Sensex, Nifty end lower in volatile trade ahead of F&O expiry16 min read . Updated: 25 Jun 2020, 03:48 PM IST
- On the Nifty, 16 stocks advanced and 34 declined
- ITC, Bajaj Finance led gains on Sensex
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Benchmark indices gave up intraday gains to end in the red for the second straight day in a choppy trading session ahead of the expiry of the June derivative series.
Sensex ended about 27 points lower at 34,842.10, having touched an intraday high of 35,081. The day's low was 34,499.78.
The Nifty fell 16.40 points or 0.16% to close at 10,288.90.
ITC, Hero MotoCorp, Bajaj Finance, Kotak Mahindra Bank and HUL were among the top gainers on the Nifty, while Asian Paints, Hindalco Industries, IOC, Adani Ports and Shree Cements fell the most.
Among sectors, except FMCG and pharma, other indices ended lower, while BSE Midcap and Smallcap indices ended higher.
The Financial Action Task Force has extended the deadline for Pakistan to comply with 27-point action plan till the next plenary meeting, AFP reported on Thursday.
The next meeting will be held in October.
The FATF had placed Pakistan on the grey list in June 2018, placing at least 27 conditions for compliance review on September 2019.
Since then, Pakistan has been given extensions at least thrice of three months each as Islamabad failed to comply with the conditions, required to ensure its name is removed from the grey list.
Indian Overseas Bank on Thursday reported a net profit of ₹143.8 crore for the March ended quarter compared to a loss of ₹1,985.2 crore in the year-ago period.
Net interest income rose 3.6% to ₹1,531.8 crore. Gross NPAs were at 14.8% versus 17.1%, while Net NPA eased to 5.4% from 5.8% sequentially.
The southwest monsoon has covered entire Delhi and more parts of Haryana and Punjab, the India Meteorological Department said on Thursday.
The Delhi high court has sought response of former Ranbaxy promoters Malvinder Mohan Singh and Shivinder Mohan Singh on a plea by Daiichi Sankyo seeking to attach and sell trademarks of Fortis and Religare and recover the amount due to the Japanese company, the Press Trust of India reported.
The high court has ordered status quo on Religare trademark till 28 July.
The high court has been hearing petition filed by Japanese pharma major Daiichi Sankyo seeking execution of ₹3,500 crore Singapore tribunal arbitral award passed in its favour and against the Singh brothers, former promoters of Fortis Healthcare, in April 2016.
Federal Bank will pay over ₹80 crore to buy an additional 4% stake in its life insurance joint venture IDBI Federal Life Insurance, PTI reported quoting managing director and chief executive Shyam Srinivasan
The purchase will take Federal Bank's stake in the 12-year-old company to 30% the maximum permissible level for a lender under the regulations.
CBSE will conduct exam when condition becomes conducive, Centre tells Supreme Court, the Press Trust of India reported.
Delhi, Maharashtra and Tamil Nadu have conveyed inability to conduct the examinations, Solicitor General Tushar Mehta informed the Supreme Court.
Oil slipped below $40 a barrel on Thursday after a more than 5% fall the previous session, as record-high US crude inventories and a resurgence in coronavirus cases cast doubt on a recovery in fuel demand.
Brent crude fell 19 cents, or 0.5%, to $40.12, having touched a low of $39.47. US West Texas Intermediate (WTI) crude fell 49 cents, or 1.3 %, to $37.52.
Germany's DAX lost 0.9% to 11,985.92 while the CAC 40 in Paris tumbled 1.5% to 4,799.54. S&P 500 futures lost 1.3% to 3,008.20, while Dow Industrials futures was down 1.4% at 25,037.00.
Tokyo's Nikkei 225 slipped 1.2% to 22,259.79 and the Kospi in Seoul lost 2.3% to 2,112.37.
Markets in Hong Kong, Taiwan and Shanghai were closed for holidays.
Australia's S&P/ASX 200 sank 2.5% to 5,817.70 after its biggest airline, Qantas, announced it plans to cut at least 6,000 jobs and keep 15,000 more workers on extended furloughs to survive the coronavirus pandemic.
London-listed shares fell on Thursday as a surge in global coronavirus cases and rising damage from the pandemic dented hopes of a speedy economic recovery.
The mid-cap FTSE 250 shed 0.9%, tracking global cues. The blue-chip FTSE 100 was down 0.2% after earlier falling as much as 1.5%.
With the Union Cabinet approving private sector participation in space activities, K. Sivan, chairman of Indian Space Research Organisation (ISRO) on Thursday said private industry will be allowed to undertake research and development and participate in inter-planetary missions.
IN-SPACE (Indian National Space Promotion and Authorisation Centre) that was cleared by the Centre on Wednesday, will perform the role of a regulator and have on its board members from the private industry, Sivan said.
Diagnostics chain Metropolis Healthcare Ltd's promoter shareholder Duru Sushil Shah has divested 3.05 million shares or 6.03% per cent stake in the company for ₹422.58 crore, according to stock exchange filings.
According to the filing, the promoter shareholder divested 30,54,545 equity shares of the company constituting 6.03% of the issued and paid-up share capital of the company through a bulk deal.
It added that shares were sold at ₹1,383.44 apiece.
IIFL Finance on Thursday, in a clarification to the exchanges, said its promoter group’s voting rights in the company has not exceeded 25% and the promoter group has no intention of acquiring more than 25% voting rights in the company or make any public offer.
ET NOW had reported that promoter Nirmal Jain bought an additional 0.12% in the non-bank financier on Wednesday.
With this, the promoter's stake in the IIFL Group's company jumped to over 25 per cent, suggesting the promoters might have to go for an open offer.
Bank of India on Thursday reported a net loss at ₹3,571.4 crore for the quarter ended March compared to a profit of ₹251.8 crore in the year-ago period. Net interest income (NII) fell 6.2% year-on-year to ₹3,793 crore during the quarter.
Hindustan Unilever (HUL) on Thursday said it will to rebrand ‘Fair & Lovely’ to "adopt a holistic approach to beauty that cares for people, that must be inclusive and diverse - for everyone, everywhere." The company will stop using the word fair in the brand name ‘Fair & Lovely’
The brand is committed to celebrating all skin tones.
The new name is awaiting regulatory approvals and the company expects to change the name in the next few months.
Power minister RK Singh has said the government will soon seek approval of the Union Cabinet on tariff policy, and new Electricity Bill, CNBC TV18 reported.
A foundation focused on preparation and response to epidemics that is backing nine potential coronavirus vaccines has identified manufacturers with capacity to produce four billion doses a year, Reuters reported.
The Coalition for Epidemic Preparedness Innovation (CEPI) plans to have two or three manufacturing plants for each vaccine, James Robinson, a longtime biopharma executive leading CEPI'S vast manufacturing push, said in an interview.
Army chief Manoj Mukund Naravane is expected to brief Prime Minister Narendra Modi on Thursday following his two-day border visit in Ladakh where tensions between India and China are still said to be high despite two rounds of talks at the military and diplomatic levels earlier this week.
The Gujarat Authority for Advanced Ruling has held ready-to-eat popcorn is eligible to attract 18% goods and services tax.
Public sector lender Canara Bank has 17% of its loan book under repayment moratorium, with small businesses and corporates the biggest beneficiary of the scheme, L V Prabhakar, chief executive officer, Canara Bank told Mint in an interview.
"About 19% of the borrowers (by number) have utilised the repayment deferment of interest and instalment," said Prabhakar.
Three coaches of a train carrying oil tankers derailed and caught fire in Prakasam district of Andhra Pradesh in the early hours of Thursday, ANI reported.
According to the railway officials, the incident took place between Surareddypalem and Tanguturu stations at 12.06 am. No casualties have been reported so far.
Indian Institute of Technology-Bombay will go completely online next semester and not call students for face-to-face lectures in view of the COVID-19 pandemic, the Press Trust of India reported.
The decision is a first by any IIT.
Aditya Birla Fashion and Retail will issue equity shares on rights basis in the ratio of 9:77, i.e 9 partly paid up equity shares for every 77 equity shares held. Issue price is at ₹110 per share and the offer will open from 8-22 July, it said in filing to the stock exchanges.
Steel Strips Wheels Ltd on Thursday said it has bagged exports orders for over 13,000 wheels for EU caravan trailer and US mobile home market to be executed in July from its Chennai plant.
Volumes have started picking up in the European Union and the US as customers gradually ramp-up their operations post covid lockdown, it said in a filing to the exchanges, adding that more orders are expected in coming weeks.
Indian rupee was at day's high of 75.64 against the US dollar. The unit had opened at 75.75 per dollar against the previous close of 75.71.
Shares of United Breweries slipped 2% on Thursday after the company reported a 39.3% year-on-year decline in its consolidated net profit to ₹41.82 crore for the March quarter.
Department of Telecom (DoT) is considering setting up a committee to review 5G trial applications, CNBC TV18 reported. Government is likely to review participation of Chinese equipment makers, the report said citing sources.
Online travel firms are seeing early signs of recovery as many have started receiving bookings for domestic travel, particularly for resorts, hotels and domestic flights, Mint reported citing industry executives.
Companies such as Makemytrip, Cleartrip, Easemytrip, Ixigo and others said they plan to increase their range of deals and discounts for holiday bookings and introduce new credit products for travellers.
The benchmark Sensex erased losses, made at open, rising over 500 points to 35,035.87, led by gains in ITC Ltd, ICICI Bank and Bajaj Auto.
Shares of GAIL (India) rose over 5% following robust March quarter results. The company on Wednesday reported 168.9% year-on-year growth in standalone profit for the quarter ended March.
Realty firm Prestige Estates reported a 64% fall in its March quarter net profit to ₹51.1 crore, while total income during the period rose to ₹2,016.9 crore.
For fiscal 2020, net profit rose to ₹548.6 crore from ₹441.9 crore in the.
Lenders to Jet Airways have shortlisted four bidders in the latest round of bidding under IBC, BloombergQuint reported.
Bidders include consortium of Murari Lal Jalan, Kalrock Capital Partners. Consortium of Imperial Capital Investments, Flight Simulation Technique Centre and Big Charter Pvt Ltd. A Canadian investor Sivakumar Rasiah, and Alpha Airways.
Bidders will be allowed to access Jet Airways; financial data and bids will be firmed up within two weeks, the report added.
India plans to impose stringent quality control measures and higher tariffs on imports from China amid a military standoff between the two neighbours, Bloomberg reported.
The Bureau of Indian Standards is finalising tougher norms for at least 370 products to ensure items that can be locally produced are not imported. The products include chemicals, steel, electronics, heavy machinery, furniture, paper, industrial machinery, rubber articles, glass, metal articles, pharma, fertilizer and plastic toys.
US secretary of state Mike Pompeo has called Reliance Industries Limited's telecom arm, Reliance Jio, a clean telecom company while thrashing Huawei as a Chinese military-controlled corporation.
Shares of General Insurance Corporation rose 7.4% as the company reported a 98% year-on-year surge in net profit for the March quarter. The insurer reported a 14% increase in gross premium to ₹9,217 crore for Q4, while for the full year, gross premium rose 15.3% to ₹51,030 crore.
The BSE Midcap index was higher by 0.8% at 13,244.96, outperforming the broader market.
Gold edged lower on Thursday, down from the near eight-year high hit in the last session, as a selloff in equity markets driven by a surge in coronavirus cases prompted some investors to dump assets.
Spot gold was down 0.1% at $1,760.39 per ounce in early deals today. On Wednesday, prices had soared to $1,779.06 -the highest since October 2012.
US gold futures fell 0.2% to $1,771.80.
Shares of Bharti Infratel slumped 5.4% to ₹220.65 apiece on Thursday following its board's decision to extend the deadline for merger with Indus Towers by over two months till 31 August. It is the sixth such extension of the deadline for closing the deal.
Bharti Airtel holds 53.5% shares of Bharti Infratel, 10% is held by KKR/CPPIB and 35.5% is public. UK-based Vodafone Group Plc holds 42% shares of Indus Towers, followed by 11.2% of Vodafone Idea and 4.8% by Providence. Vodafone Group Plc owns 44.4% stake in Vodafone Idea.
The deal, signed in April 2018, once completed, is expected to create one of the world’s biggest telecom tower companies.
Benchmark indices staged a recovery after deep losses at open but were still in the red.
At 1010am, the Sensex was down 0.4% at 34721, while the Nifty was down 45 points at 10256.75. About 970 shares have advanced, 920 shares declined, and 99 shares are unchanged.
The Indian rupee opened at 75.75 against the US dollar today compared with previous close of 75.71.
State-owned Canara Bank on Wednesday reported a net loss of ₹3259.33 crore in the March quarter due to a rise in provisions. In the quarter ended March 2019, the bank had posted a net loss of ₹551.53 crore.
A Bloomberg poll of four analysts had estimated a profit of ₹280.80 crore.
The bank had set aside additional provision of ₹1,989.26 crore towards deferment of provision in respect of frauds reported for ₹2,349.59 crores.
Net interest income was at ₹3318.52 crore, down 5.2% year-on-year. Other income rose 16.8% to ₹2,174.95 crore for the quarter ended March.
At 0916am, the Sensex was down 303.72 points or 0.87% at 34565.26, and the Nifty was down 89.40 points or 0.87% at 10215.90. About 421 shares advanced, 812 shares declined, and 45 shares are unchanged.
IndusInd Bank, Bajaj Finance, Axis Bank, Infosys and Power Grid Corp are among major losers on the Sensex in the early trade.
All Nifty sectoral indices, except Nifty FMCG index, were in the red, led by Nifty Bank index, down 2%.
Among individual stocks, Canara Bank was down 5% as the lender reported widening of during the March quarter of FY20.
Private equity firm Blackstone on Wednesday sold 67 million shares or 8.7% stake in Embassy REIT worth around $300 million, according to data available with stock exchanges.
The shares were sold at ₹341 apiece, which was at a 6.51% discount to the closing price of Tuesday. Funds raised will be used to pay back its investors.
Shares of Embassy REIT closed at ₹356.27 on Wednesday, down 2.3% on BSE,.
As expected, Indian benchmark indices were weak in pre-open trade, tracking global cues. The Sensex was down over 500 points or nearly 1.6% at 34,868.98 points, while the Nifty was lower at 10,235.55.
India on Thursday saw a surge of over 16,500 coronavirus cases, taking the tally of reported cases to 4,72,985. More than 14,900 have lost lives to the disease. Delhi's Covid-19 cases have now surpassed the 70,000 mark, while Maharashtra has recorded over 142,000 cases.
Petrol prices were hiked by 16 paise a litre, while those of diesel were raised 14 paise a litre today. Cumulatively in the last 19 days, the price of petrol has gone up by ₹8.66 a litre while that of diesel has risen by ₹10.63 a litre.
Indian indices likely to see a weak opening, in line with global peers. SGX Nifty futures were down over 1% in Asian trade.
In the Indian equity markets, ICICI Bank, Bharti Infratel, RIL, Tata Power, GAIL, CG Power will be in focus today.
Asian equities were largely in the red on Thursday tracking overnight cues on the Wall Street. Rising coronavirus cases in the US, global trade tensions and an International Monetary Fund downgrade to global growth dimmed hopes of an economic recovery.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.7%, Tokyo's Nikkei slumped 1.4% and Australia's ASX 200 tumbled 1.8%. US stock futures also declined 0.7%, extending overnight losses.
Markets in Hong Kong and mainland China are closed for public holidays on Thursday.
Oil prices were weak in early deals on Thursday, extending losses of more than 5% in the previous session, weighed down by record high US crude inventories and worries that the continued surge in covid-19 cases could hamper revival in furl demand.
US West Texas Intermediate (WTI) crude futures fell 26 cents, or 0.7%, to $37.75 per barrel, after dropping $2.36 on Wednesday. Brent crude futures were also down 0.7% at $40.01 per barrel, having declined $2.32 on Wednesday.
Investor concerns over rising coronavirus cases in the US and likely lockdowns and economic damages pulled down Wall Street's three major indices on Wednesday.
The S&P 500 fell 2.6% overnight and the Nasdaq Composite snapped eight sessions of gains and slipped 2.2%. The Dow Jones Industrial Average tumbled 2.7%.
The US recorded the second-largest rise in infections since the pandemic began, with a flare-up of cases in states where lockdown restrictions were lifted early.
The governors of New York, New Jersey and Connecticut announced that visitors from states with high coronavirus infection rates must self-quarantine for 14 days on arrival.
The International Monetary Fund said it now expects global output to shrink 4.9% compared with a 3.0% contraction forecast in April.
Markets will now eye US jobless claims data, due later today.