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Bulls in charge: Sensex jumps 307 pts on broader rally
05-Jun-2020 (17:22)

Domestic shares ended with strong gains on Friday (5 June) as persistent foreign fund inflows and positive cues from global markets boosted sentiment. Investors focused on early signs of some improvement in the economy amid gradual lifting of lockdown measures in India.

The barometer S&P BSE Sensex gained 306.54 points or 0.9% at 34,287.24. The Nifty 50 index rallied 113.05 points or 1.13% at 10,142.15. The broad-based rally was led by banks and metal shares.

The Nifty opened higher at 10,093.80 and advanced further in early trade. A minor wave of profit selling in mid-morning session pushed the index to a low of 10,040.75. Buying resumed in afternoon trade and pushed the Nifty to the day's high of 10,177.80 in mid-afternoon.

The broader market reported strong gains. The S&P BSE Mid-Cap index jumped 1.79% while the S&P BSE Small-Cap index surged 2.51%.

There were more buyers then sellers. On the BSE, shares 2053 rose and 529 shares fell. A total of 135 shares were unchanged.

Unlock 1:

Union Ministry of Home Affairs (MHA) issued guidelines for a phased-wise reopening of the economy from 1 June 2020. The new rules allow religious places, shopping malls, hotels and restaurants to open from 8 June. The government has decided to allow all activities prohibited earlier in areas outside containment zones in a phased manner. The lockdown was first enforced in March to contain the spread of COVID-19.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 66,40,960 far with 3,91,261 deaths. India reported 1,10,960 active cases of COVID-19 infection and 6,348 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 5.836% compared with previous closing of 5.796% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged lower to 75.58 compared with its previous closing 75.5750.

In the commodities market, Brent crude for August 2020 settlement was up $1.22 to $41.21 a barrel. The contract rose 0.5% to settle at $39.99 a barrel in the previous trading session.

MCX Gold futures for 5 August 2020 settlement fell 0.67% to Rs 46,382.

Global Markets:

Shares in Europe and Asia advanced on Friday as investors await the US nonfarm payrolls report expected later in the day. The investors remained cautious as they watched developments arising out of US-China tensions and the possibility of second waves of coronavirus infections.

The European Central Bank (ECB) has boosted its pandemic emergency support program by an unexpectedly large 600 billion euros ($672 billion) to a total of 1.35 trillion euros ($1.5 trillion) through a bond buying program called Pandemic Emergency Purchase Programme (PEPP), in an effort to keep affordable credit flowing to the economy during the steep downturn caused by the virus outbreak.

The Central Bank also said it would extend the program until June 2021, and reinvest maturing PEPP securities until at least the end of 2022. ECB President Christine Lagarde has called it an unprecedented contraction in the euro zone economy.

The US equity market finished session lower on Thursday, 04 June 2020, as investors hit the pause button on caution as Wall Street grappled with disappointing jobs data and a late-day sell-off in tech shares.

The Labor Department released a report on Thursday showed initial jobless claims tumbled to 1.877 million in the week ended 30 May 2020, a decrease of 2,49,000 from the previous week's revised level of 2.126 million. Further, report also showed continuing claims - which reflect the aggregate number of Americans receiving unemployment benefits- jumped by 6,49,000 from the previous week to 21.487 million.

The US trade deficit widened to $49.4 billion in April 2020 from a revised $42.3 billion in March 2020 after a nosedive in the value of exports outpaced a slump in the value of imports.

Buzzing Indian Segment:

Liquor stocks were in demand as India prepares for a phased reopening of the economy. United Breweries (up 7.45%), Empee Distilleries (up 4.90%), Associated Alcohols & Breweries (up 3.91%), Pioneer Distilleries (up 2.19%), Radico Khaitan (up 1.64%), United Spirits (up 1.30%) and Tilaknagar Industries (up 0.61%) advanced.

The Nifty Bank index jumped 3.16% to 21,034.50. The index fell 2.63% in the previous session.

Punjab National Bank (up 9.03%), Bank of Baroda (up 8.52%), Bandhan Bank (up 5.93%), IDFC First Bank (up 5.90%), Federal Bank (up 3.61%), HDFC Bank (up 3.14%), RBL Bank (up 3.10%), Axis Bank (up 2.81%), ICICI Bank (up 2.70%), IndusInd Bank (up 1.84%) and Kotak Mahindra Bank (up 0.43%) advanced.

State Bank of India (SBI) climbed 7.90% after the bank reported a steep surge in net profit to Rs 3,580.81 crore in Q4 March 2020 compared with Rs 838.4 in Q4 March 2019. Profit before tax stood at Rs 4,970.04 crore during the quarter, significantly higher than Rs 431.20 crore in the corresponding period last year. Net Interest Income (NII) shrunk 0.81% to Rs 22,767 crore in Q4 FY20 from Rs 22,954 crore in Q4 FY19. Net Interest Margin (NIM) was at 2.94% as on 31 March 2020 as against 3.02% as on 31 March 2019.

SBI earned a profit of Rs 2731.34 crore on sales of certain portion of investment in its subsidiary SBI Cards & Payment Services in Q4 FY20 and the same has been recorded as exceptional income. The bank incurred tax expense of Rs 1,389.23 crore in the Q4 FY20. It had written back taxes to the tune of Rs 407.20 crore in Q4 FY19.

The Nifty Metal index rose 3.89% to 2,049.70. The index is up 4.97% in two sessions.

Hindustan Copper (up 10.87%), Hindustan Zinc (up 1.08%), Hindalco Industries (up 4.74%), Jindal Steel & Power (up 5.82%), JSW Steel (up 2.58%), NALCO (up 7.70%), NMDC (up 4.22%), SAIL (up 7.40%), Tata Steel (up 6%) and Vedanta (up 0.96%) climbed.

Stocks in Spotlight:

Index heavyweight Reliance Industries (RIL) rose 0.04% to Rs 1580.60 after Abu Dhabi-based Mubadala Investment Company invested Rs 9,093.60 crore in Jio Platforms for a 1.85% equity stake. With this investment, Jio Platforms has raised Rs 87,655.35 crore from growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks.

Larsen & Toubro (L&T) gained 2.61% after L&T Construction secured a 'large' contract for its heavy civil infrastructure business from the civic body of Telangana. As per the L&T's classification, the valuation of the 'large' order stands between Rs 2,500 crore and 5,000 crore. L&T will announce Q4 results today, 5 June. The company will announce its Q4 March 2020 results today, 5 June 2020.

Hexaware Technologies hit an upper circuit of 20% at Rs 311.30 after the company said its board will meet on on 12 June 2020 to consider a proposal to voluntarily delist equity shares of the company. As on 31 March 2020, the promoter HT Global IT Solutions Holding held 62.4% stake in the company while the public shareholders held 37.6% stake. As a part of the delisting offer, HT Global IT Solutions Company, the promoter has given an indicative offer of Rs 285 per share, which is a 9.8% premium on the closing price of the shares on 4 June. The floor price will be separately informed to the company in due course.

Sun Pharmaceutical Industries fell 0.17%. The drug major said it commenced Phase II clinical trial on AQCH, a phytopharmaceutical (plant derived) drug for treatment of COVID-19. The company received approval from the Drugs Controller General of India (DCGI) for conducting Phase II clinical trial in April this year. AQCH, which is being developed for dengue, has shown broad antiviral effect in invitro studies and hence is being tested as a potential treatment option for COVID-19, the drug major said in a statement.

Power Grid Corporation of India (PGCIL) rose 1.36%. The Department of Telecommunications (DoT) has revised the dues it sought from PGCIL for license fee for the financial years 2006-10 to Rs. 13,613.66 crore, the company said in a filing with exchanges.

RITES jumped 2.83% after the company's arm secured mandate for 3,000 megawatts solar power plants' installation. The project will be divided into three phases of one GW each and the entire installation is expected to be completed by 2022-23.

Earnings Impact:

Realty major DLF rose 0.51%. The realty major reported a consolidated net loss of Rs 1857.76 crore in Q4 March 2020 as compared to a consolidated net profit of Rs 436.56 crore reported in Q4 FY19. Net sales fell 32.2% to Rs 1694.20 crore in Q4 March 2020 over Q4 March 2019. Interest payments were down by 56% to Rs 235.27 crore in Q4 FY20 from Rs 535.15 crore in Q4 FY19. Pre-tax loss in the fourth quarter stood at Rs 129.72 crore. The company had reported a pre-tax profit of Rs 229.70 crore in the corresponding period last year. Current tax expenses were at 1907.33 crore in Q4 March 2020 as compared to Rs 37.38 crore in Q4 March 2019. “There was a one-time DTA (Deferred Tax Asset) reversal of Rs 1,916 crore, on adoption of lower-tax rate”, the company said in a statement. In view of COVID-19, after a thorough analysis and following a prudent approach, the company has undertaken certain provisions to reflect changes in the carrying value of some of its assets and investments. This has led to a one-time, exceptional provision (net of taxes) of Rs. 272 crore in Q4 FY20. We anticipate that some semblance of normalcy may return by Q3 FY21, whereby players with strong operational expertise and financial resilience will continue to gain foothold”, the company said.

SRF declined 3.77% after consolidated net profit slipped 2.7% to Rs 185.75 crore on a 4.2% fall in net sales to Rs 1,820.28 crore in Q4 March 2020 over Q4 March 2019. Profit before tax dropped 16.4% to Rs 211.23 crore in Q4 March 2020 as against Rs 252.80 crore in Q4 March 2019. Current tax expenses were down by 58.8% to Rs 25.48 crore in Q4 March 2020 as compared to Rs 61.91 crore paid in Q4 March 2019.

PI Industries jumped 4.66%. The chemical company's consolidated net profit dropped 11.9% to Rs 110.70 crore on a 6.3% rise in net sales to Rs 855.20 crore in Q4 March 2020 over Q4 March 2019. EBITDA rose 7% YoY to Rs 187 crore in Q4 FY20. EBITDA margin was flat at 22% during the quarter despite upsurge in raw material prices on Chinese imports amid initial COVID-19 impact.

Quick Wrap: Nifty PSU Bank Index gains 6.85%, NIFTY jumps 1.13%
05-Jun-2020 (16:00)
Market corrects on profit selling; Nifty holds 10,000 mark
04-Jun-2020 (16:51)
Quick Wrap: Nifty Media Index records a surge of 4.12%
04-Jun-2020 (16:00)
Market rises for sixth day, Nifty reclaims 10,000 mark
03-Jun-2020 (17:22)
Quick Wrap: Nifty PSU Bank Index records a surge of 5.12%
03-Jun-2020 (16:00)
Market rallies for 5th session led by private banks
02-Jun-2020 (17:13)
Quick Wrap: Nifty Realty Index records a surge of 4.93%, NIFTY climbs 1.56%
02-Jun-2020 (16:00)
Market spurts on lockdown relaxations; Nifty closes above 9,800
01-Jun-2020 (17:00)
Quick Wrap: Nifty PSU Bank Index rises 7.57%, NIFTY jumps 2.57%
01-Jun-2020 (16:01)
Nifty settles above 9500 level ahead of GDP data
29-May-2020 (16:50)
Quick Wrap: Nifty Realty Index rises 4.28%
29-May-2020 (16:00)
Sensex reclaims 32,000 as banks, auto rally
28-May-2020 (17:03)
Quick Wrap: Nifty Auto Index gains 3.65%, NIFTY climbs 1.88%
28-May-2020 (16:00)
Sensex spurts 995 pts, Nifty cross 9300 as banks stocks soar
27-May-2020 (17:06)
Quick Wrap: Nifty Private Bank Index gains 7.46%, NIFTY jumps 3.17%
27-May-2020 (16:00)
Benchmarks end with small losses; Nifty holds 9,000 mark
26-May-2020 (17:22)
Quick Wrap: Nifty Metal Index rises 2.68%
26-May-2020 (16:00)
Market corrects as banks, financials tumble
22-May-2020 (17:14)
Quick Wrap: Nifty Financial Services Index declines 3.06%
22-May-2020 (16:00)
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