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The benchmark Sensex ended marginally lower, after volatile trade in the last leg of today's session. Gains in metal stocks--JSW Steel, Jindal Steel, Tata Steel and Hindalco--were offset by steep falls in Bharti Airtel and IT heavyweights--Tata Consultancy Services (TCS), Infosys and Tech Mahindra. Sell-off in Bajaj Finance, Bajaj Finserve and Sun Pharmaceutical also dragged down the key index.
While the Sensex declined 63.39 points, or 0.2%, to 30,609.30, the Nifty 50 index settled nearly flat at 9,029.05.
Among banks, IDFC First Bank was the biggest Nifty gainer, rising nearly 6%, after reporting profit for January-March. HDFC Bank and IndusInd Bank also added to the bull run.
Eicher Motors surged 6.5% on Nifty 50, followed by JSW Steel, Titan Company, UltraTech Cement and IndusInd Bank, while Bharti Airtel, Bajaj Finserve, Tata Consultancy Services, Bajaj Finance and Sun Pharmaceutical led the losses.
Japan led the equity advance in Asia as the world’s third-largest economy reopened, and shares rose in Hong Kong, which showed signs of stabilising after the weekend unrest. Japan's Nikkei 225 ended 2.5% higher, while Hong Kong's Hang Seng and Korea's Kospi rose nearly 2%. Shanghai composite index in China was up 1%.
The technology company has announced a corporate agency tie up with Life Insurance Corporation of India (LIC) to distribute micro-insurance products through Nextgen Vakrangee Kendra network.
The Indian rupee ended near day's high level of 75.66 against the US dollar, compared to Friday's close of 75.95. The domestic currency had opened at 75.68 per dollar.
Cement maker Birla Corporation shares vaulted 12%. The stock followed the trend of peers whose shares rose on the back of decent results in the March quarter. ACC, Ambuja Cements, UltraTech Cement and Shree Cement are up 7-13% since the lockdown was partially eased on 21st April.
What is driving this optimism amid macroeconomic gloom? To begin with, investors are positively surprised by the sustained increase in cement prices in May. A report by Emkay Global Financial Services Ltd pointed out, “Our channel checks indicate that cement prices have been increased by Rs20-30/bag in the North, Central and West markets; Rs20-50/bag in the East markets……and Rs40-90/bag in the South region." (a bag of cement weighs 50 kilograms)
Maruti Suzuki India has partnered with ICICI Bank to offer
customised auto retail financing solutions across the country. As part of the partnership, ICICI Bank will offer various options to the customers of Maruti Suzuki to help them overcome the current financial challenges.
Gold futures fell 0.36% to ₹46,806 per 10 gram as participants offloaded their holdings following weak trend overseas. On the Multi Commodity Exchange (MCX), gold prices for June delivery fell by ₹167, or 0.4%, to ₹46,806 per 10 gram in a business turnover of 7,605 lots. The yellow metal for August delivery declined by ₹137, or 0.3%, to ₹46,934 per 10 gram in 11,887 lots. In New York, gold traded 0.5% down at $1,744.30 per ounce.
The cement maker has appointed Makarand M Joshi & Co as secretarial auditors of the firm for the financial year ending 31 March, 2021. The appointment follows the completion of five-year tenure on 31 March, 2020, by BNP & Associates.
European shares hovered near a 11-week high, with UK markets surging after a long weekend, as businesses worldwide gradually reopened following a months-long lockdown. The pan-European STOXX 600 rose 1% by 0708 GMT after hitting its highest level since March 10. Returning from a bank holiday, UK's FTSE 100 surged 1.9% as Prime Minister Boris Johnson said Britain will reopen thousands of high street shops, department stores and shopping centres next month.
Shares of Eicher Motors jumped over 5% as the company said its board will consider sub-division/split of equity shares of face value of ₹10 each on 12 June. The auto company will also announce its earnings for the March quarter on the same day. The stock climbed up 4.4% to ₹14,534.55 on the BSE.
Indoco Remedies has received approval from the US Food and Drug Administration (FDA) for its Abbreviated New Drug Application (Anda) for Succinylcholine Chloride injection, the therapeutic equivalent of the Reference Listed Drug (RLD), Quelicin injection manufactured by Hospira Inc. The drug is being used to treat some patients infected with coronavirus.
The board of the auto major approved the allotment of
10,000 secured, redeemable, non-convertible debentures (NCDs) of face value of ₹10 lakh each, aggregating ₹1,000 crore, on a private placement basis. The stock was up 1.9% at ₹84.35 on the BSE.
Shares of IDFC First Bank rose 4.8% to ₹19.75 on the BSE as the private lender reported a consolidated net profit of ₹76.36 crore for January-March, against a loss of ₹212 crore during the same quarter a year ago. The bank had posted a net loss of ₹1,631.59 crore in the third quarter ended December 2019.
JSW Steel, Eicher Motors, UltraTech Cement, Titan Company and IndusInd Bank were the top gainers on Nifty 50, while Bharti Airtel, Baja Finserv, Tata Consultancy Services, Hero MotoCorp and Zee Entertainment fell the most.
The pharmaceutical company will conduct a new randomised, open-label study to test the combined efficacy of two antiviral drugs, favipiravir and umifenovir, as a potential medicine to treat coronavirus. The stock was flat at ₹352.00 on the BSE.
Shares of HDFC rose more than 2% even as the non-bank financier reported a net profit of ₹2,233 crore for the March quarter of FY20, down 22% from ₹2,862 crore in the same period last fiscal. Net profit fell owing to provisioning of ₹1,274 crore, which included the impact of coronavirus-led disruptions, as compared to ₹398 crore in the year-ago period.
The Indian rupee opened higher at 75.68 against the US dollar, compared to Friday's close of 75.95.
Shares of the company, which owns and operates the supermarket chain of stores DMart, slumped 4.9% to ₹2,285 on the BSE as the company expects declines in its Ebitda due to lower sales, fall in gross margins and higher cost of operations. However, the company's revenue was up 23.1% YoY, while net profit rose 41% during the March quarter.
Shares of ITC advanced 4% to ₹193.00 on the BSE as the company said it will acquire 100% stake in Kolkata-based spice maker Sunrise Foods Pvt Ltd (SFPL).
Shares of Cipla, Lupin and Aurobindo Pharma touched their respective 52-week highs amid a marginal rise of 0.1% in the Nifty Pharma index.
Stocks of metal and mining companies traded higher due to firmness in Asian markets where optimism over economies reopening cheered investors. JSW Steel and Hindalco, which have significant business presence and exposure in Asia, jumped 4%-7%.
Shares of Bharti Airtel slipped 4% at open after it witnessed a series of block deals, in which around 152 million shares in the company changed hands, Bloomberg reported. Details of buyers and sellers were not available. The stock touched a low of ₹561 a share. The stock traded at ₹573.45 on the BSE, down 3.3%.
Indian equity market opened firm driven by bank stocks including HDFC Bank, ICICI Bank and IndusInd Bank. Among financial services companies, HDFC jumped more than 2% even after reporting a 22% year-on-year (YoY) fall in the March quarter net profit. Bharti Airtel was the top laggard among Nifty stocks due to xthe $1 billion share sale through a block deal. While Sensex rose 314.15 points, or 1%, to 30,986.74, the Nifty 50 index climbed 92.05 points, or 1%, to 9,131.30.
Gold traded little changed as gains in equities on optimism over a reopening global economy offset support from a softer dollar and lingering tensions over Hong Kong and Venezuela. Spot gold was flat at $1,729.83 per ounce by 1253 GMT. US gold futures were down 0.2% to $1,732.10.
Oil prices rose on clear signs that producers are sticking to commitments to cut crude supply as more cars get back on the road with coronavirus lockdowns easing around the world. The US West Texas Intermediate (WTI) crude futures gained 2.3%, or 75 cents, to $34.00. Brent crude futures inched up 0.7%, or 23 cents, to $35.76, adding to a 1.1% gain on Monday in thin holiday trading.
Bharti Airtel, HDFC, ITC, JSW Steel, Avenue Supermarts, Kotak Mahindra Bank, Bank of Baroda, IDFC First Bank and Vedanta.
Asian stocks rose for a second day despite escalating geopolitical risks, with Japan leading gains as the world’s third-largest economy reopens. Shares in Tokyo jumped more than 2%, while in Sydney and Seoul rose over 1%. Hong Kong climbed, showing signs of stabilising after the weekend unrest over China's plan to impose a new security law in the country. Shanghai had modest gains.
The Dow Jones Industrial Average fell 8.96 points, or 0.04%, to 24,465.16, the S&P 500 gained 6.94 points, or 0.24%, to 2,955.45, and the tech-rich Nasdaq Composite added 39.71 points, or 0.43%, to 9,324.59.
Wall Street ended mixed on Friday after a week of strong gains as investors gauged China-US tensions amid ongoing uncertainty about the pace of economic recovery from the coronavirus. The US markets were close on Monday due to Memorial Day. President Donald Trump's warning on Thursday that the US would react strongly to China's plan for a national security law in Hong Kong has raised concerns over Washington and Beijing's possibly reneging on their Phase 1 trade deal. The US Commerce Department said it will added 33 Chinese firms and other institutions to an economic blacklist for human rights violations and to address US national security concerns.
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