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As on Jun 04, 2020 12:00 AM Your results on : End Session    
Market corrects on profit selling; Nifty holds 10,000 mark
04-Jun-2020 (16:51)

Barometers ended with small losses on Thursday, snapping a six-day rising streak. Selling in banks stocks put pressure on bourses. Banks corrected after the Supreme Court (SC) raised concerns over levying of interests on loans during the six-month moratorium period. Trading was volatile due to expiry of weekly index options.

The barometer S&P BSE Sensex lost 128.84 points or 0.38% at 33,980.70. The Nifty 50 index fell 32.45 points or 0.32% at 10,029.10. Both these indices rallied over 11% in previous six trading sessions.

The Nifty opened almost flat at 10,054.25, but hit the day's high of 10,123.85 in early trade. Selling pressure at higher levels dragged the index to the day's low of 9,944.25 in afternoon trade. The barometer rebounded in mid-afternoon trade and managed to end above 10,000 mark.

In the broader market, the BSE Mid-Cap index slipped 0.06% and the BSE Small-Cap index skid 0.05%.

The market breadth was almost even. On the BSE, shares 1,295 rose and 1,157 shares fell. A total of 156 shares were unchanged.

COVID-19 update:

Total COVID-19 confirmed cases worldwide stood at 65,13,301 far with 3,86,091 deaths. India reported 1,06,737 active cases of COVID-19 infection and 6,075 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 5.8% as compared with 6.031% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 75.5750, compared with its close of 75.4775 during the previous trading session.

In the commodities market, Brent crude for August 2020 settlement fell 28 cents at $39.51 a barrel. The contract rose 22 cents, or 0.56% to settle at $39.79 a barrel in the previous trading session.

Foreign Markets:

European market were trading lower on Thursday. The European Central Bank (ECB) is expected to increase its coronavirus crisis asset-purchase program at this week's meeting. In March, the ECB unveiled its Pandemic Emergency Purchase Programme (PEPP), which will see it buy 750 billion euros (i.e. $819 billion) in euro zone government bonds this year in a bid to do more in combatting COVID-19 outbreak.

Most Asian stocks ended higher amid optimism about a possible global recovery from the coronavirus pandemic as more economies reopen despite rising case numbers in the United States, Brazil and other countries.

The US equity market finished session higher on Wednesday, 3 June, as investors risk sentiments improved on slew of better than expected economic data and expectation that economic activity will improve with the ebbing of coronavirus infections and additional government stimulus.

The Commerce Department released a report on Wednesday showing another nosedive in factory orders in the month of April, after reporting a steep drop in new orders for U.S. manufactured goods in the previous month. The Commerce Department said new orders plunged by 13% in April after plummeting by a revised 11% in March.

US service sector activity continued to contract in the month of May, a report released by the Institute for Supply Management on Wednesday showed. The ISM said its non-manufacturing index rebounded to 45.4 in May after plunging to an eleven-year low of 41.8 in April. A reading below 50 still indicates a contraction in service sector activity.

Buzzing Indian Index:

The Nifty Bank index declined 2.63% to 20,390.45. The index jumped 21.19% in the past sessions. The Supreme Court on Thursday made oral observations raising concerns over the Reserve Bank of India (RBI) allowing levy of interest during the moratorium period allowed for loan repayments.

Bandhan Bank (down 6.47%), RBL Bank (down 6.31%), IndusInd Bank (down 3.81%), Axis Bank (down 3.72%), Kotak Mahindra Bank (down 3.67%), IDFC First Bank (down 3.38%), Federal Bank (down 3.18%), ICICI Bank (down 2.47%), HDFC Bank (down 1.84%), Bank of Baroda (down 0.81%) and State Bank of India (down 0.46%) tumbled.

The economic aspect is not higher than health of the people, SC told RBI in the interest waiver case. The central bank had in an affidavit said lenders will lose around Rs 2 lakh crore if interest is waived during the loan moratorium, which has been extended till August 31.

A bench comprising Justices Ashok Bhushan, S K Kaul and M R Shah was hearing petitions filed Gajendra Sharma and few others challenging the RBI Circulars of March 27 and May 22 to the extent they allowed financial institutions to levy interest on loans during the 6-month moratorium.

As per reports, Justice Bhushan said There are two issues in this: No interest during moratorium period, and no interest on interest. Accrual of interest while allowing moratorium is “detrimental”, remarked Justice M R Shah. On this, the Solicitor General Tushar Mehta said that he will seek instructions from the Ministry of Finance and RBI. Referring to the RBIs stand in the counter-affidavit that the waiver of interest would affect the financial health of lending institutions, Senior Advocate Rajiv Dutta, appearing for petitioners, submitted.

Stocks in Spotlight:

Index heavyweight Reliance Industries (RIL) rose 2.43% to Rs 1579.95 after the company's rights issues valued at Rs 53,124.20 crore received subscription of nearly 1.59 times, cumulating to an overall investment of over Rs 84,000 crore. The public portion of the rights issue was subscribed 1.22 times, RIL said in an exchange filing made after market hours yesterday (03 June 2020). The allotment of equity shares will happen on or about 10 June 2020. The rights shares are expected to be listed on the BSE and NSE on or around 12 June 2020 under separate ISIN.

Jindal Steel & Power (JSPL) jumped 7.76% after the company's standalone steel sales jumped 28% to 6,40,000 tonnes in May 2020 from 5,00,000 tonnes recorded during the same period in the previous year. Out of total standalone sales, 4,01,000 tonnes are export sales. The company's consolidated steel sales stood 7,97,000 tonnes in May 2020, up by 26% from 6,31,000 tonnes reported in May 2019. Consolidated steel production stood at 6,20,000 tonnes and pellets production was at 6,47,000 tonnes in May 2020. The figures are on provisional basis.

GAIL (India) rose 0.93% after the company signed a memorandum of understanding (MoU) with Energy Efficiency Services (EESL) for cooperation in development of trigeneration projects in India. Trigeneration or Combined Cooling, Heat and Power (CCHP) typically involves natural gas-fired generators to produce electricity. The waste heat from flue gas is recovered to produce hot water / steam which in turn used for heating purposes and also in absorption chillers for cooling.

Saregama India hit an upper circuit of 20% at Rs 400.70, extending gains for the second day. The stock has added 44% in two sessions from its closing of Rs 278.30 on 2 June 2020. During market hours yesterday, Saregama India announced a global deal with Facebook, to license its music for video and other social experiences across Facebook & Instagram. This partnership will allow users to choose from a wide variety of music to add to their social experiences such as videos, stories via music stickers and other creative content. People will also be able to add songs to their Facebook profile.

Earnings Impact:

BPCL gained 2.35%. The PSU OMC reported a consolidated net loss of Rs 1,819.56 crore in Q4 March 2020 as compared with a net profit of Rs 3,131.66 crore in Q4 March 2019. Consolidated pre-tax loss stood at Rs 2,958.91 crore in Q4 March 2020 as against a pre-tax gain of Rs 4,961.79 crore in Q4 March 2019. The average gross refining margin (GRM) during the financial year ended 30 March 2020 is $2.50 per barrel as compared with $4.58 per barrel last year. Net sales slipped 7.1% to Rs 68,997.83 crore in Q4 March 2020 over Rs 74,255.73 crore in Q4 March 2019.

Aurobindo Pharma advanced 1.13% after consolidated net profit jumped 45.2% to Rs 849.80 crore on 16.6% rise in net sales to Rs 6,063.40 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax stood at Rs 1,077.51 crore in Q4 March 2020, rising 32% from Rs 816.34 crore in Q4 March 2019. Consolidated EBITDA surged 26.6% to Rs 1,342 in Q4 March 2020 from Rs 1,060 crore in Q4 March 2019. EBITDA margin improved to 21.8% in Q4 March 2020 from 20% in Q4 March 2019.

Cholamandalam Investment and Finance Company dropped 8.41% after net profit slumped 85.38% to Rs 42.66 crore on 14.11% rise in total income to Rs 2,151.45 crore in Q4 March 2020 over Q4 March 2019. Cholamandalam said one-time provision of Rs 504 crore towards COVID-19 and macro provisions majorly impacted net profit in Q4 March 2020. The NBFC major said net profit before this provision stood at Rs 418 crore which is up by 43% for the quarter over previous year.

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)
Nifty regains 9,100 on easing travel curbs
21-May-2020 (17:19)
Quick Wrap: Nifty Auto Index rises 2.61%
21-May-2020 (16:00)
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