Sensex dropped over 800 points from its day’s high to close at 31,453. Nifty dropped 88 points or nearly 1% to end at 9,205.
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Market closing
After a firm opening, Indian benchmark equity indices erased all the gains and closed in the red in a volatile session on Tuesday.
Sensex dropped over 800 points from its day’s high to close at 31,453. Nifty dropped 88 points or nearly 1% to end at 9,205.
State Bank of India, declining over 4%, was the top laggard on the Sensex, followed by Bajaj Finance, Axis Bank and Asian Paints. Mahindra & Mahindra, Power Grid and ONGC were among the top gainers on the 30-share barometer.
All the sectoral indices on the NSE closed in the red. Nifty PSU Bank, down 3.1%, was the worst hit, followed by Nifty Bank, Nifty Financial Services, and Nifty Pharma.
Asian Paints partially resumes operations at some facilities
Asian Paints on Tuesday said it has partially resumed operations at some of its manufacturing locations, warehouses and offices where lockdown restrictions have been eased.
"In accordance with the guidelines issued by the Ministry of Home Affairs and various state government authorities, the company has partially resumed operations at some of its manufacturing locations, warehouses, and offices wherein lockdown restrictions have been eased," Asian Paints said in a regulatory filing.
Gold dips as risk appetite improves amid easing lockdowns
Gold prices slipped on Tuesday as the U.S. dollar strengthened and risk appetite among investors improved on optimism over easing of coronavirus-driven lockdowns by major economies.
Spot gold was down 0.2% to $1,698.92 per ounce at 0924 GMT. U.S. gold futures fell 0.3% to $1,707.50 per ounce. (Reuters)
SBI Life Insurance Company's March quarter profit rises
Company’s March quarter PAT stood at ₹5.31 billion versus ₹4.58 billion a year ago. Net premium income stood at ₹118.63 billion versus ₹113.33 billion in the period under review.
Hong Kong shares end firmer as city scales back lockdown measures
The Hang Seng index closed up 1.1% at 23,868.66.
The Hang Seng China Enterprises index rose 1%.
The sub-index of the Hang Seng tracking energy shares added 1.8%, the IT sector rose 1.3%, the financial sector ended 0.6% higher and the property sector closed up 0.9%. (Reuters)
Bharat Forge up 3.4%
The company has partially resumed manufacturing operations at its Baramati Plant.
RBI releases FAQs on cash withdrawals at PoS terminals
Under this facility, cardholders can withdraw cash using their debit cards and open system prepaid cards issued by banks in India. Credit cards cannot be used under this facility.
Cash can also be withdrawn at PoS terminals through UPI as well as through use of electronic cards that are linked with overdraft facility provided with Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts, the RBI said.
BSE MidCap flat at 11,507.63 points
Bank of China tells investors it will absorb some oil losses
Bank of China Ltd. told clients it’s willing to shoulder part of the $1 billion loss suffered by thousands of retail investors after a product linked to the price of oil collapsed last month.
China’s fourth-largest bank by market value dropped a claim to seek additional payments from clients to cover losses from its settlement of an investment product at a price below zero, mirroring a collapse in an oil futures contract, according to four retail investors who received phone calls from the lender this week. The bank will also return 20% of the initial investment to some clients, they said. (Bloomberg)
Rupee closing
Rupee ends at 75.62 against the US dollar versus Monday's close of 75.71.
Nifty pharma down 51 points; Top gainers
Nifty Bank up 157 points
Top gainers on Nifty Bank
Market update
Indian benchmark indices were in the green zone in Tuesday’s session, tracing rally in global peers.
After touching an intraday high of 32,264.00, Sensex pared some gains and was 269 points higher at 31,965.43. Nifty advanced 63 points at 9,357.15.
Of 30 Sensex shares, 11 are in the red
Adani Green Energy up nearly 1%
Adani Green Energy posted a consolidated net profit of ₹55.64 crore for the March 2020 quarter, helped by lower expenses.
The clean energy firm had logged a consolidated net loss of ₹94.08 crore in the corresponding quarter a year ago, a company statement said.
Its total income stood at ₹718.66 crore for the quarter under review as against ₹718.73 crore a year earlier.
Bharti Airtel up 4%
Shares of Bharti Airtel rallied 4% at ₹554, on the BSE in Tuesday's session. The strong rally helped the telecom giant regain ₹3-trillion market capitalisation mark.
Varun Beverages up 0.6%
Varun Beverages on Monday reported ₹549.2 million consolidated net profit in March quarter versus ₹406.3 million a year ago.
Company’s consolidated revenue from operations stood at ₹16.99 billion versus ₹13.81 billion rupees in the year ago period.
IndiGo suspends operations till 17 May
In compliance with the DGCA circular dated 2nd May 2, the airline has further suspended the operation of all its scheduled commercial international and domestic flights until 17 May.
3,900 fresh covid-19 cases reported in last 24 hours in India
India's covid-19 count saw the biggest spike on Monday as the country recorded 3,900 fresh cases in the last 24 hours. The total number of coronavirus cases in India stood at 46,433, according to the ministry of health and family welfare.
Liquor prices hiked in Andhra Pradesh by another 50%
Sensex up 269 points
Asian Paints, down 3.1%, is the top laggard in the 30-share barometer followed by Bajaj Finance, SBI, Nestle and Bajaj Auto
Motilal Oswal puts 'buy' rating on Marico
Motilal Oswal has put 'buy' rating on Marico Ltd with a target price of ₹350.
"Marico has a more resilient portfolio of products than its peers to withstand the covid-19 led sales and earnings decline in FY21. This is possible on account of (a) recovery in Parachute volumes before the COVID-19 impact, (b) successful turnaround and strong growth witnessed in Saffola edible oils and foods, and (c) better outlook for the international business compared to peers. Further, outlook on material costs is also better than the earlier expectation of a possible inflation," the brokerage said in a note.
Tata Motors up 1.2%
The company plans to raise ₹1,000 crore via issuance of 10,000 rated, listed, unsecured, redeemable, non-convertible debentures on a private placement basis.
ICICI Bank up 1%
The board of directors of the bank will meet on May 9 to consider raising funds via issuing debt securities.
Rupee rises 15 paise to 75.58 against US dollar in early trade
The rupee appreciated by 15 paise to 75.58 against the US dollar in early trade on Tuesday tracking positive opening of domestic equities and weakness in the American currency.
Tata Steel leaves Indian Steel Association
Tata Steel Ltd has withdrawn its membership from the Indian Steel Association (ISA), an apex steel industry body.
Subsequent to it, the company's CEO and Managing Director (MD) T V Narendran has also stepped down from the Presidentship of the Association, tenure of which was scheduled to end in August.
An ISA President is elected for a period of two years.
Radico Khaitan, United Spirits down
Shares or Radico Khaitan and United Spirits dropped 3% and 2.6% respectively, after Delhi government imposed 'special corona cess' on liquor on Monday.
RIL up 2.5%
In less than a fortnight of unveiling Facebook Inc.’s 9.9% investment in RIL's subsidiary Jio Platforms Ltd, the company announced another small stake sale on Monday. Private equity firm Silver Lake will invest ₹5,655 crore in Jio Platforms for an effective 1.1% stake at an equity value of ₹4.9 trillion, a 12.5% premium to the Facebook deal.
Most sectoral indices on NSE in the green
BSE MidCap up 0.6%
Lupin to announce Q4 results on 28 May
The board of directors of the company will meet on 28 May to consider and approve the audited standalone and consolidated financial results for the year ended 31 March, 2020 and recommend dividend, if any, Lupin said in a regulatory filing.
Diesel priced hiked by ₹7.10 a litre in Delhi
Petrol price hiked by ₹1.67 per litre, diesel by ₹7.10 a litre in Delhi after state government raises VAT on auto fuel.
JSPL reports highest ever steel exports in April
Jindal Steel & Power Limited (JSPL) on Tuesday reported highest ever exports of steel & related products during April 2020. The company exported 248,000 MT of steel & related products, up 109% (m-o-m). Export contributed to 74% of its total sales volume.
India Ratings puts Shriram Transport Finance on RWN
India Ratings and Research (Ind-Ra) has placed the Company''s Long-Term Issuer Rating of 'IND AA+' on Rating Watch Negative (RWN). The Outlook was Stable. The Short-term Rating has been affirmed at 'IND A1+'.
Graphite India up 3.7%
The company has started partial operations at its Graphite Electrode plant in Durgapur, West Bengal, Impervious Graphite Equipment plant in Ambad and GRP plant in Gonde, (both in Nashik, Maharashtra), engaging the permitted minimum manpower.
Automotive Axles up 2.7%
The company has resumed offices and manufacturing at Rudrapur with effect from 23 April and at Mysore from 4 May with all precautionary measures including the safe distancing and criteria’s as per the government norms.
Manappuram Finance up 3.3%
The lender will raise up to ₹500 crore by issuing debt securities, it said on Monday. The financial resources and management committee of the board of directors will consider the proposed allotment on May 8, 2020, it said in a regulatory filing.
Lupin up 1.3%
The company announced positive top-line results from its pivotal Phase 3 clinical trial to assess efficacy and safety of single-dose Solosec® in treating trichomoniasis.
Marico up 3%
FMCG firm Marico Ltd on Monday reported a 50.62% decline in consolidated net profit at ₹199 crore for the fourth quarter ended March 2020 due to COVID-19 related disruptions. The company had posted a net profit of ₹403 crore in January-March quarter a year ago, Marico said in a BSE filing.
Colgate Palmolive up 0.5%
The company has been allowed to resume operations at reduced capacity at all of its manufacturing plants as per respective local regulations applicable to them although few plants are facing challenges of inter-districts and inter-state movement of labour, it said in a regulatory filing.
Abbott India up 1%
Global healthcare major Abbott on Monday said it has received CE mark for its laboratory-based serology blood tests for covid-19 and these tests will be available in India by the end of May. The company will begin shipping the tests to India during May and will scale up to meet the demands subsequently, Abbott said in a statement.
Bajaj Auto up 0.6%
Bajaj Auto Ltd will resume operations at its production unit in Chakan, outskirts of Pune, from today, according to a Mint report. “The company will resume operations by way of getting the machineries ready for production. The initial plan will be to produce for the orders it has in its funnel," the report said quoting sources.
Market opening
Indian benchmark indices witnessed a firm opening on Tuesday tracking positive global cues. Sensex opened 500 points higher at 32,183 while Nifty opened 136 points higher at 9,429 from its previous close.
ONGC, Axis Bank and IndusInd Bank were top gainers on the Sensex. All the shares in 30-pack Sensex were in the green.
Market pre-opening
Indian stocks were in the green in the pre-opening session on Tuesday. At 9:00 am, Sensex advanced 399 points or 1.26% at 32,114. Nifty climbed 191 points or 2% at 9,485.
Stocks to Watch
Abbott India, Colgate Palmolive, Marico, Lupin, Ceat are among the top stocks that could be in focus in Tuesday's trading session.
Markets at close on Monday
The benchmark indices on Monday posted their biggest single-day decline since 23 March while weak corporate earnings for the March quarter also led to the sharp fall.
The BSE Sensex ended at 31,715.35, down 2,002.27 points or 5.94%, while the 50-share index Nifty was at 9,293.50, down 566.40 points or 5.74%.
Oil update
WTI for June delivery rose 7.3% to $21.88 a barrel on the New York Mercantile Exchange as of 10:18 a.m. in Singapore after closing up 3.1% on Monday. The contract has rallied 77% since the close on April 28.
Brent for July settlement advanced 4.6% to $28.44 a barrel on London’s ICE Futures Europe exchange after climbing 2.9% in the previous session. The global benchmark traded at a $4.37 premium to WTI for the same month.
Asian stocks edge higher
Australia’s S&P/ASX 200 Index gained 1.4%.
Hong Kong’s Hang Seng Index rose 0.5%.
Singapore's SGX Nifty advanced 1.13%.
US stocks close higher
Wall Street ended higher on Monday as gains in large tech and Internet companies and rising oil prices outweighed concerns sparked by fresh US-China tensions and downbeat sentiment from the annual meeting of Warren Buffett's Berkshire Hathaway.
The Dow Jones Industrial Average rose 26.07 points, or 0.11%, to 23,749.76, the S&P 500 gained 12.03 points, or 0.42%, to 2,842.74 and the Nasdaq Composite added 105.77 points, or 1.23%, to 8,710.72. (Reuters)
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