Key market barometers ended with modest gains on Friday, ahead of India's Q4 GDP data to be released later today. The buying was supported by hope of further opening up of the economy. The barometer S&P BSE Sensex surged 223.51 points or 0.69% at 32,424.10. The Nifty 50 index gained 90.20 points or 0.95% at 9,580.30.

The Nifty opened lower at 9422.20 and hit an intraday low of 9376.90 in early trade. The index recouped losses in mid-morning and traded sideways near the flat line in the afternoon. Buying spree in last one hour of trade push the index above 9500 mark.

The broader market rallied. The S&P BSE Mid-Cap index surged 1.90% while the S&P BSE Small-Cap index rallied 1.14%.

There were more buyer than sellers. On the BSE, 1419 shares rose and 931 shares fell. A total of 161 shares were unchanged.

The Sensex and the Nifty have risen about 6% in the three straight sessions.

The Centre is expected to put out details of a possible lockdown extension soon. The nationwide lockdown was first announced by Prime Minister Narendra Modi on March 24 for 21 days in a bid to combat the coronavirus pandemic. It was first extended till May 3 and again till May 17. The fourth phase of the lockdown ends on May 31.

Economy:

India's Q4 gross domestic product (GDP) data will be announced by the National Statistical Office (NSO) today, 29 May 2020. The Indian economy expanded 4.7% YoY in Q3 December 2019.

On the macro front, foreign direct investment (FDI) in India grew by 13% to a record of $49.97 billion in the 2019-20 financial year, data showed. The country had received FDI of $44.36 billion during April-March 2018-19.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 58,29,474 far with 3,60,776 deaths. India reported 89,987 active cases of COVID-19 infection and 4,706 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 6.016% compared with previous closing of 5.99% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged higher to 75.62 compared with its previous closing of 75.76.

In the commodities market, Brent crude for July 2020 settlement was down $1.11 to $34.18 a barrel. The contract rose 1.58% to settle at $35.29 a barrel in the previous trading session.

MCX Gold futures for 5 June 2020 settlement rose 0.51% to Rs 46,640.

Global Markets:

European markets snapped their winning streak and traded with losses on account of re-escalating US-China tensions. Reports say that Washington D.C. has piled up pressure on Beijing accusing China for the coronavirus outbreak and, more recently, a new security law for Hong Kong that threatens the special administrative region's autonomy, according to Secretary of State Mike Pompeo.

Meanwhile, France is set to enter its second phase of its coronavirus lockdown easing with restaurants, bars and cafes to reopen from 2 June 2020. In the U.K., groups of six people from different households will be allowed to meet in gardens as well as parks from Monday onwards, provided households remain 2 meters apart.

Asian markets closed on a mixed note on Friday as investors watch for market reaction to China's controversial national security law for Hong Kong that was approved on Thursday.

The U.S., Australia, Canada and the U.K. governments issued a joint statement Thursday reiterating their deep concern regarding Beijing's decision to impose a national security law on Hong Kong, after China's parliament, the National People's Congress passed legislation Thursday that could greatly curtail democratic freedoms.

On the economic data front, Japan's retail sales fell 13.7% year-on-year in April, according to data released today showed.

In US, Wall Street ended lower on Thursday following a late-session reversal, with Facebook weighing on the market after President Donald Trump said he would sign an executive order related to social media companies and would hold a news conference on China on Friday.

On the economic front, US GDP contracted at an annual 5% pace in the first quarter instead of 4.8%, revised government data showed.

Buzzing Indian Segments:

The Nifty Pharma index climbed 3.21% to 9,768.60. Divis Laboratories (up 4.92%), Aurobindo Pharma (up 4.37%), Dr. Reddy's Laboratories (up 4.35%), GlaxoSmithKline Pharmaceuticals (up 3.63%), Sun Pharmaceutical Industries (up 3.53%), Glenmark Pharmaceuticals (up 3.36%), Cipla (up 3.07%), Abbott India (up 1.23%) and Strides Pharma (up 0.63%) advanced.

Cadila Healthcare rose 1.89% after the company's formulations manufacturing facility located at Baddi, Himachal Pradesh received an establishment inspection report (EIR) from the US drug regulator. The United States Food & Drug Administration (USFDA) had conducted the inspection at the facility from 2nd to 9th March 2020.

Lupin fell 1.32%. The drug major's consolidated net profit jumped 32% to Rs 391.29 crore on 0.4% slip in net sales to Rs 3,791 crore in Q4 March 2020 over Q4 March 2019. The jump in net profit was supported by a 185% surge in other income and an exceptional gain of Rs 83 crore. The exceptional gain was due to profit on sale of its stake in Kyowa Pharmaceutical Industry. Consolidated profit before tax (PBT) dropped 16% to Rs 496.36 crore in Q4 March 2020 as against Rs 590.64 crore in Q4 March 2019. Current tax expenses fell 68.9% to Rs 96.51 crore in Q4 March 2020 as compared to Rs 310.44 crore in Q4 March 2019. EBITDA fell 13.9% to Rs 733.90 crore in Q4 March 2020 from Rs 852.50 crore in Q4 March 2019. EBITDA margin stood at 19.4% in Q4 FY20 as against 22.4% in Q4 FY19. Investment in R&D for continued operations amounted to Rs 344.20 crore (9.1% of sales) for Q4 FY20. Total formulations sales fell 1.5% to Rs 3462.40 crore while total API sales rose 12.8% to 328.60 crore in Q4 March 2020 over Q4 March 2019.

The Nifty Realty index jumped 4.28% to 180.10. The index rose 10.12% in four sessions.

Prestige Estates (up 8.30%), Phoenix Mills (up 8.14%), Godrej Properties (up 4.81%), DLF (up 4.68%), HDIL (up 4.55%), Oberoi Realty (up 4.37%), Peninsula Land (up 4.17%), Anant Raj (up 1.68%), Unitech (up 0.81%), Omaxe (up 0.79%), Mahindra Lifespace Developers (up 0.14%) and Brigade Enterprises (up 0.10%) advanced.

Stocks in Spotlight:

ITC (up 3.62%), Larsen & Toubro (up 3.24%) Hindustan Unilever (up 2.37%), HDFC (up 2.08%) and ICICI Bank (up 1.64%) were some of the index movers.

Vodafone Idea surged 12.71% on media reports that Google was considering buying 5% stake in the Indian telecom player. The scrip jumped 34.88% to hit the day's high at Rs 7.85 on the BSE. The counter clocked a volume of 23.68 crore shares as against its average trading volume of 5.51 crore shares in the past one quarter. For Vodafone Idea, an investment by Google could boost the likelihood of its survival, the reports added. A foreign brokerage reportedly said that such a deal would be a strategic positive for Vodafone Idea but have little impact on leverage. Capital raise could become easier if Google invests, it added.

The company, however, clarified that it constantly evaluates various opportunities for enhancing the stakeholders' value. Currently, there is no proposal as reported by the media that is being considered at the board.

Wipro soared 6.65% after the IT major appointed Capgemini executive Thierry Delaporte as its chief executive officer and managing director. Delaporte will take over as the Chief Executive Officer and Managing Director of the company, effective 6 July 2020. Abidali Neemuchwala will relinquish his position as CEO and MD on 1 June. Neemuchwala left the technology firm after four years due to personal commitments. Rishad Premji will oversee the day to day operations of the company until 5 July.

Earnings Impact:

CEAT advanced 4.99%. The company's consolidated net profit declined 19.6% to Rs 51.72 crore on 10.6% fall in net sales to Rs 1573.41 crore in Q4 March 2020 over Q4 March 2019. Consolidated EBITDA stood at Rs 203 crore in Q4 March 2020, rising 22.29% from Rs 166 crore in the same period last year. EBITDA margin rose to 12.9% in Q4 March 2020 from 9.4% in Q4 March 2019. The company said it has made provisions for unusable semi finished inventory and raw materials aggregating to Rs 13.27 crore due to abrupt stoppage of production facilities. The company further said it has not capitalized further borrowing cost due to temporary suspension related to ongoing capital project, contract manpower cost and export detention aggregating to Rs 2.67 crore. These costs have been disclosed as exception items.

HeidelbergCement India gained 3.81% after standalone net profit grew 9% to Rs 66.29 crore on 4.7% decline in net sales to Rs 509.29 crore in Q4 March 2020 over Q4 March 2019. Sales volume for Q4 March 2020 1090 kilotonne (KT), declining 10% from 1211 KT in Q4 March 2019. EBITDA rose 1.9% to to Rs 127.3 crore in quarter ending March 2020 as against Rs 124.9 crore posted in the same period last year. EBITDA margin grew by 164 basis points to 25% in Q4 March 2020 from 23.4% in Q4 March 2019. EBITDA per tonne jumped 13.2% to Rs 1,168 in Q4 March 2020 from Rs 1032 in Q4 March 2019.

LT Foods spurted 7.80% after consolidated net profit surged 167.10% to Rs 58.34 crore on 18.8% jump in net sales to Rs 1,197.95 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax soared 149.80% to Rs 82.50 crore in Q4 March 2020 as against Rs 33.03 crore in Q4 March 2019. Current tax expenses stood at Rs 29.35 crore in Q4 March 2020 as compared to Rs 5.24 crore paid in Q4 March 2019. EBITDA grew 54% to Rs 150 crore in Q4 March 2020 from Rs 98 crore in Q4 March 2019. EBITDA margin improved to 12.3% in Q4 FY 2020 as against 9.6% in Q4 FY 2019, aided by operational efficiencies. The result was declared after market hours yesterday, 28 May 2020.

The market ended with robust gains on Thursday, backed by rally in banks and auto shares. The buying was supported by hopes of further opening up of the economy and more stimulus measures by the government. The barometer S&P BSE Sensex jumped 595.37 points or 1.88% at 32,200.59. The Nifty 50 index gained 175.15 points or 1.88% at 9,490.10.

The Nifty opened higher at 9,364.95, tracking positive news from global market. The index raced higher to cross the 9,400 mark in morning trade. It further extended gains and crossed 9,450 level in mid-morning session. The index failed to cross the 9,500 mark due to stiff resistance and hovered sideways in afternoon session. The barometer, however, briefly crossed the 9,500 mark in late trade.

The broader market trailed the benchmarks. The BSE Mid-Cap index rose 1.34% and the BSE Small-Cap index gained 1.42%.

The market breadth was strong. On the BSE, 1527 shares rose and 814 shares fell. A total of 160 shares were unchanged.

The media reported that India's GST Council is likely to meet in the second week of June to discuss the impact of the coronavirus pandemic on the economy of states, among other things. Meanwhile, India's Q4 GDP numbers will be announced by the National Statistical Office (NSO) on Friday, 29 May.

COVID-19 update:

Total COVID-19 confirmed cases worldwide stood at 56,97,334 far with 3,55,758 deaths. India reported 86,110 active cases of COVID-19 infection and 4,531 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 rose to 5.990% as compared with 5.984% 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 75.76, compared with its close of 75.7125 during the previous trading session.

In the commodities market, Brent crude for July 2020 settlement fell 41 cents at $34.33 a barrel. The contract fell $1.43, or 3.95% to settle at $34.74 a barrel in the previous trading session.

Foreign Markets:

European markets were trading higher as European Union (EU) planned to open up tourist destinations for the summer despite fears of the ongoing COVID-19 pandemic. Tourism represents 10% of the European economy and creates 27 million jobs directly and indirectly across the region. Investor sentiment was also improved after the European Commission (EC) unveiled plans for a 750 billion euro ($826.5 billion) recovery fund.

Asian markets ended on a mixed note as US-China tension woes competed with the hopes of an economic recovery from the coronavirus crisis.

Hong Kong's Hang Seng index closed 0.72% lower after China's National People's Congress on Thursday voted on a decision that paves the way for sweeping anti-sedition laws to be directly enacted in Hong Kong. China's legislature approved a decision to force a controversial national security law on Hong Kong, in an extraordinary and unprecedented move aimed at bringing the semi-autonomous territory further under Beijing's control.

Meanwhile, Japanese Prime Minister Shinzo Abe's cabinet approved a new $1.1 trillion stimulus package that includes significant direct spending, to stop the coronavirus pandemic pushing the world's third-largest economy deeper into recession.

The US equity market finished sharply higher on Wednesday, 27 May 2020, extending the market's gains into a third day, on optimism that economic activity is gathering steam and authorities may offer more stimulus to bolster the recovery. Hopes for potential COVID-19 vaccines under development have also helped propel stocks.

Buzzing Indian Segments:

The Nifty Auto index gained 3.65% to 6,112.30, extending gains for seventh day. The index has added 12.56% in seven trading sessions.

Hero MotoCorp (up 5.52%), Maruti Suzuki India (up 4.37%), Ashok Leyland (up 2.66%), Tata Motors (up 2.66%), Mahindra & Mahindra (up 1.77%), Escorts (up 1.52%) and Bajaj Auto (up 1.05%) advanced.

Eicher Motors soared 8.33% to Rs 16216.90, extending its winning run to third consecutive trading session. The company's board will consider stock split and Q4 results on 12 June 2020.

TVS Motor Company rose 2.77% ahead of Q4 results today, 28 May.

The Nifty Bank index rose 2.45% to 19,169.80. The index is up 10.94% in three sessions.

IndusInd Bank (up 4.95%), HDFC Bank (up 4.56%), Federal Bank (up 4.27%), ICICI Bank (up 2.49%), Kotak Mahindra Bank (up 0.95%), Axis Bank (up 0.90%), Bandhan Bank (up 0.62%) and Bank of Baroda (up 0.39%) advanced.

Earnings Impact:

Federal Bank rose 4.27%. The bank's net profit dropped 21.04% to Rs 301.23 crore on 19.27% increase in total income to Rs 4,107.95 crore in Q4 March 2020 over Q4 March 2019. Profit before tax (PBT) fell 32.09% to Rs 391.82 crore in Q4 March 2020 over Q4 March 2019. Tax expense fell 53.66% to Rs 90.59 crore during the period under review.

Provisions and contingencies surged 219.25% to Rs 567.50 crore in Q4 March 2020 from Rs 177.76 crore in Q4 March 2019. Provision coverage ratio of the bank was at 72.48% as on 31 March 2020. The result was declared during market hours today, 28 May 2020.

United Spirits fell 2.45% after the company reported 52.5% decline in consolidated net profit to Rs 58.40 crore on 14.1% fall in net sales to Rs 1990.50 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax (PBT) stood at Rs 183.50 crore in Q4 FY20, up by 5.6% from Rs 173.70 crore in Q4 FY19. Revenue declined primarily due to COVID-19 led disruption in India in March, which exacerbated the impact of the ongoing consumption slowdown. Employee expense declined 36.91% to Rs 109.40 crore during the quarter. On the volume front, the alcoholic beverages manufacturer's prestige & above segment witnessed 19.6% fall in volumes as it stood at 8.4 EUm while the popular segment's volumes contracted by 7.5% to 9.9 EUm in Q4 FY20 over Q4 FY19.

Radico Khaitan rose 1.26%. The liquor maker reported 20.2% fall in consolidated net profit to Rs 32.67 crore on 14.8% rise in net sales to Rs 585.36 crore in Q4 March 2020 over Q4 March 2019. Profit before tax (PBT) stood at Rs 54.05 crore in Q4 FY20, down by 4.6% to Rs 56.65 crore in Q4 FY19. Current tax expense surged 116.69% YoY to Rs 13.89 crore during the quarter. Total volume jumped 13.1% to 5.82 million cases in Q4 March 2020 over Q4 March 2019. Prestige & Above segment grew 11.3% while Regular & Others segment rose 13.8% YoY during the quarter. Prestige & Above segment constituted 26.4% of the total volume during the quarter compared with 26.8% in the corresponding period of the previous year.

Quess Corp rose 4.46% after the company reported a consolidated net loss of Rs 629.92 crore in Q4 March 2020 compared with net profit of Rs 75.50 crore in Q4 March 2019. Consolidated net sales jumped 30.5% to Rs 2,994.59 crore in Q4 March 2020 over Rs 2,294.77 crore in Q4 March 2019. Pre-tax loss stood at Rs 594.36 crore in Q4 March 2020 as compared to a pre-tax profit of Rs 87.59 crore in Q4 March 2019. The company incurred one off non-cash charge of Rs 664 crore on account of goodwill impairment and change in tax regime. Consolidated EBITDA grew 28% to Rs 169 crore in Q4 FY20 over Q4 FY19 due to Covid-19 impact. EBITDA margin stood at 5.63% in Q4 FY20 as against 5.74% in Q4 FY19.

Aditya Birla Fashion and Retail soared 9.53%. The company reported a consolidated net loss of Rs 146.59 crore in Q4 March 2020 as against a net profit of Rs 202.64 crore posted in Q4 March 2019. Earnings were impacted by the COVID-19 pandemic early March leading to movement restrictions and heightened sense of insecurity among people. Aditya Birla Fashion reported sales Loss due to COVID impact at Rs 339 crore leading to a gross margin loss of Rs 200 crore in Q4 March 2020. Lifestyle brands reported a 5% drop in sales in Q4 March 2020 to Rs 1072 crore from Rs 1132 crore posted in the same period last year. The segment witnessed a decline in EBITDA owing to the drop in sales in the month of March due to COVID related disruptions. Fast Fashion segment continued with its focus around improving operating performance

Tata Investment Corporation rose 0.63%. The holding company reported consolidated net loss of Rs 36.75 crore in Q4 March 2020, higher than net loss of Rs 6.02 crore in Q4 March 2019. Total income dropped 17.2% to Rs 21.41 crore in Q4 March 2020 over Rs 25.87 crore in Q4 March 2019. Pre-tax loss stood at Rs 36.62 crore in Q4 March 2020 as against pre-tax loss of Rs 4.42 crore in Q4 March 2019. Current tax expenses jumped 55.7% to Rs 2.71 crore in Q4 March 2020 as against Rs 1.74 crore in Q4 March 2019. The result was announced after market hours yesterday, 27 May 2020.

Stocks in Spotlight:

Vedanta rose 2.39%. India Ratings and Research downgraded rating of the company to IND AA- from previous rating of IND AA with a negative outlook.

Granules India fell 1.27%. The pharmaceutical company said that the US drug regulator did not detect cancer-causing N-Nitrosodimethylamine (NDMA) in the company's API and finished dosage tablets.

Sun Pharmaceutical Industries rose 1.93%. The drug major and Sun Pharma Advanced Research Company (SPARC) today announced a worldwide licensing agreement on the development and commercialization of SCD-044 which is being evaluated as a potential oral treatment for atopic dermatitis, psoriasis and other auto-immune disorders. SCD-044 is entering phase 2 clinical trials. Under terms of the license agreement, Sun Pharma will pay SPARC an upfront payment of $20 million. SPARC will also be eligible to receive up to $125 million as milestone payments contingent upon theachievement of clinical, regulatory and sales milestones, as well as tiered royalties on sales. Sun Pharma will be responsible for the development, regulatory filings, manufacturing and commercialization of the product globally.

Key barometers witnessed a blockbuster rally on Wednesday, led by a surge in banks shares. The Nifty Bank index soared over 7% ahead of monthly F&O expiry on Thursday (28 May).

The barometer S&P BSE Sensex jumped 995.92 points or 3.25% at 31,605.22. The Nifty 50 index surged 285.90 points or 3.17% at 9,314.95.

The Nifty opened higher at 9,082.20, but soon pared gains in early trade. The index took the support at 9,004.25 mark and bounced back in mid-morning session. Strong buying in banks shares pushed the index above 9,300 mark in mid-afternoon trade.

The sentiment was boosted after China on Wednesday said that the situation at the border with India is overall stable and controllable, and both the countries have proper mechanisms and communication channels to resolve the issues through a dialogue and consultation.

The comment from Foreign Ministry spokesman Zhao Lijian came as a big relief amid continuing standoff between the militaries of India and China at the Line of Actual Control (LAC). Several areas along the nearly 3,500-km-long LAC in Ladakh and North Sikkim have witnessed major military build-up by both the Indian and Chinese armies recently.

The market breadth was positive. On the BSE, 1,378 shares rose and 948 shares fell. A total of 171 shares were unchanged.

The broader market lagged the benchmarks. The BSE Mid-Cap index rose 0.54% and the BSE Small-Cap index gained 0.27%.

Numbers to Watch:

The yield on 10-year benchmark federal paper rose to 5.987% as compared with 5.975% 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 75.7125, compared with its close of 75.66 during the previous trading session.

In the commodities market, Brent crude for July 2020 settlement fell 62 cents at $35.55 a barrel. The contract rose $1.04, or 2.96% to settle at $36.17 a barrel in the previous trading session.

Foreign Markets:

European markets were trading with strong gains as the region prepares itself to unleash a new coronavirus stimulus package. European Commission President Ursula von der Leyen is set to present her own proposal on Wednesday, 27 May 2020, building on the Franco-German plan for an economic stimulus.

Asian markets closed on a mixed note as investor concerns about rising tensions between the United States and China over Hong Kong tempered optimism about a re-opening of the world economy. The White House reportedly said a proposed national security law might jeopardize the Chinese territory's status as a global financial center. The law being considered for Hong Kong by the Chinese legislature has prompted warnings it might erode the independence of courts and other elements that help to make the former British colony a business center.

As per reports, the US was considering sanctions on Chinese firms and officials over the situation in Hong Kong. US President Donald Trump will reportedly make an announcement about the administration's response to China's actions by the end of this week.

US stock market finished sharply higher on Tuesday, 26 May 2020, as investors were emboldened by fresh coronavirus vaccine news from Novavax and Merck and signs that global economies are crawling back from the pandemic shutdown. The S&P 500 exceeded its 200-day moving average (DMA) for the first time since 5 March, but failed to close above the key level. Rising above 200 DMA could signal a change in long-term trend from bearish to bullish.

Buzzing Indian Segments:

The Nifty Bank index surged 7.28% to 18,710.55, extending gains for second day. The index rose 8.29% in two days.

ICICI Bank (up 8.97%), Bandhan Bank (up 8.44%), RBL Bank (up 6.88%), Federal Bank (up 6.63%), HDFC Bank (up 5.91%), IndusInd Bank (up 5.84%), State Bank of India (up 4.76%), Bank of Baroda (up 3.64%), IDFC First Bank (up 3.03%) and Punjab National Bank (up 3%) advanced.

Axis Bank jumped 13.46%. The media reported that private equity major Carlyle has started talks with Axis Bank to pump in around a billion dollars as growing systemic level stress and the economic slump are pushing banks and shadow lenders to create provision cushions to deal with future asset slippages. The deal is likely to be in the form of primary issuance of shares via a preferential allotment route that may result in Carlyle owning up to 8% stake in Axis Bank.

However, Axis Bank clarified to the bourses today that the news item is speculative and it has not taken any decision in this regard. As such no disclosure is required to be made under regulation 30 of the listing regulations and the Bank shall keep the exchange duly informed as and when any decision is taken by it in this matter”, it said in the BSE filing.

Kotak Mahindra Bank gained 5.58% after the bank announced the commencement of its fund-raising exercise via qualified institutions placement (QIP) issue of equity shares on Tuesday, 26 May 2020. The bank has set a floor price of Rs 1,147.75 per equity share for the QIP issue. The bank may offer a discount of not more than 5% on the floor price. The bank intends to use the net proceeds of the issue to augment its capital base and to strengthen its balance sheet.

The Nifty IT index gained 2.78% to 13,952.90, reversing yesterday's 1.93% fall. Depreciation of rupee against the dollar aided the rally in IT shares.

Wipro (up 6.77%), Infosys (up 3.70%), TCS (up 3.18%), Oracle Financial Services Software (up 1.94%), Mindtree (up 1.89%), Persistent Systems (up 0.77%), HCL Technologies (up 0.65%), Tech Mahindra (up 0.64%) and Hexaware Technologies (up 0.63%) advanced.

Earnings Impact:

Sun Pharmaceutical Industries fell 1.85%. The drug major reported 37.1% decline in consolidated net profit to Rs 399.84 crore on 14.3% rise in total revenue from operations to Rs 8,184.94 crore in Q4 March 2020 over Q4 March 2019. The company recorded a one-time expenditure of Rs 260.64 crore as an exceptional item in the March 2020 quarter.

Consolidated R&D investment fell 5.6% to Rs 536 crore in Q4 FY20, from Rs 567.49 crore reported in Q4 last year. EBITDA stood at Rs 1,256 crore, with resulting EBITDA margin of 15.5%. Approximately 50% of the EBITDA margin decline versus Q3 FY20 is due to the adverse impact of forex loss in Q4 FY20.

Dabur India slipped 1.04%. The FMCG major's consolidated net profit dropped 24.19% to Rs 281.60 crore on a 12.34% decrease in net sales to Rs 1,865.36 crore in Q4 March 2020 over Q4 March 2019. Profit before tax skid 12.59% to Rs 340.25 crore in Q4 March 2020 as against Rs 389.27 crore in Q4 March 2019. Current tax expenses jumped 53.78% to Rs 223.09 crore in Q4 March 2020 as compared to Rs 145.07 crore paid in Q4 March 2019. The Q4 result was declared during trading hours today, 27 May 2020.

Deepak Nitrite fell 0.11%. The chemical maker's standalone net profit soared 105.6% to Rs 116.26 crore on an 8.1% rise in net sales to Rs 525.24 crore in Q4 March 2020 over Q4 March 2019. PBT surged 83.5% to Rs 159.71 crore in Q4 March 2020 over Q4 March 2019. Total tax expenses rose 42.6% to Rs 43.45 crore in Q4 March 2020. EBITDA margin improved to 35.2% in Q4 March 2020 from 22.7% reported in Q4 March 2019. Performance was led by realisation gains in both fine & speciality chemicals (FSC) and performance products (PP) segment.

Torrent Pharmaceuticals tumbled 6.88%. The company reported consolidated net profit of Rs 314 crore in Q4 March 2020 as against net loss of Rs 152 crore in Q4 March 2019. Net sales rose 4.9% to Rs 1,912 crore in Q4 March 2020 over Q4 March 2019. The research & development (R&D) spend gained 7% to Rs 118 crore in Q4 March 2020 as against Rs 139 crore in Q4 March 2019. Pre-tax profit stood at Rs 293 crore in Q4 March 2020 as against pre-tax loss of Rs 150 crore in Q4 March 2019. Current tax expenses fell 22.2% to Rs 49 crore in Q4 March 2020 compared with Rs 63 crore in Q4 March 2019.

Bayer Cropscience jumped 6.97%, rising for second straight session after reporting turnaround Q4 numbers. The stock is up 17.33% in two trading sessions from its previous closing low of Rs 4449.65 on 22 May 2020. The counter hit a record high of Rs 5,245 on BSE during intraday trade today. Bayer Cropscience reported a net profit of Rs 31.50 crore in Q4 March 2020 as against a net loss of Rs 57.1 crore in Q4 March 2019. Net sales for quarter ending March 2020 stood at Rs 459 crore, up 82% from Rs 252.20 crore in the same period last year. The company reported pre-tax profit of Rs 25.7 crore in Q4 March 2020 as against a pre-tax loss of Rs 95 crore in Q4 March 2019. The result was announced after market hours on Friday, 22 May 2020.

Coromandel International rose 1.30% after after consolidated net profit surged 112.2% to Rs 234.20 crore on 8.8% increase in net sales to Rs 2,869.32 crore in Q4 March 2020 over Q4 March 2019. Profit before tax (PBT) soared 91.9% to Rs 314.16 crore in Q4 March 2020 as against Rs 163.71 crore in Q4 March 2019. Current tax expenses jumped 61.70% to Rs 91.64 crore in Q4 March 2020 as against Rs 56.68 crore in Q4 March 2019.

The main stock indices pared early gains and ended with small losses on Tuesday. Selling in IT pivotals, Bharti Airtel and Reliance Industries put pressure on bourses. The barometer S&P BSE Sensex fell 63.29 points or 0.21% at 30,609.30. The Nifty 50 index fell 10.20 points or 0.11% at 9,029.05.

The Nifty opened higher at 9,099.75 and hit an intraday high of 9,161.65 in early trade. The index pared gains as profit selling emerged at higher levels. The Nifty turned negative and hit an intraday low of 8,996.65 in mid-afternoon trade. It regained the 9,000 mark in late trade.

The broader market ended higher. The BSE Mid-Cap index rose 1.21% and the BSE Small-Cap index gained 0.63%.

The market breadth was positive. On the BSE, 1225 shares rose and 1123 shares fell. A total of 186 shares were unchanged.

Numbers to Watch:

The yield on 10-year benchmark federal paper rose to 5.975% as compared with 5.961% 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 75.66, compared with its close of 75.95 during the previous trading session.

In the commodities market, Brent crude for July 2020 settlement rose 97 cents at $36.10 a barrel. The contract fell 93 cents, or 2.58% to settle at $35.13 a barrel in the previous trading session.

Foreign Markets:

European markets were trading with decent gains while Asian markets closed higher on Tuesday as investors looked to a re-opening world economy.

Japanese shares led gains after the Japanese Prime Minister Shinzo Abe on Monday announced the lifting of the state of emergency for the entire nation, as the coronavirus outbreak there eases. As per reports, Abe has said that he would work to increase the government's stimulus packages to more than 200 trillion yen ($1.9 trillion), or about 40% of Japan's annual output.

Investor sentiment received a boost after American biotech firm Novavax said Monday it started the first human study of its experimental coronavirus vaccine. The firm said it expects initial results on safety and immune responses in July.

In Hong Kong, investors are moving on from last week's sharp losses. On Friday, the Hang Seng reportedly had its worst day in nearly five years after Beijing moved to pass a controversial national security law, a blow to the financial hub's autonomy. China's foreign ministry commissioner in Hong Kong, Xie Fang, moved to reassure rattled investors on Monday evening. The legislation won't affect freedoms of speech, press, publication and assembly, Xie said, according to state-run news agency reports. He reportedly added that the controversial legislation will protect the law-based operation of international businesses in Hong Kong.

In economic news, Singapore cut its 2020 economic forecasts for the third time this year. The Singapore economy is now expected to shrink by between 4.0% and 7.0% this year, according to the country's Ministry of Trade and Industry.

In US, markets were closed on Monday for Memorial Day.

Buzzing Indian Index:

The Nifty IT index fell 1.93% to 13,574.95 on profit selling. The index jumped 4.90% in the past five trading sessions.

TCS (down 3.74%), Tech Mahindra (down 1.83%), Infosys (down 1.75%), HCL Technologies (down 1.17%), Mindtree (down 0.78%), Persistent Systems (down 0.28%) and Hexaware Technologies (down 0.04%) declined.

The Nifty Pharma index declined 1.22% to 9,483.50, snapping its three-day winning run. The index gained 5.68% in the past three trading sessions.

Alkem Laboratories (down 3.45%), Cadila Healthcare (down 2.71%), Aurobindo Pharma (down 2.16%), Sun Pharmaceutical Industries (down 2.16%), Cipla (down 1.74%), Strides Pharma (down 1.34%), Wockhardt (down 1.33%), Divi's Laboratories (down 1.32%), Dr. Reddy's Laboratories (down 0.79%) and GlaxoSmithKline Pharmaceuticals (down 0.43%) declined.

Glenmark Pharmaceuticals fell 1.07%. The drug maker announced a new randomized, open-label study to test the combined efficacy of two antiviral drugs Favipiravir and Umifenovir as a potential COVID-19 treatment strategy.

Indoco Remedies fell 1.12% after the pharmaceutical company announced receiving approval for its abbreviated new drug application (ANDA) for Succinylcholine Chloride injection USP 200 mg/ 10 ml (20 mg/ml) multi‐dose vial, therapeutically equivalent to the reference listed drug (RLD) Quelicin Injection of Hospira, Inc. Succinylcholine Chloride injection is indicated as an adjunct to general anesthesia, to facilitate tracheal intubation, and to provide skeletal muscle relaxation during surgery or mechanical ventilation. The product is being used for some patients infected with Corona virus (COVID‐19).

Stocks in Spotlight:

Telecom major Bharti Airtel fell 5.71% to Rs 559.15. On the BSE, the counter clocked a volume of 17.26 crore shares as against its average trading volume of 6.06 lakh shares in the past one quarter. On the NSE, the counter clocked a volume of 7.64 crore shares compared with its average trading volume of 1.75 crore shares in the past one quarter.

Bharti Telecom, the promoter company of Bharti Airtel, have today (26 May) sold 2.75% stake in Bharti Airtel to institutional investors through an accelerated book building rocess in the secondary market. The total sale proceeds of over Rs 8433 crore was over-subscribed multiple times. Bharti Group and Singtel (collectively the promoter group), will continue to own a majority stake in Bharti Airtel at 56.23% after the transaction.

The sale proceeds will be utilized to fully repay debt at Bharti Telecom, which was raised primarily to finance the acquisition of Bharti Airtel equity shares in the past.

Index major Reliance Industries (RIL) fell 0.55% to 1,423.70. The stock hit a high of Rs 1449 and a low of Rs 1416.30 in the intraday.

ITC rose 2.76%. The company on Saturday, 23 May 2020, entered into a share purchase agreement (SPA) to acquire 100% stake of Sunrise Foods (SFPL), which is engaged in the business of spices under the trademark 'Sunrise'.

Maruti Suzuki India (MSIL) gained 2.20%. The company has received intimation from Suzuki Motor Gujarat that they would re-start production of vehicles from 25 May 2020, strictly in accordance with the Government regulations and guidelines and by observing the company's own concern for the highest standards of safety. SMG manufactures cars on a contract basis for MSIL.

Eicher Motors jumped 6.32%. The auto maker's board will consider stock split and Q4 results on 12 June 2020.

Earnings Impact:

HDFC fell 0.95% after the housing finance major's standalone net profit declined 22% to Rs 2232.53 on 3.41% rise in total income to Rs 11,981.66 crore in Q4 March 2020 over Q4 March 2019. Dividend income slumped to Rs 2.08 crore in Q4 FY20 from Rs 536.88 crore in Q4 FY19. “ With dividend distribution tax being abolished, some of the subsidiary company did not pay interim dividend, the firm said. Profit on sale of investment was Rs 2 crore in Q4 FY20 as against Rs 321 crore in Q4 FY19. Fair value changes charged to the statement of profit and loss - largely on account of the fall in the stock markets, was Rs 428 crore in Q4 FY20, higher than Rs 167 crore in the previous year.

On the asset quality front, the gross non-performing loans as at 31 March 2020 stood at Rs 8,908 crore. This is equivalent to 1.99% of the loan portfolio. Increase in provisioning, including impact for COVID-19, was Rs 1,274 crore in Q4 FY20, higher than Rs 398 crore in the previous year.

Inclusive of fees and income from assigned loans, the Net Interest Income (NII) for the quarter ended 31 March 2020 stood at Rs 3,780 crore compared to Rs 3,238 crore in the previous year, representing a growth of 17%. The board of HDFC approved a dividend of Rs 21 per share for the year ended March 2020.

Avenue Supermarts tumbled 4.67% after the company warned that the challenges are likely to continue in the current financial year as the economy gradually opens after the lockdown.

The supermarket chain operator announced Q4 results on Saturday (23 May 2020). The firm's consolidated net profit jumped 41.61% to Rs 271 crore on 23.6% increase in to Rs 6,256 crore in Q4 March 2020 over Q4 March 2019. EBITDA rose 12.1% to Rs 417 crore in Q4 FY20 from Rs 372 crore in Q4 FY19. EBITDA margin stood at 6.7% in Q4 March 2020, lower than 7.4% in Q4 March 2019.

The company said its overall revenue during the month of March 2020 grew by just 11% over March 2019 due to the lockdown effect of the last 9 days of March this year. The trend rapidly deteriorated in April during which more than half of its stores remaining closed for operations or operating for extremely restricted hours.

IDFC First Bank jumped 5.04% after the bank reported a net profit of Rs 71.54 crore in Q4 March 2020 as against net loss of Rs 218.03 crore reported in Q4 March 2019. Total income rose 13.8% to Rs 4439.63 crore in Q4 March 2020 from Rs 3902.11 crore reported in Q4 March 2019. The result was announced after market hours on 22 March 2020.

The bank posted reported a strong growth in core earnings. Net Interest Income (NII) grew by 40% to Rs 1,563 crore in Q4 March 2020 from Rs 1,113 crore in Q4 March 2019. Net interest margin improved to 4.24% in Q4 March 2020 from 3.03% in Q4 March 2019. On asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 2279.56 crore as on 31 March 2020 as against Rs 2511.36 crore as on 31 December 2019 and Rs 2136.04 crore as on 31 March 2019. The ratio of gross NPAs to gross advances stood at 2.6% as on 31 March 2020 as against 2.83% as on 31 December 2019 and 2.43% as on 31 March 2019.

Bata India rose 0.79%. The footwear maker's consolidated net profit tumbled 56.7% to Rs 38.41 crore on 8.77% decline in net sales to Rs 620.57 crore in Q4 March 2020 over Q4 March 2019. Profit before tax (PBT) fell 45% to Rs 58.18 crore during the period under review. The result was impacted due to loss of revenue resulting from COVID-19 outbreak and due the impact of adopting Ind-AS 116. The footwear maker reported a good growth of 8% (January & February 2020) before the pandemic forced closure of stores in mid-March resulting in a decline for the quarter. Bata said, This year's growth can be credited to company's continuous focus on strengthening its product portfolio, innovation and design, new store openings and renovation, enhancing customer experience as well as new marketing campaigns.

Aarti Industries slipped 1.71% after consolidated net profit fell 11.90% to Rs 110.35 crore on a 5.69% decline in net sales to Rs 1076.15 crore in Q4 March 2020 over Q4 March 2019. Consolidated revenue of specialty chemicals segment was marginally lower, by 0.44%, as it stood at Rs 983.54 crore while the earnings of the pharmaceuticals segment contracted by 3.01% to Rs 206.36 in the fourth quarter as compared to the corresponding period last year.

GMM Pfaudler slumped 4.95% The firm's net profit declined 13% to Rs 11.60 crore on 5.28% decline in net sales to Rs 131.78 crore in Q4 March 2020 over Q4 March 2019. EBITDA improved 14% to Rs 22.5 crore in Q4 FY20 from Rs 19.8 crore in Q4 FY19. EBITDA margin stood at 17% in Q4 FY20, higher than 14% in Q4 FY19. COVID-19 began impacting our normal business operations on 14th March 2020 by affecting our supply chain and our ability to ship ready equipment to our customers, our production eventually shut down completely on March 23rd, 2020. All in all, additional revenue that could have been recognized in the last quarter in a normal business environment is estimated to be Rs 300 million, the company said in a statement.

Key domestic benchmarks corrected on Friday, snapping their three-day rising streak. Weak global cues and rising COVID-19 cases in Indian triggered selling. Shares of banks and financial firms tumbled after the central bank extended loan moratorium by three more months. RBI Governor's projection of a likely negative GDP growth in FY21 further impacted sentiment.

The barometer S&P BSE Sensex fell 260.31 points or 0.84% at 30,672.59. The Nifty 50 index lost 67 points or 0.74% at 9,039.25.

The Nifty opened lower at 9067.90, but firmed up ahead of RBI Governor Shaktikanta Das' media briefing at 10 am. Following the RBI announcement to extend moratorium, the Nifty corrected due to steep selling in banks shares. The index hit an intraday low of 8968.55 in mid-morning trade. The benchmark traded sideways with modest losses for most part of the session before regaining 9000 mark.

In broader market, the S&P BSE Mid-Cap index shed 0.83% while the S&P BSE Small-Cap index slipped 0.23%.

The market breadth was negative. On the BSE, 968 shares rose and 1321 shares fell. A total of 161 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 51,21,639 far with 3,33,323 deaths. India reported 66,330 active cases of COVID-19 infection and 3,583 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

RBI Decision:

The Reserve bank of India (RBI) announced a surprise 40 basis points repo rate cut in an off-cycle policy review. The central bank also maintained an 'accommodative' stance. The short-term lending rate now stands at 4%, down from 4.4% earlier. The reverse repo rate has also been reduced by a similar measure to 3.35% from 3.75% earlier. The decision is in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/-2%, while supporting growth.

RBI Governor Shaktikanta Das said that the GDP growth in India in 2020-21 is estimated to remain in the negative territory with a pick up in growth impulses in second half. However, these depend on the trajectory of the pandemic.

The Monetary Policy Committee (MPC) is of the view that the macroeconomic impact of the pandemic is turning out to be more severe than initially anticipated, and various sectors of the economy are experiencing acute stress. The impact of the shock has been compounded by the interaction of supply disruptions and demand compression. Beyond the destruction of economic and financial activity, livelihood and health are severely affected. Even as various measures initiated by the government and RBI work to mitigate the adverse impact of the pandemic on the economy, it is necessary to ease financial conditions further. This will facilitate the flow of funds at affordable rates and revive animal spirits. With the inflation outlook remaining benign as lockdown-related supply disruptions are mended, the policy space to address growth concerns needs to be used now rather than later to support the economy, even while maintaining headroom to back up the revival of activity when it takes hold.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 5.965% compared with previous closing of 6.034% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged lower to 75.95 compared with its previous closing of 75.615.

In the commodities market, Brent crude for July 2020 settlement was down $1.70 to $34.36 a barrel. The contract rose 31 cents or 0.87% to settle at $36.06 a barrel in the previous trading session.

MCX Gold futures for 5 June 2020 settlement gained 1.21% to Rs 46,947.

Global Markets:

Shares in Europe and Asia tumbled after China published a draft law proposal that could spell the effective end of Hong Kong's special status, risking further civil disorder. Hong Kong's Hang Seng index plunged nearly 6%.

China is poised to impose a new national security law on Hong Kong after months of anti-government protests in the territory. The move has sparked concerns the law will give Beijing more control over Hong Kong and incite further pro-democracy protests.

Details of the draft legislation were announced Friday when China's National People's Congress (NPC) — the country's parliament — held its annual session. The laws would reportedly ban secession, foreign interference, terrorism and all seditious activities aimed at toppling the central government and any external interference in the former British colony.

In US, Wall Street ended lower on Thursday, on a fresh wave of China-US tensions that raised doubts about the trade deal reached early this year between the world's two largest economies. The losses also came amid data that showed jobless claims reached 2.4 million for the week that ended on Saturday because of the coronavirus pandemic. The latest data pushed the figure's nine-week total to nearly 39 million, surpassing the 37 million Americans who filed for unemployment insurance during the 18-month Great Recession.

Markets were on the back foot after the Senate passed a bill aiming to delist Chinese companies from American exchanges. Lawmakers and the White House have repeatedly raised concerns about US-listed firms that may be under Chinese government control or receiving capital from state funds.

Buzzing Segment:

The Nifty Bank index slipped 2.57% to 17,278.90 after RBI further extended the loan repayment moratorium for another three months up to 31 August. The EMI payments will restart only once the moratorium period expires on 31 August.

Axis Bank (down 5.65%), Federal Bank (down 5.08%), ICICI Bank (down 4.32%), RBL Bank (down 4.2%), Bandhan Bank (down 3.53%), IndusInd Bank (down 2.52%), HDFC Bank (down 2.43%), Punjab National Bank (down 1.3%), State Bank of India (down 0.72%), IDFC First Bank (down 0.26%) and Bank of Baroda (down 0.13%) tumbled. Kotak Mahindra Bank rose 0.91%.

Meanwhile, the Nifty Financial Services index fell 3.06% to 8,651.70, extending losses for second day. The index has lost 3.69% in two sessions.

Mahindra & Mahindra Financial Services (down 6.31%), SBI Cards and Payment Services (down 6.14%), Shriram Transport Finance Company (down 5.78%), Cholamandalam Investment and Finance Company (down 5.12%), Indiabulls Housing Finance (down 4.93%), Housing Development Finance Corporation (down 4.99%), Bajaj Finserv (down 4.83%), Bajaj Finance (down 4.67%) and Edelweiss Financial Services (down 4.26%) declined.

The RBI also raised the group exposure limit of banks to 30% from 25% for a temporary period till 30 June 2021. Group exposure limit determines the maximum amount a bank can lend to one business house. The central bank relaxed rules governing borrowing by states to help them meet their own liabilities and expenditure requirements. In order to ease the pressures of bond redemption on states, rules governing withdrawal from consolidated sinking fund (CSF) have been eased. CSF is maintained by the state governments with the RBI as a buffer for repayment of their liabilities. This change in withdrawal norms will come into force with immediate effect and will remain valid till 31 March 2021.

Earnings Impact:

Godrej Industries shed 0.12%. On a consolidated basis, the company's net profit slumped 91.3% to Rs 25.90 crore on a 6.4% rise in net sales to Rs 3,120.67 in Q4 March 2020 over Q4 March 2019.

Hawkins Cookers tumbled 6.93% after the kitchenware maker's net profit slumped 30.6% to Rs 9.36 crore on 21% decline in net sales to Rs 145.97 crore in Q4 March 2020 over Q4 March 2019. The company said that its operations were impacted due to the lockdown announced by the government in March 2020 and most of April 2020. Both sales and production have partially resumed in May 2020, it added.

VST Industries rose 1.59%. The tobacco products manufacturer's net profit rose 33.15% to Rs 70.61 crore on 7.2% rise in total income to Rs 303.81 crore in Q4 March 2020 over Q4 March 2019. The board of directors recommended a final dividend of Rs 103 per equity share. The announcement was made after market hours yesterday, 21 May 2020

Stocks in Spotlight:

Index heavyweight Reliance Industries (RIL) fell 0.59%. RIL said that KKR will invest Rs 11,367 crore into Jio Platforms. The transaction values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. RIL said this is KKR's largest investment in Asia and will translate into a 2.32% equity stake in Jio Platforms on a fully diluted basis. Over the last one month, leading technology investors, such as Facebook, Silver Lake, Vista, General Atlantic and KKR have announced aggregate investments of Rs 78,562 crore into Jio Platforms. KKR is making the investment from its Asia private equity and growth technology funds.

IT major Infosys jumped 3.01% after a class action lawsuit filed against the IT major and some of its employees in the United States District Court stands dismissed. In October 2019, a class action lawsuit was filed in the United States District Court against Infosys and certain of its current and former officers. The complaint, which was filed in the Eastern District of New York, was brought on behalf of a class consisting of persons or entities who purchased the company's publicly traded securities between 7 July 2018 and 20 October 2019, and alleged claims for violations of the US federal securities laws. On 21 May 2020, the plaintiff voluntarily dismissed the lawsuit without prejudice.

Bandhan Bank dropped 3.53% after the bank said that that the business of around 65,000 of micro banking borrowers, amounting to exposure of approximately Rs 260 crore, could be impacted due to the Amphan cyclone. Cyclone Amphan struck five districts in southern West Bengal and northern coastal Odisha starting in the afternoon of 20 May and lasting till the wee hours of the morning of 21 May. As per the initial assessment, 49 banking units (micro banking outlets) in five districts were impacted, of which 45 have resumed operations today, Bandhan Bank said in a filing. It further informed that the bank will not be able to continue services in five branches due to issues in accessibility.

The market ended with decent gains on Thursday, extending its winning run for the third straight session. The barometer S&P BSE Sensex rose 114.29 points or 0.37% at 30,932.90. The Nifty 50 index rose 39.70 points or 0.44% at 9,106.25. Trading was volatile due to expiry of weekly index options on NSE. Banks shares reversed gains while auto shares rallied for the third straight day.

The Nifty opened higher at 9,079.45 and advanced further in mid-morning trade after the government announced resumption of domestic airline operations from 25 May, almost two month after the operations were suspended on 25 March.

The index hit the day's high of 9,178.55 in afternoon session. However, profit booking emerged in in mid-afternoon trade as deteriorating Sino-American ties cast a cloud over the rally in risk assets. The Nifty sharply pared gains to hit the day's low of 9,056.10 in late trade.

US President Trump reportedly accused China of having the ability, but declining, to stop the spread of the deadly virus, which has infected about 5 million people around the world.

Domestic sentiment were also impacted after ratings agency ICRA said that modest fiscal support, extension of lockdown, looming labour supply mismatches suggest deeper GDP contraction of 5% in FY 2021.

The broader market ended firm. The BSE Mid-Cap index rose 0.76% and the BSE Small-Cap index gained 0.72%.

The market breadth was positive. On the BSE, 1329 shares rose and 912 shares fell. A total of 173 shares were unchanged.

The Sensex and the Nifty have risen over 3% in three consecutive sessions.

COVID-19 update:

Total COVID-19 confirmed cases worldwide stood at 49,96,634 far with 3,28,120 deaths. India reported 63,624 active cases of COVID-19 infection and 3,435 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 6.033% as compared with 6.041% 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 75.6150, compared with its close of 75.80 during the previous trading session.

In the commodities market, Brent crude for July 2020 settlement rose 64 cents at $36.39 a barrel. The contract rose $1.10, or 3.17% to settle at $35.75 a barrel in the previous trading session.

Foreign Markets:

European markets were trading lower as tensions between US and China spooked investors. Meanwhile, Asian markets ended mixed as investors continue to monitor the reopening of economies amid the coronavirus pandemic.

In his late Wednesday tweet, Trump accused China of having the ability, but declining, to stop the spread of the deadly virus, which has infected about 5 million people around the world. He appeared to direct his criticism towards President Xi Xinping, a notable move given that China is heading into two days of annual parliamentary meetings in Beijing.

Japan's trade data for April released by the country's Ministry of Finance on Thursday showed exports in April plunging 21.9% as compared to a year earlier.

US stock markets nudged higher on Wednesday, following upbeat quarterly results from retailers Target and Lowe's that had investors focused on American businesses reopening and the coronavirus pandemic beginning to recede.

Investors focused on the positives and directed their attention to wider reopening plans that are taking place throughout the U.S. Many states have been lifting restrictions on business and personal activity ahead of the Memorial Day holiday next Monday.

The Senate approved the Holding Foreign Companies Accountable Act, which seeks to force Chinese companies to adhere to U.S. securities law, ultimately by barring many from listing shares on U.S. exchanges, or otherwise raising money from American investors. The bill still would need to pass the Democratic-controlled House of Representatives before reaching the president's desk to be signed into law.

Minutes of the Fed's last policy meeting in April published Wednesday showed officials also discussed how to convince markets that interest rates will stay low for a long time.

Buzzing Segments:

The Bank Nifty index fell 0.59% at 17,735.10. The index jumped as much as 2.02% in morning trade.

Bandhan Bank (down 4.94%), IndusInd Bank (down 2.91%), IDFC First Bank (down 2.07%), Axis Bank (down 1.54%), Kotak Mahindra Bank (down 1.16%), State Bank of India (down 0.98%), ICICI Bank (down 0.57%) and RBL Bank (down 0.36%) declined.

Bank of Baroda (up 2.18%), Punjab National Bank (up 1.31%), Federal Bank (up 0.64%) and HDFC Bank (up 0.21%) advanced.

Shares of aviation companies soared after the government announced resumption of flight operations from 25 May 2020.

InterGlobe Aviation jumped 7.28% while SpiceJet hit an upper circuit of 5% at Rs 42.95 after Hardeep Singh Puri, Minister of Civil Aviation tweeted, “Domestic civil aviation operation will recommence in a calibrated manner from 25 May 2020. All airports & air carriers are being informed to be ready for operations from 25 May. Standard operating procedures (SOPs) for passenger movement are also being separately issued by Ministry of Civil Aviation.”

The Nifty Auto index jumped 2.61% to 5,749.90. The index has climbed 5.89% in three sessions.

Ashok Leyland (up 6.34%), Hero MotoCorp (up 3.93%), Maruti Suzuki India (up 3.14%), Eicher Motors (up 2.89%), TVS Motor Company (up 2.3%), Escorts (up 1.43%), Tata Motors (up 0.72%) and Mahindra & Mahindra (up 0.54%) advanced.

Bajaj Auto rose 2.57%. The auto maker's consolidated reported net profit fell 3.9% to Rs 1,353.99 crore on 8.5% decline in net sales to Rs 6,610.90 crore in Q4 March 2020 over Q4 March 2019. Profit before tax (PBT) slipped 10.8% to Rs 1,764.93 crore during the period under review. Current tax expenses jumped 14.8% to Rs 411.33 crore in Q4 March 2020 over Q4 March 2019. The auto maker's total sales volume declined 17% to 9.91 lakh units in Q4 FY20 as against 11.93 lakh units in Q4 FY19. Domestic sales volumes slumped 33% to 4.78 lakh units while exports gained 7% to 5.13 lakh units during the quarter.

Earnings Impact:

Bajaj Finserv fell 3.64%. The company's consolidated net profit slumped 76.81% to Rs 194.43 crore on 2.30% rise in total income to Rs 13,294.25 crore in Q4 March 2020 over Q4 March 2019. Profit before tax (PBT) stood at Rs 792.90 crore in Q4 FY20, down by 62.77% from Rs 2,130.07 crore in Q4 FY19.

The MTM adjustment and the contingency provision, together considered as COVID-19 impact, after adjusting for tax and the company's interest in those subsidiaries have impacted consolidated profit after tax of BFS for Q4 and FY20 by 807 crore, Bajaj Finserv said in a statement.

Colgate-Palmolive (India) fell 1.31%. The company said its net profit rose 3.3% to Rs 204.2 crore on 7.4% decline in net sales to Rs 1,062.4 crore in Q4 March 2020 over Q4 March 2019. The company said its net sales contracted on account of an 8% volume decline, mainly due to current COVID-19 situation. Profit before tax (PBT) stood at Rs 234.36 crore in Q4 FY20, down by 15.4% from Rs 276.93 crore in Q4 FY19.

Jubilant FoodWorks gained 3.31%. On a consolidated basis, the company reported a 58% drop in net profit to Rs 32.53 crore on 4.1% rise in net sales to Rs 908.75 crore in Q4 March 2020 over Q4 March 2019. Net profit was impacted after the company made an exceptional item for the quarter ending 31 March 2020 of Rs 12.39 crore. The company said exceptional item were related to expenses consequential of Covid-19 pandemic situation. Domino's Same-store-sales growth (SSG) which refers to the year-over-year growth in sales for restaurants opened before previous financial year stood at -3.4% in Q4 March 2020 compared with 6% posted in the same period last year. Like for Like (LFL) sales growth for Domino's Pizza stood at -2.3% in Q4 March 2020 as against 7.4% in Q4 March 2019.

Ajanta Pharma jumped 3.30% after consolidated net profit jumped 45.3% to Rs 129.16 crore on 32.4% surge in net sales to Rs 681.96 crore in Q4 March 2020 over Q4 March 2019. Consolidated EBITDA grew at 19% to Rs 151 crore in Q4 March 2020 over Q4 March 2019. During the quarter, India sales were up 11% to Rs 177 crore in Q4 March 2020 as compared to Rs 159 crore in Q4 March 2019. As per IQVIA MAT March 2020, the company posted a healthy growth of 11% in Cardiology (segment growth of 11%), 17% in Ophthalmology (segment growth of 11%), 6% in Dermatology (segment growth of 9%) and 16% in Pain Management (segment growth of 12%). Total exports soared 43% to Rs 490 crore in Q4 March 2020 from Rs 343 crore in Q4 March 2019. The company said R&D expenses were at Rs 50 crore in Q4 March 2020, (Q4 FY 2019 Rs 40 crore) which is 7% of operating revenue.

Stocks in Spotlight:

Shares of IRCTC hit an upper circuit of 5% at Rs 1,400.70 on BSE. Booking for Indian Railways special trains that commence services from June 1 has begun on the IRCTC website (irctc.co.in) from 10:00 AM today. Indian Railways has already released the full list of IRCTC special trains that will run from 1 June.

Kalpataru Power Transmission rose 0.10%. The company said that its board approved a proposal to buyback shares worth up to Rs 200 crore at a price not exceeding Rs 275 per share. At the maximum buyback price and for the maximum buyback size, the indicative maximum number of equity shares to be bought back would be about 72,72,727 equity shares, which is about 4.70% of the total number of paid-up equity shares of the company. Furthermore, the board also approved capital raising through issuance of secured/unsecured non-convertible debentures (NCDs) upto Rs 300 crore in one or more tranches.

Cipla shed 0.63%. The drug maker announced the receipt of final approval for its abbreviated new drug application for Dihydroergotamine Mesylate Nasal Spray from the United States Food and Drug Administration (U.S. FDA) with a competitive generic therapy (CGT) designation. Cipla is the “first approved applicant” for such CGT and, is therefore, eligible for 180 days of CGT exclusivity which will begin to run from the commercial marketing of Cipla's product. The nasal spray is indicated for the treatment of migraine headaches and is a generic therapeutic equivalent version of Bausch Health's 'Migranal' spray.

Key domestic benchmarks rallied on Wednesday, supported by firmness in HDFC twins and Reliance Industries. The Nifty Bank index snapped its four-day losing streak and ended with strong gains.

The barometer S&P BSE Sensex jumped 622.44 points or 2.06% at 30,818.61. The Nifty 50 index gained 187.45 points or 2.11% at 9,066.55.

The Nifty opened higher at 8,889.15. The index pared gains and hit the day's low of 8,875.35 in mid-morning trade. The index trade sideways for most part of the day. Sudden buying support in mid-afternoon trade catapulted the index to the day's high of 9,093.80.

The broader market ended higher. The BSE Mid-Cap index rose 1.49% and the BSE Small-Cap index gained 1.13%. Both these indices underperformed the Sensex.

The market breadth was positive. On the BSE, 1262 shares rose and 1060 shares fell. A total of 164 shares were unchanged.

Sentiment got a boost after the country's finance minister Nirmala Sitharaman reportedly said the government remains open to more economic measures as and when needed.

Sitharaman on Sunday (17 May) announced the fifth and final tranche of economic stimulus package to deal with the economic fallout of the COVID-19 pandemic. The booster measures announced on Sunday related to MGNREGS, healthcare and education, businesses, de-criminalisation of the Companies Act, ease of doing business, public sector enterprises, and resources related to state governments. The government, in its first four tranches of the stimulus package, focussed on addressing the land, labour, liquidity, and laws.

Numbers to Watch:

The yield on 10-year benchmark federal paper rose to 6.041% as compared with 6.035% 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 75.80, compared with its close of 75.66 during the previous trading session.

In the commodities market, Brent crude for July 2020 settlement rose 42 cents at $35.07 a barrel. The contract fell 16 cents, or 0.46% to settle at $34.65 a barrel in the previous trading session.

Foreign Markets:

Most shares in Europe and Asia advanced. The US Dow index futures were up by 281 points, indicating a strong opening in the US stock market on Wednesday.

China held its benchmark lending rate steady on Wednesday, mirroring the central bank's decision last week to keep borrowing costs on medium-term funding for financial institutions unchanged. The one-year loan prime rate (LPR) remained at 3.85% from last month's fixing, while the five-year LPR was also steady at 4.65% from previously.

Investors also watched for market reaction to a media report released overnight that raised concerns about the trial results for a potential coronavirus vaccine from Moderna. That initial positive development had sent global markets rallying earlier in the week.

The US equity market finished volatile session lower for the first time in four sessions on Tuesday, 19 May 2020, as investors elected to book profit after a strong rally in the prior session, due to mixed batch of corporate results from major retailers and reports that Moderna Inc.'s coronavirus vaccine study didn't produce enough critical data to assess its success.

However, market losses were capped after Federal Reserve Chairman Jerome Powell, in a statement, said that the central bank is ready to use all the weapons in its arsenal to help the U.S. economy endure the coronavirus pandemic.

Stocks in Spotlight:

Index major Reliance Industries (RIL) rose 1.88% to Rs 1434.65 as the company's rights issue opened today, 20 May 2020. The rights issue valued at Rs 53,125 crore, will be open for subscription today and it will close on 3 June. All eligible shareholders as per record date of 14 May are entitled to subscribe to the fresh issue. RIL will issue 42,26,26,894 equity shares as part of the rights issue. The company will offer existing shareholders one new share for 15 held at a discounted price of Rs 1,257.

HDFC (up 5.61%), HDFC Bank (up 3.19%), Larsen & Toubro (up 4.85%) and ITC (up 2.96%) were other index movers.

Buzzing Index:

The Nifty Bank index rose 2.02% to 17,840.20. The index rebounded after falling as much as 0.45% at the day's low of 17,407.70. The index slumped 11% in the past four trading session.

HDFC Bank (up 3.19%), Kotak Mahindra Bank (up 2.88%), Federal Bank (up 2.36%), RBL Bank (up 2.32%), Axis Bank (up 2.31%), ICICI Bank (up 1.90%), Bank of Baroda (up 0.55%), Bandhan Bank (up 0.52%) and State Bank of India (up 0.39%) advanced.

Earnings Impact:

UltraTech Cement rose 2.63%. The company's consolidated net profit surged 204.79% to Rs 3,243 crore on 13.07% decline in net sales to Rs 10,579 crore in Q4 March 2020 over Q4 March 2019. Profit before tax (PBT) fell 4.21% YoY to Rs 1,461.97 crore during the quarter. Current tax expense fell 22.10% to Rs 246.61 crore during the period under review. The result was announced during market hours today, 20 May 2020.

Drug major Dr Reddy's Laboratories jumped 5.71% after consolidated net profit jumped 76% to Rs 764.20 crore on a 10% rise in revenues to Rs 4431.80 crore in Q4 March 2020 over Q4 March 2019. EBITDA jumped 13.54% to Rs 1,001.3 crore in Q4 FY20 from Rs 881.90 crore in Q4 FY19. EBITDA margins stood at 22.6% in Q4 March 2020 as compared to 22% in Q4 March 2019. Profit before income tax stood at Rs 714.2 crore in Q4 FY20, up by 22% from Rs 585.1 crore in Q4 FY20. Consolidated net profit rose 4% to Rs 1,949.80 crore on a 13% rise in revenues to Rs 17,460 crore in in the year ended March 2020 (FY20) as against the year ended March 2020 (FY19). Profit before income tax stood at Rs 1,803.20 crore in FY20, down by 20% from Rs 2,244.3 crore reported in FY19.

Bajaj Finance gained 3.85%. The NBFC major's consolidated net profit declined 19% to Rs 948 crore on 36% increase in total income to Rs 7,231 crore in Q4 March 2020 over Q4 March 2019. On a consolidated basis, profit before tax (PBT) stood at Rs 1,278 crore in Q4 FY20, down by 29% from Rs 1,812 crore reported in Q4 FY19. Net interest income jumped 38% to Rs 4,684 crore in Q4 FY20 over Q4 FY19. New loans booked during Q4 FY20 increased by 3% to 6.03 million from 5.83 million in Q4 FY19.

Loan losses and provisions for Q4 FY20 was Rs 1,954 crore as against Rs 409 crore in Q4 FY19. During the quarter, the company has taken an accelerated charge of Rs 390 crore for two identified large accounts, an additional provision of Rs 129 crore on account of recalibration of its ECL model and a contingency provision of Rs 900 crore for COVID-19. Adjusted for these additional provisions of Rs 1,419 crore, loan losses and provisions for Q4 FY20 was Rs 535 crore.

JSW Energy rose 3.30% after the company's consolidated net profit soared to Rs 108.44 crore in Q4 March 2020 compared with Rs 3.87 crore in Q4 March 2019. Total income declined 8.44% to Rs 1,847.65 crore in Q4 FY20 from Rs 2,018.16 crore in Q4 FY19 due to lower long-term sales and decline in fuel cost. The fuel cost decreased by 16.32% to Rs 996.32 crore in Q4 FY20 over Q4 FY19, due to moderation in the imported coal prices and lower generation.

Ujjivan Small Finance Bank surged 3.95% after net profit rose 14.7% to Rs 73.15 crore on 34.4% rise in total income to Rs 809.65 crore in Q4 March 2020 over Q4 March 2019. Net interest income (NII) jumped 46% to Rs 466 crore in Q4 FY20 over Q4 FY19. Net interest margin (NIM) stood at 11.2% in Q4 March 2020 as compared to 10.8% in Q4 March 2019. The bank's gross non-performing assets (NPAs) stood at Rs 137.14 crore as on 31 March 2020 as against Rs 129.45 crore as on 31 December 2019 and Rs 97.85 crore as on 31 March 2019. The ratio of gross NPAs to gross advances stood at 0.97% as on 31 March 2020 as against 0.95% as on 31 December 2019 and 0.92% as on 31 March 2019. The bank's provisions and contingencies stood at Rs 96.88 crore in Q4 March 2020, almost seven times compared to Rs 12.37 crore in Q4 March 2019. The bank has made total provision of Rs 70 crore for COVID-19 as on 31 March 2020, out of which Rs 48.97 crore is in respect of accounts in default but standard against the potential impact of COVID-19. The bank clarified that provisions held are in excess of the RBI prescribed norms.

Larsen & Toubro Infotech rallied 6.86% after consolidated net profit jumped 13.49% to Rs 427.50 crore on a 7.14% increase in net sales to Rs 3,011.90 crore in Q4 March 2020 over Q3 December 2019. Consolidated profit before tax rose 10.32% to Rs 551.40 crore in Q4 March 2020 as against Rs 499.80 crore in Q3 December 2019. EBITDA margin improved to 19.2% in Q4 March 2020 as compared to 18.8% in Q3 December 2019 and 19.2% in Q4 March 2019.

Key benchmark indices ended with decent gains on Tuesday, tracking strength in other Asian peers amid optimism about a potential vaccine for the coronavirus. Domestic shares also witnessed bargain hunting after the Sensex and the Nifty lost about 6% in the past three session. However, gains were capped due to rising coronavirus cases in India.

The barometer S&P BSE Sensex rose 167.19 points or 0.56% at 30,196.17. The Nifty 50 index gained 55.85 points or 0.63% at 8,879.10.

The Nifty opened higher at 8,961.70 and hit fresh intraday high of 9,030.35 in morning trade. Selling emerged at higher level which dragged the index to the day's low of 8,855.30 in mid-afternoon trade.

In the broader market, the BSE Mid-Cap index rose 0.52% and the BSE Small-Cap index fell 0.20%.

The market breadth was negative. On the BSE, 1030 shares rose and 1262 shares fell. A total of 168 shares were unchanged.

COVID-19 update:

Total COVID-19 confirmed cases worldwide stood at 48,22,430 far with 3,18,851 deaths. India reported 58,802 active cases of COVID-19 infection and 3,163 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

In a bid to contain the spread of the novel coronavirus pandemic, the Centre on 17 May 2020 extended the nationwide lockdown till 31 May 2020.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.035% as compared with 6.050% 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 75.66, compared with its close of 75.9125 during the previous trading session.

In the commodities market, Brent crude for July 2020 settlement fell 11 cents at $34.70 a barrel. The contract rose $2.31, or 7.11% to settle at $34.81 a barrel in the previous trading session.

Foreign Markets:

European markets declined after Monday's rally. Asian markets ended higher as hopes rise on a potential coronavirus vaccine after a positive development from a Moderna trial.

Moderna reported 'positive' phase one results for a potential coronavirus vaccine. The company said that after two doses all 45 trial participants had developed coronavirus antibodies.

Meanwhile, Chinese President Xi Jinping said Monday that his country will provide $2 billion over two years to help other countries combat the impact of the coronavirus pandemic.

US stocks rose sharply on Monday on optimism that the American economy might be percolating again, while the medical community works toward a potential COVID-19 vaccine.

Stock-market bulls also gained confidence following remarks by the U.S. central bank chief Powell on Sunday and Monday that the Fed would continue to support the economy and financial markets through the viral outbreak.

Buzzing Segment:

The Nifty Bank index declined 0.49% to 17,486.25, extending its losing run to fourth consecutive trading session. The index has slumped 10.94% in four trading days from its previous closing high of 19,634.95 on 13 May 2020.

Among private lenders, Bandhan Bank (down 3.9%), Federal Bank (down 3.66%), IndusInd Bank (down 2.39%), Axis Bank (down 1.28%), Yes Bank (down 0.72%) and HDFC Bank (down 0.59%) declined.

Kotak Mahindra Bank (up 1.54%), City Union Bank (up 1.48%) and ICICI Bank (up 0.59%) advanced.

Among public sector banks, Bank of Baroda (down 5.44%), Union Bank of India (down 2.76%), Punjab National Bank (down 2.56%), UCO Bank (down 2.31%), State Bank of India (down 1.64%) and Canara Bank (down 1.55%) declined.

The Nifty Metal index rose 1.20% to 1,693.55. The index fell 3.97% on Monday.

Jindal Steel & Power (up 4.26%), JSW Steel (up 4.01%), Tata Steel (up 2.06%), Hindalco Industries (up 1.78%), NALCO (up 1.63%) and NMDC (up 0.63%) rose.

Earnings Impact:

Bharti Airtel jumped 11.34%. The telecom major reported a consolidated net loss of Rs 5327 crore in Q4 March 2020 (Q4 FY20) as against net profit of Rs 107.20 crore in Q4 March 2019 (Q4 FY19). The company took a hit due to an exceptional item of Rs 7,004 crore in the quarter, which comprises mainly of a charge on account of reassessment of regulatory cost based on a recent judgment on one-time spectrum charge (OTSC) related matter.

Net sales jumped 15.1% to Rs 23,722.70 crore during the period under review. EBITDA rose 51.7% to Rs 10,326 crore in Q4 FY20 over Q4 FY19. EBITDA margin stood at 43.5% as on 31 March 2020 as compared to 33% as on 31 March 2019.

The company said its average revenue per user (ARPU) rose 25.20% to Rs 154 in Q4 FY20 from Rs 123 in Q4 FY19. Growth was broad based and all segments registered healthy underlying growth, the company said. The company total customer base increased by 4.9% to 42.3 crore customers in Q4 March 2020 from 40.3 crore customers in Q4 March 2019.

Gabriel India hit an upper circuit of 5% at Rs 73.50 after net profit jumped 53.72% to Rs 26.58 crore on a 16.78% fall in revenue from operations to Rs 424.64 crore in Q4 March 2020 over Q4 March 2019. Total expenses falling 16.78% to Rs 405.46 crore, profit before tax (PBT) contracted 13.22% to Rs 22.33 crore in Q4 FY20 over Q4 FY19. The result was announced during market hours today. The company's profitability was aided by lower tax expense. Current tax expenditure shrunk 50.93% to Rs 5.45 crore in Q4 FY20 from Rs 11.12 crore in Q4 FY19.

Astrazeneca Pharma India slumped 10.87% after net profit declined 2.4% to Rs 9.58 crore on 2.4% increase in net sales to Rs 194.90 crore in Q4 March 2020 over Q4 March 2019. Profit before tax stood at Rs 13.35 crore in Q4 March 2020, rising 57.6% year on year from Rs 8.47 crore in Q4 March 2019. The result was announced after market hours yesterday, 18 May 2020.

Torrent Power rose 2.74%. The company reported consolidated net loss of Rs 273.94 crore in Q4 March 2020 compared with net profit of Rs 24.80 crore in Q4 March 2019. The company provided impairment loss of Rs 1,000 crore as exceptional item during the quarter towards carrying cost of DGEN plant (Dahej, Gujarat). Net sales rose 2% to Rs 2,983.50 crore in Q4 March 2020 over Q4 March 2019. EBITDA grew 15% to Rs 864 crore in Q4 March 2020 as compared to Rs 750 crore in Q4 March 2019.

Stocks in Spotlight:

Reliance Industries (down 2.26%), Larsen & Toubro (down 2.09%), Hindustan Unilever (down 1.56%) and Nestle India (down 0.53%) were among the major index losers.

ONGC (up 5.76%), UltraTech Cement (up 3.96%), ITC (up 3.74%), Power Grid Corporation of India (up 2.33%) and NTPC (up 2.19%) were among the major index gainers.

Biocon gained 1.66%. The drug maker said that its subsidiary Biocon Biologics India has received the certificate of Good Manufacturing Practice (GMP) compliance from EMA for multiple Biologics Drug Substance (DS) and Drug Product (DP) manufacturing facilities at Biocon Park, Bengaluru. These facilities are used for the manufacture of DS and DP for Biosimilars: Bevacizumab, Trastuzumab, Pegfilgrastim and secondary packaging of Insulin Glargine for EU markets, and were inspected in March 2020, Biocon said.

Lupin fell 2.01%. The drug major announced the launch of authorized generic version of Bausch Health's Apriso (mesalamine extended-release capsules 0.375 g) in the US. Mesalamine extended-release capsules 0.375g (authorized generic version) are indicated for the maintenance of remission of ulcerative colitis in patients 18 years of age and older. Mesalamine extended-release capsules 0.375 g, RLD: Apriso had an annual sales of approximately $290 million in the US (IQVIA MAT March 2020).

KEC International gained 2.69% after the company secured new orders of Rs 1,203 crore across its various businesses. The firm has secured a transmission and distribution order of Rs 917 crore for T&D projects in India, Bangladesh, Africa and the Americas. The company's civil business secured orders of Rs 176 crore for industrial [civil works for Flue Gas Desulfurization (FGD) project] and residential projects in India. While cable business secured order of Rs 110 crore for various types of cables and cabling projects.

The market slumped on Monday amid broad-based selling pressure, with banks stocks losing the most. Unimpressive economic stimulus, rising cases of Covid-19 in India and extension of nationwide lockdown dented investors sentiment.

The barometer S&P BSE Sensex tumbled 1,068.75 points or 3.44% at 30,028.98. The Nifty 50 index lost 313.60 points or 3.43% at 8,823.25.

The Nifty opened higher at 9,158.30, but quickly reversed trend amid steep selling pressure. The Nifty broke the decisive 9,000 mark in morning trade. A minor recovery was seen in early afternoon trade as Nifty momentarily arrested the fall and traded sideways. Fresh wave of selling in last half hour of trade dragged the Nifty to its day's low of 8,806.75.

In the broader market, the BSE Mid-Cap index fell 3.75% and the BSE Small-Cap index slipped 2.89%.

Sellers outpaces buyers. On the BSE, 577 shares rose and 1773 shares fell. A total of 166 shares were unchanged.

COVID-19 update:

Total COVID-19 confirmed cases worldwide stood at 47,13,769 far with 3,15,187 deaths. India reported 56,316 active cases of COVID-19 infection and 3,029 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

In a bid to contain the spread of the novel coronavirus pandemic, the Centre on 17 May 2020 extended the nationwide lockdown till 31 May 2020. According to the new guidelines, the delineation of red, orange and green zones will be decided by respective states and Union Territory governments after taking into consideration the parameters shared by the Union Ministry of Health and Family Welfare.

Economy:

Finance Minister Nirmala Sitharaman on Sunday (17 May) announced the fifth and final tranche of economic stimulus package to deal with the economic fallout of the COVID-19 pandemic. The booster measures announced on Sunday related to MGNREGS, healthcare and education, businesses, de-criminalisation of the Companies Act, ease of doing business, public sector enterprises, and resources related to state governments.

The 20 lakh crore economic stimulus package has been divided into five tranches and each tranche focuses to deal with the fallout of the coronavirus pandemic. The government, in its first four tranches of the stimulus package, focussed on addressing the land, labour, liquidity, and laws with little extra budget spending.

On the data front, India's merchandise exports dipped 60.3% to $10.36 billion in April 2020 over a year ago. Merchandise imports declined 58.6% to $17.12 billion. The trade deficit fell 55.9% to $6.76 billion in April 2020 from $15.33 billion in April 2019.

Merchandise exports in rupees plunged 56.4% to Rs 78,951 crore, while imports declined 54.6% to Rs 1,30,525 crore in April 2020 over April 2019. The trade deficit eased to Rs 51,574 crore in April 2020 compared with Rs 1,06,412 crore in April 2019.

As per the data released by the Reserve Bank of India, India's services exports increased 1.2% to $18.16 billion in March 2020 over March 2019. India's services imports declined 2.2% to $11.11 billion in March 2020.

IMD Forecast:

The southwest monsoon is likely to make a delayed onset this year, arriving over the Kerala coast on 5 June, the India Meteorological Department (IMD) said on Friday. The forecast carries a model error of +/-4 days, according to the weather office. The normal onset date for the June-September rainy season is 1 June.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.050% as compared with 6.081% 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 75.9125, compared with its close of 75.58 during the previous trading session.

In the commodities market, Brent crude for July 2020 settlement rose $1.91 at $34.41 a barrel. The contract rose $1.37, or 4.40% to settle at $32.50 a barrel in the previous trading session.

Foreign Markets:

European markets were trading with strong gains on Monday as investors eyed a gradual economic recovery with many countries easing lockdown. Asian markets ended higher despite U.S. Federal Reserve Chairman Jerome Powell saying that the economy stateside may need a coronavirus vaccine to fully recover.

On the economic data front, Japan's economy shrank at an annualized rate of 3.4% in January-March, government data showed. That marked the country's second straight quarter of contraction, meeting the technical definition of a recession.

In US, stocks recovered from steep losses early Friday to close higher, despite data showing U.S. April retail sales plunged more than forecasts and news the Trump administration will block shipments of semiconductors to China's Huawei Technologies, stoking fears of renewed trade tensions.

However, sentiment was improved by news the House of Representatives was set to vote on another $3 trillion coronavirus package that could be the opening bid in another round of fiscal stimulus.

In economic data, U.S. retail sales fell 16.4% in April, the Commerce Department reported, as businesses remained all but shut down. Excluding autos, sales still dropped 16.2%.

Industrial production collapsed in April, the Federal Reserve said Friday. Industrial output fell a record 11.2%, pulled down by a record drop in manufacturing. Capacity utilization slumped to a record low 64.9% from 72.7% in March.

Buzzing Indian Segment:

The Nifty Bank index slumped 6.69% to 17,573.20 after the Government on Sunday said insolvency proceedings against fresh defaulters would remain suspended for up to one year and Covid-19-related debt would be excluded from the definition of default. The central government will be empowered to exclude Covid-19 related debt from the definition of 'default' under the code. Minimum threshold to initiate insolvency proceedings is raised to Rs 1 crore from Rs 1 lakh earlier. Banks and NBFCs could face a tough time ahead as they will be deprived of a credible mode of bad debt resolution.

The Nifty Bank index extended its losing run to third consecutive trading session. The index has slumped 10.50% in three trading days from its previous closing high of 19,634.95 on 13 May 2020.

Among the public sector banks, Canara Bank (down 7.56%), Bank of Baroda (down 7.1%), State Bank of India (down 6.61%), Punjab National Bank (down 4.85%), Union Bank of India (down 4.66%) and IDBI Bank (down 4.44%) tumbled.

Among the private sector banks, IndusInd Bank (down 10.02%), RBL Bank (down 9.55%), Federal Bank (down 9.47%), City Union Bank (down 8.41%), Axis Bank (down 7.55%), ICICI Bank (down 7.44%), HDFC Bank (down 5.83%), Bandhan Bank (down 5.81%), Kotak Mahindra Bank (down 5.47%) and Yes Bank (down 3.83%) slumped.

Earnings Impact:

Cipla gained 5.35%. On a consolidated basis, Cipla's net profit declined 33% to Rs 245.95 crore on a 0.7% rise in net sales to Rs 4301.60 crore in Q4 March 2020 over Q4 March 2019. The company said its India Rx business grew by 12% on a year on year basis recording a third consecutive quarter of market beating growth. South Africa business continued the strong growth momentum to deliver growth of 10% on a year on year basis in local currency. Cipla reported its Research & Development investment stood at Rs 311 crore in Q4 March 2020, which is 7.1% of sales. Consolidated EBITDA declined 33% to Rs 652 crore in Q4 March 2020 from Rs 972 crore posted in Q4 March 2019. EBITDA margin declined to 15% in Q4 March 2020 from 22% reported in Q4 March 2019.

Tata Chemicals fell 5.83% after consolidated net profit slumped 48.47% to Rs 197.56 crore on 7.16% decline in revenue from operations to Rs 2,378.09 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax (PBT) dropped 45.28% to Rs 216.88 crore in Q4 March 2020 as against Rs 396.38 crore in Q4 March 2019. Total tax expenses jumped 49.07% to Rs 19.32 crore in Q4 March 2020 as against Rs 12.96 paid in Q4 March 2019. EBITDA dropped 11% to Rs 400 crore in Q4 March 2020 from Rs 447 crore in Q4 March 2019. EBITDA margin stood unchanged at 17% in Q4 March 2020 compared with the same period last year.

Mahindra & Mahindra Finance Services tumbled 18.20% after consolidated net profit dropped 65.8% to Rs 234.82 crore on 8.05% rise in total income to Rs 3,148.47 crore in Q4 March 2020 over Q4 March 2019. The company said in order to cover the contingencies that may arise due to COVID-19 Pandemic, it has incorporated the management overlays in the impairment loss allowance and the total provision recognized in the statement of Profit and Loss during the quarter stood at Rs 681.16 crore.

L&T Technology Services (LTTS) jumped 3.60% after consolidated net profit gained 0.34% to Rs 204.80 crore on 1.66% increase in net sales to Rs 1,446.60 crore in Q4 March 2020 over Q3 December 2019. Consolidated profit before tax fell 0.98% to Rs 271.80 crore in Q4 March 2020 as against Rs 274.50 crore in Q3 December 2019. Tax expenses slipped 4.65% at Rs 65.50 crore in Q4 March 2020 as compared to Rs 68.70 crore paid in Q3 December 2019.

Stocks in Spotlight:

IT majors TCS (up 2.72%) and Infosys (up 1.73%) bucked weak market trend.

Index heavyweight Reliance Industries (RIL) fell 1.25% to Rs 1440.65. RIL and Jio Platforms on 17 May 2020 announced an investment of Rs 6,598.38 crore by General Atlantic, a leading global growth equity firm. This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. General Atlantic's investment will translate into a 1.34% equity stake in Jio Platforms on a fully diluted basis. The transaction is subject to regulatory and other customary approvals.

With this investment, Jio Platforms has raised Rs 67,194.75 crore from leading technology investors including Facebook, Silver Lake, Vista Equity Partners and General Atlantic in less than four weeks.

Coal India (CIL) slumped 5.87% after Finance Minister Nirmala Sitharaman on Saturday (16 May) allowed commercial mining of coal by the private sector, ending government monopoly on the sector. FM said introduction of private players in commercial mining will be done on revenue sharing mechanism instead of the regime of fixed rupee/tonne. She further said that nearly 50 blocks will be offered for bidding.

Key equity indices ended a volatile session on a flat note on Friday. Banks stocks extended losses while metals stocks bucked trend. Global shares were upbeat as data showed China's industrial output bouncing back in April.

The barometer S&P BSE Sensex fell 25.16 points or 0.08% at 31,097.73. The Nifty 50 index lost 5.90 points or 0.06% at 9,136.85.

The Nifty opened higher at 9,182.40, but soon pared gains in early trade. The index hit an intraday low of 9050 in mid-morning trade. A recovery was seen in afternoon session tracking positive sentiment from European markets. The Nifty bounced back and hit the day's high of 9,182.40 in mid-afternoon trade. The index closed below 9150 level due to selling in late trade.

In the broader market, the S&P BSE Mid-Cap index fell 0.31% while the S&P BSE Small-Cap index declined 0.16%.

The market breadth was negative. On the BSE, 1086 shares rose and 1229 shares fell. A total of 178 shares were unchanged.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 6.085% compared with previous closing of 6.056% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged lower to 75.58 compared with its previous closing of 75.5625.

In the commodities market, Brent crude for July 2020 settlement was up 42 cents to $31.55 a barrel. The contract surged 6.65% to settle at $31.13 a barrel in the previous trading session.

MCX Gold futures for 5 June 2020 settlement rose 0.49% to Rs 46,884.

Global Markets:

European markets were trading higher while most Asian markets closed on a positive note as data released by China showed industrial output bounced back in April.

China's industrial output rose 3.9% in April from a year earlier, improving from a 1.1% fall in March, according to data released Friday by the country's National Bureau of Statistics. This marks the first expansion in the metric for this year from China.

The US equity market finished volatile session higher on Thursday, 14 May 2020, snapping a two-sessions losing streak, led by a resurgence for some of the recent beaten-down stocks.

The reversal for stocks came after the U.S. Labor Department released its weekly initial jobless claims report. Another 2.981 million Americans filed for unemployment benefits in the week ending May 9. The prior week's figure was revised higher to 3.18 million from the previously reported 3.17 million jobless claims.

However, market gains capped amid weak economic data and as of warning from the U.S. Federal Reserve's chairman for an extended period of weak economic growth. At closing bell, the Dow Jones Industrial Average rose 1.62%, to 23,625.34 while The S&P 500 added 1.15% to end at 2,852.50.

U.S. President Donald Trump on Thursday said he was disappointed with China over its failure to contain the coronavirus, and that the pandemic cast a pall over his U.S.-China trade deal. His comments stoked concerns about renewed U.S.-China trade tensions.

Buzzing Indian Segments:

The Nifty Bank index declined 1.23% to 18,833.95, losing for second consecutive trading session. The index has lost 4.08% in two days.

Among private lenders, Federal Bank (down 3.52%), Bandhan Bank (down 3.37%), Axis Bank (down 3.3%), RBL Bank (down 2.58%), IndusInd Bank (down 2.24%), ICICI Bank (down 1.47%) and HDFC Bank (down 0.64%) declined. Kotak Mahindra Bank rose 0.35%

Among state-run lenders, Bank of Baroda (down 3.71%), Canara Bank (down 2.67%), IDBI Bank (down 1.71%), Punjab National Bank (down 1.54%), State Bank of India (down 0.92%) and Union Bank of India (down 0.4%) declined.

The Nifty Metal index rose 1.61% to 1,742.60, bucking weak market trend as China's positive industrial output data boosted sentiment.

Vedanta (up 4.32%), Steel Authority of India (up 4.26%), Hindustan Zinc (up 3.11%), NMDC (up 1.94%), Tata Steel (up 1.81%), Hindalco Industries (up 1.66%), NALCO (up 1.23%) and Jindal Steel & Power (up 1.02%) jumped.

China is the world's largest producer and consumer of industrial metals. A rebound in Chinese economy could boost demand for industrial metals.

Earnings Impact:

Biocon fell 2.06% after consolidated net profit declined 42.3% to Rs 123.40 crore on a 3.4% rise in net sales to Rs 1581 crore in Q4 March 2020 over Q4 March 2019. Consolidated EBITDA stood at Rs 382 crore in Q4 March 2020, declining 11% from Rs 431 crore in the same period last year. EBITDA margin slipped to 23% in Q4 March 2020 from 28% reported in Q4 March 2019.

Manappuram Finance rose 3.41% after net profit rose 43.68% to Rs 394.97 crore on 38.72% increase in total income to Rs 1,618.15 crore in Q4 March 2020 over Q4 March 2019. Profit before tax stood at Rs 534.07 crore in Q4 March 2020, up by 30.4% from Rs 409.41 crore in Q4 March 2019. Net interest income rose 33.3% to 1024.52 crore during the period under review. The company's consolidated assets under management (AUM) rose 29.8% to Rs 25,225 crore in FY20 from Rs 19,438 crore in FY19.

Tata Consumer Products fell 3.03% after consolidated group net loss stood at Rs 122 crore in Q4 March 2020 as compared to a net profit of Rs 36 crore in Q4 March 2019. The company reported exceptional loss of Rs 264 crore during the quarter. Higher exceptional items mainly includes costs related to merger of India foods business and non-cash impairment loss on goodwill relating to the business in Australia and tea business in the US. The accounting impairment has been recognised due to a combination of factors like COVID related impact on specific out of home business segments, changes to discount rates due to market conditions and revision in business plan sensitivities.

Mahindra Lifespace Developers declined 0.14% after reporting consolidated net loss of Rs 223.9 crore in Q4 March 2020 compared with net profit of Rs 31.27 posted in Q4 March 2019. Net sales dropped 56.7% to Rs 101.42 crore in Q4 March 2020 from Rs 234.27 crore posted in Q4 March 2019. The realtor reported a pre-tax loss of Rs 229.45 crore in Q4 March 2020 over a pre-tax profit of RS 35.65 crore in Q4 March 2019. The company reported an exceptional loss of Rs 134 crore. Mahindra Homes (MHPL), a joint venture of the company, is executing residential projects at NCR and Bengaluru. The residential project in NCR is a joint development with the landowner.

Stocks in Spotlight:

Shares of two multiplex chain operators INOX Leisure and PVR fell 3.93% each after INOX on Thursday expressed its disappointment over the decision of a production house to release their movie directly on an over-the-top (OTT) platform.

INOX, in a statement issued on Thursday (14 May 2020) said: INOX would like to express extreme displeasure and disappointment on an announcement made by a production house to release their movie directly on an OTT platform by skipping the theatrical window run. The decision of production house to deviate from the globally prevalent content windowing practice is alarming and disconcerting. It added that the chain reserves all rights, including taking retributive measures against such 'fair weather friends.'

Alembic Pharmaceuticals rose 3.17% after the company said it received US drug regulator's final approval for doxycycline hyclate tablets USP, 100 mg. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Vibra-Tabs, 100mg of Pfizer, Inc. This medication is used to treat a wide variety of bacterial infections, including those that cause acne. This medication is also used to prevent malaria. The drug has an estimated market size of $53 million for twelve months ending December 2019 according to IQVIA.

J. Kumar Infraprojects added 3.74% after the construction major declared that it has secured a contract for the construction of part design and construction of Andheri (East)-Dahisar (East) corridor of Mumbai Metro Rail Project of MMRDA. The disclosure was made during market hours today, 15 May 2020.