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RBI's liquidity measures lift Sensex by 424 pts; Nifty ends at 14618; banks gain

Market close: Indices end 1% higher as RBI Governor Shaktikanta Das announced several measures to support the economy amid the pandemic. (MINT_PRINT)Premium
Market close: Indices end 1% higher as RBI Governor Shaktikanta Das announced several measures to support the economy amid the pandemic. (MINT_PRINT)

  • Market closing: Indian share indices ended around 1% higher on Wednesday as RBI's string of measures to support the economy amid the pandemic boosted sentiment

Indian indices ended around 1% higher on Wednesday with banks and pharma gaining the most after the Reserve Bank of India unveiled a series of liquidity measures to help banks support the healthcare infrastructure and small borrowers impacted by second Covid wave.

05 May 2021, 03:35:35 PM IST

Sensex, Nifty end 1% higher

After ending weak on Tuesday, benchmark share indices rebounded to end with stellar gains on Wednesday. Sensex ended 424 points higher at 48,677.55, while Nifty settled at 14,618, up 0.9%. Banks and pharma stocks were the best gainers today. Nifty Bank ended 1.6% higher, while Nifty Pharma rose 4%. Market breadth was positive with the fear index, VIX, closed 4.6% lower.

BSE Sensex
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BSE Sensex
05 May 2021, 03:25:41 PM IST

CDSCO issues guidelines for pvt firms to import yet-to-be-authorised vaccines

The Indian regulator has issued guidelines for private and non-central government entities to import covid-19 vaccines, even allowing them to procure vaccines that have not yet received clearance for mass vaccination in India.

To import a vaccine that has not received an emergency use license in India, the entity would have to obtain the new drug permission from Central Drugs Standards Control Organization (CDSCO) under the New Drugs and Clinical Trials Rules of 2019 and import license and registration under the Drugs Rule of 1945.

05 May 2021, 03:21:47 PM IST

Corporate spending on production of oxygen, ventilators counted as CSR

Amid an acute shortage of oxygen supplies that hamper treatment of the coronavirus infected, the government on Wednesday said corporate spending on setting up oxygen production and storage plants will be counted as eligible corporate social responsibility (CSR) activities.

The ministry of corporate affairs said in a clarification that funds earmarked for CSR could be spent on setting up health infrastructure meant for Covid care, setting up medical oxygen generation and storage plants as well as production and supply of oxygen concentrators, cylinders and other medical equipment needed to fight back the pandemic.

05 May 2021, 03:18:11 PM IST

Harsh Agarwal, co-founder, Rain Technologies, on markets

"The markets appear to have taken the announcement in a positive light. It needs to be seen if this event can act as a basis upon which a floor to the market can be made. Keeping short-term volatility aside, there is a lot more of the upside to play for a few months and quarters down the line.

The RBI's measures are welcome and a much-needed step. The on-ground reality of the second wave is that businesses and economic activity have been grinding down. If there is non-existent and disjointed economic activity, special considerations such as a moratorium have to be invoked. The Bank Nifty is trading positively against the backdrop of news that is negative for them. It says a lot about the need of the hour."

05 May 2021, 03:11:47 PM IST

Two members of Indian delegation to G7 test positive: Reports

India's foreign minister S Jaishankar, in Britain for G7 meetings, said on Wednesday he would hold his talks virtually after being exposed to possible coronavirus cases.

India is not part of the group, but was invited by Britain to the talks.

05 May 2021, 03:00:32 PM IST

Mohit Ralhan, Managing Partner and Chief Investment Officer, TIW Private Equity, on markets

"RBI continues to play a proactive role in India’s effort to counter the macroeconomic impact of COVID-19. The on-tap liquidity facility of INR 50,000 crores for supporting healthcare infrastructure and the three-year special long term repo operations (SLTRO) of INR 10,000 crore for small finance banks are timely measures to combat COVID-19. RBI also continues to purchase government securities. It has clearly signalled its intent to keep adequate liquidity in the financial system. The markets have responded positively with pharmaceuticals and banking stocks being top gainers. Overall, given how the story is unfolding, pullbacks from market peaks can be utilized as buying opportunities."

05 May 2021, 02:53:29 PM IST

BSE SmallCap up 0.7%

BSE
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BSE
05 May 2021, 02:39:23 PM IST

Shares up globally

Global shares edged up on Wednesday with European markets buoyed by accelerating business activity and positive earnings.

The Euro STOXX index added 1.3%, heading for its best day in nearly two months.

The MSCI world equity index, which tracks shares in 49 countries, was trading 0.1% higher . MSCI's broadest index of Asia-Pacific shares outside Japan sank 0.4% for its fourth consecutive day of losses, although Asian trading was thin due to holidays in Japan, China and South Korea.

05 May 2021, 02:26:51 PM IST

SRF March quarter consol profit rises to ₹3.8 billion


The company’s March-quarter consol profit rose to 3.8 billion versus 1.86 billion a year ago. Consol total revenue from operations 26 billion versus 18.6 billion a year ago

05 May 2021, 02:16:09 PM IST

BSE MidCap up 0.6%

BSE
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BSE
05 May 2021, 02:12:57 PM IST

Hiring activity saw a 15% sequential decline in April: Naukri JobSpeak

As India is experiencing the second wave of the covid-19 pandemic, the overall hiring activity saw a 15% decline in April 2021 compared with March, according to Naukri JobSpeak, the monthly index that records hiring activity based on job listings on Naukri.com.

However, given the absence of a strict nationwide lockdown, the current impact on the job market is less severe than what the country had witnessed in April last year, Naukri said.

05 May 2021, 02:04:08 PM IST

Centre gives tax break to pension funds for boosting infrastructure investment

The income tax department has granted tax exemption to four pension funds for their earnings from infrastructure investments in India as part of efforts to steer the economy out of the downturn.

The tax break is applicable for investments made till March 2024. The idea is to help finance some of the nearly 7,000 projects that are part of the national infrastructure pipeline.

05 May 2021, 01:49:24 PM IST

Tata Steel flat ahead of earnings

The company will report its March quarter earnings today. The steel major reported a profit of 4,010 crore in the December quarter. Consolidated revenue rose over 11% to 39,809 crore during the third quarter.

05 May 2021, 01:45:41 PM IST

S&P slashes India's GDP growth forecast to 9.8% for this fiscal

S&P Global Ratings on Wednesday slashed India's GDP growth forecast for the current financial year to 9.8%, saying the second covid wave may derail the budding recovery in the economy and credit conditions.

The US-based rating agency in March had a 11% GDP growth forecast for India for the April 2021-March 2022 fiscal on account of a fast economic reopening and fiscal stimulus.

S&P, which currently has a 'BBB-' rating on India with a stable outlook, said the depth of the Indian economy's deceleration will determine the hit on its sovereign credit profile.

05 May 2021, 01:34:26 PM IST

India accounted for one in four Covid deaths globally last week: WHO

India accounted for nearly half of the covid-19 cases reported worldwide last week and one in four of deaths, the World Health Organization (WHO) said on Wednesday.

"India accounts for over 90% of both cases and deaths in the region, as well as 46% of global cases and 25% of global deaths reported in the past week," the Geneva-based agency said in its weekly epidemiological report.

05 May 2021, 01:28:15 PM IST

Mamata Banerjee takes oath as West Bengal CM for the third time

05 May 2021, 01:24:31 PM IST

Markets breaths positive, VIX down 3%

NSE
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NSE
05 May 2021, 01:10:54 PM IST

Sensex contributors

BSE
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BSE
05 May 2021, 01:02:54 PM IST

Sun Pharma hits 52-week high

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BSE
05 May 2021, 12:57:30 PM IST

PMI: Muted demand outlook forces services providers to absorb input cost inflation

Business activity in India's services sector, which is akey contributor to economic growth, slipped to a three-month low of 54 in April. A reading above 50 indicates expansion and below the threshold points to contraction.

Even though the remain in the expansion zone despite rising Covid-led restrictions, the outlook for services sector remains muted. So, despite the steep elevation in input costs, service providers have not passed on the burden of increased costs to customers. The PMI survey report pointed out that companies reported a sharp rise in expenses in April, which they linked to higher prices for food, freight, fuel and a wide range of other items. The overall rate of input cost inflation was the strongest seen in close to nine-and-a-half years, added the report. (Read more)

05 May 2021, 12:41:23 PM IST

InterGlobe Aviation up 2%

The board of directors of the company, which operates the country's largest airline IndiGo, will meet on 7 May to consider raising funds through a qualified institutional placement (QIP), the company said in a stock exchange notification on Tuesday.

IndiGo had earlier in January shelved plans to raise funds up to 4,000 crore through a qualified institutional placement (QIP), opting instead to raise money through sale and lease back (SLB) transactions and other alternative options.

05 May 2021, 12:31:18 PM IST

Mid-day trade: Sensex up amid volatility

Sensex check
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Sensex check
05 May 2021, 12:17:32 PM IST

RBI extends restructuring benefits to small businesses, individuals

The Reserve Bank of India on Wednesday allowed banks and non-banks to extend the benefits provided to individual customers and small businesses under the covid restructuring framework that was made available last year.

“Small businesses and financial entities at the grassroot level are bearing the biggest brunt of the second wave of infections," said RBI Governor Shaktikanta Das in his press briefing.

While no blanket moratorium has been provided for Covid 2.0, RBI has allowed banks to restructure smaller loans of exposures of less than 25 crore, which have been standard as on 31 March 2021. Restructuring under the proposed framework may be invoked up to 30 September and will have to be implemented within 90 days after invocation, it said. (Full report)

05 May 2021, 12:08:18 PM IST

Adani Ports stock falls after muted Q4 results, unexciting FY22 guidance

Shares of Adani Ports and Special Economic Zone Ltd fell more than 3% in early trade on Wednesday on the National Stock Exchange. This is on a day when the benchmark Nifty 50 index was up 0.50%.

Not without reason. The company’s March quarter results are lower than some analysts’ expectations. For perspective: Jefferies India Pvt. Ltd said in a report on 4 May, “4QFY21 Ebitda is 17% below expectations given lower margins but should recover as volumes rise and the April 2021 price hike reflects in FY22E." Ebitda is earnings before interest, tax, depreciation and amortization; a key measure of profitability for companies. (Full report)

05 May 2021, 12:00:33 PM IST

RBI makes liquidity available for healthcare facilities, small borrowers

The Reserve Bank of India on Wednesday unveiled a series of liquidity measures to help banks support the healthcare infrastructure and small borrowers impacted by second Covid wave. In a surprise virtual press briefing on Wednesday, RBI Governor Shaktikanta Das said that central bank will make available an on-tap liquidity window of 50,00 crore for supporting healthcare infrastructure and a special 3 year special long term repo operations (SLTRO) of 10,000 crore for small finance banks. Additionally, RBI also announced the second tranche of 35,000 crore under Government securities Acquisition Programme (GSAP 1.0).

Firstly, Das said that the term liquidity facility with tenor of upto 3 years will be offered at the repo rate. This facility will be made available till 31 March 2022.

05 May 2021, 11:46:28 AM IST

Petrol, diesel prices raised for the second day in a row; OMCs gain

State-owned oil marketing companies raised petrol and diesel prices for the second day in a row on Wednesday.

This is the second hike in transportation fuel prices since 23 February. As a result, petrol and diesel prices in Delhi were increased by 19 paise per litre and 21 paise per litre respectively. Petrol and diesel were retailing at Rs90.74 per litre and Rs81.12 per litre respectively on Wednesday in Delhi at state run Indian Oil Corporation Ltd’s outlets.

05 May 2021, 11:34:31 AM IST

Healthcare stocks rise

Healthcare stocks gained on Wednesday after Reserve Bank of India announced liquidity support for the sector.

RBI said to boost provision of immediate liquidity for ramping up covid-related healthcare infrastructure and services in the country, an on-tap liquidity window of 50,000 crore with tenors of up to three years at the repo rate is being opened till March 31, 2022.

BSE Healthcare
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BSE Healthcare
05 May 2021, 11:23:22 AM IST

India PMI services activity drops to three-month low in April

India’s services activity slowed down to a three-month low in April with an escalating second wave of coronavirus pandemic and localized lockdowns across the country forcing services businesses to reduce operation.

Data released by the analytics firm IHS Markit showed Purchasing Managers’ Index (PMI) for services sector declined to 54 in April from 54.6 in the preceding month.

05 May 2021, 11:14:42 AM IST

Nifty Bank up 1%

Banks
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Banks
05 May 2021, 10:56:53 AM IST

Most sectors in the green; auto, FMCG a tad lower

Nifty
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Nifty
05 May 2021, 10:53:17 AM IST

Sensex check: Extends gain, up 350 points

BSE Sensex
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BSE Sensex
05 May 2021, 10:40:07 AM IST

RBI Governor: Will continue to be proactive through the year, remain focused on post-pandemic growth

05 May 2021, 10:35:52 AM IST

RBI Governor: Borrowers up to ₹25 crore, who did not avail restructuring earlier, were standard as of March 2021, will be considered for restructuring till 30 Sept

05 May 2021, 10:34:03 AM IST

RBI Governor: Banks will be incentivised for quick lending under priority sector lending

05 May 2021, 10:32:21 AM IST

Banks will create a COVID loan book in their balance sheets

05 May 2021, 10:31:03 AM IST

RBI Governor: To conduct 3-year long-term repo operations worth ₹10,000 crore

05 May 2021, 10:28:54 AM IST

RBI Governor announces liquidity support for all healthcare facilities

05 May 2021, 10:27:41 AM IST

RBI Governor: Monitoring the emerging developments; normal monsoon outlook by IMD

05 May 2021, 10:23:55 AM IST

RBI Governor: On-tap liquidity of ₹50,000 crore at repo rate is being opened till March 31

05 May 2021, 10:21:42 AM IST

RBI Governor: Second purchase of govt securities for ₹35,000 crore under G-SAP 1.0 will be conducted on May 20

05 May 2021, 10:19:30 AM IST

RBI Governor: Inflation for rest of year will be influenced by covid restrictions, don't see any wide variation from our earlier inflation estimate

05 May 2021, 10:17:40 AM IST

RBI Governor: Do not expect any broad deviation in projections made in April MPC meet

05 May 2021, 10:13:15 AM IST

RBI Governor: The outlook for the global economy is highly uncertain and subject to downside risks

05 May 2021, 10:11:25 AM IST

RBI Governor: Have faith in India's ability to come out of Covid-19 crisis

05 May 2021, 10:06:54 AM IST

RBI Governor: Will continue to monitor emerging situation & use all resources

05 May 2021, 10:03:45 AM IST

RBI Governor Shaktikanta Das starts his speech

05 May 2021, 09:56:33 AM IST

BSE Telecom up 1.3%

The Department of Telecom on Tuesday approved applications of telecom companies -- Reliance Jio, Bharti Airtel, Vodafone and MTNL -- for conducting 5G trials but none of them will be using technologies of Chinese entities. The list of telecom gear makers approved for trials include Ericsson, Nokia, Samsung, C-DOT and Reliance Jio's indigenously developed technologies.

05 May 2021, 09:44:45 AM IST

RBL Bank’s Q4 shows asset quality pressure persists, second wave a key risk

RBL Bank Ltd’s troubles with asset quality continued for the March quarter although the lender seems to have shored up insurance in anticipation of an increase in stress. After all, the private sector bank’s mainstay business of credit cards and micro finance are the most vulnerable to the pandemic’s impact.

Slippages during the quarter remained elevated at 1439 crore and nearly 80% of them were from retail loans. The bank’s restructured loan pile rose to 1.41% of total loans from just 0.9% in the December quarter, a reflection that a large number of borrowers needed easier terms to repay due to the pandemic. (Full report)

05 May 2021, 09:39:24 AM IST

Bank Nifty up 0.7%

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Bank Nifty
05 May 2021, 09:27:03 AM IST

Nifty gainers/losers at open

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Nifty
05 May 2021, 09:18:06 AM IST

Sensex, Nifty open strong

Sensex players
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Sensex players
05 May 2021, 09:07:25 AM IST

Sensex players at pre-open

BSE Sensex
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BSE Sensex
05 May 2021, 09:06:40 AM IST

Sensex, Nifty higher at pre-open

05 May 2021, 08:52:59 AM IST

Stocks to Watch: Adani Ports, telecom companies, banks, Tata Steel

Banks stocks will be in focus as RBI said Governor Shaktikanta Das will make an unscheduled speech Wednesday. Adani Green Energy, Tata Steel, Adani Enterprises and Ceat are some key companies that will be eyed today as they will announce their March quarter results.

05 May 2021, 08:40:34 AM IST

Markets seen volatile

Indian stock markets are likely to be volatile on Wednesday while trends in SGX Nifty suggest a positive opening for domestic benchmark indices. On Tuesday, the BSE Sensex ended at 48,253.51, down 465.01 points or 0.95%. The Nifty was down 137.70 points at 14,496.

Reserve Bank of India said Governor Shaktikanta Das will make a speech Wednesday, an unscheduled appearance as ferocious new coronavirus wave devastates the country.

05 May 2021, 08:29:04 AM IST

Oil prices jumps

Oil prices rose nearly 1% on Wednesday, extending overnight gains, after industry data estimated US crude stockpiles fell much more than expected last week reinforcing bullish views on fuel demand in the world's largest economy.

US West Texas Intermediate (WTI) crude futures leapt 60 cents, or 0.9%, to $66.29 a barrel at 0130 GMT, after climbing to $66.45, its highest since March 8.

Brent crude futures jumped 58 cents, or 0.8%, to $69.46 barrel after touching a more than seven-week high of $69.64.

05 May 2021, 08:14:41 AM IST

RBI Governor Shaktikanta Das to make unscheduled speech at 10 am

Reserve Bank of India Governor Shaktikanta Das will make an unscheduled speech Wednesday, amid a ferocious new coronavirus wave that is devastating the country. The address will be broadcast at 10 am, the RBI said on Twitter.

05 May 2021, 08:09:16 AM IST

Asia mixed

Asian shares risked falling for a fourth straight session on Wednesday as sentiment took a knock from a selloff in large cap Wall Street tech giants, combined with talk of rising U.S. interest rates.

Holidays in Japan, China and South Korea limited the early reaction, leaving MSCI's broadest index of Asia-Pacific shares outside Japan dithering either side of flat.

Japan's Nikkei was shut, but futures traded down. Australia’s S&P/ASX 200 increased 0.7%, while Hong Kong’s Hang Seng Index rose 0.2%

05 May 2021, 07:38:46 AM IST

Wall Street ends lower on Tuesday

US indices slid on low trading volume and as a lull in economic news and lack of a catalyst to lift stocks higher sparked a sell-off by investors who worried further upside in markets is limited.

The Dow Jones Industrial Average fell 0.26%, the S&P 500 lost 1.03% and the Nasdaq Composite dropped 2.27%.

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