MARKETS: Sensex down 242 pts, Nifty ends at 9,199; FMCG, financials decline

All that happened in the markets today

4:08 PM

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

"Nifty held on to 9,100 levels in another volatile day of trade. Bluechip financial stocks contributed most to the losses in the market, due to anticipated increase in NPAs during this period. There is no respite in the number of domestic virus infections and markets are worried about a further extension in lockdown, which could severely impact already weak corporate earnings and the economy. With increasing crude oil inventories and countries struggling to implement supply cuts, crude oil price also dropped. This indicates that the global economy is still not on the recovery path yet, inspite of many countries beginning to emerge from lockdowns. Indian markets are expected to traded volatile, tracking domestic news regarding the spread of infections".

3:55 PM

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

3:45 PM

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

3:41 PM

CLOSING BELL

The S&P BSE Sensex shed 242 points or 0.76 per cent to end at 31,443.38 while NSE's Nifty ended at 9,199, down 72 points or 0.78 per cent.

3:28 PM

MARKET CHECK

3:19 PM

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

3:08 PM

BROKERAGE VIEW:: Centrum Broking on NIIT Tech

We believe NIIT Tech’s commentary is strongest among peer set which have declared results till date and this confidence appears to be backed by steady deal wins. NIIT Tech guided that EBIDTA margin could drop by ~80bps YoY in FY21E (from FY20 Adjusted EBIDTA margin base) owing to slower growth. Post strong revenue growth in 4Q, we model NIIT Tech to deliver 0.5/12.9% USD revenue growth for FY21E/FY22E (0.5%/11.5% modelled earlier). We build RSU charges, which would weigh on FY21E EPS. We lower FY21E EPS by 5.5% owing to RSU expenses, but retain FY22 EPS. Stock trades at 13.4x FY22E EPS which is at 18/10% discount to Mindtree/LTI respectively. We raise target price by 3% to Rs 1,470/sh (16.5x FY22E EPS vs 16x earlier). Retain BUY.  

3:02 PM

Nifty sectoral trends at this hour; Nifty FMCG index top drag

3:02 PM

NEWS ALERT | SBI reduces lending late by 15 bps across all tenors

2:53 PM

MARKET UPDATE | Bharti Airtel slips over 3%

2:52 PM

Covid-19 lockdown to cause Rs 25,000 cr loss in revenue to aviation: Crisil

The extended lockdown to contain Covid-19 pandemic which has stalled traffic on the ground as in the air is expected to heap enormous losses on infrastructure industries in both sectors, analytics company Crisil said on Thursday. Its estimates indicate that the aviation industry will crash-land this fiscal year with a revenue loss of Rs 24,000 crore to 25,000 crore. READ MORE

2:40 PM

NEWS ALERT | Bank of England sees worst slump in 300 years as coronavirus bites, reports Reuters

The Bank of England said Britain could be headed for its biggest economic slump in over 300 years due to the coronavirus lockdown and kept the door open on Thursday for further stimulus. In what it called an ‘illustrative scenario’ rather than a standard forecast, the BoE said Britain’s economy was on course to shrink by 25% in the three months to June and for unemployment to jump to more than 9% of the workforce. 

2:40 PM

Contribution to Sensex's fall today

2:27 PM

Top losers on BSE today

COMPANY	PRICE(rs)	CHG(%)
SECURITY & INTEL	339.05	-9.99
ORIENT REFRAC.	140.20	-6.03
JUST DIAL	336.20	-5.98
SUNTECK REALTY	160.75	-5.41
PIDILITE INDS.	1355.00	-5.27

2:26 PM

MARKET CHECK | NTPC falls 4%

2:14 PM

Most active stocks by volume

COMPANY	PRICE(rs)	CHG(%)
VODAFONE IDEA	4.16	-2.80
HIND. UNILEVER	1979.55	-1.51
RELIANCE CAPITAL	9.41	-4.95
RBL BANK	132.40	0.19
JAIN IRRIGATION	9.17	4.92

2:11 PM

MARKET UPDATE | IndusInd Bank surges over 5.5%

1:58 PM

Paint stocks trade weak on concern of demand destruction in near term

Shares of paint manufacturers extended their decline into Thursday and slipped up to 5 per cent on the BSE on concerns of demand destruction in the near term due to the outbreak of coronavirus (Covid-19). Asian Paints, Berger Paints India, Kansai Nerolac Paints and Akzo Nobel India were down in the range of 2-5 per cent on the BSE. In comparison, the S&P BSE Sensex was down 0.5 per cent at 31,525 points at 01:08 pm. These stocks have slipped 19 per cent-34 per cent from their respective 52-week highs on the BSE. READ MORE

1:45 PM

European indices trade higher in early deals

(Source: Reuters)

1:39 PM

BUZZING STOCK:: IndusInd Bank recovers nearly 7% from day's low

1:31 PM

BUZZING STOCK | IOL Chemicals zooms nearly 13%

1:26 PM

MARKET VOICE | Shankar Sharma on lockdown in India

1:22 PM

NEWS ALERT | Cadila Healthcare issues clarification

(Source: Exchange filing)

1:10 PM

MARKET UPDATE | RIL trades near day's high

1:05 PM

BROKERAGE VIEW:: Edelweiss Securities on Adani Ports

Though management anticipates V-shaped recovery in H2FY21, we are cautious, especially on EXIM volumes. We prune FY21/22E EBITDA 9%/8% building in lower realisations and volumes. Notwithstanding the near-term pain, APSEZ is best placed to capitalise when growth recovers given its strong leadership, client

rapport and balance sheet heft. Maintain ‘BUY’ with revised TP of Rs 328. 

12:56 PM

BROKERAGE VIEW:: Edelweiss Securities on Rallis India

Rallis India’s (Rallis) Q4FY20 performance was impacted by COVID-19 related disruptions. While top line grew mere 2% YoY (excluding COVID-19, 22% YoY growth; INR790mn lost sales), Corona’s impact was more pronounced on exports. Also, operating deleverage and certain one-offs (~INR150mn) dented margin. Though kharif season’s prospects remain bright, meeting demand could be a challenge given labour issues across key facilities. Moreover, demand and price overhang on key international products are likely to keep the export business under pressure. Hence, we continue to maintain ‘HOLD’ with TP of Rs 219, valuing the business at 17x FY22E EPS.

12:47 PM

MARKET UPDATE | Varroc Engg hits 5% upper circuit

12:35 PM

MARKET UPDATE | Consumer durables index slips in the trade

12:24 PM

Microfinance institutions on a knife-edge with collections taking a big hit

n phase-1 of the Covid-19 lockdown, nearly 70 per cent of microfinance institution (MFI) borrowers had not opted for a three-month moratorium on their loans. But the pendulum has moved to the other side now. The universe of the affected, a tad under six million borrowers (mostly women), are the primary earners for 300 million individuals in households. At the end of February 2020, the industry had a loan portfolio outstanding of Rs 2.26 trillion. The full extent of the stress will be known as the lockdown is lifted gradually, and collection figures roll in. But going by MFIs request to North Block, it is evident they fear the worst. READ MORE

12:15 PM

AU Small Finance hits new low, slips 14% in 4 days post March qtr results

The private sector lender's stock has skid 14 per cent in the past four trading days. It has fallen below its previous low of Rs 444, touched on April 7, 2020 and trading at its lowest level since its listing on July 10, 2017. The stock has tanked 64 per cent from its all-time high level of Rs 1,218 touched in March 2, this year. READ MORE