Home > Markets > Live Blog > Sensex closes 199 points higher, Nifty at 9,250; HUL, Nestle India top gainers
Photo: Hemant Mishra/Mint
Photo: Hemant Mishra/Mint

Sensex closes 199 points higher, Nifty at 9,250; HUL, Nestle India top gainers

  • Indian shares failed to hold opening gains but closed in the green zone on Friday, tracking a surge in Asian equities
  • After touching an intraday high of 32,088.51 points, the benchmark Sensex settled 199 points or 0.6% higher at 31,642.70

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08 May 2020, 03:38:40 PM IST

Market closing

Indian shares failed to hold opening gains but closed in the green zone on Friday, tracking a surge in Asian equities, as Reliance Industries gained on yet another stake sale.

After touching an intraday high of 32,088.51 points, the benchmark Sensex settled 199 points or 0.6% higher at 31,642.70. Nifty advanced 52 points or 0.57% to close at 9,251.50.

Shares of Hindustan Unilever, surging over 4%, were top Sensex gainers followed by Sun Pharma, Nestle India and Tech Mahindra. NTPC, Axis Bank and Mahindra & Mahindra were among the top laggards on the 30-share barometer.

Foreign portfolio investor Societe Generale picked up 1.29 crore shares in HUL worth 2,453.58 crore at 1,902 per share. GSK sold its entire stake in HUL via several bulk deals on Thursday.

Reliance Industries closed 3.5% higher after the company announced that US-based private equity firm Vista Equity Partners will buy a 2.32% stake in its digital unit, Jio Platforms, for 11,367 crore.

Of 30 Sensex shares, 16 closed in the red.

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08 May 2020, 03:12:04 PM IST

SBI hikes risk premium on floating rate home loans

For home loans up to 30 lakh, the effective rate, which is EBR (external benchmark rate) plus spread, now stands at 7.40% as against 7.20% on April 1, 2020. The new rates will be effective 1st May. The EBR remains unchanged at 7.05%. (Full report)

08 May 2020, 03:06:33 PM IST

Lockdown extension likely in covid-19 hotspots Mumbai, Pune

With 10 days to go for the lifting of the nationwide lockdown imposed to slow the spread of coronavirus, speculation is rife on the possibility of an extension of lockdown in some areas of the country that are under 'Red Zones and have seen a surge in cases in the past week. (Full report)

08 May 2020, 03:03:51 PM IST

Hindalco gains over 5% on Novelis’ results

Shares of Hindalco Industries surged 5.2% after its US arm Novelis Inc reported better operations with improved margins for the quarter ended March, beating analysts’ estimates.

08 May 2020, 03:02:51 PM IST

RIL shares up 80% from March low

Reliance Industries today announced a 11,367 crore stake sale in digital unit Jio Platforms, a third deal in three weeks that will inject a combined 60,596.37 crore crore in the telecoms-to-energy group to help it pare debt.

The news announced before market hours today pushed RIL shares as much as 5% higher to 1,579, not far from its 52-week high of 1,617, hit in December. From its March 23 lows of 875.70, RIL shares are now up about 80%.

08 May 2020, 02:54:59 PM IST

Cyient Ltd drops 10%

Shares of IT firm Cyient on Friday tumbled nearly 10% after the company reported a 74.4% decline in consolidated net profit for March 2020 quarter.

08 May 2020, 02:48:11 PM IST

Zydus Cadila launches generic prostate cancer drug

Zydus Cadila has launched generic Enzalutamide capsules used for the treatment of prostate cancer which costs nearly 70% less than the currently available similar products in India.

The company's product under the brand name 'Obnyx' is priced at 23,980 per month. The current maximum retail price (MRP) of Enzalutamide drug ranges from 70,000 to 80,000 for a monthly therapy, Zydus Cadila said in a statement.

08 May 2020, 02:42:46 PM IST

SC asks states to consider home delivery of liquor

The Supreme Court has suggested that states should consider indirect sale and home delivery of liquor as per its statute and law to avoid crowding at liquor shops amid the ongoing coronavirus-induced lockdown.

08 May 2020, 02:37:11 PM IST

Rupee closing

The rupee appreciated 18 paise to provisionally settle at 75.54 against the US dollar on Friday, tracking higher domestic equities and weakness in the American currency.

08 May 2020, 02:35:49 PM IST

Adani Gas up 3.6%

The company's consolidated net profit rose 5.1% at 121.4 crore from 115.5 crore in the previous quarter. Its consolidated revenue from operations dropped 5.5% at 490.3 crore from 519 crore in Q3FY20.

08 May 2020, 02:24:09 PM IST

Silver futures rise on spot demand

Silver prices on Friday rose 0.71% to 43,431 per kg in futures trade as participants widened their bets on firm spot demand.

On the Multi Commodity Exchange, silver contracts for July delivery gained 308, or 0.71%, to 43,431 per kg in 6,682 lots.

08 May 2020, 02:01:35 PM IST

Shanghai copper hits 3-week high on upbeat China demand

Shanghai copper rose to a three-week high on Friday and clocked a second straight weekly gain, buoyed by strong import numbers in China and signs that the Sino-US trade deal would be implemented despite the coronavirus disruption. Copper gained 1.2% in Shanghai over the holiday-shortened week, which had seen the Shanghai Futures Exchange closed on Monday and Tuesday before reopening on Wednesday. The London Metal Exchange is closed on Friday for the early May bank holiday. (Reuters)

08 May 2020, 01:39:45 PM IST

P&G Hygiene & Health Care up 1%

The company's Q4 sales stood at 656 crore, down 6% from 699 crore in the year-ago period. The profit after tax, however, moved up 1% to 91 crore from 90 crore in the period under review.

08 May 2020, 01:08:13 PM IST

Motilal Oswal puts 'buy' on Hindalco

Motilal Oswal has put 'buy' rating on Hindalco with a target price of 179.

"Hindalco’s subsidiary Novelis’ 4QFY20 results highlight the company’s strength in its high-margin business with EBITDA/t of USD436/t," the brokerage said.

"We lower our FY21/FY22E EBITDA estimates by 7%/4% due to lower-thanexpected volumes in Novelis on account of COVID-19. However, we

reiterate our Buy rating given the attractive valuation (5x FY22E EV/EBITDA) and ~75% EBITDA contribution from the non-LME business (Novelis and Aleris), which provides more stability to earnings," it added.

08 May 2020, 01:01:13 PM IST

Australian shares rise on easing virus curbs, US-China trade talks

Australian stocks ended higher on Friday, marking their second straight weekly gain, after the government unveiled plans to end most coronavirus restrictions by July and as talks between US and Chinese trade officials lifted sentiment.

The S&P/ASX 200 index settled 0.5% higher at 5,391.1. The benchmark climbed nearly 3% this week, its biggest weekly rise since April 10. (Reuters)

08 May 2020, 12:52:16 PM IST

Jio, Vodafone Idea, Airtel seek floor price for data tariffs for 2 years

Cellular Operators' Association of India and telecos have submitted their recommendations to Trai seeking implementation of a floor price for data tariffs. The government policy think-tank Niti Aayog, as well as the Competition Commission of India, do not favour floor prices. (Source: CNBC-TV18)

08 May 2020, 12:35:27 PM IST

InterGlobe Aviation up 1.7%

Interglobe Aviation CEO Rono Dutta has written to employees that the company will implement a limited, graded leave without pay program for the months of May, June, and July. "We paid full salaries in March and April but have to implement pay cuts for senior employees from May," Dutta said.

08 May 2020, 12:31:53 PM IST

Dr Reddy's Laboratories hits 52-week high

The US health regulator has closed inspection at company's manufacturing facility in Srikakulam, Andhra Pradesh.

08 May 2020, 12:21:16 PM IST

ICICI Bank up 3.7% ahead of Q4 earnings

The private sector lender will announce its financial earnings for the fourth quarter of FY20 on 9 May.

08 May 2020, 12:14:13 PM IST

Top gainers in Nifty FMCG

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08 May 2020, 11:56:02 AM IST

Top gainers on Nifty Pharma

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08 May 2020, 11:30:42 AM IST

1QFY21 to be a wash-out for auto sector, says Motilal Oswal

"The lockdown, which has stretched for over a month, would impact the entire auto/auto component industry as all operations (factory as well as showrooms) are shut. Even if the lockdown is lifted in mid-May’20, some challenges would remain such as (a) production ramp-up for OEMs/vendors due to unavailability of migrant labor, and (b) impact on imports from EU and the US. This should result in acute demand weakness in the near term as it would come on the back of steep price increase due to the BS6 transition, which has anyways kept demand under check in 1HFY21," the brokerage said.

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08 May 2020, 11:23:47 AM IST

RIL extends gains, climbs 4%

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08 May 2020, 11:10:40 AM IST

JP Morgan maintains 'neutral' on Reliance Industries

JP Morgan has maintained neutral rating on RIL with a target price of 1506.95. Private equity firm Vista Equity Partners is buying a 2.32% stake in Jio Platforms for 113.67 billion.

"The company’s comments that RIL has received strong interest from other strategic and financial investors and is in good shape to announce a similar-sized investment in the coming months and that it has received interest from strategic and financial investors for its Retail business should support the stock price, in our view, as they would allow investors to look beyond the near-term earnings weakness," the brokerage said.

08 May 2020, 10:59:54 AM IST

ICICI Securities up 4.3%

ICICI Securities on Thursday reported a 28% jump in profit after tax at 156 crore for the March quarter on account of growth in revenue and changes in statutory tax rates.

08 May 2020, 10:40:02 AM IST

10-year benchmark bond yield falls

10-year benchmark bond yield opens at lowest level since March 27, currently at 6.01%

08 May 2020, 10:35:54 AM IST

India’s strategic crude oil reserves to be full by mid-May: Dharmendra Pradhan

India’s strategic crude oil reserves will be full by mid-May, petroleum minister Dharmendra Pradhan told Daniel Yergin, vice chairman, IHS Markit in a conversation. “India has 5.3 million metric tons of strategic storage capacity. By mid-May it will be full. Apart from that our companies have 7 million metric tons of floating oil in their contracts. We have booked them, we have purchased them," Pradhan said.

08 May 2020, 10:31:17 AM IST

Proposed amendments to Electricity Act to strengthen discoms, says ICRA

The setting up of Electricity Contract Enforcement Authority (ECEA), as proposed by the power ministry in its amendments to the Electricity Act, 2003, which can adjudicate upon matters related to specific performance of contracts related to purchase, sale or transmission of electricity, will help uphold the sanctity of power supply contracts, according to credit ratings agency ICRA. (Full report)

08 May 2020, 10:25:55 AM IST

Rupee update

The rupee appreciated 45 paise to 75.27 against the US dollar in early trade on Friday tracking positive opening of domestic equities and weakness in the American currency.

08 May 2020, 10:24:23 AM IST

Cognizant Q1 net falls 16.7%

Cognizant has reported a 16.7% drop in its March quarter net income at $367 million, and said it expects a challenging demand environment throughout 2020 amid the coronavirus pandemic.

Cognizant follows January-December as financial year. Its net profit was at $441 million in the March 2019 quarter.

08 May 2020, 10:19:22 AM IST

Biocon up 1.6%

The company has received the Establishment Inspection Report (EIR) from the US FDA for the pre-approval and GMP inspection of its small molecules API manufacturing facility at Biocon Park SEZ, in Bengaluru, conducted between January 20 and January 24, 2020.

08 May 2020, 10:11:55 AM IST

Moody's pegs India FY22 GDP growth at 6.6%

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08 May 2020, 10:02:18 AM IST

Dr Reddy's Laboratories up over 4%

The pharma company has received the Establishment Inspection Report (EIR) from US FDA, for its API manufacturing plant at Srikakulam, Andhra Pradesh, indicating closure of the audit and the inspection classification of the facility determined as voluntary action indicated.

08 May 2020, 09:52:59 AM IST

Nifty Bank up 2%

Top gainers on Nifty Bank

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08 May 2020, 09:50:54 AM IST

All sectoral indices on NSE in the green

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08 May 2020, 09:46:49 AM IST

Yes Securities retains 'reduce' on RBL Bank

The brokerage has retained 'reduce' rating on the RBL Bank with a target price of 135 and 5% upside.

08 May 2020, 09:36:59 AM IST

HUL up 3%

Foreign portfolio investor Societe Generale picked up 1.29 crore shares in Hindustan Unilever (HUL) worth 2,453.58 crore at 1,902 per share. GSK sold its entire stake in HUL via several bulk deals on Thursday.

08 May 2020, 09:32:55 AM IST

RIL up 2.6%

Private equity firm Vista Equity Partners will invest Rs11,367 crore in Jio Platforms for a 2.32% stake. This is Jio Platforms' third deal after Facebook and Silver Lake’s share acquisition plans over the last two weeks.

“This investment values Jio Platforms at an equity value of 4.91 lakh crore and an enterprise value of 5.16 lakh crore," Reliance Industries said in a statement on Friday.

08 May 2020, 09:31:27 AM IST

RBL Bank flat

The private sector lender reported a 54% decline in its net profit to 114 crore for the March 2020 quarter, as the provisioning for bad loans spiked manyfold.

08 May 2020, 09:23:31 AM IST

Market opening

Indian benchmark equity indices saw a firm opening in Friday’s trading session. Sensex opened 640 points higher at 32,083.32. Nifty advanced 177 points and opened at 9,376.95.

HUL, IndusInd Bank, Bajaj Finance, up around 3% each, were top Sensex gainers. All the stocks in the 30-share barometer were in the green.

PE firm Vista Equity Partners has announced an investment of Rs11,367 crore in RIL’s Jio Platforms for a 2.32% stake. This is Jio Platforms' third deal after Facebook and Silver Lake’s share acquisition plans over the last two weeks.

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08 May 2020, 09:13:51 AM IST

Stocks to Watch

RBL Bank, HUL, Reliance Industries, Yes Bank, Cadila are among the top top stocks that could be in focus today.

08 May 2020, 09:05:15 AM IST

Market pre-opening

Indian stocks opened in the green zone in the pre-opening trading session on Friday. At 9:01 am, Sensex advanced 620 points or 2% to 32,064. Nifty climbed 228 points or 2.5% at 9,427.

08 May 2020, 08:49:02 AM IST

Market at close on Thursday

Indian benchmark indices closed in the red on Thursday as investors dumped financials, banks and FMCG stocks.

In a volatile trading session, Sensex closed 242 points or 0.76% lower at 31,443. Nifty settled 72 points or 0.8% lower at 9,199.

08 May 2020, 08:46:36 AM IST

Oil update

West Texas Intermediate for June delivery rose 1.5% to $23.91 a barrel on the New York Mercantile Exchange as of 10:49 a.m. in Singapore after closing down 1.8% on Thursday. Brent for July settlement added 1.2% to $29.80, taking its advance so far this week to around 13%.

08 May 2020, 08:38:52 AM IST

Asian stocks in the green zone

Asian stocks edged higher tracking Wall Street gains on Friday in the early deals.

Australia ASX All Ordinaries advanced nearly 1%.

Shanghai SE Composite Index was up 0.6%.

Hong Kong's Hang Seng and Singapore's SGX Nifty climbed 1% each.

08 May 2020, 08:38:52 AM IST

US stocks close higher

Wall Street's closed higher on Thursday following a clutch of upbeat earnings reports led by PayPal as investors looked past more weak jobs data caused by the coronavirus-induced economic downturn.

Dow Jones Industrial Average rose 211.25 points, or 0.89%, to 23,875.89, the S&P 500 gained 32.77 points, or 1.15%, to 2,881.19 and the Nasdaq Composite added 125.27 points, or 1.41%, to 8,979.66.

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