MARKET WRAP: Sensex up 59 pts; PSU banks, IT stocks rally; metals crack
All that happened in the markets today
 "Markets continue to rally on RBI policy fillip; Sensex rises 164 points")
The S&P BSE Sensex settled at 31,648, with HDFC Bank (up around 4 per cent) being the top gainer
The domestic equity market ended Monday's choppy session on a flat note as market participants chose to stay on the sidelines in the absence of any clear signs with respect to Coronavirus (Covid-19) cases in India. Moreover, a crash in crude oil prices and weak global markets also dented investor sentiment.
The S&P BSE Sensex settled at 31,648, with HDFC Bank (up around 4 per cent) being the top gainer, followed by Infosys (up 3.75 per cent) and Sun Pharma (up 3.6 per cent).
On the NSE, the benchmark index Nifty ended at 9,262, down 5 points or 0.05 per cent.
The S&P BSE Sensex ended 59 points or 0.19 per cent higher at 31,648 levels while the NSE's Nifty settled at 9,262, down around 5 points or 0.05 per cent.
Sectorally, metal stocks cracked the most with the Nifty Metal index ending over 3 per cent lower at 1,758 levels. Out of 15 constituents, 13 ended in the red and just 2 in the green after Indian Steel Association (ISA) said Indian steel demand is expected to plunge to multi-year lows in 2020, hit by slowdowns in the construction, automotive and rail sectors as India fights the coronavirus with a protracted lockdown.
Auto, FMCG, and private bank stocks also slipped in the trade. Nifty Auto fell 1.7 per cent to 5,592 points while Nifty FMCG fell around 2 per cent to 28,634 levels. Nifty Private Bank index ended at 11,081.45, down over 1 per cent while Nifty Bank fell a per cent at 20,514.
In the broader market, the S&P BSE MidCap index ended at 11,799, down 0.21 per cent while the S&P BSE SmallCap gained 0.8 per cent to 10,887 levels.
Among individual stocks, IT major Infosys ended around 4 per cent higher at Rs 652.90 apiece on the BSE ahead of its March quarter results.
Shares of HDFC Bank rose 6 per cent to Rs 961 on the BSE during the day after the bank’s net interest income (NII) grew 16.2 per cent year-on-year (YoY) at Rs 15,204 crore in the January-March quarter (Q4FY20), exceeding Street expectations. The stock ended at Rs 946m up nearly 4 per cent. READ MORE
Auto, FMCG, and private bank stocks also slipped in the trade. Nifty Auto fell 1.7 per cent to 5,592 points while Nifty FMCG fell around 2 per cent to 28,634 levels. Nifty Private Bank index ended at 11,081.45, down over 1 per cent while Nifty Bank fell a per cent at 20,514.
In the broader market, the S&P BSE MidCap index ended at 11,799, down 0.21 per cent while the S&P BSE SmallCap gained 0.8 per cent to 10,887 levels.
Among individual stocks, IT major Infosys ended around 4 per cent higher at Rs 652.90 apiece on the BSE ahead of its March quarter results.
Shares of HDFC Bank rose 6 per cent to Rs 961 on the BSE during the day after the bank’s net interest income (NII) grew 16.2 per cent year-on-year (YoY) at Rs 15,204 crore in the January-March quarter (Q4FY20), exceeding Street expectations. The stock ended at Rs 946m up nearly 4 per cent. READ MORE
Global markets
Caution recaptured world markets on Monday as another drubbing for US crude oil futures kicked off a week of data and earnings that will drive home the damage being inflicted by global coronavirus lockdowns.
European stocks made a choppy start, with the pan-regional swinging in and out of positive territory in early trading. London's FTSE and Germany's DAX were up 0.2 per cent.
E-Mini futures for the S&P 500 ESc1 slipped nearly 0.5 per cent too, after Wall Street enjoyed a strong end to last week, though it barely seemed to reflect the latest violent turbulence in oil markets.
In commodity markets, oil prices fell, depressed by concerns US storage facilities will soon be full as the novel coronavirus pandemic destroys demand and as companies prepare to report their worst quarterly earnings since the 2008 financial crisis.
Brent was down 73 cents, or 2.6 per cent, to $27.35 a barrel at the time of writing of this report. The front-month May WTI contract fell $3.53, or 19.3 per cent, to $14.74 a barrel.
(With inputs from Reuters)
4:11 PM
MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services
"Uncertainty ruled the markets and lack of direction from earnings results or the global markets meant that the Indian benchmark indices ended flat after a volatile trading day. Sentiments were mixed regarding the recovery in corporate earnings, post easing of lockdown measures, and effectiveness of RBI measures to infuse liquidity into the financial system. Rate of spread of virus infections and stock-specific earnings guidance will be in focus."
4:08 PM
Sectoral gainers and losers on the NSE
4:08 PM
MARKET AT CLOSE | Top gainers and losers on the S&P BSE Sensex
3:40 PM
CLOSING BELL
The S&P BSE Sensex ended 59 points or 0.19 per cent higher at 31,648 levels while the NSE's Nifty settled at 9,262, down around 5 points or 0.05 per cent.
3:21 PM
MARKET UPDATE
As many as 442 stocks including J&K Bank, Kalpataru Power, UCO Bank, Central Bank of India, Graphite India, HEG, KRBL, Quess Corp were locked in the upper circuit on the BSE
3:15 PM
Domestic non-ferrous outlook negative as global metal prices crash: Icra
As per an Icra note, the price corrections in this period have been broadly in two phases, the first being in January when the news on the outbreak of Covid-19 in China came to light.
Subsequently prices stabilised in February, albeit at a lower level than December 2019, as the reported number of fresh cases in China declined. As the virus started spreading to the rest of the world in March, global macro-economic sentiments turned negative once again, and the second phase of price correction was witnessed. READ MORE
3:12 PM
MARKET CHECK | Top 5 gainers on the BSE at this hour
3:06 PM
Infosys to announce Q4 results today; here's what to expect
Infosys, according to analyst estimates, is expected to take a 1 per cent QoQ hit in its revenue growth in constant currency (CC) terms for the March quarter of FY20 (Q4FY20) due to disruptions caused by Covid-19 lockdown. The earnings before interest, tax, depreciation, and amortisation (EBITDA) margin is expected to be stable, while the impact of lower billing and utilisation decline due to Covid-19 disruptions are expected to be offset by rupee depreciation, lower variable compensation payout, and lower travel costs, analysts say. READ MORE
2:58 PM
Devangshu Datta | Watch out for April SIP numbers
In January-March 2020, we saw the most volatile quarter in over a decade. Action across various mutual fund segments is worth noting.
Short-term debt funds are under great redemption pressure and the Reserve Bank of India (RBI) may have to create a bailout mechanism. READ MORE
2:58 PM
Infosys holds gains ahead of Q4 results
Topics : Markets MARKET WRAP
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First Published: Apr 20 2020 | 7:40 AM IST