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Market rallies for 5th session led by private banks
02-Jun-2020 (17:13)

Domestic shares spurted on Tuesday, extended its winning run to fifth straight session. Buying was broad based with private banks in the lead. Sentiment got a boost after Prime Minister Narendra Modi assured industry leaders on Tuesday that India will get its economic growth back and is already on that path with government's various reforms.

The barometer S&P BSE Sensex jumped 522.01 points or 1.57% at 33,825.53. The Nifty 50 index gained 152.95 points or 1.56% at 9,979.10. Both these indices have jumped 10.5% in five sessions.

The Nifty opened higher at 9,880.85 on Tuesday and ascended toward 9,950 by afternoon trade. Strong momentum pushed the index near its decisive 10,000 mark in late trade.

The broader market was firm. The BSE Mid-Cap index rose 1.20% and the BSE Small-Cap index gained 1.83%.

The market breadth was strong. On the BSE, shares 1738 rose and 721 shares fell. A total of 152 shares were unchanged.

COVID-19 update:

Total COVID-19 confirmed cases worldwide stood at 62,73,402 far with 3,75,683 deaths. India reported 97,581 active cases of COVID-19 infection and 5,598 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

Prime Minister Narendra Modi while addressing the annual session of the Confederation of Indian Industry (CII), through via a virtual online meeting on Tuesday called for the corporate leaders to take an oath to make India self-reliant. PM Modi shared his vision on 'Getting Growth Back' with representatives of the India Inc. We will take structural reforms that will change course of the country; we will together build self-reliant India. Getting back on track is highest priority for government, he added.

Modi pointed out how reforms like allowing private enterprises into strategic sectors like space and atomic energy, labour reforms, removal of APMC, which will allow farmers freedom to sell their produce freely, etc will all throw up growth prospects.

The Union Cabinet on 1 June 2020 approved minimum support price for 14 kharif crops. The revised prices will provide farmers nearly 50-83% more than the cost. The MSP for paddy has been raised by Rs 53 to Rs 1,868 per quintal for the 2020-21 crop year, adding for jowar MSP at Rs 2,620 per quintal and bajra at Rs 2,150 per quintal. Among other produce, the MSP for cotton has been increased by 50% or Rs 260 to Rs 5,515 per quintal.

The Cabinet further provided approval for provisioning of Rs 20,000 crore as subordinate debt to provide equity support to the stressed MSMEs. It also approved the changes to the definition of micro, small and medium Enterprises (MSMEs). Raising the turnover limit for medium enterprises to Rs 250 crore, the government aims to broaden the scope of MSMEs. Enterprises with Rs 1 crore investment and Rs 5 crore turnover would now qualify as micro enterprises. Businesses with an investment of less than Rs 10 crore and turnover less than Rs 50 crore will now be classified as small enterprises.

Meanwhile, Moody's Investors Service on Monday, 1 June 2020 downgraded India's rating to Baa3 and maintained the negative outlook. Moody's has downgraded India's local-currency senior unsecured rating to Baa3 from Baa2, and its short-term local-currency rating to P-3 from P-2. The decision to downgrade India's ratings reflects Moody's view that the country's policymaking institutions will be challenged in enacting and implementing policies which effectively mitigate the risks of a sustained period. Moody's expects prolonged period of slow growth to continue well beyond the pandemic. India's progress has been hamstrung by tardy implementation of reforms, it said.

Cyclone Nisarg:

Cyclone Nisarga will intensify on Tuesday night and is expected to make landfall north of Mumbai by Wednesday afternoon, around Palghar, Dahanu. The critical time is between the evening of Tuesday and Wednesday afternoon. The cyclone is expected to bring winds at 90-120 kmph. The India Meteorological Department (IMD) has put Gujarat and Mumbai's neighbouring districts on a high alert with high tide warning for low lying areas of Mumbai.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6% as compared with 6.042% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 75.36, compared with its close of 75.5450 during the previous trading session.

In the commodities market, Brent crude for August 2020 settlement rose $1.05 at $39.37 a barrel. The contract rose 48 cents, or 1.27% to settle at $38.32 a barrel in the previous trading session.

Foreign Markets:

European markets jumped while Asian markets closed higher as optimism about an economic rebound from the Coronavirus crisis boosted investor sentiment. Investors also cheered signs of the economy picking up in China, the region's biggest trading partner.

The US equity market finished session higher on Monday, 1 June 2020, as optimism around economic reopening and better than expected US manufacturing data for May. However, market gains capped due to nationwide protests and new trade stresses between China and the US.

Investor sentiments received some support after US manufacturing activity eased off an 11-year low in May, the strongest sign yet that the worst of the economic downturn was behind as businesses reopen. The Institute for Supply Management said its manufacturing index climbed to 43.1 last month from an 11-year low of 41.5 in April. Readings under 50 indicate more companies are shrinking instead of expanding.

However, market gains were somewhat capped due to fears of a resurgence of the coronavirus in the United States following a weekend of riots and protests in the US, including outside the White House, in the wake of the death of African American George Floyd in police custody last week.

Buzzing Indian Index:

The Nifty Bank index surged 2.86% to 20,530.20, extending its gains to sixth consecutive trading session. The bank index has soared 18.82% in six days.

Bandhan Bank (up 6.18%), IndusInd Bank (up 6.05%), Axis Bank (up 3.29%), ICICI Bank (up 2.80%), Federal Bank (up 2.14%), HDFC Bank (up 1.42%), IDFC First Bank (up 0.85%), Punjab National Bank (up 0.17%) and State Bank of India (up 0.12%) advanced.

Kotak Mahindra Bank surged 7.52% to Rs 1343.20 on the BSE after the counter witnessed multiple block deals in early trade today, 26 May 2020. The media reported that Uday Kotak, the bank's promoter, sold 2.83% stake worth over Rs 6,800 crore in the bank on Tuesday. In January, Kotak Mahindra Bank and Reserve Bank of India (RBI) had reached an agreement under which Uday Kotak agreed to reduce his stake to 26% by August. Uday Kotak held 29.63% stake in the bank as on 31 March 2020.

Stocks in Spotlight:

Eicher Motors rose 2.61%. The company said total Royal Enfield sales dropped 69% to 19,113 units in May 2020 from 62,371 units in May 2019. Royal Enfield exports slumped 68% to 684 units in May 2020 as against 2,160 units in May 2019. Total sales of VE Commercial Vehicles, an unlisted subsidiary of Eicher Motors, tanked 85.71% to 686 units in May 2020 compared with 4,801 units in May 2019.

Hero MotoCorp fell 0.25%. Hero MotoCorp dispatched 112,682 units of two-wheelers in the month of May 2020 as compared to 652,028 units in May 2019. Ensuring stringent safety protocols for employee and customer wellbeing, Hero MotoCorp scaled-up production in a graded manner during the month, after reopening three of its manufacturing facilities on May 4.

TVS Motor Company surged 3.47%. The company registered sales of 58,906 units in May 2020. Total two-wheeler registered sales of 56,218 units and domestic two-wheeler registered sales of 41,067 units in May 2020. Three-wheeler of the company registered sales of 2,688 units in May 2020.

Bajaj Auto gained 1.40%. The company reported 70% decline in total vehicles sales to 1.27 lakh units in May 2020 as against 4.19 lakh units in May 2019. It registered a 69% fall in the two-wheeler sales to 1.12 lakh units in May 2020 over 3.65 lakh units in May 2019. Sale of commercial vehicles slumped 74% to 14,330 units in May 2020 as compared to 54,167 units in May 2019.

Coal India (CIL) fell 3.43% after provisional coal production dropped 11.3% to 41.43 million tonnes (MT) in May 2020 compared with 46.69 MT in May 2019. Provisional coal offtake slipped 23.3% to 39.95 million tonnes (MT) in May 2020 as against 52.1 MT in May 2019.

NMDC rose 1.19%. The iron miner's monthly production dropped 24.67% to 2.29 million tonnes (MT) in May 2020 from 3.04 MT in May 2019. The company's monthly sales tanked 24.33% to 2.55 MT in May 2020 as against 3.37 MT in May 2019. On a month-on month (MoM) basis, monthly production jumped 27.22% in May 2020 from 1.80 MT in April 2020. Sales surged 84.78% during the month from 1.38 MT in April 2020.

Shares of E.I.D. Parry fell 1.64% to Rs 212.75. Coromandel International fell 2.02% to Rs 638.10. E.I.D. Parry (India), in an exchange filing made during market hours today, said that it has sold today 58.50 lakh equity shares, or 2% equity, of Coromandel International at Rs 629.19 each. Post this sale, E.I.D. Parry holds 58.48% stake in Coromandel International from 60.47% stake held as on 31 March 2020. E.I.D. Parry has raised Rs 368.07 crore from the stake sale. The proceeds of sale will be used to bring down the debt of the company, it said in the BSE filing.

Earnings impact:

Low cost air carrier InterGlobe Aviation (Indigo) fell 0.83% to 945.55. The company reported a consolidated net loss of Rs 870.81 crore in Q4 March 2020 as against consolidated net profit of Rs 595.83 crore in Q4 March 2019. Net sales during the quarter rose 5.3% on a YoY (year-on-year) basis to Rs 8299.06 crore. Pre-tax loss stood at Rs 1289.77 crore in Q4 FY20 as against a pre-tax profit of Rs 626.07 crore in Q4 FY19.

Motherson Sumi Systems (MSSL) rose 5.60%. MSSL reported 55.3% decline in consolidated net profit to Rs 183.38 crore on a 12.1% fall in net sales to Rs 14870.32 crore in Q4 March 2020 over Q4 March 2019. New orders worth Rs 43,321 crore (Euro 5.5 billion) won during the year, while orders worth Rs 79,554 crore (Euro 10.1 billion) went into execution, the company said. Profit before tax (PBT) was at Rs 467.11 crore in Q4 FY20, down by 31% from Rs 677.25 crore reported in Q4 FY19. While total expenditure fell 13.5% to Rs 13,776.22 crore, current tax expenses shrunk 49.5% to Rs 134.69 crore in Q4 FY20 over Q4 FY19.

Eris Lifesciences declined 1.61% to Rs 519.70. Its consolidated net profit rose 4% to Rs 56.06 crore on a 15.6% jump in net sales to Rs 244.09 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax gained 5.9% to Rs 61.67 crore in Q4 March 2020 as against Rs 58.24 crore in Q4 March 2019. Current tax expenses dropped 11.3% to Rs 11.76 crore in Q4 March 2020 as compared to Rs 13.26 crore paid in Q4 March 2019. The Q4 result was declared during trading hours today, 2 June 2020.

Welspun Enterprises was locked in an upper circuit of 5% at Rs 62.75 after the company's standalone net profit rose 5.4% to Rs 48.77 crore in Q4 March 2020 over Q4 March 2019. Standalone net sales stood at Rs 450.43 crore in Q4 March 2020, declining 36.6% from Rs 710.73 crore in Q4 March 2019.

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