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Rout in financial stocks drags Sensex by 240 points; Nifty settles below 9,200

  • Sensex closed 242 points or 0.76% lower at 31,443, while Nifty settled 72 points or 0.8% lower at 9,199
  • Kotak Bank, ICICI Bank, HDFC twins and Bajaj Finance were top laggards on the Sensex

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07 May 2020, 03:38:16 PM IST

Market closing

Indian benchmark indices closed in the red on Thursday as investors dumped financials, banks and FMCG stocks.

In a volatile session, Sensex closed 242 points or 0.76% lower at 31,443. Nifty settled 72 points or 0.8% lower at 9,199.

Kotak Bank, ICICI Bank, HDFC twins and Bajaj Finance – closing lower between 1% and 4% -- were among top laggards on Sensex. IndusInd Bank, Mahindra & Mahindra and Reliance industries were among the rare gainers on the 30-share barometer.

Of 30 Sensex stocks, 25 closed in the red.

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07 May 2020, 02:57:41 PM IST

Nifty Pharma 0.5% down

Top laggards on Nifty Pharma

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07 May 2020, 02:52:52 PM IST

Top gainers on Nifty Financial Services

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07 May 2020, 02:46:30 PM IST

Top losers on Nifty FMCG

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07 May 2020, 02:42:52 PM IST

Top losers on Nifty Bank

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07 May 2020, 02:25:17 PM IST

Most sectoral indices on NSE in the red

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07 May 2020, 02:16:14 PM IST

Varun Beverages falls 7%

Shares of Varun Beverages fell as much as 7.08% on Thursday, after the company reported weak volume growth in January-March quarter due to the outbreak of covid-19.

Lower volumes dragged company's core performance as profit before tax for Q1CY19-20 dropped 87.53% to 7.79 crore as compared to 62.51 crore in Q1 March 2019.

07 May 2020, 02:13:07 PM IST

HDFC twins, Kotak Bank drag Sensex

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07 May 2020, 02:03:14 PM IST

Hindustan Aeronautics and Bharat Dynamics OFS likely in Q2FY21: CNBC-TV18

The government may look at diluting approximately 15% stake in Hindustan Aeronautics to raise around 3,000 crore, CNBC-TV18 reported. The government shareholding in Hindustan Aeronautics currently stands at 89.97%.

In Bharat Dynamics, the government is considering to dilute 15-18% stake to raise about 600-700 crore. The government shareholding in Bharat Dynamics currently stands at 87.75%.

07 May 2020, 01:38:57 PM IST

GSK makes sweet exit from India consumer biz

In December 2018, when Hindustan Unilever Ltd (HUL) announced the acquisition of GlaxoSmithKline Consumer Healthcare Ltd (GSK Consumer), the former’s shares were roughly at Rs1717. But it’s only in May 2020 that GSK Consumer’s parent company disposed off the HUL shares it received as compensation. The good news for them is that the share sale was concluded at roughly Rs1900 per share. A depreciation in the rupee against the British pound ate up about half of those gains, leaving GlaxoSmithKline Plc (GSK) with a roughly 5% higher realization compared to what it had anticipated in end 2018.

07 May 2020, 01:27:32 PM IST

Cadila down 0.4%

Cadila Healthcare dismissed news reports saying that workers at its plant were tested positive for covid-19.

"... this was mistakenly attributed to Cadila Healthcare Limited and is factually incorrect," the company said in a regulatory filing.

07 May 2020, 01:09:30 PM IST

Maruti Suzuki to announce Q4 earnings on 13 May

The board of directors of the company will meet on 13 May to consider and approve, the audited financial results for the year ended on March 31, 2020 and to recommend dividend, if any, Maruti Suzuki said in a regulatory filing.

07 May 2020, 12:55:48 PM IST

Will capital starved Yes Bank get what it needs?

Shares of troubled Yes Bank surged over 10% today even though benchmark indices were in the red. Investors of the bank seem to take comfort from the commentary by its newly appointed chief Prashant Kumar.

In an interview with CNBC-TV18, Kumar said that the bank needs 4000 crore as survival capital. The bank’s common equity Tier-1 (CET-1) capital breached the regulatory minimum and dropped to 6.3% in March. Kumar said that the aim is to raise 8800 crore to bring the CET-1 to 10%. (Full report)

07 May 2020, 12:44:50 PM IST

AU Small Finance Bank hits 52-week low

The lender had reported a 3% increase in net profit to 122 crore for the last quarter of 2019-20.

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07 May 2020, 12:35:26 PM IST

M&M reports nil sales in April

Mahindra & Mahindra reported zero sales, production and exports for the month of April as company's operations remained shuttered due to covid-19 induced nationwide lockdown.

07 May 2020, 12:16:27 PM IST

Market update

At 12:06 pm, Sensex retreated 247 points or 0.8% at 31,438 points. Nifty slipped 63 points or 0.7% at 9,202.

Banks, FMCG stocks led the decline in Indian benchmark indices, as coronavirus cases in the country crossed 50,000 in a steady rise despite a weeks-long lockdown that has sapped economic growth.

Nifty Bank and Nifty FMCG declined by over 1% in the afternoon session.

Shares of IndusInd Bank, surging 1.63%, were top Sensex gainers, followed by Sun Pharma and Tech Mahindra. ONGC, Kotak Bank and Titan, down 2-4%, were among the top laggards on the 30-share barometer.

Shares of HCL Technologies jumped over 4% after the company posted 22.8% rise in its consolidated net profit for the March quarter. The company’s net profit stood at 3,154 crore for Q4FY20. Its revenue grew 16.3% to 18,590 crore in the quarter under review, from 15,990 crore in the same period a year ago.

Yes Bank zoomed 20% after the company reported a net profit of 2,629 crore for the March quarter. The stock jumped 19.92% to 31.60 on BSE, while it rallied 19.96% to 31.55 on NSE.

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07 May 2020, 11:59:10 AM IST

Motilal Oswal says HPCL most vulnerable, preference remains with IOCL

"Our estimates suggest that to make up for loss of USD1/bbl in GRMs (gross refining margins), IOCL, BPCL, and HPCL would need incremental marketing margins on auto fuels of INR0.5/lit, INR0.4/lit, and INR0.2/lit, respectively, on a full-year basis," the brokerage said.

"With the highest leverage to marketing among OMCs, HPCL is the most vulnerable to changes in marketing margins. Also, due to (a) high ongoing capex, which would raise the company’s net debt to INR224 in FY21 from INR115 in FY19 and (b) execution risk pertaining to the Vizag expansion, HPCL is the least preferred in our pecking list. We value HPCL at 1.3x FY22E PBV and reiterate Buy, with a target price of INR326/share," it added.

07 May 2020, 11:43:51 AM IST

Bank of England MPC meet

Bank of England keeps interest rate at record-low 0.1%.

07 May 2020, 11:39:29 AM IST

Kotak Mahindra Bank announces pay cut

Kotak Mahindra Bank says 10% salary cut for employees earning more than 25 lakh per annum with effect from May 2020 for FY21.

07 May 2020, 11:33:12 AM IST

Forex market to remain closed

Forex market to remain shut on Thursday on account of Buddha Purnima.

07 May 2020, 11:28:52 AM IST

Welspun Enterprises up 4%

Welspun Enterprises Ltd, part of the $ 2.7 billion Welspun Group, on Thursday announced its plan to acquire a Build-Operate-Transfer (BOT) Toll project from Essel group’s company Mukarba Chowk – Panipat Toll Roads Limited (“MCPTRL"), subject to NHAI final approval.

07 May 2020, 11:17:19 AM IST

Banks, Financial stocks drag

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07 May 2020, 11:04:17 AM IST

BSE MidCap flat

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07 May 2020, 10:54:47 AM IST

Future Retail up 5%

Amazon is considering adding to its investment in Future Retail Ltd. as the debt-ridden Indian retailer battles a cash crunch, Bloomberg reported.

Amazon, which holds an indirect stake of 1.3% in Future Retail, is in talks with the company’s parent Future Group over the potential stock purchase, the report said quoting sources. The US online retail giant could raise its holdings in the retailer to as much as 49%.

07 May 2020, 10:44:17 AM IST

HCL Tech dividend

The board of directors of HCL Tech has recommended a final dividend of 2 per equity share for FY20, subject to the approval of the shareholders in the ensuing annual general meeting of the company.

07 May 2020, 10:38:20 AM IST

Of 30 Sensex shares, 18 are in the red

IndusInd Bank, Sun Pharma and Axis Bank are top gainers on the 30-share barometer.

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07 May 2020, 10:22:49 AM IST

InterGlobe Aviation down 1.7%

CRISIL’s estimates indicate that the aviation industry, for one, will crash-land this fiscal with revenue loss of 24,000–25,000 crore. Airlines will be the worst-affected, contributing more than 70% of the losses, or around 17,000 crore, followed by airport operators with 5,000-5,500 crore, and airport retailers (including retail, food and beverages and duty-free) with 1,700-1,800 crore.

07 May 2020, 10:13:02 AM IST

FMCG stocks under pressure

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07 May 2020, 10:05:43 AM IST

Mint Covid Tracker

At the current trajectory, India’s coronavirus case count could cross the 75,000 mark in five days from now. The number of reported coronavirus cases in India rose 14% over the past two days to 52,952, data from the morning update of the ministry of health and family welfare (MoHFW) showed.

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07 May 2020, 10:01:57 AM IST

TCS up 0.7%

The IT major will provide digital banking solutions to US-based Continental Bank.

Continental Bank is a privately owned commercial bank, headquartered in Salt Lake City, Utah. It specializes in commercial equipment financing for small and medium businesses, real estate financing as well as a growing suite of deposit products.

07 May 2020, 09:57:48 AM IST

HDFC down 0.3%

Mortgage lender HDFC Ltd plans to raise up to 5,000 crore by issuing bonds on private placement basis to meet its business requirements.

HDFC will issue secured redeemable non-convertible debentures on private placement basis with an issue size of 2,500 crore and an option to retain over-subscription of up to 2,500 crore

07 May 2020, 09:53:08 AM IST

Dr Reddy's Laboratories up 1.7%

The Hyderabad-based pharma company has received approval from the US health regulator for its new drug application, Elyxyb oral solution, which is used in the treatment of migraine.

07 May 2020, 09:47:58 AM IST

HUL down 2.5%

GlaxoSmithKline is selling $3.45 billion worth of shares in Unilever's Indian business on the open market, according to a deal marketing term sheet seen by Reuters, cashing in late from the sale of the Horlicks brand.

The 5.7% stake in Hindustan Unilever that is now on the market, was accepted by GSK as payment for the sale of the malted drink brand and other nutrition brands to Unilever, agreed in late 2018.

The shares are being sold for 1,850 to 1,950 rupees, a 3%-8% discount to Wednesday's close of 2,010.20 rupees, according to the term sheet.

07 May 2020, 09:45:01 AM IST

State Bank of India flat

India’s largest public sector lender on Wednesday decided to allow non-banking finance companies to avail of the three-month repayment moratorium permitted by Reserve Bank of India.

07 May 2020, 09:38:01 AM IST

Yes Bank climbs 15%

The private sector lender on Wednesday reported a net profit of 2,629 crore for the March quarter, helped by a massive gain of over 6,200-crore arising out of a controversial write-off of bond investors' investment.

07 May 2020, 09:36:29 AM IST

Maruti Suzuki up 1.2%

The company will resume production of vehicles at its Manesar plant from the 12 May. All activities would be carried out strictly in accordance with the government regulations and guidelines, Maruti Suzuki said in a regulatory filing.

07 May 2020, 09:35:16 AM IST

HCL Technologies up 2.6% on Q4 results

HCL Technologies reported a 3,154 crore net profit for the quarter ending 31 March, against 2,944 crore in Q3FY20. Rupee revenue from operations for the quarter stood at 18,590 crore, against 18,135 crore in the December quarter.

07 May 2020, 09:25:02 AM IST

Market opening

Indian benchmark indices opened in the red zone on Thursday tracking weak global cues. Senxex opened at 31,677.69, marginally lower from its previous close while Nifty opened at 9,234.05.

At 9:23 am, Sensex dropped 179 points or 0.6% at 31,505.89. Nifty retreated 70 points or 0.8% at 9,200.

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07 May 2020, 09:11:00 AM IST

HCL Technologies Q4 earnings

HCL Tech Q4 net profit at 3,154 crore, revenue at 18,590 crore.

07 May 2020, 09:05:25 AM IST

Market pre-opening

At 9:01am, Sensex advanced 253 points or 0.8% to 31,939 in the pre-opening session on Thursday. Nifty on the other hand was in the red zone at 9,263 points.

07 May 2020, 08:45:53 AM IST

Stocks to Watch

Maruti Suzuki, SBI, Yes Bank, HUL, Vedanta, HDFC, TCS are among the top stocks that could be in news in today's trading session.

07 May 2020, 08:43:07 AM IST

Markets at close on Wednesday

In a volatile session on Wednesday, Indian benchmark indices closed in the green zone. After rising over 800 points from the day’s low, Sensex settled 0.74% higher at 31,685 points. Nifty on the other hand closed 65 points or 0.71% higher at 9,270.

A rise in beaten down banking stocks helped Indian shares rebound.

07 May 2020, 08:36:22 AM IST

Asian stocks down

Asian stocks slipped Thursday in early deals as investors digested mixed corporate earnings and worsening economic data.

SGX Nifty slipped over 1% suggesting a weak opening for Indian stocks.

Japan's Topix Index dropped 0.5%.

Australia’s S&P/ASX 200 Index fell 0.6%.

The Shanghai Composite fell 0.2%.

Hong Kong’s Hang Seng Index fell 0.5%.

07 May 2020, 08:36:22 AM IST

Dow ends lower

The S&P 500 and the Dow fell on Wednesday as declines in financials and defensive groups countered gains in tech shares and as data showed U.S. private employers laid off 20 million workers in April, underscoring the economic fallout of the coronavirus outbreak.

The Dow Jones Industrial Average fell 218.45 points, or 0.91%, to 23,664.64, the S&P 500 lost 20.02 points, or 0.70%, to 2,848.42 and the Nasdaq Composite added 45.27 points, or 0.51%, to 8,854.39.

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