Indices gain for 6th day, Nifty reclaims 10K; PSBs, realty stocks rally

All that happened in the markets today

3:46 PM

SECTOR WATCH:: IT, metal stocks slip in the trade

3:43 PM

MARKET AT CLOSE:: Gainers and losers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex gained 284 points or 0.84 per cent to settle at 34,109.54 while NSE's Nifty ended at 10,061.55, up 82 points or 0.83 per cent.

3:28 PM

MARKET CHECK

3:19 PM

MARKET UPDATE:: Orient Cement drops nearly 5%

3:12 PM

Mahindra & Mahindra rallies 6% as board to consider fund raising plan

“The board of directors of the company will meet on June 12, 2020 to consider raising of funds by way of issuance of securities including but not limited to secured/unsecured redeemable non-convertible debentures on private placement basis, in one or more tranches / series,” M&M said in a regulatory filing. READ MORE

3:11 PM

Fall from intra-day high today

COMPANY	DAY'S HIGH(RS)	DAY'S LOW(RS)	LATEST(RS)	FALL(%)
ADANI POWER	42.20	37.15	37.75	-10.55
IFB INDS.	471.10	419.10	430.00	-8.72
NAVA BHARAT VENT	47.65	43.05	43.60	-8.50
MAX FINANCIAL	492.00	451.95	452.00	-8.13
MAX INDIA	76.40	69.90	70.35	-7.92
LA OPALA RG	177.00	157.05	163.00	-7.91

3:03 PM

MARKET UPDATE

2:57 PM

Volatility index, India VIX, slips below 30-mark

2:51 PM

India IT spending to fall 8% this year due to Covid-19, first fall in 5 yrs

The spend is expected to total $83.5 billion. “The fear of a global economic recession due to the Covid-19 pandemic is forcing CIOs (chief information officers) in India to be very cautious on their IT spending this year,” said Naveen Mishra, senior research director at Gartner. “In partnership with their CFOs, CIOs in India are reprioritizing their IT budgets on mission critical initiatives.” READ MORE

2:43 PM

MARKET UPDATE:: Nifty PSU Bank index up 8%; Indian Overseas Bank, Bank of India, Central Bank of India, Union Bank of India, Indian Bank gain over 10%

2:39 PM

HDFC Bank and ICIC Bank top contributors to Sensex's rally today

2:32 PM

MARKET UPDATE:: Sensex at day's high

2:20 PM

PSBs may report weak loan growth, NII amid Covd-19 crisis in Q4: Analysts

As credit growth slumps to decadal low of 6.14 per cent in the financial year 2019-20 amid the coronavirus (Covid-19) outbreak, public sector banks (PSBs), analysts say, may report single-digit sequential growth in the March quarter of FY20 (Q4FY20). Besides, marginal slip in net interest income, steady credit costs could be the other theme across the PSB segment. READ MORE 

Illustration: Binay Sinha

2:17 PM

MARKET CHECK:: S&P Finance index gains 3.6%

2:05 PM

BROKERAGE VIEW:: Anand Rathi Shares on KEI Industries

In the present trying circumstances KEI’s flattish Q4 growth was quite encouraging. We believe growth in the cable industry will continue, given the vast opportunities, while wires will see demand from smaller towns. We are upbeat on KEI for its strong order-book (Rs 33bn; including Rs 7.3bn EHV and Rs 16.4bn exports), diversified customers and a healthy balance sheet. The Rs 1.5bn order for 400kVA cables (EHV) sets KEI among the world’s top manufacturers. After strong 20%/20%/42% CAGRs in revenue/EBITDA/PAT over FY16-20, we expect a bounce back from FY22. We continue to believe in sustainable growth prospects for KEI and retain our Buy recommendation, with an unchanged target of Rs 411 (14x FY22e P/E). FCF generation continuing would help in a re-rating of the stock. Also, KEI’s likely entry into FMEG, like its peers, in the next 2-3 years could drive valuations.

1:53 PM

BUZZING STOCK:: ICICI Bank surges nearly 6.5%

1:44 PM

IT stocks trade mixed in an otherwise firm market

COMPANY	LATEST(rs)	CHG(%)
INFOSYS	700.40	-1.08
TATA ELXSI	836.65	2.02
WIPRO	211.40	-2.08
FIRSTSOUR.SOLU.	35.55	0.99
HEXAWARE TECH.	265.10	-0.34

1:41 PM

NEWS ALERT | Press briefing on Cabinet decisions at 4 pm today: CNBC TV18

1:35 PM

Stocks zoom despite record equity issuances, beating historical trend

Dalal Street has witnessed record equity issuances in four weeks, with investors making share sales worth over Rs 61,000 crore ($8.1 billion) without hampering the secondary market. Stocks gained, challenging the theory that large equity issuances suck out secondary market liquidity. Historically, large primary issuances weighed on stock prices but market players say this time it is different. READ MORE 

1:24 PM

Despite Moody's rating downgrade, indicators point to rupee revival

Despite a sovereign rating downgrade by Moody’s, the rupee strengthened, and bond yields fell as markets shrugged off the downgrade. Currency dealers say the Reserve Bank of India (RBI) intervened in the currency markets, and may have even bought some bonds anonymously from the secondary markets. READ MORE

1:14 PM

Pharma, auto, telecom, and FMCG stocks help Nifty regain 10,000 levels

Of the Nifty 50 companies, as many as 26 stocks were up from their respective March 13 levels. However, financials including banks such as IndusInd Bank, Bajaj Finance, Bajaj Finserv, State Bank of India (SBI), and Axis Bank were down more than 25 per cent from March 13 levels. READ MORE 

1:04 PM

Europe opens higher

12:52 PM

BUZZING STOCK:: Bajaj Finance climbs nearly 5%

12:44 PM

Heatmap: S&P BSE Sensex gainers and losers at this hour

12:43 PM

BROKERAGE VIEW:: Emkay Global Financial Services on Motherson Sumi

• Q4FY20 revenue fell by 12% yoy to Rs152bn (est.:Rs134bn), while EBITDA margin expanded by 170bps to 9.2% (est.: 5.6%). Margin was above estimates due to better scale, higher share of India business and cost-reduction initiatives.
   
• Due to the impact of the lockdown and expectation of a gradual pick-up in demand, we reduce our FY21 revenue estimate by 6% to Rs584bn, but increase FY22E revenue forecast by 4% to Rs726bn. We expect China and Europe regions to recover sooner than the India region, led by relaxation of lockdowns and government support measures.
   
• Management has revealed Vision 2025 – revenue target of USD33-35bn with ROCE of 40%, vs. 2020 revenue of USD12bn and adjusted ROCE of 25%. To accomplish this vision, the company will retain its emphasis on the auto segment and also focus on new segments such as Defense, Aerospace, Healthcare, IT, etc.
   
• We maintain Buy with a TP of Rs115 (Rs87 earlier) based on 20x FY22E EPS (earlier 18x). We expect revenue/earnings CAGRs at 7%/25% for FY20-22E, with average FCF of Rs29bn/year. Retain EW stance in sector EAP.

12:31 PM

NEWS ALERT | Jet Airways' resolution professional has shortlisted 4 out of the 12 expressions of interest received: CNBC TV18

-- Only these 4 shortlisted players will be invited to submit bids for the defunct airline

12:30 PM

MARKET UPDATE:: Top 5 losers on the BSE at this hour

12:20 PM

Top gainers on BSE at this hour

COMPANY	PRICE(rs)	CHG(%)
I O B	9.54	20.00
TRIDENT	7.15	19.97
SOUTH IND.BANK	6.77	19.82
TEAM LEASE SERV.	1822.10	14.28
ADANI GAS	140.40	12.95

12:07 PM

Sensex, Nifty: Does the market rally have more legs? Here's what charts say

Equity markets continued its journey north on Wednesday, with the benchmark Nifty breaching the 10,000 level for the first time since March 2020. Buying was witnessed across-the-board with financials leading the pack. The sharp upswing in the market has got several traders off guard. Shrugging off grim economic forecasts and rising Covid-19 cases, the benchmark Nifty has climbed 11.4% — from 8,823 on May 18 to 9,826 on June 1 in just nine trading sessions. Interestingly, all the 50 Nifty components have delivered positive gains during this period. READ MORE