Nifty Pharma index, up 1.11%. Nifty IT, Nifty Auto, Nifty media were in the red.

MARKET UPDATE: Sensex up 120 points to hover around 36,800; Nifty holds 10,800

Wednesday, July 8, 2020
Equity markets in India were trading with slim gains today(8th July 2020), lifted by public sector banks and metals. The S&P BSE Sensex was up 120 points to 36,800 levels and the Nifty50 index hovered around 10,830-mark. IndusInd Bank (up 5%) gained the most among Sensex constituents, followed by Bajaj Auto and Mahindra & Mahindra (both up 1%). As per media reports, US-based hedge fund Route One Investment Company is in talks to increase its stake in IndusInd Bank. Titan Company rose a little over 1 percent after giving a business update for the June quarter of FY21. The Nifty sectoral indices were largely in the green, led by the Nifty PSU Bank index, up 1.5 percent. Twelve companies are slated to report their March quarter earnings today, while South Indian Bank is scheduled to report June quarter results.

India Inc's combined dividend payout rises 6.5%

Tuesday, July 7, 2020
The current dividend season has turned out to be unexpectedly generous despite a poor show by India Inc in the fourth quarter and fiscal year ended March 2020. The combined dividend payout by India’s top listed companies, which are part of the BSE500 Index, for FY20 was up 6.5 percent, the fastest growth in the past three years. And, equity investors should thank cash-rich biggies such as Tata Consultancy Services (TCS), ITC, Hindustan Unilever, Nestlé, and Bajaj Auto for this. However, excluding consumer and software services companies, dividend payout is down 17.6 percent year-on-year (YoY) to Rs 1.12 trillion in FY20, from Rs 1.36 trillion a year ago. In contrast, these firms had raised the payout by 5.3 percent in FY19. Read more

Bandhan Bank jumps 13% post Q1 business update

Tuesday, July 7, 2020
Shares of Bandhan Bank jumped as much as 13 %to Rs 402 on the BSE on Tuesday after the bank reported healthy loan and deposit growth in the April-June quarter on a yearly basis despite nationwide COVID-19-induced lockdown. Bank saw its deposits growing 35 per cent year-on-year (YoY) to Rs 60,602 crore at the end of Q1FY21, compared to Rs 44,796 crore in Q1FY20. Loans and advances grew 18 per cent YoY to Rs 74,325 crore in Q1FY21 as against Rs 63,164 crore in Q1FY20. The share of micro-banking deposits to total deposits stood at 5 per cent on June 30 against 5.7 per cent on March 31. The stock has surged over 118 per cent in the last 3 months. Read more

Closing Bell:Sensex gains 187.24 points,Nifty at 10799.65

Tuesday, July 7, 2020
At close, the Sensex was up 187.24 points or 0.51% at 36674.52, and the Nifty was up 36.00 points or 0.33% at 10799.70 supported by buying in financial and IT counters. About 1312 shares have advanced, 1374 shares declined, and 151 shares are unchanged. Bajaj Finance shares gained the most, followed by IndusInd Bank, Bajaj Finance, Infosys and ICICI Bank and Bajaj Finserv. while losers included Adani Ports, Power Grid Corp, ITC, NTPC and Grasim Industries. Nifty Private Bank gained 2.4%. Nifty IT, up 1.85%. Nifty Bank, Nifty Financial Services, Nifty Auto, Nifty Media were among the other sectoral indices to end the day with gains. While metal, energy, infra, pharma and FMCG ended lower. BSE Midcap and Smallcap indices ended higher.

MARKET UPDATE: Sensex up 50 points to hover around 36,570; Nifty at 10,750 level

Tuesday, July 7, 2020
The Indian benchmark indices were trading with slim gains today(7th July 2020), in line with the trends in the Asian markets. The S&P BSE Sensex rose 50 points to 36,570 levels and the Nifty50 index hovered above 10,750 levels. Bajaj Finance rose 2 percent after announcing its June quarter (Q1FY21) business update. The stock was the top Sensex gainer. Among other individual stocks, Bajaj Auto and Infosys also climbed 2 percent each. The trend among Nifty sectoral indices was mixed, with the Nifty IT index, up 1%, leading the list of gainers. Twenty-four companies are scheduled to announce their March quarter earnings today.

EClerx Services approves buy back of share proposal

Monday, July 6, 2020
Shares of Eclerx Services surged 11 % to Rs 528 on the BSE on Monday after the company's board approved a share buyback proposal worth up to Rs 109.5 crore. The board has approved the buy-back of the company's equity shares for an aggregate amount not exceeding ₹1,095 million, at a price not exceeding ₹550 apiece. Emkay Global Financial Services Limited has been appointed as the manager to the buyback. The buyback represents 9.98 per cent and 8.37 per cent of the total paid-up equity share capital and free reserves of the company based on the latest standalone and consolidated audited financial statements of the company. As of 31 March, promoters held 50.76% in the company, while mutual funds held 21.11%, followed by foreign portfolio investors with 17.56% and the public shareholding at 5.96%. During the financial year 2019-20, Eclerx had concluded the buyback of 1.75 million equity shares of Rs 10 each, at a buyback price of Rs 1,500 per share and total buyback amount of Rs 262 cr.

The aversion to risks is steadily reducing in the stock market

Monday, July 6, 2020
The aversion to risks is steadily reducing in the stock market, which had surged to the highest levels in over a decade in March following the COVID-19-related worries. The Volatility Index (VIX) — a measure of options traders’ perception of near-term risks — has fallen to 25.77 on 3rd July, its lowest since March 6, from 86.6 on March 24 as the rebound in the markets aided by softer concerns over the pandemic made investors and traders return to Dalal Street. The index is, however, still above its average range of 13 to 20 — the levels within which it mostly moved in the years earlier. Brokers say the risk appetite is treading its way back as global markets have rallied on liquidity support from central banks, improvement in some economic indicators and strong participation from retail as well as high net-worth investors. Read more

Closing Bell:Sensex gains 465 points, Nifty at 10750

Monday, July 6, 2020
At close, the Sensex was up 465.86 points or 1.29% at 36487.28, while Nifty up 156.30 points or 1.47% at 10763.70 on Strong global cues and encouraging business update by certain companies for Q1F20-21 boosted investor sentiment..M&M, Baja Finance, RIL and Tata Motors were major gainers in the Sensex pack, while losers include Bajaj Auto, Bharti Airtel, HDFC and Gail were major losers. About 1596 shares have advanced, 1144 shares declined, and 182 shares are unchanged. Nifty Auto gained 2.88% and Nifty metal gained 2.47%. Except for pharma, all other indices ended higher.BSE Midcap and Smallcap indices rose over 1 per cent each.

MARKET UPDATE: Sensex up 250 points to hover around 36,280; Nifty at 10,700 level

Monday, July 6, 2020
In Indian markets the domestic benchmark indices rose half a percent today, mirroring similar gains in other Asian markets. The S&P BSE Sensex gained 250 points to 36,280 levels and the Nifty50 index topped the 10,700-mark. Among individual stocks, HDFC Bank climbed 3 percent on the BSE after the bank gave its first quarter (Q1FY21) business update. The stock was also the top Sensex gainer. Besides, IndusInd Bank (up 2%) and ITC and Bajaj Finance (both up 1%) also gained. The trend among Nifty sectoral indices was positive, led by the Nifty Bank index, up 1.9 percent. Thirty-five companies including NBCC are scheduled to announce their March quarter results today.

RIL gains as Intel Capital picks up stake in Jio

Friday, July 3, 2020
Shares of Reliance Industries (RIL) gained in Friday's trade after the announcement that the American semiconductor giant Intel Corp will invest Rs 1,894.50 crore for a 0.39 per cent stake in Jio Platforms. The transaction values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore, as per the company release. This will be the twelfth international deal for Reliance's digital arm in less than three months, taking the total investment amount to Rs 117,588.45 crore. Other deals were made with Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, L Catterton and TPG.

Vedanta to pave way for HDFC Life in Nifty

Friday, July 3, 2020
In an out-of-turn announcement, the NSE yesterday (2nd July 2020) announced that life insurance player HDFC Life will replace the outgoing Vedanta Ltd in the Nifty50 index from July 31, as the latter got shareholders' approval on June 25 for delisting. Meanwhile, analysts at ICICI Securities expect that in the semi-annual change in the Nifty50 constituents to be announced by August-end, SBI Life Insurance will enter the index, replacing Zee Entertainment (ZEEL). These changes, according to the brokerage firm, will improve the earnings growth profile of Nifty50, and also increase the weight of non-lending financial services stocks in the index. Read more

Closing Bell:Sensex gains 177 points, Nifty at 10607.35

Friday, July 3, 2020
At close, the Sensex was up 177.72 points or 0.50% at 36021.42, and the Nifty was up 55.70 points or 0.53% at 10607.40. Bajaj-Auto, Asian Paints, Hindustan Unilever, L&T, Power Grid and Nestle India were major gainers in the Sensex pack, while losers include Tata Steel, HDFC, Bajaj Finance, M&M, Maruti Suzuki. About 1333 shares have advanced, 1359 shares declined, and 148 shares are unchanged. Nifty FMCG and Nifty IT were top sectoral gainers, up 0.91 per cent and 0.60 per cent, respectively. The Nifty PSU Bank index was down 1 per cent. Except for bank and metal other sectoral indices ended in the green. BSE Midcap and Smallcap indices ended higher.

ONGC,Oil India stocks: Investors need to exercise caution

Friday, July 3, 2020
ONGC and Oil India shares gained up to 1.7 percent yesterday (2nd July 2020) as crude oil prices rose on the back of lower US oil inventories. The two stocks have gained 32-34 percent from their March lows, as oil prices rebounded from under-$20 per barrel to over $40 now. Though market sentiment has improved and a recovery in oil prices bodes well for the state-owned oil and gas producers, investors need to be cautious. The March quarter (Q4) performance has been weak, and the June quarter is likely to see the impact of the disruption caused by Covid-19. For FY21, too, analysts don’t expect significant growth in crude output and are factoring in lower oil and gas prices. Hence, they expect a decline in earnings. Read more

MARKET UPDATE: Sensex up 150 points to hover around 36,000; Nifty at 10,600 level

Friday, July 3, 2020
Benchmark indices climbed half a percent today(3rd July 2020), tracking similar trends in other Asian markets. The S&P BSE Sensex rose 150 points to over 36,000 and the Nifty50 index topped the 10,600 level. Bajaj Auto, Axis Bank, and Powergrid (all up 1%) were the top Sensex gainers. Reliance Industries gained 1 percent after the company announced that Intel has invested Rs 1,894.5 crore in Reliance Jio for a 0.39 percent stake. Moreover, JB Chemicals rose 3 percent after it said global investment firm KKR will pick up a controlling stake of 54 percent in the company. Meanwhile, HDFC Life was also trading 3 percent higher as the company will replace Vedanta on Nifty with effect from July 31. The trend among Nifty sectoral indices was positive, led by the Nifty Pharma index, up 0.8 percent. Eighteen companies including Indiabulls Housing Finance are scheduled to announce their results today.

Pfizer gains 7.6% as parent firm's potential Covid-19 drug shows positive result

Thursday, July 2, 2020
Shares of Pfizer India jumped 7.6 per cent to Rs 4,275 apiece on the BSE on Thursday after the company's US-arm giant released promising early results from its COVID-19 vaccine trials testing done on 45 people. A combined 145,933 shares have changed hands on the counter on NSE and BSE. Pfizer is working with German biotech BioNTech to develop a novel coronavirus vaccine. On Wednesday, the two companies said that one of their vaccine candidates, labelled BNT162b1, produced neutralizing antibodies in all 24 participants who received two doses (of either 10 or 30 micrograms) of the experimental drug and are the fourth early-stage Covid-19 drug to show promise in human testing. Health officials are hopeful that neutralizing antibodies could help to build immunity to COVID-19. Notably, Pfizer and BioNTech said the levels of neutralizing antibodies were 1.8 times to 2.8 times higher than in patients who recovered from COVID-19. Read more

Closing Bell:Sensex gains 430 points, Nifty at 10551.70

Thursday, July 2, 2020
At close, the Sensex was up 429.25 points or 1.21% at 35843.70, and the Nifty was up 121.70 points or 1.17% at 10551.70 lifted by gains in auto and IT stocks. Mahindra & Mahindra was the top gainer followed by Titan Company, HCL Tech, Tata Steel, Infosys, TCS, HDFC, Tech Mahindra and Maruti Suzuki. On the other hand, Axis Bank was the top loser followed by Hindustan Unilever (HUL), ICICI Bank, Kotak Mahindra Bank, Bharti Airtel, NTPC, Nestle India and Asian Paints. About 1683 shares have advanced, 1039 shares declined, and 125 shares are unchanged. Nifty Auto and Nifty IT were top sectoral gainers, up 2.89 per cent and 2.65 per cent, respectively. All other sectoral indices ended in the green.BSE Midcap and Smallcap indices rose 1 per cent each.

Are Midcap & smallcaps readying to rally?

Thursday, July 2, 2020
Some selected smallcap and midcap stocks such as Balkrishna Industries, Deepak Nitrite, Rallis India, and Bajaj Electricals, etc. may deliver up to 26 percent return to investors during the second half of 2020, according to ICICI Securities. The brokerage says after a lull of more than 24 months, the broader market is on the cusp of the next major bull market. The BSE Midcap and BSE Smallcap indices have corrected 29 percent and 38 percent, respectively, from their respective all-time high scaled in January 2018. Benchmark Sensex is down 16 percent from its lifetime high of 42,273, scaled on January 20 this year. Read more

MARKET UPDATE: Sensex up 300 points to hover around 35,750; Nifty at 10,500 mark

Thursday, July 2, 2020
In Indian markets today (2nd July 2020)the benchmark indices rose nearly one percent tracking gains from other Asian markets. The S&P BSE Sensex was up 300 points at 35,750 levels and the Nifty50 index reclaimed the 10,500-mark. Mahindra & Mahindra, ONGC, and IndusInd Bank (all up 2%) were the top Sensex gainers. Eveready Industries surged as much as 9 percent on the BSE after the announcement of its March quarter results. The trend among Nifty sectoral indices was positive, led by the Nifty IT index, up 2 percent.

Soon we will have private run passenger trains!

Thursday, July 2, 2020
The Indian Railways formally kickstarted on 1st July 2020 its plans to allow private entities to operate passenger trains on its network by inviting request for qualifications (RFQ) for participation on 109 pairs of routes through 151 modern trains, the national transporter said. The project would entail a private sector investment of about Rs 30,000 crore, the national transporter said. This is the first initiative for private investment for running passenger trains on the Indian Railways network. "The objective of this initiative is to introduce modern technology rolling stock with reduced maintenance, reduced transit time, boost job creation, provide enhanced safety, provide world-class travel experience to passengers," the Railways said. Read more

Glenmark Pharma share price tanked 5 per cent on price-fixing allegations in US

Wednesday, July 1, 2020
Glenmark Pharma share price tanked 5 per cent intraday on July 1 after Glenmark Pharmaceuticals USA has been charged with conspiring to fix prices for generic drugs, the US Department of Justice said in a statement on Tuesday. Glenmark allegedly conspired with pharmaceutical maker Apotex Corp and other generic drug companies to increase the prices of cholesterol medication pravastatin and other generic drugs. Glenmark said it strongly disagreed with the charge. “We will continue to vigorously defend against these allegations that we know to be false, and we are confident the overwhelming evidence will make that clear,” the company said in a statement. The charge was filed in US District Court in Philadelphia. The price-fixing conspiracy allegedly took place from 2013 to 2015 and caused a loss to victims of at least $200 million, according to the department. The charge against Apotex was resolved in May by a deferred prosecution agreement in which the company agreed to pay $24 million. Read more

Indian IT services firms relying less on H1B visas

Wednesday, July 1, 2020
The recent move by the Trump Administration to ban employment visas until December is unlikely to have any impact on Indian IT firms. According to the US Citizenship and Immigration Services data, the share of Indian companies among the top 10 visa recipients has dropped from 51 percent to 24 percent during the 2016-19 period. For the financial year 2019 ended September (immigration cycle), global technology firms were the major beneficiaries of the H1B visa programme. It allowed temporary migration of workers for a specific job in the US. Indian information technology (IT) services firms’ reliance on non-immigrant visas has been falling over the years as most companies pursue an aggressive localisation strategy. Apart from the large technology majors, even large financial institutions and retailers were the beneficiaries of this temporary work visa program.

The Carlyle Group to invest $235 million in Nxtra Data Ltd, of Bharti Airtel

Wednesday, July 1, 2020
The Carlyle Group today(1st July 2020) announced that it will invest $235 million for approximately 25 percent stake in Nxtra Data Ltd, a wholly-owned subsidiary of Bharti Airtel engaged in the data centre business. The post-money enterprise valuation of Nxtra is approximately $1.2 billion and Carlyle will hold a stake of approximately 25% in the business upon completion of the transaction, with Airtel continuing to hold the remaining stake of approximately 75%, Bharti Airtel said in a statement. The transaction is subject to the necessary regulatory approvals, including approval from the Competition Commission of India.

Closing Bell:Sensex gains 499 points, Nifty at 10430.05

Wednesday, July 1, 2020
At close, the Sensex was up 498.65 points or 1.43% at 35414.45, and the Nifty was up 127.90 points or 1.24% at 10430 lifted by gains in financials. Axis Bank was the top Sensex gainer, followed by ITC, HDFC, IndusInd Bank, TCS, Bajaj Finserv, Reliance Industries and ICICI Bank. On the other hand, Kotak Mahindra Bank was the top loser on Sensex followed by NTPC, LT, Neste India, ONGC, Maruti Suzuki and Tata Steel. About 1486 shares have advanced, 1251 shares declined, and 120 shares are unchanged. The Nifty Bank index, up 2.4 per cent. Pharma stocks were under pressure. Buying seen in the banks, FMCG, energy and metal While the S&P BSE MidCap was flat, the S&P BSE SmallCap index was up 0.5 per cent.

MARKET UPDATE: Sensex up 190 points to hover around 35,100; Nifty at 10,300 mark

Wednesday, July 1, 2020
In India, domestic benchmark indices were trading half a percent higher on 1st July, the first day of the July-September quarter, in tune with the trend in the other Asian markets. The S&P BSE Sensex hovered around the 35,100-mark, up 190 points, while the Nifty held the 10,300-level. ITC, Axis Bank, HDFC, and Reliance Industries (all up 1%) were the top Sensex gainers. On the other hand, Kotak Mahindra Bank (down 3%) and NTPC (down 3%) were the top losers. Shares of ONGC declined 4 percent after the firm posted its first-ever quarterly loss. The trend among Nifty sectoral indices was mixed, with the Nifty Pharma index, down 0.6 percent, leading the list of losers. Six firms, including Eveready, are scheduled to report their March quarter earnings today.

Bharat Dynamics shares surges 16% as net profit jumps 149.51 per cent

Tuesday, June 30, 2020
Bharat Dynamics share price surged over 18 % to Rs.355 a piece intraday on June 30 after the company reported a surge in net profit at Rs 309.72 crore in its March quarter numbers (Q4FY20) on the back of strong operational income. The company reported a 149.51 per cent surge in net profit to Rs 309.72 crore in Q4 FY20 over Q4 FY19.In the past four trading days, the market price of Bharat Dynamics has gained 36 per cent from the level of Rs 261 on the BSE. The company’s revenue from operations during the quarter rose 64 per cent to Rs 1,435 crore from Rs 877 crore in the corresponding quarter of the previous fiscal. The Board of Directors of the company have recommended a final dividend at Rs 2.55 per share (face value of Rs 10 each) for the year ended March 31, 2020, and will be paid within 30 days from the date of AGM.The company said it did not have any significant impact on the sales and operations of the company for the financial year 2019-20 on account of the Covid-19 pandemic.

Unlock 2.0:Centre grants more relaxations from 1st July

Tuesday, June 30, 2020
The Centre on 29th June issued guidelines for “unlock 2.0”, but the rapid increase in Covid-19 cases in several parts of the country meant it stopped short of reopening schools, colleges, and coaching institutions. International air travel and metro rail services will also continue to remain shut at least till July 31, and large congregations stay banned. Tamil Nadu and Maharashtra decided to extend the lockdown in several parts of the states until July 31. “Unlock 2.0” will come into force on1st July 2020. Prime Minister Narendra Modi is slated to address the nation at 4 pm on Tuesday,30th June. The fresh guidelines, issued by Union Home Secretary Ajay Bhalla, stated domestic flights and train services, already allowed, would be further expanded in a calibrated manner. Read more

Closing Bell: Sensex ends flat down 45.72 points, Nifty at 10302.10

Tuesday, June 30, 2020
At close, the Sensex was down 45.72 points or 0.13% at 34915.80, and the Nifty was down 10.30 points or 0.10% at 10302.10 on a flat note with negative bias. Top Sensex gainers were Nestle India, Tata Steel, ICICI Bank, Maruti Suzuki, Britannia Industries, HDFC and Tech Mahindra. On the other hand, Sun Pharma, Power Grid Corporation of India, HDFC Bank, ONGC, UPL and RIL were the top losers on Sensex. About 1259 shares have advanced, 1452 shares declined, and 137 shares are unchanged. Nifty PSU Bank index declined by nearly 2 per cent. The nifty Auto index was top sectoral gainer, up 1.10 per cent. Nifty Financial Services, Nifty FMCG, Nifty Bank and Nifty Private Bank closed into the green. BSE Midcap and Smallcap indices ended lower

India bans 59 Chinese mobile apps on security threat

Tuesday, June 30, 2020
India has banned 59 Chinese mobile apps, including the popular SHAREit, TikTok, UC Browser, and SHEIN, citing them to be a security threat. The government invoked its powers under Section 69A of the Information Technology Act and relevant provisions under IT Rules 2009 to block these apps, the Ministry of Electronics and Information Technology (MeitY) said on Monday. The move comes in the backdrop of stand-off along the Line of Actual Control in Ladakh with Chinese troops. The ministry said it had received complaints about the misuse of some mobile apps available on the Android and iOS platforms “for stealing and surreptitiously transmitting user data” in an unauthorized manner to servers located outside India. The Indian Cyber Crime Coordination Centre and the Home Ministry, who had had earlier sent an exhaustive recommendation on the apps to be blocked, were consulted on this issue, the Ministry statement said. Read more

MARKET UPDATE: Sensex gained 180 points to hover around 35,120; Nifty testing the 10,400 mark

Tuesday, June 30, 2020
The equity market in India rose over half a percent today (30th June 2020), mirroring the trend in most Asian markets. The S&P BSE Sensex gained 180 points to hover around 35,120 levels and the Nifty50 index was testing the 10,400 marks. Among individual stocks, Tata Steel climbed over 4 percent after the announcement of its March quarter results. The stock was the top Sensex gainer in the initial deals. Besides, IndusInd Bank, Axis Bank, and Bajaj Finance (all up 1%) were the other top gainers. The trend among Nifty sectoral indices was mixed, with the Nifty Auto index, up over 1 percent, leading the list of gainers. Five hundred and ninety-six companies including, Vodafone Idea, ONGC, and Sail, are scheduled to announce their March quarter earnings today.

Terrorists attack Pak Stock Exchange in Karachi

Monday, June 29, 2020
A few people are feared killed in an ongoing gunbattle after the Pakistan Stock Exchange in Karachi came under attack from terrorists, Geo News reported. Four militants stormed the exchange and opened indiscriminate fire. One sub-inspector and four security guards were killed in the attack, while three police officials have been injured. The attackers launched the attack, a little before 10 am and were armed with grenades and automatic rifles. They attacked using grenades and then opened fire at the entrance of the Pakistan Stock Exchange. They attempted to enter the compound but were killed by security forces, Dawn reported. Police surgeon Dr Qarar Ahmed Abbasi said that five bodies and seven injured, including policemen, have been brought at the Dr. Ruth Pfau Civil Hospital Karachi. Read more

Piramal Enterprises shares gain after it sells 20% in Carlyle

Monday, June 29, 2020
Shares of Piramal Enterprises gained around 5 per cent after US-based global investment firm Carlyle Group Inc said it will buy 20 per cent stake in Piramal Pharma for around USD 490 million. The 20% stake sale values Piramal’s pharma business at Carlyle’s offer would value the business at around Rs 20,000 crore ($2.6 billion). The final amount of equity investment will depend on the net debt, exchange rate and performance against the pre-agreed conditions at the time of closing of the deal. The transaction is expected to close in 2020. The market capitalisation of Piramal Enterprises is Rs 30,280.78 crore. The capital raise will accelerate Piramal Pharma’s organic and inorganic growth plans, the Ajay Piramal-led Piramal Enterprises and Carlyle Group said in a joint statement. The stock price has surged over 68 per cent in the last 3 months. Read more

Closing Stock:Sensex down 210 points, Nifty at 10312.40

Monday, June 29, 2020
At close, the Sensex was down 209.75 points or 0.60% at 34961.52, and the Nifty was down 70.60 points or 0.68% at 10312.40 amid weak global cues and rising COVID-19 cases. Axis Bank, Bajaj Finance, Tech Mahindra, IndusInd Bank, Bajaj Finserv, Tata Steel, Coal India and L&T were the major losers in the Sensex pack, While gainers include Hindustan Unilever (HUL), Nestle India, ITC, HDFC Bank and Sun Pharma were major gainers. About 1135 shares have advanced, 1597 shares declined, and 136 shares are unchanged. Except for FMCG other indices ended in the red. Nifty PSU Bank slumped 3.31 per cent, Nifty Realty fell 3.55 per cent while the Nifty Metal index was down 2.64 per cent. Nifty FMCG index gained 0.72 per cent.BSE Midcap and Smallcap indices lost over 1 per cent each.

MARKET UPDATE:Sensex slipped 240 points to 34,850-mark and Nifty slipped below the 10,300 mark

Monday, June 29, 2020
Equity markets in India dipped over half a percent today (29th June 2020), in line with the trends in other Asian markets. The Standard and Poor’s warning that the Indian economy is in deep trouble also weighed on investor sentiment. The rater has projected the Indian economy's growth to contract by 5 percent this fiscal. The headline index S&P BSE Sensex slipped 240 points to 34,850-mark and the broader Nifty50 index slipped below the 10,300 marks. Among individual stocks, Axis Bank, IndusInd Bank, and Bajaj Finance all slid over 3 percent each. Notably, S&P had downgraded the ratings of both Axis Bank and Bajaj Finance during the weekend. On the other hand, shares of ITC rose as much as 4 percent after the announcement of its March quarter results. The trend among Nifty sectoral indices was largely negative, led by the Nifty Bank index, down 1.9 percent. On the other hand, the Nifty Pharma index was up 1 percent. Read more

Nifty will likely hover in the 9,000-10,500 range by year-end:ETMarkets.com survey

Friday, June 26, 2020
The feeling that the domestic equity market has embarked on a fresh bull run may not for real! Most of the experts on Dalal Street are not expecting Nifty50 to move past the 11,000 marks in 2020. More analysts are betting on a drift in the NSE barometer towards the 9,000 marks, suggests a survey that ETMarkets.com conducted among a dozen brokerages. They generally see a lot of challenges for the equity market in the second half of the calendar. A year-end Nifty target of 11,000 would mean a 7 percent upside over yesterday's close of 10,293, but 10 percent negative returns for the calendar over the December 31, 2019 close of 12,186. The lowest year-end target of 9,000 would require the market to shave off 26 percent from Nifty for the year, or 14 percent from its current level. Read more

IT Stock rally as Accenture posts strong Q3 results

Friday, June 26, 2020
Information technology (IT) companies' shares rallied 4 per cent on Friday after Accenture came out with better-than-expected quarterly numbers. The company reported an adjusted third-quarter profit of $1.90 a share, which beat the $1.85 average estimate of 22 analysts surveyed by Bloomberg. The top gainers from the IT industry included NIIT Tech which jumped 8 per cent followed by Infosys which gained over 6 per cent. The other gainers included Mindtree, Tata Consultancy Services, Tech Mahindra and Wipro. The most active stocks on NSE in terms of value included Infosys where 2,60,30,535 shares were traded followed by TCS where 63,00,912 shares were being traded. The brokerage remains bullish on Infosys and TCS. Analysts at Motilal Oswal Financial Services said stronger-than-expected results/commentary of Accenture sets an encouraging tone for the impending earnings season for Indian IT.

Closing Bell:Sensex gains 329 points, Nifty at 10383.00

Friday, June 26, 2020
At close, the Sensex was up 329.17 points or 0.94% at 35171.27, and the Nifty was up 94.10 points or 0.91% at 10383, lifted by gains in public sector banks and IT stocks.IT major Infosys and TCS were the top gainers on Sensex followed by IndusInd Bank, BPCL and HDFC Bank. while losers included Bharti Infratel, Bajaj Finance, ITC, Tata Motors and Kotak Mahindra Bank. About 1629 shares have advanced, 1040 shares declined, and 141 shares are unchanged.Nifty IT jumped 3.94%.Except for FMCG and pharma other indices ended in the green.BSE MidCap and SmallCap indexes gained over 0.8 per cent.

MARKET UPDATE:Sensex rose 250 points to 35,114 levels, and Nifty testing the 10,400-mark

Friday, June 26, 2020
The equity markets in India were trading nearly a percent higher today 26th June 2020), in line with the trend in other Asian markets. The S&P BSE Sensex rose 250 points to 35,114 levels, and the Nifty50 index was testing the 10,400-mark. IndusInd Bank (up 4%) and Infosys (up 2%) were the top Sensex gainers. ITC was also trading 2 percent higher ahead of its March quarter results. The trend among Nifty sectoral indices was positive, led by the Nifty PSU Bank index, up 1.7 percent. In the broader market, the S&P BSE MidCap and SmallCap indexes gained over 0.8 percent. Two hundred forty-seven companies, including ITC, Coal India, and Glenmark Pharma are scheduled to announce their March quarter earnings. According to analysts, ITC is expected to post up to 14 percent decline in its cigarette volumes due to hike in excise duty and Covid-19 induced lockdown.

GAIL (India) gains on strong March quarter results

Thursday, June 25, 2020
GAIL (India) jumped 5.5 per cent to Rs 106.90 on the BSE on Thursday, surging 8 per cent in the past two trading days after the company reported a 47 per cent year-on-year (y-o-y) growth in profit before tax (PBT) at Rs 2,556 crore for the quarter ended March 2020 (Q4FY20). Company has reported a consolidated net profit at Rs 4,813.88 crore for the quarter ended March 31. It had reported a net profit of Rs 1,523.73 crore in the corresponding period last year, an increase of Rs 3,018.2 crore from last year. Consolidated revenue of the company declined 5.97 per cent YoY to Rs 17,938.08 crore in Q4FY20. However, revenue from operations fell 5.4 per cent to Rs 17,753.12 crore compared to year-ago, hit by nationwide lockdown that began in late March. The company received a tax credit of Rs 1,215.18 crore during the quarter under review.With a net worth of Rs 41,853.99 crore, the debt-to-equity ratio of the company stood at 0.09x as of March 31. Read more

Are toll collecting companies better placed than pure play construction companies?

Thursday, June 25, 2020
As the nationwide lockdown is easing in a phased manner liquidity crunch and a labour shortage are the two major constraints for the construction sector. Given this, companies that earn revenues from the tolling of projects and executing their own projects instead of pure construction companies are better placed than the pure-play construction companies. According to industry estimates, labour shortage is as high as 50% in the case of some construction projects. This has caused execution delays thereby increasing project costs, which will be borne by the construction companies. Analysts believe that companies that have the right balance of construction and build, operate, and toll projects, have limited downside in terms of cost escalation and loss of revenues. Read more

Closing Bell: Sensex was down 26.88 points, Nifty at 10288.90

Thursday, June 25, 2020
At close, the Sensex was down 26.88 points or 0.08% at 34842.10, and the Nifty was down 16.40 points or 0.16% at 10288.90. ITC and Bajaj Finance were the top Sensex gainers, followed by Kotak Mahindra Bank, Hero MotoCorp and HUL. While losers were Asian Paints, Hindalco Industries, IOC, Adani Ports and Shree Cements. About 1477 shares have advanced, 1130 shares declined, and 158 shares are unchanged. Nifty FMCG gained 1.9% followed by Nifty Pharma and Nifty Bank. Nifty IT and Nifty Realty were down over 1% each. While BSE Midcap and Smallcap indices ended higher.

MARKET UPDATE: Sensex dips 350 points at 34,520 levels, and the Nifty slips below 10,250-mark

Thursday, June 25, 2020
The equity markets in India dipped nearly 1 percent today(25th June 2020) after the International Monetary Fund (IMF) projected a sharp contraction of 4.5 percent in India's GDP in FY21. The S&P BSE Sensex hovered at 34,520 levels, down 350 levels, and the Nifty50 index gave up 10,250-mark. IndusInd Bank (down 4%) was the top Sensex loser, followed by Axis Bank, Bajaj Finance, and ICICI Bank (all down 2%). One hundred and forty-seven companies, including Apollo Hospitals, Ashok Leyland, and Bank of India are scheduled to announce their quarterly results today.

Crude oil prices fall as a new surge in coronavirus infections worldover

Wednesday, June 24, 2020
Oil prices fell today, reversing the previous session's surge as worries about a second wave of the coronavirus pandemic outweighed support from a gradual reopening of global economies. Brent crude, which on Tuesday rose to its highest level since a price plunge began in March, slipped 47 cents, or 1.1 percent, to $42.16 a barrel by 0814 GMT. The benchmark crude has climbed from below $16 in April but remains a third lower than its level at the end of 2019. US West Texas Intermediate (WTI) crude fell 59 cents, or 1.5 percent, to $39.78 a barrel. Further pressure on prices came from a bigger-than-expected rise in US crude inventories, according to industry group the American Petroleum Institute (API). However, US gasoline and distillate inventories fell, suggesting consumption was picking up as lockdowns were eased.

Closing Bell: Sensex down 561 points, Nifty at 10305.30

Wednesday, June 24, 2020
At Close, Sensex is down 561.45 points or 1.58% at 34868.98, and the Nifty down 165.70 points or 1.58% at 10305.30. Asian Paints, ITC, Nestle India, Reliance Industries, Bank of Baroda and TCS were the major gainers in the Sensex pack. IndusInd Bank, ICICI Bank, Power Grid Corporation of India, NTPC and Bharti Airtel were the losers. About 1245 shares have advanced, 1429 shares declined, and 134 shares are unchanged. Nifty Private Bank index was down 2.18 per cent and the Nifty Pharma index slipped 1.55 per cent. While FMCG index was up over half a per cent.BSE midcap and smallcap indices shed a per cent each at the close.

Market is creating wealth amid all kinds of doubts over rally!

Wednesday, June 24, 2020
Amid all kinds of doubts over the ongoing stocks rally in India and the world over, the market is creating wealth! The rapid rise in domestic equities from their March lows has not only helped investors recover much of their losses, but also created big wealth for some, with several stocks doubling prices in just three months. Data showed 95 percent of BSE500 stocks from across sectors have delivered positive returns since March 24, when the ben benchmark BSE Sensex had hit its 52-week low. With a 202 percent rally, TV18 Broadcast emerged chart-topper among the 32 BSE500 stocks that doubled money from their March lows. The stock rose to Rs 37.50 on June 19 from Rs 12.40 on March 24. Others on the list included Hathway Cable & Datacom (up 200 percent), Reliance Power (up 199 percent) and Adani Green Energy (up 198 percent). Read more

MARKRT UPDATE : Sensex up 241 points at 35,670 levels and the Nifty at 10,500 level

Wednesday, June 24, 2020
indices rose over half a percent today(24th June 2020). The S&P BSE Sensex gained 241 points at 35,670 levels and the Nifty50 index reclaimed the psychological level of 10,500. Asian Paints climbed over 3 percent post its March quarter results announcement and were the top Sensex gainer. Besides, Bajaj Finance and ITC also rose 2 percent each. On the other hand, HCL Tech dipped 1.2 percent. Bank of Baroda shot up 9 percent in opening deals after reporting a profit of Rs 507 crore in the March quarter of FY20 (Q4FY20). The trend among Nifty sectoral indices, except Nifty Realty index, was positive, led by the Nifty PSU Bank index, up 1.3 percent. The broader market was performing marginally better than the benchmarks. Both the S&P BSE MidCap and SmallCap index were trading 0.4 percent higher. Eighty-five companies, including the likes of Canara Bank, Indian Oil Corporation, GAIL, and India Cements, are scheduled to announce their March quarter earnings.

Trump suspended H-1B, L and other temporary work permits till December

Tuesday, June 23, 2020
US President Donald Trump suspended H-1B, L, and other temporary work permits, which he said is aimed at protecting local workers who are facing unemployment due to the spread of coronavirus. The decision was blasted by the US tech industry, which said it would hurt innovation and delay the recovery of the US economy. "We have a moral duty to create an immigration system that protects the lives and jobs of our citizens," Trump said in a statement. "The entry of additional workers through the H-1B, H-2B, J, and L nonimmigrant visa programs, therefore, presents a significant threat to employment opportunities for Americans affected by the extraordinary economic disruptions caused by the COVID-19 outbreak," he said in the order. Read more

Larsen & Toubro stock surges 7% after construction arm bags order from NHAI

Tuesday, June 23, 2020
Shares of Larsen & Toubro (L&T) were trading higher for the fourth straight day on Tuesday. The stock jumped 7 per cent to Rs 970 in intra-day deal on the BSE after the company bagged large contracts worth more than Rs 2,500 crore. In the past four trading days, the stock has rallied 9.5 per cent from Rs 884.55 on June 17. The value of a 'large' order ranges in the range of Rs 2,500 to Rs 5,000 crore. The company's Transportation Infrastructure business secured an EPC contract to construct Packages 11 and 22 of the Delhi Vadodara Expressway, which when completed, will be the country's longest expressway of National Highways Authority of India under its flagship Bharat Mala program, the company said in a filing to the exchanges.The company also secured an EPC contract from the state government for the reconstruction of the four-lane Tallah road overbridge in West Bengal. The company has also inked a pact with KBR to build modular process plants for refinery and petrochemical projects.

Closing Bell:Sensex gains 519 points, Nifty at 10471.00

Tuesday, June 23, 2020
At close, the Sensex was up 519.11 points or 1.49% at 35430.43, and the Nifty was up 159.80 points or 1.55% at 10471..About 1929 shares have advanced, 749 shares declined, and 143 shares are unchanged..Bajaj Finance rallies over 9% followed by L&T, IndusInd Bank, NTPC, Hindalco Industries, Power Grid and M&M. On the other hand, Reliance Industries was the top Sensex loser followed by Bharti Airtel and Maruti Suzuki. Nifty PSU Bank index, up 3 per cent. Nifty FMCG index too jumped nearly 2 per cent. All the sectoral indices ended in the green. The S&P BSE MidCap and SmallCap indexes were up 1 per cent and 0.84 per cent, respectively.

MARKET UPDATE:Sensex up 134 points at 35,045 and Nifty gained 50 points to 10,361

Tuesday, June 23, 2020
Bulls were in no mood to lose control of Dalal Street as domestic benchmark indices opened higher, on track to extend their gains to the fourth session today(23rd June 2020) following the global trend inequities. Today at 9.20 AM Sensex was up 134 points or 0.38 percent at 35,045 while NSE benchmark Nifty gained 50 points or 0.49 percent to 10,361. Metal, PSU banks, and auto stocks were in demand while IT stocks were under selling pressure. In the 30-share pack Sensex, IndusInd Bank was the biggest gainer, up 3.65 percent at Rs 507.75, followed by Bajaj twins, Axis Bank, Bajaj Auto, SBI, Maruti Suzuki and Tata Steel that gained in the range of 1-3 percent. All the Nifty sectoral indices, except Nifty IT, were trading higher, led by Nifty PSU Bank index, up 3 percent. Broader indices continued to outperform the benchmarks. The S&P BSE MidCap and SmallCap indexes were up 1 percent and 0.84 percent, respectively. Read more

Gold prices surged to a record high

Tuesday, June 23, 2020
Gold prices surged to a record high in India today( 22nd June 2020), as safe-haven bets remained in vogue in light of the coronavirus pandemic that has led to an economic slowdown across the globe. The escalated geopolitical tensions between India and China also drove the recent leg of the rally for the yellow metal in the domestic market. Analysts believe the rally for gold is here to stay and foresee a firm trend in the near term. Read more

Glenmark shares gains 40% after regulator's nod for COVID-19 drug

Monday, June 22, 2020
Shares of Mumbai-based firm Glenmark Pharmaceuticals gained 40 per cent to Rs 572.7 in the intra-day trade on the BSE on Monday after the company on Saturday said it has launched antiviral drug Favipiravir, under the brand name FabiFlu, for the treatment of patients with mild to moderate Covid-19. Glenmark Pharmaceuticals has become the first Indian company to commercially launch an antiviral drug. The stock has surged over 172 per cent in the last three months, The price range of Favipiravir is at Rs 103 per tablet. The drug will be available as a 200 mg tablet at an MRP of Rs 3,500 for a strip of 34 tablets. It is a prescription-based medication, with the recommended dose being 1,800 mg twice daily on day 1, followed by 800 mg twice daily up to day 14. It offers rapid reduction in viral load within four days and provides faster symptomatic and radiological improvement. Favipiravir has shown clinical improvement of up to 88 per cent in mild to moderate Covid-19 cases. Read more

India may put on hold FDI proposals of 6 Chinese firms

Monday, June 22, 2020
The Union home ministry is likely to stall security clearance to a clutch of Chinese companies seeking to invest in India, according to officials close to the development. Recently, India tightened the FDI policy for neighboring nations, with a focus on China. This also applies to transactions where the beneficial owner of the investment is from China. The amendments were made to curb opportunistic takeovers or acquisitions of Indian companies due to Covid-19. The Ministry of Home Affairs (MHA) received more than 20 proposals for foreign direct investment (FDI), including from China and Hong Kong, requiring security clearance between April and May. “We are vetting some of these proposals which have come from various sectors. One of the applications is from a well-known start-up,” an official said. Read more

Closing Bell: Sensex up 179 points, Nifty at 10311.20

Monday, June 22, 2020
At close, the Sensex was up 179.59 points or 0.52% at 34911.32, and the Nifty was up 66.80 points or 0.65% at 10311.20. Glenmark Pharmaceuticals surged 40 per cent to Rs 572.70 after it became the first Indian company to secure drug regulator’s nod on manufacturing and marketing the antiviral drug, Favipiravir in India. Bajaj-Auto, Bajaj Finance, Bajaj Finserv, Kotak Mahindra Bank, Power Grid Corporation of India and NTPC were major gainers. While HDFC, ONGC, TCS, Reliance Industries (RIL), HDFC Bank, Infosys and M&M were major losers. About 1848 shares have advanced, 853 shares declined, and 159 shares are unchanged. Except for Nifty IT, all the sectoral indices ended the session in green. Nifty Metal gained 2.62 per cent and Nifty Pharma jumped 2.16 per cent. Nifty IT index declined and closed 0.25 per cent lower.BSE Midcap and Smallcap indices rose 1-2 per cent.

MARKET UPDATE:BSE reclaimed the 35,000 level and the Nifty topped 10,300-mark

Monday, June 22, 2020
Equity markets in India were rose over a percent in today's (22nd June 2020) morning deals, lifted by pharma and bank stocks. The S&P BSE Sensex gained 400 points and reclaimed the 35,000 level and the Nifty50 index also topped 10,300-mark. Bajaj twins (Bajaj Finserv, Bajaj Finance) both shot up 5 percent each and were the top Sensex gainers. Besides, IndusInd Bank and Bajaj Auto also rose over 2 percent each. Reliance Industries climbed another 2 percent and hit $150 billion m-capitalisation. Among other stocks, Glenmark Pharmaceuticals surged 15 percent to Rs 470.45 after it became the first Indian company to secure drug regulator’s nod on manufacturing and marketing the antiviral drug, Favipiravir in India. The trend among Nifty sectoral indices was all green, except the Nifty IT index, led by the Nifty Pharma index, up 1.8 percent. Read more

India-China standoff at Ladakh-why?

Saturday, June 20, 2020
Indian and Chinese armies witnessed a violent clash that led to the death of 20 Indian Army personnel. Why is it that the Chinese have chosen to make Ladakh a flashpoint, especially now? The answer lies in the strategic advantage offered by Ladakh. As reported by Economic Times, Chinese troops have intruded up to 3 km in the Galwan area and are dominating the heights that threaten the strategic Darbuk-Shyok-Daulat Beg Oldie (DSDBO) road. Colonel Bhat (retired) says that the intention of the Chinese could possibly be to attempt and capture the entire Galwan valley and its confluence point with the Shyok river, along which the Indian road runs. Read more

Fin Min invites bids for advising it on the proposed initial public offer of LIC

Friday, June 19, 2020
The Finance Ministry today (19th June 2020) Kick-started the process of LIC disinvestment, by inviting bids from consulting firms, investment bankers, and financial institutions for advising it on the proposed initial public offer. The government proposes to engage up to two pre-IPO transaction advisors, for assisting the Department of Investment and Public Asset Management (DIPAM) in the preparatory processes leading to the Initial Public Offer (IPO) of Life Insurance Corporation of India (LICI), tipped to be the largest ever in the country. The advisors can submit their bids from today till July 13, 2020. The bids would be opened by DIPAM on July 14. Read more

Mukesh Ambani's Reliance Group Becomes Net Debt-Free

Friday, June 19, 2020
Billionaire Mukesh Ambani said Reliance Industries is now "in its golden decade" as his group became net debt-free, much ahead of its original goal of achieving the status by the end of March 2021. Reliance has turned net debt-free by raising Rs 168,818 crore in two months through the country’s largest-ever rights issue of Rs 53,124.20 crore and series of stake sale deals in its arm Jio Platforms of Rs 115,693.95 crore. "I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021," RIL will set even more ambitious growth goals and achieve them, Mukesh Ambani said in a statement released early on Friday. As per Reliance Industries, the company's net debt was Rs 161,035 crore as on March 31, 2020. Read more

Closing Bell:Sensex gains 500 points, Nifty at 10244.40

Friday, June 19, 2020
At close, the Sensex is up 523.68 points or 1.53% at 34731.73, and the Nifty up 152.70 points or 1.51% at 10244.40 supported by the gains in the index heavyweight Reliance Industries as the share crossed the Rs 11 lakh crore of market cap in today's session. Bajaj Finance, ONGC, Tata Motors, Bajaj Finserv, Reliance Industries and Axis Bank were top gainers in the Sensex pack. Infosys, IndusInd Bank, Vedanta, and HCL tec were major losers. About 1759 shares have advanced, 841 shares declined, and 145 shares are unchanged. Nifty PSU Bank index, up 2 per cent. All Sectoral indices, except Nifty Pharma, were in the green.BSE Midcap and Smallcap indices rose 1 per cent each.

Mukesh Ambani's Reliance becomes net debt-free ahead of March 2021 target

Friday, June 19, 2020
Reliance Industries is net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in almost two months, said group chairman Mukesh Ambani in a statement today(19th June 2020). The statement came after Reliance said yesterday Saudi Arabia’s Public Investment Fund will buy a 2.32 percent stake in its digital unit Jio Platforms for Rs 11,367 crore. “We have received strong interest from strategic and financial investors in our consumer businesses, Jio and Reliance Retail. We will move towards the listing of both these companies within the next five years,” said Ambani. Read more

MARKET UPDATE:Sensex up 40 points at 34,240 levels and Nifty hovered around 10,100-mark

Friday, June 19, 2020
The equity markets in India were trading flat with a positive bias today (19th June 2020), in line with the trends in most Asian indices. The S&P BSE Sensex was up 40 points at 34,240 levels and the Nifty50 index hovered around 10,100-mark. Bajaj Finance, up 4 percent, and ONGC, up 2 percent, were the top gainers in the Sensex pack. Reliance Industries scaled a new lifetime high of Rs 1,684 on the BSE after group chairman Mukesh Ambani said the conglomerate was now net debt-free after recent investments in its digital arm. He also said that RIL will list two group companies in five years. The trend among the Nifty sectoral indices was largely positive, led by the Nifty PSU Bank index, up 1.2 percent. In the broader market, the S&P BSE MidCap index and the SmallCap index climbed 0.6 percent and 1 percent, respectively. Read more

Garib Kalyan RozgarAbhiyan to give jobs to migrant workers:FM

Thursday, June 18, 2020
Finance Minister Nirmala Sitharaman today(18th June 2020) briefed the media ahead of the launch of the Garib Kalyan Rozgar Abhiyan by the Prime Minister. The FM said that state and central governments have worked together to identify districts that saw the highest reverse migration of workers during the Covid-19 lockdown. Approximately 116 districts spread over 6 states have received migrants in large numbers, the minister informed the media in the briefing. In these 116 districts, both state and central governments have meticulously mapped their skills, she said. Read more

India's sovereign rating outlook from stable to negative: Fitch ratings

Thursday, June 18, 2020
The outlook on India's sovereign ratings has been revised to negative from stable but retained the ratings at the lowest investment grade by the Fitch Ratings. Earlier, S & P's retained the ratings and outlook on India while Moody's Investors Service downgraded the ratings but maintained the outlook. Fitch expects economic activity to contract by five percent in the current financial year from the strict lockdown measures imposed since 25 March 2020, before rebounding by 9.5 percent during the next year. The rebound will mainly be driven by a low-base effect. Read more

Muthoot Finance shares jump 19 per cent after Q4 earnings

Thursday, June 18, 2020
Shares of the Kerala-based lender Muthoot Finance on Thursday jumped 19 per cent after the company reported a 52.4 per cent jump in consolidated net profit at Rs 835.78 crore in the last quarter of the fiscal ended March 2020, due to higher demand for gold loans. The company had posted a net profit of Rs 548.56 crore during the corresponding quarter of fiscal ended March 2019. The Company's asset under management grew 22% year-on-year and a 15% fall in provisions helped boost net profit. The fall in provisions is a fallout of a drop in bad assets. Performance for the last year has been good for the company because of the strong performance of the gold loan business, it said. Its total income during March quarter of FY20 rose to Rs 2,633.58 crore from Rs 2,088.84 crore in the year-ago period, MFIN said in a regulatory filing. For the fiscal year 2019-20, the company reported a 51 per cent jump in consolidated net profit at Rs 3,168.68 crore as against Rs 2,102.96 crore in 2018-19. Read more

Closing Bell:Sensex gains 700 points, Nifty at 10091.65

Thursday, June 18, 2020
At close, the Sensex was up 700.13 points or 2.09% at 34208.05, and the Nifty was up 210.55 points or 2.13% at 10091.70. Bajaj Finance, Kotak Mahindra Bank, Axis Bank, Power Grid, HDFC Bank, Vedanta and State Bank of India (SBI) were the top Sensex gainers, while ONGC, Hindustan Unilever (HUL), TCS, Bharti Airtel and Maruti Suzuki were among the top losers. About 1867 shares have advanced, 706 shares declined, and 133 shares are unchanged. Nifty Bank, Nifty Finance Services, Nifty Metal and Nifty Private Bank were all up, 3.74%, 3.65%, 3% and 3.59%, respectively. Only the Nifty Pharma index ended lower. The S&P BSE MidCap index gained 1 per cent and the SmallCap index rallied around 1.5 per cent.

MARKET UPDATE:Sensex dipped 55 points to 33,450 levels and the Nifty hovered around 9,870

Thursday, June 18, 2020
Today (18th June 2020)in Indian markets benchmark indices were trading flat with a negative bias as market participants remained cautious ahead of the Supreme Court hearing on adjusted gross revenue (AGR) case. The ongoing India-China border tensions also kept investor sentiment in check. The S&P BSE Sensex dipped 55 points to 33,450 levels and the Nifty50 index hovered around 9,870. ONGC (down 2%) was the top Sensex loser while Infosys was up 1 percent. Among individual stocks, Muthoot Finance surged over 9 percent to Rs 1,095 after declaring its March quarter results. The trend among sectoral indices was mixed, with the Nifty Bank index trading 0.4 percent lower. In comparison, the broader market outperformed the benchmarks. The S&P BSE MidCap and SmallCap indexes were trading 0.6 and 0.8 percent higher, respectively. Fifty-seven companies, including Bajaj Consumer Care, Whirlpool, and Care Ratings are scheduled to announce their results today.

Billionaire Radhakishan Damani Considers Taking Control of India Cements

Wednesday, June 17, 2020
Shares of India Cements rallied over 10.6 per cent to Rs 139.30 apiece in early trade on Wednesday nearing its 52-week high of Rs 140, touched on May 26, 2020, after reports that ace investor Radhakishan Damani is considering acquiring a controlling stake in India Cements Ltd. The stock has rallied 74 per cent from its March lows and gained 95 per cent so far in 2020. Damani, the owner of Avenue Supermarts Ltd., has informally reached out to the cement manufacturer’s controlling shareholder, N. Srinivasan, to explore a takeover.N Srinivasan and other promoters held 28.26 % equity stake in the cement maker, while Radhakishan S Damani family has 19.89 per cent shareholding in the company as of March 2020. Radhakishan S Damani held 4.73 per cent in India Cements as of December 2019, which has gone up to 10.29 per cent, while his brother Gopikishan Shivkishan Damani owned 8.26 per cent on March 31, 2020. Company will announce its results for the year ended March 31 20, on June 24th.

Closing Bell: Sensex down 97 points, Nifty at 9881.15

Wednesday, June 17, 2020
At close, the Sensex was down 97.30 points or 0.29% at 33507.92, and the Nifty was down 32.85 points or 0.33% at 9881.15 amid geopolitical tensions and rise in Covid-19 cases. Bharti Airtel, Maruti Suzuki, Wipro, Axis Bank and IndusInd Bank were major gainers in the Sensex pack, while losers include Bharti Infratel, Power Grid, Kotak Mahindra Bank, ITC and Shree Cements. About 1409 shares have advanced, 1116 shares declined, and 152 shares are unchanged. The Nifty Auto index was up nearly 1 per cent. The Nifty Financial Services index, down 0.7 per cent. Except, Nifty FMCG, and Nifty IT, all the sectoral indices were trading in green. The S&P BSE MidCap and SmallCap indexes were up 0.8 per cent and 1 per cent, respectively.

MARKET UPDATE: Sensex erases early losses, jumps 80 points; Nifty tops 9,900

Wednesday, June 17, 2020
Equity markets in India were trading with slim gains after erasing all of the opening losses today (17th June 2020). The S&P BSE Sensex was trading around 33,630 level, up 80 points and the Nifty50 index reclaimed the 9,990-mark. Maruti Suzuki India (up 2%) was the top Sensex gainer, followed by Tech Mahindra and Tata Steel (both up 1%). Powergrid (down 2%) dragged the most. The trend among Nifty sectoral indices was mixed, with the Nifty PSU Bank index, down 1.3 percent, bleeding the most. The broader market fared better than the benchmarks. The S&P BSE MidCap and SmallCap indexes were up over 0.5 percent each. Forty-six companies, including Indraprastha Gas Ltd, JK Cement, and Pidilite Industries, are scheduled to report their March quarter results today.

Tata Motors slips nearly 7% after reporting a weak number in March quarter

Tuesday, June 16, 2020
Shares of Tata Motors slipped nearly 7 per cent to Rs 92 on the BSE after posting a consolidated net loss of Rs 9,863.73 crore in the fourth quarter ended March 31 (Q4FY20). Analysts had projected a net loss of Rs 1,300 crore. The consolidated profit for the March quarter FY19 was at Rs 1,117.5 crore and Rs 1,738.3 crore in Q3 FY20. Revenue from operations dropped 27.7 per cent to Rs 62,492.96 crore during the quarter, as standalone business fell 48 per cent to Rs 9,733 crore during the quarter YoY. For the full financial year 2019-20, Tata Motors reported a consolidated net loss of Rs 11,975.23 crore and total revenue from operations stood at Rs 2,61,067.97 crore. Hit by pandemic, company’s flagship subsidiary, Jaguar Land Rover (JLR) suffered a loss of £501 million in the March quarter and £422 million for the full year on revenues of £5.4 billion and £23 billion, respectively.

Closing Bell:Sensex up 376 points, Nifty at 9914.00

Tuesday, June 16, 2020
At close, the Sensex was up 376.42 points or 1.13% at 33605.22, and the Nifty was up 100.30 points or 1.02% at 9914. Axis Bank, IndusInd Bank, Tech Mahindra, Tata Motors and Bharti Infratel were Sensex losers. While Infosys was the top Sensex gainer, followed by HDFC, Hero MotoCorp, HDFC Bank, HCL Tech, Infosys was the top Sensex gainer, followed by HDFC, Hero MotoCorp, HDFC Bank, HCL Tech and ICICI Bank. About 1191 shares have advanced, 1350 shares declined, and 150 shares are unchanged. Nifty PSU Bank down 0.9 per cent. Nifty Financial Services index, up 2.7 per cent. IT and Metal indices ended higher while selling pressure seen in the pharma, energy, FMCG and infra sectors. The S&P BSE MidCap closed 0.3 per cent higher while the S&P BSE SmallCap index was flat.

Global GDP growth will trough at -8.6 per cent YoY in the second quarter

Tuesday, June 16, 2020
The global economy is in a new expansion cycle and output will return to pre-coronavirus crisis levels by the fourth quarter, according to Morgan Stanley economists. “We have greater confidence in our call for a V-shaped recovery, given recent upside surprises in growth data and policy action,” economists led by Chetan Ahya wrote in a mid-year outlook research note on June 14. Predicting a “sharp but short” recession, the economists said they expect global GDP growth will trough at -8.6 percent year on year in the second quarter and recover to 3.0 percent by the first quarter of 2021as this recession is not an endogenous shock triggered by huge imbalances. It is felt that the deleveraging pressures will be more moderate. Also Policy support has been decisive, sizable, and will be effective in boosting the recovery.

MARKET UPDATE:Sensex zooms 650 pts, Nifty tops 10k

Tuesday, June 16, 2020
In the Indian equity market today (16th June 2020) Benchmark indices were trading 2 percent higher on the back of an overnight rally in global markets. The S&P BSE Sensex surged 650 points to 33,920 levels and the Nifty50 index topped the 10,000 level. All the constituents of the Sensex were trading in the green. ICICI Bank and Bajaj Finance (both up 4%) were the top index gainers. All the Nifty sectoral indices were in the green as well, led by the Nifty Bank index, up 3.3 percent. Twenty-five companies, including HPCL, NMDC, and Ipca Labs are scheduled to report their March quarter earnings.

BHEL shares tanks around 9.5 per cent on Rs 1,532 cr loss in Q4

Monday, June 15, 2020
Shares of Bharat Heavy Electricals Ltd. traded 9.5 per cent down in Monday's trade to Rs 28.45 apiece after the company during the weekend reported a consolidated net loss of Rs 1,532.18 crore for the March quarter, mainly due to lower revenues and deferred tax. The company posted a consolidated net profit of Rs 680.77 crore in the quarter ended in March 2019. BHEL's total income for the quarter review stood at Rs 5,193.51 crore, down from Rs 10,489.11 crore in the same period last year. For the full fiscal 2019-20, the company suffered a consolidated net loss of Rs 1,468.35 crore. It posted a consolidated net profit of Rs 1,002.42 crore in 2018-19. The stock has jumped 40 per cent in the last month. The total market cap of the Bharat Heavy Electricals Ltd. stood at Rs 10341.73 crore. Total volumes of 4,49,73,335 shares have been traded today.

Closing Bell:Sensex down 552 points, Nifty at 9813.70

Monday, June 15, 2020
At close, the Sensex was down 552.09 points or 1.63% at 33228.80, and the Nifty was down 159.20 points or 1.60% at 9813.70.IndusInd Bank, ICICI Bank, Axis Bank, Tata Motors, Bajaj Finance and NTPC were major losers, while Reliance Industries, Sun Pharma, Nestle India, GAIL, Wipro, HCL Technologies were major gainers. About 1308 shares have advanced, 1223 shares declined, and 170 shares are unchanged. Nifty Media gained 1.16%. Except for pharma and PSU Bank index, other indices ended in the red. BSE Midcap index fell 1 per cent.

MARKET UPDATE:Sensex dipped 320 points to 33,460 levels and Nifty at around 9,900 mark

Monday, June 15, 2020
The equity markets in India today were trading with half a percent cuts, in line with trends in other Asian markets. The S&P BSE Sensex dipped 320 points to 33,460 levels and the Nifty50 index gave up around 9,900 marks. Tata Steel and IndusInd Bank (both down 3%) were the top Sensex laggards while Infosys and Sun Pharma gained 1 percent each. The trends in Nifty sectoral indices were mixed with the Nifty Bank index, down 2 percent, leading the losses. Fifty-six companies are scheduled to report their numbers including Ashoka Buildcon, JK Tyre, Pfizer, and Tata Motors.

Nifty signalling consolidation after a smart rebound

Saturday, June 13, 2020
On Friday 12th June Nifty50 tested the 9,550 level, before a smart rebound. At one point and it looked like the index would reclaim the 10,000 level, but missed it by a whisker. The index formed a long bullish candle on the daily chart with a marginal upper wick. Analysts said the recovery following a gap-down opening was encouraging, but a 'Bearish Engulfing' candle on the weekly chart is not. Analysts see consolidation ahead. The index closed the day at 9,972, up 70.90 points or 0.72 percent. “The intraday recovery,” said an expert, “halted near the key hourly moving average that had earlier restricted the index from climbing above the psychological mark of 10,000.” "The weekly chart is showing signs of weakness, as the index has formed a Bearish Outside bar near the key weekly moving averages. The recent high of 10,328 becomes a major hurdle for Nifty now. On the flip side, Friday's low of 9,544 will become short-term support," he said.

M&M Q4 results: Reports Rs 3,255 crore loss

Friday, June 12, 2020
Mahindra & Mahindra on Friday posted a consolidated net loss of Rs 3,255 crore for the quarter ended March 31. It had reported a net profit of Rs 969 crore in the corresponding quarter last year. The company's revenue also declined 35 per cent on a year-on-year (YoY) basis to Rs 9,004.72 crore from Rs 13,807.88 crore reported in the corresponding quarter last year. The Board has recommended a dividend of Rs 2.35 per share of face value Rs 5. The sales were affected due to the lower industry volumes in both automotive and tractor segments due to lockdown due to the COVID-19 situation. Mahindra & Mahindra reported a standalone loss of ₹2,510 crores for Q4FY20 on account of booking impairment provision for certain long-term investment to the tune of ₹2,780 crores during the period. M&M’s standalone net profit was at ₹841 crores in the year-ago period. Read more

Financial sector stocks bounced back from day’s low in late noon trade

Friday, June 12, 2020
Financial sector stocks moved higher by up to 6 percent in late noon trade today, bouncing back 13 percent from day’s low, after the Supreme Court gave three days to Finance Ministry, Reserve Bank of India (RBI) to decide on moratorium period interest. According to an IANS report, the top court, during the hearing, indicated that it was not considering a complete waiver of interest, but was only concerned that postponement of interest shouldn't accrue further interest on it. The Supreme Court on Friday asked Solicitor General Tushar Mehta to convene a meeting of the Finance Ministry and RBI officials over the weekend to decide whether interest incurred on EMIs during the moratorium period can be charged by banks. A bench comprising Justices Ashok Bhushan, Sanjay Kishan Kaul, and M.R. Shah queried Mehta as the court was concerned since the Centre has deferred loan for three months, the IANS report said. Read more

Closing Bell:Sensex up 242.52 points, Nifty at 9972.90

Friday, June 12, 2020
At Close, Sensex is up 242.52 points or 0.72% at 33780.89, and the Nifty up 70.90 points or 0.72% at 9972.90. Reliance Industries, Bajaj Finance, Bharti Airtel, Sun Pharma, SBI and Titan were among the other top Sensex gainers. While ONGC, Tech Mahindra, Power Grid, Infosys, Kotak Mahindra Bank, TCS and Axis Bank were major losers. About 1224 shares have advanced, 1226 shares declined, and 150 shares are unchanged. Nifty Media and Nifty IT ended on a positive note. The nifty Auto index jumped nearly 3 per cent. Nifty Bank index also advanced over half a per cent. Nifty SmallCap index down 0.11 per cent and the Nifty Midcap 100 index rallied over a per cent

Financials services under pressure ahead of SC verdict on interest waiver case

Friday, June 12, 2020
Shares of financial services companies were under pressure today (12th June 2020) with most of the related indices slipping over 3 percent on NSE ahead of the Supreme Court hearing on interest waiver case. Today's scheduled Supreme Court hearing on interest loan waiver case, sought by homebuyers, on the loans under moratorium is more crucial for non-banking financial companies (NBFCs), who also have granted moratoriums to their borrowers until August. Moreover, a paper released by the Reserve Bank of India (RBI) has warned that despite interventions by the central bank and the government, the NBFC system may see deterioration in credit quality on account of Covid-19 related disruptions. Read more

MARKET UPDATE:Sensex down 786 points at 32,750 levels and NIfty hovered around 9,670 levels

Friday, June 12, 2020
Today (12th June 2020) in Indian Markets benchmark indices are trading over 2 percent lower tracking a huge plunge on Wall Street and weakness in Asian markets. Among individual stocks, S&P BSE Sensex was trading 786 points lower at 32,750 levels and the NIfty50 index hovered around 9,670 levels. IndusInd Bank (down 6 percent) bled the most in the Sensex pack, followed by ONGC and Kotak Mahindra Bank (both down 4 percent). The trend among Nifty sectoral indices was firmly in red, led by the Nifty Bank index, down 3.8 percent. Thirty companies including Mahindra & Mahindra and Eicher Motor are scheduled to announce their results today.

Vodafone tanks 11% on AGR case

Thursday, June 11, 2020
The Supreme Court on Thursday directed telecom companies to file a reply on the roadmap and timeline of payment of adjusted gross revenue (AGR) dues and securities they can provide as a guarantee. The Supreme Court adjourned the hearing on the adjusted gross revenue (AGR) issue until June 18. The apex court's order came on telecoms' plea that they are allowed to spread the payment of their dues over 20 years or less. Vodafone Idea submitted before the court that dues are huge and the firm would not be able to file the affidavit in 3-4 days. The telco said it does not even have enough money to pay salaries to employees and meet expenses. The company also expressed its inability to give any bank guarantee of Rs 50,000 crore at this point. Vodafone Idea tells Supreme Court that the best reassurance is that licence, the spectrum can be cancelled if we don’t pay.As per the government’s calculation, Vodafone Idea owes Rs 53,000 crore, that includes interests and penalties for non-payment. Read more

Closing Bell:Sensex down over 700 points, Nifty at 9902.00

Thursday, June 11, 2020
At close, the Sensex was down 708.68 points or 2.07% at 33538.37, and the Nifty was down 214.20 points or 2.12% at 9902. State Bank of India was the top Sensex loser followed by Sun Pharmaceuticals, Maruti Suzuki, Bajaj Finance, ICICI Bank, Tata Steel, Bharti Infratel, Zee Entertainment and Axis Bank. IndusInd Bank, Hero MotoCorp, Power Grid, M&M and Nestle India were the top Sensex gainers. About 1016 shares have advanced, 1497 shares declined, and 146 shares are unchanged. All the indices on the NSE ended in the red with Nifty PSU Bank index plunged 3.76 per cent. Nifty Metal index down 2.78 per cent.BSE Midcap and Smallcap indices shed over 1 per cent each.

S&P Global Ratings brightened up a stressed Indian summer

Thursday, June 11, 2020
S&P Global rating yesterday (10th June 2020) brightened up a rather stressed Indian summer, endorsing New Delhi’s ability to regain over the long term its leadership status as a global growth powerhouse that deserved to draw more foreign funds than any other competitors. The affirmation of North Block’s long-term ratings by S&P should prompt more global fund inflows into Asia’s third-biggest economy, where assets remain relatively inexpensive despite their recent climb from late-March lows. The immediate impact of S&P’s stamp of approval on India’s long-term prospects will likely be felt in the bond and currency markets. Global investors sitting on the sidelines will now be comforted and can commit fresh allocations, given that the risk of India slipping into sub-investment grade is mitigated,” say experts. Read more

MARKET UPDATE:Indices off lows, Sensex in the red;Nifty around 10,090 mark

Thursday, June 11, 2020
The equity markets in India clawed their way off the opening lows but were still trading with nearly half a percent cut today(11th June 2020) amid weakness in global stocks after the US Fed's latest policy statement in which it reassured investors of its support for the economy but projected a 6.5 percent decline in US GDP this year. The S&P BSE Sensex dipped 80 points at 34,150 levels and the Nifty50 index hovered around 10,090 marks. Sun Pharma (down 3%) was the top Sensex laggard, followed by HDFC Bank and Kotak Mahindra Bank (both down over 1%). On the other hand, IndusInd Bank rose 5 percent. The trend among Nifty sectoral indices was mixed. Nifty PSU Bank index, up over 1 percent was the top gainer. Twenty-three companies including Dixon Tech, Shriram City, Union Finance are scheduled to announce their March quarter results today.

Panacea Biotec surges 20% on COVID-19 vaccine collaboration with US-based Refana Inc

Wednesday, June 10, 2020
Shares of Panacea Biotec gained 20 per cent upper circuit at Rs 203 on the BSE on Wednesday after the company said it would partner with US-based Refana Inc to make a potential vaccine for COVID-19. Under the partnership, Panacea Biotec will be responsible for product development and commercial manufacturing of an inactivated virus-based vaccine, the Indian firm said in an exchange filing. The collaboration aims to make more than 500 million doses of the vaccine candidate, with over 40 million doses expected to be available early next year. Both Panacea and Refana will undertake sales and distribution of the vaccine in their respective territories, it said. With today’s rally in the stock, the market capitalisation of Panacea Biotec stands at Rs 1,242.17 crore, according to BSE. The stock is trading close to its 52-week high level of Rs 210.60, touched on April 28, 2020. Around 860,000 shares changed hands and there were pending buy orders for 210,000 shares on the NSE and BSE.

Investing in global funds make better sense

Wednesday, June 10, 2020
More investors are getting attracted to US markets as they hit new highs in the past few days. In May 2020, mutual fund schemes investing in the overseas market gave returns of 3.98 percent — the highest category average returns, according to the Value Research data. “While it is natural to have a home bias while building a portfolio if you look at the last 10 years, the Indian equity markets have given no returns in dollar terms. In comparison, the top three markets are the US (10 percent a year), Taiwan (7 percent a year), and China (5 percent a year) over 10 years as of March 2020.” say experts. Read more

Closing Bell:Sensex up 290 points, Nifty at 10116.15

Wednesday, June 10, 2020
At close, the Sensex was up 290.36 points or 0.86% at 34247.05, and the Nifty was up 69.50 points or 0.69% at 10116.20. IndusInd Bank was the top gainer followed by Kotak Mahindra Bank, Reliance Industries (RIL), HDFC, Axis Bank, State Bank of India (SBI) and TCS. while losers were Hero MotoCorp, GAIL, Coal India, Bajaj Auto, ONGC, Titan and Tata Steel. About 1503 shares have advanced, 1005 shares declined, and 155 shares are unchanged. Most of the sectoral indices closed in the positive with Nifty Bank and Nifty Financial Services as top sectoral gainers, up 1.81 per cent and 1.15 per cent, respectively.S&P BSE MidCap index gained nearly 0.81 per cent. While the S&P BSE SmallCap index climbed 0.92 per cent.

MARKET UPDATE:Sensex up 250 points at 34,200 levels,Nifty trading around 10,120 levels

Wednesday, June 10, 2020
Indian equity indices were trading over half a percent higher today (9th June 2020), propped up by financials and bank stocks. The S&P BSE Sensex hovered around 34,200 levels, up 250 points while the Nifty50 index was trading around 10,120 levels. HDF and HCL Tech (both up 1%) were the top Sensex gainers. On the other hand, Tata Steel and Hero MotoCorp slipped 2 percent each and were the top laggards in the index. The Nifty sectoral trend was mixed, with the Nifty Bank index, up 1.2 percent, being the lead gainer. Twenty-four companies including Shriram Transport Finance, Tanla Solutions, Century Textiles are scheduled to announce their March quarter numbers.

Coronavirus updates

Tuesday, June 9, 2020
The total number of coronavirus cases in India has jumped to 267,614, while 7,481 people have died from the disease so far. Maharashtra has recorded a tally of 88,528, which is more than China's. In Mumbai alone, there are over 50,000 cases of Covid-19. Delhi Chief Minister Arvind Kejriwal has gone into isolation on the advice of doctors. He was suffering from fever and cough. The CM underwent coronavirus test today, report expected to be released soon. Coronavirus world update: The global tally of coronavirus cases is 7,219,187, and 409,108 people have died from the disease so far.

PVR, Inox Leisure share prices plunge up to 11% after reporting Q4 loss

Tuesday, June 9, 2020
Shares of entertainment exhibition companies PVR and Inox Leisure declined up to 11 per cent on the BSE on Tuesday after reporting weak earnings for the quarter ended March 2020 (Q4FY20), impacted by the outbreak of Covid-19 in the last month of the quarter.PVR share price slipped up to 8 per cent to touch the day’s low of Rs 1,064 apiece on BSE, while Inox Leisure share price fell 11 per cent to Rs 248 a piece in today’s session. PVR reported a consolidated net loss of Rs 74.61 crore for the fourth quarter ended March 31The company had posted a net profit of Rs 46.75 crore in the January-March quarter a year ago. Consolidated revenues were down 22 per cent YoY at Rs 662 crore as compared to Rs 846 crore during the corresponding period of last year.PVR expenses were at Rs 731.84 crore in the fourth as against Rs 771.27 crore a year ago. The board of directors of PVR has approved the fundraising of up to Rs 300 crore through a rights issue. Read more

Investor beware! shrewd market tends to draw investors in and trap them

Tuesday, June 9, 2020
The domestic equity market is a crowded place though the reopened Shops, malls, hotels, restaurants, and cinema halls are largely empty. Data showed nearly 18 lakh new accounts were opened with the Central Depository Services (India) in March, April, and May against a combined 8.41 lakh opened during January-February. Chances are high that some of these new entrants are among the happiest lot, as the benchmark BSE Sensex has advanced around 35 percent from the 52-week low hit on March 24. Data showed over 85 percent of stocks have managed to deliver positive returns to investors for this period. Read more

Closing Bell:Sensex down 413 points and Nifty at 10046.65

Tuesday, June 9, 2020
At close, the Sensex was down 413.89 points or 1.20% at 33956.69, and the Nifty was down 120.80 points or 1.19% at 10046.70. Sun Pharma was the top Sensex gainer followed by Asian Paints, Tech Mahindra, IndusInd Bank, Tata Steel, Hero MotoCorp, Dr Reddys Labs and TCS. Reliance Industries (RIL), State Bank of India (SBI), Wipro, BPCL, Tata Motors, GAIL and HDFC Bank were top losers. About 1104 shares have advanced, 1432 shares declined, and 162 shares are unchanged. Nifty Pharma index gained 1.35 per cent. Nifty FMCG was up half a per cent. Nifty PSU Bank and Nifty Auto down1.56 per cent and 0.76 per cent, respectively.BSE Midcap and Smallcap indices fell 0.3-1 per cent.

MARKET UPDATE:Sensex hovered around 34,350 levels and the Nifty testing 10,200 level

Tuesday, June 9, 2020
Equity markets in India were trading mildly higher today on the back of favourable global cues. The S&P BSE Sensex hovered around 34,350 levels and the Nifty50 index was testing 10,200 level. Among individual stocks, Titan Company rose as much as 2 percent in early deals after announcing its March quarter results while PVR Ltd declined over 4 percent after declaring its Q4 numbers. Besides, Sun Pharma and Tech Mahindra (both up 2%) were the top Sensex gainers. The trend among Nifty sectoral indices was mixed with gains in the Nifty Pharma index (up 1.35 percent) being offset by the Nifty PSU Bank index (down 1.4 percent). Twenty-three companies including Hero MotoCorp and Bombay Dyeing are scheduled to announce their March quarter results today. Analysts expect Hero MotoCorp to report over 20 percent fall in top-line, led by 25 percent YoY decline in total volumes.

Whether Govt is planning to privatise some PSBs?

Monday, June 8, 2020
The Centre is likely to designate the banking/financial sector strategic under the new privatisation policy, the contours of which are nearing finalisation. According to sources discussions had also been held on privatising some state-owned banks that are not on the consolidation list so far. As part of the ‘Atmanirbhar Bharat’ package and according to the new privatisation policy, announced by FM Nirmala Sitharaman the government will come up with a list of strategic sectors. In each strategic sector, no more than four state-owned companies will exist. After the latest round of consolidation of public sector banks, there are currently 12 PSBs. Read more

RIL share price hits all-time high as Co to sell 1.6% stake in Jio to ADIA

Monday, June 8, 2020
Reliance Industries share price climbed a new peak on BSE in Monday’s session as it gained 2.7 per cent to Rs 1,624 a day after the oil-to-telecom behemoth announced 1.16 per cent stake sale in Jio Platforms, its digital services subsidiary, to Abu Dhabi Investment Authority (ADIA) for Rs 5,683.50 crore, as it accelerates its debt reduction plan. RIL shares have surged 87 per cent from its 52-week low of Rs 867.82 touched on March 23. This is the eighth investment in Jio Platforms in seven weeks and values the company at Rs 4.91 trillion on equity value basis. So far, RIL has raised Rs 97,885.65 crore through 21.06 per cent stake sale to seven marquee investors, including Facebook and private equity firms like KKR, Vista Equity Partners, Mubadala and General Atlantic. Besides, US private equity firm Silver Lake also announced an additional investment of Rs 4,546.80 crore in the telecommunications arm of Reliance Industries Ltd. Read more

Closing Bell:Sensex up 83.34 points, Nifty at 10167.45

Monday, June 8, 2020
At close, the Sensex was up 83.34 points or 0.24% at 34370.58 from days high of 550 points and the Nifty was up 25.30 points or 0.25% at 10167.50. IndusInd Bank was the top Sensex gainer followed by Axis Bank, Bajaj Finance, ONGC, GAIL and Titan Company.HDFC Bank, UltraTech Cement, Kotak Mahindra Bank, M&M, Tata Steel and Nestle India were major losers. About 1779 shares have advanced, 844 shares declined, and 154 shares are unchanged. Pharma stocks decline 1.41 per cent. Nifty IT index advanced 1.83 per cent. BSE Smallcap index rose nearly 1 per cent, while the BSE Midcap index ended marginally higher.

Profit booking expected in gold as safe haven demand fades out

Monday, June 8, 2020
A sharp fall in gold prices this past week took investors by surprise but according to experts, it was expected. Gold prices enjoy an inverse relationship with equities, which have been rallying of late on hopes that the global economic recovery from the coronavirus crisis will be faster than expected. A sharp drop in the US unemployment rate in May and solid PMI readings in some of the Asian economies have weakened the safe-haven appeal of the yellow metal. In India, lockdown restrictions have lifted to a large extent, with shopping malls, hotels, and restaurants opening in large parts of the country from today. This has eased concerns over the impact of coronavirus pandemic on the economy, thus somewhat diminishing the appeal of safe-haven gold. Read more

MARKET UPDATE:Sensex surged 546 points to 34,830 levels and Nifty topped 10,300-mark

Monday, June 8, 2020
Equity markets were trading firm today(8th June 2020), in line with trends in other Asian markets, lifted primarily by banks and metals. The S&P BSE Sensex surged 546 points, or 1.83 percent, to 34,830 levels and the Nifty50 index topped 10,300-mark. IndusInd Bank gained 6 percent and Axis Bank shot up 5 percent. Besides, Reliance Industries gained over 2 percent and hit a new lifetime high of Rs 1,624 on the BSE after the conglomerate announced a 1.16 percent stake sale in Jio Platforms to Abu Dhabi Investment Authority. All the Nifty sectoral indices, except the Nifty Pharma index, were trading in the green, led by the Nifty Bank index, up 3.3 percent. Nineteen companies, including Titan, PVR, and Abbot India are scheduled to announce their March quarter results. Read more

Vedanta posts net loss of Rs 12,521 crore in Q4

Saturday, June 6, 2020
Vedanta on 6th June (Saturday) posted a net loss of Rs 12,521 crore for the quarter ended March 31 on the exceptional loss of Rs 17,132 crore, primarily due to impairment of assets in oil and gas, copper and iron ore business. The company had posted a net profit of Rs 2,615 crore in the corresponding quarter last year. Chief Executive Officer, Vedanta, said “The COVID pandemic has hit the world and us in the last quarter of the year. We have taken a pro-active approach to keeping our assets and people safe while ensuring optimum operations during these difficult times." Net sales also declined 16 percent YoY to Rs 19,513 crore in Q4FY20 against Rs 23,092 crore in the same period last year. Read more

Mubadala of Abu Dhabi will buy 1.85 per cent stake in Jio Platforms

Friday, June 5, 2020
RIL has said that the Abu Dhabi state fund Mubadala Investment Co will buy a 1.85 percent stake in its digital unit, Jio Platforms, for Rs 9,093.6 crore. The Jio Platforms investment is the largest in an Indian firm by Mubadala, which is the second-biggest state investor in Abu Dhabi after Abu Dhabi Investment Authority (ADIA), managing about $240 billion in assets. Reliance has now sold a combined 19% interest in Jio Platforms, which houses movies, music apps, and telecoms venture Jio Infocomm, in six fundraising deals including a 9.99% stake sale to Facebook Inc for $5.7 billion. The interest in Jio Platforms highlights its potential to become the dominant player in India's digital economy. The telecoms unit has already decimated several rivals with cut-throat pricing and is counting on Reliance's retail network to expand into e-commerce.

Crude oil prices rise as traders await Opec+ meeting

Friday, June 5, 2020
Oil prices rose today(5th June 2020) after OPEC decided to move up discussions on whether to extend record production cuts to 6th June (Saturday), indicating that some laggard countries may have agreed to align themselves with the deal. Brent crude futures were up 95 cents, or 2.4 percent, at $40.94 a barrel as of 0920 GMT, after rising over $1 to $41.18. US West Texas Intermediate (WTI) crude futures rose 64 cents, or 1.7 percent, to $38.05 a barrel. Brent has risen 16 percent since Friday to reach a three-month high, settling in a range more comfortable for producers like Russia. The contract has more than doubled since it crashed to as little as $15.98 a barrel on April 22nd. Read more

SBI Q4 profit jumps 4-fold to Rs 3,581 crore on one-time gain from SBI Cards

Friday, June 5, 2020
The Country's largest lender State Bank of India on Friday reported an over four-fold jump in net profit at Rs 3,580.81 crore for the March quarter compared with Rs 838.40 crore in the same quarter last year supported by a one-time gain of Rs 2,731.34 crore from the stake sale in SBI Cards done during the quarter. The profit grew 326.93 per cent from Rs 838 crore clocked in the year-ago quarter. On a consolidated basis, the bank’s net profit came in at Rs 6,909.95 crore. Total provisions and contingencies for the quarter fell to Rs 13,495 crore compared with Rs 16,501.8. For the full year FY20, net profit stood at Rs 14,488 crore, as against a net profit of Rs 862 crores in FY19. This was the bank's highest-ever yearly profit. Net interest income declined 0.8 per cent year-on-year to Rs 22,766 crore in the quarter ended March 2020 due to moderate loan growth at 6.4 per cent YoY. Domestic net interest margin dipped to 2.94 per cent in Q4FY20, down 8 bps YoY and 65 bps QoQ. Read more

Closing Bell:Sensex ends 306 points up, Nifty at 10142.15

Friday, June 5, 2020
At close, the Sensex was up 306.54 points or 0.90% at 34287.24, and the Nifty was up 113.10 points or 1.13% at 10142.20 led by buying in financial, metal and auto stocks.SBI share price jumps 9%. Tata Steel, Sun Pharma, LT, SBI, ONGC, RIL, Tata Motors, Bharti Infratel and Bharti Airtel were major gainers in the Sensex pack, While losers were TCS, HUL, Cipla, Bajaj Auto, Power Grid Corporation of India and Infosys. About 2028 shares have advanced, 505 shares declined, and 131 shares are unchanged. The nifty Metal index jumped over 2 per cent. Nifty PSU Bank jumps 7%. Except for FMCG, other indices ended higher.

India undeterred by the US investigation into its tax on digital transactions

Friday, June 5, 2020
India is undeterred by the US launching an investigation into its tax on digital transactions, or equalisation levy, covering companies such as Netflix and Amazon, government officials said. The government expects many other countries to adopt the same position, they said. Australia and New Zealand have already proposed digital taxes and more countries are likely to follow suit, disappointed with the progress on the framework for this at the Organisation for Economic Cooperation and Development (OECD). The US had on Tuesday initiated investigations into 10 nations and blocs including India that have imposed such taxes or are in the process of doing so. They include the UK, Brazil, and the European Union. Read more

MARKET UPDATE:Sensex up 351 points to 34,330 levels and Nifty hovering above 10,100 mark

Friday, June 5, 2020
Equity markets in India advanced today(5th June 2020), lifted by gains in index-heavyweights Reliance Industries, HDFC Bank, and State Bank of India. Among headline indices, the S&P BSE Sensex was up 351 points to 34,330 levels and the Nifty50 index was hovering above the 10,100 marks. Tata Steel (up 3 percent) was the top Sensex gainer, followed by Sun Pharma and State Bank of India (both up 2%). Besides, Reliance Industries shot up 2 percent after the conglomerate said that Abu-Dhabi based global investment company, Mubadala, would pick up 1.85 percent in Jio Platforms for Rs 9,093.6 crore. Read more

Consumer confidence plunges and people pessimistic: RBI survey

Thursday, June 4, 2020
Consumer confidence collapsed in the month of May, and the expectation for the next year is that of pessimism for Indian households, survey results of the Reserve Bank of India (RBI) shows. RBI did not yet release the Industrial Outlook Survey, which had showed ‘stark pessimism’ in sentiment for the manufacturing companies who were expecting a very sharp deterioration in sentiments across all sectors for the just-concluded fourth quarter, and the current first quarter. The Consumer Confidence Survey was conducted in 13 major cities between May 5-17 through telephonic interviews because of the nationwide lockdown. A total of 5,300 households participated in the survey. Read more

COVID-19 LOCKDOWN: Bank NPAs may worsen by FY21 end

Thursday, June 4, 2020
Gross NPAs of banks are likely to worsen to 11.3-11.6 percent by the end of this financial year from 8.6 percent as of March 2020, due to disruptions caused by the coronavirus pandemic, according to a report. Fresh gross slippages are estimated to be at 5-5.5 percent of standard advances during 2020-21, which will increase the banks' credit provision and impact their earnings, rating agency Icra said in a report. With an increase in stress on asset quality and profitability, state-owned banks may need Rs 45,000-82,500 crore of capital in this financial year under a weak credit growth scenario, it said. Read more

Facebook signs global licensing deal with Indian music label Saregama

Thursday, June 4, 2020
Shares of Saregama India were locked in upper circuit for the second straight day, up 20 per cent at Rs 401 on the BSE on Thursday after the company announced that Facebook has entered into a global deal with Saregama, one of India’s oldest and largest music labels, to license its music for video and other social experiences across its eponymous service and Instagram. Saregama India shares have surged over 45 per cent since Monday’s close of Rs 275.25 per share. “This partnership will allow users to choose from a wide variety of music to add to their social experiences such as videos, stories via music stickers and other creative content. People will also be able to add songs to their Facebook Profile,” Saregama said in a press release. Formerly known as 'The Gramophone Company of India Ltd', Saregama owns the largest music archives in India, one of the biggest in the world. With today’s rally in the stock, the market capitalisation of Saregama India stands at Rs 698.26 crore. Read more

Why investors are betting on Jio Platforms' future

Thursday, June 4, 2020
Mukesh Ambani's Jio telecom carrier is emerging as a winner from changes in the way Indian consumers plug into a digital economy made more urgent by the coronavirus pandemic. For Indian shoppers who prefer to order online, it is launching a grocery ordering service with Facebook Inc's popular WhatsApp messaging. For Bollywood fans who would prefer to avoid a crowded theater, it is readying same-day-release on the Jio platform. Those plans had been in the making for months, but the pandemic has given them a shot in the arm. India's 10-week lockdown has also led to a surge in demand for data, boosting Jio's phone and broadband offerings. Read more

Closing Bell:Sensex down 128 points, Nifty at 10029.10

Thursday, June 4, 2020
At close, the Sensex was down 128.84 points or 0.38% at 33,980.70, while Nifty was down 32.40 points or 0.32% at 10,029.10. Tech Mahindra, Sun Pharma, Bharti Airtel, HCL Tech, Vedanta and Reliance Industries were major gainers in the Sensex pack, while losers are Asian Paints, Bajaj Finance, HDFC, IndusInd Bank, Axis Bank and Kotak Mahindra Bank. About 1287 shares have advanced, 1132 shares declined, and 156 shares are unchanged. Nifty Bank index slipped over 2.5 per cent. Other indices ended in the green. BSE Midcap and Smallcap indices ended flat.

Amazon may buy 5% stake worth $2 billion in Bharti Airtel

Thursday, June 4, 2020
Amazon.com is in early-stage talks to buy a stake worth at least $2 billion in mobile operator Bharti Airtel, according to sources. The planned investment, if completed, would mean Amazon acquiring a roughly 5% stake based on the current market value of Bharti, which is India's third-largest telecoms company with more than 300 million subscribers. The discussions between Amazon and Bharti come at a time when global players are placing major bets on the digital arm of Reliance Industries, which owns Bharti's telecom rival Jio. Reliance's digital unit has raised $10 billion in recent weeks from Facebook, KKR, and others. The talks between Bharti and Amazon are at an early stage and the deal terms could change, or an agreement may not be reached, according to the sources.

Make in India: Samsung, Foxconn, Lava likely to apply for PLI scheme

Thursday, June 4, 2020
About seven global and Indian companies are expected to seek benefits under the Centre’s production-linked incentive (PLI) scheme, aimed at making India a global hub for mobile device exports. Under the scheme, which was formally announced on Tuesday, prospective companies have to apply by July 31. The government will offer the scheme to five global and domestic entities. However, if there are more than five applications, eligibility will be decided by the ranking of companies based on their global consolidated revenues in the base year. According to sources, global players that are likely to apply for the scheme include Foxconn, Wistron (both of which manufacture mobile devices for Apple), South Korean major Samsung, and US’s electronic manufacturing services giant Flextronics. Lava International and Micromax are among the home-grown players.

Coronavirus UPDATE: Whether Covid entered India as early as in November?

Thursday, June 4, 2020
India has on 4th June recorded its biggest spike in the number of coronavirus cases, with 9,304 of them being reported in a single day, besides over 250 deaths. The total number of corona cases in the country stands at 216,919. The global tally of coronavirus cases are 6,568,644 and 387,959 people have died from the disease. Meanwhile, top scientists from leading research institutes in the country have estimated that the ancestor of the novel coronavirus strain from Wuhan was in circulation by December 11, 2019. The first confirmed Covid-19 case in India was registered on January 30 in Kerala, the most recent common ancestor (MRCA) of Indian strains with roots in China was in circulation as early as November 2019, reports TOI. Read more

MARKET UPDATE:Sensex gains 126 points, Nifty nears 10,100

Thursday, June 4, 2020
Equities in the Indian market were fluctuating between gains on losses in today's(4th June 2020) early deals ahead of the F&O (futures & options) weekly expiry. Among headline indices, the S&P BSE Sensex hovered around 34,000 levels and the Nifty50 slipped below the 10,100-mark. Tech Mahindra (up 2%) was the top Sensex gainer. Besides, HDFC Bank and ICICI Bank gained 1 percent each. On the other hand, Titan dipped 3 percent. HDFC Life Insurance rose as much a 4 percent on the BSE post block deals. Aurobindo Pharma also shot up 4 percent after reporting a 32 percent jump in its Q4 net profit. On the other hand, Bharat Petroleum Corporation (BPCL) fluctuated after announcing its March quarter results. The trend among Nifty sectoral indices was all-green, led by the Nifty PSU Bank index, up 1.9 percent. Fifteen companies including DLF, PI Industries, and SRF are scheduled to announce their March quarter results today.

Britannia share price rises 7% after gain in Q4 profit

Wednesday, June 3, 2020
Shares of Britannia Industries gained over 7 per cent to hit a new high of Rs 3,704.55 apiece on the BSE on Wednesday after the company reported a consolidated profit of Rs 374.75 crore for March quarter, an increase of 26.1 per cent year-on-year growth driven by lower tax cost, largely in-line numbers despite the lockdown hitting revenue and profit growth by 7-10 per cent. It had posted profit at Rs 297.23 crore in the corresponding period last fiscal. Britannia's profit before tax (PBT) stood at Rs 457.27 crore for Q4 — a marginal rise of 1.6 per cent year-on-year (YoY). Revenue from operations for the quarter grew by 2.5 per cent year-on-year to Rs 2,867.7 crore as sales volumes took a beating due to the nationwide lockdown. The stock has gained 13 per cent in the last 5 days. Read more

Closing Bell: Sensex up 284 points, Nifty at 10061.55

Wednesday, June 3, 2020
At close, the Sensex was up 284.01 points or 0.84% at 34109.54, and the Nifty was up 82.40 points or 0.83% at 10061.50. M&M, Kotak Mahindra Bank, Bajaj Finance, State Bank of India (SBI), ICICI Bank and Nestle India were the major gainers in the Sensex pack. While NTPC. Bharti Airtel, Maruti Suzuki, Hero MotoCorp, Zee Entertainment and Infosys were among other laggards. About 1639 shares have advanced, 844 shares declined, and 131 shares are unchanged. Except for Nifty IT and Metal, all the sectoral indices ended with gains. Nifty PSU Bank index gained over 5 per cent. The Nifty SmallCap 100 index gained over 1 per cent. The Nifty Midcap 100 index gained 0.4 per cent.

Cyclone Nisarga is set to make landfall close to Alibaug

Wednesday, June 3, 2020
Cyclone Nisarga is set to make landfall as 'severe cyclonic storm' close to Alibaug - in a few hours from now. The storm is about 150 km from Mumbai. The IMD has said cyclone Nisarga will affect the coastal districts of Maharashtra, including Mumbai, Gujarat, and other neighbouring states. Airlines have canceled flights to Mumbai scheduled for today. COVID-special trains have been rescheduled as the city braces for its first cyclone in over 100 years. Section 144 (CrPC) has been imposed in Mumbai till June 4. Police have asked citizens to refrain from venturing out to coast-beaches, promenade, parks, and other similar places along the coastline.

VIP Industries may lose half its sales due to COVID Hit

Wednesday, June 3, 2020
Leading manufacturer of luggage and travel accessories VIP Industries yesterday (2nd June 2020) said it might take a 50 percent hit on its top line in FY21 due to a bleak demand environment for its products following the Covid-19 disruption. The Covid-19 pandemic has brought the travel & tourism industry to a grinding halt, denting VIP Industries’ March quarter sales by Rs 120 crore. The company reported a 28.4 percent YoY drop in consolidated net sales at Rs 311.30 crore against Rs 435 crore in the year-ago quarter. Profit for the quarter fell 72.2 percent to Rs 9.5 crore from Rs 26 crore in the year-ago quarter. Read more

MARKET UPDATE:Sensex gains 500 pts, Nifty reclaims 10,100

Wednesday, June 3, 2020
Equity markets in India were trading firm today(3rd June 2020), in line with trends in Asian counterparts, with banks, autos, and metal stocks contributing the most. The S&P BSE Sensex breached the 34,000-mark and was trading 515 points higher at 34,300 levels. The Nifty50 index also reclaimed the psychological level of 10,000 -- the first time since March 13 -- and was hovering around 10,140-mark. Bajaj Finance and ICICI Bank (both up 4%) were the top Sensex gainers. Besides, Britannia Industries surged 6 percent after its consolidated Q4 net profit rose 26.5 percent YoY to Rs 372.35 crore helped by a lower tax outgo. InterGlobe Aviation also zoomed 6 percent post its March quarter results. All the Nifty sectoral indices were in the green, led by the Nifty Bank index, up 3 percent. Fifteen companies including Aurobindo Pharma, BPCL, and Cholamandalam Investment are scheduled to announce their March quarter results today.

President Donald Trump invites PM Modi to attend G7 summit rescheduled for September

Wednesday, June 3, 2020
Prime Minister Narendra Modi has received an invitation from US President Donald Trump to attend the next Group of Seven summit, the External Affairs Ministry said yesterday, 2nd June 2020. Narendra Modi, in a telephone call, told President Donald Trump that India would be happy to work with the United States and other countries to ensure the success of the next G7 summit, the Reuters reported. Trump said on Saturday he was postponing until September the summit that had been scheduled for late June at Camp David, the US president's country retreat, and that he wanted to invite Australia, Russia, South Korea, and India to the meeting. Trump conveyed his desire to expand participation beyond the members of the group of the world's most advanced economies.

Five states leading Indian economy to recovery

Tuesday, June 2, 2020
Five Indian states contributing nearly 27% of the country’s gross domestic product are leading a recovery in the economy as it slowly emerges from the world’s biggest lockdown, a study shows. Kerala, Punjab, Tamil Nadu, Haryana, and Karnataka have seen a pickup in activity, based on an analysis of indicators such as power consumption, traffic movement, the arrival of farm products at wholesale markets and Google mobility data, etc. Some of the most industrialized states such as Maharashtra and Gujarat were trailing because of tough measures still in place to contain the Covid-19 pandemic, the study showed. India will begin a phased lifting of the nationwide lockdown from June 8, allowing shopping malls, restaurants, and places of worship to reopen in areas where virus infections are under control. Read more

Is there a nagging worry behind the stocks rally on Dalal Street ?

Tuesday, June 2, 2020
Behind the stocks rally seen on Dalal Street since late April lurks a nagging worry about growth prospects of the economy, which puts the market at risk of a sudden U-turn. A top Nomura analyst on Tuesday flagged this worry, saying that the equity risk premium remains high, which shows that investors are a worried lot. “India needs a big push from the government to revive the COVID-19-hit economy,” say experts. The government needs to spend on infrastructure in a big way to revive growth as corporates are not investing at this point in time. This came a day after Moody's Investors Service downgraded India’s sovereign credit rating for the first time in more than two decades. The latest official data showed the economy grew at 4.2 percent in FY20, the slowest rate in 11 years. Read more

Tata Power gains 7% as it completes 51% stake buy in Odisha's TPCODL

Tuesday, June 2, 2020
Shares of Tata Power gained 6.82 per cent to Rs 42.25 apiece on the BSE on Tuesday after the Company on Monday said it has completed the acquisition of 51 per cent stake in TP Central Odisha Distribution Ltd (TPCODL) for Rs 178.5 crore. TPCODL carries out the business of Central Electricity Supply Utility of Odisha (CESU). TPCODL was incorporated on April 6, 2020, as a wholly-owned subsidiary of GRIDCO to carry out the business of CESU. Grid Corporation of Odisha (GRIDCO) will hold balance 49 per cent equity. The acquisition paves the way for taking over the power supply business of five cities in Odisha. Tata Power said it has taken over the management of CESU, after receiving the Letter of Intent from the Odisha Electricity Regulatory Commission (OERC) for the distribution and retail supply of electricity in Odisha's five circles consisting of Bhubaneswar, Cuttack, Puri, Paradeep and Dhenkanal. Read more

Closing Bell:Sensex jumps 522 points, Nifty at 9979.10

Tuesday, June 2, 2020
At close, the Sensex was up 522.01 points or 1.57% at 33825.53, while Nifty was up 152.95 points or 1.56% at 9979.10. led by buying in index heavyweights such as HDFC, Kotak Mahindra Bank and HDFC Bank. Bajaj Finance, Kotak Mahindra Bank, IndusInd Bank, HDFC, Tata Motors and Axis Bank were top gainers. While Maruti Suzuki, ITC, NTPC, Nestle India, Hero MotoCorp and Bharti Airtel were losers. About 1712 shares have advanced, 708 shares declined, and 150 shares are unchanged. Nifty Realty index jumped nearly 5 per cent. Nifty Financial Service advanced 3.18 per cent. On the sectoral front, except FMCG other indices ended in the green, while BSE Midcap and Smallcap indices rose between 1-2 per cent.

Covid-19 vaccine development moving positively, says Biotech CEO

Tuesday, June 2, 2020
The development of a vaccine for Covid-19 is moving in a positive direction and the next one month will be very crucial, said Krishna Mohan Ella, the chief executive officer at Bharat Biotech. The company has formed a collaborative framework with the University of Wisconsin, Indian Council of Medical Research (ICMR), and the Thomas Jefferson University of Philadelphia to develop a vaccine for Covid-19. Speaking to IANS, he said, "The vaccine development is moving in a positive direction. The next month is very crucial. I am a scientist and I believe in science."He expressed satisfaction on the progress of the research connected with the vaccine development so far, but insisted that "in science, things can change".

Stock investors ignore Moody’s India’s downgraded rating

Tuesday, June 2, 2020
International rating agency Moody’s downgraded India’s sovereign rating by a notch to Baa3 from Baa2 with a negative outlook over a weak reform push contributing to a prolonged period of slow growth that it expects to continue beyond the Covid-19 pandemic. Downgrade by Moody’s was expected, and it is unlikely to unsettle the markets in a major way on Tuesday, said, experts. Finance ministry downplayed the demotion to the lowest investment grade, pointing out that “35 countries have been downgraded — this is their view”. But there can be some kneejerk reaction in the spot markets, which the Reserve Bank of India (RBI) can take care of. “It was expected that Moody’s would align back India’s rating with the other two rating agencies (Fitch and S&P). India continues to remain investment grade, and this downgrade should not materially impact the markets,” said experts. Read more

MARKET UPDATE: Sensex up by 328 pointsat 33,630 levels, and the Nifty at 9,900 levels

Tuesday, June 2, 2020
The equity markets in India were trading firm, a percent higher each, today(2nd June 2020), lifted mainly by auto, and pharma stocks. The S&P BSE Sensex was up 328 points, or 1 percent, at 33,630 levels, and the Nifty50 index conquered the psychological mark of 9,900. Kotak Mahindra Bank (up 4 percent) was the top Sensex gainer, followed by Mahindra & Mahindra and Bajaj Finance (both up 3 percent each). All the Nifty sectoral indices were trading in the green, led by Nifty Auto and Nifty Pharma indexes, both up over 1 percent. Eighteen companies, including the likes of Britannia, Indigo, and Motherson Sumi, are scheduled to announce their results today which will induce individual stock reactions. Read more

Lockdown in wealthy nations jolts money flows to millions

Monday, June 1, 2020
Lockdowns imposed by wealthy nations to slow the spread of the novel coronavirus, and the jolt those restrictions have delivered to their economies, are severing a vital lifeline for many often vulnerable people around the world: the billions of dollars in remittances sent home by relatives working abroad. Roughly one in nine of the global population receives remittances, or about 800 million people, according to the United Nations. Early data show severe drops have already taken place. The World Bank has said it expects global remittances to low- and middle-income nations to fall by $109 billion, or almost a fifth, in 2020 to $445 billion. The bank projects the pandemic will cut into the wages and employment of migrant workers, who tend to be the most vulnerable when there is an economic downturn in host countries. Read more

IDBI Bank shares jump 20% after profitable quarter

Monday, June 1, 2020
Shares of IDBI Bank hit 20 per cent upper circuit at Rs 24.35 per share on Monday after the bank reported a profit in the March quarter of FY20 after reporting losses for 13 straight quarters. The lender posted a profit of Rs 135 crore for the March quarter on account of recoveries from bad loans. It had posted a net loss of Rs 4,918 crore in the corresponding period of last year. Total income rose to Rs 6,925 crore as against Rs 6,616 in the fourth quarter of 2018-19. The Bank posted a profit before tax (PBT) of Rs 289.66 crore for March 2020 on healthy rise in net interest income and a sharp drop in provisions and contingencies. The bank had posted a loss before tax of Rs 7,136 90 crores in quarter ended March 2019 (Q4FY19).IDBI said net interest income (NII) improved by 46 per cent to Rs 2,356 crore for March quarter compared with Rs 1,609 crore last year same period. The bank made COVID-19-related provisions of Rs 247 crore during the quarter against standard assets. Read more

Closing Bell:Sensex jumps 879 points, Nifty ends at 9826.15

Monday, June 1, 2020
At close, the Sensex was up 879.42 points or 2.71% at 33303.52, while Nifty was up 245.85 points or 2.57% at 9826.15 as lockdown measures ease. Tata Steel, Axis Bank, Bajaj Finance, IndusInd Bank, Titan Company, HDFC and ICICI Bank were the Sensex gainers. While losers were Dr Reddy’s Labs, UltraTech Cement, Bharti Infratel, Nestle, Hero MotoCorp and Sun Pharma. About 1862 shares have advanced, 583 shares declined, and 137 shares are unchanged. Nifty PSU Bank index soared 7.57 per cent. All the sectoral indices ended in the green, while BSE Smallcap and Midcap indices rose between 2-3 per cent.

Indian Cos goes all out to woo buyers amid Covid-19

Monday, June 1, 2020
Consumer discretionary firms are trying their best to grab a share of the consumer’s wallet as shopping gains speed after almost two months. From auto, refrigerator, and mobile handset makers to real estate firms, companies are tying up with banks to dole out attractive finance schemes and discounts to make buying more affordable. These offers are being driven by the 135-basis point cut in the Reserve Bank of India’s policy rates after the Covid-19 pandemic, which has made loans cheaper, too. Encouraged by the preference for personal transportation gaining traction, carmakers have joined hands with commercial banks and NBFCs and launched EMI schemes aimed at reducing the initial purchase cost and monthly outgo. Read more

Stocks of MNCs zoom up to 100% in two months

Monday, June 1, 2020
During the last few months, stocks of multinational companies (MNCs) have outrun the broader markets by gaining up to 100 percent. The Nifty MNC index has gained 29 percent from its March lows, as against 26 percent rise in the Nifty 50 index till Friday. Even on a year-to-date (YTD) basis, the fall in the Nifty MNC index at 9.4 percent is less than the Nifty50 index, which slipped 21.3 percent during this period. Vodafone Idea, Oracle Financial Services, Sterlite Technologies, Britannia Industries, Sterlite Technologies, Nestle India, Honeywell Automation, Maruti Suzuki India, United Spirits and Ambuja Cements from the Nifty MNC index have rallied over 30 percent. GMM Pfaudler, Bayer Crop Sciences, and AstraZeneca Pharma India are some of the non-index MNC stocks that have rallied between 60 percent and 90 percent during this period. Read more

MARKET UPDATE: Sensex zoomed 900 points to 33,300, and Nifty topped at 9,800 levels

Monday, June 1, 2020
Equity markets in India shot up over 2 percent each today (1st June 2020), in line with other Asian markets, after the government eased curbs on most economic activities even as the lockdown in containment zones was extended till June 30. The S&P BSE Sensex zoomed 900 points, or 2.7 percent, to 33,300, and the Nifty50 index was topped 9,800 levels. Axis Bank and Tata Steel (both up 6%) were the top Sensex gainers. Besides, Bajaj Finance and IndusInd Bank also rose 4 percent each. All the Nifty sectoral indices were in the green, led by the Nifty Metal index, up 4 percent. Nifty Bank index also rose over 3 percent. Twelve companies, including V-Guard Industries and Orient Electric, are scheduled to announce their March quarter results.

Need to Restrict imports of goods that can be made in India : PM Modi

Sunday, May 31, 2020
PM Narendra Modi In his 65th ‘Mann ki Baat’ address, on 31st May, said that the pursuit of Atmanirbhar Bharat, or self-reliant India, will take the country to new heights in this decade. Modi indicated the need to restrict import of goods that can be manufactured in the country, which is also known as import substitution. The PM spoke of the need to offer a “new paradigm” to offer jobs and self-employment opportunities to millions of migrant workers who have headed home to their towns and villages by setting up cottage and small scale industries. Modi said a national migrant commission could soon be set up while skill mapping of migrant workers is being done, including by private start-ups.

India Unlock 1.0 begins: Hotels, malls, places of worship to open from June 8

Sunday, May 31, 2020
The Centre on 30th May eased the lockdown curbs significantly while announcing ‘’unlock 1’’ with an “economic focus”. With this, the Centre has outlined a plan to reopen nearly all activities outside of containment zones starting Monday,1st June. Places of worship, hotels, restaurants and malls can resume business by June 8, it has said. Coinciding with this, some states have extended the lockdown for 15 to 30 days. For areas in containment zones, the Centre has extended the lockdown till June 30. It’s up to the local authorities to demarcate containment and buffer zones. With lockdown 4.0 ending today (31st May), the Centre has issued detailed guidelines for phased reopening of all prohibited activities. Amid state governments imposing restrictions on inter-state travel, the Centre has suggested that there will be unrestricted inter-state and intra-state movement of people and goods. Read more

Prominent insurers looking to hire more people when the lockdown ends

Saturday, May 30, 2020
"Financial services, especially insurance, will continue to see heightened hiring activity as risks to life and business become a real concern after the pandemic,” say experts. “Another aspect is that a lot of insurers have access to a wider customer base due to mergers at the parent level. This will also drive employment generation. A lot of hiring is happening in the feet-on-the-street (sales), digital, and bancassurance segments.” State-run lender United Bank of India and Oriental Bank of Commerce were recently merged into Punjab National Bank, which owns 30% in PNB MetLife. A similar amalgamation exercise has also expanded the bancassurance network of Canara HSBC OBC Life, where the recently merged OBC was a promoter. Read more

India's economic growth falls for a third successive year, fiscal deficit widens to 4.6%

Saturday, May 30, 2020
The central govt has officially admitted that the fiscal deficit last year was as large as 4.6 percent of gross domestic product (GDP), much wider than the 3.8 percent provided in the Budget presented in February earlier this year. On the economy front, the provisional estimates released on Friday showed that the rate of growth in India’s GDP fell steeply to 4.2 percent in 2019-20 from 6.1 percent in 2018-19. Look at it another way, the rate of growth for India’s GDP has more than halved in just three years – from 8.2 percent recorded in 2016-17, the year of demonetization. There was no respite in 2017-18, either, when the GDP grew by only 7 percent. Read more

Wipro share price gains 5% on appointment of new CEO & MD

Friday, May 29, 2020
IT major Wipro share price gained 5 per cent intraday on May 29 after the company appointed Capgemini's Thierry Delaporte as CEO & Managing Director of the company effective July 6, 2020, He will be based in Paris and report to Rishad Premji. In January this year, the company had said its CEO and Managing Director Abidali Z Neemuchwala had decided to step down from the company. Abidali Neemuchwala will relinquish his position as CEO and MD on June 1. Delaporte was the Chief Operating Officer of Capgemini Group and a member of its Group Executive Board. During his twenty-five year career with Capgemini, he held several leadership roles. Thierry has a Bachelor's degree in Economy and Finance from Sciences Po Paris and a Masters in Law from Sorbonne University. Read more

Closing Bell: Sensex ends 600 points up, Nifty at 9580.30

Friday, May 29, 2020
At close, the Sensex was up 223.51 points or 0.69% at 32424.10, and the Nifty was up 90.20 points or 0.95% at 9580.30. Vodafone Idea surged 25 per cent on a report that Google is in talks to buy a 5 per cent stake in the company. ONGC was the top Sensex gainer followed by Bajaj-Auto, Sun Pharma, Nestle India, ITC, HDFC and HUL. While Axis Bank, Bharti Airtel, Infosys, TCS, Titan and RIL were top losers. About 1390 shares have advanced, 924 shares declined, and 159 shares are unchanged. Except for Nifty IT and Nifty Media other indices ended in the green. Nifty Realty, Nifty Pharma and Nifty FMCG gained 4.28 per cent, 3.21 per cent and 2.97, respectively. BSE Midcap and Smallcap indices rose between 1-2 per cent.

MARKET UPDATE: Sensex at 31,990 levels and the Nifty gave up the 9,450 mark amid weak global cues

Friday, May 29, 2020
The Indian markets dipped 1/2 percent on Friday, tracking weakness in global markets amid escalating US-China tensions, and ahead of the release of GDP data for January-March quarter of 2019-20 (Q4FY20). The numbers, which are likely to come in post-market hours, are expected to show growth contracting with some analysts penciling in a 5 percent dip. The S&P BSE Sensex slipped 207 points to 31,990 levels and the Nifty50 gave up the 9,450 marks. Infosys and Axis Bank (both down 2%) were the top Sensex laggards. On the other hand, Vodafone Idea surged 10 percent on a report that Google is in talks to buy a 5 percent stake in the company. The Nifty sectoral indices were largely in the red, led by Nifty Bank index, down 1.2 percent. On the other hand, Nifty Pharma was up over 1 percent. Thirty-one companies including Voltas, Jubilant Life Sciences, and Metropolis Healthcare, are scheduled to announce their March quarter results today.

Google eyes 5% stake in Vodafone Idea

Thursday, May 28, 2020
Global technology giant Google is in talks to buy a 5 percent stake in Vodafone Idea Ltd, a company owned by Vodafone PLC of UK and Aditya Birla group. It is reported that Google parent firm, Alphabet had also held talks about acquiring a stake in Reliance Jio – owned by Reliance Industries but has lagged behind other investors like Facebook in securing a deal. By buying a stake in Vodafone Idea, Google would pit against Facebook and an increasingly dominant Jio, but the company could also make multiple investments in India.

Ujjivan Financial Services shares surge 13% on strong Q4 earnings

Thursday, May 28, 2020
The share price of Ujjivan Financial Services rallied 13 per cent on Thursday after the company reported a jump of 80 per cent in its consolidated net profit to Rs 77.43 crore in the March quarter. The company had posted a net profit of Rs 43.15 crore during the same quarter last year. Its consolidated income during the quarter rose to Rs 805.20 crore as against Rs 590.01 crore in the same period a year ago. Sales of the company rose 38.2 per cent to Rs 786.49 crore in the quarter ended March 2020 as against Rs 569.11 crore during the previous quarter ended March 2019. The board of directors had proposed a final dividend at the rate of Rs 0. 80 per share (8 per cent) for the FY2019-20, Ujjivan Financial Services said. The stock touched the upper circuit of Rs 172. It was trading with volumes of 774,788 shares, compared to its five day average of 227,156 shares, an increase of 241.08 per cent. Read more

Closing Bell: Sensex rises 595 points, Nifty at 9490.10

Thursday, May 28, 2020
At close, the Sensex was up 595.37 points or 1.88% at 32200.59, and the Nifty was up 175.15 points or 1.88% at 9490.10 lifted by a rally in financials for the second straight day, ahead of the expiry of futures and options contracts of May series. ONGC was top index gainer followed by LT, HDFC Bank, Eicher Motors, Tata Steel and Axis Bank. On the other hand, M&M, ITC, Infosys, TCS, JSW Steel, BPCL and Sun Pharma were among top losers. Nifty Bank index was up nearly 2 per cent. Nifty Pharma was trading lower. All the sectoral indices ended in the green. BSE Midcap and Smallcap indices rose more than 1 per cent each.

Lockdown Aftermath: Govt may need to pump Rs 1.5 trn into state banks

Thursday, May 28, 2020
India may need to inject up to Rs 1.5 trillion ($19.81 billion) into its state-owned lenders as their pile of soured assets is expected to double during the coronavirus pandemic, three government and banking sources told Reuters. The government initially considered a budget of around Rs 250 billion for bank recapitalisations but that has risen significantly with loan defaults likely to rise as businesses take a severe hit from nationwide lockdowns to tackle the coronavirus. "The situation is very grim," sources said, adding that banks would require fresh funds soon. Indian banks were already saddled with Rs 9.35 trillion of non-performing assets at the end of September 2019 or roughly 9.1% of their total assets at the time. One source said it was unlikely the central government would be able to fund the entire capital injection itself and may rely on indirect measures such as issuing bonds as a means of recapitalisation, a method which it has used previously.

Ten stocks that won Covid-19 war in Q4 itself

Thursday, May 28, 2020
March quarter earnings have been marred largely by bottom line shrinkage. But 10 BSE500 companies have stood out by clocking 20-30 percent sales growth and up to four times profit expansion in a challenging quarter. Analysts say most of these firms could fare better than peers post Covid-19 crisis, both in terms of earnings growth and market share gains. Only those firms were considered whose quarterly sales exceeded Rs 500 crore. 1. Retailer Trent surprised Dalal Street by reporting a four-fold jump in March quarter profit at Rs 32.65 crore against Rs 8.13 crore in the same quarter a year ago. The company also showed a 20 percent jump in sales to Rs 842.93 crore from Rs 694.32 crore. Read more

Covid-19 crisis: Govt assessing the cash position of PSUs to ramp up dividend payouts and share buybacks

Thursday, May 28, 2020
The central government is assessing the cash position of state-owned companies and may ask them to ramp up dividend payouts and share buybacks as much as possible, sources said. This comes at a time when the Covid-19 crisis is expected to derail the government’s revenue maths for 2020-21, hitting the mop-up from sources such as taxes and divestment. The government is of the view that since the economic activity is low, central public sector enterprises (CPSEs) are not spending on capital expenditure as much as they would have anticipated, and hence are sitting on cash reserves, which can be used to pay dividends and buy back shares, sources said. Read more

MARKET UPDATE: Sensex gains 300 points, Nifty tops 9,400

Thursday, May 28, 2020
Markets in India were trading over one percent higher today, in line with other Asian markets, ahead of the expiry of futures and options contracts of May series. The S&P BSE Sensex jumped 350 points, or 1.12 percent, at 31,960 levels and the Nifty50 index reclaimed the 9,400 levels. Larsen & Tubro and ONGC (both up 3 percent) were the top Sensex gainers. Besides, the HDFC twins also inched 2 percent higher and contributed majorly to the index's up move. The trend among Nifty sectoral indices was largely green, led by the Nifty Private Bank index, up 1.8 percent. Twentyfour companies, including TVS Motor, Lupin, and Federal Bank, are scheduled to announce their March quarter results today.

India Faces Another Plague as Locusts Swarm

Thursday, May 28, 2020
Swarms of locusts entered Uttar Pradesh's Jhansi district yesterday (27th May 2020) after damaging crops in Rajasthan and MP. It could head towards Maharashtra's Ramtek city amid what is being described as the worst attack in 26 years. Punjab, usually unaffected by the menace, is also gearing up for the possibility of a locust attack. "It is not a new problem and we had been facing it for a long time. This year, the locusts' attack is the worst in 26 years,” an official at the Faridabad-based Locust Warning Organisation (LWO) told PTI. According to the Union agriculture ministry, 21 districts in Rajasthan, 18 in Madhya Pradesh, two in Gujarat and one in Punjab have undertaken locust control measures till now. Rajasthan on Wednesday deployed a drone to spray pesticide on locusts in Jaipur district's Samod area and the Union minister said it too is acquiring the machines. The LWO official said there is a coordinated effort to contain the locust spread.

Biocon gets on DCGI approval for use of CytoSorb to treat COVID-19 patients

Wednesday, May 27, 2020
Biocon has received approval from the Drugs Controller General of India (DCGI) for its blood purification device CytoSorb meant for Covid-19 patients. It is a device that reduces pro-inflammatory cytokines levels in confirmed Covid-19 patients admitted to the intensive care unit with confirmed or imminent respiratory failure. Biocon Biologics has been granted the license for emergency use of CytoSorb to treat Covid-19 patients who are 18 years of age or older. The license will be effective until control of the Covid-19 outbreak in the country."CytoSorb is an in-licensed unique device that reduces cytokine storm in critically ill patients and was introduced by Biocon in India in 2013. Since then many patients undergoing organ transplant and sepsis treatment have benefitted from it," said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon. In April, the US Food and Drug Administration (FDA) granted emergency use authorization (EUA) of CytoSorb for use in patients with COVID-19 infection. Read more

Closing Bell: Sensex jumps 995 points, Nifty at 9314.95

Wednesday, May 27, 2020
At close, the Sensex was up 995.92 points or 3.25% at 31605.22, and the Nifty was up 285.90 points or 3.17% at 9314.95 propelled by banks and financials, ahead of the upcoming derivative contract expiry. Axis Bank share price surged 14 per cent, followed by ICICI Bank, Kotak Mahindra Bank. IndusInd Bank, Bajaj Finance, SBI Wipro, Grasim Industries and HDFC Bank were the major gainers in today's Index pack. while losers were Sun Pharma, UltraTech Cement, Titan, Shree Cements and Asian Paints. About 1363 shares have advanced, 939 shares declined, and 163 shares are unchanged. Nifty Bank index advanced over 8 per cent. Pharma index ended marginally lower.

Fitch ratings, CRISIL, and SBI Research cut India’s economic growth forecast

Wednesday, May 27, 2020
Fitch Ratings, CRISIL, and SBI Research have drastically cut India’s economic growth forecast in the current fiscal year due to a prolonged lockdown. While both Fitch and CRISIL projected the economy to contract 5 percent, from their earlier estimates of the economic growth at 0.8 percent and 1.8 percent, respectively, SBI Research slashed economic contraction to 6.8 percent from earlier 4.7 percent. CRISIL said it expected the current quarter’s GDP to shrink 25 percent year on year. In its latest report, CRISIL said it would really be a long road to recovery, and going back to the pre-COVID-19 trend level of gross domestic product (GDP) in India will not be possible for the next three fiscal years. The lockdown extension, higher economic costs, and an economic package that lacked muscle are the three key reasons why CRISIL has downgraded the GDP forecast

Border tension with China in eastern Ladakh continues

Wednesday, May 27, 2020
PM Narendra Modi yesterday (26th May 2020) met with National Security Adviser Ajit Doval, Chief of Defence Staff General Bipin Rawat and the three service chiefs as a border tension with China in eastern Ladakh continued, media reports said. The military leaders apprised Modi about the situation in eastern Ladakh. Officials maintained that the agenda of the scheduled meeting was military reforms and improving India's combat prowess. There was no official comment or details available about the meeting. The meeting came hours after the Indian Army briefed Defence Minister Rajnath Singh about the situation in Pangong Tso lake, Galway Valley, Demchok, and Daulat Beg Oldi where Indian and Chinese troops have engaged in aggressive posturing for 20 days. Read more

MARKET UPDATE: Sensex erases opening gains, slips in the red

Wednesday, May 27, 2020
Indian markets quickly pared all the gains after a cautious start today (27th May 2020). The S&P BSE Sensex hovered around 30,600 levels and the Nifty50 index traded around 9,030 zones. Kotak Mahindra Bank was the top Sensex gainer, followed by ICICI Bank. On the other hand, Titan and Mahindra & Mahindra were the top laggards. The Nifty sectoral indices were mixed with the Nifty Bank index, up over 1 percent, logging the highest gains. Twenty-two companies, including Dabur India, Sun Pharma, and United Spirits are scheduled to announce their results.

Coronavirus updates: COVID- 19 cases in India has reached 146,208;Globally, 5,607,145 infected

Tuesday, May 26, 2020
The total count of COVID- 19 cases in India has reached 146,208, according to the Ministry of Health and Family Welfare. The country now ranks among the world's top 5 nations with most active cases, the list of which is led by the US. The number of deaths related to the Covid-19 in India stands at 4,187. 4.4 deaths per lakh population have been reported for the world, while India has reported about 0.3 deaths per lakh population, which is amongst the lowest in the world. This has been due to lockdown, timely identification, and management of coronavirus cases: Lav Agarwal, Union Health Ministry Joint Secretary. Read more

ITC shares surge 5 per cent, acquire 100% stake in Sunrise Foods

Tuesday, May 26, 2020
Fast-moving consumer goods (FMCG) major ITC shares gained 4.6 per cent to Rs 194.95 per share on the BSE on Tuesday after the company reported it had entered into an agreement with the spice major Sunrise Foods to acquire a 100 per cent stake in the company.ITC has entered into a share purchase agreement (SPA) on May 23, 2020, to acquire 100 per cent of the equity share capital of Sunrise Foods Private Limited (SFPL), a company primarily engaged in the business of spices under the trademark ‘Sunrise’, subject to fulfilment of various terms and conditions as specified in the SPA, as per company release. The share-purchase agreement was completed after the lockdown was enforced and the final deal is likely to be signed soon. ITC didn’t comment on the deal size, but sources estimated it at close to Rs 2,000 crore. Read more

Closing Bell:Sensex down 63 points, Nifty at 9029.05

Tuesday, May 26, 2020
At close, the Sensex was down 63.29 points or 0.21% at 30609.30, and the Nifty was down 10.20 points or 0.11% at 9029.05. Bharti Airtel was the top Sensex loser followed by TCS, Bajaj Finance, Sun Pharma and Hero MotoCorp. Titan was the top Sensex gainer followed by UltraTech Cement, Eicher Motors, JSW Steel, IndusInd Bank, Nestle India and ITC. About 1211 shares have advanced, 1109 shares declined, and 175 shares are unchanged. Nifty IT index dropped nearly 2 per cent. The nifty Metal index gained 2.68 per cent. IT and pharma witnessed selling pressure.BSE Midcap and Smallcap indices ended with a gain of 0.6-1.2 per cent.

Promoter to sell 2.75% stake in Bharti Airtel via block deals

Tuesday, May 26, 2020
The promoter of Bharti Airtel, Bharti Telecom, is expected to raise more than Rs 7,600 crore, by selling a small stake in the telecom giant. The sale is expected to be through block deals on 26th May 2020 on the stock exchanges and is essential to pare the promoter’s debt. The move expands the list of promoters that have or are planning to sell stake in their companies. In the past one month, Reliance Industries has announced five deals, worth over Rs 78,500 crore and involving sales of small stakes in Jio Platforms, while GlaxoSmithKline has raised Rs 25,480 crore by selling Hindustan Unilever shares.

MARKET UPDATE: Sensex jumps 330 points Nifty tops 9,100

Tuesday, May 26, 2020
Markets in India rose 1 percent, propped up by the HDFC twins, as trading resumed today (26th May 2020) after an extended weekend. The S&P BSE Sensex hovered near 31,000 levels, up 320 points. The Nifty50 index also surpassed 9,100 levels. ITC, up 4 percent, was the top Sensex gainer and HDFC Bank also ticked up 2 percent. among others, HDFC shot up 2 percent after reporting its March quarter results yesterday. Bharti Airtel, on the other hand, declined 4 percent on reports that its promoter Bharti Telecom was planning to raise $1 billion by selling a small stake in the telecom giant through block deals on the stock exchanges today. A majority of the Nifty sectoral indices were in the green, led by the Nifty Metal index, up 2 percent. Nineteen companies including Deepak Nitrate, Max Financial, and Torrent Pharma are scheduled to announce their March quarter results today.

Global supply chain being reconfigured : India must smartly restructure its economy

Tuesday, May 26, 2020
Covid-19 has changed the collective calculation of uncertainty, experts feel now. It is more global in scope, more profoundly impactful, and much more complex than any crisis that countries and companies have ever experienced. Now it is required to confront the uncertainty head-on and build it into decision-making. The recent announcements of Govt of India to revive and restructure India’s economy, with multiple policies that will find common cause with another fallout of the contagion — possible reconfiguring of the global supply chain by multinationals. Read more

Bandhan Bank tanks 7% as Amphan cyclone hit business

Friday, May 22, 2020
The Private sector lender, Bandhan Bank shares tanked 7.28 per cent to Rs 195.4 on the BSE on Friday after the bank said its services have been impacted in some areas of West Bengal and Odisha due to Amphan and the cyclone is likely to impact the business of around 65,000 of micro banking borrowers, worth Rs 260 crore. Cyclone Amphan struck five districts of West Bengal and coastal Odisha on May 20 and lasted till the wee hours of May 21 The major impact has been in the district of South 24 Parganas..“As per the initial assessment, in our areas of operations, 49 banking units (micro banking outlet) in five districts were impacted of which 45 are operational today,” the Kolkata-headquartered Bandhan Bank said in a BSE filing. It further informed that the bank will not be able to continue services in five branches due to issues inaccessibility. Read more

Closing Bell:Sensex down 260 points, Nifty at 9039.25

Friday, May 22, 2020
At Close, Sensex falls 260 points, or 0.84 per cent, lower at 30,672.59 while Nifty finished with a loss of 67 points, or 0.74 per cent, at 9,039.25 after the Reserve Bank of India (RBI) decided to cut the policy rate by 40 basis points from 4.4 per cent to 4 per cent to trim the impact of coronavirus on the economy. Infosys was the top Sensex gainer, followed by Asian paints, UltraTech Cement, Tech Mahindra and Maruti Suzuki were among other gainers on the index. Axis Bank was the top Sensex loser followed by HDFC, Bajaj Finance, ICICI Bank and Bajaj-Auto. BSE Midcap and Smallcap indices closed 0.83 per cent and 0.23 per cent down, respectively. Nifty Bank today tumbled nearly over 2.5 per cent. Most of the sectoral indices ended lower.

Financials tumble as RBI extends moratorium

Friday, May 22, 2020
Shares of financials including banks, housing finance companies, non-banking finance companies (NBFCs) and microfinance institutions (MFIs) were under pressure, falling up to 8 percent after the Reserve Bank of India's (RBI's) Monetary Policy Committee (MPC) at its meeting held today decided to extend moratorium period by another three months till August 31, 2020. AU Small Finance Bank was locked in the 5 percent lower circuit band at Rs 399.95 on the BSE at 10:56 am. Bajaj Finance declined 5.6 percent to hit a 52-week low of Rs 1,876.25, while SBI tumbled 1.5 percent to hit a 52-week low of Rs 149.55. Furthermore, Union Bank of India, Power Finance Corporation, and Mahindra & Mahindra Financial Services, too, hit their respective 52-week lows in intra-day trade today.

First full-year contraction in 4 decades all set to be reality for India

Friday, May 22, 2020
RBI governor Shaktikanta Das today said that GDP growth would likely remain in the negative territory in 2020-21 lending credence to the dire forecasts rating agencies and brokerages. Das said he was optimistic about a possible pick-up in growth impulses in the second half, but added that everything was going to depend on how the pandemic situation plays out. In the second half, Das said, the economy could get a boost from ideal conditions created by fiscal, monetary, and administrative actions taken so far — possibly leading to a change in the situation. Read more

MARKET UPDATE:Sensex, Nifty flat;RBI cuts repo rate by 40 bps to 4%

Friday, May 22, 2020
Markets in India were trading flat today (22nd May 2020) as the Reserve Bank of India (RBI) slashed repo rate by 40 bps to 4 percent. Among headline indices, the S&P BSE Sensex was up 40 points at around 30,970 levels and the Nifty50 index reclaimed the 9,100 marks. Infosys gained 2 percent after the class-action lawsuit filed against the company in the US was dismissed. Reliance Industries gained 1 percent after the conglomerate said that KKR would invest Rs 11,367 crore into Jio Platforms for a 2.32 percent equity stake. The trends among Nifty sectoral indices were mixed. Nifty PSU Bank index, up 1.8 percent, gained the most. Twenty-five companies including Alembic Pharmaceuticals, IDFC First Bank, and UPL, are scheduled to announce their March quarter earnings later in the day.

Govt to fix domestic air fares for 3 months

Thursday, May 21, 2020
The government will fix airfares for three months when domestic flights resume from Monday (25th May), said the civil aviation minister as he explained new norms for flying during the coronavirus pandemic. For the Delhi-Mumbai route, the upper limit for flight fare would be Rs 10,000, said Hardeep Singh Puri at a press conference in Delhi. Passengers would have to reach an airport two hours before their flight time and they will be allowed only one check-in package, he said. The government will cap and minimum and maximum ticket fares based on routes, he said. The fare bands will decide according to flight time.

Colgate Palmolive Q4 profit rises 3.3% to Rs 204 crore

Thursday, May 21, 2020
Colgate-Palmolive on Thursday posted a 3.32 per cent year-on-year rise in net profit at Rs 204.15 crore for the quarter ended March 31 compared to Rs197.6cr for the same quarter of the previous year, due to falling in total expenditure. The company reported a 7.40 per cent YoY drop in net sales at Rs 1,062.4 crore with 8 per cent YoY decline in volumes due to the ongoing Covid-19 situation. For FY20, net profit was at Rs816.5cr as against the Rs775.6cr for the previous year. The company also declared a second interim dividend of Rs 16 per share amounting Rs 435.18 crore, the total dividend would be Rs 28 per share for the year 2019-20, said Colgate and will be paid on or after June 16, 2020, to those shareholders whose names are on the Register of Members of the Company as on June 2, 2020. Read more

Closing Bell:Sensex gains 114 points and Nifty at 9106.25

Thursday, May 21, 2020
At close, the Sensex was up 114.29 points or 0.37% at 30932.90, and the Nifty was up 39.70 points or 0.44% at 9106.25. ITC was the top index gainer with 7 per cent gain. Asian Paints, Hero MotoCorp, Maruti Suzuki, ITC, Hindalco Industries and Bajaj-Auto were the major gainers in the Sensex pack, while, NTPC, Bajaj Finserv IndusInd Bank, Bajaj Finance, HDFC and Axis Bank were the major loser. Nifty Auto and Nifty FMCG were top sectoral gainers, up 2.61 per cent and 2.19 per cent, respectively. Nifty Bank index was down over half a per cent. About 1302 shares have advanced, 908 shares declined, and 170 shares are unchanged.BSE Midcap and Smallcap indices rose over 0.5 per cent each.

RIL rights entitlement' sees massive demand in secondary market

Thursday, May 21, 2020
Shareholders of RIL got a chance to cash in on the rights issue on 20th May, much before being allotted the new shares, or even the money moving out of their account. Thanks to the new trading avenue introduced by the Sebi, eligible shareholders of RIL were able to trade their ‘rights entitlement’ (RE) for an attractive price. Investors paid as much as Rs 212 to invest in the RE — akin to buying a permit to be eligible for participation in the Rs 53,125-crore rights issue. Read more

Cyclone 'Amphan' ravaged Kolkata and several parts of West Bengal

Thursday, May 21, 2020
Extremely severe cyclone 'Amphan' has killed at least 12 persons and ravaged Kolkata and several parts of West Bengal as it left behind a trail of destruction by uprooting trees, destroying thousands of homes and swamping low-lying areas of the state. Senior state officials said it was too early to estimate a toll on life or damage to property as the hardest-hit areas were still not accessible. Packing heavy rain and winds with speeds of up to 190 kmph, extremely severe cyclone Amphan slammed the Digha coast of West Bengal at 2.30 pm on Wednesday, triggering heavy rainfall and gusts in various parts of the state. Strong winds with speed up to 125 km per hour upturned cars in Kolkata and felled trees and electricity poles blocking important roads and intersections.

Sensex surges to 31,046 levels, Nifty at 9,138-mark,broader indices outperform

Thursday, May 21, 2020
Equities in India opened in the green today(21st May 2020) amid broad-based buying. The benchmark S&P BSE Sensex gained 227 points, or 0.71 percent, to trade at 31,046 levels in the morning deals. Bajaj Auto, up 5 percent, was the top gainer on the index after the firm's Q4FY20 results beat Street expectations. Aviation stocks, IndiGo and SpiceJet, surged 8 percent and 5 percent, respectively in the opening deals as the government announced that domestic airline operations would resume on May 25. Read more

L&T Infotech share price jumps 10% on good Q4 profit

Wednesday, May 20, 2020
Shares of Larsen & Toubro (L&T) Infotech gained 10 per cent to Rs 1,834 on the BSE on Wednesday after the firm reported a 12.9 per cent rise in net profit to Rs 427.5 crore for the quarter ended March 2020 compared to Rs 378.5 crore in the corresponding period. Revenue in Q4 stood at Rs 3,011.9 crore, up 21.2 per cent YoY against Rs 2,486 crore in the corresponding period last year. L&T Infotech reported a marginal increase of 0.3 per cent in its net profit at Rs 1,520.5 crore compared to Rs 1,515.5 crore in the previous fiscal. The company registered a revenue of Rs 10,878.6 crore, up 15.2 per cent YoY. The company's board also recommended a final dividend of Rs 15.50 per equity share of the face value of Re 1 each. The company won two large deals in Q4 with net-new TCV in excess of $100 million, culminating in a record eight large deal wins in FY20. Read more

Closing Bell:Sensex gains 622 points, Nifty at 9066.55

Wednesday, May 20, 2020
At close, the Sensex was up 622.44 points or 2.06% at 30818.61, and the Nifty was up 187.45 points or 2.11% at 9066.55 mainly due to support received from the pharma, auto and banking stocks. HDFC, Larsen & Toubro, M&M, Tata Steel, Dr Reddy's Labs and Kotak Mahindra Bank were the major contributors to Sensex pack, while Hero MotoCorp, IndusInd Bank, Bharti Infratel, and Bharti Airtel were the top Sensex laggard. About 1277 shares have advanced, 1004 shares declined, and 169 shares are unchanged. Nifty Pharma index gained 3 per cent. All the sectoral indices ended higher- auto, energy and bank. BSE Midcap and smallcap indices rose over 1 per cent each.

Companies seek Sebi approval to defer or merge Q1 results

Wednesday, May 20, 2020
Corporates have approached Sebi to allow listed firms to either postpone their financial results for the June quarter or merge them with the September numbers amid growing concern that wide losses and decline in sales between April-June could unsettle investors and put off banks. Against the backdrop of a slide in stock prices following lockdown, some of the leading industry bodies have also urged the market regulator to consider rules on the pricing of preferential equity offer and open offer — to enable capital infusion — as well as simplify the process to delist a company through the reverse book building route. Read more

We kept lessons of the 2008-13 period in mind when designing the Covid stimulus: FM Nirmala Sitharaman

Wednesday, May 20, 2020
Within days of announcing a series of measures to help businesses deal with the lockdown impact, Union Finance Minister Nirmala The government kept the lessons of the 2008-13 period in mind when designing its 20 lakh crore stimulus package, finance minister Nirmala Sitharaman told explaining why it had avoided spending recklessly to revive the economy. She was referring to the program implemented in the wake of the global financial crisis and its aftermath. Replying to a specific question on whether there would be a stimulus package 6.0, after five days of back-to-back announcements last week, the FM said, “As we go along, we will see. We cannot shut the doors.” Read more

MARKET UPDATE: Sensex rises to 30,410 levels and the Nifty 8,960 levels

Wednesday, May 20, 2020
Equity markets in India were trading firm today (20th May 2020), lifted mainly by the HDFC twins. The S&P BSE Sensex rose 216 points to 30,410 levels and the Nifty50 index traded around 8,960 levels. ITC, up 2 percent, was the top gainer in the Sensex pack. Besides, HDFC and HDFC Bank were both up 1 percent each. IRCTC surged 5 percent after the Indian Railways decided to double the number of Shramik special trains to 400 a day by this week. Besides, Bajaj Finance rose 2 percent after announcing its March quarter earnings. The trend among Nifty sectoral indices was largely positive, led by the Nifty FMCG index, up 1.25 percent. Twenty two companies including Bajaj Auto, Dr Reddy's Laboratories, UltraTech Cement, and Jubilant FoodWorks, are scheduled to announce their March quarter earnings today.

Lockdown impact: $20 billion current account surplus in FY21

Tuesday, May 19, 2020
India may end the current fiscal with a record surplus of about USD 20 billion or 70 bps of the GDP, as imports continue to plunge due to the coronavirus-driven disruptions globally, says a report. The country has been perennially struggling with huge current account deficits. The last time the country had a current account surplus was in the first quarter of 2006-07, again due to the cheaper crude, according to an analysis by Barclays on 19th May. In fact, the Exim trade has been balancing through 2019 due to the worsening growth momentum. Read more

Torrent Power soars 7% on healthy operational performance

Tuesday, May 19, 2020
Shares of Torrent Power gained 7 per cent to Rs 318 on the BSE on Tuesday after the company reported a healthy 15 per cent year-on-year growth in EBITDA (earnings before interest, taxes, depreciation and amortization) at Rs 864 crore in the March quarter. The total market cap of the Torrent Power Ltd. stood at Rs 15084.16 crore. It reported a consolidated net loss of Rs 273.94 crore in the March quarter due to an exceptional item. The company's consolidated net profit was Rs 24.80 crore in the quarter ended on March 31, 2019. The company’s operational revenues remained flat Rs 2,984 crore in Q4FY20 against Rs 2,925 crore in the corresponding quarter of the previous year. The company reported consolidated sales of Rs 2983.5 crore for the quarter ended 31-Mar-2020, down 3.1 per cent from previous quarter's Rs 3079.0 crore and down 2.01 per cent from the year-ago quarter's Rs 2924.8 crore. Read more

Closing Bell:Sensex up 167 points, Nifty at 8879.10

Tuesday, May 19, 2020
At close, the Sensex was up 167.19 points or 0.56% at 30196.17, and the Nifty was up 55.85 points or 0.63% at 8879.10. Bharti Airtel surged 10 per cent post its March quarter results to hit a new lifetime high. ONGC, Ultratech Cement, Adani Ports, and ITC were among major gainers on the Nifty, while losers were UPL, Vedanta, IndusInd Bank, Reliance Industries and L&T. About 1012 shares have advanced, 1253 shares declined, and 164 shares are unchanged. Nifty Media gained over 2%, followed by Nifty Metal and Nifty IT. Nifty PSU Bank was the biggest loser down by 2.52%. MidCap and SmallCap indexes were up half a per cent each.

Covid-19 vaccine shows promise in early trials:Moderna Inc.

Tuesday, May 19, 2020
Moderna Inc's experimental COVID-19 vaccine, the first to be tested in the United States, produced protective antibodies in a small group of healthy volunteers, according to very early data released by the biotech company on 18th May 2020. Overall, the study showed the vaccine was safe and all study participants produced antibodies against the virus. The news, issued in a release by the U.S. biotechnology company, lifted shares of Moderna by 20%. Moderna launched a $1.34 billion share offering at an offer price of $76 per share late Monday. The company had earlier said it plans to sell $1.25 billion in common stock to raise money for vaccine development and manufacturing.

Bharti Airtel hits all-time high on strong Q4 results

Tuesday, May 19, 2020
Shares of Bharti Airtel rallied 10 percent to hit a record high of Rs 591.95 today(19th May 2020) in the morning trade after the company reported a healthy 15.1 percent year-on-year (YoY) growth in consolidated revenue at Rs 23,723 crore for the quarter ended March 2020 (Q4FY20). The stock of the telecom services provider surpassed its previous all-time high level of Rs 570 touched on May 13, 2020. In comparison, the S&P BSE Sensex was up 2.3 percent, or 697.79 points, at 30,716.77 level at 10:37 am. The company’s India revenues also reported a strong 14.4 percent YoY jump at Rs 17,438 crore during the quarter. Mobile revenues witnessed a YoY growth of 21.8 percent primarily led by the increase in 4G customer base coupled with improved tariffs. Read more

MARKET UPDATE: Sensex at 30,550 and the Nifty around 8,970 levels

Tuesday, May 19, 2020
Indian markets tracked the other Asian markets and advanced today (19th May 2020), propped up by HDFC twins and Bharti Airtel. The S&P BSE Sensex jumped 527 points, or 1.75 percent, to 30,550 levels and the Nifty50 index hovered around 8,970 levels. ONGC, up 6 percent, was the top Sensex gainer. Besides, Bharti Airtel surged 10 percent post its March quarter results to hit a new lifetime high, while HDFC also rose over 4 percent. Nifty sectoral trends remained largely positive, led by the Nifty Financial Services index, up 1.6 percent. In the broader market, the S&P BSE MidCap and SmallCap indexes were up half a percent each. Today, 18 companies, including Bajaj Finance, Apollo Tyre, and Ujjivan Small Finance Bank, are scheduled to announce their March quarter earnings.

Order on compulsory wage payment by firms during lockdown withdrawn

Monday, May 18, 2020
The Union government has withdrawn its order directing employers to pay wages to workers, even with units remaining shut during the lockdown on 17th MAy 2020. The Ministry of Home Affairs (MHA) had issued a fresh set of guidelines which will be applicable from 18yh May. It has repealed the order dated March 29, 2020, which had talked about compulsory wage payment to workers during the lockdown. “Save as otherwise provided in the guidelines annexed to this order, all order issued by the NEC [national executive committee] under Section 10(2)(I) of the Disaster Management (DM) Act, 2005, shall cease to have effect from 18.05.2020.” Read more

IndiGo, SpiceJet shares fall on no relief package,lockdown extension

Monday, May 18, 2020
Aviation stocks Indigo and SpiceJet tanked as much as 11 per cent on the BSE on Monday after the government's Rs 20 trillion economic packages disappointed to deliver immediate liquidity support to the bleeding airlines and another extension of the lockdown. The share price of SpiceJet fell 5% to trade at Rs 43.45 per share while that of IndiGo tanked 11.3% to trade at Rs 882 apiece. The aviation industry has been one of the worst affected with the business under a complete shut down at present. Finance Minister Nirmala Sitharaman announced three measures for the sector, on Saturday, India would rationalise its air space for civil aviation purposes which, at present, is capped at 60 per cent. Besides, she said six airports will be privatised, private companies will make an additional investment of Rs 12,000 crore on 12 airports auctioned before, and tax structure will be rationalised for the Maintenance, Repair and Overhaul (MRO) industry. Read more

Closing Bell:Sensex falls over 1,000 pts, Nifty at 8823.25

Monday, May 18, 2020
At close, the Sensex was down 1,068.75 points or 3.44% at 30028.98, while Nifty was down 313.60 points or 3.43% at 8823.25 on lockdown extension. ICICI Bank and IndusInd Bank were top Sensex losers, followed by Axis Bank, Maruti Suzuki, Bajaj Finance and HDFC Bank. While Infosys, TCS, HCL Tech and ITC were the only gainers on the index. About 580 shares have advanced, 1702 shares declined, and 159 shares are unchanged. Except, Nifty IT, all the sectoral indices were traded in the red. Nifty Bank index slipped 1,272 points or 6.75 per cent followed by the auto, metal and Infra. BSE Midcap and Smallcap indices fell between 3-4 per cent.

MARKET UPDATE:Sensex dips 450 pts;Nifty down 114 points at 9K level

Monday, May 18, 2020
Markets opened in red today (18th May 2020) as stimulus measures announced over the weekend, as part of the government's Rs 20 trillion economic packages, failed to cheer markets. Probably because investors were expecting huge fresh liquidity infusion into the system to improve the aggregate demand. Besides, the government has extended nationwide lockdown till May 31, with some relaxations. The benchmark S&P BSE Sensex declined 444 points, or 1.43 percent, at 30,653 level. NSE's Nifty50, meanwhile, was at 9,022 level, down 114 points or 1.26 percent. Among top losers, ICICI Bank, Axis Bank, and SBI were down over 3 percent each on the index. Infosys (up to over 1 percent), Tech M, and TCS were the top gainers on the 30 share index. Sectorally, banking counters were trading in a sea of red. Nifty PSU Bank index was trading with a 3 percent cut and was the top loser on the NSE. Nifty Pharma, however, was up 0.8 percent. Read more

corona test swab price brought down to one-tenth

Monday, May 18, 2020
As COVID-19 pandemic spread quickly, India faced twin challenges - short supply of testing swabs and those imported from China at a steep price of Rs 17 per stick were proving to be inferior. A solution was fixed in 10-days combining the expertise of Johnson & Johnson of manufacturing a similar product in earbuds, and Reliance Industries providing custom-made polyester staple fiber that resulted in the cost of swabs coming down to just Rs 1.7 per unit. While the earbuds typically use cotton and the stick is too small to take throat and nasal swabs, an extender was used to increase the length of the stem and the PSF from Reliance provided lab-approved material for testing. Read more

General Atlantic will invest Rs 6,598.38 crore in Jio Platforms

Monday, May 18, 2020
Private equity firm General Atlantic will invest Rs 6,598.38 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. This will be a fourth investment in the Jio Platform following those of Facebook, Silver Lake, and Vista Equity Partners. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “I am thrilled to welcome General Atlantic, a marquee global investor, as a valued partner. I have known General Atlantic for several decades and greatly admired it for its belief in India’s huge growth potential. We are excited to leverage General Atlantic’s proven global expertise and strategic insights across 40 years of technology investing for the benefit of Jio”. The global equity company has a track record of investing in the Technology, Consumer, Financial Services, and Healthcare sectors.

NDMA extends the lockdown beyond Sunday till 31st May

Monday, May 18, 2020
The Union home ministry issued nine-page guidelines listing the dos and don'ts during the lockdown 4.0 that has been clamped in the country to cut the chain of coronavirus infection. Prohibition on all public gatherings, closure of schools, malls and restaurants, and suspension of flight and Metro services will remain in force till May 31 as the government on 17th May (Sunday) extended the ongoing countrywide lockdown to combat the Covid-19 spread. All domestic, international air travel of passengers, except domestic air ambulance, will remain prohibited. Metro rail services, schools, colleges will remain closed till May-end, the guidelines issued by the Ministry of Home Affairs (MHA) said. Read more

Central banks may be forced to sell gold: Chris Wood

Friday, May 15, 2020
There is a growing risk of liquidation of gold in India caused by a lockdown-triggered collapse in economic growth, wrote Christopher Wood, global head of equity strategy at Jefferies. The potential for forced selling in gold, Wood believes, could come from central banks given the dramatic fiscal deterioration being suffered by many countries. India, he said, is at risk given its substantial gold holdings. “Another potential seller is Saudi Arabia where fiscal pressures caused a draconian threefold increase in the value-added tax (VAT) rate to 15 percent and the suspension of cost of living allowances,” Wood said. Read more

Biocon Q4 results: Profit down 42%

Friday, May 15, 2020
Shares of Biocon Limited dropped 9% to Rs 320 on the BSE on Friday after the biotechnology major's net profit declined 42.2 per cent year-on-year (YoY) to Rs 123 crore in the fourth quarter of FY20 (Q4FY20), down from Rs 214 crore at the end of the December quarter. Consolidated net profit for the fiscal year ended March this year stood at Rs 748 crore down from Rs 905 crore a year ago. Biocon’s consolidated revenue for the same period grew 6% to Rs 1,644 crore. The scrip was trading at a price of Rs 359 per share last Friday and it hit an intraday low of Rs 320 this Friday due to disappointing Q4 result. The firm's profit before tax (PBT) declined 28.2 per cent to Rs 204 crore during the quarter when compared with the corresponding quarter of the previous financial year. The Bengaluru-headquartered company said its biologics business has taken a beating due to one-time Covid-19 related impact during the quarter. Read more

InterGlobe is interested in Virgin Australia

Friday, May 15, 2020
InterGlobe Enterprises of Rahul Bhatia today (15th MAy 2020) said that they are interested in Virgin Australia, the airline that has filed for bankruptcy as travel restrictions due to Coronavirus impacted its financing. InterGlobe (owner of low-cost carrier IndiGo) is among 22 suitors, who have shown interest to bid for Virgin Australia. Virgin Australia, which went into administration last month and reportedly owes more than $7 billion, will help provide access to the Australian domestic market. The biggest reason for so much interest in Virgin Australia, experts say, could be because the Australia law does not have any restriction on ownership be in their carrier- India limits it at 49%.

Closing Bell:Sensex down 25 points, Nifty at 9136.85

Friday, May 15, 2020
At close, the Sensex was down 25.16 points or 0.08% at 31097.73, while Nifty was down 5.90 points or 0.06% at 9136.85.M&M was the top Sensex loser down 4.56 per cent, followed Axis Bank, ICICI Bank and IndusInd Bank. On the other hand, Tata Steel, Bharti Airtel, HUL, Vedanta, Asian Paints and RIL were among top Sensex gainers. About 1068 shares have advanced, 1208 shares declined, and 176 shares are unchanged. Except, Nifty Metal and Nifty FMCG, all the sectoral indices traded in the red. The nifty Metal index gained over 1,5 per cent. Nifty Bank index dropped 1.23 per cent.

Patanjali is in the process of launching an e-commerce platform

Friday, May 15, 2020
Baba Ramdev’s Patanjali is in the process of launching an e-commerce platform to exclusively supply made-in-India products and swadeshi solutions. The platform, OrderMe, will offer Patanjali’s own ayurvedic products as well as connect the consumer to shops in his vicinity selling Indian products. Orders will be home-delivered free of cost within hours, according to the sources.

MARKET UPDATE: Indices in red,Sensex around 31,100 levels and the Nifty below 9,150

Friday, May 15, 2020
Markets in India declined in today's (15th May 2020) early deals, pulled down by auto and bank stocks, amid mixed global cues. The S&P BSE Sensex hovered around 31,100 levels and the Nifty50 index was below 9,150. Mahindra & Mahindra (down 2%) and ITC (down 1%) were the top Sensex losers while ONGC gained 2 percent. Biocon dipped 2 percent after its Q4 net profit declined 42.2 percent to Rs 123 crore on a y-o-y basis. The trend among Nifty sectoral indices was largely negative, led by the Nifty Auto index, down 0.8 percent. Today,12 companies including Cipla, Aarti Drugs, and M&M Finance are scheduled to announce their results

Power stocks rally on Rs 90,000 crore liquidity push for discoms

Thursday, May 14, 2020
Shares of electric utilities and power finance companies gained up to 13 per cent on the BSE on Thursday after Finance Minister Nirmala Sitharaman announced a special liquidity infusion scheme for the ailing power distribution sector, through which it is looking to infuse around Rs 90,000 crore in the distribution companies (discoms) to help them fight the current financial stress. Power Finance Corporation and Rural Electrification Corporation will infuse liquidity in the discoms to the extent of Rs 90,000 crore in two equal instalments. This amount will be used by discoms to pay their dues to transmission and generation firms,” the FM said. Adani Power, Tata Power, Torrent Power, CESC, Adani Transmission and Indian Energy Exchange (IEX) were up between 3 per cent and 13 per cent. In today’s trade REC share price fell 2.33 per cent to Rs 98.15, while Power Finance Corporation (PFC) shares dropped 2.17 per cent to Rs 87,65 apiece.

Closing Bell: Sensex down 885 points, Nifty at 9142.75

Thursday, May 14, 2020
At close, the Sensex was down 885.72 points or 2.77% at 31122.89, and the Nifty was down 240.80 points or 2.57% at 9142.75 on the back of profit booking amid weak global cues.HDFC, IndusInd Bank, RIL, Tech Mahindra and Power Grid were among other losers on the pack. On the flip side, Hero MotoCorp, Larson & Toubro (LT), Maruti Suzuki. HUL, Zee Entertainment and Sun Pharma were among the top Sensex gainers today. About 968 shares have advanced, 1324 shares declined, and 153 shares are unchanged. Except, Nifty FMCG and Nifty Pharma, all the sectoral indices traded in the red.BSE Midcap and Smallcap indices down 0.3-0.7 per cent. Nifty Bank index dropped 566 points.

Why Finance Minister's stimulus failed to impress stock market

Thursday, May 14, 2020
Equity market came under heavy selling pressure on today(14th May 2020) even after the Union Finance Minister Nirmala Sitharaman Wednesday announced a set of stimulus measures of nearly Rs 5.94 trillion to support micro, small, and medium enterprises (MSMEs), non-banking financial companies (NBFCs), and power distribution companies. The S&P BSE Sensex tanked as much as 703 points or over 2 percent during the day while NSE's Nifty slipped nearly 200 points. On the sectoral front, barring FMCG and pharma, all the indices on the NSE were trading in the negative territory. Read more

MARKET UPDATE:Sensex tumbles 400 points, Nifty below 9,300

Thursday, May 14, 2020
Markets in India declined over 1 percent today(14th May 2020), tracking weakness in global markets after Federal Reserve Chairman Jerome Powell warned of extended economic weakness due to the coronavirus pandemic. The S&P BSE Sensex was down 480 points, or 1.5 percent, to 31,500 levels and the Nifty50 index slid below 9,300. Infosys, Tech Mahindra, and Mahindra & Mahindra (all down 3%) were the top Sensex laggards. The Nifty sectoral trend was largely negative, led by the Nifty IT index, down over 2 percent. In comparison, the broader indices fared better. The BSE MidCap index gained 0.3 percent while the SmallCap index was trading 0.2 percent lower. 18 companies including Biocon, Escorts, and Manappuram Finance are scheduled to announce their results today.

Govt's stimulus package:Small businesses to taxpayers get benefited

Thursday, May 14, 2020
Finance Minister Nirmala Sitharaman today (13th MAy 2020) announced Rs 3 trillion in collateral-free loans for small businesses, cut the tax rate for non-salary payments, and provided liquidity to non-banking companies to help them tide over the disruptions caused by the lockdown. Announcing the first set of components of the Rs 20 trillion economic stimulus package announced by Prime Minister Narendra Modi, she said Rs 90,000 crore liquidity infusion will be made in electricity distribution companies to help them fight the current financial stress. Also, dates for filing income tax returns and other assessments have been extended. Read more

Revised MSME definitions; no difference between manufacturing and service enterprises:FM

Wednesday, May 13, 2020
Delivering the economic package, part of the Aatmanirbhar Bharat Abhiyaan, Finance Minister Nirmala Sitharaman today (13th May 2020) announced revisions in the definition of Micro Small and Medium Enterprises (MSME). Earlier, the MSMEs were defined on the basis of investments put in, now the revised definitions will also include the turnover of the company. Sitharaman also declared that there will be no more distinction between Manufacturing and Service MSMEs. “Earlier, the criteria for manufacturing units and service units were different. Now those distinctions between Manufacturing and Service MSMEs are being removed. They will all be defined similarly,” she said. Read more

Maruti Suzuki Q4 profit falls 28% to Rs 1,292 crore

Wednesday, May 13, 2020
The country's largest car manufacturer, Maruti Suzuki reported its March quarter profit of Rs 1,291.7 crore, down by 28.1 per cent YoY due to lower sales during the lockdown, while the company had reported a profit of Rs 1,795.6 crore for March quarter previous year. Revenue dipped 15.2 per cent to Rs 18,207.7 crore. The company had posted revenue of Rs 21,473.1 crore. The sharp fall in tax cost limited the profit decline."Profit was lower on account of lower sales volume, higher sales promotion expenses, partially offset by lower operating expenses, cost reduction efforts and reduction in the corporate tax rate," said the company in its BSE filing. Maruti sold a total of 385,025 vehicles,the company's domestic volumes in Q4 fell by 16 percent YoY and exports fell 17 per cent compared to same period last year, especially after nationwide lockdown in last 10 days of March and amid slowdown in overall sector.

Closing Bell:Sensex up 637 points, Nifty at 9383.55

Wednesday, May 13, 2020
At close, the Sensex was up 637.49 points or 2.03% at 32008.61, and the Nifty was up 187.00 points or 2.03% at 9383.55 due to Rs 20 trillion economic package announced by the Prime Minister Narendra Modi last evening. Axis Bank, UltraTech Cement, ICICI Bank and State Bank of India (SBI), Adani Ports and L&T were the major gainers in the Sensex pack while losers are Sun Pharma, Bharti Airtel, Nestle, Britannia Industries and HUL.About 1633 shares have advanced, 723 shares declined, and 169 shares are unchanged.. Nifty PSU Bank advanced 6.11 per cent.Among sectors, except FMCG and pharma other indices ended positive.Bank Nifty rose over 4 percent followed by auto, metal, infra, energy and IT.

The stars that helped Nifty get back its magic charm

Wednesday, May 13, 2020
Five bluechip stocks contributed 56% to the Nifty rally from its lows of March 24. The top 10 stocks comprising Reliance Industries, the HDFC twins, Infosys, Bharti Airtel, ICICI Bank, TCS, HUL, Axis Bank and Nestle contributed 72% to the 1,450-points or 30% gain in the benchmark index. ET takes a look at five stocks that led the rebound and the factors driving their rise. Read more

How big is Modi economic stimulus?

Wednesday, May 13, 2020
India’s biggest-ever economic stimulus, dubbed as ‘Atma Nirbhar Bharat Abhiyan’, adds up to Rs 20,00,000 crore, which would be roughly 10 percent of India's GDP. Analysts expect the package to include loan waivers for MSMEs, increased spending, GST rate cuts, and credit guarantees to incentivise lending to MSMEs. At $266 billion, the stimulus value in dollar terms is higher than the GDP of 149 countries such as Vietnam, Portugal, Greece, New Zealand, and Romania. It almost equals Pakistan's annual GDP of $284 billion. At $266 billion, the stimulus value in dollar terms is higher than the GDP of 149 countries such as Vietnam, Portugal, Greece, New Zealand, and Romania. It almost equals Pakistan's annual GDP of $284 billion. Read more

MARKET UPDATE: Sensex jumped 630 points to 32,000 levels and the Nifty testing 9,400 levels

Wednesday, May 13, 2020
Equity markets in India were trading firm, up 2 percent, today (13th May 2020) after Prime Minister Narendra Modi announced a Rs 20-trillion stimulus package to jump-start the battered economy, the details of which will be announced through the week. The S&P BSE Sensex jumped 630 points to 32,000 levels and the Nifty50 index was testing 9,400 levels. Maruti Suzuki India gained 6 percent ahead of its March quarter results. Vedanta hit a 10 percent upper circuit after promoter Anil Agarwal announced intention to take the firm private by buying out shares held by the public. All the Nifty sectoral indices were in the green, led by the Nifty Private Bank index, up 5 percent. Maruti Suzuki and nine other firms are slated to report their March quarter results today.

PM Modi announces Rs 20-trn economic package to fight lockdown impact

Tuesday, May 12, 2020
Prime Minister Narendra Modi today (12th May 2020) announced a Rs 20-trillion economic package to “make India self-reliant” and ready to "own the twentieth century". "The economic package will focus on land, labour, liquidity, and law. It will help small businesses, migrants, farmers," said Modi in a televised address to the nation. The package is aimed at undoing the devastating impact of the nationwide lockdown, first enforced on March 24 to contain the spread of coronavirus. Finance Minister Nirmala Sitharaman will announce details of the special economic package, close in value to 10 percent of the country’s gross domestic product (GDP), in the next few days.

Bandhan Bank Q4 results:Profit falls 20% to Rs 517 crore

Tuesday, May 12, 2020
Private sector lender Bandhan Bank on Tuesday posted 29 per cent quarter-on-quarter (QoQ) fall in net profit at Rs 517.28 crore for the quarter ended March 31 and 20.5 per cent year-on-year degrowth in Q4 FY20 profit due to over two-fold rise in provision and contingencies. Profit for the quarter dropped to Rs 517.3 crore, against Rs 650.9 crore in the same period last year. Provisions and contingencies increased to Rs 827.36 crore during the quarter under review against Rs 294.88 crore in the preceding quarter ended December 2019.Net interest income for the quarter grew sharply by 33.6 per cent year-on-year to Rs 1,680 crore, with advances rising by 60.46 per cent (to Rs 71,846 crore). Asset quality of the company improved with the percentage of gross non-performing assets coming at 1.48 per cent in Q4FY20 over 1.93 per cent in December quarter.

Morgan Stanley sees 3% contraction in global GDP

Tuesday, May 12, 2020
Morgan Stanley expects global economic growth as measured by GDP to contract by 3 percent in 2020 before rebounding to 5.9 percent in 2021. As regards India, Morgan Stanley sees no growth (0 percent) for 2020 but expects it to rebound sharply to 7.7 percent in 2021, which makes India the fourth fastest-growing economy in the Asia ex-Japan region – only behind Philippines (2021e GDP growth at 12.6 percent), Malaysia (9.6 percent) and China (9.2 percent). “The global economy appears headed to its most severe recession in the post-war era, although there is a fair chance of a rapid rebound in the second half of 2020-21 (H2-20/2021) on unprecedented policy easing, Covid-19 treatment,” wrote analysts at Morgan Stanley in a recent report co-authored by Jonathan F Garner, their chief Asia, and emerging market strategist.

Closing Bell: Sensex down 190 points, Nifty at 9196.55

Tuesday, May 12, 2020
At close, the Sensex was down 190.10 points or 0.60% at 31371.12, and the Nifty was down 42.65 points or 0.46% at 9196.55. After declining 2 per cent in the early trade, benchmark indices witnessed a sharp recovery in the last hour of the session with Nifty just below 9,200 level..RIL was the top Sensex loser followed by Asian Paints, Kotak Mahindra Bank and HUL. NTPC, Bharti Airtel, ITC, Power Grid, Vedanta were among other gainers on the index. About 889 shares have advanced, 1351 shares declined, and 172 shares are unchanged. Auto, IT, metal and FMCG sectors traded in green while bank, energy, infra and pharma ended lower. BSE Smallcap and Midcap indices finished 0.5-0.7 per cent lower.

MARKET UPDATE: Sensex slips 450 pts; HDFC twins and RIL drag

Tuesday, May 12, 2020
The Indian indices declined over 1 percent today (12th May 2020), weighed down by heavyweights like HDFC twins and Reliance Industries. Apart from weak global cues, the indication by the Centre that the nationwide lockdown could be extended beyond May 17, albeit with eased restrictions for businesses, also weighed on the sentiment. The S&P BSE Sensex slipped 475 points, or 1.5 percent, to 31,100 levels, and the Nifty50 index was around 9,100 levels. HDFC twins (both down 2 percent) dragged the Sensex lower. Besides, Asian Paints was down 3 percent. Piramal Enterprises dipped over 7 percent in early deals post-March quarter results announcement. On the other hand, IRCTC was frozen in a 5 percent upper circuit for second straight day. The Nifty sectoral trend was negative except for the Nifty IT index which was up half a percent. 11 companies, including Nestle, Havells, and Bandhan Bank are scheduled to announce their March quarter results.

MCX will provide exit option to market participants in commodity hitting negative rate

Monday, May 11, 2020
Commodity bourse MCX will provide exit options to market participants in crude oil all other commodity derivatives if the contracts hit negative prices, the exchange said in a circular Monday. The exit will not be on expiry day when a due date rate is published, but on all other trading days if clients through their brokers or prop traders chose to square off their positions. The exit will be enabled through an auction that will be held in a 15-minute window after market closing, currently 11:30 pm, from 11:40-11:55 pm. Read more

Increase in tax-burden on India's GDP may hit consumption and savings

Monday, May 11, 2020
The latest increase in indirect taxes on commodities like diesel, petrol, and alcohol by the central and various state governments is likely to lead to a further rise in the tax burden on India's Gross Domestic Product (GDP). In FY19, indirect taxes (net of subsidies) accounted for nearly 10 percent of GDP, up from 9.3 percent a year ago and a low of 6.1 percent in FY10. This, say, economists, will negatively impact household disposable income and may hit consumer demand and savings and investments by the household. Disposable income is the portion of GDP that accrues to households that they consume, save, or invest. If it grows slower than the overall GDP or declines, households will either cut back on consumption, or savings & investments, or both," says experts. Read more

IRCTC gains 5% as online booking for passenger train starts at 4PM today

Monday, May 11, 2020
Shares of Indian Railway Catering & Tourism Corporation (IRCTC) were locked in 5 per cent upper circuit at Rs 1,302.85 apiece on May 11 as the online booking for passenger train operations started at 4 pm today and will be available only on the IRCTC website. Ticket booking counters at railway stations will remain closed and no counter tickets (including platform tickets) will be issued. Indian Railways will gradually resume operations of passenger trains from May 12, initially, with 15 pairs of trains (30 return journeys), the government has said on Sunday. These trains will be run as special trains from New Delhi station connecting Dibrugarh, Agartala, Howrah, Patna, Bilaspur, Ranchi, Bhubaneswar, Secunderabad, Bengaluru, Chennai, Trivandrum. The stock corrected 58 per cent in the past month from its high seen in February due to COVID-19 crisis but rallied 60 per cent from its closing low of March. There were pending buy orders of 134,304 shares, with no sellers available today.

Closing Bell:Sensex down 81 points, Nifty at 9239.20

Monday, May 11, 2020
At close, the Sensex was down 81.48 points or 0.26% at 31561.22, while Nifty was down 12.30 points or 0.13% at 9239.20 due to profit-booking.IRCTC, Reliance Industries, IndusInd Bank and Maruti Suzuki, Hero MotoCorp, Tata Motors, Bajaj Auto and Bharti Infratel were major gainers in today's Sensex pack while losers were ICICI Bank, Dr Reddy’s Labs, BPCL, Kotak Mahindra Bank and HUL. About 1084 shares have advanced, 1280 shares declined, and 186 shares are unchanged. The nifty auto index rose over 4 per cent.

FTSE Russell postpones the decision to increase India’s weight in its global indices

Monday, May 11, 2020
Stocks such as Shree Cement and Asian Paints, which climbed lately on expectations of increased inflow of passive overseas funds, could lose steam after index provider FTSE Russell postponed until September the decision to increase India’s weight in its global indices due to the COVID-19-induced lockdown. The proposed changes were scheduled to be made in June. About $2 billion was expected to flow in after the rebalancing. Among others, Larsen & Toubro, Bajaj Finance, Stocks such as Shree Cement and Asian Paints, which climbed lately on expectations of increased inflow of passive overseas funds, could lose steam after this.

Government and Sebi plans ways to check FPI flows from China

Monday, May 11, 2020
After foreign direct investment (FDI), the Indian government is looking to clamp down on unbridled access to the Indian market by Chinese portfolio investors as it seeks to plug a possible loophole that investors from across the border can use to acquire shares in listed domestic companies. The department of economic affairs in the finance ministry is looking at options, including the possibility of mandating the “approval route” for Chinese foreign portfolio investment (FPI) as well. FPI investors typically acquire smaller shares and keep churning their investments. The government will initiate the steps in consultation with markets regulator Sebi. Read more

MARKET UPDATE: Sensex gains 600 points, Nifty above 9,400

Monday, May 11, 2020
Indian markets followed their Asian counterparts and advanced over 1 percent today,11th May 2020 lifted by financials and auto stocks. The S&P BSE Sensex rose 608 points to over 32,200 mark and the Nifty50 index was above 9,400 levels. Among individual stocks, IRCTC rose 5 percent after the government said that 15 sets of trains will be started from tomorrow. Reliance Industries was also up over 2 percent after fixing May 14 as the record date for the rights issue. Besides, IndusInd Bank and Maruti Suzuki were also up 2 percent each. The trend among Nifty sectoral indices was positive, led by the Nifty Auto index, up 2.4 percent. A total of 13 companies, including Godrej Properties, Wockhardt, and Motilal Oswal, are scheduled to announce their March quarter earnings.

Eastern states can leverage Covid lockdown into an opportunity

Sunday, May 10, 2020
Every entrepreneurial decision is made on a cost-benefit analysis and there is always a point from where a business strategy that appeared impractical and risky begins to look appealing. The disruption caused by the coronavirus pandemic could be one such point, for the states like Orissa, Bihar, Jharkhand etc.provided these states that supply much of the migrant labour to industries in states like Tamil Nadu, Andhra Pradesh, and Karnataka have the foresight and political will to reform their industrial environment. It is evident from many accounts that many migrant workers who have fled to their home states will not return. Read more

India COVID-19 cases near 63,000; death toll at 2,109

Sunday, May 10, 2020
The death toll due to COVID-19 rose to 2,109 and the number of cases climbed to 62,939 in the country today (10th May 2020), registering an increase of 128 deaths and 3,277 cases in the last 24 hours, according to the Union Health Ministry. The number of active COVID-19 cases stood at 41,472, while 19,357 people have recovered and one patient has migrated, the ministry said. The total number of cases also include 111 foreign nationals. Of the 2,109 fatalities, Maharashtra tops the tally with 779 deaths. Gujarat comes second with 472 deaths, followed by Madhya Pradesh at 215, West Bengal at 171, Rajasthan at 106, Uttar Pradesh at 74, Delhi at 73, and Andhra Pradesh and Tamil Nadu at 44. The death toll is 31 in Punjab, 30 each in Karnataka and Telangana. Jammu and Kashmir and Haryana each have registered nine COVID-19 deaths, Bihar five and Kerala four. Read more

The teenager who convinced Tata to invest in his startup

Saturday, May 9, 2020
Eighteen-year-old Arjun Deshpande has been eagerly waiting for his class 12 results while the Covid19 lockdown continues in Mumbai. He loves football and reading. But he is not a regular teenager. He is the founder of a start-up that employs 55 people and has managed to catch the attention of Tata Group patriarch Ratan Tata. The industrialist has now invested in his pharmaceutical business venture Generic Aadhaar to provide affordable medicines to the masses. After several weeks of brainstorming, Generic Aadhaar was born in 2019. It works on a simple business model where Arjun Deshpande and his team procure generic drugs directly from manufacturers that are WHO-GMP certified and provide them to the retailers, thereby cutting out the middlemen and delivering medicines to masses at a much lower cost. The medicines sold at Generic Aadhaar are sold at 20-30 percent lesser than the market rate, claims the teenager. Read more

HUL Gains 4% after Societe Generale buys 129 million shares via bulk deal

Friday, May 8, 2020
FMCG sector Hindustan Unilever (HUL) shares jumped over 4 per cent to Rs 2,075 in the morning trade on May 8 after Societe Generale, a French multinational investment bank and financial services company had bought 1.29 crore shares of the company at Rs 1,902 per share. The stock is among the most active stocks on NSE in terms of value with 23,62,605 shares being traded at 09:30 hours. On Thursday, UK-based Glaxo-SmithKline (GSK) and Horlicks Limited offloaded 5.69 per cent stake in HUL via block deals. For the quarter ended March 2020, HUL last week reported a 7 per cent decline in volumes. Profit before tax fell 10.6 per cent to Rs 1,992 crore for the period, while net profit declined 1.2 per cent year-on-year (YoY) to Rs 1,519 crore in Q4. Global research firm Credit Suisse has maintained its outperform call on the stock with the target at Rs 2,400 per share.

Goldman Sachs, Nomura lower FY21 GDP estimate for India

Friday, May 8, 2020
Goldman Sachs and Nomura (Global research and broking houses) – have sharply cut their economic growth projections for India FY 21 and expect the RBI to cut rates sharply to stem the economic rout caused by the lockdown due to Covid-19 pandemic. Analysts at Goldman Sachs, for instance, expect the Indian economy to contract 0.4 percent in FY21 versus consensus median 2.7 percent following the extension of the nationwide lockdown. In April, they had expected the GDP growth to slip to 1.6 percent in FY21. Read more

Closing Bell:Sensex gains 199 points, Nifty at 9251.50

Friday, May 8, 2020
At close, the Sensex was up 199.32 points or 0.63% at 31642.70, and the Nifty was up 52.45 points or 0.57% at 9251.50. HUL, Sun Pharma, Nestle India, Tech Mahindra, Dr Reddy’s Labs and Reliance Industries were among major gainers on the Nifty, while losers included M&M, Axis Bank, NTPC, SBI and IndusInd Bank. Nifty Pharma and Nifty FMCG were top sectoral gainers, up 2.13 per cent and 1.92 per cent, respectively. While selling seen in the auto, bank and metal sectors. About 1012 shares have advanced, 1267 shares declined, and 185 shares are unchanged.

Franklin Templeton issues unconditional apology to Sebi

Friday, May 8, 2020
Franklin Templeton Today (8th May 2020) issued an “unconditional apology” to market regulator Sebi over its global chief comments that regulatory tightening contributed to winding up of schemes. The fund house said the remarks made by Jenny Johnson, president, and CEO, Franklin Templeton during their quarterly earnings call were quoted “out of context” by media outlets. During an analysts call on 6th May 2020, Jenny Johnson, president, and CEO, Franklin Templeton had said “Unfortunately, Sebi came out with new guidelines saying that any investments in unlisted instruments in funds can’t have more than 10 percent in a fund, and you can’t trade them. So that orphaned about a third of our fund there.” Read more

RIL sells another 2.32% in Jio to Vista Equity for Rs 11,367 cr

Friday, May 8, 2020
Reliance Industries announced yet another investment in Jio Platforms from global investment firm Vista Equity Partners, which will pump in Rs 11,367 crore for a 2.32 percent equity stake on a fully diluted basis. The transaction valued Jio Platforms at Rs 4.91 lakh crore and pegged the enterprise value of Rs 5.16 lakh crore. The investment made Vista the largest investor in Jio Platforms behind Reliance Industries and Facebook. With this, Jio Platforms has raised Rs 60,596.37 crore from leading technology investors in less than three weeks. Vista has more than $57 billion in cumulative capital commitments and its global network of companies collectively represents the fifth largest enterprise software company in the world. The transaction is subject to regulatory and other customary approvals.

MARKET UPDATE:Sensex surges to 31,920 levels and the Nifty to 9,340

Friday, May 8, 2020
The equity markets in India advanced today (8th May 2020) in line with other Asian markets, with RIL and Hindustan Unilever leading the gains. Reliance Industries rose 2 percent after PE firm, Vista Equity Partners, said it will buy a 2.3 percent stake in Jio Platforms for Rs 11,367 crore. Among headline indices, the S&P BSE Sensex surged 476 points to around 31,920 levels and the Nifty50 index was up 132 points to 9,340. IndusInd Bank and Hindustan Unilever (both up 3%) were the top Sensex gainers. All the Nifty sectoral indices were trading in the green, led by Nifty Private Bank index, up 1.7 percent 13 companies, including SBI Cards and Shree Cements, are scheduled to announce their March quarter results today. Besides, ICICI Bank will also be in focus as the private lender will announce the results tomorrow.

YES Bank shares gains 20% on surprise Q4 profit

Thursday, May 7, 2020
Shares of YES Bank gained 20 per cent to Rs 31.36 on the BSE in the intra-day deals on Thursday after the private lender reported better-than-expected March quarter (Q4FY20) results. Around 2058017 shares changed hands on the counter. The private lender YES Bank posted a net profit of Rs 2,628.6 crore on the back of on-time gain attributed to an exceptional item of Rs 6,296 crore. The bank had reported a net loss of Rs 1,506.4 crore a year ago. The Bank has reported a Gross Non Performing Assets (Gross NPAs) of Rs 40709.20 Crore (.00 % of total assets) and Net Non Performing Assets (Net NPAs) of Rs 11114.72 Crore (.00% of total assets). The bank’s net interest income (NII) for the March quarter came in at Rs 1,274 crore, up 19.56 per cent sequentially. The income, however, tanked 49 per cent The earnings were better than what most of the analysts had expected. Kotak Securities, estimated the private lender to log net loss at Rs 4,404.4 crore in the quarter under review.

Closing Bell:Sensex down 242 points, Nifty at 9199.05

Thursday, May 7, 2020
At close, the Sensex was down 242.37 points or 0.76% at 31443.38, while Nifty was down 71.85 points or 0.78% at 9199.05 dragged down primarily by FMCG stocks, on Thursday. YES Bank, HCL Tech, IndusInd Bank, Bharti Infratel, Adani Ports, JSW Steel and M&M were among major gainers on the Sensex pack, while losers included ONGC, NTPC, BPCL, Kotak Mahindra Bank and GAIL. About 1038 shares have advanced, 1255 shares declined, and 160 shares are unchanged. S&P BSE MidCap and SmallCap indexes were both up 0.2 per cent. Nifty Smallcap index gained for the second day in a row.

Gas leak at LG Polymers, Vizag: 10 dead, > 1000 sick

Thursday, May 7, 2020
Accidental leakage of styrene gas early this morning at LG Polymers’ Visakhapatnam plant left at least Ten persons, dead. More than 1,000 people were reported sick. People woke up in horror with breathlessness and a burning sensation in their eyes as the emission spread to the adjoining villages at around 3.30 am. Some fell unconscious while fleeing, according to eyewitness accounts. As many as 3,000 people were evacuated to safe places and at least 250 were admitted to various hospitals, according to initial reports. Those in critical condition were put on oxygen support. The plant had been shut for 40 days due to the nationwide lockdown in force to prevent the spread of coronavirus. The leakage is believed to have taken place when the plant’s employees were preparing to reopen it following some recent relaxations announced by the government.

Trading at 17-year-old price, Indian PSU bids to draw China factories

Thursday, May 7, 2020
Global multinational companies are looking to shift value chains out of China following the coronavirus-led disruptions, and India, which has so far lagged behind, wants its share of the pie in this big shift. To give 'Make in India' a lift, a domestic PSU firm has called for expression of interest (EOI) from foreign companies, which wish to use its currently idle factories. At Rs 23, shares of BHEL are trading at the lowest level since 2003. This is when the company’s net cash position accounts for 70 percent of its market-capitalisation (m-cap), and the receivable book stands at nearly five times its m-cap at Rs 38,000 crore. Read more

MARKET UPDATE: Sensex drops , Nifty tests 9,200

Thursday, May 7, 2020
The equity market in India started today's(7th May 2020) session on a weak note, in line with their other Asian markets. The S&P BSE Sensex was trading around 31,570 levels, down 80 points, and the Nifty50 hovered around 9,240 level. Among individual stocks, YES Bank surged 10 percent after reporting a net profit of Rs 2,629 in the March quarter. HCL Tech also gained 3 percent after reporting its Q4 numbers. Hindustan Unilever slipped 5 percent in early deals after the company's 4.23 percent equity changed hands in a block deal. As per a report, UK-based GSK was to offload shares worth Rs 26,000 crore in the FMGC major. Read more

Life insurance companies shares trading actively

Wednesday, May 6, 2020
Shares of listed life insurance companies were trading actively today, rallying up to 7 percent on the BSE, after SBI Life Insurance reported a good set of numbers for the quarter ended March 2020 (Q4FY20). Analysts believe that the overall insurance penetration in India is likely to rise post-COVID-19 scenario with the individual as well as corporate customers becoming more cautious toward such a crisis. They also remain certain that demand for pure protection tends to rise, with individual customers getting more educated toward the risk that such insurance covers. Read more

ITC shares slips 6% on reports of govt offloading entire stake in the company

Wednesday, May 6, 2020
Share price FMCG major ITC plunged 6 per cent intraday on May 6 after media report stated that the centre is reportedly looking to raise Rs 22,000 crore by selling its stake in ITC. The stock of cigarette manufacturer has slipped 12 per cent in the past three trading days. Shares of the company quoted a 52-week high of Rs 309.85 and a 52-week low of Rs 134.95. Around 1464764 shares changed hands on the counter. The government is hoping to complete the transaction by the end of this week or early next week. The government held stakes through Specified Undertaking of the Unit Trust of India (SUUTI), which owns 7.94 per cent in ITC,4.69 per cent in Axis Bank, as on March 31, 2020. The report adds that mutual fund (MF) houses and the Life Insurance Corporation of India (LIC) are also expected to participate.“The proposed transaction is expected at a marginal discount of 2-3 per cent to underlying trading price on the transaction date.

Closing Bell:Sensex ends 232 pts higher, Nifty at 9270.90

Wednesday, May 6, 2020
At close, the Sensex was up 232.24 points or 0.74% at 31685.75, while Nifty was up 65.30 points or 0.71% at 9270.90 dragged mainly by public sector banks and FMCG stocks. Banks and financials were top contributors. Oil marketing companies' shares declined after the Centre hiked excise duty on petrol and diesel. Hero MotoCorp, ICICI Bank, Bajaj Finance, M&M, GAIL and HDFC Bank were the major gainers in the Sensex pack. While losers were Bharti Infratel, ITC, Coal India, IOC and UPL.About 1074 shares have advanced, 1223 shares declined, and 141 shares are unchanged. Except, FMCG and IT, other indices ended on a positive note. BSE Midcap and Smallcap indices rose between 0.5-0.8 per cent.