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Photo: Reuters
Photo: Reuters

Sensex, Nifty close in the red dragged by banks; Auto stocks shine

  • Sensex dropped over 740 points from day’s high to close at 0.3% or 80 points lower at 31,561.22
  • After touching an intraday high of 9,439.90 points, Nifty pared all the gains and closed flat at 9,247

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11 May 2020, 03:35:03 PM IST

Market Closing

Indian stocks failed to hold opening gains and closed in the red on Monday even as phased easing of coronavirus lockdowns across the country spurred hopes of an economic recovery.

Sensex dropped over 740 points from day’s high to close at 0.3% or 80 points lower at 31,561.22.

After touching an intraday high of 9,439.90 points, Nifty pared all the gains and closed flat at 9,247.

While investors dumped financials, they bought auto stocks. Nifty Bank closed 2% lower, Nifty Auto, on the other hand climbed over 4%.

Hero MotoCorp, Bajaj Auto and Maruti Suzuki, surging 5-6%, were top Sensex gainers. ICICI Bank, Kotak Bank and HUL, down 2-4% were top laggards on the 30-share barometer.

Shares of Reliance Industries rallied over 3% intraday to take its market capitalisation back above the 10 lakh crore mark.

The rupee slipped 19 paise to close at 75.73 against the US dollar.

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11 May 2020, 03:09:15 PM IST

Rupee settles 19 paise lower

The rupee slipped 19 paise to close at 75.73 against the US dollar on Monday as strengthening American currency overseas and rising coronavirus cases in the country weighed on investor sentiment.

The local unit opened at 75.55, then lost further ground and finally settled at 75.73 against the greenback, down 19 paise over its previous close.

11 May 2020, 02:44:30 PM IST

Domestic flights may resume by 18 May

The government is likely to allow airline companies resume operation of local passenger flights by 18 May, people aware of the development told Mint on Monday.

An announcement to this effect could be made today. (Full report)

11 May 2020, 02:31:46 PM IST

Benchmark sovereign bonds in India tumbled by the most in more than three years

Benchmark sovereign bonds in India tumbled by the most in more than three years after Prime Minister Narendra Modi’s government increased borrowing by more than half to cover revenue lost due to the virus-induced slowdown.

The yield on 10-year bonds climbed 20 basis points to close at 6.17% after surging by as much as 27 basis points, the most since February 2017. The administration late Friday said it will borrow 12 trillion rupees ($159 billion) for the fiscal year started April 1, up from the budgeted 7.8 trillion rupees. The nation’s stocks climbed as the ramped-up borrowing plan stoked bets of the government announcing a bigger fiscal stimulus. (Bloomberg)

11 May 2020, 02:27:42 PM IST

Silver futures rise on spot demand

Silver prices on Monday rose 0.57% to 43,539 per kg in futures trade as participants widened their bets on firm spot demand.

On the Multi Commodity Exchange, silver contracts for July delivery gained 246, or 0.57%, to 43,539 per kg in 6,612 lots.

Similarly, the white metal for September delivery was trading higher by 184, or 0.42%, at 43,998 per kg in 131 lots.

11 May 2020, 02:16:57 PM IST

Gold futures drop marginally on weak global cues

Gold futures on Monday fell 0.05% to 45,789 per 10 gram as participants offloaded their holdings following weak trend overseas.

On the Multi Commodity Exchange, gold prices for June delivery fell by 23, or 0.05%, to 45,789 per 10 gram in a business turnover of 13,268 lots.

The yellow metal for August delivery declined by 49, or 0.11%, to 45,008 per 10 gram in 7,259 lots.

11 May 2020, 02:02:34 PM IST

India’s unemployment rate decreases as economic activities picks up in parts

India's unemployment rate has decreased by three percentage points in the week ended 10 May as the agricultural action picked up and economic activities restarted gradually in parts of India.

According to the Centre for Monitoring of Indian Economy (CMIE), India's jobloss rate tapered to 23.91% from 27.11% in the week ended 10 May.

11 May 2020, 01:59:54 PM IST

HDFC AMC down over 2%

HDFC Asset Management Company on Saturday reported a 9% drop in profit-after-tax at 250 crore for the three months ended March 2020.

In comparison, it had posted a profit-after-tax of 276.17 crore in the year-ago period, HDFC AMC said in a regulatory filing to the stock exchanges.

11 May 2020, 01:49:19 PM IST

ICICI Bank slumps over 3% as Q4 profit misses Street's estimate

Shares of ICICI Bank Ltd slipped over 3% as the private lender's earnings for the March quarter were lower than the Street's estimates. The miss was because of higher provisions made to combat the impact of the covid-19 disruptions. Net profit for the quarter was at 1,221.36 crore, up 26% from 969.06 crore a year ago. However, the profit was lower than 3,510.50 crore estimated by a Bloomberg poll of 16 analysts.

11 May 2020, 01:37:11 PM IST

Bharti has highest active subscribers

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11 May 2020, 01:36:21 PM IST

Motilal Oswal on telecom sector

"After last month's decline in subscribers across the industry, driven by ARPU hikes, subscriber adds turned positive once again. The gross subscriber base increased by 4.9m (v/s a 3.2m drop in Dec'19) to 1,156m, led by the addition of 0.9m/6.6m by Bharti/RJio, partially offset by decline of 3.6m in VIL's subscriber base. Furthermore, the active subscriber base increased by 3.8m (v/s 3.5m in Dec'19) to 986.3m, led by the healthy addition of 4.9m customers by RJio. On the contrary, both Bharti/VIL lost 1.7m/0.3m of their active subscriber base"

11 May 2020, 01:22:02 PM IST

RIL up 2%

"RJio continued to add the most subscribers, with 6.6m gross and 4.9m active subscriber additions (v/s 3m in Dec'19). However, the pace of subscriber adds is gradually slowing from the peak of 12-14m and average of 8-10m earlier. It reached 32.6% of gross market share, retaining its top position," Motilal Oswal Institutional Equities said in a note.

11 May 2020, 01:18:35 PM IST

Vodafone Idea up nearly 10%

"VIL's gross/active subscriber base continued to decline by 3.6m/0.3m to 329m/297m; however, the pace of decline in the active subscriber base slowed significantly (3.1m in Nov'19 and 1.1m in Dec'19). Subsequently, VIL's gross/active subscriber market share fell to 28.5%/30.1% (v/s 28.9%/30.3% in Dec'19)," Motilal Oswal Institutional Equities said in a note.

11 May 2020, 01:16:15 PM IST

Bharti Airtel up 2.6%

According to Motilal Oswal Institutional Equities, "Bharti gained 0.9m gross subscribers (328m in total), while it lost 1.7m of its active subscriber base (313m in total). Despite losing active subscribers, Bharti has continued to maintain its top spot in terms of active subscriber market share with 31.7%."

11 May 2020, 01:11:20 PM IST

Glenmark launches 3-in-1 inhaler

Glenmark Pharmaceuticals on Monday said it has launched a triple therapy inhaler in the country for patients with chronic obstructive pulmonary disease (COPD).

The company's product -- a single inhaler triple therapy product AIRZ-FF -- is a combination of two bronchodilators, glycopyrronium and formoterol and the inhalation corticosteroid fluticasone propionate, Glenmark Pharmaceuticals said in a regulatory filing.

11 May 2020, 12:55:34 PM IST

Tata Power bags Rs1,200 contract from defence ministry

Tata Power SED has bagged 1,200 crore contract from the Ministry of Defence for modernisation of infrastructure of 37 Airfields of Indian Airforce, Indian Navy and Indian Coast Guard.

11 May 2020, 12:50:39 PM IST

Market update

Indian shares bounced on Monday, tracking a surge in Asian peers, as phased easing of coronavirus lockdowns at home and elsewhere spurred hopes of an economic recovery.

At 12:40 pm, Sensex was up 200 points or 0.7% at 31,852.56. Nifty advanced 65 points or 0.7% to 9,317.15.

While auto stocks were leading the rally, financials were under pressure.

Nifty Bank dropped 0.6% while Nifty Auto rallied over 4%.

Maruti, Hero MotoCorp and Bajaj Auto, surging 4-6%, were top Sensex gainers. ICICI Bank, HDFC Ltd and HUL were among the top laggards on the 30-share barometer.

Shares of Reliance Industries rallied over 3% to take its market capitalisation back above the 10 lakh crore mark.

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11 May 2020, 12:25:33 PM IST

Angle Brooking puts 'buy' on Avenue Supermart with a target price of ₹2,735

"Avenue Supermarts owns and operates the supermarket chain ‘D-MART’. Focused on value retailing, it offers a wide range of fast-moving consumer (food and non-food) products, general merchandise and apparel.We expect DMART to report consolidated revenue/PAT CAGR of 18%/26%, respectively over FY2019-22E," the brokerage said.

11 May 2020, 12:20:02 PM IST

Shree Cement stock valuation prices in profit beat in trying times

Shree Cement Ltd’s efforts to trim costs combined with a favourable market mix led to a strong profit beat in the March quarter(Q4FY20).

The company clocked a 772 basis points (bps) jump in earnings before interest, tax, depreciation and amortisation (ebitda) from the year-ago period, to 33.5%. One basis point is one hundredth of a percentage point. This was higher than Bloomberg’s 14-broker consensus of 31.6%.

In addition to lower raw material and power and fuel costs, a phenomenon seen across the industry during the quarter, Shree Cement scored on trimming employee costs. It cut variable salaries of key personnel for FY20.

11 May 2020, 12:13:48 PM IST

Angle Brooking puts 'accumulate' on Bharti Airtel with a target price of ₹594

"Telecom operators have increased tariffs by ~35% in Nov’19. There is a possibility of another round of tariff hikes by telecom companies in FY21 given that tariffs are still very low . If Vodafone Idea goes out of business, Bharti would benefit significantly from addition of subscribers," the brokerage said.

11 May 2020, 12:09:11 PM IST

Godrej Properties Q4 earnings

The company's consolidated net profit fell 35% to 101 crore in Q4FY20 from 156.66 crore in the year ago period.

11 May 2020, 11:48:23 AM IST

RIL market capitalisation crosses ₹10 lakh crore

The shares Reliance Industries advanced over 3% to touch an intraday high of 1,614.85 apiece on the BSE, lead by which company's m-cap crossed 10 lakh crore mark.

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11 May 2020, 11:39:46 AM IST

Top gainers on Nifty Auto

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11 May 2020, 11:33:53 AM IST

FM meeting with heads of public sector banks gets deferred

The review meeting of Finance Minister Nirmala Sitharaman with CEOs of public sector banks scheduled for Monday has been postponed.

According to a PTI report, the meeting has been deferred and the new date will be informed shortly.

The meeting, to be held via video-conferencing, was to discuss various issues, including credit offtake, as part of efforts to prop up the economy hit by the covid-19 crisis.

11 May 2020, 11:30:15 AM IST

Is India’s sovereign ratings downgrade risk higher than peers?

In a recent interview, the chief economic adviser (CEA) to the finance ministry, Krishnamurthy Subramanian defended India’s limited covid-19 relief-cum-stimulus package, citing the fear of ratings downgrades in case of high fiscal slippages. Subramanian pointed out that most countries which have announced big fiscal packages have better ratings than India has. (Full report)

11 May 2020, 11:26:11 AM IST

Banks under pressure, auto stocks shine

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11 May 2020, 11:16:03 AM IST

Hero MotoCorp extends gains, up over 6%

Two-wheeler major Hero MotoCorp said, here on Sunday, it had revived retail operations with re-opening of over 1,500 customer touch-points, including authorised dealers and service outlets, in the past few days.

The company, in a regulatory filing said since the resumption of retail services, 10,000 motorcycles and scooters had been sold. The reopened outlets contributed around 30% of the company's domestic retail sales, it said.

11 May 2020, 11:03:58 AM IST

Rupee slips 16 paise in early trade

The rupee slipped 16 paise to 75.70 against the US dollar in opening trade on Monday as rising coronavirus cases in the country weighed on investor sentiment.

11 May 2020, 11:00:54 AM IST

SBI Card down 2%

SBI Cards and Payment Services on Friday reported a 66% decline in net profit at 84 crore for the March quarter on additional provisions due to the covid-19 crisis as well as rise in total expenses.

The credit card company, promoted by country's largest lender SBI, had posted a net profit of 249 crore in the corresponding January-March period of the preceding fiscal year 2018-19.

11 May 2020, 10:55:23 AM IST

SeQuent Scientific up 2.3%

American private equity investor The Carlyle Group has agreed to acquire up to a 74% stake in animal health focused pharmaceutical company SeQuent Scientific Ltd, the company said in an exchange filing on Friday.

11 May 2020, 10:52:12 AM IST

ICICI Bank beefs up covid-19 provisions, but slippages should worry investors

The private lender reported a net profit of 1,221 crore for the March quarter, missing analysts’ estimates by a mile. An average of estimates of 16 analysts polled by Bloomberg expected net profit to be 3,510.50 crore for Q4. (Full report)

11 May 2020, 10:43:27 AM IST

IRCTC hits 5% upper circuit

Shares of IRCTC hit the upper circuit of 5% on Monday in early trade. The Railways on Sunday said 15 air-conditioned special trains will operate from May 12 in a gradual resumption of passenger services.

11 May 2020, 10:30:47 AM IST

Yes Securities puts 'buy' on ICICI Bank

Yes Securities has put 'buy' rating on ICICI Bank with a target price of 444 and 31.3% upside.

"ICICI Bank delivered a better-than-expected core operating performance (adj. for treasury/lumpy income and int. on IT refund). Core NII grew 24% yoy and core PPOP grew 25% yoy on a balance sheet growth of 14% yoy. Fees grew 13% despite Covid impact. Liability-side strength was reflected in deposit mobilization (up 8% qoq and 18% yoy), texture (avg. CASA stable at 42%) and funding cost (fell 50bps qoq on computed basis). Reported NIM was at multi-year high of 3.9%, up 10 bps qoq," the brokerage said.

11 May 2020, 10:26:49 AM IST

10 yr bond yield jump 26 bps on borrowing plan

The 10 year bond yield on Monday surged over 26 basis points, its highest spike in three years, after government increased borrowing programme to fund spending and meet revenue shortfall.

11 May 2020, 10:21:30 AM IST

Cipla up 1.2%

United States Food and Drug Administration has completed its inspection at company’s API manufacturing facility in Bommasandra, Bangalore. The company has received the establishment inspection report, indicating closure of the inspection.

11 May 2020, 10:06:15 AM IST

Top stock picks by Angel Broking

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11 May 2020, 09:59:39 AM IST

Lupin up 0.8%

The pharma company on Friday said the inspection of its three units at Pithampur in Madhya Pradesh by the UK health regulator has been successfully completed.

11 May 2020, 09:55:39 AM IST

Cadila up 2%

The government has roped in Zydus Cadila for mass production of the country’s first indigenous ELISA test kit for antibody detection of covid-19 which was developed by National Institute of Virology in Pune.

11 May 2020, 09:53:17 AM IST

Infosys up 3%

Bengaluru-based information & technology major Infosys Ltd is opening up its offices in a staggered manner, with necessary precautions. In the first phase of resuming operations, only about 5% of the company’s workforce, led by their chief executive, is returning to work. With 2, 42,371 employees, this translates to a little over 12,000 employees who will be working from office.

11 May 2020, 09:49:18 AM IST

Reliance Industries up nearly 3%

Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) has fixed May 14 as the record date for determining shareholders eligible to apply for India's biggest rights issue of 53,125 crore. RIL had on April 30 announced fund raising of 53,125 crore by way of a 1:15 rights issue, the first such issue by RIL in nearly three decades.

11 May 2020, 09:43:48 AM IST

Shree Cement up 1.6%

Shree Cement on Friday posted 83.25% year-on-year (YoY) rise in net profit at 588.15 crore for the quarter ended March 31. Revenue of the company, however, declined 2% YoY to 3,217.54 crore during the quarter under review.

11 May 2020, 09:37:48 AM IST

India Cements up 1.7%

Cement manufacturer India Cements on Friday said it has resumed partial operations at its facilities and in grinding units which remained shut following the covid-19 induced lockdown.

"..our company has partially/gradually resumed operations of all its cement plants and grinding units in a phased manner," India Cements Ltd said in a BSE filing on Friday.

11 May 2020, 09:34:18 AM IST

Hero MotoCorp up 2%

The company has reopened 1500 retail touch points across the country, including showrooms and service centres. These outlets contribute to around 30% of the Company’s total domestic retail sales. Hero MotoCrop sold 10,000 units of motorcycles after reopening these touch points, it said in a statement.

11 May 2020, 09:31:54 AM IST

ICICI Bank down 1.8%

ICICI Bank on Saturday reported a 6.91% growth in March quarter net profit at 1,251 crore on a consolidated basis, after setting aside over 2,000 crore in provisions for potential impact of the covid-19.

Over 32% of its borrowers by value across the retail, small businesses and corporate segments have opted for the three-month moratorium allowed by the Reserve Bank.

11 May 2020, 09:22:36 AM IST

Market Opening

Indian benchmark indices opened in the green in Monday's trading session, tracking firm global cues. Sensex opened 388 points higher at 32,030.34. Nifty on the other hand added 97 points at 9,348.

Of 30 Sensex shares, 28 were in the green. IndusInd Bank, Maruti Suzuki, Kotak Bank and RIL, up over 2% each were among the top gainers in the 30-share barometer. Nestle and ONGC were the only laggards.

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11 May 2020, 09:05:27 AM IST

Market pre-opening

Indian stocks were in the green in the pre-opening session. At 9:01 am, Sensex was up 188 points or 0.6% at 31,831, while Nifty gained 84 points or nearly 1% at 9,336.

11 May 2020, 08:52:28 AM IST

Stocks to Watch

ICICI Bank, Reliance Industries, Hero MotoCorp, Cadila and Lupin are among the top stocks that could be in focus in today's trade.

11 May 2020, 08:40:47 AM IST

Market at close on Friday

Indian shares failed to hold opening gains but closed in the green zone on Friday, tracking a surge in Asian equities, as Reliance Industries gained on yet another stake sale.

After touching an intraday high of 32,088.51 points, the benchmark Sensex settled 199 points or 0.6% higher at 31,642.70. Nifty advanced 52 points or 0.57% to close at 9,251.50.

11 May 2020, 08:37:51 AM IST

Asian shares push higher

Asian shares followed Wall Street higher on Monday as investors looked ahead to more countries restarting their economies.

Japan's Nikkei advance 1.4% in the early deals.

China's Shanghai Composite Index gained 0.25%

Australia's ASX All Ordinaries climbed 1.3%.

South Korea's KOSPI was marginally up 0.1%.

Singapore's SGX Nifty rose 1.2%, suggesting a firm opening for Indian stocks.

11 May 2020, 08:37:51 AM IST

US stocks close higher on Friday

Wall Street stocks rallied Friday as investors shrugged off historically bad jobs data in anticipation of better times as the economy relaunches from coronavirus shutdowns.

The Dow Jones Industrial Average piled on more than 450 points, or 1.9%, to finish at 24,331.32.

The broad-based S&P 500 rose 1.7% to 2,929.80, while the tech-rich Nasdaq Composite Index jumped 1.6% to 9,121.32.

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