Home >Markets >Live Blog >Sensex rallies 879 points, Nifty ends above 9,800 as India unlocks
Photo: Ramesh Pathania/Mint
Photo: Ramesh Pathania/Mint

Sensex rallies 879 points, Nifty ends above 9,800 as India unlocks

  • Indian benchmark equity indices closed over 2.5% higher on Monday led by financial and metal stocks, as the country geared up to further open its economy
  • After touching an intraday high of 33,673.83 points, Sensex pared some of the gains and closed 2.7% higher at 33,303.52

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01 Jun 2020, 03:38:41 PM IST

Market closing

Indian benchmark equity indices closed over 2.5% higher on Monday led by financial and metal stocks, as the country geared up to further open its economy.

After touching an intraday high of 33,673.83 points, Sensex pared some of the gains and closed 879.42 points or 2.7% higher at 33,303.52. Nifty advanced 245.85 points or 2.6% to end at 9,826.15.

Bajaj Finance, Titan and Tata Steel, surging between 7% and 11%, were top Sensex gainers. Nestle, Ultratech Cement and Sun Pharma were among the top laggards on the 30-share barometer.

Of 30 Sensex shares, 25 closed in the green.

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01 Jun 2020, 03:31:43 PM IST

India’s bid for tighter grip on rupee trading is put to test

India’s most ambitious step to get a tighter grip on rupee trading, which has been shifting to markets like London and Singapore, is being put to the test as the nation’s banks start trading the currency in offshore markets. (Full report)

01 Jun 2020, 03:26:39 PM IST

Biocon's partner Mylan gets favourable ruling from US patent authority

Biotechnology major Biocon on Monday said the US patent authority has ruled in favour of its partner Mylan for four device patents of Sanofi's Lantus SoloSTAR.

The favourable ruling in inter-parts review proceedings by the Patent and Trademark Appeal Board (PTAB) would pave the way for launch of insulin product Glargine in the US, Biocon said in a filing to BSE.

01 Jun 2020, 03:10:51 PM IST

PVR Ltd up nearly 7%

The board of directors of PVR Limited will meet on 8 June to consider and approve audited standalone and consolidated financial results and raising of funds by way of issue of equity shares of the company.

01 Jun 2020, 02:59:06 PM IST

BSE MidCap up 2.7%

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01 Jun 2020, 02:57:02 PM IST

Nifty Auto up 3.5%; Top gainers

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01 Jun 2020, 02:33:29 PM IST

India's fuel demand recovery gathers pace in May

India's fuel demand recovery gathered momentum in May as easing of lockdown restrictions helped nearly double the sales when compared with the previous month, according to preliminary data available from state-owned fuel retailers.

The demand is set to rise further as more curbs on transport and industrial activities have been lifted in the fifth phase of the nationwide lockdown imposed to curb the spread of coronavirus. Lockdown 5.0 begins from June 1. (PTI)

01 Jun 2020, 02:32:09 PM IST

Rupee closing

Rupee settles 8 paise higher at 75.54 against US dollar.

01 Jun 2020, 02:22:46 PM IST

Which stocks gain most as businesses revive exit plans

BSE Consumer Durables index jumped over 7% led by gains in white good stocks such as Voltas Ltd , Blue Star Ltd, Whirlpool of India Ltd, VIP Industries Ltd, Titan Company Ltd and Orient Electric Ltd. BSE Consumer Discretionary Goods & Services index surged nearly 4%, riding on gains in Shoppers Stop Ltd, Arvind Ltd and Voltas, among others. Liquor stocks such as Radico Khaitan Ltd and United Breweries Ltd were also on buyers' list. (Full report)

01 Jun 2020, 02:17:17 PM IST

RIL, HDFC twins, TCS lift Sensex by over 900 points

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01 Jun 2020, 02:05:44 PM IST

ICMR research shows 4 or more doses of HCQ prevents covid-19

The Indian Council of Medical Research (ICMR) in a clinical study among healthcare workers highlighted that consumption of four or more maintenance doses of the anti-malaria drug hydroxychloroquine was associated with a significant decline in the risk of getting infected with covid-19.

The ICMR study was aimed at identifying factors associated with SARS-CoV-2 infection among healthcare workers in the country and is separate from another study on the efficacy of the anti-malaria drug as prophylaxis among healthcare workers which is also ongoing.

01 Jun 2020, 02:02:06 PM IST

Mahindra Finance to raise up to ₹3,500 cr

Mahindra & Mahindra Financial Services Ltd, the non bank lending arm of Mahindra group, on Monday said that it will raise up to Rs,3,500 crore through a rights issue.

The plans to raise equity capital comes after the NBFC reported a 62% drop in its profit for the quarter ended 31 March to 221 crore. The company set aside additional provisions of 574 crore on account of covid-19 in Q4 FY20.

01 Jun 2020, 01:59:57 PM IST

Nifty Pharma down 0.5%

Top laggards on Nifty Pharma

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01 Jun 2020, 01:46:11 PM IST

Angel Broking puts 'accumulate' on HUL stock

Angel Broking has put 'accumulate' rating on Hindustan Unilever (HUL) with a target price of 2,364 and 15% upside. "Hindustan Unilever Ltd (HUL) is engaged in manufacturing of branded and packaged FMCG products. Going forward, we expect HUL to report healthy bottom-line growth due to healthy volume growth on the back of strong brand, wide distribution network," the brokerage said.

01 Jun 2020, 01:31:09 PM IST

Top gainers on Nifty Metal

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01 Jun 2020, 01:23:23 PM IST

Yes Securities maintains buy rating on Polycab India

Yes Securities has maintained 'buy' rating on Polycab India with a target price of 857 and 26.1% upside. "We believe earnings revival over the next 2-3 years would be led by market share gains in the FMEG business. We have cut our FY21/22 estimates by 34.5%/26.4% factoring in slower recovery in the housing wire segment. Near term stock performance would be subdued due to concerns over demand revival in C&W segment. Valuation rerating would be gradual as FMCG share increases (+340bps over FY20-22). We maintain our Buy rating on the stock with a revised target price of Rs857 (18x FY22E P/E)," the brokerage said.

01 Jun 2020, 01:20:34 PM IST

Mahindra & Mahindra sales summary May 2020

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01 Jun 2020, 01:12:04 PM IST

PMI data shows some improvement in manufacturing but lockdown continues to hurt

India’s manufacturing activity continued to contract in May, though at a slower pace than registered in April, indicating the deep impact of the lockdown despite the easing of some curbs last month. The manufacturing Purchasing Manager’s Index (PMI), released by IHS Markit, was at 30.8 in May, slightly better than 27.4 recorded in April.

A reading above 50 indicates expansion while a figure below denotes contraction. (Full report)

01 Jun 2020, 01:00:57 PM IST

Market update

Indian benchmark indices rose over 3% on Monday led by financial and metal stocks, as the country geared up to further open its economy after over two months-long lockdown to curb the spread of the coronavirus.

At 12:54 pm, Sensex jumped 1,150 points or 3.55% to 33,574.89. Nifty advanced 323.85 points or 3.4% to 9,904.

Bajaj Finance, Titan and Tata Steel, surging between 7% and 11%, were top Sensex gainers. Ultratech Cement was the sole laggard on the 30-share barometer.

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01 Jun 2020, 12:52:40 PM IST

Rashtriya Chemicals and Fertilisers up 13%

Mini-ratna public sector undertaking Rashtriya Chemicals and Fertilisers Ltd reported a standalone profit after tax of 142 crore in the March quarter, marking an increase of 193% from 48 crore in the previous year.

01 Jun 2020, 12:47:38 PM IST

Bajaj Finance up 11%

Bajaj Finance shares traded 11.16% higher at 2170.65, giving it a market capitalization of 1,30,605.64 crore.

01 Jun 2020, 12:40:30 PM IST

Top gainers on Nifty Bank

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01 Jun 2020, 12:30:44 PM IST

Motilal Oswal puts buy on Ceat

Motilal Oswal has put 'buy' rating on Ceat with a target price of 936 and 16% upside. "CEAT’s beat in the performance for 4QFY20 was completely driven by favorable RM cost. The trend in spot prices in key commodities indicates further material benefits would accrue from 2QFY21. This, coupled with the tax benefit on accumulated loss in the OTR business, offset the impact of weak demand on PAT. Hence, we largely maintain our estimate, which implies ~2%/12%/15% revenue/EBITDA/EPS CAGR over FY20–22E. Maintain Buy," the brokerage said.

01 Jun 2020, 12:19:29 PM IST

Covid-19 ends retail loan boom for India’s banks

Indian banks saw more repayments than they lent in April this year. While in normal times, the first month of a new financial year does see repayments exceed loan offtake, it has rarely happened to retail loan book.

But this year, retail loans showed the biggest month-on-month fall in at least 13 years, a sign that Indian banks’ retail loan boom is coming to an end. (Full report)

01 Jun 2020, 12:12:31 PM IST

Angel Broking puts buy rating on Reliance Industries

Angel Broking has put 'buy' rating on Reliance Industries with a target price of 1,748 and 19.3% upside. "Reliance Industries Ltd. (RIL) is India’s largest company with a dominant presence in Refining, Petrochemicals, Telecom and Retail businesses. Telecom business to witness robust growth over next few years due to tariff hikes and shift of subscribers from Vodafone Idea to other telecom players," the brokerage said.

01 Jun 2020, 12:06:18 PM IST

Motilal Oswal puts buy rating on KEC International

Motilal Oswal has put a 'buy' rating on KEC International with a target price of 230 and 17% upside. "We have cut our FY21/22E earnings by 12%/10% due to lower order inflow assumption. We forecast revenue/EBITDA/adj. PAT CAGR of 6%/4%/2% over FY20-22E, taking into account the order book position and the need to keep working capital under control. Strong promoter parentage and focus on the balance sheet should help KEC emerge stronger post the COVID-19 crisis v/s peers. Maintain Buy with reduced TP of INR230 (prior: INR250)," the brokerage said.

01 Jun 2020, 12:02:54 PM IST

Jet fuel now costs one-third of petrol, diesel

Jet fuel prices have been slashed by a steep 23% in line with a slump in international oil prices and it now costs about one-third of petrol and diesel whose rates continue to be frozen for the 50th day on Sunday.

Aviation turbine fuel (ATF) price has been cut by 6,812.62 per kilolitre, or 23.2 per cent, to 22,544.75 per kl in the national capital, according to a price notification by state-owned oil marketing companies. (PTI)

01 Jun 2020, 12:00:22 PM IST

BSE Consumer Durables index up 6%

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01 Jun 2020, 11:55:17 AM IST

Infosys up 1.2%

IT services major Infosys has said its profitability may be "marginally impacted" and its cash flows negatively affected amid coronavirus. Also, Infosys CEO Salil Parekh drew a pay package of about USD 6.15 million (around 46.44 crore) in fiscal 2020, Infosys said in a regulatory filing.

01 Jun 2020, 11:53:13 AM IST

Supply to improve post-unlock 1.0; demand pickup could be slower

After a little over two months, the withdrawal of the world's most stringent lockdown, in a phased manner, cheered Indian stock markets. As much of the economy gears up to reopen, supply chains and logistics will allow easier movement of goods through the country. Benchmark indices have soared, with the Nifty rising about 3% on Monday. (Full report)

01 Jun 2020, 11:49:30 AM IST

Bajaj Finance, Tata Steel and Titan up 7-10%

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01 Jun 2020, 11:44:56 AM IST

Amara Raja Batteries up 5%

Shares of battery maker, Amara Raja Batteries Ltd rose more than 5% in early deals on Monday, after the company announced better than expected March quarter results on Saturday.

The company’s revenues increased by about 1% last quarter over the same period last year to 1581 crore, better than 1481 crore that a Bloomberg poll of analysts had estimated.

01 Jun 2020, 11:19:02 AM IST

Voltas proves its mettle with strong cooling products sales in Q4

Shares of Voltas Ltd soared 9% in trade on Monday after the company impressed the Street with its better-than-expected March quarter performance.

Revenues grew 1.4% notwithstanding the lost sales of cooling products in March. "Due to lockdown, substantial business was lost in March 2020, which is the beginning of the peak season (summer) and year end billings were adversely impacted," Voltas said in a statement. (Full report)

01 Jun 2020, 11:04:04 AM IST

DGCA extends deadline for PW engine replacement to 31 August

Indian aviation regulator Directorate General of Civil aviation (DGCA) has extended deadline for replacement of Pratt & Whitney (PW) engines that powers Airbus A320neo planes operated by airlines like IndiGo and GoAir by three months to 31 August as the airlines were unable to carry out the necessary replacement during the covid-19 induced lockdown.

01 Jun 2020, 11:02:46 AM IST

India’s manufacturing PMI sharply contracts in May

India’s manufacturing activity contracted sharply in May, though slightly softer than in April, amid the ongoing coronavirus lockdown, leading to firms reducing their staff numbers at the quickest pace in over 15 years.

The manufacturing Purchasing Manager’s Index (PMI) released by the IHS Markit declined to 30.8 in May, slightly better than 27.4 recorded in April. A figure of above 50 indicates expansion, while a sub-50 print signals contraction.

01 Jun 2020, 10:58:49 AM IST

ITC up 2.36%

At 10:55 am, ITC shares traded 2.36% higher at 202.10, giving it a market capitalization of 2,48,425.99 crore.

01 Jun 2020, 10:57:24 AM IST

Hotel stock rally

Indian Hotels Company up 7.6%

TAJGVK Hotels up 5%

Chalet Hotels climbs 12.7%

Country Club Hospitality & Holidays gains 4.5%

01 Jun 2020, 10:44:35 AM IST

Rupee jumps 32 paise in early trade

The rupee appreciated 32 paise to 75.30 against the US dollar in opening trade on Monday supported by the government's reopening plan for the domestic economy.

Forex traders said foreign fund inflows, weak American currency and positive opening of domestic equities also boosted investor confidence.

The rupee opened at 75.32 at the interbank forex market and then gained further ground to touch 75.30, up 32 paise over its last close.

01 Jun 2020, 10:41:36 AM IST

Maruti Suzuki up 2.7%

Maruti Suzuki posted total sales of 18,539 units in May 2020 (including 13,865 units in Domestic market and sales of 23 units to other OEM). India's largest carmaker had reported zero sales in April due to covid induced nationwide lockdown.

01 Jun 2020, 10:24:31 AM IST

Escorts reports 3.4% fall in tractor sales in May

arm equipment and engineering major Escorts on Monday reported a 3.4 per cent decline in total tractor sales at 6,594 units in May.

The company had sold a total of 6,827 units in the same month last year, Escorts said in a regulatory filing.

01 Jun 2020, 10:22:51 AM IST

Dr Reddy's Laboratories slips 1.4%

The company has received the Establishment Inspection Report (EIR) from US FDA for its API Srikakulam Plant (SEZ), Andhra Pradesh, indicating that the inspection is closed.

01 Jun 2020, 10:09:27 AM IST

HCL Technologies up 2.7%

IT major HCL Technologies on Friday announced its intent to acquire Cisco's Self-Optimising Network (SON) technology for about USD 50 million ( around 377.93 crore).

The target entity is an asset carve-out of the product and services business that comprises the SON from Cisco Systems Inc, HCL said in a regulatory filing.

01 Jun 2020, 10:02:30 AM IST

Adani Power up 7%

The company’s board will consider a proposal to delist its entire equity shares from the BSE and NSE in its meeting scheduled on Wednesday. "...meeting of board of directors of Adani Power Ltd to be held on June 03, 2020 to consider the proposal for voluntary delisting of the equity shares of the company received from Adani Properties Private Ltd and related matters incidental thereto," Adani Power said in a regulatory filing.

01 Jun 2020, 09:49:33 AM IST

IDBI Bank up 20%

After being in the red for 13 consecutive quarters, IDBI Bank reported a profit after tax of 135 crore in the quarter ended March 31, helped by higher interest income. The lender had reported a net loss of 4,918 crore in the same quarter last year.

In value terms, 66% of retail borrowers and 97% of MSME and agriculture borrowers have availed the moratorium. It had set aside 247 crore for coronavirus related provisions as mandated by the RBI.

01 Jun 2020, 09:44:30 AM IST

Yes Bank up 1.7%

The private sector lender has acquired over 24% stake in Dish TV India following invocation of pledged shares due to debt default by the DTH service provider and other group firms.

01 Jun 2020, 09:39:27 AM IST

Kotak Mahindra Bank up 3%

The private lender has raised 7,442.5 crore through a qualified institutional placement of shares. The bank on Saturday issued 6.5 crore shares at a price of 1,145 per share to the buyers to raise the money which will buffer its capital reserves, it said in a regulatory filing.

01 Jun 2020, 09:37:47 AM IST

Nifty Bank, Nifty Metal up over 4% each

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01 Jun 2020, 09:26:33 AM IST

Market opening

Indian stocks saw a firm opening on Monday as the government unveiled 'Unlock 1.0' phase with a focus to revive the economy and eased lockdown restrictions in some parts of the country.

At 9:22 am, Sensex jumped 800 points or 2.5% to 33,224 while Nifty climbed 234.05 points or 2.44% to 9,814.35.

Of 30 Sensex shares, 29 were in the green. Axis Bank, Tata steel and HDFC Bank, surging 4-5% were top gainers on the 30-share barometer while Sun Pharma was the only laggard.

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01 Jun 2020, 09:06:35 AM IST

Market pre-opening

Indian benchmark indices were in the green in pre-opening trade on Monday. At 9:04 am, Sensex jumped 447 points or 1.4% to 32,871 while Nifty advanced 152 points or 1.6% to 9,732.

01 Jun 2020, 09:01:16 AM IST

Stocks to Watch

Yes Bank, Kotak Bank, TCS, IDBI Bank, Infosys, Adani Power are among the top stocks that could be in focus in Monday's trading session.

01 Jun 2020, 08:53:39 AM IST

Cabinet Committee on Economic Affairs to meet today at 11:30 am

The Cabinet Committee on Economic Affairs meeting will be held on Monday at the Prime Minister's residence in New Delhi.

This meeting assumes significance as the Ministry of Home Affairs (MHA) has issued new guidelines for phased re-opening of "all activities outside containment zones for the next one month beginning June 1".

01 Jun 2020, 08:46:31 AM IST

Markets may see relief rally in June as lockdown partially eases

As nationwide lockdown eases partially in June, stock markets will focus on reopening of economy while pace at which demand is restored to normalcy will be critical. Analysts feel that there could be some relief rally in stock markets but quarterly results and management commentaries post March quarter results may keep volatility high. (Full report)

01 Jun 2020, 08:46:31 AM IST

Market at close on Friday

After opening in the red, Indian equities recovered in the second half of the trading session and ended the week on a positive note, led by pharma and FMCG stocks, with names such as Sun Pharmaceutical, Dr Reddy's and ITC gaining the most. Wipro was among the top Nifty performers even as the IT index was under pressure due to heavyweights, TCS and Infosys.

While Sensex rose 223.51 points, or 0.7%, to 32,424.10, Nifty 50 closed up 90.20 points, or 0.9%, at 9,580.30.

01 Jun 2020, 08:38:07 AM IST

Asian shares hit three-month highs

Asian shares pushed to three-month highs on Monday as progress on opening up economies helped offset jitters over riots in US cities and unease over Washington's power struggle with Beijing.

Australia ASX All Ordinaries advanced 0.8%.

Shanghai SE Composite Index jumped 1.6%.

Hong Kong's Hang Seng climbed 3.4%.

Singapore's SGX Nifty was up nearly 2%.

01 Jun 2020, 08:38:07 AM IST

Wall Street ends mostly higher

US stocks finished mostly higher on Friday after President Donald Trump announced measures against China in response to new security legislation that were less threatening to the US economy than investors had feared.

At the closing bell, the Dow Jones Industrial Average stood at 25,383.11, down 0.1%.

The broad-based S&P 500 gained 0.5% to 3,044.31, while the tech-rich Nasdaq Composite Index jumped 1.3% to 9,489.87.

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