Sensex recovers 600 pts from day's low, ends 223 pts up; FMCG, pharma rally

All that happened in the markets today

4:15 PM

MARKET COMMENT:: Sanjeev Zarbade, VP PCG Research, Kotak Securities

“The current week was one of the best for global markets as most major global indices rallied during the week. The Sensex which has been underperforming the MSCI emerging markets also delivered a strong rally with gains of 5.3% for the week. Most state governments have further relaxed lockdown norms in the current phase as well as allowed domestic air-travel to resume. Hero Motocorp, Marut Suzuki and HDFC Bank were among the top gainers while Bharti Airtel, Bajaj Finance, and Power Grid lost the most in the BSE-30 Index. 

 

FPIs bought equities worth US$209 mn over the past five trading sessions while DIIs bought US$1.02 bn worth of equities in the same period. Tensions between India and China and China and the US remain a concern for the markets. Also, any acceleration in COVID-19 infections could further slow down the lifting of lockdown and delay any economic recovery. Notwithstanding the near-term uncertainty, valuations are attractive on a medium-term basis.”

3:45 PM

SECTOR WATCH:: Nifty Pharma gains over 3%

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 ended 223.5 points or 0.69 per cent higher at 32,424 while NSE's Nifty ended at 9,580, up 90 points or 0.95 per cent.

3:28 PM

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

3:23 PM

MARKET UPDATE:: Sun Pharma gains over 4%

>> Sun Pharma has received approval from the Drugs Controller General of India (DCGI) to initiate a clinical trial with Nafamostat Mesilate in Covid-19 patients;

>> Nafamostat is approved in Japan for improvement of acute symptoms of pancreatitis and treatment of Disseminated Intravascular Coagulation (DIC).

3:18 PM

MARKET UPDATE:: Nifty Pharma index hits 52-week high of 9,758, surpasses previous high of 9,753, touched on April 27

-- Sun Pharma, Dr Reddy's, Aurobindo Pharma and Divis Labs all up over 4%

3:17 PM

BUZZING STOCK | ONGC climbs over 5.5%

3:10 PM

MARKET UPDATE :: All sectoral indices turn positive

3:06 PM

MARKET UPDATE:: HDFC, ITC lead contributors to Sensex's over 600 point recovery from day's low

3:00 PM

Google's interest positive but may not help solve Voda Idea's debt woes

Google investment into VIL can be incrementally positive, but a 5 per cent stake is unlikely to move the needle or provide any meaningful relief to VIL's debt problems, said Credit Suisse.

 

"We think unless Google (or any other external investor) looks at acquiring a controlling stake in VIL, the chances of company's long term survival beyond FY23 (when the moratorium on deferred spectrum debt ends) appears to be low," it said. READ MORE

2:50 PM

MARKET CHECK:: Sensex at day's high

2:45 PM

STOCK ALERT :: GM Breweries breaks 200-DEMA

2:39 PM

NEWS ALERT :: No (such) proposal being considered at the Board, says Vodafone Idea on Google investment report

"The Company constantly evaluates various opportunities for enhancing the stakeholders’ value. As and when such proposals are considered by the Board of Directors of the Company warranting disclosures, the Company shall comply with the disclosure obligations under the SEBI regulations. Currently, there is no  proposal as reported by the media that is being considered at the Board".

-- Company Statement
 

2:31 PM

Recovery from intra-day lows in today's session

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
IFCI	4.00	4.88	4.77	19.25
VODAFONE IDEA	6.40	7.85	7.38	15.31
IDFC FIRST BANK	19.75	22.75	22.75	15.19
MAX INDIA	56.30	65.85	62.45	10.92

2:24 PM

MARKET CHECK :: Indices at day's high

2:16 PM

Pharma shares in focus: Cipla, Aurobindo Pharma hit 52-week high

Among individual stocks, Dr Reddy’s Laboratories, Aurobindo Pharma, Divis Laboratories, Biocon, JB Chemicals & Pharmaceuticals, Caplin Point Laboratories, Aarti Drugs, Indoco Remedies, RPG Lifesciences and Glenmark Pharmaceuticals were up in the range of 3 per cent to 5 per cent on the National Stock Exchange (NSE). READ MORE

2:11 PM

Rupee Closing

>> Rupee closes higher at 75.61 per US dollar vs Thursday's close of 75.76/$

2:04 PM

BUZZING STOCK | Concor gains 6%

1:54 PM

Bharat Bond ETF second tranche worth Rs 14,000 cr to hit market in mid-July

In February, Finance Minister Nirmala Sitharaman had announced the second tranche and last week Edelweiss AMC, the fund manager, said it would issue Rs 3,000 crore, with a greenshoe option of Rs 11,000 crore. AK Capital is also closely working on the issue as an advisor to the government, which in a video call last week gave the go ahead for the second tranche of the ETF. READ MORE 

Radhika Gupta, CEO, Edelweiss MF, flanked by Nitin Jain, CEO, Edelweiss Global Investment Advisors and Hemant Daga, CEO, Global Asset Management in Mumbai | Photo: Kamlesh Pednekar

1:46 PM

ABFRL: Multiple headwinds likely in near term, investors advised caution

The Aditya Birla Fashion Retail (ABFRL) stock jumped 9 per cent on Thursday after the firm announced deleveraging and cash generation plans that include a rights issue, liquidating inventory, and cutting capital expenditure by 60-70 per cent in FY21. Net debt, which had decreased from Rs 1,891 crore in FY18 to Rs 1,645 crore in FY19, surged to Rs 2,516 crore in FY20. READ MORE

1:36 PM

Q4FY20 GDP | India's economy may have grown at slowest in 2 years: Poll

Gross domestic product data out later on Friday is expected to show the country's economy grew at its slowest pace in at least two years in the March quarter as the coronavirus pandemic weakened already declining consumer demand and private investment.

 

The median forecast from a Reuters poll of economists put annual economic growth at 2.1% in the March quarter, lower than 4.7% in the December quarter. Forecasts ranged between +4.5% and -1.5%. READ MORE

1:29 PM

BUZZING STOCK | Adani Enterprises rises 7%

1:26 PM

Govt mulling more policy action for NBFCs, regulatory changes for markets

The Narendra Modi government is considering additional policy measures for non-banking financial companies, and regulatory changes to ensure the stability of the financial system, Business Standard has learnt. This comes after Finance Minister Nirmala Sitharaman interacted with the country’s top regulators at a meeting of the Financial Stability and Development Council on Thursday. READ MORE

1:20 PM

US to announce 'certain decisions' on China: Donald Trump

The US would announce "certain decisions" on China on Friday, President Donald Trump has said as he emphasised that Beijing should have stopped the coronavirus at the source. Led by the US, several countries in the world have blamed China for the spread of coronavirus and its failure to provide timely information about the disease, leading to the death of over three lakh people and causing an unprecedented economic crisis. READ MORE

1:16 PM

MARKET CHECK | Top 5 gainers on the BSE at this hour

1:02 PM

MARKET UPDATE :: RIL-RE slumps over 6% on last day of trade

12:56 PM

MARKET CHECK

12:49 PM

NEWS ALERT :: SC agrees to hear Cyrus Mistry’s plea of proportionate representation for Pallonji Group on Tata Sons board

>> Plea seeks representation on Tata Group's board proportionate to 18.4% holding of Pallonji Group

>> Seeks removal of affirmative vote in hands of select Tata Sons' directors

(As reported by CNBC TV18)

12:44 PM

SECTOR WATCH:: OMCs gain

COMPANY NAME	LATEST	HIGH	CHG(%)
O N G C	79.15	79.85	0.38
I O C L	79.65	79.95	2.51
H P C L	196.65	196.95	5.73
B P C L	336.95	337.75	3.41