F&O expiry: Sensex soars 997 pts on Covid-19 drug hopes; auto, IT stks gain

All that happened in the markets today

4:05 PM

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

"Market ended positive for the fourth day in a row, on the back of positive signals from global markets. Successful trials of a Covid-19 vaccine helped the global markets gain some positivity. Domestically, indications of easing of lockdown measures and stimulus hopes helped drive the markets. Being F&O expiry day today, short covering and roll-overs in the market also contributed to the gains. Financials and IT contributed most to the gains in the benchmark indices alongwith Reliance, ahead of its results. Next week outlook will be driven by the way forward for resumption of business after lockdown, announcement of any stimulus package and stock specific earnings results."

4:02 PM

Sectoral gainers and losers on the NSE

4:02 PM

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

3:50 PM

RIL announces salary cuts; Mukesh Ambani to forgo entire compensation

Reliance Industries Ltd has announced that it will reduce the salaries of some of its employees in the hydrocarbon division by 10 per cent in view of the "adverse impact" of the coronavirus pandemic on fuel demand. The company’s board of directors would forgo 30 per cent to 50 per cent of their salary, and Chairman Mukesh Ambani, India’s richest man, his entire compensation, according to a letter signed by Reliance Industries Executive Director Hital R Meswani. READ MORE 

3:38 PM

CLOSING BELL

The S&P BSE Sensex rallied 997 points or over 3 per cent to 33,717.62 while NSE's Nifty50 ended at 9860, up 306.5 points or 3.21 per cent.

3:29 PM

BUZZING STOCK | HCL Tech soars over 11%

3:19 PM

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

3:18 PM

Majority of the sectoral indices in the green; Nifty Metal index gains 8%

3:10 PM

MARKET ALERT :: ONGC, HCL Technologies locked in 10% upper circuit

>> However, the stocks are trading in future & option (F&O) segment which has no circuit limits.

3:01 PM

Top gainers on BSE today

COMPANY	PRICE(rs)	CHG(%)
TATA MOTORS	91.45	17.02
UPL	411.70	14.28
MAH. SEAMLESS	221.45	12.64
TATA MOTORS-DVR	39.20	12.32
APL APOLLO	1413.00	11.76

2:58 PM

Entire sector may turn NPA, will need ventilator support: Retail body CEO

"If the banking sector and the government does not come and help now, the retail sector will become an NPA, then they will have to handle a very different problem, which would be a much larger problem. NPAs could be as much as Rs 75,000 crore from retail," he said. READ MORE

2:50 PM

UPL shares gain 11% on biz update, expectation of net debt reduction

The agrochemicals company said its net debt stood at approx. $2.9 billion as of March 31, 2020 as compared to $4.2 billion as on December 31, 2019. Net debt stood at $3.8 billion as of March 31, 2019, it said.

 

The same represents a reduction in net debt of approx. $900 million and $1.3 billion as compared to Q4FY19 and Q3FY20, respectively. The company has cash/cash equivalent of approximately $875 million (approx Rs 6,500 crore) as of March 31, 2020. READ MORE

2:34 PM

India's jewellery demand dips 41% to 11-year low in March quarter: WGC

As regards India, although the wedding season lifted demand early in the March 2020 quarter, a sharp rise in local gold prices from mid-February led to a slowdown in demand as consumers held back on purchases. However, the overall demand slumped once the country went into a lockdown mode on the rampant spread of coronavirus. Jewellery demand in March, according to WGC estimates, slumped between 60 - 80 per cent. READ MORE 

2:25 PM

Hindustan Unilever trades lower for third straight day ahead of Q4 results

Shares of Hindustan Unilever (HUL) were trading lower for the third straight day, down 3.2 per cent to Rs 2,160 on the BSE on Thursday ahead of the announcement of its financial results for the quarter and year ended March 2020 (Q4FY20) later in the day. In the past three trading days, the fast moving consumer goods (FMCG) firm's stock has slipped 7 per cent, as compared to 6 per cent rise in the S&P BSE Sensex. READ MORE

2:15 PM

BROKERAGE VIEW:: Axis Securities on HDFC Bank

As macro concerns loom large on Covid-19 headwind, we expect loan growth at ~14/18% in FY21/FY22E with retail book slowdown, slower fee income growth, higher provisioning but partly offset by cost rationalization (C-I improvement of 160bps). Prov/Avg. Advances will go up to 1.5% in FY21 but normalize to 1.2% in FY22E. We expect HDFCB to report lower ROAA/ROAE at 1.8%/16% in FY21, but normalize to 1.9%/17% by FY22E. Given its superior business model, bank’s resilience across cycles will play out positively. We initiate with BUY with target price of Rs 1,233 derived using the SOTP method (core bank at 3xFY22 ABV + Subsidiaries value Rs 50/-).

2:12 PM

Rupee closing

Rupee ends higher at 75.12/$ vs Wednesday's close of 75.68 against the US dollar

2:08 PM

India's scrap gold supplies at record high on price rally, coronavirus: WGC

Rising scrap supplies, amid a fall in demand could, however, dent the world's second-biggest bullion consumer's imports and cap a rally in global prices, which hit a more than seven-year high earlier this month. Falling bullion imports could help reduce India's trade deficit and support the ailing rupee. READ MORE

1:57 PM

BUZZING STOCK | UPL jumps around 7% post update on debt position

>> The Company expects its Net Debt to be at approx. USD 2.9 Bn as of 31st March 2020 as compared to USD 3.8 Bn as of 31st March 2019 and USD 4.2 Bn as of 31st December 2019. The same represents a reduction in Net Debt of approx. USD 900 Mn and USD 1.3 Bn as compared to 31st March 2019 and 31st December 2019, respectively. (Source: BSE filing)

1:54 PM

NEWS ALERT :: RBI extends truncated forex market hours till further notice

1:48 PM

Bulk maturities for 3 Franklin Templeton MF schemes after 2 years

nvestors in the six wound-up schemes of Franklin Templeton Mutual Fund (MF) can face wide differences in timelines on receiving payments through maturities of portfolio investments, with the bulk of maturities for three schemes expected in two years’ time. READ MORE

1:42 PM

BROKERAGE VIEW:: HDFC Securities on Sadbhav Engineering

Sadbhav Engineering Ltd (SEL) has announced a management rejig with Mr Vasistha Patel (VP) being appointed as CEO and Mr Shashin Patel stepping down as Chairman and MD to Vice Chairman in non executive capacity. We perceive this as a positive step with VP getting iron hand on execution and promoter SP dissociating himself from day to day run. SEL BS has deleveraged post the SIPL deal and now VP has immediate challenge of ramping up execution against the COVID-19 headwinds. We maintain BUY with SOTP of Rs 56/sh.

1:34 PM

MF redemptions in dent segment continue despite RBI's liquidity window

According to the data, the asset base of credit risk funds on Tuesday shrunk another 11 per cent, following erosion of Rs 4,869 crore.

 

Other debt categories are also witnessing redemption pressure. The asset base of medium-duration fund declined 6 per cent or Rs 1,479 crore on Tuesday. For the low-duration category, the asset base was down 3.13 per cent or Rs 2,475 crore. READ MORE

1:29 PM

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

1:23 PM

NEWS ALERT | SpiceJet has decided not to cut job at the airline at this time

>> SpiceJet with its limited cargo operations during the lockdown period, will pay part salaries to over 92% of its employees.

>> The Company has devised a structure where all employees will be paid according to the work hours contributed while maintaining basic thresholds.

(Via company statement)

1:20 PM

HDFC Bank, Bharat Forge: How to trade auto, bank stocks in current market

NIFTY AUTO : With a strong formation of a 'Double Bottom' on the daily chart, the index has managed to strongly bounce back. Going ahead, the index can even gain ground around 5,200 levels, thus establishing a strong buying base. Further, as it crosses 5,700 levels, which is its immediate resistance, a decent rally may further push the index towards 6,100 and then 6,300 levels. READ MORE

1:12 PM

BROKERAGE VIEW:: Edelweiss Securities on Hexaware Technologies

We believe Hexaware has made a smart acquisition in Mobiquity, which gives the company potent capabilities to enter the digital transformation market. However, dependence on BFSI and current COVID-19 situation imply significant challenges in the near term. At 14x CY20E EPS, the stock is fairly priced, in our view in current uncertainty. We maintain ‘HOLD/SP’ with revised target price of Rs 285 (14x Q2CY21E EPS). 

1:09 PM

NEWS ALERT :: Reserve Bank extends regulatory benefits under SLF-MF scheme to all banks

12:59 PM

Reliance Industries gains 3% ahead of Q4 results

12:47 PM

MARKET UPDATE:: Broader indices underperform

12:41 PM

Just Dial soars 9% as board approves buyback at Rs 700/ sh via tender offer

Shares of Just Dial moved 9 per cent higher in the intra-day trade to Rs 425, on the BSE on Thursday after its board approved buyback of shares at Rs 700 per share via tender offer. “The board today approved the proposal for buyback of up to 3.14 million equity shares, representing 4.84 per cent of the total paid-up equity share capital of the company, at a maximum price of Rs 700 per share, for an aggregate maximum amount of up to Rs 220 crore through the tender offer route,” Just Dial said in an exchange filing. READ MORE