Home >Markets >Live Blog >Sensex ends up 223 points, Nifty nears 9,600; IOC soars 7.5%, FMCG firms rise
Sensex ends up 223 points, Nifty nears 9,600; IOC soars 7.5%, FMCG firms rise
9 min read.Updated: 29 May 2020, 03:38 PM ISTIshita Guha
Most Nifty sectoral indices settled higher. While Nifty Bank was up 0.6%, IT was flat. Metal jumped over 2%. Nifty FMCG, Pharma gained around 3%. BSE MidCap, BSE SmallCap were up 1-2%
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29 May 2020, 03:31:45 PM IST
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.
Shares of Vodafone Idea pared gains after the telecom operator clarified that its board was not considering any proposal of an investment by Google Inc. The stock was up 13%.
Investors were largely bearish on bank stocks most of the day. But Nifty Bank managed to erase all losses due to IDFC First Bank, Federal Bank and State Bank of India.
29 May 2020, 03:29:31 PM IST
Top gainers and laggards on Nifty
Indian Oil Corporation, Wipro, Coal India, ONGC and Bajaj Auto were the top gainers on Nifty 50, while Adani Ports, Axis Bank, TCS, Bharti Airtel and Titan fell the most.
29 May 2020, 03:24:40 PM IST
Sun Pharma to conduct clinical trials for covid-19
The pharma major received approval from the Drugs Controller General of India (DCGI) to initiate a clinical trial among covid-19 patients using Nafamostat Mesilate. The drug is approved in Japan for improvement of acute symptoms of pancreatitis and treatment of Disseminated Intravascular Coagulation (DIC). The stocks rose nearly 4% to ₹477.45 on the BSE.
29 May 2020, 03:17:58 PM IST
Asian stocks end mixed
Investors in major markets in Asia treaded cautiously ahead of the US President Donald Trump's press conference later today, where he is likely to announce measures against China that passed a natural security law to gain more control over Hong Kong. Japan's Nikkei 225 fell 0.2%, while Hang Seng index in Hong Kong slipped 0.7%. China's Shanghai Composite rose 0.2%.
29 May 2020, 03:09:38 PM IST
Rupee closes higher
The Indian rupee ended higher at 75.61 against the US dollar, compared to the previous close of 75.75.
29 May 2020, 03:05:44 PM IST
Vodafone Idea on Google investment
The Kumar Mangalam Birla-led telecom firm said its board is not considering any proposal of an investment by Google Inc. According to media reports, Google is considering picking up about 5% stake in Vodafone Idea, following which the stock surged.
"As part of corporate strategy, the company constantly evaluates various opportunities for enhancing the stakeholders’ value. As and when such proposals are considered by the board of directors of the company warranting disclosures, the company shall comply with the disclosure obligations...Currently, there is no proposal as reported by the media that is being considered at the Board," the company said in a filing to stock exchanges.
29 May 2020, 02:53:51 PM IST
IDFC First Bank leads Nifty Bank
29 May 2020, 02:52:04 PM IST
All Nifty FMCG stocks gain
29 May 2020, 02:50:26 PM IST
TVS Motor falls on weak March quarter
Shares of TVS Motor lost over 3% after the company reported a 43.3% year-on-year (YoY) decline in its consolidated net profit to ₹81.85 crore for the quarter ended March 2020. The two-wheeler major's total income also fell 16.9% from the year-ago quarter to ₹4,128.67 crore. It reported a profit before tax of ₹114.83 crore, compared to ₹217.19 crore for Q4FY19.
29 May 2020, 02:32:47 PM IST
SpiceJet gets DGCA nod to conduct drone trials
SpiceJet, the country’s second largest low-cost airline, has got approval from regulator Director General of Civil Aviation (DGCA) to conduct trial of drones for its cargo business. Depending on the success of the trial, SpiceXpress, the cargo delivery arm of the airline, will start using drones for delivery of medical, pharma, essential supplies and e-commerce products. The stock of the airline was up 0.8% at ₹45.35 on the BSE.
29 May 2020, 02:27:37 PM IST
ITC launches Nimwash vegetable and fruit wash
Fast moving consumer goods major, ITC, has launched Nimwash vegetable and fruit wash, which helps disinfect fresh produce. With neem and citrus fruits extracts, ITC said Nimwash has been specially designed as a preventive hygiene solution safe to use and has no added chlorine, bleach or artificial colour. Shares of ITC gained 2.6% to ₹195.50 on the BSE.
29 May 2020, 01:51:34 PM IST
RIL turns Alok Industries plant to make PPE
Reliance Industries, which acquired textile manufacturer Alok Industries last year, has redeployed the manufacturing facilities of the latter in Silvassa, Gujarat to exclusively manufacture personal protective equipment (PPE) for medical professionals treating those infected with coronavirus. The stock of RIL was down
29 May 2020, 01:38:24 PM IST
Crisil reaffirms AA rating for Vedanta
Crisil has reaffirmed the mining company's rating at CRISIL AA with a negative outlook. The stock of the Anil Agarwal-led company was up 2.3% at ₹92.00 on the BSE.
29 May 2020, 01:13:53 PM IST
European markets open lower
European shares pulled back on Friday as market participants turned their focus to Washington's response to the Chinese parliament's approval of a national security law for Hong Kong, but major indexes were on course to finish May with solid gains. The pan-European STOXX 600 index fell 0.9% by 0709 GMT, with US President Donald Trump due to announce his policy moves that could escalate tensions between Washington and Beijing.
29 May 2020, 12:31:35 PM IST
BSE SmallCap gains 1.2%
29 May 2020, 12:23:06 PM IST
Most BSE MidCap shares trade higher
29 May 2020, 12:21:06 PM IST
Indian equities rebounded from their opening lows. While Sensex trimmed early losses to trade down 148.47 points, or 0.3%, at 32,052.12, while Nifty50 dropped 13.20 points, or 0.1%, to 9,476.90.
29 May 2020, 12:14:14 PM IST
Cayman Islands major source of FDI for India
After contracting for a year, foreign direct investment (FDI) inflows into India picked up in fiscal 2020 to grow at 13% as Cayman Islands emerged as a major source of such investment into the country. Data released by the DPIIT showed India’s FDI equity inflows jumped to $50 billion in FY20 from $44.4 billion a year ago.
Including reinvested earnings, FDI grew 18% to $73.4 billion.
29 May 2020, 12:04:42 PM IST
Ceat shares gain nearly 4%
Shares Of the tyre maker rose 3.9% to ₹800 on the BSE even as the company reported a 19.3% year-on-year (YoY) fall in consolidated net profit to ₹51.9 crore during the March quarter. Revenue from operations was down 10.6% at ₹1,573.4 crore
29 May 2020, 11:54:18 AM IST
Wipro jumps 5% on new CEO appointment
Shares of the IT company moved up 4.8% to ₹208.75 on the BSE after the announcement of Thierry Delaporte being appointed as chief executive officer (CEO) and managing director (MD of the company, effective 6 July, 2020
29 May 2020, 11:46:02 AM IST
Rain Industries edges up a steep 13%
The stock rose a sharp 13.1% to ₹78.60 on the BSE as the chemical maker said its plants in Europe and North America continued to operate, without any break during the second quarter of calendar year 2020, even as countries were shut due to lockdowns. Commercial operations of hydrogenated hydrocarbon resins plant in Germany started on 18 May.
29 May 2020, 11:14:47 AM IST
IDFC First Bank surges as credit rating reaffirmed
Shares of the private lender soared 7.9% to ₹21.90 on the BSE as Brickwork Ratings reaffirmed the rating of BWR AA+ with a stable outlook for the bank's long-term bank facilities and non-convertible debentures (NCDs).
29 May 2020, 11:00:20 AM IST
Lupin falls post mixed Q4 performance
Shares of the pharmaceutical company slipped 2.6% to ₹858.65 on the BSE as its net sales fell 12.7% to ₹3,845.7 crore in the March quarter from Rs. 4,406.32 crore a year ago. However, consolidated net profit rose 34.6% to ₹389.6 crore in January-March from ₹289.56 crore in the same period last year.
29 May 2020, 10:50:03 AM IST
Nifty Pharma gains in a weak market
29 May 2020, 10:28:37 AM IST
Top Nifty gainers, laggards
Bharti Infratel was the best performer on Nifty 50, followed by Wipro, Bajaj Auto, ITC, Zee Entertainment, while Axis Bank, Tata Motors, Bharti Airtel and Tata Steel Adani Ports fell the most.
29 May 2020, 10:26:08 AM IST
Rupee opens marginally up
The Indian rupee opened marginally higher at 75.71 against the US dollar, compared to the previous close of 75.75.
29 May 2020, 10:12:24 AM IST
Cadila adds over 3% post US FDA EIR
Shares of Cadila Healthcare soared 3.6% to ₹350.10 on the BSE as the drug maker's formulation manufacturing facility at Baddi in Himachal Pradesh has received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (FDA) with classification of No Action Initiated.
29 May 2020, 10:01:28 AM IST
Nifty sectoral indices mixed
29 May 2020, 09:59:48 AM IST
Most Sensex shares under pressure
29 May 2020, 09:55:17 AM IST
Grasim Industries rise over 3%
The stock of Grasim Industries gained 3.4% to ₹596.00 as Google mulling picking up a stake in Vodafone Idea, where Grasim holds 11.5%, pushed the shares higher.
29 May 2020, 09:44:04 AM IST
Bharti Infratel surges over 8%
Shares of Bharti Infratel, which owns 42% in a joint venture, Indus Towers, besides Vodafone Idea and Vodafone Group, jumped 8.2% to ₹242.25 on the BSE. Investors cheered news of Google Inc considering the acquisition of equity stake in Vodafone Idea.
29 May 2020, 09:38:03 AM IST
Vodafone Idea hits 10% upper band
The stock of Vodafone Idea hit 10% upper circuit in early deals on reports that Google Inc is considering acquiring about a 5% stake in the Kumar Mangalam Birla-led telecom operator. Shares of the company were at ₹6.40 on the BSE.
29 May 2020, 09:16:46 AM IST
Indian equities opened weak, with bank, metal and IT stocks dropping. Losses in Asian stocks added to the pressure. While the benchmark Sensex declined 334.31 points, or 1.04%, to 31,866.28, the Nifty 50 index fell 88.55 points, or 0.93%, to 9,401.55.
29 May 2020, 09:13:27 AM IST
Gold price check
Gold prices gained as the Sino-US rift deepened over further moves by Beijing to impose a security law on Hong Kong, lifting the allure of safe havens amid market uncertainties caused by the pandemic. Spot gold was up 0.1% at $1,719.63 per ounce, as of 1249 GMT. US gold futures rose 0.4% to $1,734.60.
29 May 2020, 09:12:19 AM IST
Crude oil check
Oil prices edged lower after US inventory data showed lacklustre fuel demand in the world's largest oil consumer, while worsening America-China tensions weighed on global financial markets. Brent crude slipped 36 cents, or 1%, to $34.93 a barrel by 0106 GMT and US West Texas Intermediate crude was at $33.20 a barrel, down 51 cents, or 1.5%.
29 May 2020, 08:59:38 AM IST
Wipro appoints Thierry Delaporte as CEO
IT services provider, Wipro, announced the appointment of Thierry Delaporte as chief executive officer (CEO) and managing director (MD of the company, effective 6 July, 2020. Delaporte was the chief operating officer (COO) of Capgemini Group. He will report to chairman Rishad Premji and will be based in Paris.
Asia's stock markets pulled back and major currencies were held in check on Friday, as investors await the US response to China tightening control over the city of Hong Kong. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3%. The Nikkei 225 declined 0.2%, while Hang Seng index in Hong Kong lost 0.6%.
29 May 2020, 08:42:02 AM IST
Dow Jones breaks three-day gaining streak
The Dow Jones Industrial Average finished at 25,400.64, down 0.6% and ending a three-day winning streak. The broad-based S&P 500 fell 0.2% to 3,029.73, while the tech-rich Nasdaq Composite Index shed 0.5% to end Thursday's session at 9,368.99.
29 May 2020, 08:36:48 AM IST
US stocks fall amid fresh US-China tensions
Wall Street stocks ended lower Thursday following a late-afternoon retreat on growing US-China tensions as markets digested more bad economic data following coronavirus shutdowns. Stocks had been in positive territory most of the day but pulled back after US President Donald Trump announced he would hold a press conference on China on Friday.
The announcement follows strong US criticism of a security law allowing China to tighten its grip on Hong Kong. Chinese lawmakers on Thursday approved a national security law, which many fear may curb democratic freedom in Hong Kong.
In a Twitter post, Trump also blamed Beijing for the coronavirus outbreak that has killed 100,000 Americans and added new uncertainty to his re-election prospects.