MARKET WRAP: Sensex slips 129 pts, Nifty ends at 11,073; RIL declines 2%

All that happened in the markets today

4:15 PM

COMMENT:: Vinod Nair, Head of Research at Geojit Financial Services

Indian markets closed the session flat, with a negative bias. Following one of the worst quarterly US GDP data, Asian shares closed in the negative while European markets were also trading flat. In India, the uncertainty was visible as profit booking and post-earnings results performance of index heavyweights, impacted the benchmark indices. On a weekly basis, the indices closed with slight losses following a result-heavy week and stock-specific action in the benchmark indices while at the same time virus infections continued to increase.

 

WEEK AHEAD

 

Markets seem to be in a consolidation mode with momentum slowing down in the last couple of sessions. This trend is expected to stay since the uncertainties continue and volatility remains high. Investors are advised to remain cautious and accumulate quality stocks in this uncertain environment

3:44 PM

SECTOR WATCH:: Nifty Pharma rallies 3.5%

3:43 PM

MARKET AT CLOSE:: Losers and gainers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex ended at 37,607, down 129 points, or 0.34 per cent while NSE's Nifty ended at 11,073, down 29 points, or 0.26 per cent. 

3:30 PM

BROKERAGE VIEW:: HDFC Securities on RBL Bank

Significant treasury gains and strong NIMs buoyed RBK’s 1Q earnings. While QoQ deposit growth was healthy, deposit granularity remains an area of concern. Moratorium trends in the credit card and micro-credit portfolios, where LGDs are high, are concerning. These segments could contribute disproportionately to slippages and LLPs. Provisions are likely to remain elevated in the near term, denting return ratios. This underpins our REDUCE rating. Our price target of Rs 148 remains unchanged.

3:21 PM

MARKET CHECK

3:13 PM

UPDATE:: Adani Gas gains nearly 1.5%

3:01 PM

NEWS ALERT :: Penalty provision for short-collection/ non-collection of upfront margin in cash segment shall be implemented w.e.f Sept 1, 2020

2:55 PM

RIL, HDFC twins contribute the most to Sensex's 200-point fall today

2:51 PM

June Quarter Result :: Sun Pharma reports loss of Rs 1,655.6 crore

>> One-time loss of Rs 3,633.3 crore

>> Revenue at Rs 7,585.3 crore

>> EBITDA at Rs 1,843.6 crore

>> EBITDA margin at 24.3%

2:46 PM

MARKET CHECK:: BSE Energy index falls 1.7%

2:36 PM

BROKERAGE VIEW:: ICICI Securities on Torrent Pharma

Overhang pertaining to two US-focused plants notwithstanding, Torrent continues to impress thanks to its robust margin profile, which can be attributed to a global portfolio that comprises ~60% branded generics. We expect a further improvement in this matrix and product rationalisation to further strengthen margins. The company’s portfolio is finely balanced between India, Brazil, Germany and the US with Indian being the leader. With consistent FCF generation and moderation in core capex, we expect the leverage situation to improve substantially. With these key characteristics we believe the premium valuation is justified. We upgrade to BUY with a revised target price of Rs 2,865 (30x of FY22E EPS of Rs 95.5).

2:33 PM

NEWS ALERT :: Banks can't refuse loan to MSMEs under Emergency Credit Fund, says FM

2:32 PM

NEWS ALERT :: Working with RBI on extension of the moratorium or loan restructuring for hospitality sector, says FM Nirmala Sitharaman

2:25 PM

Rupee Closing

Rupee ends at 74.81 per US dollar vs Thursday's close of 74.84/$

2:17 PM

MARKET CHECK:: BSE Midcap index outperforms Sensex

2:08 PM

SBI Q1 profit jumps 81% YoY to Rs 4,189 cr, moratorium declines to 9.5%

State Bank of India (SBI) on Friday reported standalone net profit of Rs 4,189.34 crore for June quarter of FY21 (Q1FY21), supported by one-time gain from stake sale in SBI Life for Rs 1,539.73 crore. This was 81.18 per cent higher from net profit of Rs 2,312.2 crore reported in the June quarter of FY20. On a quarterly basis, the net profit grew 17 per cent from Rs 3,580.8 crore reported in March quarter of FY20. READ MORE

2:04 PM

Q1 Results | Indian Oil Corporation posts net profit of Rs 1,910.8 crore

2:00 PM

MARKET UPDATE:: Sensex off day's low

1:53 PM

Covid-19 impact on GDP to be felt for years in advanced economies: Fitch

The impact of coronavirus will continue for years as GDP levels in the largest advanced economies remain around 3 to 4 per cent below their pre-virus trend path by the middle of this decade, Fitch Ratings has said in a new report. "There will be lasting damage to supply-side productive potential from the coronavirus shock as long-term unemployment rises, working hours fall, and investment and capital accumulation slow," said Maxime Darmet, Director in Fitch's Economics team. READ MORE

1:52 PM

BUZZING STOCK:: Laurus Lab up 15%

1:41 PM

Q1 RESULTS | State Bank of India posts net profit of Rs 4,189.crore, helped by one-time gain of Rs 1,539.7 crore

-- Gross NPA at 5.44% vs 6.15% (QoQ)

-- Net NPA at 1.86% vs 2.23% (QoQ)

-- Additional provision of Rs 1,836 crore on account of Covid-19

--  Fresh slippages at Rs 3,637 crore

-- Moratorium at 9.5% of term-loan book

1:37 PM

Covid-19 impact on GDP to be felt for years in advanced economies: Fitch

"There will be lasting damage to supply-side productive potential from the coronavirus shock as long-term unemployment rises, working hours fall, and investment and capital accumulation slow," said Maxime Darmet, Director in Fitch's Economics team.
 

Huge uncertainties surround the economic outlook in aftermath of the massive shock in H1 2020. The path that the coronavirus outbreak will take is unknown. READ MORE

1:33 PM

NEWS ALERT :: Niti Aayog submits proposal to Fin Min, PMO to privatise 3 banks, reports CNBC TV18

>> Names include UCO Bank, Bank of Maharashtra, Punjab & Sind Bank

1:26 PM

No BS-IV vehicle registration until decision on sale during lockdown: SC

The Supreme Court on Friday said that no BS-IV vehicles will be registered till it decides the sale of such vehicles during lockdowns to contain the spread of the coronavirus, referring to country's new standards for emissions. The court was earlier irked over the violation of its order and pulled up automobile dealers association for sale of BS-IV vehicles when a nationwide lockdown was announced in the last week of March and extended three times. READ MORE

1:21 PM

Q1 RESULTS | UCO Bank reports profit of Rs 21.5 crore as compared to Rs 601.5 crore loss in Q1FY20

-- NII dips 5.1 per cent YoY to Rs 1,266.7 crore

-- Q1FY21 gross NPA at 14.4% vs 16.8% YoY

1:19 PM

Sun Pharma trades over 2% higher ahead of June quarter nos

1:14 PM

MARKET CHECK:: BSE Healthcare index jumps 3%

1:02 PM

European indices open mixed

12:55 PM

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