MARKET WRAP: Sensex recovers 1,433 pts from day's low, ends 243 pts higher

All that happened in the markets today

4:08 PM

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

"A volatile day came to an end with the Nifty recovering around 300 pts from the day’s low. The major contributor to this gain was Reliance Industries which was also supported by technical bullishness. Markets tracked the positive opening in the European markets, post the sell-off seen yesterday. Except for IT, which was impacted by H-1B visa news, all the other sectors traded positive. Broader markets also participated in today’s gains. Currently, Markets seem to be driven by global cues and stock-specific action will be the norm."

3:45 PM

SECTOR WATCH:: Nifty IT index slips nearly 1.5%

3:44 PM

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

3:35 PM

CLOSING BELL

The S&P BSE Sensex rallied 243 points or 0.72 per cent higher at 33,781 while NSE's Nifty ended at 9,973, up 71 points or 0.72 per cent.

3:27 PM

MARKET UPDATE:: Top 5 gainers on the BSE at this hour

3:17 PM

BUZZING STOCK:: M&M jumps 7% post Q4 nos

3:04 PM

BUZZING STOCK:: Bajaj Finance recovers 10% from day's low

3:03 PM

Tata Power sells shipping assets for $212.76 mn as it seeks to pare debt

The company said, sale of these assets, is part of the company’s long-term plan to reduce debt and raise funds for future growth plans. Tata Power’s net debt as of March 2020 was at Rs 43,578 crore.

 

“Trust Energy Resources (TERPL), a wholly-owned subsidiary of Tata Power has completed signing of definitive agreements on June 11, 2020 with Oldendorff Carriers GmbH & Co KG, Germany,” the company said in its statement to BSE. READ MORE

2:56 PM

ALERT :: Markets stage sharp recovery; Sensex up 200 pts

2:51 PM

RIL recovers 6% from day's low; rights shares to list on June 15

The company achieved successful closure of India’s largest-ever rights issue of Rs 53,124.20 crore. It was subscribed approximately 1.59 times, cumulating to an overall commitment of over Rs 84,000 crore.

 

“The rights issue saw a huge investor interest, including from lakhs of small investors and thousands of institutional investors, both Indian and foreign. The public portion of the Rights issue was subscribed 1.22 times,” RIL said in a press release on June 3. READ MORE

2:47 PM

NEWS ALERT :: Rumours of p'ship with Moderna Inc for Covid-19 drug false, baseless, clarifies Marksans Pharma

2:41 PM

Netflix in talks with RIL; to source Indian content from Viacom18: Report

Under the partnership, Network18 affiliates - which include its joint venture with ViacomCBS, Viacom18 - would create shows for Netflix to help the US firm expand offerings in India, where it competes against the video streaming services of Amazon.com Inc and Walt Disney Co. READ MORE

2:36 PM

STOCK ALERT :: M&M erases losses, up 3% post Q4 result

2:25 PM

MARKET CHECK :: Nifty tops 9,900-mark after hitting intra-day low of 9,544.35

2:24 PM

MARKET CHECK :: Indices turn positive

2:22 PM

M&M reports Rs 3,255 crore loss in Q4FY20 on one-time impairment provisions

The company said profit after tax (PAT) was primarily impacted due to write down of investment in Ssangyong and some other international subsidiaries. It said it was re-examining the business outlook of other International subsidiaries, "in view of the current environment, to decide on future capital allocation". READ MORE

2:18 PM

ALERT :: Dow Jones Futures up over 450 pts

2:12 PM

Sensex Heatmap :: Index now down 50 pts; Bajaj Fin top gainer, ONGC top laggard

2:08 PM

Rupee Closing

Rupee closes weaker at 75.84 per US dollar vs Thursday's close of 75.78/$

2:05 PM

NEWS ALERT :: M&M to participate in the rights issue of M&M Fin Services

1:59 PM

MARKET CHECK :: Sensex recovers 1,020 pts from day's low

1:55 PM

Foreign portfolio investors to pick up $300-million stake in YES Bank

A group of US-based foreign portfolio investors (FPIs) is looking to pick up a stake worth $300 million in YES Bank by investing in its forthcoming share sale via the structured, unsponsored American Depository Receipts (ADR) route. The FPIs are in advanced talks with an Indian bank to act as a custodian. READ MORE

1:48 PM

NEWS ALERT :: M&M declares dividend of Rs 2.35/sh

1:45 PM

MARKET CHECK :: Sensex 900 pts off low

1:40 PM

Earnings Alert | M&M + MVML Q4

>> Net loss at Rs 3,255 cr

>> One-time loss at Rs 3,578 cr

>> Revenue at Rs 9,005 cr

>> EBITDA at Rs 1,227.4 cr, margin 13.6%

1:35 PM

BROKERAGE VIEW:: Edelweiss Securities on Engineering and Capital Goods

How soon the government extend support to revive core infra projects is anybody’s guess. Inputs from larger and diversified players such as L&T, KEC and Kalpataru suggest their prime focus is to: i) attract/retain as many contractual labourers as possible; and ii) maintain higher-than-normal liquidity to survive/face current challenges as payment from PSU clients/states has dried. In our view, while complete and immediate replenishment of liquidity/labour is unlikely, FY21E earnings will have to bear the extra burden of cost/working capital, which may even spur sector consolidation and redirect business flow towards players with stronger balance sheets and execution capabilities.

1:30 PM

Asian Paints recovers from day's low, top Sensex gainer at this hour

1:26 PM

Bharat at India Inc's rescue: Green shoots in villages lead demand recharge

A major indicator of farm mood is manifest in tractor sales for the month of May. Domestic tractor sales saw an increase of around 5 per cent, according to data from the industry. Last year, in the month of May, domestic tractor sales was about 58,000, which stood at 61,000 last month. The primary reason is a good crop production. READ MORE

Tractor sales, often considered a proxy of the rural economy, have been muted since December

1:16 PM

Revised Wockhardt deal boosts prospects of Dr Reddy's India business

Dr Reddy’s shares scaled their 52-week high on Wednesday, and continue to trade firm. With the pharma major completing its acquisition of 62 brands run by Wockhardt in India — at a lower-than-expected valuation — investor sentiment received a lift. READ MORE

1:14 PM

Europe opens mixed

(Source: Reuters)