Sensex slips 557 pts from day's high, ends 83 pts up; pharma, PSBs decline

All that happened in the markets today

3:58 PM

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

"Markets traded volatile today, with the broader indices outperforming the benchmarks. Global cues were also mixed with most European markets trading in the negative. The recent rally, seen globally, was based on expectations of economic recovery, post easing of lockdown measures. In India, the cases continue to rise and the markets seem to be ignoring this, for the time being, giving more priority to the news of the economy opening up. There was a lot of stock-specific news that resulted in gains today and this stock-specific action is likely to continue."

3:45 PM

SECTOR WATCH:: Nifty IT index gains nearly 2%

3:43 PM

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

3:36 PM

CLOSING BELL

The S&P BSE Sensex gained 83 points or 0.24 per cent to end at 34,370.58 while NSE's Nifty ended at 10,167, up 25 points or 0.25 per cent. 

3:29 PM

MARKET CHECK

3:22 PM

MARKET UPDATE:: As many as 534 stocks hit their respective upper circuit during the day

>> Apex Frozen Foods, Capacite Infraprojects, Apollo Micro Systems and Dishman Carbogen Amcis frozen at 20% upper circuit

3:18 PM

MARKET UPDATE:: IT stocks rally in trade; S&P BSE IT index up 1.5%

3:10 PM

Hero MotoCorp Q4 results preview: Analysts see over 30% decline in profit

April was a wipeout month for many automobile firms in India due to the Covid-19 induced lockdown. However, sales have since started re-emerging as India looks to re-open its economy gradually. In a note, Edelweiss said, that over the medium-to-long term, it expects volumes of two-wheeler (2W) companies to recover faster than passenger vehicles (PVs), "given that 2Ws are still considered utility goods in India." READ MORE

3:09 PM

Fall from intra-day high today

COMPANY	DAY'S HIGH(RS)	DAY'S LOW(RS)	FALL(%)
SHANKARA BUILD.	348.00	286.00	-15.55
PVR	1349.00	1130.00	-15.06
INOX LEISURE	317.75	275.00	-12.21
JINDAL STAIN. HI	56.90	50.40	-10.54
FINOLEX CABLES	287.00	250.65	-10.26

3:06 PM

Index contributors at this hour

3:02 PM

Sectoral trends on NSE at this hour

2:56 PM

Sharp decline in Abbott India's stock

2:51 PM

IL&FS sells 50% stake in GIFT city to Gujarat govt for Rs 33 crore

the stake sale will help the group reduce its debt by Rs 1,230 crore. The group's current outstanding debt is around Rs 94,000 crore.

 

IL&FS has duly received Rs 32.71 crore as equity value for shares as a sale consideration, news agency PTI reported. READ MORE

2:45 PM

BROKERAGE VIEW:: Centrum Broking on L&T

Even as L&T’s FY20 execution should remain impacted, robust order wins in Q4FY20 have resulted in a strong backlog of 3x TTM revenue. Given its diversified presence, proven execution capabilities and strong balance sheet, we expect L&T to consolidate its leadership position further and be well-placed for recovery. We value L&T on SOTP basis at Rs1094 with E&C business valued at 17x FY22E earnings. Maintain Buy.

2:40 PM

SECTOR WATCH:: Pharma stocks decline

COMPANY	LATEST(rs)	CHG(%)
BIOCON	381.35	-2.12
SUN PHARMA.INDS.	490.45	-0.75
CIPLA	636.70	-2.21
DISHMAN CARBOGEN	85.55	19.07
STRIDES PHARMA	413.90	-0.65

2:32 PM

PSU Bank stocks erase gains; Nifty PSU Bank index turns negative

2:22 PM

Telecom sector may remain three-player market, Vodafone Idea seen surviving

The bullish outlook on these stocks, especially Bharti Infratel and Vodafone Idea, has been because of the Street’s view that the telecom sector is likely to remain a three-player, and not a two-player, market. An analyst at a foreign brokerage says: “The price movement of Bharti Infratel and Vodafone Idea seems to strengthen the idea that the government will step in to ensure the survival of Vodafone Idea.” The Street believes the shutting down of Vodafone Idea will have multiple implications, going beyond the telecom market. In addition to lost revenues for the government (spectrum, AGR, and taxes), the bankruptcy may add to the stress of the banking sector and put off foreign investors. READ MORE

2:15 PM

Rupee Closing

Rupee ends at 75.54 per US dollar vs Friday's close of 75.58/$

2:12 PM

PI Industries: A decent Q4, positive FY21 guidance lifts sentiment

PI Industries' growth of six per cent in consolidated revenue for the March quarter is decent in the backdrop of the lockdown. But, what's more impressive was the agrochemical player's growth guidance of 20 per cent for 2020-21. Both these helped lift sentiment, with the stock gaining 4.7 per cent on Friday. At a time when the economic environment is gloomy, this growth outlook should keep sentiments elevated. READ MORE 

2:05 PM

NEWS ALERT :: Abbott India appoints Anil Joseph as MD for 5 yrs, effective July 1, 2020

(Via BSE Filing)

2:00 PM

May MF Data | Total equity flows come in at Rs 5,046 cr against Rs 6,108 cr in April

>> Credit risk outflows decrease to Rs 5,173 cr in May from Rs 19,239 cr in April

>> Hybrid fund inflow at Rs 8,652 cr vs Rs 4,205 cr in April

>> Liquid Fund inflow at Rs 61,870 cr vs Rs 68,848 cr in April

>> Corp bond fund inflow at Rs 3,831.5 cr vs Rs 4,169 cr in April

(As reported by CNBC TV18)

1:50 PM

European stocks decline in early deals

1:43 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ADANI GREEN	287.30	294.00	1.09
ALKYL AMINES	2128.10	2166.00	1.57
ASTRAZENECA PHAR	3362.00	3498.00	5.85
DHANUKA AGRITECH	575.75	610.00	-2.08
GMM PFAUDLER	4223.00	4316.40	-0.98

1:39 PM

Exide Industries slips 8% on weak March quarter results

The management said the automotive sector is facing a lot of challenges due to regulatory changes, technology shifts and demand uncertainty due to which there was a distinct slowdown in auto OE segment. On the top of it, the year-end sales across all segments of the company were severely impacted after the complete lockdown was imposed in the country as a result of Covid-19. READ MORE

1:33 PM

Earnings Alert | Themis Medicare declares dividend worth Rs 1.75/sh

1:29 PM

MARKET CHECK :: Sensex turns flat

1:27 PM

ED searches Cox & Kings promoter offices, residences in YES Bank case

An ED official said the government agency is searching the offices and the residences of the travel firm’s promoter of and other executives. The action is part of ED’s probe in a case involving half a dozen YES Bank borrowers with total loan claims of about Rs 30,000 crore. The travel firm borrowed Rs 2,285 crore from the private lender. READ MORE

1:20 PM

May Auto Sales | Tata Motors JLR US sales slip 30% to 6,550 units from 9,358 units YoY

1:14 PM

MARKET VOICE | Shyam Sekhar

1:07 PM

BROKERAGE VIEW:: YES Securities on L&T

RATING: BUY | TARGET PRICE: Rs1,203 | Upside 26%

While L&T will face near term headwinds on new orders and execution, we think long term outlook remains strong led by, i) Over 80% of the NIP (opportunity: Rs 102 trn over FY20‐25) is addressable by L&T which makes it a best play on the government's planned uptick in Infra spending, ii) Market share gain in difficult times by leveraging its strong balance sheet & technical forte, iii) Strong geographical diversification.