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Sensex pares most gains to end 114 points higher; Bajaj Finserv top loser
Sensex pares most gains to end 114 points higher; Bajaj Finserv top loser
9 min read.Updated: 21 May 2020, 03:43 PM ISTIshita Guha
Most Nifty sectoral indices settled higher. Nifty Bank came under pressure, falling 0.6%, while Nifty Auto was up 2.6%. Nifty IT and FMCG rose 1%-2%. BSE MidCap, BSE SmallCap added 0.7% each
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21 May 2020, 03:32:29 PM IST
Indian equity market pared most gains in the last leg of today's session and managed to end marginally higher. The downward spiral was led by bank and financial services stocks, with Bajaj Finserve becoming the worst Nifty performer today.
While Sensex gained 114.29 points, or 0.4%, to 30,932.90, Nifty 50 closed up 39.70 points, or 0.4%, at 9,106.25.
InterGlobe Aviation, which owns and operates IndiGo, and SpiceJet, were the the buzzing stocks as the government detailed guidelines to resume flight operations from 25 May.
Nifty stocks--Bajaj Finance, Bajaj Finserv, Kotak Mahindra Bank, Indiabulls Housing Finance, Axis Bank, State Bank of India and ICICI Bank--dragged the benchmark indices down.
21 May 2020, 03:22:29 PM IST
Strides Pharma to begin favirpiravir clinical trial
Strides Pharma Science will soon start its own clinical trial on the potential coronavirus drug, favirpiravir, becoming the second firm, after Glenmark Pharmaceuticals, in India to conduct a study on the broad-spectrum antiviral’s use to cure the fatal respiratory disease
21 May 2020, 03:19:41 PM IST
Top gainers, losers on Nifty
ITC, Hindalco, Hero MotoCorp, Asian Paints and Bajaj Auto were the top gainers on Nifty 50, while Bajaj Finserv, IndusInd Bank, NTPC, Adani Ports and Bajaj Finance led the losses.
21 May 2020, 03:17:14 PM IST
Asian markets end in the red
Most stocks in Asia closed lower amid concerns over the long-term impact of the coronavirus pandemic. Japan's Nikkei 225 fell 0.2%, while Hang Seng index in Hong Kong and China's Shanghai Composite tumbled 0.5% each. However, Korea's Kospi rose 0.4%.
21 May 2020, 03:02:31 PM IST
Zensar Tech extends initiatives with Adode
Zensar Technologies announced the extension of its strategic initiatives with Adobe. The company now has an Adobe-accredited partner solution for Adobe Experience Cloud applications. The stock was up 1.7% to ₹86.60 on the BSE.
21 May 2020, 02:57:09 PM IST
Bajaj Finserv's Q4 profit falls sharply
The financial services company's consolidated net profit declined a steep 77% year-on-year to ₹194.4 during the March quarter, from crore ₹838.7 crore in the year-ago period. However, revenue was up 2.3% at ₹13,295 crore in the reporting quarter, compared to ₹12,995 crore in Q4FY19. Shares of the company tanked 3.7% to ₹4,533.25 on the BSE.
21 May 2020, 02:12:35 PM IST
Colgate Palmolive slips post Q4 earnings
Shares of Colgate Palmolive slumped 3.3% to ₹1,307.45 on the BSE after the company reported a 3.3% year-on-year rise in its net profit to ₹204.1 crore for the March quarter, against ₹197.6 crore in the same period last year. Revenue was down 7.2% at ₹1,070.4 crore during January-March, versus ₹1,153.8 crore a year ago.
21 May 2020, 01:53:32 PM IST
Govt caps air fares
India's domestic airlines will have a lower and upper price limit on fares of flights that will resume operations from next week, according to a Ministry of Civil Aviation document reviewed by Mint. The fare limit will be in place during the lockdown period, but the duration of the restrictions are not known.
The company has decided to discontinue manufacturing and
supplying Zinetac tablets in India and will soon request the cancellation of marketing authorisation for the tablets. The company will closely work with regulatory authorities in the coming months. The stock was up 0.6% at ₹1,380.75 on the BSE.
21 May 2020, 12:56:32 PM IST
Crude oil update
Oil held gains after closing at a 10-week high as a drop in US crude stockpiles added to signs that a market upended by coronavirus lockdowns and a producer price war is rebalancing. Futures in New York were steady near $34 a barrel in Asian trading after the July contract closed up 4.8% on Wednesday. American inventories fell for a second week, while there was a record draw in stockpiles from the storage hub at Cushing, Oklahoma, according to Energy Information Administration (EIA) data.
21 May 2020, 12:53:56 PM IST
European markets under pressure
European stock markets slid at the start of trading, with London down 0.8%. In the eurozone, Frankfurt and Milan each lost 1.2%, Paris dropped 1.3% and Madrid gave up 1.4%.
21 May 2020, 12:44:44 PM IST
Icra withdraws rating on Bajaj Electricals' CP
Icra has withdrawn its credit rating issued to Bajaj Electrical's commercial paper (CP) programme worth ₹500 crore as the company made full repayment, with zero outstanding on the debvt instrument, as on today. Shares of Bajaj Electricals rose nearly 1% to ₹367.60 on the BSE.
21 May 2020, 12:04:32 PM IST
After a tepid start, Indian equities stabilised and extended gains. At noon, the Sensex was up 169.03 points, or 0.7%, at 30,987.64, while Nifty 50 increased 52.65 points, or 0.6%, to 9,119.20.
21 May 2020, 11:55:24 AM IST
Nifty Auto on the rise
21 May 2020, 11:49:25 AM IST
Indiabulls Housing sacks 2,000 employees
Indiabulls Housing Finance has sacked almost 2,000 employees as the company prepares to contain the fallout of the covid-19 disruption, according to a Mint report. While several businesses have announced job cuts in recent days owing to financial pressures created by the coronavirus-led lockdown, this is the first mass layoff in the financial services sector.
21 May 2020, 11:44:42 AM IST
Yes Securities maintains buy on UltraTech Cement
"Notwithstanding the fact that current utilisation level of 60-70% for UltraTech Cement is encouraging, we believe that there is limited room for further improvement of utilisation level in the medium term as labour migration and arrival of monsoon would drag demand growth. Going ahead, we estimate volume/Ebitda CAGR (compound annual growth rate of 5%/2.7% over FY20 and FY22, respectively... We have a target of ₹4,413/share. We maintain our buy rating on the stock," Yes Securities said.
21 May 2020, 11:16:30 AM IST
Tata Power trades higher
Shares of the power company moved up as it announced the acquisition of 10% shares of Adjaristqali Netherlands BV from International Finance Corporation through its wholly-owned subsidiary, Tata Power International Pte Ltd. The stock was up 0.5% at ₹33.50 on the BSE.
21 May 2020, 11:09:46 AM IST
BSE SmallCap adds over 1%
21 May 2020, 11:08:46 AM IST
Most BSE MidCap stocks gain
21 May 2020, 11:07:37 AM IST
JK Lakshmi Cement up as Q4 profit rises
Shares of JK Lakshmi Cement advanced 6% to ₹211.25 on the BSE as the cement maker's standalone net profit was up 2.3 times from a year ago at ₹100.8 crore during the March quarter. However, revenue fell 9.5% YoY to ₹1,061.2 crore in January-March.
21 May 2020, 10:51:21 AM IST
Jubilant Foodworks gains 6%
The stock jumped in early trade as brokerage houses remained positive on the master franchise for Domino’s pizza and Dunkin’ Donuts in India, due to expectations of strong recovery with better execution capabilities. The company reported a sharp 71.5% YoY drop in standalone net profit to ₹21 crore for the March quarter, against a net profit of 73.94 crore in Q4FY19.
21 May 2020, 10:35:37 AM IST
Aviation stocks rally
Shares of aviation companies, InterGlobe Aviation and SpiceJet, surged as the government allowed the resumption of air services from 25 May. All airline operations have been suspended since the start of the nationwide lockdown on 25 March. The stock of InterGlobe Aviation jumped 9.4% to ₹997.25, while that of SpiceJet rose 4.9% to ₹42.95 on the BSE.
21 May 2020, 10:30:00 AM IST
Rupee opens higher
The Indian rupee opened 10 paise higher at 75.69 against the US dollar, compared to the previous close of 75.79.
21 May 2020, 10:14:38 AM IST
Airlines to meet DGCA officials
Top airline and airport officials will meet Directorate General of Civil Aviation (DGCA) executives today to discuss matters related to resumption of air services, according to a Mint report. On Wednesday, civil aviation minister had said, in a Twitter post, flight operations will resume in a calibrated manner from 25 May.
21 May 2020, 10:10:08 AM IST
Vedanta's fundraising plan to delist
Vedanta promoter, Anil Agarwal, is in talks with several banks to tie up loans worth $2-2.5 billion to help finance the delisting offer of his mining company. On 12 May, Vedanta Resources, the promoter entity of Vedanta, had informed the stock exchanges that it will delist its Indian subsidiary. Vedanta has offered public shareholders, who collectively hold a 49% stake in the company, a price of Rs87.5 per share for rendering their shares.
21 May 2020, 09:49:02 AM IST
GMR Kamalanga Energy stake sale on hold
The sale of GMR Energy's entire stake in GMR Kamalanga Energy to JSW Energy Limited has been put on hold due to the coronavirus pandemic and subsequent nationwide lockdown. The transaction will be revisited when the situation returns to normalcy. Shares of GMR Infrastructure surged 2.1% to ₹17.65 on the BSE.
21 May 2020, 09:45:03 AM IST
Top Nifty gainers, laggards
Bajaj Auto was the top performer on Nifty 50, rising more than 5%, followed by Bharti Infratel, HDFC Bank, Hero MotoCorp and Eicher Motors, while Grasim Industries, NTPC, Bharat Petroleum, ITC and ONGC led the losses.
21 May 2020, 09:37:22 AM IST
Nifty sectoral indices on the rise
21 May 2020, 09:36:10 AM IST
Sensex view: Shares mixed
21 May 2020, 09:20:14 AM IST
Indian stock market opened flat-to-weak on mixed cues from Asian peers. Tepidness in bank, auto and IT stocks also supported the cautious sentiment in early deals. The Sensex rose a marginal 15.60 points, or 0.1%, to 30,834.21, while the Nifty 50 index gained 7.10 points, or 0.1%, to 9,073.65.
21 May 2020, 09:14:46 AM IST
Cipla receives US FDA approval
The pharmaceutical major said it has received final approval for its abbreviated new drug application (ANDA) for Dihydroergotamine Mesylate nasal spray from the US Food and Drug Administration (FDA) with a competitive generic therapy (CGT) designation. The stock was flat at ₹620.15 in pre-opening trade on the BSE.
21 May 2020, 08:58:49 AM IST
Stocks in Asia choppy
Asian markets fluctuated after rallying for much of the week, with any gains dragged by profit-taking while concerns over the long-term impact of the virus and worsening China-US relations added to the selling pressure. While Japan's Nikkei 225 fell a marginal 0.1%, Hang Seng index in Hong Kong and China's Shanghai Composite rose 0.1% each.
21 May 2020, 08:53:46 AM IST
Crude oil check
Oil prices edged higher after data showed US crude inventories fell again, easing concern about a supply glut, though lingering fears over the global economic fallout from the COVID-19 pandemic capped gains. Brent crude futures for July delivery traded up17 cents, or 0.5%, at $35.92 per barrel at 0024 GMT. The US West Texas Intermediate (WTI) crude futures for July were up 4 cents, or 0.1%, at $33.53 a barrel.
21 May 2020, 08:50:52 AM IST
Gold price update
Gold eased as equities gained on hopes for a swift recovery from the coronavirus-induced economic slump. Losses were capped by optimism over further stimulus measures. Spot gold slipped 0.2% to $1,745.32 per ounce by 0044 GMT. US gold futures declined 0.2% to $1,748.60.
21 May 2020, 08:47:03 AM IST
Dow Jones up over 1.5%
The Dow Jones Industrial Average rose 369.04 points, or 1.52%, to 24,575.9, the S&P 500 gained 48.67 points, or 1.67%, to 2,971.61 and the Nasdaq Composite added 190.67 points, or 2.08%, to 9,375.78.
21 May 2020, 08:37:50 AM IST
US stocks back in the green
The three major averages on Wall Street notched their fourth gain in five sessions on Wednesday as investors again bet on a swift economic recovery from coronavirus-driven lockdowns and the potential for more stimulus measures from the Federal Reserve. The S&P 500 stands at a two-month high and was briefly above its 100-day moving average, a closely watched technical indicator that has acted as a resistance level. The Nasdaq finished at its highest close in three months and was 4.5% below its Feb. 19 record close, as shares of Facebook Inc and Amazon.com Inc surged to all-time highs.