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.

COVID-19: Google helps share credible health information

Wednesday, May 6, 2020
As Covid-19 affects all sections of the society, Google is focussed on the on-going crisis in the Asia Pacific on prioritising three things: contributing to the immediate health response, helping people learn and work from home, and supporting the small businesses most affected. The company said in a statement on 5th MAy 2020 that in India, it is helping female internet "saathis" (or trainers) share authoritative health advice with their networks in rural villages. "Our team in India has helped local governments share the location of night and food shelters on Google Maps," said Scott Beaumont President, Asia Pacific. Google started showing the locations of Covid-19 test centres on Google Maps, Search, and Assistant in Indonesia, before extending the feature to other countries around the world, including India, Korea, and the Philippines.

COVID-19-UPDATE: 3,900 new cases and 195 fatalities in last 24 hrs, highest increase in single day

Wednesday, May 6, 2020
In India 3,900 new COVID-19 cases and 195 fatalities were reported in the last 24 hours, the biggest spike in a single day, the health ministry said on Tuesday and asserted that some states were not reporting cases in a timely manner, which is now being addressed. Addressing the daily briefing on the COVID-19 situation in the country, joint secretary at the health ministry Lav Agarwal said the total number of cases stand at 46,433 and the death toll at 1,568. The ministry said 1,020 COVID-19 patients recovered in the last 24 hours, taking the total number of those cured to 12,726, a recovery rate of 27.41 percent. Read more

Cash-market volumes hit record highs in April

Wednesday, May 6, 2020
Cash-market volumes climbed to record levels in April amid a rebound in stocks from their multi-year lows. Derivatives turnover, on the other hand, witnessed a slight dip amid regulatory tightening. The average daily turnover value (ADTV) in the equity cash segment of NSE stood at Rs 50,300 crore, up nearly 50 percent year-on-year (YoY). The ADTV for NSE’s equity derivatives segment fell 3 percent YoY to Rs 11.4 trillion. The sharp jump in volumes is significant as India remained under lockdown, with many sectors of the economy reporting zero or negligible business activity. Experts said the buoyancy in the market — both in volumes and surge in stock prices — was positive from a tax collection point of view. In March, the benchmark indices had dropped a record 23 percent. However, they managed to snap back in April, gaining 14 percent — their biggest monthly advance in 11 years. Regulatory tightening and value-buying led to a spurt in cash-market volumes, experts opined.

India’s GDP is likely to grow 2 per cent for the full financial year

Wednesday, May 6, 2020
"India’s gross domestic product (GDP) will contract in the first quarter, but is likely to grow 2% for the full financial year and that a stimulus is expected “soon,” said Chief economic adviser KV Subramanian. But he cautioned against demands for government support similar to that provided by other nations as the cost would be too high. Comparisons with stimulus packages in other countries were invalid, he said. He drew parallels with the Spanish flu pandemic of 1918, suggesting a sharp revival. “From an epidemiological perspective and from the magnitude of the pandemic, the Spanish flu is a reasonable proxy to use and because there was a V-shaped recovery, I think it is reasonable to say that we can expect the same,” Subramanian said.

MARKET UPDATE: Sensex dips 200 points, Nifty below 9,200; Oil marketing companies tumble

Wednesday, May 6, 2020
Equity markets in India slipped today (6th May 2020) amid mixed global cues, dragged lower by oil marketing companies and FMCG stocks. Oil marketing companies' shares declined after the Centre hiked excise duty on petrol and diesel and asked the OMCs to absorb the price hike. BPCL crashed 9 per cent while HPCL tumbled 10 percent. The S&P BSE Sensex fell 274 points to 31,180 levels while the Nifty50 index gave up 9,200. ITC (down 5%) and Axis Bank (down 4%) were the top Sensex laggards. The Nifty sectoral indices were largely in the red, led by the Nifty FMCG index, down 2.3 per cent. Today, a total of six companies, including YES Bank and Kansai Nerolac Paints, are set to declare their quarterly numbers.

Marico shares gains 5% as Q4 earnings meet estimates

Tuesday, May 5, 2020
Marico share price gained 6 per cent to Rs 301.65 on May 5 despite the company has posted a weak set of numbers for the quarter ended in March. The company, on May 4, reported a drastic 50.6 per cent year-on-year (Y0Y) fall in consolidated profit to Rs 199 crore versus profit of Rs 403 crore because of the tax credit in the year-ago period and Rs 10 crore of exceptional items in Q4FY20. Domestic revenue in Q4 declined 7.6 per cent to Rs 1,146 crore and the international business grew by 5.1 per cent to Rs 350 crore YoY. Earnings before interest, tax, depreciation and amortisation (EBITDA) declined 4.1 per cent year-on-year to Rs 282 crore in the quarter ended March 2020. Brokerage firm Jefferies revised earnings per share (EPS) for Marico higher post the results, factoring in higher-margin for FY21. Around 48.1 lakh shares have changed hands on the NSE and BSE so far. In 2020 so far, Marico has fallen 9.83 per cent as compared to Sensex's 23.21 per cent plunge.

Closing Bell:Sensex ends 262 points lower and Nifty ends at 9205.60

Tuesday, May 5, 2020
At the close, the Sensex was down 261.84 points or 0.83% at 31453.51, while Nifty was down 87.90 points or 0.95% at 9205.60 due to profit booking and ended lower for the second consecutive day on May 5. SBI, Bajaj Finance, Britannia Industries, Asian Paints and Tata Motors were among major losers on the Nifty, while gainers were M&M, Marico, Power Grid Corp, ONGC, Zee Entertainment and Reliance Industries. About 858 shares have advanced, 1504 shares declined, and 186 shares are unchanged. Bank Nifty falls 2%.SBI at a 52-week low. All the Nifty sectoral indices ended in the red.

Aftermath of lockdown: companies now set to face labour problem

Tuesday, May 5, 2020
Entrepreneurs and exporters are struggling to crank up operations just when the government has relaxed stern restrictions because labourers have imposed a virtual lockdown by returning home in droves. Apart from labourers anxious to return home after over a month of rough, jobless existence, businesses are also being squeezed by problems of logistics and transportation and financial hardships owing to the lockdown. Industry leaders said April-June quarter would be a washout even for the high and mighty but would be catastrophic for SMEs. Read more

Market update:Sensex gains 350 points, Nifty around 9,400

Tuesday, May 5, 2020
Equity markets in India today (5th May 2020) edged higher, in line with their Asian peers, led by banks and metals. The S&P BSE Sensex rose 370 points to 32,060 marks and the Nifty50 index was around 9,400 levels. Axis Bank, ONGC, and IndusInd Bank (all up 3%) led the list of gainers in the Sensex pack. Marico gained 5 percent after announcing its March quarter earnings. A total of nine companies including Adani Ports, SBI Life Insurance, and Rallis India are scheduled to announce their March quarter earnings. Wall Street rebounded in overnight trade as the lifting of lockdowns in some US states boosted optimism. The Dow Jones rose 0.1 percent, the S&P 500 gained 0.4 percent and the Nasdaq Composite added 1.2 percent. Asian stocks also inched higher in early deals. Australia's ASX 200 gained 1.3 percent and the Hang Seng index was up half a percent. In commodities, oil prices jumped higher. Brent crude was last up 4 percent at $28.32 a barrel.

India readies land pool to lure businesses moving out of China

Tuesday, May 5, 2020
India is developing a land pool nearly double the size of Luxembourg to lure businesses moving out of China, according to some sources A total area of 461,589 hectares has been identified across the country for the purpose, it is said. That includes 115,131 hectares of existing industrial land in states such as Gujarat, Maharashtra, Tamil Nadu, and Andhra Pradesh, the source said. Luxembourg is spread across 243,000 hectares, according to the World Bank. Land has been one of the biggest impediments for companies looking to invest in India. The Central government is working with state governments to change that as investors seek to reduce reliance on China as a manufacturing base in the aftermath of the coronavirus outbreak and the resultant supply disruption.

Rakesh Jhunjhunwala hike stake in Rallis India

Monday, May 4, 2020
Ace investor Rakesh Jhunjhunwala acquired an additional 275,000 shares of agrochemicals firm Rallis India during the March quarter of FY20.His stake in Rallis India rose from 9.79 per cent in the December quarter to 9.93 per cent in the March quarter, taking his stake in the company to almost 10 per cent mark. Jhunjhunwala held as much as 1,93,05,820 shares in Rallis at the end of March 2020 against 1,90,30,820 shares held at the end of December 2019. In the October-December quarter (Q3FY20), Rallis India had reported a strong 146 per cent year on year (YoY) jump in consolidated profit before tax (before exceptional items) at Rs 48 crore, against Rs 20 crore in previous year quarter. Consolidated revenues during the quarter jumped 28 per cent at Rs 534 crore on a YoY basis. Rallis India's stock was up 4 per cent at Rs 223 on the BSE on Monday in an otherwise weak market ahead of the announcement of its financial results for Q4FY20 on Tuesday. Read more

Closing Bell: Sensex falls 2,002.27 points, Nifty at 9293.50

Monday, May 4, 2020
At close, the Sensex was down 2,002.27 points or 5.94% at 31715.35, and the Nifty was down 566.40 points or 5.74% at 9293.50 on US-China tension, lockdown extension. Hindustan Unilever, Reliance Industries, Tata Steel, Hindalco Industries, Vedanta, Bajaj Finance, Tata Motors and ICICI Bank were among major losers on the Nifty, while gainers included Bharti Airtel, Cipla, Dr Reddy's and Sun Pharma. About 567 shares have advanced, 1817 shares declined, and 179 shares are unchanged. Shares of banks, metals, and automobile companies were the worst-hit. Except, pharma, all other sectoral indices ended in the red. BSE Midcap and Smallcap indices fell between 3-4 per cent.

Silver Lake to invest Rs 5,656 cr in Reliance Jio Platforms

Monday, May 4, 2020
Silver Lake, a US private equity firm, will invest Rs 5,655.75 crore in Jio Platforms for a 1.15% stake at an equity value of Rs 4.90 lakh crore, a deal which came within 15 days after Facebook announced a $5.7 billion investment into the unit of Reliance Industries. Silver Lake is one of the most respected voices in technology and finance. We are excited to leverage insights from their global technology relationships for the Indian Digital Society’s transformation,” Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd, said in a statement. The transaction is subject to regulatory and other customary approvals

MARKET UPDATE:Sensex plunges 1,400 points, Nifty below 9,500

Monday, May 4, 2020
Today (4th May 2020) the Indian equity markets dipped over 4 percent, tracking weak global cues after the latest flare-up in US-China tensions. Further, yet another extension of the nation-wide lockdown also weighed on investor sentiment. The S&P BSE Sensex tumbled 1,461 points to 32,250 levels and the Nifty50 index hovered around 9,430 levels. Among individual stocks, Hindustan Unilever fell as much as 4 percent after reporting the March quarter results while Reliance Industries was down 2 percent. Tata Steel and ICICI Bank (down 8 percent each) were the top losers in the Sensex pack. Shares of banks, metals, and automobile companies were the worst-hit. All the Nifty sectoral indices were in the red, led by the Nifty Bank index, down over 6 percent. Read more

Markets closed for trading today, as the Street observes Maharashtra Day

Friday, May 1, 2020
Today (1st May 2020) Indian Equity, currency, commodity and derivatives markets will remain closed for trading as the Street will observe Maharashtra Day. The bourses will reopen for trading on May 4th, Monday. May 1 also marks Labour Day in India. Initial success in Covid-19 drug trial and positive globals cues led domestic equity indices soaring in Thursday’s trade to second-biggest weekly gains in nine years. In four sessions, benchmark indices moved up by more than 7 percent. IT, auto and banking names saw heavy buying on Dalal Street as stocks from the oil and gas sector zoomed following a recovery in crude oil prices in the international market. Brent crude and US crude futures each rose about $1.7 or 7 percent a barrel. Read more

COVID-19 pandemic effect:RIL announces pay cuts in its oil & gas division

Thursday, April 30, 2020
India’s most-valued company Reliance Industries(RIL) announced pay cuts for employees in its oil and gas division, an internal memo showed. “The COVID-19 pandemic has posed unprecedented challenges for India and the world. All societies, industries, and businesses are impacted and Reliance is no exception,” the memo read. The memo said Chairman Mukesh Ambani has agreed to forgo his entire compensation, while the board of directors, executive directors, EC members, and senior leaders will forgo 30-50 percent of their compensation. Employees in its hydrocarbons division with compensation of less than Rs 15 lakh per annum will not face any pay cut, while those above that will have a 10 percent reduction in their fixed pay. Also, the annual cash bonus and performance-linked incentives that are paid in the first quarter will be deferred. It was not immediately clear if the pay cuts are limited to the oil & gas division.

Just Dial approves buyback worth up to Rs 220 crore

Thursday, April 30, 2020
Shares of Just Dial gained 9 per cent higher in the intra-day trade to Rs 425, on the BSE on Thursday after the board of directors of the company, at its meeting has approved the proposal for buyback of up to 31,42,857 equity shares, at a maximum price of Rs. 700 per equity share payable in cash, for an aggregate maximum amount of up to Rs 220 crore. The buyback represents 4.84 per cent of the total paid-up equity share capital of the company. Since Monday, April 24, the stock has rallied 29 per cent at the bourses, after the company informed the exchanges that board will meet on Thursday, April 30, 2020, to consider and approve the proposal for buyback of fully paid-up equity shares of the Company. A combined around 5.2 million shares have changed hands on the counter on the NSE and BSE till the time of writing of this report.

Closing Bell:Sensex up 997 points, Nifty at 9859.90

Thursday, April 30, 2020
At close, the Sensex was up 997.46 points or 3.05% at 33717.62, and the Nifty was up 306.55 points or 3.21% at 9859.90 as encouraging early results from a Covid-19 treatment trial boosted investor sentiment. Buying was witnessed across the board with stocks such as Tata Motors, Vedanta, and Hindalco leading the charge. ONGC, HCL Tech, Hero MotoCorp, NTPC, Tata Motors, UPL and Vedanta and Hindalco were among major gainers on the Nifty, while losers were Sun Pharma, HUL, Cipla, IndusInd Bank and ITC. About 1316 shares have advanced, 1084 shares declined, and 165 shares are unchanged. Except, pharma all other sectoral indices ended higher. BSE Midcap and Smallcap indices rose over 1 per cent each.

Glenmark zooms 9% as DCGI nod to conduct clinical trials for Favipiravir(COVID-19 drug)

Thursday, April 30, 2020
Glenmark Pharmaceuticals shares rallied 9 percent to Rs 359 on the BSE today 30th April 2020) after the company announced that it has received approval from the regulator DCGI (Drug Controller General of India) to conduct clinical trials on Favipiravir Antiviral tablets for COVID-19 patients. The product is a generic version of Avigan of Fujifilm Toyama Chemical, Japan. Glenmark is the first pharmaceutical company in India to be given approval by the regulator to start the trial on COVID-19 patients in India, the company said in a press release. At 09:16 am, the stock was trading 6 percent higher at Rs 350 on the BSE, against a 2 percent rise in the S&P BSE Sensex. Around 740,000 shares have changed hands on the counter the BSE and NSE so far.

Market update:Sensex rallies 800 points, Nifty above 9,750

Thursday, April 30, 2020
Equity markets in India advanced today (30th April 2020) tracking favourable global cues. The S&P BSE Sensex jumped 870 points, or 2.7 percent, at 33,590 and the Nifty50 index hovered around 9,805 levels. Auto stocks led the charge. Maruti Suzuki India (up 6%) and Mahindra & Mahindra (up 4%) were among the top Sensex gainers. Reliance Industries was also up 1 percent ahead of the March quarter results today. All the Nifty sectoral indices were in the green, led by the Nifty Auto index, up 5 percent. Read more

New guidelines to fight the coronavirus pandemic to be effective from 4th May

Wednesday, April 29, 2020
The home ministry in a tweet has communicated that new guidelines to fight the coronavirus pandemic shall come into effect from 4th May. The guidelines will give considerable relaxations to districts that have done well to combat the virus so far. The decision was taken after a comprehensive review which sought to gauge the current state of the pandemic. There have been tremendous gains & improvement in the situation due to lockdown till now. To ensure that these gains are not squandered away, the lockdown guidelines should be strictly observed till 3rd May, read the home ministry communiqué. Country's second phase of mandated lockdown is scheduled to end on May 3. Read more

Hester Biosciences shares gains 20% after joining hands with IIT Guwahati for COVID-19 vaccine

Wednesday, April 29, 2020
Shares of Hester Biosciences hit the upper circuit of 20 % on Wednesday’s trade after joining hands with Indian Institute of Technology Guwahati to work on the vaccine development against Covid-19. The agreement between the two parties was signed on April 15, 2020. They expect the coronavirus vaccine to be ready by the end year to start animal studies. The work is currently in its early stage of development. The vaccine will be based on a recombinant avian paramyxovirus based vector platform. The recombinant avian paramyxovirus-1 will be used to express the immunogenic protein of SARS-CoV-2. The recombinant avian paramyxovirus-1 expressing the SARS-CoV-2 protein could be used as a vaccine candidate for further study, it added.IITG and Hester have collaborated to develop and manufacture a recombinant vaccine against Covid-19 disease as a preventive measure. Hester’s involvement would be from master seed development up to release of the commercial vaccine”.

Closing Bell: Sensex up 606.64 points, Nifty at 9553.35

Wednesday, April 29, 2020
At the close. Sensex ended 605.64 points higher or 1.89 per cent at 32720.16, and the Nifty jumped 155.25 points or 1.84 per cent at 9553.35 lifted by heavyweights HDFC twins and Reliance Industries.HDFC, HDFC Bank, Bajaj Finance, Reliance Industries and Tech Mahindra were the major contributor to Sensex pack. While IndusInd Bank and Axis Bank were the top losers in Sensex today. Metal and the IT index gained 2-3 per cent while HDFC is the top index gainer. Majority of the Nifty sectoral indices were in the green, led by Nifty Financial Services index, up 1.6 per cent.

Axis Bank shares declined 6.1 per cent as Rs 3,000 crore provisions in Q4 due to Covid-19

Wednesday, April 29, 2020
Axis Bank shares declined 6.1 percent to Rs 427.5 on the BSE today, 29th April 2020 after the bank made massive Rs 7,730 crore provisions in the March quarter of FY20 (Q4FY20), of which Rs 3,000 crore worth provisions were due to coronavirus (Covid-19)-induced uncertainty. This pushed the bank in the red zone, with the lender posting a surprise Rs 1,388-crore net loss in the recently concluded quarter. At 10:10 am, the stock was trading 5 percent lower at Rs 432.35 apiece on the BSE, as against a 0.84 percent rise in the benchmark S&P BSE Sensex. Nearly 19.68 million shares have changed hands on the counter on the NSE and BSE at 10:20 am. Historically, Q4 is the first time since March 2018 that the bank has dipped into losses of this magnitude because of the provisioning cost. The September 2019 quarter’s loss was due to the adjustment of deferred tax assets. Read more

MARKET UPDATE: Sensex up 200 points, Nifty tops 9,400

Wednesday, April 29, 2020
The equity market in India made cautious gains today, 29th April 2020 amid mixed global cues. The S&P BSE Sensex was up 240 points, or 0.75 percent, at 32,350 levels. Index heavyweight HDFC surged 5 percent, followed by Bajaj Finance and Tech Mahindra that gained 3 percent each. On the other hand, IndusInd Bank slipped 4 percent. Axis Bank dipped 3 percent after reporting a net loss of Rs 1,388 crore in March quarter results. The majority of the Nifty sectoral indices were in the green, led by the Nifty Financial Services index, up 1.6 percent.

IndusInd Bank gains 18% on operationally strong Q4

Tuesday, April 28, 2020
Mumbai based bank IndusInd Bank Shares surged 18.05 per cent intra-day, to hit a high of Rs 480.9, on the BSE on Tuesday due to its better-than-expected operationally strong March quarter performance.IndusInd Bank reported profit at Rs 301.84 crore in March quarter, down 76.8 per cent compared to the previous quarter's net at Rs 1,300.2 crore, impacted by higher provisions and lower other income, but lower tax (down 77 per cent QoQ) limited the decline. The bank's net interest income (NII) rose 5 per cent sequentially and 45 per cent year-on-year (YoY) to Rs 3,231 crore during Q4FY20. Besides, it logged the highest-ever net interest margin (NIM) of 4.25 per cent, up from 4.15 per cent in Q3FY20 and 3.59 per cent reported during the year-ago quarter. Read more

Closing Bell: Sensex gains 371 points,Nifty closes near 9,400

Tuesday, April 28, 2020
At the close, the Sensex was up 371.44 points or 1.17% at 32114.52, and the Nifty was up 98.60 points or 1.06% at 9380.90 due to better-than-expected March quarter results (Q4FY20) of IndusInd Bank and Axis Bank-Max Financial deal, helped benchmark indices to end higher. IndusInd Bank jumps 17%.HDFC, ICICI Bank Bajaj Finance, and Axis Bank were among the major contributors to the index's gains. On the flip side, FMCG major Hindustan Unilever (HUL), and Sun Pharma, IOC, NTPC, Nestle and Vedanta.were the top drags. About 1282 shares have advanced, 1047 shares declined, and 185 shares are unchanged. Among sectors, pharma, metal, FMCG and energy ended lower, while buying seen in the bank and auto stocks.

Companies with investments in six shuttered Franklin funds stare at downgrades

Tuesday, April 28, 2020
Companies with investments in the six shuttered credit funds run by Franklin Templeton now stare at a possible downgrade of their credit ratings as their liquidity profile could undergo a change if they are unable to redeem their investments said, experts. Rating firms have begun to demand from clients their exposure to the fund to figure out the magnitude of the hit that these companies could face. A weakened liquidity profile will lead to a rating downgrade.

Market update: Sensex advances 400 pts, Nifty nears 9,400

Tuesday, April 28, 2020
Equity markets in India climbed off the opening highs today, 28th April 2020. The S&P BSE Sensex turned flat at 31,770 levels after earlier rising as much as 350 points. The Nifty50 index hovered around 9,300 zones. Among individual stocks, IndusInd Bank surged 10 percent. Besides, Axis Bank and HDFC also gained 3 percent each. Reliance Industries quickly pared the initial gains to slip 1 percent. All the sectoral indices, except the Nifty Pharma index, gained, led by Nifty Private index, up over 2 percent. In the broader market, the S&P BSE MidCap index was up 0.7 percent and the SmallCap index gained nearly 1 percent. Axis Bank is scheduled to announce its March quarter results today.

Mindtree gains 9% after Q4 earnings amid Covid-19 woes

Monday, April 27, 2020
Bengaluru-based IT company Mindtree rallied 9 per cent to Rs 855 on the BSE on Monday in early morning deals after the company posted 4.3 per cent quarter on quarter (QoQ) revenue growth at Rs 2,050 crore for the quarter ended March 2020 (Q4FY20). It posted a net profit of Rs 206.2 crore, a rise of 4.7 per cent sequentially. In a regulatory filing after market hours, Mindtree said its revenue from operations stood at Rs 2,050.5 crore in the final quarter of the financial year 2019-20, up 4.34 per cent on a sequential basis. In dollar terms, Mindtree's net profit grew 1.8 per cent to $28.2 million sequentially, as revenue increased 1.2 per cent to $278.4 million. "Our relentless focus and client-first approach have resulted in robust Q4 performance on multiple dimensions. Looking ahead to fiscal 2021, we anticipate softness in demand due to the unprecedented COVID-19 pandemic,” said Debashis Chatterjee, CEO and managing director, Mindtree.

Rs 50k crore liquidity window for MFs by RBI

Monday, April 27, 2020
Financial stocks including Axis Bank, ICICI Bank, and IndusInd Bank surged up to 6 percent on the BSE today (27th April 2020) after RBI announced a Special Liquidity Facility (SLF) for Mutual Funds worth Rs 50,000 crore. "Under the SLF-MF, the RBI shall conduct repo operations of 90 days tenor at the fixed repo rate. The SLF-MF is on-tap and open-ended, and banks can submit their bids to avail funding on any day from Monday to Friday," the RBI said in a statement. Funds availed under the SLF-MF shall be used by banks exclusively for meeting the liquidity requirements of MFs by (1) extending loans, and (2) undertaking the outright purchase of and/or repos against the collateral of investment-grade corporate bonds, commercial papers (CPs), debentures and certificates of Deposit (CDs) held by MFs, it added.

Closing Bell:Sensex gains 415 points,Nifty ends at 9282.30

Monday, April 27, 2020
At close, the Sensex was up 415.86 points or 1.33% at 31743.08, and the Nifty was up 127.90 points or 1.40% at 9282.30 as financials gain on Rs 50k cr lifeline for MFs. IndusInd Bank, Axis Bank, Britannia Industries, Bajaj Finserv, and ICICI Bank were among major gainers on the Nifty, while losers were NTPC, HDFC Bank, M&M, Dr Reddy’s Labs and Grasim. About 1286 shares have advanced, 1076 shares declined, and 180 shares are unchanged. The S&P BSE MidCap index settled at 11,630, up 1.44 per cent and the S&P BSE SmallCap index climbed 1.37 per cent to 10,780 levels. All the sectoral indices ended higher led by the bank, IT, auto and FMCG.

Nifty 50 could see one of its biggest rejig

Monday, April 27, 2020
The Nifty50 could see one of its biggest rejig, predict analysts. The sharp correction in equities because of the Covid-19 pandemic has seen the market cap of several existing components fall sharply. The free-float market cap of many other stocks, which are currently not part of the index, has surged past them. Index inclusion prospects are tied to the free-float market cap (total market cap minus value of shares held by promoters or those under lock-in). “We believe the upcoming Nifty review in September will be the biggest reshuffle seen in recent history. Perhaps, we may see a change of four stocks in the review,” says the analysts. Bharti Infratel, Vedanta, Zee Entertainment, Tata Motors, and Gail could be on their way out. Avenue Supermarts (Dmart), Divi's Labs, HDFC Life, Dabur, and SBI Life could become part of the bluechip index.

Market update: Sensex gains 500 points, Nifty above 9,300

Monday, April 27, 2020
Today (27th April) buying across the table especially in index heavyweights Reliance Industries and HDFC drove the Indian markets higher, in line with the Asian indices. The S&P BSE Sensex jumped 554 points, or 1.77 percent, to 31,880. The Nifty50 index surpassed 9,300 levels. Among individual stocks, Reliance Industries and HDFC were both up 2 percent each while IndusInd Bank was up 3 percent. Mindtree rose as much as 7.5 percent in early deals after declaring its March quarter results. All the Nifty sectoral indices were in the green, led by the Nifty IT index, up 2 percent. IndusInd Bank and Ambuja Cements are scheduled to announce their March quarter results today. Asian shares inched higher in today's early trade. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1 percent in early trade. Japan’s Nikkei and South Korea's Kospi both gained over 1 percent each. Incommodities, Brent crude futures firmed 45 cents to $21.89 a barrel.

Paycuts,lay-offs and dismissals-Lockdown aftermath

Saturday, April 25, 2020
Despondency is taking hold of employees at startups in India that are shrinking operations amid the Covid-19 lockdown putting jobs on the line. Over the past four weeks, at least two dozen top companies have fired employees and contract staff according to sources. Some others have cut salaries, according to some data available. The salary cuts range from 15% to as much as 50-70%. Some have put a few of their employees on the bench. The government has been consistently urging companies to refrain from layoffs and pay cuts as they cope with economic distress. A common thread at all firms is a high level of anxiety, fear of the unknown, and pressure to outperform in a suboptimal market.

Franklin Templeton fiasco

Friday, April 24, 2020
Franklin Templeton Mutual Fund has decided to wind up six debt mutual fund schemes. The six schemes are Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund and Franklin India Income Opportunities Fund. These schemes manage assets worth Rs 26,000 crore. “Significantly reduced liquidity in the Indian bond markets for most debt securities and unprecedented levels of redemptions following the COVID-19 outbreak and lockdown have compelled us to take this decision,” said Sanjay Sapre, president, Franklin Templeton India. Read more

Bajaj Finance hits lowest level since May 2018, stock tanks 59% in 2 months

Friday, April 24, 2020
Shares of Bajaj Finance fell below Rs 2,000 mark for the first time in nearly two years after plunging 9 per cent to Rs 1,972 on the BSE on Friday amid concerns of elevated uncertainties around the company's growth and asset quality. The stock quoted a 52-week high of Rs 4915.8 and a 52-week low of Rs 1912.2. Bajaj Finance Ltd., incorporated in the year 1987, is a Large Cap company (having a market cap of Rs 130879.41 Crore) operating in the NBFC sector. The NBFC's stock was trading at its lowest level since May 17, 2018. In the past two months, the stock has tanked 59 per cent, as compared to 22 per cent decline in the S&P BSE Sensex. Historically, the June quarter is the largest contributor to Bajaj Finance's AUM growth. Post the crisis, Bajaj Finance may have a revised growth trajectory (sub around 30%), considering its current AUM size and the limited scope for asset expansion, the brokerage firm said in a stock update.

Closing Bell:Sensex down 535 points, Nifty at 9154.40

Friday, April 24, 2020
At the close, the Sensex is down 511.50 points or 1.61% at 31351.58, and the Nifty down 154.65 points or 1.66% at 9159.25. Bajaj Finance, IndusInd Bank, HDFC, Bharti Infratel, Zee Entertainment, Bajaj Finserv and HDFC Bank were the top losers. While RIL, Britannia Industries, Cipla, Sun Pharma and Hero MotoCorp.were the top gainers. About 773 shares have advanced, 1545 shares declined, and 159 shares are unchanged. On the sectoral front, except energy and pharma, all other indices ended lower. BSE Midcap and smallcap indices close with over 1 per cent cut.

Lockdown exit plan in India will seek to sustain gains

Friday, April 24, 2020
In India, the three-week lockdown imposed on March 25 was extended to May 3 to control the coronavirus outbreak. Now Indian govt. is working on a careful strategy to lift the lockdown without losing the gains that have been achieved through the stringent nationwide shutdown, said a senior government official. The Centre is monitoring various challenges related to the resumption of economic activities on a day-to-day and case-to-case basis, a senior govt. official said. One key obstacle is economic hubs being located in red zones, where the disease needs to be curbed. The Centre has been keeping a close watch on state and district-level administrations and trying to assist them as well as helping businesses to resume operations. The infection numbers are better than initial projections, he said. “The graph is not very alarming on the health side. India is in a much better position than what was predicted by our health authorities,” the official said.

Market update:Sensex tumbles 500 points, pvt banks, financials drag

Friday, April 24, 2020
India's equity markets slipped over one percent today,24th April 2020 due to weak global cues and dragged by private banks and financials. Among individual stocks, ICICI Bank and Bajaj Finance (both down 4%) were the top laggards while HDFC twins were also down 2 percent each. At the index level, the S&P BSE Sensex was down 505 points, or 1.6 percent, at 31,360 levels and the Nifty50 hovered around 9,200. All the Nifty sectoral indices were in the red, led by Nifty Private Bank and Nifty Financial indexes, both down 3 percent each.

Small-caps outperform Sensex, mid-caps during one month Lockdown period

Thursday, April 23, 2020
Small-caps have outrun the mid-and-large caps in the last one month that the country has been under lockdown, triggered by the COVID-19 pandemic. The outperformance of the small-cap segment versus these two market segments also holds good from the lows the markets hit on March 24. The S&P BSE Small-cap index has recovered 26 percent as compared to a 23 percent rise in the S&P BSE Sensex and broader market index S&P BSE Midcap index from their respective 52-week low touched on March 24. Read more

RBI to conduct simultaneous purchase, sale of gilts via OMO on April 27

Thursday, April 23, 2020
The Reserve Bank of India 0n 23rd April said it has decided to conduct simultaneous purchase and sale of government securities under open market operations (OMO) for Rs 10,000 crore each on April 27 on a review of current and evolving liquidity and market conditions. The government will purchase long-dated securities maturing 2026, 2028, 2029 and 2030, aggregating Rs 10,000 crore, while it will see short-dated securities maturing June 2020, October 2020 and April 2021. There will be no security-wise notified amount. The result of the auctions will be announced on the same day.

Small Cap Pharma Stock Morepen Laboratories gained 152% in One Month

Thursday, April 23, 2020
Shares of Morepen Laboratories were locked in upper circuit for the third straight trading day, up 10 per cent at Rs 19.43 on the BSE on Thursday as the company has received a license to manufacture Hydroxychloroquine (HCQ) for its Baddi plant in Himachal Pradesh and is working to commercialize the production of HCQ in both API as well as tablets form.HCQ is a drug usually used to treat malaria patients but is also being found useful in the treatment of coronavirus (COVID-19) patients. India is the largest producer of HCQ and will continue to retain its leadership position in this time of crisis. The stock has rallied 33 per cent in the past three trading days, zooming 152 per cent in the past one month. Read more

Closing Bell: Sensex gains 484 points, Nifty ends at 9313.90

Thursday, April 23, 2020
At the close, Sensex closed the day 484 points, or 1.54 per cent, higher at 31,863.08, while Nifty ends at 9,313.90, up 127 points, or 1.38 per cent driven by banking and IT heavyweights. BSE IT logged a gain of 4.85 per cent, ending as the top gainer. BSE Teck, Bankex and Finance rose 3.93 per cent, 3.39 per cent and 2.31 per cent, respectively. Titan is the major loser in the Sensex pack. Zee Entertainment and Kotak Mahindra Bank was the top gainer in the Sensex pack.S&P BSE MidCap, as well as SmallCap, indexes up over 2 per cent each.

MARKET UPDATE:Indices hold gains, Sensex up 250 pts;all Nifty sectors in the green

Thursday, April 23, 2020
Equity markets in India were trading higher today (23rd April 2020) on the back of positive global cues. The S&P BSE Sensex rose 250 points, or 0.8 percent, to 31,630 and the Nity50 index was around 9,270 levels. Among individual stocks, Titan declined 3 percent after Goldman Sachs downgraded the stock to 'sell'. Zee Entertainment, on the other hand, hit 10 percent upper circuit. Kotak Mahindra Bank, up 5 percent, was the top gainer in the Sensex pack. All the Nifty sectors were in the green, led by the Nifty Metal index, up 2.8 percent. Broader indices outperformed the benchmarks with both the S&P BSE MidCap as well as SmallCap indexes up over 2 percent each. In the earnings department, a total of seven companies including Britannia, Bharti Infratel, and Hathway Cable are scheduled to announce their March quarter results today.

MARKET LIVE: Sensex, Nifty open with slim gains

Thursday, April 23, 2020
Market in India will today react to the rebound in oil prices and global stocks, March quarter earnings, and coronavirus-related newsflow. US crude and Brent futures, both, rose more than 7 percent on Wednesday after touching their lowest levels since 1999 on the prospects for further production cuts. Besides, investors would track the two-day meeting of the economic advisory council which is expected to deliberate on the impact of the COVID-19 pandemic on economic growth in this fiscal year and the next. Read more

Is this a good time to invest in gold bonds?

Thursday, April 23, 2020
RBI has announced Series-I of the sovereign gold bond (SGB) scheme for 2020-21. Investors are wondering if this is a good time to invest in the yellow metal. It has run up nearly 100 percent in the past year. Under the scheme, one can buy a minimum of 1 gm of gold at Rs 4,639 per gm, with Rs 50-discount on a purchase made online. The upper limit for investing via SGBs is 4 kilos of gold. You also get 2.5 percent interest on the initial investment, payable every six months. The subscription is open till April 24. Read more

Kotak Mahindra Bank approves proposal for sale of shares

Wednesday, April 22, 2020
Private sector lender Kotak Mahindra Bank on Wednesday approved a proposal to raise capital through the issuance of 6.5 crore shares. According to the current price of its shares, sale of 6.5 crore shares will entail raising up to Rs 7,500 crore. The private lender said the share sale will be either through a private placement, FPO, QIP or a combination thereof, as may be considered appropriate. The issue comes at a time when financial institutions may need capital in order to fend off worries of an escalation of bad loans. The capital raising may help the bank's promoter group led by its chief executive Uday Kotak reduce its holding in the bank to comply with a plan mandated by the Reserve Bank of India (RBI). As part of the bank's plan approved by the RBI, the lender is required to get down the promoters' stake to 26 per cent from the over 30 per cent held as of December 2019. The bank had last raised core capital in 2017 when it raised Rs 5,800 crore through the QIP route.

Closing Bell: Sensex gains 742 points, Nifty ends at 9187.30

Wednesday, April 22, 2020
At close, Sensex was up 807 points, or 2.6 per cent, at 31379.55 levels and the Nifty50 was hovering around the 9,200 marks. RIL jumps 10% on Facebook deal. ONGC was the top loser in the Sensex pack. On the other hand, Asian Paints and Hero MotoCorp both gained 3 per cent each. All sectoral indices ended in the green with the energy and the auto index jumping 2-3 per cent The S&P BSE MidCap was down 0.2 per cent while the SmallCap index was up marginally.

Firms looking to ditch China are most welcome in India

Wednesday, April 22, 2020
The Prime Minister’s Office, Niti Aayog and the Department for Promotion of Industry and Internal Trade are firming up a plan to offer incentives to attract companies looking to shift manufacturing activities out of China. The benefits will be on the lines of those given to manufacture of electronic and medical devices. These may include production-linked incentives such as capital expenditure benefits. There is a growing realisation among multinational firms after the COVID-19 pandemic that capacities cannot be concentrated in one place. India has set up dedicated groups to directly interact with firms that may want to diversify out of China.

Facebook to pick up 9.99% stake in RIL's Jio Platforms investing $5.7 bn

Wednesday, April 22, 2020
Facebook Today (22nd April 2020) announced an investment of Rs 43,574 crore to pick a 9.9 percent stake in Reliance Industries Limited's wholly-owned subsidiary, Jio Platforms, the largest foreign direct investment for a minority stake in India. Concurrent with the investment, Jio Platforms, Reliance Retail Limited and WhatsApp have also entered into a commercial partnership agreement to further accelerate Reliance Retail’s New Commerce business on the JioMart platform using WhatsApp and to support small businesses on WhatsApp.

MARKET UPDATE: Sensex, Nifty volatile; RIL gains post Jio-Facebook deal

Wednesday, April 22, 2020
Equity markets in India today (22nd April 2020)fluctuated in early trade as the gains in Reliance Industries were offset by selling in banks and metal stocks amid weak global cues. Shares of Reliance Industries (RIL) gained 7 percent at Rs 1,326 on the BSE after the company announced that Facebook would invest Rs 43,547 crore ($5.7 billion) in the company’s wholly-owned subsidiary Jio Platforms to expand its presence in India. Among headline indices, the S&P BSE Sensex was up 27 points at 30,660 levels and the Nifty50 was hovering around the 9,000 mark. ONGC, down over 7 percent, was the top laggard in the Sensex pack. The Nifty sectoral indices were mixed, with the Nifty Metal index, down 2 percent, leading the list of losers.

ICICI Bank slips 9% on $100 mn exposure to troubled Singaporean oil trader

Tuesday, April 21, 2020
Shares of ICICI Bank slipped as much as 8.7 per cent to Rs 330 on the BSE on Tuesday after the Mumbai based bank ICICI Bank,has a $100 million or Rs 760 crore exposure to Singapore based oil trading company Hin Leon Trading Pte which has filed for bankruptcy protection in the Singapore courts. The Mumbai based bank has lent $100 million to the company out of which $75 million is secured through inventory. Hin Leong and it's sister company Ocean Tankers which owns more than 100 cargo ships have both filed for bankruptcy on Friday which will give 30 days to restructure debt. Hin Leong founded by Chinese billionaire Lim Oon Kuin has total debt of close to $4 billion which will have to be restructured. Read more

Closing Bell: Sensex slips 1011 points, Nifty ends at 8981.45

Tuesday, April 21, 2020
At close, the Sensex was down 1,011.29 points or 3.20% at 30636.71, while Nifty was down 280.40 points or 3.03% at 8981.45 after US crude futures fell into negative territory for the first time.IndusInd Bank plunges 11%. Infosys slipped 2 per cent post-March quarter results while oil-related stocks like Reliance Industries (down 5%) were also under pressure. Bajaj Finance, ICICI Bank, Hindalco Industries and Zee Entertainment were among major losers on the Nifty, while gainers were Dr Reddy’s Labs, Bharti Infratel, Bharti Airtel, Hero MotoCorp and Cipla. About 732 shares have advanced, 1647 shares declined, and 152 shares are unchanged Pharma outperforms.Nifty Metal down 5.8 per cent.BSE Midcap and Smallcap indices fell 2.5-3 per cent.

Trading curbs to contain market volatility extended till May end

Tuesday, April 21, 2020
SEBI on 20th April said the measures aimed at containing the wild swings in stock prices would continue till the end of next month. On March 20, SEBI had imposed temporary restrictions on short-selling, increased margin requirements, and hiked penalties on violators. Sebi had then said the measures were for a period for one month. However, they will remain in place till May 28, the regulator has said. The measures announced by Sebi had coincided with a sharp recovery in the market. Since March 23, the Indian markets have gained 22 percent. Prior to the rebound, the benchmark indices had dropped nearly 40 percent from their January peaks.

Market live:Sensex tanks 1,000 points, Nifty below 9,000; ONGC, IndusInd fall 6% each

Tuesday, April 21, 2020
Equity markets in India plunged today 21st April, following global trends, after US oil prices slipped below $0 a barrel in overnight trade. Further, US President Donald Trump's announcement that he would sign an executive order to temporarily suspend immigration into the US also impacted sentiment. Volatility index, India VIX, spiked 5 percent. Among headline indices, the S&P BSE Sensex slipped 928 points, or 2.93 percent, to 30,720 levels and the Nifty50 index hovered around 9,000 levels. Tata Steel and IndusInd Bank (both down over 7%) were the top laggards in the Sensex pack. Besides, Infosys slipped 2 percent post-March quarter results while oil-related stocks like Reliance Industries (down 4%) were also under pressure. All the Nifty sectoral indices were in the red, led by Nifty Metal index, down 5.8 percent

Crude oil price recovers after record wipeout

Tuesday, April 21, 2020
A very strange thing happened On 20th March in the oil market: Prices fell so much that some traders paid buyers to take oil off their hands. The price of the main U.S. oil benchmark fell more than $50 a barrel to end the day about $30 below zero, the first time oil prices have ever turned negative. Such an eye-popping slide is the result of a quirk in the oil market, but it underscores the industry’s disarray as the coronavirus pandemic decimates the world economy. How prices went Negative: Prices went negative means- anyone trying to sell a barrel would have to pay a buyer $30 — in part because of the way oil is traded. Futures contracts that require buyers to take possession of oil in May are expiring on Tuesday, and nobody wanted the oil because there was no place to store it. Contracts for June delivery were still trading for about $22 a barrel, down 16% for the day. Read more

Stocks of about a dozen companies have more than doubled from their coronavirus sell-off lows

Monday, April 20, 2020
More than a dozen companies in the Indian equity markets have seen their stock price more than double following an over 20 percent recovery in benchmark indices from their March lows. IndusInd Bank, companies KRBL, Heritage Foods, and Parag Milk Foods and agrochemicals firm Insecticides India are among the 16 stocks that have rallied more than 100 percent from their respective March 2020 lows. The list also includes four pharmaceutical stocks- Morepen Laboratories, Nectar Lifesciences, Marksans Pharma, and Unichem Laboratories. The S&P BSE Sensex and the S&P BSE Allcap index have gained 23 percent and 24 percent, from their respective March 23, 2020, low levels. Besides these stocks, a total of 250 stocks from the Allcap index have rallied between 50 percent and 100 percent from their previous month lows. The index accounts for 95 percent of the total market capitalisation of the BSE-listed companies. Earlier, most of these stocks had declined by as much as half.

TVS Motor jumps 7% after acquisition of Norton Motorcycles

Monday, April 20, 2020
Shares of TVS Motor Company (TVSL) gained as much as 7.16 per cent to Rs 323 per share on the BSE on Monday after the leading two-wheeler and three-wheeler manufacturer on Friday acquired Britain's Norton Motorcycles for GBP 16 million (Rs 153.12 crore). An overseas subsidiary of TVS Motor Company Ltd (TVS Motor) has signed an asset purchase agreement with Norton Motorcycles Holdings Ltd to acquire certain assets from Norton, including, the brand Norton and other associated brands. Founded by James Lansdowne Norton in Birmingham in 1898, Norton Motorcycles is among the most popular British motorcycle brands of all time.TVS Motor Company is one of the largest two-wheeler manufacturers in India. This is a momentous time for us at TVS Motor Company. Norton is an iconic British brand celebrated across the world and presents us with an immense opportunity to scale globally. This transaction is in line with our effort to cater to the aspirations of discerning motorcycle customers. Read more

Closing Bell: Sensex gains 59 points, Nifty at 9261.85

Monday, April 20, 2020
At the close, the Sensex gains 59.28 points at 31648.00, while Nifty was down 4.90 points or 0.05% at 9261.85.HDFC Bank jumped 5 per cent after a 2.5 per cent growth in its pre-tax profit in the March quarter. Besides, Infosys also gained 2 per cent ahead of its results later in the day. while losers included Hindalco, JSW Steel, Axis Bank, Bharti Infratel and Grasim. About 1447 shares have advanced, 1007 shares declined, and 179 shares are unchanged. Metal stocks underperform. Nifty PSU Bank index surged over 5 per cent while Nifty FMCG index dipped 1 per cent.

Market update:Sensex gains 200 points, Nifty tops 9,300

Monday, April 20, 2020
Equity markets in India rose today(20th April 2020), lifted by HDFC twins and Infosys. The S&P BSE Sense was up 228 points, or 0.7 percent, at 31,800. Among individual stocks, HDFC Bank jumped 4 percent after a 2.5 percent growth in its pre-tax profit in the March quarter. Besides, Infosys also gained 2 percent ahead of its results later in the day. The broader Nifty50 index hovered around 9,320 levels, up 60 points. Sectorally, the trend was mixed. While the Nifty Financial Services index rose 1.8 percent the Nifty Pharma index slipped a little over 1 percent. Aviation stocks also declined after the government prohibited airlines to book tickets until further notice.

Info Edge's prized assets fallen prey to Covid-19 and the lockdown

Saturday, April 18, 2020
The Info Edge stocks like recruitment, real estate, education, and food delivery which has always appealed to investors, has also fallen prey to COVID-19 and the resultant lockdown. Firms across sectors have slashed salaries, which spells trouble for the realty sector. Naukri.com (jobs portal) and 99acres (property portal) together account for 58 percent of Info Edge’s valuations. Whether the 25 percent correction in the Info Edge stock — since its 52-week high in February — be construed as a buying opportunity, or whether the 7.6 percent market-beating gains over the past month be interpreted as fundamentals being intact are questions investors are facing and analysts are divided. Read more

TCS share price jumps 9% on no layoffs and dividend announcements

Friday, April 17, 2020
TCS share price jumped 8 per cent to Rs 1,852 apiece on BSE in Friday’s trade on April 17 after the company reported its fourth-quarter numbers. The company on April 16 reported a consolidated profit of Rs 8,049 crore, down 0.85 per cent on a quarter-on-quarter basis as against a profit of Rs 8,126 crore in the corresponding quarter of the previous year down 0.94 per cent on-year dip in the March quarter. The company has also announced a final dividend of Rs 6 per equity share of Rs 1 each of the company.TCS clarified that it will not retrench employees and would continue to give promotions. TCS also announced that those recruited in FY20 would be taken on board. Post-fourth-quarter earnings, research and brokerage firms have mixed views on the stock. Phillip Capital, Axis Capital, Jefferies, CLSA and Sharekhan expects an upside in the stock price and given buy rating.

Closing Bell: Sensex gains 986 points, Nifty ends at 9266.75

Friday, April 17, 2020
At close, the Sensex was up 986.11 points or 3.22% at 31588.72, while Nifty rose 273.95 points or 3.05% at 9266.75 after RBI announced some key measures to inject the much-needed liquidity in the system. Banks and financials gained the index's rally with IndusInd Bank, HDFC, Axis Bank, and Bajaj Finance being the top gainers. IT giant Tata Consultancy Services (TCS) also jumped 4 per cent post the company's March quarter results announcement. while losers were Nestle, HUL, Bharti Infratel, Sun Pharma and Tech Mahindra. About 1685 shares have advanced, 696 shares declined, and 177 shares are unchanged. Pharma and FMCG ended in the red. BSE Midcap and Smallcap indices rose 2 per cent each.

Focusing on the light during the darkest moment- RBI's another stimulus package

Friday, April 17, 2020
RBI today (17th April 2020) freed up more capital for banks to lend, announced a fresh Rs 50,000 crore targeted long-term repo operation (LTRO 2.0) to address the liquidity stress of shadow banks and microfinance institutions and hinted at the possibility of further rate cuts going forward.RBI Governor Shaktikanta Das unveiled fresh measures aimed at maintaining adequate liquidity in the system, facilitating and incentivising banks to ensure better credit flow and enabling the normal functioning of the financial markets. RBI slashed the reverse repo rate by 25 bps to 3.75 percent, making it less attractive for commercial banks to park cash with the central bank. Read more

MARKET update: Sensex surged 1,000 points to to 31,600 levels and Nifty up 280 points around 9,270

Friday, April 17, 2020
Equity markets in India rose today (, 17th April 2020)tracking firm global cues, ahead of the RBI's announcement of another imminent stimulus package from the government also lifted sentiment. Among headline indices, the S&P BSE Sensex surged 1,000 points, or 3.14 percent, to 31,600 levels. Banks and financials fired the index's rally with IndusInd Bank (up 6%), HDFC, Axis Bank, and Bajaj Finance (all up 5%) being the top gainers. IT giant Tata Consultancy Services (TCS) also jumped 4 percent post the company's March quarter results announcement. The broader Nifty50 index was up 280 points around 9,270 levels. All the Nifty sectoral indices were in the green, led by the Nifty Bank index, up over 4 percent.

Market ahead: COVID-19 still plays a major role

Friday, April 17, 2020
The equity benchmarks snapped the two-day losing streak in a volatile trade on Thursday,16th April mainly with the help gains in banking and metal counters. The market pared opening losses to turn positive, but tepid start to the earnings season, rising number of COVID-19 cases and grim economic outlook continued to worry investors. A much-awaited stimulus package, progress over curbing coronavirus spread, restarting of select industry, and the March quarter earnings will determine the direction of the market ahead according to analysts. Nifty snapped a two-day losing streak and formed a bullish candle on the daily chart. The index moved above its five-day moving average but made a lower high lower low formation for the day. Analysts expect the NSE barometer to continue with its ongoing consolidation near the 9,000 mark for the time being.

IndusInd Bank jumps 4% as Goldman Sachs buys stake

Thursday, April 16, 2020
Global broking and research firm Goldman Sachs buys shares of IndusInd Bank worth over Rs 176 crore in the private sector lender through an open market transaction. In the past three trading days, the stock has risen 12 per cent. Goldman Sachs (Singapore) PTE-ODI bought 1.4 million shares at an average price of Rs 430.3 apiece, bulk deal data on the National Stock Exchange shows. Singapore-based investment banking firm UBS Principal Capital Asia acquired a 0.85 per cent stake in the bank on April 7th.UBS acquired 53,83,066 shares at Rs 367 per share. The deal value stood at Rs 197.55 crore and could be one of the reasons for the rally in the stock. Deposits fell 10-11 per cent and almost two-third of reduction is on account of government-related accounts – this is largely related to general private sector bank stance. Read more

Closing Bell: Sensex up 222 points, Nifty ends at 8992.80

Thursday, April 16, 2020
At close, the Sensex was up 222.80 points or 0.73% at 30602.61, and the Nifty was up 67.50 points or 0.76% at 8992.80 after two days losing streak and ended higher in the volatile session on April 16. Wipro fell as much as 6 per cent after posting muted growth in its revenue and profit numbers for the fourth quarter of the last financial year.HCL Tech, Infosys, Tech Mahindra, and Hero MotoCorp were the top losers while gainers include NTPC, Vedanta, ICICI Bank, Hindalco and Titan. About 1596 shares have advanced, 743 shares declined, and 148 shares are unchanged. The Nifty Metal and Nifty Pharma indexes, both up 2 per cent each, were the top gainers. The S&P BSE MidCap index and the SmallCap index were both up 1 per cent each

SBI MF buys corporate banks & energy shares after March selloff

Thursday, April 16, 2020
SBI Mutual Fund, went all out to buy shares of corporate banks in March, as valuations came down to historic lows amid the market mayhem. The biggest addition to the portfolio in March was the State Bank of India, as the money manager bought 3.62 crore shares of the country’s largest lender. SBI MF also added 2.77 crore shares of ICICI Bank, 1.84 crore shares of Axis Bank and 1.55 crore shares of HDFC Bank. SBI MF’s other major buys included 2.63 crore shares of Indian Oil, 2.62 crore shares of ITC, 1.72 crore shares of GAIL, 1.38 crore shares of NTPC and Coal India each. Energy stocks have seen a lot of activity recently after crude oil prices crashed to nearly 30-year lows due to price war among global oil producers.

Market update:Sensex gains 200 pts, Nifty tests 9k

Thursday, April 16, 2020
Indian stocks edged higher after a volatile start today (16th April). The S&P BSE Sensex was up 200 points, or 0.7 percent, at 30,600 levels and the Nifty50 index was up 73 points at 8,990 levels. Wipro fell as much as 6 percent after posting muted growth in its revenue and profit numbers for the fourth quarter of the last financial year. In the Sensex pack, Axis Bank, Titan, Tech Mahindra, and Hero MotoCorp were the top losers. Among sectoral indices, the Nifty IT index, down over 2 percent, was the top loser. The broader market fared relatively better. The S&P BSE MidCap index and the SmallCap index were both up 1 percent each.

Fallout of lockdown extension: India's economy may see first contraction in 40 years

Thursday, April 16, 2020
It looks like the Indian economy may be heading for its first full-year contraction in more than four decades after the government extended the lockdown to contain the coronavirus. The lengthening of the mandatory stay-at-home period to 40 days from 21 days will result in a direct output loss of more than 8 percent over that time, according to experts. Decline in GDP for the year to March 2021 of 0.4 percent and 0.1 percent, respectively is predicted by the expert. The economy had last contracted in 1980 when GDP shrank 5.2 percent.

Indian equity Market:Sensex falls 150 points, Nifty below 8,900

Thursday, April 16, 2020
The Union Health Ministry has identified 170 districts as COVID-19 hotspots and 207 districts as potential hotspots. As of now, India has over 12,000 cases and 400 deaths. Meanwhile, data released yesterday showed that India’s exports contracted by 34.5 percent in March to $21.4 billion to record the steepest monthly fall in at least 25 years. Today (16th April) also Investors will react to coronavirus-related updates, global cues, macro data, and corporate earnings.

Fear of wealthy Chinese investors raiding the Indian stock market -is it real?

Wednesday, April 15, 2020
A fear of wealthy Chinese investors raiding the Indian stock market seems to be in rise. Securities & Exchange Board of India (Sebi) has asked custodian banks to disclose details of the ultimate beneficial owners’ of foreign portfolio investors (FPIs) based in China and Hong Kong. The UBO is the last natural person owning a fund or entities controlling a fund above a certain level. Sebi’s direction to custodians is an immediate reaction to the People’s Bank of China buying a little above 1% in HDFC considered as one of the blue-chip stocks. "Following the sharp fall in stocks, there is an anxiety among many corporates and parts of the government about Indian companies and assets facing takeover threats from Chinese investors – either private or directly or indirectly with support from the Chinese government. Probably, it’s an overreaction. But the paranoia is understandable with advanced countries like Australia creating hurdles for Chinese investors,” experts opined.

Rakesh Jhunjhunwala reduces stake in Titan during March quarter

Wednesday, April 15, 2020
Ace investor Rakesh Jhunjhunwala reduced his stake in Titan during the March quarter of FY20 by 1.03cr shares quarter-on-quarter (QoQ). According to the BSE data, Rakesh Jhunjhunwala and Rekha Jhunjhunwala together held around 4.9cr shares or roughly 5.5% stake in the company against 5.93 crores, or 6.69 per cent, shares that they held at the end of December 2019 quarter. Rakesh Jhunjhunwala held 4.67 Cr or 5.27 per cent, shares of Titan in December quarter. But in March quarter, he pared his stake to 3.93 Cr or 4.43 per cent, shares. In December quarter, her stake in Titan was 1.26 Cr shares or 1.42 per cent, but in March quarter it came down to 0.97 Cr shares or 1.10 per cent of total Shares. Shares of Titan are down by nearly 19 per cent against a 26 per cent fall in benchmark Sensex for the calendar year 2020.

Closing Bell: Sensex slips 1,189 points from day's high and ends at 30379.81, Nifty at 8925.30

Wednesday, April 15, 2020
At close, the Sensex was down 310.21 points or 1.01% at 30379.81, while Nifty was down 68.55 points or 0.76% at 8925.30. Nifty Pharma, up 3 per cent. Sun Pharma and Larsen & Toubro were the top gainers in the Sensex pack. Kotak Mahindra Bank, Hero MotoCorp, Bajaj Finance, HDFC Bank and Maruti Suzuki were among major losers on the Nifty, while gainers included UPL, HUL, Britannia Industries, HCL Tech and Shree Cements. About 1429 shares have advanced, 940 shares declined, and 174 shares are unchanged. Bank, auto and energy ended in the red, while buying seen in the FMCG, IT and metal.

MARKET LIVE: Sensex rises as govt eases lockdown rules

Wednesday, April 15, 2020
The equity market in India rose today (15th April 2020), lifted mainly by pharma and FMCG stocks, following positive cues from global indices. That apart, government's move to ease lockdown rules starting April 20 also boosted sentiment. Today the government permitted industries to operate in rural areas, manufacturing to start in Special Economic Zones (workers will have to stay within their premises or in "adjacent buildings"), though the transportation will have to be arranged by employers. Food processing in rural areas will also begin from April 20. Restrictions have also been eased for the construction sector. The S&P BSE Sensex was up 666 points, or 2.1 percent, at 31,380 levels and the Nifty50 index hovered around 9,200 level, up 210 points. Sun Pharma and Larsen & Toubro (both up 4%) were the top gainers in the Sensex pack. Meanwhile, Metropolis Healthcare fell nearly 14 percent after two large trades on the NSE. All the Nifty sectoral indices were in the green, led by Nifty

Max Life Insurance extends partnership with Yes Bank

Monday, April 13, 2020
Private sector life insurer Max Life Insurance and Yes Bank announced a 5-year extension to their strategic bancassurance relationship. Under the partnership, the products of the life insurer would be sold through the branches of Yes Bank. Building on the 15-year partnership, Max Life and Yes Bank remain committed to offering their customers a broad range of need-based products and services, deploying technology across the customer value chain to further enhance efficiencies and leveraging existing ecosystems to facilitate superior experiences for their customers."In the coming 5 years, we plan to further enhance our business and make investments in the area of technology, new product development, and customer service to ensure we journey together to help our customers realise their real value and financially protect their future. Read more

Closing Bell: Sensex sheds 470 points,Nifty at 8993.85

Monday, April 13, 2020
At close, the Sensex was down 469.60 points or 1.51% at 30690.02, while Nifty was down 118.05 points or 1.30% at 8993.85 dragged by auto, realty and banking. Bajaj Finance is the biggest loser, Zee Entertainment, Bajaj Finserv, M&M and Titan Company were among major losers on the Nifty, while gainers were L&T, Hindalco, Bharti Airtel, Adani Ports and IndusInd Bank. About 1194 shares have advanced, 1171 shares declined, and 201 shares are unchanged. Buying seen in the metal, pharma and infra sectors. BSE Midcap and Smallcap indices ended lower.

Market live: Sensex slips amid weak global cues

Monday, April 13, 2020
Equity markets in India were in red today,13th Aril 2020 due to weak global cues and the buzz of a lockdown extension beyond April 14. Among headline indices, the S&P BSE Sensex dipped 410 points, or 1.32 percent, to 30,750 levels and the Nifty hovered around 8,970 levels, down 140 points. Bajaj Finance (down 7%), Mahindra & Mahindra (down 6%), and Titan (down 5%) were the top laggards while Bharti Airtel jumped 2 percent. Zee Entertainment, on the other hand, dipped 10 percent. The majority of the Nifty sectoral indices were in the red, led by the Nifty Auto index, down 2 percent. On the other hand, the Nifty Pharma index was up 1.8 percent.

Petrol, diesel demand slumps 66% in April, ATF down 90%

Thursday, April 9, 2020
Demand for petrol and diesel is down 66 per cent in April, while aviation turbine fuel (ATF) consumption has collapsed by 90 per cent as most airlines have stopped flying, as the lockdown is to last till mid of the month and there are indications that part restrictions will continue even after the lockdown is lifted which has halted economic activity and travel, which eviscerated demand. In April 2019, India had consumed 2.4 million tonnes of petrol and 7.3 million tonnes of diesel. As much as 6,45,000 tonnes of ATF was used during the same time last year.The collapse of demand in the world's third-biggest consumer during April comes on the back of worst fuel sales in more than a decade recorded in March 2020. The country's petroleum product consumption fell 17.79 per cent to 16.08 million tonnes in March as diesel, petrol and ATF demand fell, according to official data released. Read more

Closing Bell: Sensex Surges 1,265.66 points, Nifty at 9111.90

Thursday, April 9, 2020
At close, the Sensex was up 1,265.66 points or 4.23% at 31159.62, while Nifty was up 363.15 points or 4.15% at 9,111.90. Auto stocks jump 10%. Heavy buying is seen in HDFC, HDFC Bank, ICICI Bank, Reliance Industries (RIL), and Maruti. About 1836 shares have advanced, 540 shares declined, and 170 shares are unchanged.M&M, Maruti Suzuki, Cipla, Tata Motors and Titan Company were among major gainers on the Nifty, while losers included HUL, Tech Mahindra, Dr Reddy's Lab, IndusInd Bank and UPL.BSE Midcap and Smallcap indices rose over 3 per cent each.

Cipla shares surges on USFDA nod for first generic Proventil HFA inhaler

Thursday, April 9, 2020
Shares of Cipla were locked in the upper circuit of 15 percent at Rs 590, today (9th Mach 2020) after the drug firm received USFDA nod for the first generic Proventil HFA (albuterol sulfate) metered-dose inhaler, used for conditions such as asthma. Till 09:29 am, a combined 1.79 million shares traded and there were pending buy orders for 744,000 shares on the NSE and BSE, as per the exchange data. Cipla is trading in the future and option (F&O) segment and the F&O stocks don't have any circuit limit.

Indian Equity markets trading firm

Thursday, April 9, 2020
Equity markets in India are trading firm today (9th March) after Wall Street's overnight rally on the hope that the coronavirus outbreak in the United States was close to a peak. Among headline indices, the S&P BSE Sensex was up 703 points, or 2.4 percent, at 30,620 and the Nifty50 index hovered around 8,970 level, up 224 points, or 2.5 percent. Index heavyweights HDFC, up 5 percent, was the top contributor to the Sensex's gain. Besides, Bajaj Finance, ICICI Bank, Axis Bank, and ONGC were all up over 4 percent. All the Nifty sectoral indices were in the green, led by the Nifty Auto index, up 7 percent. Besides, Nifty Pharma index gained 5 percent. Among the index's components, Cipla (up 15%) and Lupin (up 10%) were the top gainers. The broader market also tracked gains in the main indices. The S&P BSE MidCap and SmallCap indexes were both up over 2.5 percent each.

Larsen & Toubro gains on winning two large orders

Wednesday, April 8, 2020
Shares of Larsen and Toubro gained nearly 4 per cent after the company's subsidiary won a contract from Indian Oil Corporation. L&T today announced that L&T Hydrocarbon Engineering, a wholly-owned subsidiary of the company has been awarded a large project by Indian Oil Corporation Limited (IOCL). The company said it has won a large contract from the Indian Army for setting up an advanced IT-enabled system to operate the Armed Forces network under the Network of Spectrum (NFS). The value of a large order ranges between Rs 2,500 crore and Rs 5,000 crore. “The engineering, procurement, construction and commissioning (EPCC) contract is for setting up a new 9 MMTPA Atmospheric & Vacuum Distillation Unit (AVU) and allied facilities (EPCC-1 package) for Barauni refinery capacity expansion project at IOCL's Barauni Refinery, Bihar. The capacity of Barauni Refinery is being augmented from current installed capacity of 6.0 MMTPA to 9.0 MMTPA,” L&T said in a press release. Read more

Closing Bell: Market Slips 173 points, Sensex ends at 29893.96, Nifty at 8748.75

Wednesday, April 8, 2020
At close, the Sensex was down 173.25 points or 0.58% at 29893.96, and the Nifty was down 43.45 points or 0.49% at 8748.75. Pharma Stock gained 3 per cent. Hindustan Unilever, Mahindra & Mahindra, Sun Pharma Vedanta, Cipla, NTPC and Bharti Infratel are the major gainers. While Shree Cements, Titan Company, TCS, Hindalco and BPCL were among major losers on the Nifty. About 1478 shares have advanced, 845 shares declined, and 156 shares are unchanged. S&P BSE MidCap and S&P BSE SmallCap index up over 2 per cent each. On sectoral front, buying seen in the pharma, auto, energy and FMCG stocks, while the bank, IT and metal remained under pressure.

Firm global cues:Sensex surges, Nifty around 9000

Wednesday, April 8, 2020
Indian equity markets staged a sharp recovery from the morning lows today (8th April 2020) with major private banks and auto stocks leading the charge. The S&P BSE Sensex gained 700 points, or 2.4 percent, to hover around 0.740 levels. The broader Nifty50 reclaimed the psychological level of 9,000 after 228-point, or 2.6 percent, up move. Among individual stocks, IndusInd Bank bounced back nearly 20 percent from the day's low while Axis Bank jumped 8 percent. Besides, Mahindra & Mahindra and HDFC were both up over 6 percent each. All the Nifty sectoral indices were in the green led by Nifty Private Bank index, up 6 percent.

Tata Power share price jumps above 10% on bagging Rs 1,730-crore NTPC project

Tuesday, April 7, 2020
The share price of Tata Power Company jumped 10 per cent intraday on April 7 after the company received a Rs 1,730-crore project from NTPC. It has got a letter of award to build a 300-megawatt plant for state-owned utility major NTPC at an all-inclusive price of Rs 1,730 crore. In September 2019, post reverse auction, the company had received LoA to develop a 105 MWp Floating Solar Project worth approximately Rs343cr including 3 years O&M. The commercial operation date (COD) for this grid-connected solar photovoltaic project is September 2021. With this project, the order book of Tata Power Solar stands at Rs 8,541 crore, including external and internal orders. The stock, which slipped 28 per cent in the last month, was quoting at Rs 33.65, up11.61 per cent.

Closing Bell: Sensex zooms 2,476 points, Nifty at 8792.20

Tuesday, April 7, 2020
At close, the Sensex was up 2,476.26 points or 8.97% at 30067.21, and the Nifty was up 708.40 points or 8.76% at 8792.20, one of the biggest one-day gain since May 2009. Reliance Industries, ICICI Bank, and HDFC Bank, IndusInd Bank, Axis Bank, Hindalco, M&M and Grasim were among major gainers on the Nifty. About 1813 shares have advanced, 535 shares declined, and 189 shares are unchanged. All the sectoral indices ended higher with Nifty Bank and Nifty Pharma rose over 10 per cent.

Indian equitys follow the Asian market: Sensex surges over 1,100 pts; pharma, IT stocks gain

Tuesday, April 7, 2020
Indian equity markets followed the gains in Asian peers and surged over 4 percent, lifted primarily by pharma, IT, and private bank stocks, in the first trading session after an extended holiday. The S&P BSE Sensex index was up 1,160 points, or 4.21 percent, at 28,750 levels. IndusInd Bank zoomed 17 percent while Axis Bank was up 10 percent. Besides, Sun Pharma, HCL Tech, and ICICI Bank were up in the range of 8-10 percent. The Nifty50 index jumped 333 points, 4.1 percent, higher at 8,410 levels. All the Nifty sectoral indices were trading in the green, led by Nifty Bank, Nifty Pharma and Nifty IT indexes, all up over 5 percent each. In the broader market, the S&P BSE MidCap and SmallCap indexes were also up over 2 percent each.

Cipla surges 8% after completing a Phase-3 clinical study of asthma drug

Friday, April 3, 2020
One of the leading pharma companies Shares of Cipla surged 8 per cent in a weak market, to Rs 447.2 on Friday after the pharmaceutical firm completed Phase-3 clinical end-point study for fluticasone propionate and salmeterol inhalation powder used to treat asthma patients. The stock has gained 19 per cent in the last week after hitting a six-year low following the selloff triggered by the coronavirus outbreak. Fluticasone propionate and salmeterol inhalation powder 100/50 mcg, 250/50 mcg and 500/50 mcg are generic versions of GSK's Advair Diskus. It is used in giving medical treatment to asthma patients 4 years and older. It is also used in the long term to treat chronic obstructive pulmonary disease (COPD), including chronic bronchitis, emphysema, or both, for better breathing and fewer flareups. The Phase-3 study was conducted over a period of 15 months, at over 100 sites in the US enrolling 1400 asthma patients. Read more

Closing Bell: Market Slips 674 points, Sensex ends at 27590.95 , Nifty at 8083.80

Friday, April 3, 2020
At close, the Sensex was down 674.36 points or 2.39% at 27590.95, and the Nifty was down 170.00 points or 2.06% at 8083.80. Nifty Bank sheds 5%. ICICI Bank, IndusInd Bank, Titan, HDFC, Axis Bank and SBI were among major losers on the Nifty, while gainers were Sun Pharma, Cipla, GAIL, ITC and ONGC. About 1126 shares have advanced, 1078 shares declined, and 174 shares are unchanged. Nifty Pharma index was up 3 per cent while the Nifty FMCG index was also up 1 per cent. The S&P BSE MidCap and SmallCap indexes were both down around 1 per cent each.

Market:Sensex slips further, Nifty below 8,200; banks, financials dip

Friday, April 3, 2020
Indian equity markets, today (3rd April 2020) continued to slip downwards dragged down by banks and financial stocks, despite a bounce back in crude oil prices and global stocks. The S&P BSE Sensex dipped 253 points, or 0.95 percent, at 28,000 levels and the Nifty50 index was down 105 points, or 1.08 percent, at 8,160 level. Among individual stocks, Kotak Mahindra Bank was again the top loser after slipping 7 percent. Besides, IndusInd Bank dipped another 5 percent while both ICICI Bank and HDFC were down 4 percent each. Nifty Bank and Nifty Financial Services indexes, both down over 3 percent, were the top sectoral losers.

Promoters and insiders can't buy shares till 30th June

Thursday, April 2, 2020
Promoters and other insiders won’t be able to buy shares of companies between April 1 and up to June 30 — a window that’s wider than normal as they have been given extra time to report earnings because of the COVID-19 lockdown. Sebi has rejected promoters’ requests to exempt them from extending trading restrictions that apply at the time of results. The rationale for not extending the date for trading window closure is that there may be firms wherein the financial results may have reached a stage that, if not precise, may be indicative of the actual outcome. consequently, whether the same would be positive/negative, which may amount to UPSI (unpublished price sensitive information). This could lead to insider trading, as per Sebi official statement.

Maruti Suzuki car sales decrease 47% in March

Wednesday, April 1, 2020
The country's largest passenger car manufacturer Maruti Suzuki India Ltd (MSIL) reported 47 per cent year-on-year fall in its total sales during March to 83,792 units, as automakers in the country were forced to suspend operations amid a nationwide lockdown aimed to contain the spread of the coronavirus pandemic. The company had sold 1,58,076 units in March last year. Data showed the company sold 76,976 vehicles last month, 47.4 per cent less than 145,000 in March last year. Export sales were down 55 per cent to 4,712 units from 10,463 in the year-ago period. Sales of mini cars comprising Alto and WagonR stood at 15,988 units as compared to 16,826 units in the same month last year, down 5 per cent. In the domestic market, light commercial vehicles suffered a blow of 71.5 per cent to 736 units in March 2020 compared to 2,582 units in March 2019.

Closing Bell: Sensex near day's low, Nifty at 8,253.80

Wednesday, April 1, 2020
At close, the Sensex was down 1,203.18 points or 4.08% at 28265.31, and the Nifty was down 343.95 points or 4.00% at 8253.80. Selling pressure is seen in IT, banks, FMCG stocks. Kotak Mahindra Bank was the top drag on the Sensex while Reliance Industries, State Bank of India, HDFC Bank, Tech Mahindra, TCS, Infosys were the other major losers. while gainers were Hero MotoCorp, Grasim, Bajaj Auto, Bajaj Finance and Titan Company. About 1098 shares have advanced, 1067 shares declined, and 167 shares are unchanged. All the sectoral indices ended lower. BSE Midcap and Smallcap indices shed 1-2 per cent.

How much deadly is the COVID-19 virus

Wednesday, April 1, 2020
The sudden spike in coronavirus cases threatens to ruin every plan India has made. But there is a Silverline that the disease may not be as deadly as thought earlier. According to a study published in The Lancet Infectious Diseases journal a couple of days ago, the death rate for COVID-19 could be significantly lower than what was previously thought. The new study, done by British researchers, was carried out on people who caught the infection and got cured without showing severe symptoms or getting tested. It was based on findings from new comprehensive analyses of coronavirus cases in mainland China. The death rate caused by the virus — after taking into account both confirmed and unconfirmed cases — was 0.66%, the study found. The death rate from confirmed COVID-19 cases turned out to be 1.38%. Read more

Sensex further falls, down 700 pts; broader indices outperform

Wednesday, April 1, 2020
Today,1st April the Indian equity markets slid lower, in tune with Asian Markets, in the first trading session of FY21. The S&P BSE Sensex was down 702 points, or 2.4 percent, at 28,750 levels, and the Nifty50 index slipped 210 points, or 2.5 percent, to 8,380 levels. Kotak Mahindra Bank (down 8 percent) was the top drag on the Sensex while State Bank of India (down 4 percent) and HDFC Bank (down 3 percent) were the other major losers. On the other hand, IndusInd Bank jumped as much as 9 percent intraday. Among sectors, the Nifty Bank index slipped over 3 percent. The broader market, on the other hand, relatively outperformed. The S&P BSE MidCap index was down 0.6 percent and the S&P BSE SmallCap index was flat. Read more

IndusInd Bank drop 20% as bad loans may rise amid Covid-19 outbreak

Tuesday, March 31, 2020
Shares of IndusInd Bank were down 20 per cent lower circuit at Rs 329.25 after the bank said the outbreak of coronavirus (COVID-19) could push up its credit costs to around 200 to 210 basis point in March 2020 quarter, indicating a rise in bad loans. The management said the near-term impact of COVID-19 would have limited impact on their portfolio, assuming a 3-month disruption. The base-line assumptions say the impact of COVID-19 would remain for 3-4 months and demand would recover post-June 2020. Also, IndusInd Bank deposits shrink by 10-11% and almost two-third of reduction is on account of government-related accounts – this is largely related to general private sector bank stance. The stock price has corrected steeply in recent days, owing to concerns about asset quality and strength of funding franchise. The coronavirus outbreak has further impacted growth and asset-quality prospects in the select business segments.

Closing Bell: Sensex surges 1028 points and Nifty ends at 8597.75

Tuesday, March 31, 2020
At close, the Sensex was up 1,028.17 points or 3.62% at 29468.49, while Nifty was up 275.90 points or 3.33% at 8557. Reliance Industries, HCL Tech, ONGC, BPCL, Britannia Industries and ITC was the top gainer in the Sensex pack. On the other hand, IndusInd Bank, Eicher Motors, Cipla, Zee Entertainment and Adani Ports were losers. About 1495 shares have advanced, 767 shares declined, and 150 shares are unchanged. Nifty Metal and Nifty IT indexes were top gainers.BSE Midcap and Smallcap indices rose 2.5 per cent and 3 per cent respectively.

Firm global cues: Sensex jumps 560 points, Nifty near 8,450

Tuesday, March 31, 2020
Today (31st March) Indian equity market bounced back as low-level buying in blue-chips propelled the indices higher even as there was a rapid increase in new coronavirus cases in the last 24 hours. A relatively better factory output data from China also helped the sentiments back home. Sensex gained 559 points to 28,999 while NSE benchmark Nifty added 165 points to 8,445. Broader market indices were in-line with their headline peers as Nifty Smallcap jumped 2.26 percent while Nifty Midcap rose 1.49 percent. Nifty 500 was up 1.98 percent. All sectoral indices were trading in the green on NSE with Nifty Metal leading. It was up 2.85 percent while Nifty Financial Services and NIfty Media jumped by over 2 percent. Nifty Realty and Nifty FMCG were among other major gainers. Read more

Dealing with Covid-19 after the lockdown

Monday, March 30, 2020
The government needed to take "extraordinary" and "unprecedented" measures like a nationwide lockdown for three weeks to prevent the spread of the coronavirus, said Prime Minister Narendra Modi on 30th March (Monday). The government denied a community outbreak of the disease. “It took 12 days for cases to rise from 100 to 1,000 in our country, whereas seven other developed nations having lesser population than us have seen multiple increases,” said Lav Agarwal, joint secretary in the health ministry, at a press conference in Delhi. The government made the statements as India’s cumulative coronavirus infections have breached the 1,000 mark. The country is entering a crucial phase in this outbreak, with the number of daily cases also growing in triple digits for the last three days. Read more

Asian Development Bank to lend $60mn to Aavas Financier

Monday, March 30, 2020
Asian Development Bank (ADB) has signed an agreement to lend up to $60 million to the housing finance company in India Aavas Financiers Limited (Aavas) so as to improve access to housing finance for lower-income borrowers in the country, particularly women. The loan is distributed under ADBs Supporting Access to Housing Finance for Women in Lower-Income Groups and in Lagging States Project. India is experiencing a severe housing shortage estimated at 18.7 million units in urban areas and 43.7 million units in rural areas, mostly affecting low-income groups. They face several challenges in obtaining mortgages including a lack of documents to prove their incomes. Aavas is one of the largest housing finance companies in India’s affordable housing segment. It has more than 70 billion rupees in assets under management and 245 branches across 10 states as on 31st December 2019

Closing Bell: Sensex down 1375 points and Nifty ends at 8281.10

Monday, March 30, 2020
At the close, the Sensex was down 1,375.27 points or 4.61% at 28440.32, and the Nifty was down 379.15 points or 4.38% at 8281.10. Nestle, Cipla, Tech Mahindra, Axis Bank and Dr Reddys Labs were major gainers on the Nifty, while Bajaj Finance, HDFC, Kotak Mahindra Bank, Tata Steel and HDFC Bank were among major losers on the Nifty. About 924 shares have advanced, 1320 shares declined, and 168 shares are unchanged. Nifty Bank and Nifty Auto indexes were also down over 6 per cent each. On the other hand, Nifty Pharma index ticked up 1 per cent.BSE Midcap and Smallcap indices shed 1.7-2 per cent.

Sensex crashes-1000-points

Monday, March 30, 2020
30th March was manic Monday as the stock market bears ran riot with coronavirus cases rising in India and abroad, taking lives and forcing businesses to shut down. Along with that, a ceaseless dumping of stocks by foreign investors is also weighing on investor sentiments. Sensex dived over 1000 points to below 28,800. Nifty fell about 300 points to 8,376.

Tata Motors to split passenger vehicles business into a separate subsidiary

Friday, March 27, 2020
The country's largest carmaker, Tata Motors announced that it will split its passenger vehicles business, including electric vehicles, into a separate subsidiary over the next one year. The Board of Tata Motors has approved to subsidize the company's passenger vehicle business (including EV) by transferring relevant assets, IPs and employees are directly relatable to the PV business for it to be fully functional on a standalone basis through a slump sale. Implementation of the scheme will be subject to regulatory and statutory approvals as applicable, including approval of shareholders and creditors. Tata Motor had invested in a completely new passenger vehicle group in recent years based on new architectures. This could be seen as a step towards Tata Motors forging future alliances for its passenger vehicles business to get better cost economics. The company has appointed Shailesh Chandra, President EV including EV with effect from 01 April 2020.

Closing Bell: Sensex falls 1,500 pts from day's high and ends at 29815.59 and Nifty ends at 8660.25

Friday, March 27, 2020
At close, the Sensex was down 131.18 points or 0.44% at 29815.59, and the Nifty was up 18.80 points or 0.22% at 8660.25. Bank stocks up but autos drag. Bharti Airtel was the top laggard while HCL Tech and Hero MotoCorp also dipped over 5% each. About 1131 shares have advanced, 1138 shares declined, and 166 shares are unchanged. Coal India, Axis Bank, ITC, NTPC and Cipla were among major gainers on the Nifty, while losers were Hero MotoCorp, Bajaj Finance, IndusInd Bank, GAIL and Maruti Suzuki.S&P BSE MidCap index and SmallCap index were both up 2 per cent each. Except auto, energy and infra all other indices ended higher

Coronavirus fight-RBI reduces repo rate by 75 basis points to 4.4 per cent.EMIs put on hold

Friday, March 27, 2020
After yesterday's GOI announcement of its economy rescue in right earnest with a Rs 1.70 lakh crore coronavirus counter, the Reserve Bank of India joined the big fight today with a host of measures aimed at minimising the damage from Covid-19. These measures come just hours after Moody's Investors Service cut India's growth forecasts for 2020 calendar year to 2.5% from 5.3%. A moratorium of three months of EMIs on all outstanding loans was announced. Read more

Is the market valuations attractive for long-term investors?

Thursday, March 26, 2020
The coronavirus pandemic has badly shaken the global economies and triggered an across-the-board sell-off in equities as an asset class. The Dow Jones Industrial Average (DJIA) and the S&P 500 ended their 11-year bull-run as the S&P BSE Sensex and the Nifty 50, too, entered bear-market territory with a fall of over 30 percent each. A fall of 20 percent or more in a stock, or an index, is regarded as a bear phase for that traded unit. 18 percent of the stocks that comprise the Nifty 100 and have long trading histories recently traded below their global financial crisis (GFC) valuation. The market meltdown also saw 84 percent stocks go below their five-year and 78 percent below their 10-year average valuations, experts opined. Read more

FMCG shares gain on govt's relief package announced by Nirmala Sitharaman

Thursday, March 26, 2020
Shares of fast-moving consumer goods (FMCG) companies gained up to 8 per cent on the National Stock Exchange (NSE) on Thursday after Finance Minister Nirmala Sitharama announced an economic package to deal with Covid-19 impact. The government would provide a relief package of Rs 1.7 trillion under the Pradhan Mantri Garib Kalyan Scheme to the underprivileged, poor and migrant workers. Amid the COVID-19 outbreak, migrant workers in major cities have been suffering to obtain essential supplies since the 21-day lockdown began. Under Pradhan Mantri Garib Kalyan Anna Yojana scheme an additional 5 kg of rice or wheat will be given over the next three months, along with an additional 1 kg of preferred pulses to each household. Among individual stocks, Marico and Godrej Consumer Products have moved higher by up to 8 per cent, while ITC, Hindustan Unilever, Emami, Dabur India, Colgate Palmolive (India), and Britannia Industries were up in the range of 5 per cent to 7 per cent on the NSE.

Closing Bell: Sensex ends at 29946.77 and Nifty at 8641.45

Thursday, March 26, 2020
At the close, the Sensex extends rally to the third day and was up 1,410.99 points or 4.94% at 29946.77, and the Nifty was up 323.60 points or 3.89% at 8641.45. IndusInd Bank turned out to be the topmost gainer. ICICI Bank and HDFC and HDFC Bank were among the top contributors to Sensex's up move.L&T, Bajaj Finance, Bajaj Auto and Hero MotoCorp were among major gainers on the Nifty, while losers were Yes Bank, GAIL, Sun Pharma, Maruti Suzuki and Adani Ports. About 1483 shares have advanced, 766 shares declined, and 164 shares are unchanged. Nifty Private Bank index, up over 10 per cent. Nifty Bank index also rose 9 per cent. All the sectoral indices ended in the green. BSE Midcap and Smallcap indices rose over 3 per cent each.

Market update:Sensex rallies ,IndusInd Bank surges 35%

Thursday, March 26, 2020
The equity markets in India are trading higher, lifted by banks and IT stocks, today (26th March) ahead of the expiry of the monthly derivatives contracts. Investors were encouraged by the US Senate passing a $2 trillion coronavirus relief package while a separate report said the Indian government was likely to agree on an economic stimulus package of more than Rs 1.5 trillion to fight the downturn caused by the coronavirus outbreak. Read more

Nifty needs to top and hold 8,550 to confirm bottom

Thursday, March 26, 2020
Indian equity market staged a stellar rebound on Wednesday, 25th March in line with the global markets. The rally, which was fuelled by massive short covering, took Nifty back inside the crucial 7,850-8,550 zone. The market made a shaky start, as the index rapidly pared its opening gains. After that, the 50-stock pack traded in a capped zone but stayed volatile. However, the second half of the session saw the market gaining ground again, as the index finally ended with a gain of 516.80 points or 6.62 percent at 8,317.85. Read more

Closing Bell: Sensex surges 1,862 points and Nifty ends above 8,300 on US stimulus

Wednesday, March 25, 2020
At the close, the Sensex was up 1,861.75 points or 6.98% at 28535.78, and the Nifty was up 516.80 points or 6.62% at 8317.85 after media reports said the US Senate leaders had reached deal with the White House on $2 trillion coronavirus stimulus package. Nifty Bank scratched its way from the day's low to over 8 per cent higher.RIL, ICICI Bank, Axis Bank, HDFC Bank, Kotak Mahindra Bank, UPL and Grasim Industries were among major gainers on the Nifty, while losers were Yes Bank, IndusInd Bank, IOC, Coal India and GAIL. About 1194 shares have advanced, 976 shares declined, and 153 shares are unchanged. BSE MidCap index was up over 3 per cent and the BSE SmallCap index gained over 2.5 per cent. All the sectoral indices ended in the green

Closing Bell:Sensex gains 693 points and Nifty ends above 7800

Tuesday, March 24, 2020
At the close, the Sensex was up 692.79 points or 2.67% at 26674.03, while Nifty was up 190.80 points or 2.51% at 7801.05. Bank stocks bleed the most as Sensex, Nifty come off their day's highs. Infosys jumped 14 per cent while HCL Tech was up 6 per cent. Yes Bank, M&M, Grasim, IndusInd Bank and Power Grid Corp were losers in Nifty. About 927 shares have advanced, 1310 shares declined, and 145 shares are unchanged.BSE Midcap up 1.5 per cent, while Smallcap index ended flat.

Key Points announced by Finance Minister Nirmala Sitharaman

Tuesday, March 24, 2020
Finance minister Nirmala Sitharaman announced key points in view of the coronavirus pandemic spreading its wings and impacting the economy. *Last date for filing March, April and May 2020 GST returns extended to June 30, 2020. For delayed payments made till June 30, the interest rate has been reduced to 9% from 12%. *For a delayed deposit of TDS, interest has been reduced to 9 % from 18% *The deadline for many Acts and schemes, including Sabka Vishwas Scheme, has also been pushed to 30 June 2020. *Aadhaar-PAN linking deadline extended to Jun 30. *Charges on cash withdrawal from other bank ATMs and penalties for non-maintenance of minimum balance in bank savings accounts have been waived for 3 months. The bank charges for digital trade transactions have also been reduced.

A fall in virus cases only can save D-St from further downfall

Tuesday, March 24, 2020
At 9.00 PM (IST), Dow Jones was down 3.77 percent at 18,451.06, while Nasdaq and S&P 500 were trading up to 2.68 percent lower. European shares were stuck near seven-year lows on rising fears of an outright contraction in global growth for the year after several more countries self-isolated to curtail the spread of the coronavirus pandemic. European stocks sink again as virus deaths mount: European shares were stuck near seven-year lows on rising fears of an outright contraction in global growth for the year after several more countries self-isolated to curtail the spread of the coronavirus pandemic. Read more

Closing Bell: Sensex losses 3,900 points, Nifty ends above 7,600

Monday, March 23, 2020
At the close Sensex ended 3,934.72 points or 13.15 per cent in the red at 25981.24, and the Nifty plunged 1,135.20 points or 12.98 per cent at 7610.25. Bank and auto stocks were the worst-hit. The Nifty Bank index was down over 15 per cent. Axis Bank, IndusInd Bank and Bajaj Finance are the top losers while HDFC Bank, Reliance Industries, ICICI Bank, HDFC and TCS are the most active stocks. The midCap index was trading with 6.9 per cent cut and SmallCap index was down 9.4 per cent.

India in lockdown as positive COVID-19 cases surge to 415

Monday, March 23, 2020
In India, the total number of coronavirus cases stood at 415 and over 100 cities across the country are in lockdown till March 31. The Centre has also ordered all states to enforce lockdown strictly. Legal action would be taken against violators, said a government notification after Prime Minister Narendra Modi tweeted that some people were still not taking the lockdown seriously. He urged people to protect themselves and their families and follow instructions laid down by the government. As per the latest health ministry data, there are 329 Indians with positive and active Coronavirus infection. Apart from that 23 are cured and 7 have died. Maharashtra, Kerala, Delhi and Uttar Pradesh have the highest number of cases so far. Maharashtra has reported the highest number of Covid-19 cases at 89, followed by Kerala at 52. Delhi has reported 30 positive cases, while Uttar Pradesh has recorded 27 cases. Telangana has reported 22 cases, Rajasthan 24, and Karnataka 26 coronavirus patients. Read more

SEBI crackdown on excessive volatility by imposing restrictions

Monday, March 23, 2020
The SEBI has decided to crack down on excessive volatility by imposing several measures, which will impact traders as well as institutional investors. In particular, speculators in stock futures will have to cut down exposures as the market-wide position limit (MWPL) has been reduced to 50 percent in phases, from the existing 95 percent, for specific F&O stocks. Margins have also been hiked in the cash segment for both F&O and non F&O stocks, while institutions will have to restrict their F&O positions in the index derivatives segment to stay within a new criteria of cash and cash equivalents on the long side and value of stock holdings on the short side. This measure will also impact volume in specific F&O counters where offsetting will be required, we may actually see a situation where prices swing more on lower volumes, due to reduction of the liquidity. Read more

Sensex hits 10% lower circuit; trading halted for 45 minutes

Monday, March 23, 2020
Trading in Indian equity markets was halted for 45 minutes today (23rd March) after the S&P BSE Sensex hit its 10 per cent lower circuit level. The S&P BSE Sensex tanked 10 per cent, or 2,992 points, to 26,924 levels. The Nifty50 index fell 842 points, or 9.63 per cent, to 7,903. Although the markets saw an across-the-board selling, bank and auto stocks were the worst-hit. The Nifty Bank index was down 12.7 per cent. Axis Bank and ICICI Bank both plunged over 10 per cent each while Maruti Suzuki India was down 9.7 per cent. In the broader market, the S&P BSE MidCap index was trading with 6.9 per cent cut and the S&P BSE SmallCap index was down 6.4 per cent.

Key factors that will guide market this week

Monday, March 23, 2020
After a 12% fall in benchmark indices last week, it is likely that the market is entering another subdued week. Rapidly rising coronavirus cases will be the biggest factor in steering share markets. Though the SEBI decisions on Friday to curb short-selling was a much-needed step may have unintended consequences, said experts. Read more

Short covering led 20th March rally, tread cautiously

Saturday, March 21, 2020
Despite a rise in the number of cases of coronavirus and shutdown enforced in many cities, Indian equity induces paused their losing streak and bounced on 20th March(Friday), surprising many. Nifty has fallen nearly 35 percent from its record high in January. On 20th March, the market bounced on smart gains in energy, pharma, and FMCG stocks. A rally in global markets also helped improve sentiments in India. Analysts tracking the market said Friday’s rally was largely led by short- covering, and buying might emerge despite negative sentiments, depending on how global investors chart their path. However, they cautioned investors not to read too much into it. Read more

Indian stock, commodity markets to remain open - Maharashtra Health Minister

Friday, March 20, 2020
Health Minister Rajesh Tope told CNBC-TV18 that Banks, stock markets and other financial institutions, as well as central government offices, will remain open in Maharashtra, after the state government ordered the closure of offices and shops in some cities, including India's financial capital Mumbai. The state government took these measures to check the spread of coronavirus in Maharashtra which has reported 52 cases so far. All schools, colleges, hotels, malls, etc have already been ordered shut. Earlier, the chief minister of the state of Maharashtra had declared that all shops and offices except those providing essential services in the country's financial capital Mumbai and other key cities such as Pune and Nagpur would remain closed until March 31 in an attempt to restrict the spread of coronavirus.

Closing Bell: Sensex increases 1,627.73 points, Nifty at 8,745.45;

Friday, March 20, 2020
At close, the Sensex was up 1,627.73 points or 5.75% at 29915.96, while Nifty was up 482 points or 5.83% at 8745.45.after breaking 4-day losing streak. IT stocks like HCL Tech and TCS and Reliance Industries contributed to Sensex. About 1430 shares have advanced, 991 shares declined, and 142 shares are unchanged. Bharti Infratel, GAIL, ONGC, UltraTech Cement and HUL were among major gainers on the Nifty, while losers were Yes Bank, HDFC Bank, IndusInd Bank, Adani Ports and Axis Bank. The Nifty sectoral indices ended in the green. Nifty FMCG index was up 5 per cent and Nifty Metal index 4 per cent. Nifty Bank index recovered over 1,000 off intra-day lows.BSE Midcap and Smallcap indices closed with 4 per cent gains.

India growth forecast reduced to 5.1% for FY21 by Fitch

Friday, March 20, 2020
In its Global Economic Outlook 2020, Fitch said the number of people affected by coronavirus will keep rising in the coming weeks but that the outbreak will remain contained. However, there are downside risks to this situation. Fitch in December 2019 projected India's growth at 5.6 percent for 2020-21 and 6.5 percent in the following year. "Supply-chain disruptions are expected to hit investments and exports. We see GDP growth to remain broadly steady at 5.1 percent in the fiscal year 2020-2021 following growth of 5.0 percent in 2019-2020," Fitch said. For 2021-22, Fitch projected India's growth to be 6.4 percent. Read more

Indian equity markets fluctuated between gains and losses in a volatile session

Friday, March 20, 2020
Equity markets fluctuated between gains and losses in a volatile session today,20th March, with index heavyweights HDFC twins and ICICI Bank( down 3 percent) pressuring the indices. HDFC Bank slipped over 7 percent and HDFC was down 4 percent. The S&P BSE Sensex hovered around 28,400 levels, up 247 points, or 0.87 percent. The Nifty50 index was trading 40 points or 0.48 percent, higher at 8,300 levels. The Nifty sectoral indices were trading mixed. While Nifty FMCG and Nifty Pharma indexes traded over 3 percent up each, the Nifty Bank and Nifty Financial Services indexes dipped 3 percent each. In broader markets, the S&P BSE MidCap was up 43 points, or 0.4 percent, and the S&P BSE SmallCap traded flat.

PM Modi appeals all Indians to stay indoors as much as possible to avoid getting infected by coronavirus

Thursday, March 19, 2020
Today ( Thursday 19th March) Prime Minister Narendra Modi in a national broadcast asked people to sacrifice "their some weeks and time" as coronavirus has no cure yet, the only way to stay safe is to stay indoors. "I request all people in the country to get out of the house only when it is extremely necessary, try and do all work from home," he said. He made a fervent appeal to all Indians to stay indoors as much as possible to avoid getting infected by coronavirus, saying the world has never seen a danger as grave as this. A Covid-19 task force has also been set up under the finance minister to tackle the pandemic. He called for 'Janta curfew' on March 22 from 7 am-9 pm, saying no citizen, barring those in essential services, should get out of the house.

Indigo declares salary cut for all employees

Thursday, March 19, 2020
Interglobe Aviation (IndiGo) on Thursday has announced salary cuts across various levels of its organisation as revenue severely falls due to weak demand amid coronavirus spread. He also said, "We have to pay careful attention to our cash flow so that we do not run out of cash." IndiGo CEO Ronojoy Dutta said he would himself take the highest cut of 25 per cent and senior Vice-presidents and above will take a pay cut of 20%, VPs & cockpit crew are taking a 15% pay cut, AVPs, Bands D along with cabin crew will take 10% and Band Cs 5%, excluding Bands A and B and all the changes in salaries will come into effect from April 1, 2020. Interglobe Aviation Ltd is ended at Rs 909, down by 4.28% from its previous closing of Rs949.90 on the BSE. The scrip opened at Rs891and has touched a high and low of Rs985.85 and Rs882 respectively.

Closing Bell: Sensex recovers 1,574 points from day's low to end at 28,288

Thursday, March 19, 2020
At the close, the Sensex was down 581.28 points or 2.01% at 28288.23, after recovering 1574 points from days low, while Nifty was down 205.35 points or 2.42% at 8263.45. HDFC and HDFC Bank bounced back nearly 10 per cent intra-day to trade 3 per cent higher. Besides, Hero MotoCorp, Kotak Mahindra Bank, ITC, and Bajaj Auto were all up over 5 per cent each. while losers were Bharti Infratel, Coal India, Zee Entertainment, Yes Bank and ONGC.About 574 shares have advanced, 1791 shares declined, and 153 shares are unchanged. All the sectoral indices ended in the red, while BSE Midcap and Smallcap indices fell 3.7 per cent and 4.5 per cent respectively.

The Nifty index is in deep oversold territory

Wednesday, March 18, 2020
Today (18th March), the index closed at 8,468, down 498 points or 5.56 percent and formed a long bearish candle on the daily chart. “The hurdle in the 9,100-9,150 range proved a key resistance during the day. Nifty’s near-term resistance now stands in the 8,800-9,000 zone. “The positive sentiment post-Friday's sharp recovery seems to have been nullified. Nifty moving below the low at 8,555 is not a positive sign. One may expect further weakness in the short term,” say experts. The index has been trading far below its key moving averages and the 14-day RSI at 14 suggests the index is in the deep oversold territory. Analysts do not rule out the index falling below the 8,000 level in the short term.

Sensex down by 704 points to 29,874 and Nifty shed 212 points to trade at 8,754

Wednesday, March 18, 2020
Domestic equity indices soon slipped into the negative territory in today’s (18th March) session as investors succumbed to profit booking. Worries about the coronavirus pandemic dampened any hopes that policy measures by major economies would be able to combat the economic fallout of the outbreak. BSE benchmark Sensex was down by 704 points to 29,874 after surging over 500 points in the opening trade. The NSE Nifty shed 212 points to trade at 8,754. Bank and financial stocks were the worst hit with ICICI Bank, Axis Bank, and Kotak Bank contributing most to the losses. Read more

MARKET LIVE: Sensex slips 500 pts, Nifty near 8,800

Wednesday, March 18, 2020
Indian equity markets were trading close to 2 percent lower, dragged down by banks, today (18th March) after quickly erasing the opening gains despite a rebound in global stocks. The S&P BSE Sensex hovered around 30,060 levels, down 510 points, or 1.7 percent, and the broader Nifty50 index was down 153 points, or 1.7 percent, at 8,810 level. The Nifty opened the session above 9,100 levels before quickly going downward Among individual stocks, IndusInd Bank was down over 2 percent after opening 5 percent higher. Titan Company slipped 7 percent to its new 52-week low of Rs 921. Shares of Vodafone Idea tumbled as much as 35 percent to Rs 2.91. However, YES Bank continued its up move and surged over 40 percent to Rs 87. The Nifty sectoral indices were trading mixed. Nifty Pharma index, up 1.1 percent, gained the most while Nifty Financial Service index was trading with over a percent cut.The broader market underperformed the benchmarks. The S&P BSE MidCap index slumped 124 points

Closingbell: Sensex slips 811 pts, Nifty ends at 8,967 levels, down 230 points (2.5%)

Tuesday, March 17, 2020
After trading in the positive zone for the major part of the day today (17th March), the indices turned red during the last hour, with selling mainly seen in financials. European markets and Dow futures added to the negativity. Covid-19 showed no signs of abatement and central banks monetary policy actions had limited impact. Markets ended with over 2.5 percent cut. The S&P BSE Sensex slipped 811 points or 2.58 percent to end at 30,579 with ICICI Bank (down 9 percent) being the biggest loser and Hindustan Unilever (HUL) up around 3.5 percent, the biggest gainer. Among individual stocks, YES Bank continued to buck the trend and ended over 59 percent higher at Rs 59 levels. On the NSE, the frontline index Nifty50 breached the crucial 9,000-mark to settle at 8,967 levels, down 230 points or 2.5 percent. Fear gauge India VIX jumped around 7 percent to 62.88 levels.

Tuesday 17th March update:Sensex up 500 points, Nifty above 9,300

Tuesday, March 17, 2020
Indian equity markets recovered after a volatile start on Tuesday with the volatility index, India VIX, surging over 7 percent to a 12-year high level of 63.14. The S&P BSE Sensex was hovering around 31,860 levels, up 487 points, or 1.5 percent after falling as much as 500 points earlier in the session. The Nifty50 index was trading 150 points, or 1.62 percent, higher at 9,340 levels. The majority of the Nifty sectoral indices were trading in the green with the Nifty Metal index, up 3 percent, and Nifty Pharma index, up 2 percent, leading the gains. Among individual stocks, HDFC Bank and HDFC were both down over 1 percent each. On the other hand, YES Bank continued its uptrend and surged another 30 percent to Rs 48. In the broader market, the S&P BSE MidCap index was up 33 points, or 0.28 percent, and the S&P BSE SmallCap index was flat.

Some factors that will decide stock action on 17th March (Tuesday)

Tuesday, March 17, 2020
The massive selloff on Dalal Street amid rising Covid-19 cases in India and across the world wiped off nearly Rs 7.50 lakh crore from the domestic equity market. From microcaps to large caps, every segment of the market bore the brunt of bears. Metals were the most affected, while banks and IT stocks also came under selling pressure. BSE Sensex cracked 7.96 percent, or 2,713.41 points, to 31,390, while NSE Nifty index lost 7.61 percent, or 757.80 points, to 9,197. Some factors which may decide the stock market action on 17th March are: Read more

YES Bank to be dropped from Nifty 50 from March 19th March instead of 27th March

Monday, March 16, 2020
Troubled Yes Bank will be dropped from benchmark index Nifty 50, banking index Nifty bank and other Nifty indices from March 19, NSE Indices said on Monday. Earlier, the changes were scheduled to happen on March 27, NSE Indices, a subsidiary of the National Stock Exchange (NSE), said in a statement. However, in light of the recent developments relating to Yes Bank and its reconstruction scheme, NSE Indices' Index Maintenance Sub-Committee (IMSC) has decided to accelerate the removal of Yes Bank from Nifty 50 and Nifty Bank and also remove it from all Nifty equity indices from Thursday, March 19. Shree Cement will replace the private lender in Nifty 50 and in the Nifty bank index, Bandhan Bank will find a place. The troubled lender will also be removed from Nifty 100 and Nifty 500.

Indian exporters hard hit by the impact of Covid19 on global trade

Monday, March 16, 2020
With major economies of the world slipping into a 'near-halt' due to pandemic Covid19, exporters in India find themselves in a state of turmoil as trade in the country's top destinations is paralysed, making it imperative for an urgent relief measures for the exporting industries. Engineering exports for April -January 2019-20 to the US aggregated to $9.87 billion, followed by UAE ($3.58 billion), Germany ($2.56 billion) and UK ($2.26 billion). Other major destinations are China ($1.85 billion ), Italy ($1.65 billion), Republic of Korea ($1.62 billion) and France ($1.13 billion). "All these markets are in a grip of crisis due to Covid19. It is more disturbing that there is no clue so far how long the global health emergency would last", said the EEPC India chairman, impressing upon the government for urgent relief to exporters.

Blood bath in Dalal street: BSE Sensex nosedived 2713 points (8 %) to 31,390 levels while Nifty ended at 9,199, down 756 points (7.6 %)

Monday, March 16, 2020
Indian benchmark indices were trading over 8 percent lower, dragged down primarily by bank stocks, today, 16th, March as sell-off resumed after a day's halt. The uncertainty regarding the effect of the coronavirus epidemic kept investor sentiment in check even though the US Federal Reserve cut interest rates to near-zero on Sunday. RBI is expected to hold a media interaction at 4 PM today. It is widely expected that the central bank will cut rates and announce measures to boost sentiment. Read more

Monday morning disaster: Sensex plummets 1,800 points, Nifty below 9,500

Monday, March 16, 2020
Indian benchmark indices were trading over 5 percent lower today,16th March as sell-off resumed after a day's halt. The uncertainty regarding the effect of the coronavirus endemic continued to keep investors cautious. On Sunday, the US Federal Reserve cut interest rates to near-zero The S&P BSE Sensex was down 1,857 points, or 5.45 percent, at 32,340 levels. Index-heavyweight HDFC slipped over 7 percent after leading Friday's rebound rally. State Bank of India was also down over 6 percent after Friday's 13 percent up move. IndusInd Bank was down over 8 percent. In Asian market Stocks were slammed and the dollar battered after emergency rate cut in the United States. US stock futures plunged 4.8 percent to hit their down limit before daybreak in Singapore. Australia's benchmark stock index fell 7 percent in the first quarter-hour of the trade before paring some of the losses. Oil prices extended losses today, slumping by more than $1 a barrel, nearing $30 a barrel.

Indian equity markets ended a highly volatile session with significant gains:Sensex up 1,325 pts, Nifty tops 10,023

Friday, March 13, 2020
Indian equity markets ended an eventful and highly volatile session with significant gains today,13th March after posting a record intra-day recovery. The Nifty50 index was locked in a 10 percent lower circuit early morning, prompting a halt in trading for 45 minutes. However, once the markets re-opened, the headline indices Sensex and Nifty shot up as much as 5,381 points and 1,604 points, respectively, from their early morning lows. The volatility index surged over 24 percent during the session. Sensex closed 1,325 pts, or 4.04 percent, higher at 34,103 and the Nifty50 index a tad above 10,000 level at 10,023.65, up 433 points, or 4.54 percent. The rebound was led by banks with index heavyweights HDFC ending 10 percent lower while State Bank of India zoomed 14 percent. Reliance Industries was also up over 5 percent. In the end, 27 out of the 30 Sensex constituents ended the session in green. Read more

Why Nifty hit lower circuit

Friday, March 13, 2020
The Nifty50 index hit a 10 percent lower circuit today,13th March, bringing trading to a halt for a while. "Over the last few days, the Indian stock market has been moving in tandem with other global markets owing to concerns relating to Covid-19 pandemic, resultant fear of economic slowdown, recent fall in global crude oil prices, etc,” according to Sebi. Major factors are: 1. A rapidly spreading coronavirus took the first life in India as a 76-year-old man from Karnataka's Kalaburgi tested positive for Covid-19. 2. Oil prices fell on Friday for a third day, with Brent crude set for its biggest weekly drop since 1991 and US crude heading for the worst week since 2008 3. Foreign portfolio investors (FPIs) have dumped domestic shares worth nearly Rs 24,000 crore in March till now. 4. Global stock markets crashed ending their long bull run, with coronavirus panic selling hitting almost every asset class

Nifty hits 10% lower circuit:Trading halted

Friday, March 13, 2020
The Nifty50 index hit a 10 percent lower circuit today,13th March, bringing trading to a halt for 45 minutes as sell-off worsened in the Indian markets. Sensex tumbled over 3000 points, or 9.43 percent, at 29,690 levels. The markets will open for pre-open at 10:20 AM In Sensex, index heavyweights Kotak Mahindra Bank and Tata Consultancy Services tumbled over 14 percent each. Reliance was down 10 percent and the HDFC twins fell over 5 percent each.

Some factors which will contribute to stock market trends on Friday,13th March

Friday, March 13, 2020
After the worst intraday crash in the history of the Indian stock market, several analysts said the bearish trend is likely to continue, while investors looked drained of confidence to nibble even at the blue chips at attractive prices. The 2,919-point, or 8.18 percent, tumble in the Sensex wiped out around Rs 11.30 lakh crore in equity investors' wealth. And after an 868-point drop, Nifty was perilously poised at its key support at 9,500, below which it may plumb a bottom anywhere between 8,600 and 8,100. RBI announces $2 billion money shot: The Reserve Bank of India on Thursday made its first decisive move to counter the coronavirus-triggered market volatility by opening a US dollar–Indian Rupee swap window of $2 billion. Read more

SBI approves purchase of 725cr shares of Yes Bank

Thursday, March 12, 2020
SBI Executive Committee of Central Board (ECCB) has approved the purchase of 725cr shares in Yes Bank at Rs10/share. SBI's shareholding in Yes Bank will remain within 49% of the paid-up capital of Yes Bank. According to the draft reconstruction plan, SBI was to be issued 245 crore shares at Rs 10 per share for Rs 2,450 crore Yes Bank Ltd ended at Rs25.05, down by Rs3.75 or 13.02% from its previous closing of Rs28.80 on the BSE. The scrip opened at Rs28.70 and touched a high and low of Rs28.70.State Bank of India ended at Rs212.50, down by Rs32.45 or 13.23% from its previous closing of Rs245.10 on the BSE. The scrip opened at Rs231.90 and touched a high and low of Rs231.90.

Closing Bell: Sensex logs worst fall in history crashes 2,919 points; Nifty below 9,600

Thursday, March 12, 2020
Coronavirus pandemic triggers 2919 points or 8.18% Sensex fall at 32,778.14. while Nifty was down 825.30 points or 8.30% at 9590.15. The carnage on Dalal Street had eroded investor wealth worth over Rs 11 trillion in the stock markets today. Overall, the Indian market posted its biggest one-day fall in history. About 216 shares have advanced, 2203 shares declined, and 102 shares are unchanged. All the stocks on Nifty50 and BSE Sensex ended in the red, while BPCL, UPL, Yes Bank, Vedanta, RIL, HDFC Bank, HDFC and GAIL were among major losers on the Nifty and Sensex. Besides, State Bank of India, Axis Bank, ITC, and ONGC all slid over 13 per cent each. Nifty PSU Bank index slipped over 12 per cent, metal, IT and Pharma down over 8 per cent each.

Nifty enters bear market, slips below 10,000;Sensex cracks over 2,900 points

Thursday, March 12, 2020
It was a ocean of red for Asian markets at the open. Indian markets opened also on a similar note. Declaration by WHO coronavirus as ‘Pandemic’triggered travel bans globally which sent shock waves across financial and commodity markets. US President Donald Trump's much-awaited speech at Oval Office could not allay investor concerns, as US stock futures tumbled 4 percent early on 12th March(Thursday), in addition to a near 6 percent slide in US stocks overnight, setting up the stage for a terrifying start for domestic indices. In the closing trades, the BSE Sensex cracked 2,919 points i.e. 8.1 percent, to 32,778.14. Nifty50 entered in to bear market, falling over 20 percent from the recent high. Read more

Market crash may force Indian barons to sell their crown jewels

Wednesday, March 11, 2020
India’s cash-strapped barons may have to be ready for more yard sales of their crown jewels as stock volatility and ongoing credit market uncertainty pressure their ability to pay loans.Indian business leaders often take against the backing of their main assets - stakes in their listed firms. The value of such pledged shares has shrunk as the coronavirus outbreak triggered a sell-off globally. That’s placing more pressure on these barons looking to refinance. Founders at 811 Indian companies have pledged shares worth 1.8 trillion rupees ($24.4 billion) as collateral, according to Bombay Stock Exchange data. Read more

Closing Bell: Sensex gains 62 points and Nifty at 10458.40

Wednesday, March 11, 2020
At the close Sensex was up 62 points, or 0.18 per cent, at 35697.40 levels while the broader Nifty50 index hovered around 10458.40 levels. RIL, Yes Bank were among the gainers. About 1050 shares have advanced, 1427 shares declined, and 166 shares are unchanged. The S&P BSE MidCap index ended at 13,433, down 0.9 per cent while the S&P BSE SmallCap index ended over 0.36 per cent lower at 12,725 levels. PSU banks, realty, metal and auto stocks witnessed declines while media stocks rallied.

Market update:Indices give up gains

Wednesday, March 11, 2020
Benchmark indices were trading volatile today(11th March), with the volatility index, India VIX, surging 7 percent. The S&P BSE Sensex slipped 67 points, to 35,570 levels. Tata Steel and Infosys (both down 3%) were the top laggards in the Sensex pack. On the other hand, Reliance Industries was up 4 percent. The broader Nifty50 index hovered around 10,400 levels, down 64 points, or 0.6 percent. The majority of the Nifty sectoral indices were trading in the green. Nifty Bank, Nifty PSU Bank, and Nifty Private Bank indexes were all up over 1 percent each. On the other hand, the Nifty IT index slipped 2 percent. Read more

A sucker market rally is ahead ? caution required

Wednesday, March 11, 2020
For seasoned investors, a battered stock market is a hunting ground to scout for the next winning bet. A sharp rebound might be in the offing with heads of states and central bankers scampering to talk up the market after Monday’s carnage. But the experienced traders are more likely to stay clear of such a ‘sucker rally’(A sucker rally is a bounce in an overall market downtrend usually driven by investors’ enthusiasm to lap up falling stocks) Read more

Crude oil price dips as Saudi, Russia fail to reach deal over supply cuts

Tuesday, March 10, 2020
A standoff between Saudi Arabia and Russia over crude oil supply cuts saw international prices record one of their worst single-day dips in about three decades. Though this could help the Indian economy, the fall could accentuate global distress. At one point, Brent crude price was seen at a session low of $31 a barrel, down about 30 percent, though it recovered later in the day to $35.60. Indian consumers could gain from lower petroleum product prices, though a lot depends on whether the government makes use of the window to shore up its revenues and increases excise duty. Any duty hike would prevent the full benefit from accruing to consumers.

Wall Street rebounded as investors pinned their hopes on policy easing by major central banks

Tuesday, March 10, 2020
Wall Street rebounded on 10th March (Tuesday) as investors pinned their hopes on policy easing by major central banks after global markets plummeted in the previous session on fears of a coronavirus-driven recession. Traders now expect the Federal Reserve to cut interest rates for a second time this month, with President Donald Trump adding pressure to bring U.S. rates down to the level of "competitor nations". After strong gains at the open, all three indexes briefly traded in the red, as investors weighed the effectiveness of additional monetary stimulus to combat the virus outbreak. The indexes quickly reversed course to trade higher again as a report said the Trump administration had discussed a 90-day payroll tax suspension. The utilities and consumer staples commonly considered bond proxies were among the biggest decliners, after showing resilience in Monday's rout. Rate-sensitive financial stocks firmed 1.2 percent as US Treasury yields bounced off record lows.

Good time to buy for long term !

Tuesday, March 10, 2020
9th March mayhem marked the biggest crash in Sensex history.BSE Sensex ended 1942 points lower at 35,635 while the NSE Nifty settled at 10,451, down 538 points. The stocks crash wiped out Rs 6.50 lakh crore of equity investors' wealth. Why the crash? Deepening fears about the spread of coronavirus and a crash in crude oil prices gave ammunition to the bears to push the domestic equity indices lower in Mumbai trading. Heavy selling by foreign investors and doubts over stability in Indian financial systems following the crisis at India’s fifth-largest private lender YES Bank also dampened the mood. Analysts see the oil price crash is largely negative for India despite it depending heavily on imports. Read more

Pennar Industries gets orders worth Rs550cr

Monday, March 9, 2020
Pennar Industries one of the Value-added engineering products and solutions company on March 9 said it has captured orders worth Rs550cr last month from companies like Adani, L&T and Ashok Leyland. The company's pre-engineered buildings division received orders for manufacturing plants, an airport terminal, solar mounting structures and warehouses from companies such as MRF, Mega Wide – GMR Goa Airport, Azure Power, Saffron Grid, TVS ILP, and Indus Project. The railway division and the steel division received orders from SAIL Rites, Integrated Coach Factory, Universal Engineering, Adani and L&T respectively. The industrial component division of Pennar Industries received orders from Emerson, Endurance, Tecumseh, INEL, Yamaha, Ashok Leyland, IFB, WABCO, Firestone and others, the company added.

Closing Bell: Sensex dips 1942 points and Nifty at 10451.45

Monday, March 9, 2020
Sensex hits 15 months low, sink over 1942 points or 5.17% at 35634.95, while Nifty was down 538.00 points or 4.90% at 10451.50. About 355 shares have advanced, 2146 shares declined, and 168 shares are unchanged. ONGC, Vedanta, Reliance Industries, Zee Entertainment and IndusInd Bank were among major losers on the Nifty, while gainers included Yes Bank, BPCL, Bharti Infratel and Eicher Motors. BSE MidCap index down 506 points, or 4.6 per cent, and the S&P BSE SmallCap index was down 592 points, or 5.5 per cent. All the Nifty sectoral indices were in the red. Nifty Metal index, down 4 per cent, bled the most.

India’s crypto currency:What next after the Supreme Court’s judgment

Sunday, March 8, 2020
On March 6 the Supreme Court of India struck down the Reserve Bank of India’s (RBI) ban on financial institutions providing banking services to cryptocurrency businesses. However, the decision is not final, and embedded in the text of the judgment are multiple red flags. In addition, a draft bill to ban cryptocurrencies, released on Feb. 28, 2019, could still move through Parliament. The partial court victory and the possibility of legislation moving forward mean that crypto’s legal status in India remains vulnerable, experts opined. However the court verdict will reduce friction for crypto startups, attract funding, and boost innovation, the lack of clarity on the legality of the technology can open a new front. Getting a regulator that can set things in motion is a challenge to be addressed soon.

Yes Bank Fiasco-Indian banks are well capitalised, no reason to worry: CEA Subramanian

Sunday, March 8, 2020
In the wake of Yes Bank fiasco, Chief Economic Adviser Krishnamurthy Subramanian on Sunday said Indian banks are well capitalised and there is no reason to worry. He further said that it is a wrong method to assess a lender's health based on the ratio of deposit to m-cap (market capitalisation). Read more

Dalal Street Week Ahead: Nifty likely to attempt technical rebound in truncated week

Sunday, March 8, 2020
The scare of a global economic slowdown following the outbreak of coronavirus saw world markets take a severe knock, and Indian equities were not spared. While trading on anticipated lines, the Indian equity market saw a volatile week wherein the headline Nifty index moved in the range of 606 points. Read more

Govt to sell 100% stake in BPCL; PSUs kept out

Sunday, March 8, 2020
The government on 7th March invited bids for a majority stake in Bharat Petroleum Corp Ltd (BPCL). Private companies with a net worth of over $10 billion (Rs 74,000 crore) will be eligible to bid by May 2. The government stake of 52.98 percent in BPCL is valued at around Rs 46,300 crore. This sale is key to meeting the government’s disinvestment target of Rs 2.1 trillion in the financial year 2020-21. So far, the disinvestment exercise has fetched the government Rs 34,845 crore during the current financial year. The Department of Investment and Public Asset Management made it clear that none of the PSUs will be allowed to participate in the proposed stake sale. The stake gives buyers ready access to 14 percent of India's oil refining capacity and about one-fifth of the fuel market share in the world's fastest-growing energy market. Mining baron Anil Agarwal of Vedanta who was among the first to show interest in bidding for BPCL, says valuation of the firm is too high.

SBI can invest up to Rs 10,000 cr in Yes Bank for its bailout and revival

Saturday, March 7, 2020
SBI chairman Rajnish Kumar said the survival of Yes Bank was of utmost importance, adding that failure would have huge consequences for the Indian economy. Assuming that YES Bank issues 20,000 million shares at Rs 10 each (face value: Rs 2), the total capital raised will be Rs 20,000 crore. And for a 49 percent stake, SBI will need to put in about Rs 10,000 crore, Kumar told the media elaborating on plans for an RBI-initiated reconstruction roadmap.SBI's investment quantum would be determined by the interest shown by other investors and YES Bank's total capital requirement. Kumar said many potential investors evinced interest in YES Bank after seeing RBI's draft scheme and have also approached SBI. It is worth mentioning here that YES Bank has a strong retail franchise and a robust technology platform.

South Korea`s central bank burns, quarantines cash in coronavirus precaution

Friday, March 6, 2020
South Korea's central bank quarantines cash for two weeks to remove any traces of coronavirus given that the virus usually dies out after nine days and even burning some as part of efforts to stem the outbreak. The Bank of Korea (BOK) said it is also putting currency notes through a high-heat "laundering" process, heating notes to 150 degrees Celsius for two to three seconds, then keeping them at 42 degrees after packaging, before releasing them for circulation. By early Friday, South Korea had confirmed 196 new cases infected by the coronavirus and a total of 6,284, leading almost 100 countries to impose restrictions on South Korean travellers

Sensex recovers 565 points from day's low,Nifty ends at 10989.45, Yes Bank falls 55%

Friday, March 6, 2020
Virus concerns and Yes Bank drag Sensex 894 pts lower or 2.32% at 37,576.62, and the Nifty was down 279.50 points or 2.48% at 10,989.50. About 538 shares have advanced, 1875 shares declined, and 125 shares are unchanged. All the Nifty sectoral indices ended in the red. Nifty PSU Bank, Nifty Private Bank, Nifty Metal, and Nifty Bank indexes were all down over 4 per cent each. Tata Motors, Zee Entertainment, Tata Steel, SBI and IndusInd Bank were among major losers on the Nifty, while gainers were Bajaj Auto, Maruti Suzuki, GAIL, and Asian Paints.

Yes Bank under moratorium; withdrawals limited to Rs 50,000-shares may see sharp fall

Friday, March 6, 2020
The government on 5th March placed Yes Bank under moratorium till April 3, as the RBI capped depositor withdrawals at Rs 50,000 and superseded the troubled private lender's board. Also, RBI appointed Prashant Kumar, a former deputy managing director, and chief financial officer of SBI, as administrator for Yes Bank. The central bank has promised to come up with a credible restructuring plan in the next few days that may involve merging it with another lender. RBI also assured the depositors of the bank that their interest will be fully protected and there was no need to panic. Meanwhile, YES Bank’s net banking facility could not be accessed on Thursday evening. Shares of YES Bank NSE 25.60 % are likely to open sharply lower on 6th March as the consequence.

Nifty continues to sees sell on every rise

Thursday, March 5, 2020
Nifty50 on 5th March could not hold intraday gains, as it fell 120 points from day’s high to end marginally higher. The index formed a Bearish Candle on the daily chart, as the consolidation process continued. “Nifty not showing any sustainable upside bounce from the support is not a good sign. This current ‘sell on rise’ pattern could eventually result in a sharp downside breakout of the support a 11,100 level over time,” experts opined. Some experts feel that Nifty is to tumble towards the recent low of 11,036 and the downside potential remains intact as long as Nifty trades below the near-term resistance zone at 11,400-11,433. “The immediate support for Nifty stood in the 11,180-11,075 zone. The immediate resistance is seen in the 11340-11240 range," according to some technical Analyst

YES Bank zooms 29% on deal buzz by SBI

Thursday, March 5, 2020
Shares of State Bank of India (SBI) slipped over 5 per cent in the intra-day trade on Thursday after news agency Bloomberg reported that the Government has asked SBI to form a consortium for stake purchase of the Yes Bank. The stock, however, reversed all its losses later and turned green. While on the other hand Shares of YES Bank spiked over 29 per cent and ended at Rs.36.80. YES Bank has so far failed to bring a strategic investor. Reports recently suggested that the private bank had approached mutual funds for raising fresh equity capital worth $300-$500 million. It also had to postpone its December 2019 quarter results as it was in talks with potential investors for raising equity capital.

Closing Bell: Indices off day's highs, Sensex turns flat

Thursday, March 5, 2020
Sensex ends over 400 pts off day's highs and at the close, the Sensex was up 61.13 points at 38,470.61, and the Nifty was up 18 points at 11,269. About 1160 shares have advanced, 1217 shares declined, and 167 shares are unchanged. Reliance, ICICI Bank fall. Yes Bank zooms 27% on SBI stake buy buzz. Yes Bank, Eicher Motors, Kotak Mahindra Bank, HCL Tech and TCS were among major gainers on the Nifty, while losers were Zee Entertainment, Hindalco, Bharti Infratel, Vedanta and Reliance Industries. The metal ended lower while buying seen in the selected pharma, FMCG and PSU bank stocks. Midcap and Smallcap indices ended marginally higher.

Merger of 10 banks into 4 from April1

Thursday, March 5, 2020
The government on 4th March approved the amalgamation of 10 state-owned banks into four, putting to rest any doubts about a possible delay in the process from 1st April 2020, the balance sheets as well as stocks of these banks will be integrated, according to the scheme of amalgamation approved by the Union Cabinet. Punjab National Bank (PNB), Oriental Bank of Commerce, and United Bank of India will combine to form the nation’s second-largest lender. Canara Bank will take over Syndicate Bank; Union Bank of India is planned to be amalgamated with Andhra Bank and Corporation Bank, and Indian Bank will subsume Allahabad Bank. “Businesses and industry will benefit through an increased lending capacity, with the regulatory ceiling for lending to individual borrowers increasing by over Rs 1,500 crore to Rs 3,000 crore,” according to finance ministry and with this, the banks would be able to support specialised loan products, such as supply chain financing and cash management services.

Indian Stock market: 5th March-Nifty to stay volatile; holding 11,000 level key for bulls

Wednesday, March 4, 2020
In a highly volatile session on Wednesday,4th March the stock market slipped back into the red.NSE Nifty made a tepid start and traded in a capped range in the morning trade. However, the bears made a comeback, as the headline index slipped below the 11,100 level. After recovering over 160 points from the day’s low in the last hour of the session, the 50-stock pack settled 52.30 points or 0.46 percent at 11,251. On 5th March, the expiry of weekly derivatives will dominate the session. As expected, Nifty is consolidating in volatile moves and is struggling to find a bottom. As of now, the index has stayed above the double bottom pattern support in the 11,050-11,100 zone. Experts expect the market to continue to consolidate with limited upsides. The trading range is also unlikely to let volatility come down significantly. Thursday’s session is likely to see a shaky start with 11,290 and 11,315 levels acting as resistance. The support is expected to come in at 11,190 and 11,100.

Equity market came under heavy selling pressure again: Sensex slips 214 pts, Nifty ends at 11,251

Wednesday, March 4, 2020
The equity market once again came under heavy selling pressure on 4th March. Benchmark indices tumbled around 2 percent during the day; however, they witnessed sharp recovery towards the end of the session, but still ended in the negative. The S&P BSE Sensex settled at 38,409, down 214 points or 0.55 percent. Of 30 stocks, 13 advanced while 17 declined.NSE's Nifty50 ended above 11,200 level at 11,251, down 52 points or 0.46 percent. 28 out of 50 stocks ended in the red and rest 22 in the green. Market breadth remained in favour of sellers as out of 2,534 companies traded on the BSE, 1,706 declined and 696 gained while 132 remained unchanged. Asian shares struggled to find their footing and bonds held stunning gains, as an emergency rate cut from the US Federal Reserve seemed to stoke rather than soothe fears over the coronavirus’s widening global economic fallout. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 percent.

Government to allow NRI`s to acquire 100% stake in Air India

Wednesday, March 4, 2020
The Cabinet on Wednesday approved the proposal to allow non-resident Indians (NRIs) to acquire 100% stake in national carrier Air India. NRIs who are Indian nationals will get permission to invest in Air India. This will pave the way for fresh investments. Passengers will continue to get better and better services and it will also improve the business environment. The administration of Narendra Modi has made India a very attractive destination for foreign investment. The government said the successful bidder will need to absorb just ₹23,286.5 crores of debt while the rest, about ₹56,334 crores, will be transferred to a special purpose vehicle - Air India Assets Holding Ltd. Air India operates 98 destinations, including 42 spots overseas. It has 121 aircraft of which it owns 32 while the rest are leased. It has 9,426 permanent workers, 4,201 contract employees and over 2,867 employees who are on deputation from other companies as on 1 November.

Closing Bell: Sensex ends 214 points and Nifty below 11300

Wednesday, March 4, 2020
Sensex rebounds 563 points from days low, still ends at 214 points lower. Nifty ends below 11,300. Pharma stocks gain and IT and energy all other sectoral indices ended in the red.small-caps tank 2%. About 694 shares have advanced, 1673 shares declined, and 129 shares are unchanged. Cipla, Dr Reddy’s Labs, Power Grid, Sun Pharma and GAIL were among major gainers on the Nifty, while losers were Yes Bank, Eicher Motors, Bajaj Finance, Tata Motors and ITC.

A Bill to provide more powers to RBI for regulating co-operative banks introduced in the Lok Sabha

Wednesday, March 4, 2020
A Bill to provide more powers to RBIfor regulating co-operative banks was introduced by Finance Minister Nirmala Sitharaman in the Lok Sabha on Tuesday. The Banking Regulation (Amendment) Bill, 2020, which comes in the backdrop of Punjab and Maharashtra Co-operative Bank scam, seeks to strengthen co-operative banks by increasing professionalism, enabling access to capital, improving governance and ensuring sound banking through the RBI. The Bill was introduced in the Lok Sabha amid the din, with Sitharaman saying if the opposition wants to deny the small depositors their rights then “it is a shame”. The proposed law seeks to enforce banking regulation guidelines of the RBI in cooperative banks, while administrative issues will still be guided by the Registrar of Cooperative.

RBI Governor sees room to cut rates as coronavirus dents growth

Wednesday, March 4, 2020
RBI Governor Shaktikanta Das in an interview with Bloomberg News in Mumbai just before finance ministers and central bank chiefs from the G-7 economies were scheduled to discuss policy options, said: “there is a strong reason for coordinated policy action.” For India, options include a rate cut and supporting the market through liquidity measures, he said. We’re ready for a response if the situation requires,” Das said.“I think the G-7 countries are having a conference. And going forward, in the near future, I do expect some discussion through video conference or telephone conference among the central banks of the large economies, including India.”

OPEC to try to arrest global oil price plunge amid slowdown due to Coronavirus

Tuesday, March 3, 2020
At the last meeting of OPEC in December, the producers agreed to cut production by 500,000 barrels per day, with Saudi Arabia offering a further 400,000 barrels of "voluntary" cuts. Prices were under pressure at that point from abundant reserves and weak global growth. The cuts announced in December initially had the desired effect of an uptick in prices but the outbreak of Coronavirus has since sent them plunging back down again. The OPEC meets on5th March (Thursday) in Vienna to analyse how to react to a sharp drop in global oil demand due to the outbreak of the coronavirus. The extraordinary two-day meeting will see OPEC, led by Saudi Arabia, and its allies in the so-called OPEC+ group -- foremost among them Russia -- discuss how to halt the sharp fall in oil prices in the past two months as the epidemic has spread.

GOI disinvestment target for FY20 may fall short by Rs 10,000 crore

Tuesday, March 3, 2020
The Centre is unlikely to meet its 2019-20 revised divestment target of Rs 65,000 crore because of bearish market conditions, according to official sources. With a number of offers for sale (OFS) such as NMDC, SAIL, PFC, Coal India, IRCON and Hindustan Aeronautics planned for March getting deferred, the divestment target could fall short by close to Rs 10,000 crore, government estimates suggest. The only transactions expected to go through by March 31 are the acquisition of THDC and NEEPCO by NTPC, the planned initial public offering of IRFC, and some buybacks by PSUs, it’s learned. The finmin is expecting about Rs 15,000 crore from NTPC’s acquisition of THDC and NEEPCO, and about Rs 5,000 crore from the planned IPO of IRFC, besides some buybacks.So far, the Department of Investment and Public Asset Management has mopped up about Rs 35,000 crore. The above transactions will take the disinvestment proceeds to around Rs 55,000 crore, which will be Rs 10,000-crore short of the RE.

Closing Bell: Sensex bounces post 7-day losing streak, gains 480 pts

Tuesday, March 3, 2020
RBI comment lifts Sensex 480 pts and ends at 38623.70 ending 7-day market rout. Nifty tops 11303.30. About 1230 shares have advanced, 1138 shares declined, and 149 shares are unchanged. Vedanta, Hindalco, Sun Pharma, Tata Steel and Zee Entertainment were among major gainers on the Nifty, while losers include Bajaj Auto, Yes Bank and ITC. Shares of pharmaceutical companies were in focus with the S&P BSE Healthcare index gaining more than 2 per cent on the BSE on Tuesday. All the sectoral indices ended higher. The BSE Midcap and Smallcap indices ended with a per cent gain.

Coronavirus impact: OECD slashes India's FY21 growth forecast to 5.1%

Tuesday, March 3, 2020
The Organisation for Economic Cooperation and Development (OECD) Yesterday (2-3-2020) lowered India’s GDP growth forecast to 5.1 percent, from its earlier projection of 6.2 percent, for 2020 on concerns over the impact of deadly coronavirus on the domestic as well as the global economy. According to the latest OECD Forecasts, India’s real GDP growth is expected at 5.1 percent during the fiscal year starting April 1, 2020, and improve to 5.6 percent in the following year. The latest projection for 2020-21 is 1.1 percentage points lower than the November 2019 forecast. The OECD has projected India’s growth at 4.9 percent for the financial year ending March 2020. As per the report Global economic growth will sink to levels not seen in over a decade as the coronavirus outbreak hammers demand and supply, challenging central banks and governments to respond to a fast-changing situation, according to the OECD.

Government panel lists essential drugs that can run out due to Covid-19 impact

Tuesday, March 3, 2020
A government committee has identified various essential drugs including key antibiotics such as amoxicillin, moxifloxacin, doxycycline and TB drug rifampicin that could run out as supplies of bulk raw materials from China have been disrupted because of Covid-19 outbreak. A high-level government committee, which submitted its report to the Department of Pharmaceuticals (DoP) last week, reviewed 54 drugs and said that out of these, 34 have no alternative.

MARKET TODAY: Indices volatile, Sensex in up trend

Tuesday, March 3, 2020
On Monday,2nd March the traders hit the sell button during the last hour of the session after two new COVID-19 cases were detected in Delhi and Telangana. Today after logging gap-up opening on Tuesday, benchmark indices turned volatile and erased most of the early morning gains. The benchmark S&P BSE Sensex was off opening highs and was trading 150 points higher at 38,315 level. Sun Pharma (up over 5 percent), ONGC, HCL Tech, and ICICI Bank were the top gainers on the 30-share index. On the downside, Titan, HDFC Bank, and ITC were trading in the red, down up to 0.7 percent. On the NSE, the Nifty50 was hovering around 11,200-mark but was up 100 points. Sectorally, Nifty Metal and Pharma indices, up 2.6 and 2.3 percent, respectively, were the star performers on the NSE. All other sectoral indices were trading over a percent higher. In the broader market, the S&P BSE mid-cap index was up 0.92 percent, while the S&P BSE small-cap index was up 0.8 percent

Caution:Oversold Nifty may try to pull back!

Tuesday, March 3, 2020
NSE Nifty slumped for a seventh straight session on Monday, as market sentiment took a hit after two new coronavirus cases were confirmed in India. The domestic stock market made a positive start and the index moved past the 11,400 level in the early trade. However, the headline index reversed course in the second half and lost over 350 points in an hour. It finally settled 69 points or 0.62 percent lower at 11,132.75. The market on Tuesday is expected to try and find a temporary bottom. Fresh Covid-19 cases in India might fuel a negative sentiment in the beginning, but the oversold nature of Nifty on the short term charts will help in a technical pullback. The index is likely to stay volatile. Tuesday’s session is likely to see 11,165 and 11,255 levels act as resistance. Support may come in at 11,036 and 10,965.

Bandhan Bank: Negatives still outweigh positives

Tuesday, March 3, 2020
Last week, the RBI lifted the ban on Bandhan Bank opening new branches. and the bank now plans to open 250 branches by the end of 2020. While the news seems to have helped Bandhan’s stock, which is down 2.6 percent since last Tuesday versus 5.3 percent fall in Sensex, it is still down by over 22 percent year-to-date, thanks to concerns over slowing growth and asset quality. Even though the Gruh Finance acquisition gave it a head-start in expanding its non-MFI business, Bandhan seems to have hit air pocket since then. Share of non-MFI loans remained stagnant at 39 percent in Q3, indicating that other streams of businesses aren’t helping much yet. Moreover, promoters of Bandhan Bank have to reduce their stake to 40 percent from 61 percent implying that the supply of shares in the open market may remain high. If demand for the stock isn’t encouraging, the scope for a sharp rebound in its price remains muted. In short, the negatives still outweigh positives.

Coronavirus outbreak : Two new cases confirmed in India

Monday, March 2, 2020
India has detected two new coronavirus cases, one each in Delhi and Telangana on March 2 and confirmed cases in India reaches to 5. Both patients are stable and are being closely monitored, news agency ANI has reported. The person from Delhi had travelled to Italy, the Union Health Ministry said adding that he is being treated at the RML hospital in the national capital. The other person with coronavirus infection has a travel history to Dubai, the ministry added. Three days ago, Kerala's Health Minister, KK Shailaja had announced that three students who had earlier tested positive for coronavirus, have now been cured.

Why the Sensex has rallied today initially and will the up move sustainable

Monday, March 2, 2020
A drop of nearly 3 percent on Friday amid a global sell-off on coronavirus scare and fears that weak economic data from China over the weekend that could have sent the markets spiraling down further as they opened for trade today i.e.2nd March 2020. However, The S&P BSE Sensex, which hit a high of 39,083.17, up 786 points during the day, erased all its gains to settle at 38,144, down 153 points against Friday's close of 38,297.29. The over 600-point up move intra-day caught many by surprise. Thus it is confirmed that the markets over-reacted to the developments and sold-off in a panic mode on Friday. The rally on Monday, according to experts, could also be on account of short-covering. Most global markets suffered their worst weekly fall since the 2008 global financial crisis last week. The markets now seem to have realised that coronavirus may not be as bad a scare as it was made out to be. Another reason is the hope of a fiscal stimulus by global central banks to prop-up growth.

Closing Bell: Sensex falls 939 points from day's high and ends at 38144.02

Monday, March 2, 2020
Sensex ends 939 pts lower from day's high on fresh coronavirus cases and ends at 38144.02. Nifty below 11,132.75 level. Among sectors, except IT, all other indices are trading in the red, while BSE Midcap and Smallcap down a per cent each. SBI, RIL and L&T were among the top Sensex drags in the afternoon session.

Covid-19 impact: Indian companies stare at prospect of airlifting raw materials

Monday, March 2, 2020
The growing spread of COVID-19 and its impact on production in China have left Indian companies scrambling for options for getting the raw material. While airlifting raw materials from China is a measure that some firms are now considering, others are looking at neighboring countries such as Taiwan, Vietnam, and Thailand for their sourcing requirements. Categories where the pressure is felt the most include electronics, apparel, auto, and pharmaceuticals. Almost 70 percent of pharma raw material comes from China. And 18 percent of automobile components, 30 percent of tyres, and 45 percent of completely built units of consumer durables are imported from China.

India's GDP growth at 4.7% in Q3 of FY2020, marginal improvement over Q2

Saturday, February 29, 2020
India’s GDP growth in the October-December quarter of 2019 (Q3 of FY20) stood at 4.7 percent, as per the data released by the Central Statistics Office (CSO) on 28th Feb. The data also showed that projections for economic growth in FY2020 had been at 5 percent in the second advance estimates. The rate of the country’s economic growth had stood at a six-year low of 4.5 percent in the previous quarter (Q2) and 6.6 percent in the same quarter a year earlier (Q3 of FY19). India’s GDP growth in FY2019 had stood at 6.8 percent.

"Vivaad se Vishwas" golden opportunity to settle income tax disputes of demonetisation

Saturday, February 29, 2020
On 22nd Feb the I-T department issued advertisements on "Vivad Se Vishwas" scheme saying it as a "golden opportunity to settle income tax disputes" and bridge trust deficit. This tax litigation settlement scheme appears to have come as a blessing for those who came under scrutiny following demonetisation, as per the tax experts. The revenue department has issued notices to about 10,000 people seeking details on the source of income as it analyses data on deposits of canceled notes. It also went after certain “entry operators” that helped several companies generate fake invoices as part of the exercise. All these companies are opting for the settlement scheme under which there will be no interest or penalties levied if all the taxes are paid up. The biggest relief for the taxpayer is that there would be no future investigation or prosecution if they had deposited unaccounted money in bank accounts,” tax advisors say.

Indian Patent office rejects Google's application for wearable electronics

Saturday, February 29, 2020
The Indian Patent Office on Thursday rejected Google’s application on wearable electronic devices, observing that it lacks inventive steps and the use and method by which it is to be performed is not fully described incomplete specification. Google, in its patent specification, said that the invention comprises electronic devices provided in shoes or ankle bracelets. The patent application for ‘System and method for wearable electronic devices was filed in 2007. One of the objections raised by the patent office was that the claims lack inventive step as required under the Indian Patent Act, as the claims of the apparel being used as personal devices to transmit data and display them on a personal device, was already known as per the available documents. The claims relating to transmitting and receiving calls on a portable device worn the wrist are also known. There has also been a lack of proper specification and disclosure as required by the Act, the patents office said.

Investors lose Rs 11.4 trillion in 6 days:Selling overdone?

Saturday, February 29, 2020
Continuous selling for six sessions in the Indian markets in tune with global trends that have tumbled as coronavirus fears escalated has shaken investor confidence. Total investor wealth has dropped by Rs 11.4 trillion in the past six trading days to Rs 147 trillion, as per the exchange data. On 28th Feb 2020, the S&P BSE Sensex tumbled 3 percent, in intra-day deals to 38,565 levels. From a level of 41,323 on Wednesday, February 19, 2020, the index has tanked 6.7 percent in the past six trading days. There is more pain in store for global markets in the backdrop of the coronavirus scare. But it is widely felt that selling in the Indian markets has been overdone as the country has remained relatively immune to the pandemic till now. “Indian markets have been following the global trend and are better-off with the energy and commodity prices falling."If one is convinced about the long-term prospects, this is the time to buy fundamentally sound companies,” experts opined

SBI Card IPO to open on March 2, band fixed at Rs 750-755

Friday, February 28, 2020
The first big IPO of 2020 is also one of the most awaited. Top lender State Bank of India said the issue of SBI Cards will open for subscription on March 2 and close on March 5 and payment Services has been fixed in the price range of Rs 750-755 per share. The IPO comprises a fresh issue of Rs 500 crore, while the offer for sale would see the promoters offload 13 crore shares. At the higher end of the price band, the SBI Cards IPO is expected to raise around Rs 9,000 crore, making it the fifth-largest IPO so far. An employee discount of Rs 75 per share will be offered to eligible employees, said SBI in a regulatory filing on Tuesday. The bid lot for the IPO has been finalized to 19 shares and in multiples thereafter.

PFRDA looking forward to setting up a separate trust to manage pension funds of private sector employees:

Friday, February 28, 2020
India's pension regulatorPFRDA is looking forward to setting up a separate trust to manage pension funds of private sector employees and also to regulate all the current pension funds which do not come under any regulations. Separation of NPS Trust was required as there was some conflict of interest. PFRDA is the regulator and at the same time, also does a lot of works which NPS Trust should be doing, so there was overlapping. So these are now removed and now, the NPS Trust will be working as an independent body. it will be underPFRDA regulation but will independent for their daily activities of management of the funds. A separate trust for only private sector pension funds is suggested. Also in the amendment it is proposed that there can be more than one trust also. It may be so that we will have a different trust looking after the private sector funds. Today the structure is NPS Trust is looking after everything -- private and government sector both. All the funds are in one pool

Closing Bell: Bloodbath in D-Street, Sensex falls 1,448 pts, Nifty at 11,201

Friday, February 28, 2020
Sensex crashes 1,448 pts and Nifty ends at 11,201 on global sell-off that the coronavirus outbreak could turn into a pandemic and derail growth. India VIX spiked 32%. Tech Mahindra (down 5%), Tata Steel, Tata Finance, and HCL Tech (all down 4%) were the top losers in the Sensex pack. Nifty stocks traded in the red with Tata Motors, Vedanta falling 6 per cent each. All the sectoral indices slipped between 2 to 5 per cent. BSE Midcap and Smallcap indices down over 3 per cent each.

Coronavirus fallout recession fears:Worst week for global markets since 2008

Friday, February 28, 2020
Global share prices headed for the worst week since the world financial crisis in 2008 as investors braced for the coronavirus to become a pandemic and rapidly spread around the world. Hopes that the epidemic that started in China would be over in a few months and economic activity would return to normal have been shattered, as new infections reported around the world now surpass those in China. MSCI all country world index fell 3.3 per cent on Thursday to bring its losses so far this week to 8.8 per cent, on course for its biggest weekly decline since a 9.8 per cent plunge in November 2008. Wall Street shares led the rout as the S&P 500 fell 4.42 per cent, its largest percentage drop since August 2011. It has lost 12 per cent since hitting a record close on Feb. 19, marking its fastest correction ever in just six trading days while the Dow Jones Industrial Average fell 1,190.95 points, its biggest points drop ever.

Amazon enters India's food delivery biz

Friday, February 28, 2020
Amazon is all set to start its food delivery business in India from Bengaluru next month, as per a Economic Times report. The launch of the service, which would be offered as part of either Amazon’s Prime Now or Amazon Fresh platform, may happen almost in a month. Amazon will have to compete with estabished players such as Zomato and Swiggy. This will be a joint venture between Infosys cofounder NR Narayana Murthy’s Catamaran Ventures and Amazon India.Amazon's entry in the food delivery business comes at a time when Zomato and Swiggy have started cutting back on discounts.Last month, Bezos told the audience at an Amazon event in New Delhi that the company plans to invest $1 billion in India.

Gold shines since the outbreak of coronavirus

Thursday, February 27, 2020
Gold prices rise today as coronavirus outbreak spurs safe-haven demand. In the international market, gold is heading towards multi-year high levels now. Gold, which was hovering around $1,321 an ounce in January 2019, has already breached $1,600 per ounce in the past few sessions to a seven-year high. In domestic market, Gold April futures were trading Rs 241 or 0.57 per cent higher at Rs 42,745 per 10 grams, while the silver March futures were ruling at Rs 47,025 per kg, up to Rs 473 or 1.02 per cent on MCX. The year 2020 has so far been a golden one for gold and the rally is following one of the best years - 2019 - when global prices rose around 18 per cent and domestic prices rallied 24 per cent.

Closing Bell: Sensex recovers from day's low, down 143 points; Nifty above 11,600

Thursday, February 27, 2020
Sensex recovers from day's low and ends at 39745.66, still down 143 points, Nifty was down 45.20 points at 11633.30. About 842 shares have advanced, 1549 shares declined, and 157 shares are unchanged. Wipro, JSW Steel, Zee Entertainment, ONGC and IOC were among major losers on the Nifty, while gainers include Sun Pharma, Britannia, Titan Company, Grasim Industries and Axis Bank.BSE Midcap index fell 0.6 per cent, while the BSE Smallcap index shed nearly 1 per cent.

Closing Bell: Sensex and Nifty ends lower for 4th straight day on account of Coronavirus fears

Wednesday, February 26, 2020
The Sensex is down 392 points or 0.97% at 39888.96, and the Nifty ends below 11,700. About 823 shares have advanced, 1601 shares declined, and 142 shares are unchanged. Metal stocks lose shine. All the sectoral indices are trading in the red. BSE Midcap index fell 1.3 per cent, while the Smallcap index was down 0.8 per cent. Sun Pharma, Tata Motors, Maruti Suzuki, Infosys and L&T were among major losers on the Nifty, while gainers were Yes Bank, Bharti Infratel, SBI, Britannia Industries and HCL Tech.

IRCTC enters top-100 Market capitalisation league

Tuesday, February 25, 2020
As the stock zooms 99% in one month, Indian Railway Catering and Tourism Corporation (IRCTC) has entered the list of top 100 companies with the highest market capitalisation (m-cap). The scrip scaled its all-time high of Rs 1,995 on February 25 to long 522 per cent gain from the issue price. With an m-cap of Rs 31,744 crore at 12:05 pm, IRCTC stood at 96th position in the overall market capitalisation ranking, the BSE data shows. On its listing day, October 14, 2019, the company's m-cap stood at Rs 11,658 crore and was ranked 194th. The company had declared an interim dividend at the rate of Rs 10/- per share, which is 100 per cent of paid-up share capital. The stock already turned ex-date for dividend on Monday, February 24, 2020. IRCTC is a unique player and one of its kind in the market. The company is the sole provider of online tickets, catering services and packaged drinking water to Indian Railway passengers.

Closing Bell: Nifty ends at 11797.90 and Sensex at 40281.20

Tuesday, February 25, 2020
Nifty ends below 11,800, Sensex in the red at 40281.20 loses 82 points Sun Pharma, Eicher Motors top losers. Adani Gas, Lemon Tree drop 6% each Pharma stocks are down over 2 per cent.

Credit flow to real estate sector needs to improve: RBI Guv

Tuesday, February 25, 2020
Reserve Bank of India (RBI) Governor Shaktikanta Das on 24th Feb said that slowing credit offtake was one of the challenges facing Indian banks and credit flow to the real estate sector needed to improve. He said, "RBI proposes to take tematic studies across financial institutions, and top 50 Non-Banking Financial Companies (NBFCs) are also being monitored very closely. Amid a liquidity crunch following the crisis in IL&FS in 2018, it has become difficult for developers to real estate sectorraise construction finance, once considered the safest form of lending by banks and NBFCs. Reserve Bank Governor also asked banks to be prudent in lending and highlighted that the quality of appraisal is very important. He mentioned that the issue of governance in public and private sector banks is of utmost importance and the management of banks have a critical role to play in improving the governance.

Indo-US energy relations set to touch a new high

Monday, February 24, 2020
Under the Indo-US deal,India is to get a share in natural gas from the proposed Driftwood project in Louisiana,US. The $12 billion worth of annual crude oil imports to India along with a possible LNG deal are set to take the energy relations of India and the US to a new high. The energy ties between the two nations had improved after Donald Trump took over as President of US in 2017. Under the deal, India is to get a share in natural gas from the proposed Driftwood project in Louisiana. Petronet LNG had signed a deal with US’s Tellurian for the project last September. The over $2 billion the deal is likely to get final shape during the current visit of Trump.

Hero MotoCorp shares slip to over 5-year low of Rs 2,192

Monday, February 24, 2020
Hero MotoCorp (HMCL) one of The two-wheeler Company Shares slipped 12% in February to hit an over five-year low of Rs 2,192 on the BSE on Monday amid concerns that the volume weakness might continue in the next 2-3 quarters due to inventory correction with dealers and notable price increases as a result of the BSVI transition. The two-wheeler major's stock was trading at its lowest level since May 2014. Its production is likely to be impacted by around 10 per cent in February due to the ongoing issue of Coronavirus (Covid-19) in China that has affected the supply of some components to its manufacturing facilities in India The company has said the loss due to the ongoing issue of Coronavirus, if any, is not quantifiable and will depend on the developing situation in China.

Closing Bell: Market Slips and Sensex crashes 806 points and ends at 40363.23, Nifty ends below 11,850

Monday, February 24, 2020
Sensex cracked 1.96 per cent and ends at 40363.23 and Nifty tanked 2.08 per cent and ends at 11829.40in Monday’s trade as the spread of the coronavirus outside China darkened the outlook for world growth with infections and deaths rising in South Korea, Italy and the Middle East. Among the sectors, metals plunged over 5 per cent followed by the auto index which fell over 3 per cent. Tata Steel, Tata Motors, Maruti Suzuki, Vedanta and Hindalco Industries ended the session down between 4-6 per cent The 30-share index tumbled 831 points to hit a low of 40,322, while the 50-share Nifty index declined 261 points to 11,819.

Modification in Companies Act may allow Indian unlisted firms to list abroad

Monday, February 24, 2020
The government is considering an amendment to the Companies Act to allow unlisted Indian companies to list abroad, as per a Business Standard news. The Companies Amendment Bill is expected to be tabled in the ongoing Parliament session, with changes including decriminalisation and a reduced compliance burden. “We will specify the jurisdictions where Indian firms can list. They will be mature and compliant with the Financial Action Task Force,” as per a MCA official. Currently, Indian companies tap foreign capital mostly through American depository receipts (ADRs) or global depository receipts.The Ministry of Corporate Affairs (MCA) is also planning to introduce an enabling provision in the law to ensure large unlisted companies have to file quarterly results on the MCA21 portal.

Mega bank Merger Plan-Meeting the dead line of April 1 difficult task

Monday, February 24, 2020
In last August, the government announced the consolidation of ten public sector banks (PSBs) into four mega state-owned lenders.Chances of the merger becoming a reality beginning next fiscal year seems little unrealistic at the moment, as per a senior public sector bank official. Even after Cabinet approval to the proposed mega merger plan,fixation of share swap ratio, shareholders consent and other regulatory approvals are expected to take at least 30-45 days according to the official. Besides, regulatory nods, the Scheme of Amalgamation has to be laid before Parliament for 30 days for the perusal of the members. and the second-half of the Budget session is scheduled to start only on March 2. Bank unions are also opposing the move saying merger is not a solution to the banking sector problem and slowdown in economy.

Trump India visit

Monday, February 24, 2020
US President Donald Trump, along with First Lady Melania and daughter Ivanka, is on his maiden visit to India. He is scheduled to land at Ahmedabad’s Sardar Vallabhbhai Patel International Airport at 11:40 am, following which he will address the ‘Namaste Trump’ event at Motera stadium at 1 pm where he will be accompanied by Prime Minister Narendra Modi. The US President is also scheduled to visit the Taj Mahal today. On Day-2,he will visit samadhi of Mahatma Gandhi at Rajghat and then meet PM Narendra Modi at Hyderabad House and Exchange Agreements/ Press Statement. Then he will be meeting President Ram Nath Kovind at Rashtrapati Bhavan.At 10 PM he will be departing back to US.

Corona outbreak will not have impact on BS-VI transition: Ashok Leyland

Friday, February 21, 2020
Ashok Leyland,the company which is one of the leading players in the commercial vehicle segment, said it currently doesn't foresee the coronavirus outbreak affecting its plans for migration to BS-VI emission norms, although some of its component suppliers source parts from China. The commercial vehicle manufacturer, which on Friday delivered its BS-VI compliant modular platform vehicles to select customers, also said it doesn't see demand bouncing back in the first two quarters of next fiscal, the Ashok Leyland Chief Operating Officer Anuj Kathuria told.

Flipkart has filed a legal challenge against an antitrust investigation by CCI in India

Friday, February 21, 2020
The Competition Commission of India (CCI) in January ordered a probe into alleged violations of competition law and certain discounting practices by the two e-commerce giants, but a state court put the investigation on hold last week following a challenge by Amazon. Flipkart has filed the case in a court in Bangalore aggrieved by the CCI's probe order. In the case Flipkart argues that CCI ordered its probe without initial evidence that the company's practices were harming competition. The filing comes days ahead of U.S. President Donald Trump's visit to India, and amid U.S. concerns about India's tightening of foreign investment rules for the ecommerce sector.

Govt decided to save telecom firms, but no relaxation on AGR payment

Friday, February 21, 2020
A consensus seems to have emerged in the govt and the telecom firm on the need to save the financially stressed sector. The Union government is of the view that there can be a debate on the quantum of payment and penalty but not on the fact that the companies have to make the payments. Finance Ministry were looking at many steps to bring back the sector on track and that a ‘’monopoly’’ situation was not desirable. A telecom fund to give loans to operators is among the measures being discussed.

RBI's key recommendations for 5 year financial inclusion strategy

Friday, February 21, 2020
RBI released National Strategy for Financial Inclusion for five-year period. As per RBI statement access to formal finance can boost job creation, reduce vulnerability to economic shocks and increase investments in human capital. The Financial Inclusion Advisory Committee of the RBI — in consultation with the Centre,SEBI, IRDAI, and PFRDA— has recommended various ways in which the objective can be fulfilled.The key recommendations are 1.Access to fibacial servic providers in every village within a range of 5km 2.Every adult registered under PNDY should be enrolled in insurence,pension scheme 3.Public credit registry to be made fully operational by MArch 2022 4. Strenthening of digital finacial services to facilitate less cash society 5. Every new entrant should be given information on govt livelihood programme

Deal between Essel Group and Bharti Airtel for Dish TV called off

Thursday, February 20, 2020
The deal between Essel group, the promoters of direct-to-home (DTH)) company Dish TV, and Bharti Airtel has been called off due to differences over valuation. The promoters are now in talks with a global financial investor to pick up half their stake. The cash generated around Rs 2000 crores from such a sale islikely to be used as part of the plan by the Essel group to buy back 5 per cent in flagship company Zee Entertainment Enterprises (ZEEL) in the next 12 months.

The coronavirus outbreak in China will have a limited impact on India

Thursday, February 20, 2020
The coronavirus outbreak in China will have a limited impact on India but the global GDP and trade will definitely get affected due to the large size of the Chinese economy, RBI Governor Shaktikanta Das has said. The pharmaceutical and electronic manufacturing sectors in India are dependent on China for inputs and they may be impacted, Das told. Alternatives are being explored to overcome these issues, he said. For India, China is an important trading partner and policymakers both in the government and the monetary authority "are very watchful of the developments that are taking place," Mr Das said. He noted that the critical thing to be watched and monitored now is how quickly Chinese authorities are able to contain the problem. For India, he said, the important aspect is manufacturer should be able to quickly develop alternative sources.

TV18, Hathway and DEN to merge into Network18

Wednesday, February 19, 2020
The merger of the media and distribution arms of Reliance Industries viz. TV18, Hathway and DEN under the Network18 umbrella is a positive for shareholders of all four entities. Despite a common ownership, it was difficult to value the separately listed entities. With consolidation of cable distributors DEN Networks and Hathway Cable and Datacom, broadcaster TV18 under the holding company Network18 Media and Investments, the ‘sum of parts’ valuation is expected to be higher. The merged entity will rank among the top three Indian media companies.This move will improve decision-making and avoid overlaps across business functions. This will also help to generate synergies and improve operating efficiency of the combined entity. In addition to fine-tuning content deals within the group, the merger could lead to rationalisation of the 27,000 local cable operators with a base of 15 million households and 1 million broadband subscribers.

Vodafone Idea shares skyrocket 48% intraday

Wednesday, February 19, 2020
Vodafone Idea share price surged as much as 48 per cent intraday on February 19. As the government officials from the finance and the telecom ministry met today, they indicated doing all that is possible to retain at least three private players in the industry. Vodafone Idea on February 17 authorised an immediate payment of Rs 2,500 crore to the DoT as part payment of AGR dues and would pay another Rs 1,000 crore before the end of the week. Analysts suggest investors exit their investment in Vodafone Idea citing regulatory-related volatility and risks. Only short term trading could be done and investment should be avoided as of now

India to switch over to world's cleanest petrol and diesel from 1,April 2020

Wednesday, February 19, 2020
On 1st April,2020 India will join the select league of nations using petrol and diesel containing just 10 parts per million of sulphur as it looks to cut vehicular emissions that are said to be one of the reasons for the choking pollution in major cities. Sanjiv Singh, Chairman of IOC said almost all refineries began producing ultra-low sulphur BS-VI (equivalent to Euro-VI grade) petrol and diesel by the end of 2019 and oil companies have now undertaken the tedious task of replacing every drop of fuel in the country with the new one. India on 1st April,2020 leapfrogs straight to Euro-VI emission compliant fuels from Euro-IV grades now - a feat achieved in just three years and not seen in any of the large economies around the globe.

Closing Bell:Sensex and Nifty ends higher

Wednesday, February 19, 2020
Nifty ends at 12130.30, up 137.80 points (1.15%) Sensex at 41323.00 up 428.62 points (1.05%) Pharma stocks in focus. About 1499 shares have advanced, 982 shares declined, and 173 shares are unchanged. Aurobindo Pharma share price gains 19% on EIR from USFDA. Vodafone Idea up 39%. Bharti Infratel, Grasim Industries, Coal India, HUL and Zee Entertainment were among major gainers on the Nifty, while losers were Tata Motors, JSW Steel, Sun Pharma, TCS and Bharti Airtel.

64% of India will use internet by 2023

Wednesday, February 19, 2020
According to the annual internet report by Cisco,the global networking solutions provider, the percent of the population in the country using internet will be 64 per cent as compared to 29 per cent in 2018. This will be almost at par with the global average which is expected to be around 66 per cent by the same time. According to Cisco report, there will be 966 million total mobile users by 2023, comprising 68 per cent of Indian population, as compared to 56 per cent in 2018. While smart phones will account for 38 per cent of all networked devices by 2023, televisions will be the second most connected devices with a share of 12%.The report also noted that there will be 46.2 billion mobile applications downloaded by 2023 and the majority of such downloads will be of gaming applications as the report estimates around 10.5 billion such applications downloaded in 2023. Growing number of mobile users and low cost of data are seen as major reasons behind this surge.

US President Donald Trump raises doubts over India trade deal ahead of visit

Wednesday, February 19, 2020
US President Donald Trump is scheduled to visit India on February 24 and 25. We can have a trade deal with India. But I'm really saving the big deal for later," US President Donald Trump told reporters at Joint Base Andrews Tuesday afternoon (local time). In an apparent dissatisfaction over US-India trade ties, Trump said, "We're not treated very well by India." But he praised Prime Minister Narendra Modi and said he is looking forward to his visit to India. US Trade Representative Robert Lighthizer, the point-person for trade negotiations with India, is likely not accompanying Trump to India, sources said. However, officials have not ruled it out altogether.

India's 2019 PE/VC investmentsmake up 1.7% of GDP

Wednesday, February 19, 2020
VICA-EY’s latest report says that With PE/VC investments at 1.7 per cent of GDP, India is at the same level that China was last year.The Indian private equity and venture capital sector is beginning to show some co-relation with the global industry. India received $48 billion in PE/VC investments in 2019. This was 28 per cent higher than the previous high of 2018. Around $87.5 billion Out of a three year's total $111.7 billion have been in the form of primary capital contributing towards job creation, capacity addition, investments in technology and infrastructure. PE/VC investments have emerged as a major source of FDI in India over the past three years accounting for 64 per cent of total inflows received in the past three financial years.

Closing Bell: Sensex and Nifty ends lower for 4th straight day

Tuesday, February 18, 2020
Sensex falls for 4th day and ends at 40894.38 down 161 pts; Nifty ends below 11992.50; down 53.30 points. Except IT, all other sectoral indices are traded in the red. BSE Midcap and Smallcap indices down 0.5 per cent each. Zee Entertainment, Coal India, BPCL, GAIL and Eicher Motors were among major gainers on the Nifty. Bharti Infratel, Yes Bank top losers. About 884 shares have advanced, 1570 shares declined, and 152 shares are unchanged.

Bharti Airtel pays Rs10,000cr to govt towards AGR dues

Monday, February 17, 2020
Telecom Operator Bharti Airtel paid Rs 10,000 crore to the government towards adjusted gross revenue (AGR) liability. Further, the telecom company said as much as Rs9,500cr has been paid on behalf of Bharti Airtel (including Telenor India which merged with the company), and another Rs500cr for Bharti Hexacom. The telecom company added that it is completing its self-assessment “expeditiously” and will pay before the next hearing of Supreme Court -which so far has been listed for March 17. The telecom companies had filed a plea in the top court to allow them to engage with the DoT for verifying the amount and deciding the payment modalities. Bharti Airtel has already raised $3 billion (around Rs 21,000 crore) in January to pay AGR dues. The remaining Rs 13,000 crore could be funded by bank loans.

Closing Bell: Sensex and Nifty ends lower for 3rd straight day

Monday, February 17, 2020
Sensex falls for 3rd day, down 202 pts; Nifty ends below 12,050; down 67.70 points PSU bank, pharma stocks bleed. About 832 shares have advanced, 1684 shares declined, and 161 shares are unchanged. Yes Bank, Coal India, GAIL, ONGC and Hero MotoCorp were among major losers on the Nifty, while gainers were Titan Company, Nestle, TCS, Tata Steel and Vedanta.

AGR dues: Public sector companies with telecom licence also asked to pay

Sunday, February 16, 2020
In a blow to Bharti Airtel and Vodafone Idea, the Supreme Court on 14th Feb rejected their plea seeking a staggered option for paying dues linked to adjusted gross revenue (AGR). Vodafone Idea announced on 15th Feb that it would pay its AGR dues to the government in the next few days in line with the Supreme Court order. Now the public sector companies that hold telecom licence primarily for their own network also received a letter by DOT, issued following Friday’s Supreme Court order, to pay their dues immediately. Oil India has to pay Rs 48,000 crore as AGR dues.GAIL has been asked to pay Rs 1.72 trillion, nearly four times its net worth of ~44,092 crore, and nearly three times its revenue. Power Grid has been asked to shell out nearly ~22,170 crore. This is almost equivalent to its revenue and over three times its net profit. Thus the outgo from these companies could not only wipe out their surplus but create distress in other sectors also.

Facebook CEO Mark Zuckerberg accepts to pay more tax in different places

Friday, February 14, 2020
Facebook Chief Executive Mark Zuckerberg accepts that social networking company may have to pay more taxes in different countries. Cross-border tax rules are set to be rewritten after 137 states sought last month to avoid a new trade war over the global multiplication of taxes on digital services. "I understand that there's frustration about how tech companies are taxed in Europe. We also want tax reform and I'm glad the OECD is looking at this." Government officials agreed to negotiate new rules for where tax should be paid and what share of profit should be taxed when big digital and other consumer-facing businesses do not have a physical presence in the market, the Organisation for Economic Co-operation and Development (OECD) said last month.

Rising ticket sales: Happy story of Indian cinema

Friday, February 14, 2020
The top hit bollywood movies like Total Dhamaal,Gully Boy,Housefull 4,Mission Mangal,Bharat,Uri,Kabir Singh, War mopped up around 2557 crores in the box offices during 2019.Other language films also made fairly well during the year though Indian economy as a whole is in a slowdown phase. Indians bought 1.03 billion movie tickets, spending Rs 10,948 crore last year, an increase of 11.6 per cent over 2018. In 2019, there were some green shoots of rising ticket sales in the results for India’s major multiplex chains. This round of box-office growth is led by growth in the underlying factor that matters most – more people watching films. This trend is likely to continue going by the factors that underpin this growth. On an overall basis language is becoming more important.Many of the top 10 movies are more multilingual.Content is reported to be most important factor for the success and hence while star-led films naturally get a better opening, their staying power depends on the story

TVS Motor Company makes investment in Scienaptic Systems Inc.

Thursday, February 13, 2020
TVS Motor Company makes the further investment 609,358 shares, consisting of 587,053 ordinary shares and 22,305 series A preferred stock for USD 1,950,000 (approx.) in Scienaptic Systems Inc. through its wholly-owned subsidiary, TVS Motor (Singapore)

US suspends GSP benefits to Indian exporters

Thursday, February 13, 2020
GSP is America's oldest preferential trade scheme, which offered Indian exporters tariff-free access to the US on the criteria of a developing country having less than 0.5 per cent share of global trade. India crossed the limit way back, according to the government’s estimate. US suspended all benefits since last June. In respect of products having GSP benefits of 3 per cent or more, exporters had found it difficult to absorb the loss. While Commerce and Industry Minister Piyush Goyal has said India does not need development assistances like GSP anymore traders feel that Indian export remained under pressure due to increasing competition from low-cost rivals like Pakisthan, Bangladesh, and that surrendering GSP claims would mean handing away market share. To compete in the export market, terry towel makers in India have alredy started using blended yarn made from recycled materials. The issue still has continued to be part of trade talks between India and the US

Wockhardt to sell manufacturing facility to Dr Reddy's Laboratories

Wednesday, February 12, 2020
Dr Reddy’s Laboratories will acquire select divisions of Wockhardt's branded business in India and a few other international territories of Nepal, Sri Lanka, Bhutan and Maldives for a consideration of Rs 1,850 crore. The domestic branded generics business that Dr Reddy's acquired from Wockhardt had revenues of Rs.594 crore in FY19. This transaction is expected to be completed in May 2020 subject to Shareholders', Lenders' and other requisite approvals under applicable statutes. "The intended sale of the Business portfolio is in line with the Company's strategic plan to shift from acute therapeutic areas to more chronic business like anti-diabetes, CNS etc. and also to its niche antibiotic portfolio of NCEs. Wockhardt said the sale of a major chunk of domestic formulation business will help Wockhardt strengthening its balance sheet by significant debt reduction. At the close Wockhardt was trading at 367.45.

Delhi Election 2020 Result-Arvind Kejriwal wins Delhi for third time

Tuesday, February 11, 2020
Aam Aadmi Party led by Arvind Kejriwal appears set to form government in Delhi for the third consecutive time. The party is ahead of 63 of the 70 seats. The Bharatiya Janata Party, on the other hand, is ahead on just seven seats. The Congress party, which ruled the national capital between 1998 and 2003, once again failed to open its account. Delhi registered 62.59 per cent polling, five per cent less than 2015

India's startup ecosystem is on the right track

Tuesday, February 11, 2020
Internet businesses in 2012-13 helped form a new wave of entrepreneurship in India. India emerged as the next big frontier for global investors hoping it would become the next China. Finance minister Nirmala Sitharaman announced in the budget that “Knowledge Translation Clusters” would be set up across different technology sectors, including new & emerging areas. John Chambers, founder & Chief Executive of JC2 Ventures, which has invested in 16 startups around the world, feels India’s startup ecosystem is on the right track, with positive government initiatives and incentives. The government has focused on fostering startups and entrepreneurship. It has made policy changes easing scaling up for startups and put a renewed focus on helping citizens become fluent in the language of technology. But with some of the biggest unicorns being asked hard questions on business feasibility, massive losses and how they will clock profits, 2020 is surely a critical year for the highly capitalize.

Closing Bell: Market Slips 162 points, Sensex ends below 41K, Nifty at 12031.50

Monday, February 10, 2020
For the second consecutive day, domestic stocks ended lower on Monday as uncertainties around coronavirus weighed on investor sentiment. The number of deaths from China's new virus epidemic jumped to 902 after the hardest-hit province of Hubei reported 91 new fatalities. The S&P BSE Sensex declined 162 points to end at 40,980. The Nifty was down 66.90 points at 12031.50. About 976 shares have advanced, 1518 shares declined, and 166 shares are unchanged. Metal stocks such as Tata Steel, Vedanta, SAIL, National Aluminium Company, (NALCO), and MOIL witnessed heavy selling after China’s metal association on Friday said that the country's nonferrous metal output will fall at least 10 per cent YoY in February owing to coronavirus.

Global business realities might be big challenge to govt's privatisation plans

Monday, February 10, 2020
The budgeted increase in asset sales is undoubtedly a win-win for GOI and can help balance the twin objectives of macroeconomic stability and growth. But Asset sales underperformed significantly in FY 2020 (0.3% of GDP, compared to a target of 0.5%), yet are pegged at even more ambitious levels for 2020-21 (0.9% of GDP).It is tough to argue against govts efforts to steer the stuttering economy towards a more productive path through privatization.Perhaps, as a crisis response to shore up resources or plug the gnawing budget deficit, the decision to cash out of airlines to oil refineries, coal mines to shopping lines, and railway freight is both politically bold and fiscally pragmatic. But as we see the fine print and unrealistic time table, especially in the backdrop of shifting global business landscape, it becomes evident it is very difficult to the targeted sell off of coal mines,oil industries and airlines in the changing global business scenario

Top 25 dividend-paying MNCs may gain big from DDT waiver

Friday, February 7, 2020
Some of India's Top dividend-paying Company like HUL, Maruti Suzuki, Nestle, and Colgate-Palmolive are to save more than Rs 2,800 crore collectively after the government’s move to abolish the levy on distributing dividends. This Savings will either be used to increase dividend payouts for both local and overseas investors or be transferred to the overseas bases benefiting foreign shareholders. Data collected from the previous year’s annual reports of the top 25 MNC dividend payers showed that the companies had declared Rs 17,765 crore in aggregate dividends in FY19. They paid Rs 3,008 crore of dividend distribution tax at the rate of 17 per cent of the dividend. The dividend after-tax works out to Rs 14,756.6 crore. Of the above, the foreign investors received a dividend of Rs 9,154.8 crore based on their shareholding in the respective MNCs

World Bank chief economist who showed how poor countries could transform their economies resigns

Friday, February 7, 2020
World Bank chief economist Pinelopi Koujianou Goldberg on Wednesday (Feb 5) announced she will be leaving the institution A graduate of University of Freiburg in Germany and Stanford University in the United States, Goldberg was the first editor in chief of the American Economic Review and taught economics at Yale before joining the bank.There, she studied global value chains, and in a report published last October showed how poor countries could transform their economies by specializing in the manufacture of a particular component rather than building entire industries from scratch. Read more

Sensex gains for 4th day, up 163 pts; PSBs, pharma stocks jump

Thursday, February 6, 2020
S&P BSE Sensex gained 163 points or 0.4 per cent to settle at 41,306 while NSE's Nifty50 closed at 12,138, up 49 points or 0.4 per cent post-RBI kept the repo rate unchanged at 5.15 per cent. About 1366 shares have advanced, 1077 shares declined, and 172 shares are unchanged.

China's Exports and imports fell in January due to virus risks

Wednesday, February 5, 2020
China's exports and imports fell in January after a brief rebound at the end of last year and a rapidly spreading virus outbreak could disrupt its global trade for months to come. Exports from the world's second-largest economy are expected to have dropped 4.8% in January from a year earlier compared with a 7.9% gain in December and marking the steepest fall since February 2019. Imports fell 6% from a year earlier in January, a sharp contrast with 16.5% growth in the previous month. The drop was likely due to seasonal distortions caused by the long Lunar New Year holidays. The impact of the virus on trade will start to show in February data as many Chinese exporters say they're facing difficulty in fulfilling overseas orders for February as companies are unsure when they will resume production.

Punjab National Bank Quarterly result

Tuesday, February 4, 2020
The Public sector lender Punjab National Bank released its Quarterly result and has missed the street estimates by a wide margin with a standalone net loss of Rs 492.3 crore for Q3FY20 against a profit of Rs 246.50 crore in Q3FY19. A CNBC-TV18 poll has estimated a profit of Rs 967.7 crore. Total revenue, however, climbed 7.49 per cent year-on-year (YoY) to Rs 15,967.49 crore against Rs 14,854.23 crore in Q3FY19.

TCS wins deal from Walgreens Boots

Tuesday, February 4, 2020
Tata Consultancy Services has won a $1.5 billion deal from US pharma retailer Walgreens Boots Alliance (WBA) for a ten-year period to transform its technology operations. This deal is the largest deal in the retail space for the company. One of India's largest IT firm will take over staff, consolidate vendors, run the entire IT operations of the $ 136.9 billion Walgreen Boots, among the world’s largest retailers. The company has dedicated to cost savings for the retailer during the deal period. It will provide managed services like application maintenance and support, infrastructure and security operations.

Weaker growth prospects for World economy:bad news for businesses and financial markets

Tuesday, February 4, 2020
In 2019 Global economy narrowly escaped the finacial crisis similar to 2009.According to the International Monetary Fund’s preliminary, world GDP grew by just 2.9 per cent last year – the weakest performance since the global financial crisis in 2009 and far short of the 3.8 per cent pace of post-crisis recovery over the 2010 to 2018 period. For any economy, the key to assessing growth implications can be found in deviations from the trend – a proxy for the so-called output gap. Last year’s shortfall from trend (0.6 percentage points) brought growth uncomfortably close to the widely accepted global recession threshold of 2.5 per cent. When world output growth slips to the lower half of that range – as it did in 2019 – the risks of global recession need to be taken seriously. But “Prediction is very difficult, especially if it is about the future.”

Closing Bell: Nifty and Sensex ends Higher

Monday, February 3, 2020
Nifty ends above 11700 up 46 points and Sensex was at 39872.31up 136.78 points. Bharti Infratel, ITC, Yes Bank, TCS and GAIL were among major losers on the Nifty, Asian Paints, HUL, Nestle, Bajaj Auto and Britannia Industries were gainers. Among sectors, except PSU bank and IT, all other indices ended in the red. BSE midcap index rose 1 per cent.

PPF, NSC and other Post Office small savings schemes interest rates to come down

Monday, February 3, 2020
The interest rates on small savings schemes like Public Provident Fund (PPF), National Savings Certificate (NSC), Kisan Vitac Patra (KVP) etc. may come down in the next quarter. The revision could be in line with the market rate, a development that could lead to speedier transmission of the monetary policy rate. The Central government had ceased from cutting interest rates on small savings schemes for the current quarter. The bankers’ complain that high small savings rates prohibit them from cutting their deposit rates. At present, there is a difference of nearly 100 basis point between deposit rate of banks and small savings rate for one-year maturity.

Corona virus effect:Stocks Sink as Markets Open in China

Monday, February 3, 2020
Stocks in Shanghai opened 8.7 percent lower in early Monday, while shares in the southern Chinese boomtown of Shenzhen fell 9 percent. The markets had been closed since Jan. 23 for the Lunar New Year holiday, and government officials extended that closure until Monday while the authorities dealt with the outbreak. Read more

Import duties on more than 50 items are likely to raise

Saturday, February 1, 2020
India plans to increase import duties on more than 50 items including electronics, electrical goods, chemicals and handicrafts, targeting about $56 billion worth of imports from China and elsewhere, Reuters reported citing officials and industry sources. The government had identified items and decided to increase import tariffs by 5%-10% as recommended by a panel of trade and finance ministry officials. This may cause price rise of many items

Can Modi govt make Budget 2020 good for all?

Saturday, February 1, 2020
Ahead of Budget, Anurag Thakur, Minister of State, Finance said the government received suggestions from across India. "Modi govt believes in 'sabka sath, sabka vikas.' We received suggestions from across the country. The government is making efforts that this budget is good for all. "But how far this is possible? Read more

Economic Survey 2020: Subramanian takes on Subramanian for questioning India’s GDP numbers

Friday, January 31, 2020
In the economic survey 2020, Chief Economic Adviser Krishnamurthy Subramanian has strongly countered former CEA, Arvind Subramanian's questions on the accuracy of Indian GDP numbers. Read more

Air India arranges a special flight to evacuate Indians from Wuhan today

Friday, January 31, 2020
Coronavirus outbreak: National airline carrier Air India arranges a Jumbo Boeing-747 to rescue about 250 passengers from Wuhan, China, the site of the outbreak of Coronavirus. This comes a day after India confirmed its first case of Coronavirus in Kerala. The 423 seater flight will depart from Delhi airport at 12.30 pm as per a senior airline official. "The national carrier once again comes to the rescue" read the tweet from Air India’s national spokesperson Ashwani Lohani.

SBI Q3 result:Profit Jumps 41%

Friday, January 31, 2020
One of the largest lender State Bank of India announced its quarterly results today with a 41% increase in profits at Rs 5,583.4 crore compared to Rs 3954.81 crores in the corresponding period of the previous year as the Provisions for bad loans fell sharply by 25.8 per cent sequentially to Rs 8,193.06 crore.

Stock Market to remain open tomorrow

Friday, January 31, 2020
Stock Trading on BSE and NSE will be open tomorrow to leverage special trading session on Budget Day. Modi led government has decided to present the budget on February 1 despite it being a Saturday this year. Since the government is expected to make some bold moves and relieve tax on long term capital gains, stock traders will keep a close watch on Budget day. Stock Market will be open for regular trading hours i.e. from 9:15 AM to 3:30 PM. Pre-open trade would be held normal from 9 am to 9.15 AM. There will be no settlement for tomorrow.

Onions now at Rs 22-23 per kg to avoid rotting at port

Thursday, January 30, 2020
To avoid rotting at port, Government is now planning to sell imported onions at Rs.22-23 per KG. Currently, Central Government is offering imported onions to State Government at an average landed cost of Rs 58/kg. Government had decided to import 1.2 lakh tonnes of onion through state-run MMTC in November 2019. But since many states did not show interest as the retail prices started cooling down on arrival of fresh crop, tonnes of onions are being wasted.

Infosys signs multi-million contract with ABN AMRO

Thursday, January 30, 2020
As per reports Bengaluru- headquartered IT major Infosys signs multi-year multi-million contract with ABN AMRO to accelerate its cloud and DevOps (development and operations) transformation journey. This renewed contract will help ABN AMRO Bank to achieve its business and operational goals by aligning its IT transformation with its cloud platform strategy.

Indian Railways: Many Foreign investors show interest

Thursday, January 30, 2020
Piyush Goyal-led Indian Railways’ plan to allow private trains has caught the eyes of many foreign investors. Bombardier, Alstom, Talgo are among the few who have attended conferences held recently. This Rs 22,500 crore project is expected to privatise 150 trains on 100 routes in the first phase of the project. The trains will mainly be concentrated on the busy Delhi-Mumbai and Delhi-Kolkata routes

Gold Price Today: Rs 40,529 per 10 gram at 09:20 hours

Thursday, January 30, 2020
Gold Price today rose as US Federal Reserve said the coronavirus outbreak could hurt China's economy in the short term. On the MCX, gold contracts for February were trading higher by Rs 179, or 0.44 percent, at Rs 40,529 per 10 gram at 09:20 hours.

Tata Motors Q3 Results: Profit beats Street estimates

Thursday, January 30, 2020
Automobile maker Tata Motors released their quarterly results and it has beaten the street estimates. Net profit for the December quarter of the financial year 2020 stood at Rs 1,738.30 crore against a loss of Rs 26,992.54 crore in the corresponding quarter of the previous financial year.

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