Sensex ends 190 pts down; up 526 pts from day's low ahead of PM's address

All that happened in the markets today

4:17 PM

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

Indian Indices closed in the negative, in sync with global markets. With virus infections continuing and PM Modi set to address the nation tonight, investors are awaiting news on how we plan to exit from the lockdown and what support the government will provide to the people and the businesses. Any perceived disappointment will be negative for the markets. 

4:01 PM

SECTOR WATCH | Here's how sectoral indices on NSE performed today

4:01 PM

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

3:36 PM

CLOSING BELL

The S&P BSE Sensex ended 190 points or 0.6 per cent lower at 31,371 while NSE's Nifty50 slipped 43 points or 0.46 per cent to 9,196.55 levels.

3:28 PM

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

3:23 PM

MARKET UPDATE | RIL plunges nearly 7%; stock to turn ex-rights tomorrow

3:18 PM

ArcelorMittal offers $2 bn shares at discount to accelerate debt reduction

The company said on Tuesday it will sell $750 million of shares at a price of $9.27, equivalent to 8.57 euros. That is near to their value at Monday's close, when ArcelorMittal had said it would issue new shares, but some 17% down from Friday.

 

On Tuesday, the shares were trading 4.6% lower on the day at 8.23 euros, making them the worst performers in the FTSEurofirst300 index of leading European shares. READ MORE

3:07 PM

Bharti Airtel shares surge 5%, near record high

Shares of Bharti Airtel continued their northward journey for the third straight day, up 5 per cent at Rs 563, on the BSE on Tuesday. The stock was trading close to its record high level of Rs 569 touched on February 17, 2020. The stock of the telecom services provider has rallied 16 per cent in the two weeks, as compared to a 2.2 per cent decline in the S&P BSE Sensex. READ MORE

3:03 PM

MARKET CHECK

3:01 PM

MARKET CHECK :: Indices pare losses

2:58 PM

STOCK ALERT :: Vodafone Idea up for second straight day; gains 20% in 2 days

2:55 PM

NEWS ALERT :: IBA submits 'Bad Bank' proposal to Fin Min, RBI: TV reports

Alert: IBA is Indian Banks' Association

2:52 PM

BUZZING STOCK:: Bharti Airtel at day's high, up 4%

2:50 PM

Unsure whether India gains if businesses shift from China: Abhijit Banerjee

Speaking to a Bengali news channel ABP Ananda on Monday evening, Banerjee said that everyone is blaming China for the Covid-19 outbreak as it has origin there. "China is being blamed now for the coronavirus outbreak. Even people are saying that India stands to benefit as businesses will shift from China and come to India. But that may not be true," the economist said. READ MORE

2:41 PM

MARKET VOICE | Shyam Sekhar

2:40 PM

European indices largely higher

2:39 PM

MARKET UPDATE:: Shares of broadcasting & cable TV operators rally in an otherwise weak market

-- NDTV, Raj TV and Hathway Cable & Datacom locked in upper circuit of 20 per cent

-- TV18 Broadcast up 11 per cent on heavy volumes

2:30 PM

Vodafone meets 2019 expectations, pulls guidance on Covid-19 uncertainty

Vodafone, the world's second-largest mobile operator, met expectations with a 2.6% rise in full-year core earnings to 14.9 billion euros ($16.10 billion) but did not give a current year outlook due to the uncertainty caused by the coronavirus.

 

"We are experiencing a direct impact on our roaming revenues from lower international travel and we also expect economic pressures to impact our customer revenues over time," it said on Tuesday. READ MORE

2:22 PM

Rupee Closing

Rupee ends stronger at 75.50 per US dollar vs Monday's close of 75.74/$

2:16 PM

Trump not interested in renegotiating trade deal as China urges fresh talks

Trump, who himself has considered abandoning the pact signed in January, told a White House press briefing he wanted to see if Beijing lived up to the deal to massively increase purchases of US goods, the Reuters reported. READ MORE

2:08 PM

Provide govt-backed Rs 3 trn liquidity line to coronavirus-hit unit: FICCI

According to the Federation of Indian Chambers of Commerce and Industry (FICCI) and global consultancy firm Deloitte, the cost of such support to government to banks would be limited to Rs 30,000–40,000 crore over five years.

 

In a two-step approach, the first task would be to isolate the impact of Covid on businesses and move the losses from P&L to the balance sheet. The second step entails banks to provide focussed relief through additional Working Capital Term Loan (WCTL), Funded Interest Term Loan (FIT L), and etc that businesses may require to overcome the Covid impact. READ MORE

2:00 PM

MARKET CHECK | Shriram Transport Finance tanks 11%

1:50 PM

BROKERAGE VIEW:: MOFSL on Coromandel Int'l

Valuation and view

• CRIN is likely to close FY20 with PAT growth of 37%, on account of EBITDA growth of 16% (EBITDA margins are likely to expand 210bp); the robust performance is attributed to higher manufacturing volume growth (driven by 22% volume growth in rabi/H2FY20) and lower RM prices.
• The government has fixed the subsidy rate for nitrogen (N) at INR18.9/kg (flat YoY), phosphorous (P) at INR14.9/kg (-2% YoY), potash (K) at INR10.1/kg (-9% YoY), and sulfur (S) at INR2.4/kg (-12% YoY). We believe the new subsidy rate would not have a major impact on CRIN’s overall performance.
• Moreover, the India Meteorological Department (IMD) has announced that it expects Southwest monsoon rainfall (June–September) to be normal this year.This bodes well for the consumption of fertilizers and agrochemicals.
• In FY21, we expect manufacturing volumes to grow 6% (given the expectation of normal rainfall) and manufacturing EBITDA/MT of INR3,500/MT, flat YoY (due to the current RM price scenario). Also, the newly commenced operations at the phos acid plant (in Oct’19) would provide cost savings. All this, in turn, would aid in maintaining EBITDA/MT.
• We estimate 12% EPS CAGR over FY20–22.
• We have ascribed a 17x PE multiple (in-line with the five-year average multiple) and arrived at TP of Rs 738. Maintain Buy.

1:41 PM

Wealthy investors shun illiquid investments amid covid-19 outbreak

MLDs are close-ended structured products, debt or equity-linked, that come with a two to three year lock-in. For equity-linked structures, the underlying can be an index such as Nifty 50 or a basket of stocks. The payoff for investors can be in the form of a fixed coupon or participation rate. Debt MLDs typically pay a coupon of 7-11 per cent. READ MORE

1:30 PM

RIL tanks 6% on profit booking; stock to turn ex-rights on Wednesday

Shares of Reliance Industries (RIL) were down 6 per cent to Rs 1,483 on the BSE on Tuesday on back of heavy volumes on profit booking. The stock will turn ex-rights on Wednesday, May 13. Since March 23, the stock of the oil-to-telecom conglomerate has outperformed the market by surging 78 per cent, as compared to a 21.5 per cent rise in the S&P BSE Sensex till Monday. READ MORE

1:20 PM

MARKET CHECK | Midcap index, too, slips in the trade

1:09 PM

MARKET UPDATE:: Sensex off day's low, but still down over 400 points

12:59 PM

Stocks that hit 52-week low on BSE today

COMPANY	PRICE(rs)	52 WK LOW	CHG(%)
AU SMALL FINANCE	379.90	379.90	-4.99
BANK OF BARODA	39.85	39.40	-2.80
D B CORP	66.00	65.10	-1.71
DCB BANK	63.75	61.05	0.08
GE POWER	379.95	376.50	-5.12

12:50 PM

PMS schemes deliver positive returns on the back of rebound in market

For a one-year period, the Consistent Compounders strategy run by Marcellus is the best performer with returns of 16.6 per cent, followed by MNC PMS run by Anand Rathi Advisors (12.3 per cent) and Coffee Can run by Ambit Capital (10.7 per cent).

 

The bloodbath in the markets in the past two months has come as a body blow for the PMS industry. A sizeable number of PMS schemes lean towards mid- and small-caps in their portfolio and run concentrated portfolios of 15-20 stocks. READ MORE

12:41 PM

BUZZING STOCK | Bajaj Finance gains over 2%