MARKETS: Sensex erases gains, ends 262 pts lower; banks, metals, FMCG drag

All that happened in the markets today

4:05 PM

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

"Markets traded volatile with benchmark indices closing negative. Losses were led by financials. Markets are trading uncertain regarding the impact of lockdown measures and its effect on earnings. Investors are advised to trade cautiously tracking the global markets and stock specific earnings commentary."

3:54 PM

Sectoral gainers and losers on the NSE

3:48 PM

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

3:39 PM

CLOSING BELL

The S&P BSE Sensex declined 262 points or 0.83 per cent to settle at 31,453.51 while NSE's Nifty ended at 9,205.60, down 88 points or 0.95 per cent.

3:28 PM

Nifty PSU Bank index hits lowest level since July 2006; SBI at 52-week low

Among individual stocks, State Bank of India (SBI) was the top loser, hitting a 52-week low of Rs 168.80, tanking 6 per cent in the intra-day trade. Bank of Baroda (BoB) hit a multi-year low of Rs 44, down 4 per cent. Bank of India, Punjab National Bank (PNB), Union Bank of India and Canara Bank were down in the range of 2 per cent to 3 per cent. The PSU banks trade at a P/B of 0.8x, below their historical average of 1.2x. READ MORE  

3:19 PM

NEWS ALERT | Dabur says production has been resumed at all manufacturing locations

3:15 PM

BUZZING STOCK | Tata Motors slips nearly 4%

3:07 PM

MARKET ALERT :: Sensex extends decline; slumps over 250 pts

3:02 PM

Aarti Industries jumps 9%, hits new high; stock rallies 31% in 8 days

Shares of Aarti Industries hit an all-time high of Rs 1,192, up 9 per cent on the BSE on Tuesday on the back of an over two-fold jump in trading volumes. The specialty chemicals firm's stock surpassed its previous high of Rs 1,137, touched on April 29, 2020. In the past eight trading days, Aarti Industries' stock price has surged 31 per cent from the level of Rs 911 on April 22, after the company announced that during January-March quarter (Q4FY20), it commissioned and commercialised the initial phase of its upcoming unit/ project at Dahej SEZ and had also exported few shipments to the global customers. READ MORE

2:59 PM

MARKET UPDATE | SBI hits 52-week low

2:56 PM

Struggling before lockdown, copper manufacturers stare at meltdown

Well before the first Covid-19 case was detected in Kerala on January 30, the 968,500-tonne Indian re­fined copper industry came under significant pressure caused by shrinking requisition of the red metal by most user segments.

 

The aluminium-to-co­pper group Hindalco Industries says in the third quarter (October to December) of the 2019-20 financial year, domestic copper demand was up just 2 per cent to 193,000 tonnes from 189,000 tonnes in the same period of the previous year. READ MORE

2:49 PM

Sector watch :: Bank stocks under pressure; SBI slips over 3%

2:45 PM

Gold prices slip as easing lockdown restrictions boost risk sentiment

A late Wall Street rally helped Asian stocks trade higher after tech shares and oil rose on easing coronavirus restrictions and prospects of an economic recovery, overcoming concerns about renewed Sino-US trade tensions.

 

Italy and the United States were among a slew of countries tentatively easing coronavirus lockdowns on Monday to revive economies as global deaths surpassed a quarter of a million. READ MORE

2:35 PM

MARKET ALERT :: Sensex slips into the red

2:31 PM

BofA Securities pegs PSBs recap requirement at Rs 52,990 cr - Rs 113,550 cr

Public sector banks (PSBs) will need between Rs 52,990 crore to Rs 113,550 crore ($7 billion – $15 billion) in recapitalisation going ahead, which can be funded by the government despite the limited fiscal room, suggests a report from BofA Securities. The brokerage suggests the government issues recapitalisation bonds and/or utilise Reserve Bank of India’s (RBI’s) revaluation reserves. READ MORE

2:30 PM

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

2:25 PM

RIL bonds advance after Mukesh Ambani hastens debt-reduction plan

The conglomerate’s 3.667 per cent bonds due 2027 rose 0.4 cents on the dollar to 100.28 as of 9:10 am IST, the highest level since March 13, according to prices compiled by Bloomberg. The group’s 4.125 per cent notes due 2025 jumped to the highest level since March 17 to 102.85 cents. READ MORE

2:18 PM

NEWS ALERT | Large unanticipated asset quality shocks may result in downgrade of Axis Bank, says S&P: CNBC TV18

2:13 PM

Stocks that hit 52-week low on BSE today

COMPANY	PRICE(rs)	52 WK LOW	CHG(%)
BANK OF BARODA	44.90	44.60	-2.18
CHALET HOTELS	139.30	137.00	-1.80
DCB BANK	72.35	71.40	-0.69
GODREJ INDS.	249.05	247.00	-1.31
JM FINANCIAL	56.50	55.70	-3.34

2:04 PM

Rupee closing

Rupee ends higher at 75.62/$ vs Monday's close of 75.71 against the US dollar

1:56 PM

BROKERAGE VIEW:: Edelweiss Securities on AU Small Finance Bank

The AU Small Finance Bank story has been all about an asset franchise-driven ability to deliver tearaway asset growth with pristine asset quality outcomes, driving a sequence of BVPS-enhancing dilutions. The current enabling resolution of a maximum Rs 25bn worth of capital raise, perhaps raises the possibility of a dilution in somewhat suboptimal market conditions. We maintain ‘BUY/SO’ with a TP of Rs 750.

1:48 PM

Coronavirus claims have not moved up significantly: Bajaj Allianz's CEO

Non-life insurers have seen their businesses drop in March due to Covid-19, and face uncertainty in the coming months, given the current environment. Tapan Singhel, managing director (MD) and chief executive officer (CEO), Bajaj Allianz General Insurance, in an interview with Subrata Panda, speaks about the company’s business during the lockdown. READ FULL INTERVIEW HERE

Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance

1:42 PM

COVID-19 FALLOUT | Senior employees to go on leave without pay for up to 4 days/month in May & June: Vistara CEO

(As reported by CNBC TV18)

1:38 PM

MARKET VOICE | Shankar Sharma on diversified investing

1:32 PM

MARKET CHECK | Colgate slips nearly 2%

1:25 PM

Redeemed your MF investment? Here's what you pay to the taxman

Debt mutual funds typically invest in government securities, corporate bonds, treasury bills, commercial paper, among others, which are usually deemed risk-free. Such funds provide you with returns in the form of dividend and capital gains. Debt mutual funds also bear market risks which may emerge from a liquidity crisis, credit risks or other risks associated with corporates or interest rate risk. READ MORE

1:18 PM

EXPERT COMMENT | Anindya Banerjee, DVP, Currency Derivatives at Kotak Securities, on Rupee

“Tensions have escalated between China and US as latter has accused the former of suppressing information on COVID outbreak, that originated in China and has since spread around the globe. US has threatened to impose higher tariffs to penalize China and even warned of stringent action. As long as this kind of rhetoric continues to dominate the headlines, Asian currencies, along with Chinese Yuan can depreciate against US Dollar. Rupee cannot be immune. Therefore, over the near term, Rupee would remain an interplay between COVID situation and the Sino-US tensions. A range of 75.00 to 76.50 may unfold over the near term.”

1:15 PM

European stocks advance in early deals

(Source: Reuters)

1:10 PM

Covid-19 effect: Arvind Fashions opt for moratorium on repayments

The company is also taking steps including slashing expenditure to manage adverse impact from sharp decline in demand and disruption in operations. Its promoters are extending unsecured loans facility worth Rs 50 crore and to use emergency credit limits of Rs 40-45 crore sanctioned by its bankers in April 2020, according to rating agency CARE. READ MORE

1:00 PM

Price drives growth of Rs 1.4 trillion pharma market, hits a five-year high

Sector experts and analysts highlight multiple factors including premiumisation, growth of trade generics and product rationalization as reasons for the higher contribution of price to the growth mix.

 

Aditya Khemka, fund manager of DSP Healthcare Fund, says, “Drug majors are using the brand extensions to premiumise their brand portfolio. This is helping to boost price growth.” READ MORE