Home >Markets >Live Blog >Sensex, Nifty settle marginally higher; PSBs, pharma stocks drag
Indian stocks ended on a positive note on Friday amid a volatile session. Photo: Hemant Mishra/Mint
Indian stocks ended on a positive note on Friday amid a volatile session. Photo: Hemant Mishra/Mint

Sensex, Nifty settle marginally higher; PSBs, pharma stocks drag

  • Sensex dropped 557 points from the day’s high to close 0.2% higher at 34,370.58, while Nifty closed 34 points or 0.3% higher at 10,167.45
  • IndusInd Bank, surging 7% was the top Sensex gainer, followed by Axis Bank, ONGC and Bajaj Finance

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08 Jun 2020, 03:40:55 PM IST

Market closing

Indian benchmark equity indices closed marginally higher in a volatile session on Monday, even as Asia's third largest economy stepped into the ‘unlock1.0’ phase.

Sensex dropped 557 points from the day’s high to close 0.2% higher at 34,370.58. Nifty closed 34 points or 0.3% higher at 10,167.45.

IndusInd Bank, surging 7% was the top Sensex gainer, followed by Axis Bank, ONGC and Bajaj Finance. Promoters of IndusInd Bank -- IndusInd International Holdings Ltd and IndusInd Ltd -- which presently hold 14.68% of the paid-up share capital of the bank, plan to acquire additional shares from the open market.

M&M, Ultratech Cement, HDFC Bank and Nestle were among the top laggards. Of 30 Sensex shares 12 closed in the red.

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08 Jun 2020, 03:15:41 PM IST

Bank credit growth to hit a multi-decade low of 0-1%: Crisil

With economy activity sharply impacted by the covid-19 pandemic, bank credit growth will likely nosedive to a multidecade low of 0-1% this fiscal, down from an estimated 6% in the last, ratings agency Crisil said in a note.

Retail lending, which is about a fourth of overall credit and was holding fort so far, is also expected to slide amid job losses and salary cuts that will lead to reduced expenditure on discretionary items. Purchase of new homes and vehicles are expected to be delayed, impacting demand for financing. Disbursements across most asset classes will see a significant decline this fiscal.

08 Jun 2020, 03:11:41 PM IST

Ability to enforce security and recover money pain points: Nilesh Shah

Nilesh Shah, CEO, Kotak Mutual Fund, in an interview with Mint, said these issues of defaults and delay in payments are limited to only funds investing in lower-rated paper and 90% of debt industry is insulated. According to Shah, ability to enforce security and recover money, are the pain point. (Full interview)

08 Jun 2020, 03:09:16 PM IST

BSE MidCap up 0.3%

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08 Jun 2020, 02:50:08 PM IST

Rupee settles 3 paise higher

The rupee settled on a muted note, up 3 paise, at 75.55 (provisional) against the US dollar on Monday as dollar-buying by banks as well as importers and rebounding crude prices restricted gains of the local unit.

The rupee opened at 75.59 against the US dollar and finally settled at 75.55, registering a rise of 3 paise over its previous close.

08 Jun 2020, 02:44:46 PM IST

As covid-19 hits demand, DLF does a strategy rejig

Faced with covid-19 led disruption, real estate developer DLF Ltd is moving back to the tried and tested model of securing sales early in the project and is stepping up focus on middle income projects -- units priced 75-125 lakh.

The company reported weak financial performance for the March quarter (Q4). Revenue and operating earnings dropped 32-40% from the year ago quarter. Booking cancellations at one project adversely impacted sales in Q4. (Full report)

08 Jun 2020, 02:41:12 PM IST

Shriram Transport jumps 6%

Shares of Shriram Transport Finance Company (STFC) rose 6.4% after US-based global investment management firm T Rowe Price raised its stake in the company to 5.36% from 4.77% earlier.

At 1440pm, Shriram Transport traded at 634.15, up 3% from its previous close. (Full report)

08 Jun 2020, 02:27:47 PM IST

Exide Industries power downs as revenues dip

With the covid-19 pandemic and ensuing lockdown slashing sales, Exide Industries Ltd’s Q4 revenues plunged about 20% year-on-year. While slower offtake is expected in the original equipment category, the stock may not quite power ahead in the coming months. Shares of Exide Industries fell 6.7% in early trade on Monday. (Full report)

08 Jun 2020, 02:22:10 PM IST

Hero MotoCorp launches digital platform, eSHOP, to drive sales

Hero MotoCorp Ltd – the country’s largest two wheeler manufacturer – on Monday announced the launch of its digital platform, eSHOP, for vehicle sales and services which will eliminate the need for customers to venture into showrooms. (Full report)

08 Jun 2020, 02:15:04 PM IST

Motilal Oswal maintains buy on RIL

Motilal Oswal has maintained 'buy' rating on Reliance Industries with a target price of 1,743, 10% upside. "Only 10% of the amount would be retained in Jio Platforms. Subsequently, with the recent capital reorganization, creation of InvIT and six stake-sale deals (including the Mubadala deal), Jio Platforms has reached net debt of INR219b from peak of INR2.17t. We value Jio Platforms by assigning an EV/EBITDA multiple of 13x on FY22E to arrive at a target price of INR885/share," the brokerage said.

08 Jun 2020, 01:35:41 PM IST

Motilal Oswal maintains buy on SBI

Motilal Oswal has maintained 'buy' rating on SBI with a target price of 280, 49% upside.

"SBIN reported a modest quarter with weak NII growth (affected by higher interest reversals on Agri slippages), although stake sale gains from its cards subsidiary supported earnings. Slippages were at a four-quarter low, supported by the RBI dispensation, resulting in improved asset quality. The moratorium book at ~23% of total loans surprised positively. We cut our estimates for FY21/FY22 by 17%/16% as we build-in a slight moderation in margins / fee income and higher credit cost. Maintain Buy," the brokerage said.

08 Jun 2020, 01:29:17 PM IST

SBI extends gains from Friday

Shares of State Bank of India (SBI) extended gains on Monday, rising 5.3%, as the lender reported a surge in its March quarter net profit to 3,580.81 from 838.4 in year-ago period.

At 0105 pm, shares traded at 193.10, up 2.8% from its previous close, while the benchmark Sensex was up 1.3% at 34751.17. The stock had risen 8% on Friday.

08 Jun 2020, 01:23:57 PM IST

Airline sector unlikely to fully recover before 2023: Moody's

Air passenger demand globally will remain severely depressed in 2021 and will not see a substantial recovery before 2023, according to Moody's Investors Service.

Health concerns, changes in corporate travel policies, potential restrictions on international arrivals and lower discretionary spending because of weaker GDP and higher unemployment will constrain air passenger demand into 2022, Moody's said in its credit outlook released on Monday.

08 Jun 2020, 01:00:20 PM IST

Divi’s Laboratories expansion plans slow, hampers near-term growth prospects

With Divi’s Laboratories Ltd.’s Q4 figures not quite matching the Street’s estimates, its stock price fell by about 3.3% on Monday. Besides, the ramp-up in the commissioning of its new facilities has been slow, and is likely to keep its stock price in check.


While the rise of 9.7% in Divi’s Q4 revenues were decent given the lockdown in March, this was still six percentage points short of the market’s estimates. Its generics division put up a decent show in Q4 with about 14% y-o-y growth. (Full report)

08 Jun 2020, 12:43:24 PM IST

Hexaware delisting: Analysts expect 30-40% upside in actual offer price

According to Morgan Stanley, if successful, the exit price could be at 35-40% premium to pre-announcement price, if not, stock could pare gains. While the floor price will be announced in due course, promoters have indicated an offer price of 285 per share - an almost a 10% premium over the closing price of 4 June. (Full report)

08 Jun 2020, 12:32:51 PM IST

BSE Oil And Gas Index up 3.71%

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08 Jun 2020, 12:17:07 PM IST

ED raids five premises of Cox and Kings in Mumbai in Yes Bank case

The Enforcement Directorate on Monday raided at least five premises of global tours and travel company Cox and Kings in Mumbai in connection with the Yes Bank money laundering probe case.

Cox and Kings was one of the top borrowers of the bank and the latter had an exposure of about 2,260 crore to the company. (PTI)

08 Jun 2020, 12:11:45 PM IST

Wipro up 1.5%

Information technology (IT) services major Wipro Ltd on Monday said it will collaborate with IBM to assist their customers on a "seamless and secure" hybrid cloud journey.

The co-innovation centre-- Wipro IBM Novus Lounge--located at the former's Kodathi campus in Bengaluru is a dedicated centre which will offer "a comprehensive suite of solutions leveraging cloud, artificial intelligence (AI), machine learning (ML), and internet of things (IoT) capabilities to foster innovation for enterprises, developers and startups."

08 Jun 2020, 12:08:12 PM IST

Yes Bank up 8.5%

Ratings firm Crisil has reaffirmed BBB rating on Yes Bank's over 18,000 crore bonds on the back of continued support by the country's largest lender SBI.

Crisil has assigned its 'CRISIL BBB/Stable' rating to the Tier II bonds (under Basel III) of 13,941 crore and infrastructure bonds of 3,780 crore of Yes Bank, the recently bailed out lender said in a regulatory filing.

08 Jun 2020, 11:40:54 AM IST

Indraprastha Gas to consider dividend

The Board of Directors of the company will meet on 15 June, to consider and approve standalone and consolidated Q4 results and consider recommendation of dividend for the FY20.

08 Jun 2020, 11:36:52 AM IST

Pharma sales down 9% in May

Medicine sales declined 9% year-on-year in May to 10,342 crore as the disruption caused by the covid-19 lockdown continued, with sales of acute drugs under pressure even as panic buying in chronic medicines eased, according to data from market research firm AIOCD-AWACS. (Full report)

08 Jun 2020, 11:32:22 AM IST

Nifty Pharma down nearly 1%; Top laggards

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08 Jun 2020, 11:29:34 AM IST

MG Motor signs MoU with Tata power for installing charging stations for its EVs

M G Motor India Pvt Ltd – one of the new entrants in the Indian market – on Monday announced signing of a Memorandum of Understanding (MoU) with Tata Power Ltd to set up fast chargers for electric vehicles at select dealerships of the passenger vehicle manufacturer.

Both companies are also exploring opportunities to collaborate in the space of lifecycle management of lithium-ion batteries fitted in electric vehicles.

AT 11:28 am, shares of Tata Power were trading 2% lower from the previous close.

08 Jun 2020, 11:24:49 AM IST

Market update

Indian benchmark equity indices rose on Monday, lifted by gains in financial and information technology stocks, Asia's third largest economy stepped into the ‘unlock1.0’ phase.

At 11:20 am, Sensex was up 526.94 points or 1.54% at 34,814.18. Nifty advanced 160.90 points or 1.59% at 10,303.05.

IndusInd Bank, surging over 9% was the top Sensex gainer, followed by Axis Bank, Bajaj Finance and ICICI Bank. Promoters of IndusInd Bank -- IndusInd International Holdings Ltd and IndusInd Ltd -- which presently hold 14.68% of the paid-up share capital of the bank, plan to acquire additional shares from the open market.

Reliance Industries rose as much as 2.32% to hit a 52-week high after it said on Sunday that the Abu Dhabi Investment Authority will buy 1.16% of its digital unit Jio Platforms for 56.83 billion ($752 million).

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08 Jun 2020, 11:06:09 AM IST

Yes Securities puts buy on Larsen & Toubro

Yes Securities has put 'buy' rating on Larsen & Toubro with a target price of 1203, upside 26%.

"While L&T will face near term headwinds on new orders and execution, we think long term outlook looks strong led by, i) Over 80% of the NIP (opportunity: Rs102trn over FY20-25) is addressable by L&T which makes it a best play on the government's planned uptick in Infra spending, ii) Market share gain in difficult times by leveraging its strong balance sheet & technical forte, iii) Strong geographical diversification. Retain BUY rating with SOTP based TP of Rs1,203 given its inexpensive valuations (Trades at 1yr forward EV/EBITDA of 13x vs long term avg. of 14x), healthy order book (book/bill ~2.2x) & proven execution capability," the brokerage said.

08 Jun 2020, 10:54:58 AM IST

Aditya Birla Capital up 4.5%

The company on Friday reported a 44.2% decline in its consolidated net profit to 144 crore for the fourth quarter of the financial year ended March 2020. Aditya Birla Capital had registered a net profit of 258 crore in the corresponding quarter of the previous financial year.

08 Jun 2020, 10:47:22 AM IST

As Hexaware considers delisting, investors eye better exit price

Shares of Hexaware Technologies Ltd extended gains on Monday, rising 7% to 336 in early trade. The stock jumped 20% Friday after the company said its promoter plans to acquire all equity shares and delist the company from the stock exchanges. (Full report)

08 Jun 2020, 10:44:08 AM IST

Liquor companies gain

United Breweries up 2%; Radico Khaitan gains 3%; United Spirits advances 2%.

Delhi government on Sunday decided to roll back the ‘70% special corona cess’ on the sale of liquor from 10 June. The Value Added Tax (VAT) on all categories of liquor has been increased to 25% from 20%.

08 Jun 2020, 10:30:48 AM IST

Vedanta asset impairment to lower book value, may queer delisting pitch

The massive impairment that billionaire Anil Agarwal’s Vedanta Ltd took on its books in the March quarter will significantly bring down the company’s book value, market experts told Mint. Whether this will have a bearing on the company’s ongoing delisting process is yet unclear. (Full report)

08 Jun 2020, 10:26:52 AM IST

Greaves Cotton down over 1%

Diversified engineering company Greaves Cotton Ltd on reported a 98.28% decline in its consolidated net profit to 55 lakh in the fourth quarter ended March 2020. It had posted a net profit of 32.14 crore in the March 2019 quarter.

08 Jun 2020, 10:24:16 AM IST

Jyothy Labs up 1%

The FMCG company reported a 60.21% slump in its consolidated net profit at 26.59 crore in the March quarter, hit by coronavirus induced disruptions. Jyothy Labs had posted a net profit of 66.83 crore in the January-March quarter of the last fiscal.

08 Jun 2020, 10:01:46 AM IST

Karnataka Bank down 3%

Karnataka Bank has reported a 56% decline in net profit for the March quarter at 27.31 crore due to higher provisions. The private sector lender had reported to the RBI that it has been defrauded of over 285 crore consequent to loans gone bad to four entities including DHFL.

08 Jun 2020, 09:58:27 AM IST

Larsen & Toubro up 0.7%

Engineering major Larsen & Toubro (L&T) posted a 4.36% drop in its consolidated net profit at 3,430 crore for the January-March quarter of FY20. However, the company saw its consolidated net profit for the full 2019-20 fiscal rise by 6.14% to 10,239.71 crore.

08 Jun 2020, 09:55:18 AM IST

Most sectoral indices on the NSE are in the green

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08 Jun 2020, 09:49:10 AM IST

RIL hits 52-week high

Jio Platforms will raise 5,683.50 crore from Abu Dhabi Investment Authority (ADIA) against 1.16% stake sale to the sovereign wealth fund. Jio parent Reliance Industries has vowed to pay down net debt to zero before March 2021. Mukesh Ambani’s $65 billion digital unit has sold more than 20% in stakes to buyers including Facebook Inc. and US private equity firms including KKR & Co., Silver Lake Partners and General Atlantic.

08 Jun 2020, 09:39:11 AM IST

Nifty PSU Bank up over 3%; Top gainers

Finance Ministry on Sunday said public sector banks have disbursed 8,320 crore till June 5 under the 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector. PSBs have sanctioned loans worth 17,705.64 crore under the 100% ECLGS starting June 1. While State Bank of India has sanctioned 11,701 crore loans, Punjab National Bank sanctioned loans worth 1,295.59.

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08 Jun 2020, 09:34:53 AM IST

Reliance Industries up 1.2%

RIL subsidiary Jio Platforms will raise 5,683.50 crore from Abu Dhabi Investment Authority (ADIA) against 1.16% stake sale to the sovereign wealth fund. The transaction gives Jio Platforms an equity valuation of 4.91 trillion and an enterprise value of 5.16 trillion, the same as most of the eight deals have taken place at.

08 Jun 2020, 09:33:07 AM IST

IndusInd Bank jumps nearly 7%

Promoters of IndusInd Bank -- IndusInd International Holdings Ltd and IndusInd Ltd -- which presently hold 14.68% of the paid-up share capital of the bank, plan to acquire additional shares from the open market.

08 Jun 2020, 09:26:01 AM IST

Market opening

Indian benchmark indices opened in the green on Monday tracking firm cues from global peers. Sensex opened 554 points or 1.6% higher at 34,841.17 while Nifty added 184 points or nearly 2% to open at 10,326.75.

IndusInd Bank, Axis Bank and Bajaj Finance, surging 4-7%, were top Sensex gainers. Sun Pharms, Nestle India and Bharti Airtel were top laggards on the 30-share barometer.

Of 30 Sensex shares, 27 were in the green at open.

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08 Jun 2020, 09:09:37 AM IST

Market pre-opening

Indian stocks were in the green in pre-opening trade on Friday. At 09:07 am, Sensex climbed 556 points or 1.6% to 34,843, while Nifty gained 184 points or 1.8% at 10326.

08 Jun 2020, 08:42:47 AM IST

Market at close on Friday

Indian stocks ended the week on a positive note amid a volatile session on Friday. Sensex rose 306.54 points, or 0.9%, to settle at 34,287.24, while Nifty 50 closed 113.05 points, or 1.1%, higher at 10,142.15. Index heavyweights--State Bank of India, HDFC Bank, Axis Bank and ICICI Bank--contributed to the rally.

08 Jun 2020, 08:38:34 AM IST

Asia Stocks See Modest Gains

Asian stocks started the week with gains after Friday’s US jobs report smashed expectations and bolstered hope of a quick economic rebound.

Japan’s Topix Index rose 0.6% as of 10:52 a.m. in Tokyo.

SGX Nifty advanced 0.88%, indicating a positive opening for Indian stocks.

S&P 500 futures gained 0.4%. The index closed 2.6% higher Friday.

South Korea’s Kospi Index dipped 0.1%.

Shanghai Composite was up 0.4%.

Hang Seng Index rose 0.7%.

08 Jun 2020, 08:38:34 AM IST

Wall Street closes higher

Wall Street surged on Friday after a strikingly upbeat May jobs report unexpectedly provided the clearest evidence yet that the U.S. economy is headed for a quicker-than-anticipated recovery.

The Dow Jones Industrial Average rose 829.16 points, or 3.15%, to 27,110.98, the S&P 500 gained 81.58 points, or 2.62%, to 3,193.93 and the Nasdaq Composite added 198.27 points, or 2.06%, to 9,814.08.

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