Indian stocks closed nearly 1% higher for the sixth consecutive session on Wednesday lead by healthy buying in financials
After hitting an intraday high of 34,488.69 points, Sensex ended 284 points or 0.8% higher at 34,109.54, while Nifty closed 82 points or 0.83% higher at 10,061.55
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03 Jun 2020, 03:44:09 PM IST
Indian stocks closed nearly 1% higher for the sixth consecutive session on Wednesday lead by healthy buying in financials. Strong cues from Asian peers also supported the market sentiment.
After hitting an intraday high of 34,488.69 points, Sensex ended 284 points or 0.8% higher at 34,109.54. Nifty closed 82 points or 0.83% higher at 10,061.55.
Shares of Britannia Industries closed nearly 2% higher on strong Q4 performance.
M&M, Bajaj Finance and Kotak Bank, surging 3-6%, were top Sensex gainers. NTPC, IndusInd Bank and Bharti Airtel, down 1-2%, were among the top laggards.
Shares of InterGlobe Aviation closed nearly 8% higher despite reporting loss in Q4.
Of 30 Sensex shares, 11 closed in the red.
03 Jun 2020, 03:06:12 PM IST
Nifty Realty up 3.5%; Top gainers
03 Jun 2020, 03:04:59 PM IST
Most sectoral indices on NSE in the green
03 Jun 2020, 02:59:33 PM IST
Cabinet clears proposal to suspend IBC proceedings for 6 months
Cabinet clears proposal to suspend IBC proceedings for NPAs post 25 March. Government to suspend Section 7, 9 & 10 by introducing Section 10A for six months. (CNBC-TV18 reports quoting sources)
03 Jun 2020, 02:56:45 PM IST
Good kharif prospects guide Kaveri Seed Co stock
Shares of Kaveri Seed Co Ltd gained 26% this week after the company maintained healthy growth guidance for the current fiscal.
The management expects 15-20% revenue growth in current fiscal, helped by 10-15% growth in the mainstay cotton hybrid seeds business and 20-25% growth in non-cotton seeds business revenues. “With predictions of a normal monsoon in FY21 along with steady crop realisations, Kaveri Seed Co’s FY21 growth outlook is reasonably robust (major advantage in these covid-19 challenged times) which adds to its attractiveness," analysts at IDFC Securities Ltd said in a note.
03 Jun 2020, 02:45:22 PM IST
Nifty IT down 0.5%; Top laggards
03 Jun 2020, 02:44:12 PM IST
IT spending in India to decline 8% in 2020: Gartner
IT spending in India will decline by 8.1% to $83.5 billion in 2020, according to the latest forecast by research firm Gartner. While globally there has been a decline every now and then, this is the first decline in IT spending experienced in India in the last five years.
“The fear of a global economic recession due to the covid-19 pandemic is forcing chief information officers (CIOs) in India to be very cautious on their IT spending this year," said Naveen Mishra, senior research director at Gartner. “In partnership with their chief financial officers, CIOs in India are reprioritizing their IT budgets on mission critical initiatives."
03 Jun 2020, 02:34:55 PM IST
Rupee settles 11 paise lower
The rupee surrendered all intra-day gains to provisionally settle 11 paise lower at 75.47 against the US dollar on Wednesday, even as domestic equities were trading in positive territory. The Indian unit had settled at 75.36 against the US dollar on Tuesday.
03 Jun 2020, 02:26:37 PM IST
Top gainers on Nifty Bank
03 Jun 2020, 02:15:02 PM IST
Nifty's ride from 10,000 to 10,000: Which stocks drove the rally
Nifty charted the 10,000-mark in 52 sessions since 13 March. It had lost 26.07% to hit the lowest point of the year at 7,511.10 on 24 March as investors started dumping equities to hoard cash as a safety measure amid the rapid spread of coronavirus in India. The Nifty had reached its all-time high on 20 January, and from then it slipped 39.58%. (Full report)
03 Jun 2020, 02:12:31 PM IST
Banking stocks lift Sensex by over 500 points
03 Jun 2020, 02:01:16 PM IST
Services PMI shows unlock 1.0 brings some relief but revival far away
With the lockdown having relaxed considerably in most parts of India barring its big cities, economic activity is slowly crawling back.
The headline services purchasing manager's index (PMI) number came in at 12.6 for May, up from the historic low of 5.4 touched in April. A reading below 50 denotes contraction while that above shows expansion in activity. This bounce was expected as lockdown restrictions were eased during the second and third phase. In fact from June onwards, excluding big cities, business in most regions are expected to begin operations. This number is likely to show sharp improvements in the coming months.
03 Jun 2020, 01:33:19 PM IST
Indian stocks continued their rally for the sixth consecutive session on Wednesday lead by healthy buying in financials. Strong cues from Asian peers also supported the market sentiment.
At 13:30 pm Sensex advanced 427.99 points or 1.27% to 34,253.52. Nifty added 132.75 points or 1.33% at 10,111.85.
Shares of Britannia Industries hit 52-week high on strong Q4 performance.
ICICI Bank, Bajaj Finance and M&M, surging 4-5%, were top Sensex gainers. NTPC, Infosys and TCS, down 1-2%, were among the top laggards.
Shares of InterGlobe Aviation surged 10% intraday despite reporting loss in Q4.
03 Jun 2020, 01:21:54 PM IST
Moody's affirms long-term issuer ratings of three non-financial companies
1. Reliance Industries Limited (RIL)
2. UPL Corporation Limited (UPL Corp)
3. Genpact Limited (Genpact)
The outlook for RIL has been revised to negative from stable while the outlooks for UPL Corp and Genpact remain stable.
03 Jun 2020, 01:20:39 PM IST
Moody's downgrads long-term issuer ratings of eight non-financial companies
1. Oil and Natural Gas Corporation Ltd. (ONGC)
2. Hindustan Petroleum Corporation Ltd. (HPCL)
3. Oil India Limited (OIL)
4. Indian Oil Corporation Ltd (IOCL)
5. Bharat Petroleum Corporation Limited (BPCL)
6. Petronet LNG Limited (PLL)
7. Tata Consultancy Services Limited (TCS)
8. Infosys Limited (Infosys)
The outlooks on all these ratings is negative.
03 Jun 2020, 01:00:27 PM IST
Angel Broking puts accumulate Britannia Industries
Angel Broking has put 'accumulate' rating on Britannia Industries. "BRIT (Britannia) has an overall distribution reach of 5.5 million outlets. BRIT has narrowed the gap with the No. 1 player. The gap with the largest distributed brand is now just 0.8 million outlets which it expects to bridge soon and thereby become the largest player over the medium to long term," the brokerage said.
03 Jun 2020, 12:48:51 PM IST
Motilal Oswal neutral on InterGlobe Aviation
The brokerage has maintained 'neutral' ratings on InterGlobe Aviation. The stock surged up to 10% on NSE in the early deals today despite weak performance in Q4. "We believe in the long run, Aviation would witness continued headwind in terms of surplus capacity, the lack of confidence among passengers to resume travel, or demand for business travel. Furthermore, even INDIGO has not guided for any specific ASK growth plans, announcing strategic decisions only for the near/short term. In the current state of uncertainty in the industry, we remain Neutral on the stock," Motilal Oswal said in a note.
03 Jun 2020, 12:44:21 PM IST
Motilal Oswal maintains buy on Motherson Sumi
Motilal Oswal has maintained 'buy' rating on Motherson Sumi with a target price of ₹117. "Motherson Sumi’s (MSS) 4QFY20 operating performance was driven by strong all-round performance in India and margin surprise in PKC and SMR. MSS is well positioned to come out stronger from this crisis, driven by strong order-book, for which it is already fully invested. We have lowered our FY21/FY22E consol. EPS by 23.5%/3% to factor in the business loss due to COVID-19 in all key businesses. Maintain Buy with TP of INR117 (Jun’22E SOTP)," the brokerage said.
03 Jun 2020, 12:40:23 PM IST
Tata Motors jumps 5%
Tata Motors on Tuesday said it has resumed operations across all its manufacturing plants in the country with Jamshedpur facility also getting approval on 27 May, Tata Motors said in a regulatory filing.
03 Jun 2020, 12:37:33 PM IST
Nifty Bank up 3%
03 Jun 2020, 12:24:21 PM IST
Why IndiGo shares took off despite a loss in Q4FY20
Shares of InterGlobe Aviation Ltd, which runs the IndiGo airline, rose up to 10% on the NSE in early deals on Wednesday. This, after the firm reported a net loss of ₹873 crore for the March quarter. (Full report)
03 Jun 2020, 12:19:43 PM IST
Britannia Industries hits 52-week high
Shares of Britannia Industries gained as much as 7.37% on Wednesday after its consolidated net profit surged 26% to ₹374.75 crore for the quarter ended 31 March 2020. At 11:50 am, Britannia was trading at ₹3651.90 up 5.79% from its previous close, extending its five-day gains.
03 Jun 2020, 11:58:31 AM IST
IndiGo to push ahead on A320neo deliveries
InterGlobe Aviation Ltd, the operator of largest domestic airline IndiGo, will continue to aggressively take deliveries of cost effective Airbus A320neo planes over the next two years, as the airline hopes to retire as many as 120 older Airbus A320ceo planes from its fleet during the period to reduce costs, the airline's chief executive Ronojoy Dutta said on Tuesday.
"We will replace almost all or close to all 120 Airbus A320ceo planes (with Airbus A320neo planes) depending on the revenue condition of the company," Dutta said adding that the company will take a large number of Airbus A320neo plane deliveries over the next couple of years.
03 Jun 2020, 11:51:22 AM IST
Liquidity gush drives markets past mount 10k, ignores economic downturn
With markets drowning in liquidity courtesy the balance-sheet expansions of central banks, India’s frontline Nifty 50 Index swiftly soared past the psychological 10,000 mark. In just five trading days it notched more than an 11% rise.
Clearly, sentiment for risk assets has altered in recent times. “It doesn’t take much time for sentiment to change in the markets. What one has to focus on is whether the economy is out of the woods. I feel the economic decline is the highest cyclically because of covid. So, the current market optimism is not understandable. The market often runs ahead of itself. I would not say the market is wrong. But it is sentiment now, which can be very good at times, and quite bad during other times," says Raamdeo Agrawal, joint managing director, the Motilal Oswal Group.
03 Jun 2020, 11:42:23 AM IST
Bajaj Finance up 5%
Bajaj Finance shares traded 5% higher at ₹2462.65 on Wednesday, giving it a market capitalization of ₹1,48,174.96 crore.
03 Jun 2020, 11:18:57 AM IST
Will the Kotak Mahindra Bank stock fly as tiff with regulator ends?
With the standoff between its promoter and the sector regulator now resolved, the overhang on the Kotak Mahindra Bank stock has now lifted.
Will the stock fly? Before we answer that, it pays to look at how the truce came about. (Full report)
03 Jun 2020, 11:15:20 AM IST
Yes Securities maintains 'buy' rating on KEI Industries
Yes Securities has maintained 'buy' rating on KEI Industries with a target price of ₹381 and upside 30.1%. "We believe the company would be less impacted compared to its peer’s due to its product portfolio and high revenue share of non-metro regions. We cut FY21E/22E estimates by 41.7%/32.9% factoring in the delay in capex plans and slower recovery in housing wires. Valuations at 9.1x FY22E P/E are quite attractive. We maintain our Buy rating on the stock with a revised TP of Rs381 (12x FY22E P/E)," the brokerage said.
03 Jun 2020, 11:05:25 AM IST
PMI services shrinks sharply in May
Business activity across India’s services sector contracted sharply in May after a historic decline in April as the ongoing coronavirus lockdown restricted consumer footfall and led to collapse in demand.
The services Purchasing Manager’s Index (PMI) released by IHS Markit stood at 12.6 in May, slightly better than 5.4 recorded in April but still well below the 50 mark that divides contraction from expansion.
03 Jun 2020, 11:02:02 AM IST
IndusInd Bank up 4%
Shares of IndusInd Bank hit an intraday high of ₹452 on the BSE. Moody's had downgraded bank's long-term local and foreign currency deposit ratings on Tuesday.
03 Jun 2020, 10:57:18 AM IST
Rupee jumps 32 paise in early trade
The rupee appreciated 32 paise to 75.04 against the US dollar in early trade on Wednesday tracking positive domestic equities and gains in Asian currencies amid weakness in the greenback.
The rupee opened on a strong note at 75.04 at the interbank forex market, up 32 paise over its last close.
03 Jun 2020, 10:48:00 AM IST
Motherson Sumi navigates tough Q4 but risks linger
Considering the sluggish automobile sales and pressure on revenues, many analysts were expecting the company to report a significant decline in operating earnings.
03 Jun 2020, 10:44:12 AM IST
All sectoral indices on NSE in the green
03 Jun 2020, 10:34:39 AM IST
BSE Finance up 2.3%
03 Jun 2020, 10:30:30 AM IST
SBI up over 3%, HDFC Bank gains nearly 2%
Moody’s Investor Service has downgraded both the country’s largest private sector lender HDFC Bank Ltd and the state-owned State Bank of India, citing economic disruption caused by coronavirus outbreak. Seven other domestic banks saw either their rating or their outlook being negatively revised by Moody’s on Tuesday.
03 Jun 2020, 10:08:29 AM IST
HUL’s covid-19 update serves as a reality check for investors
HUL said the impact on discretionary categories like hair care, skincare and colour cosmetics is more accentuated. While there is some demand revival in these categories, it could take a while for sales to fully recover in these segments. (Full report)
03 Jun 2020, 10:02:51 AM IST
Colgate-Palmolive down 0.2%
The FMCG major believes that the impact of the coronavirus on its business operations on an annual basis may not be material as it is into the business of essential products. In a regulatory filing, the company said it does not foresee any specific challenge in terms of its capital, financial resources or profitability due to the health crisis.
03 Jun 2020, 09:59:51 AM IST
Lupin up 0.5%
Drug maker Lupin has received approval from the US FDA to market Meloxicam capsules, used to treat osteoarthritis pain, in the American market.
03 Jun 2020, 09:53:35 AM IST
Syngene International up 2.5%
Contract research and manufacturing organisation Syngene International has joined hands with HiMedia Laboratories to produce and distribute ELISA test kits for covid-19.
03 Jun 2020, 09:51:35 AM IST
Jubilant FoodWorks up 3%
The Company would be launching contactless dine-in as soon as more relaxations kick-in, it said in a stock exchange filing. “As the lockdown rules get more relaxed and as more activity is permitted on the ground, our stores are allowed to open for the full duration and not for curtailed timing, we expect that it will increase even further in the month of May and June 2020," it said in the statement.
03 Jun 2020, 09:46:42 AM IST
HUL down 0.5%
FMCG major Hindustan Unilever Ltd (HUL) on Tuesday said the coronavirus pandemic has imposed incremental operating costs on the business and there will be some impact on its profitability in the short term.
In a regulatory filing, HUL, however, said it is difficult to assess the exact quantum of impact on its profitability at this stage.
03 Jun 2020, 09:41:34 AM IST
InterGlobe Aviation up 6%
IndiGo parent InterGlobe Aviation reported a net loss of ₹870.8 crore in the fourth quarter.
However, in the three months ended March, company's total income increased to ₹8,634.6 crore. The same stood at ₹8,259.7 crore in the year-ago period. Revenue from operations rose to ₹8,299.1 crore.
03 Jun 2020, 09:38:38 AM IST
Britannia Industries up 6%
Packaged foods company Britannia Industries on Tuesday reported a 26% year-on-year jump in its fourth quarter net profit to ₹375 crores. For the three months ended 31 March, the maker of Good Day and Tiger biscuits, posted a 2.5% jump in revenue from operations at ₹2,867.70 crore up from ₹2,798.96 crore it reported in the year ago period.
03 Jun 2020, 09:25:44 AM IST
Indian benchmark equity indices opened over 1% higher lead by banks and financial stocks on Wednesday tracking firm Asian cues. Sensex opened 360 points higher at 34,185.41 while Nifty climbed 129 points at 10,108.30.
Bajaj Finance, Axis Bank, HDFC Bank and ICICI Bank, surging 3-5% were to Sensex gainers, while TCS was the sole laggard on the the 30-share barometer.
03 Jun 2020, 09:07:36 AM IST
Indian equity markets opened in the green on Wednesday. At 9:03 am, Sensex jumped 400 points or 1.2% to 34,226. Nifty added 129 points or 1.3% at 10,108.
03 Jun 2020, 08:51:32 AM IST
Once upbeat on India, Moody’s turns a pessimist
In November 2017, Moody’s upgraded India’s sovereign rating hoping that the structural reforms that were being undertaken by the government will lift up the country’s potential growth. A lot of analysts then viewed it with suspicion, calling it over-optimism on the part of the rating agency. (Full report)
03 Jun 2020, 08:47:49 AM IST
Markets at close on Tuesday
Indian Stock markets shrugged off latest sovereign downgrade and closed with gains for fifth consecutive session on Tuesday. The BSE Sensex ended at 33,825.53, up 522.01 points or 1.57%. The 50-share index Nifty ended at 9,979.10, up 152.95 points or 1.56%.
03 Jun 2020, 08:36:18 AM IST
Asian shares firm
Asian shares rose following the global rally on Wednesday as hopes of more government stimulus bolstered riskier assets and overshadowed a host of other worries from the coronavirus to Hong Kong and growing US civil unrest.
Singapore's SGX Nifty added 0.8% at 10,067.30 points.
Australia ASX All Ordinaries gained nearly 1%.
Shanghai SE Composite Index advanced 0.4%.
Hang Seng rose over 1%.
03 Jun 2020, 08:36:18 AM IST
US stocks close higher
Wall Street stocks continued to advance Tuesday, ending higher as investors focused on the boost from stimulus measures and economic reopening more than the mass protests seeping through US cities.
The Dow Jones Industrial Average finished with a gain of 1.1% at 25,742.65. The broad-based S&P 500 rose 0.8% to end the day 3,080.82, while the tech-rich Nasdaq Composite Index climbed 0.6 percent to 9,608.37.