MARKET WRAP: Sensex ends 114 pts higher, ITC surges 7%; India VIX drops 8%

All that happened in the markets today

4:14 PM

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

"In spite of mostly negative global cues, the Indian indices traded positive before paring gains and ending up by around 0.4%. The announcement that domestic airlines would be allowed to resume operations enabled aviation stocks to trade positive. Markets are expected to trade in a range, until further directions from the government, while stock-specific moves, based on the ongoing earnings season and sectoral impact of the lockdown measures, will continue."

3:49 PM

SECTOR WATCH | Auto, FMCG stocks rally

3:45 PM

MARKET AT CLOSE | Gainers and losers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex ended 114 points or 0.37 per cent higher at 30,932.90 levels while NSE's Nifty ended at 9,106.25, up 40 points or 0.44 per cent.

3:26 PM

MARKET CHECK

3:18 PM

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

3:07 PM

SECTOR ALERT :: Nifty FMCG index ruling 2% higher

3:07 PM

Strides Pharma to conduct trials in India for potential COVID-19 drug, reports Reuters

Indian pharmaceutical company Strides Pharma Sciences said on Thursday it has got regulatory approval to conduct clinical trials of antiviral drug favipiravir, considered a potential treatment for COVID-19. The Bengaluru-based company has received approval from the Drug Controller General of India to conduct trials of favipiravir in the country, Strides Founder and Non-Executive Chairman Arun Kumar said on a post-earnings conference call, without giving any more details, the report said. 

3:01 PM

Index contributors at this hour

2:54 PM

Airlines to follow ticket price rules as domestic flights begin from May 25

Airlines should stick to ticket price guidelines issued by India's civil aviation ministry when they restart some domestic flights, two months after air travel was halted to fight the novel coronavirus, the ministry said on Thursday.

 

Airlines should adhere to the lower and upper limits of fares set by the ministry, it said in a notice, but it did not give details on the amounts. READ MORE

2:45 PM

Rights Issue Day 2 | RIL-RE surges over 15%

2:39 PM

SECTOR ALERT :: Nifty Bank index slips into the red

2:39 PM

EARNINGS ALERT | HZL defers FY21 guidance due to uncertainty over Covid-19 lockdown and disruption

2:30 PM

MARKET CHECK | Hindustan Zinc down 0.6% post Q4 nos

>> Net profit declines 33.4% YoY to Rs 1,339 crore;
>> Revenue from operations down 20%YoY to Rs 4,391 crore;
>> Announces interim dividend of Rs 16.5 

2:20 PM

SECTOR ALERT :: Nifty CPSE index trades weak in a firm market

>> NTPC, Cochin  Shipyard, ONGC, down between 1 and 2.7 per cent, were the top losers on the index

2:08 PM

JB Chemicals & Pharma, Syngene International hit all-time highs

Shares of JB Chemicals & Pharmaceuticals and Syngene International hit their respective all-time highs on the BSE on Wednesday. At 1:57 pm, the stock of JB Chem was trading at Rs 673 apiece, while that of Syngene International was at Rs 364 apiece, up 3.8 per cent each. In comparison, the benchmark S&P BSE Sensex was at 31,121 level, up 302.37 points or 0.98 per cent. READ MORE  

Growth

1:59 PM

MARKET UPDATE | Colgate slips over 1.5% post Q4 nos

• Net Sales down 7.4% YoY at Rs 1,062.4 crore ; volumes decline 8%
• Net Profit after tax for the quarter is higher by 3% at Rs 204.2 crore
• Announced Interim Dividend of Rs 16 per share

 

1:52 PM

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

1:41 PM

NEWS ALERT :: Bajaj Finserv creates provisions worth Rs 900 cr against Covid-19 impact

1:36 PM

Earnings Alert | Bajaj Finserv Q4

>> Consolidated net profit at Rs 194 cr vs Rs 838.7 cr YoY

>> Consolidated revenue at Rs 13,295 cr vs Rs 12,995 cr YoY

1:33 PM

NEWS ALERT :: HDFC to consider raising fund via NCDs or other hybrid instruments on May 25

1:30 PM

MARKET UPDATE | S&P Metal index rises 2.5%

1:20 PM

Gold to silver ratio hints the white metal will outperform the yellow one

Gold to silver price ratio has seen an erosion in value with silver showing some strength following improved demand on lower price and global lockdowns resulting in physical stock scarcity of the metal. The ratio had tested a level of 124 in March this year following weakening silver demand on industrial and economic slump. The ratio was 79.2 in September last year. READ MORE

1:13 PM

MARKET UPDATE | Eicher Motors trades over 3% higher

1:01 PM

FPIs may not rush back to India; holding in Nifty50 companies at 23-qtr low

Most analysts expect the FPI flows into Indian equities to remain thin till the economic growth metrics show an improvement. Those Credit Suisse, for instance, expect more measures from the policymakers to help stem the economic fallout off the Covid-19 pandemic.

 

“FPI flows are less likely to come to India given the dwindling growth environment. If growth does not recover in the next couple of quarters, India’s macro-fundamentals could be at risk of significant deterioration. Against this backdrop, the recent measures may not be enough and the government might have to provide more support in upcoming months,” wrote Jitendra Gohil, head of India equity research at Credit Suisse Wealth Management, India in a co-authored May 20 note with Premal Kamdar. READ MORE 

12:53 PM

THE COMPASS | Improving profitability, low valuations offer comfort in UltraTech

Though UltraTech is a pan-India cement producer, having raised considerable capacities in the northern and central regions, as well as Gujarat, has helped the firm tide over weakness in cement prices, in other regions. Per-tonne realisation improved 3 per cent YoY and 1.2 per cent sequentially. READ MORE 

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12:44 PM

BROKERAGE VIEW:: Centrum Broking on Aarti Drugs

We expect ADL to report good growth from its API and formulation business. The launch of new products would improve margins in the coming quarters. The additional capacities of Metformin and further expansion in anti-inflammatory are likely to improve the revenues and margins. Considering the API demand scenario due to china issues and the respective market share in the leading brands that it holds along with better realisation, we are working with PE of 11.5x. We maintain our buy rating with a target price of Rs1,000. Key risks to our call include regulatory issues for its manufacturing facilities and slowdown of the global API pharma market. ADL is trading at 10.9x FY21E EPS of Rs 72.8and 9x FY22E EPS of Rs 87.8 

12:39 PM

NEWS ALERT :: Sebi revises provision on post-default curing period

>> After a default is cured and the payments regularized, a credit rating agency shall generallyupgrade the rating from default to non-investment grade after a period of 90 days based on the satisfactory performance by the company during this period.

>> CRAs may deviate from the said period of 90 days on a case to case basis.

>> Cases of deviations from stipulated 90 days, if any, shall be placed before the Ratings Sub-Committee of theboard of the CRA, on a half yearly basis, along with the rationale for such deviation.

12:33 PM

MARKET UPDATE | India VIX continues to decline; slips over 7% to 33.19 in today's session

12:27 PM

NEWS ALERT | DoT in favour of a floor price for data: sources to CNBC TV18

>> Might consider floor pricing when Covid-19 restrictions begin to ease

>> No floor pricing on voice-call proposals

>> DoT assured telcos of considering relief for the sector post Covid-19

Alert: DoT is Department of Telecommunication