MARKET WRAP: Sensex falls 561 pts ahead of F&O expiry; financials top drag

All that happened in the markets today

4:06 PM

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

"In spite of opening positive, markets finally ended negative, in sync with negative global cues. The rising cases of virus infections worldwide, especially in the Americas, unnerved the global markets. Domestic cases, too, show no signs of abating and this must be weighing in on the investors. Almost all sectoral indices ended in the red, with the Bank index the major loser. Ahead of F&O expiry, markets are expected to remain volatile and investors advised to keep booking profits."

3:43 PM

SECTOR WATCH:: Nifty FMCG ends in the green

3:42 PM

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

3:37 PM

CLOSING BELL

The S&P BSE Sensex declined 561 points pr 1.58 per cent to end at 34,869 while NSE's Nifty ended at 10,305, down 166 points or 1.58 per cent.

3:28 PM

MARKET CHECK

3:20 PM

NEWS ALERT:: Cooperative banks brought under RBI supervision: Union Cabinet decision

3:16 PM

MARKET CHECK:: Nifty Bank tumbles over 4%

3:03 PM

Analysts cautious on Page Inds even as management view sounds comforting

Despite significantly weaker-than-expected March 2020 quarter (Q4) results, the stock of Page Industries (Page) – the Indian franchise of popular inner-wear brand ‘Jockey’ – surged 10.5 per cent in intra-day trades on Wednesday and is now around Rs 20,850 levels. READ MORE

2:57 PM

Gold price rises in India with little demand for the physical metal

Debajit Saha, Senior Analyst, Precious Metals at Refinitiv, “In the month of April and May, less than one tonne of the metal was imported for domestic consumption. Though the situation has certainly improved this month with the opening of key markets, the demand is still estimated to be 40 per cent lower than normal. However, paper gold has observed traction. Both sovereign gold bonds and gold ETFs have seen strong inflows. This sudden increase in inflows could be attributed to the non-accessibility in the domestic market due to the lockdown. Nevertheless, we believe investors might continue to bet on these two products, while physical jewellery demand is not expected to return with any resurgence until the October quarter when festival and wedding demand kicks in.” READ MORE

2:55 PM

Top losers on BSE today

COMPANY	PRICE(rs)	CHG(%)
UNION BANK (I)	33.10	-7.93
INDIABULLS HOUS.	222.15	-7.55
TV18 BROADCAST	37.15	-6.31
DCB BANK	81.10	-5.86
INDUSIND BANK	491.60	-5.58

2:51 PM

Reliance may bring Jio and retail IPOs to unlock shareholder value: Report

RIL has raised $22.3 billion capital market through the sale of 24.7 per cent stake in Jio Platforms and $7 billion equity-raise.

 

"Following the rights issues and 24.7 per cent sell down in Jio, RIL is now effectively debt free. We expect a break-up of the company in the next three-four years through the IPO of Jio and retail business segment which should further unlock shareholder value," Bernstein Research said. READ MORE

2:44 PM

MARKET CHECK :: Nifty breaks below 10,400

2:43 PM

MARKET CHECK :: Sharp slide in indices; Sensex down nearly 400 pts

2:41 PM

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

2:36 PM

Jio poised to play key role in development of 5G ecosystem in India: RIL

On the issue of floor price for mobile services, the company noted that market dynamics have improved in the recent past as reflected by December tariff hikes by operators.

 

The government has also expressed its intentions of conducting the next round of spectrum auctions during the fiscal year 2020-21, it said. READ MORE

2:29 PM

India-China issue :: Who stands to gain or lose if ties sour

(Source: Motilal Oswal Financial Services)

2:23 PM

MARKET UPDATE:: NTPC falls over 2.7%

2:18 PM

Corporate bond market starts warming up to NBFCs easing liquidity concerns

India’s top-rated private and government-owned companies may be enjoying historic low rates in markets for their short-term money, but the situation has not improved much for lower rated firms, particularly from the financial sector. However, sporadic issuances of bonds have started.

 

Admittedly, the liquidity scare faced by the non-bank financial companies (NBFC) have eased somewhat, but even there, well rated companies are the beneficiaries, who have started issuing debt papers in larger numbers. READ MORE

2:07 PM

Rupee Closing

Rupee ends weaker at 75.73 per US dollar vs Tuesday's close of 75.64/$

2:01 PM

MARKET CHECK :: Sensex at day's low, down 267 pts

1:56 PM

Hero MotoCorp hits over seven-month high; stock surges 56% in 3 months

The stock of the two-wheeler company was trading at its highest level since November 18, 2019. In the past three months, the stock has outperformed the market by surging 56 per cent, as compared to 34 per cent rise in the S&P BSE Sensex.

 

The demand recovery would be led by rural markets (superior cash flows via farm, MNREGA activities). Hence, the relative preference for rural-facing auto segments, two-wheelers stays and HMCL’s high rural exposure (>50 per cent demand) tilts near term beneficiary scales in its favour. READ MORE

1:51 PM

ALERT :: Dow Jones Futures slip over 250 pts

1:43 PM

EXPERT COMMENT:: Rahul Gupta, Head of Research- Currency, Emkay Global on Rupee vs US dollar

"The USD/INR spot has dropped below 76 as globally traders are turning a blind eye to the second wave of coronavirus. The risk appetite is turning positive as economies are opening up giving rise to better than expected US and Eurozone economic data. However, the risk of the Indo-China border still prevails, in our opinion, it won’t escalate but will continue to grapple the market sentiments. The strong support lies around 75.50 unless that breaks the USD/INR spot will continue to trade towards 76.”

1:36 PM

JM Financial completes Rs 400 mn investment in Isthara Parks

JM Financial Private Equity (the “Fund”) has announced that it has completed its proposed investment of Rs 400 mn in Coimbatore-based coliving operator, Isthara Parks Private Limited (“Isthara” or the “Company”). The investment was completed in two tranches between July 2019 and June 2020. Commenting on the investment Mr. Darius Pandole, Managing Director & CEO, PE & Equity AIFs said, “We did extensive research on the co-living sector and identified Isthara as a potential leader in the space. The Isthara management brings to the table deep domain knowledge in hospitality, IT & real estate and proven execution capability. The Fund focuses on backing strong entrepreneurs with disruptive ideas combined with on-ground operational excellence.”

1:31 PM

NIFTY GAINERS:: Tata Motors gains over 3.5%

1:25 PM

Rollover Analysis :: June F&O expiry

>> The Nifty June expiry rollover is at 42.08% on Tuesday compared to 42.01% on same day of previous expiry.

>> The Banknifty June expiry rollover is at 30.38% on Tuesday compared to 22.55% on same day of previous expiry.

>> The Market wide June expiry rollover is at 57.72% on Tuesday as compared to 51.87% on same day of previous expiry. 

>> Fertilisers, Metals, Oil_Gas, Pharma and Banking sectors witnessed higher rollovers compared to same day of previous expiry. Realty, Textile, Infrastructure, Technology and Power sectors witnessed lower rollovers compared to same day of previous expiry.

(Source: Nirmal Bang Institutional Equities)
 

1:14 PM

Escorts surges 8%, hits fresh all-time high

1:09 PM

MARCH QUARTER RESULTS | GAIL reports net profit worth Rs 3,018.2 cr vs Rs 1,120 cr YoY

>> Revenue at Rs 17,753 crore

>> EBITDA at Rs 2,475.3 crore, margin at 13.9%

1:03 PM

More inquiries for unlisted shares of UTI MF as IPO nod comes through

Interest in the stock has picked up in anticipation of the IPO but there is an air of caution because of the current market conditions, said dealers in the unlisted space. A Kolkata-based dealer said the share price has headed north. The hike in percentage terms, though, has been in single digits as the markets have been volatile. Firms have been cautious about proceeding with their IPOs due to the pandemic and resulting market volatility. READ MORE

12:50 PM

EXPERT SPEAK:: Shankar Sharma