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Photo: Reuters
Photo: Reuters

Banking heavyweights lift Sensex by 230 points; Nifty settles below 9,300

  • In a volatile session on Wednesday, Indian benchmark indices closed in the green zone
  • After rising over 800 points from the day’s low, Sensex settled 0.74% higher at 31,685 points

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06 May 2020, 03:35:54 PM IST

Market Closing

In a volatile session on Wednesday, Indian benchmark indices closed in the green zone. After rising over 800 points from the day’s low, Sensex settled 0.74% higher at 31,685 points. Nifty on the other hand closed 65 points or 0.71% higher at 9,270.

A rise in beaten down banking stocks helped Indian shares rebound.

The BSE Bankex index settled over 2%, with RBL Bank surging 8.4% as top gainer, followed by HDFC Bank and ICICI Bank.

Mahindra & Mahindra, Bajaj Finance and HDFC Bank were top Sensex gainers. ITC, TCS and HUL were the top laggards on the 30-share barometer.

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06 May 2020, 02:57:37 PM IST

Rupee settles 9 paise lower against US dollar

The rupee depreciated 9 paise to close at 75.72 against the US dollar on Wednesday, following a strong American currency overseas and fears of a renewed trade war between the US and China.

06 May 2020, 02:56:43 PM IST

Nerolac Paints announces dividend

Kansai Nerolac Paints recommends dividend of 3.15 per share

06 May 2020, 02:49:25 PM IST

Nifty FMCG down 2%

Top losers on Nifty FMCG

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06 May 2020, 02:46:48 PM IST

Top gainers on Nifty Bank

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06 May 2020, 02:12:20 PM IST

Karnataka hikes taxes on alcohol

Karnataka on Wednesday raised taxes on liquor by a sharp 11% to shore up revenues which have declined in the aftermath of the lockdown, in place since 25 March to curb the spread of covid-19.

06 May 2020, 02:07:17 PM IST

Bharti Airtel up 3.6%

Delhi High Court directs government to verify Airtel's claim of 923 crore GST refund and issue it within two weeks.

06 May 2020, 02:00:02 PM IST

Liquor stocks slip as some states hike excise duty

Shares of United Breweries, Radico Khaitan, United Spirits and GM Breweries declined between 3% and 7% on the BSE after Andhra Pradesh and Rajasthan hiked the excise duty on liquor and restricted the timings of shops.

06 May 2020, 01:25:06 PM IST

Persistent Systems up 8.6%

Mid-size IT services player Persistent Systems on Wednesday reported a marginal decrease in March quarter net profit at 83.8 crore despite an 11 per cent jump in revenue as investments for the future crimped profits.

The Pune-headquartered company had reported a post tax profit of 84.4 crore for the year-ago period and 87.9 crore for the preceding quarter. Its annual profit for FY20 decreased 3.2 per cent to 340 crore.

06 May 2020, 01:13:14 PM IST

Motilal Oswal puts 'buy' rating on L&T

Motilal Oswal has put 'buy' rating on L&T with a target price of 1,200, 43% upside.

"Our deep dive into L&T's core order inflows (>INR2.5t) over the past two years reveal the benefits of a diversified EPC player - an ability to adjust business model to growth avenues, both segment wise as well as geographically. Together with the services revenue stream, such a fungible business model has helped L&T grow its consolidated top line every year over the past few decades, as far as we recollect," the brokerage said.

06 May 2020, 01:09:18 PM IST

SBI shares trade flat

State Bank of India (SBI) is planning to offer a three-month loan moratorium to non-banking financial companies (NBFCs) and microlenders, Mint rpeorted. The SBI board may discuss the matter at its meeting on Wednesday.

06 May 2020, 01:08:08 PM IST

HDFC twins, ICICI Bank lift Sensex by over 300 points

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06 May 2020, 12:57:17 PM IST

Excise hike can add ₹1.4 trillion to govt's coffers, says Barclays

“We estimate the central government’s revenue benefit from the additional hikes in fuel taxes could be as much as 1.4 trillion (0.67 per cent of GDP) on an annual basis. This is on top of an estimated 2.8 trillion already being collected by the central government from the fuel tax/cess, which would bring the total contribution to central exchequer from fuel taxes to 4.4 trillion (around 2.1 per cent of GDP)," the brokerage said in a note.

06 May 2020, 12:39:54 PM IST

ITC, Axis Bank top laggards on Sensex

The government is seeking to raise around to 22,000 crore by selling its entire stake in FMCG–hospitality–cigarette major ITC and Axis Bank one of the leading private sector lenders, according to a report in The Economic Times.

06 May 2020, 12:32:45 PM IST

Nifty Bank up nearly 2%

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06 May 2020, 12:07:24 PM IST

Yes Securities puts 'buy' rating on SBI Life Insurance

Yes Securities has put 'buy' rating on SBI Life Insurance with a target price of 764.

"Economy is at standstill and lot of ambiguity persists, therefore, Q1 is expected to be lower on YoY basis, but FY21 is expected to witness a single digit growth (more of an aspiration). Changes in product offering which are suitable for the current circumstances along with the digital route to be the way forward for attaining growth," the brokerage said.

06 May 2020, 12:03:03 PM IST

BSE MidCap up 0.6%

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06 May 2020, 11:42:16 AM IST

Relief for Bharti Airtel; Shares up 2%

Delhi High Court directs government to verify Airtel's claim of 923 crore GST refund and issue it within two weeks. (CNBC-TV18)

06 May 2020, 11:28:31 AM IST

5G discussions have slowed as clients focus on telecom spend: Tech Mahindra

Telecommunication comprises about 40% of Tech Mahindra’s revenue and the company had been betting on telecom operators going ahead with their 5G implementation plans this year. But the covid-19 pandemic put a hold on their plans. Client discussions, however, haven’t stopped yet, the management told Mint. (Full report)

06 May 2020, 11:23:54 AM IST

Markets recoup losses

Indian equity indices after opening on a positive note got into negative zone during the morning session of the trade.

The benchmark Sensex and Nifty later in the session recouped the losses and entered into the green zone.

Sensex surged over 800 points from its day’s low to 31,970.84. Nifty on the other hand reclaimed 9,300 mark.

HDFC Ltd, surging up to 4% was top Sensex gainer followed by Hero MotoCorp, ICICI Bank and HDFC Bank. ITC, Axis Bank and Titan were among the laggards.

Of 30 shares in the Sensex, 27 were in the green.

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06 May 2020, 11:02:30 AM IST

Crisil on impact of hike in duty on Petrol and Diesel

The rate hikes according to the government officials will not increase the price at the retail end as the OMCs will bear the cost which would be roughly equal to the gain they made when global price of crude came down. Therefore impact on prices will be marginal.

Government revenue however may not increase significantly as a lot will depend on consumption which is very low given the extended shutdown. Therefore, gain will have to be monitored over time.

06 May 2020, 10:53:28 AM IST

India April services PMI collapses to 5.4 from 49.3 in April

India's services activity suffered a shock collapse in April as the coronavirus lockdown crippled global demand, causing a historic spike in layoffs and reinforcing fears of a deep recession in Asia's third-largest economy.

The Nikkei/IHS Markit Services Purchasing Managers' Index plunged to an eye-popping 5.4 in April from March's 49.3, an unprecedented contraction since the survey first began over 14 years ago.

06 May 2020, 10:45:59 AM IST

Rupee slips 18 paise in early trade

The rupee depreciated 18 paise to 75.81 against the US dollar in opening trade on Wednesday amid strengthening American currency overseas and sustained foreign fund outflows.

The local unit opened weak at 75.77 at the interbank forex market and then fell further to 75.81, down 18 paise over its last close.

It had settled at 75.63 against the US dollar on Tuesday.

06 May 2020, 10:43:38 AM IST

OMCs slip as govt hikes excise duty

Shares of oil marketing companies (OMCs) tumbled 7-13% on Wednesday after the government hiked duties on petrol and diesel by 10 and 13 per litre respectively.

At 10:30 am, Hindustan Petroleum Corporation (HPCL) fell as much as 13% to 186.70 apiece on the BSE. Bharat Petroleum Corporation (BPCL) was down 10% lower at 312.15. Indian Oil Corporation (IOC) was down 7.49% at 72.85.

06 May 2020, 10:28:38 AM IST

MCA allows companies to hold AGMs via video conferencing

In the wake of covid outbreak, the Ministry of Corporate Affairs has allowed companies to hold their annual general meeting (AGM) via video conferencing or other audio-visual means during 2020.

06 May 2020, 10:24:03 AM IST

Additional cess to affect revenue, say liquor companies

The state governments' decision to raise prices of liquor between 50 and 70% may improve their dwindling finances and dissuade people from overcrowding at stores, but it could dent monthly sales of alcoholic beverages, industry experts said.

The Delhi government has announced a 'special corona fee' (70%) on retail prices, which is unlikely to stay through the financial year. (Full report)

06 May 2020, 10:20:08 AM IST

Vodafone Idea up 3.4%

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06 May 2020, 10:11:41 AM IST

Voda Idea receives interest from PE players for optic fibre business

Brookfield, KKR in talks to buy optic fibre business of Vodafone Idea

The company hopes to receive up to $2 billion and will use complete stake to bring down debt, pay liabilities. (Source: CNBC-TV18)

06 May 2020, 10:06:44 AM IST

Piramal Enterprises down 2.3%

The company dismissed the news reports about 'KKR likely to pick 20% stake in Piramal Enterprises for Rs. 3,500 crore' in a BSE filing. It said that there is no such proposal before the board or any committee.

06 May 2020, 09:58:42 AM IST

What makes Jio Platforms command a ₹5 trillion valuation

The enterprise value of Jio Platforms, a six-month old company, is now 5.15 trillion, making it comparable with global platforms such as Alphabet, Tencent, Alibaba, etc., that are largely debt-free and have large digital ecosystems.

So, what has made Jio Platform a darling of investors? (Full report)

06 May 2020, 09:54:23 AM IST

Most sectoral indices in the red

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06 May 2020, 09:53:04 AM IST

Punjab and Sind Bank

The public sector lender will seek shareholders’ nod for raising equity capital up to an amount of 500 crore through QIP route in one or more tranches within the next 12 months.

06 May 2020, 09:48:31 AM IST

NIIT Technologies surges 10%

he IT company reported a 11.4% rise in consolidated net profit to 113.6 crore for the March 2020 quarter, and said strong tech capabilities and sharp execution helped the company in winning large deals. NIIT Technologies had posted a net profit of 102 crore in January-March 2019 quarter.

06 May 2020, 09:45:05 AM IST

Rallis India down 2.5%

Agriculture solutions firm Rallis India reported a decline of 49.62% in its consolidated net profit at 0.68 crore for the quarter ended March of 2019-20. The Tata group firm had posted a net profit of 1.35 crore in the same period a year ago.

06 May 2020, 09:43:09 AM IST

Adani Ports up 2%

The company on Tuesday reported 74% decline in consolidated net profit to 340.21 crore for the fourth quarter ended March 31. Its consolidated total income marginally declined to 3,360.17 crore for the fourth quarter as against 3,492.72 crore in the year-ago period.

06 May 2020, 09:37:45 AM IST

Yes Bank down 3%

The private sector lender slipped 3% ahead of it's Q4 result. Yes Bank is expected to post a net loss of 4,218.9 crore in the three months to March 2020, as against a loss of 1,507 crore in the same period last year, according to average estimates of four analysts polled by Bloomberg.

06 May 2020, 09:22:28 AM IST

Market opening

Indian stocks opened on a flat to negative note in Tuesday's trading session. After rising over 100 points in at open, Sensex fell 300 points to 31,263.81. Nifty dropped at 9,148.55 points after rising marginally higher.

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06 May 2020, 09:04:42 AM IST

Market at pre-opening

Indian benchmark indices opened in the green in the pre-opening trade on Wednesday. At 9:00 am Sensex advance 400 points or 1.3% at 31,853 while Nifty rose marginally to 9,213 points.

06 May 2020, 08:28:20 AM IST

Markets at close on Tuesday

Indian stock markets closed lower on Tuesday after a volatile session. After rising over 1% during the day, profit booking dragged benchmark indices in the last hour of trading. The BSE Sensex ended at 31,453.51, down 261.84 points, or 0.83%, while the 50-share index Nifty ended at 9,205.60, down 87.90 points, or 0.95%.

06 May 2020, 08:24:47 AM IST

Asian shares mixed

Stock markets in mainland China reopened for the first time since Thursday after a holiday break. Shanghai Composite slipped 0.3%.

Australian shares dropped nearly 1% while Hong Kong's Hang Sen was up 0.7%.

Singapore's SGX Nifty was flat, suggesting a cautious start for Indian stocks.

06 May 2020, 08:24:47 AM IST

Wall Street closes higher as oil recovers

Wall Street's main stock indexes closed higher on Tuesday as oil prices staged a recovery and a slew of countries eased coronavirus-led restrictions in an attempt to revive economic activity.

The Dow Jones Industrial Average gained 0.6% to end at 23,883.09.

The broad-based S&P 500 climbed 0.9% to close the session at 2,868.44, while the tech-rich Nasdaq Composite Index advanced 1.1% to 8,809.12.

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