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As on May 27, 2020 12:00 AM Your results on : Mid Session    
Sensex spurts 900 pts as banks rally
27-May-2020 (14:29)
Benchmark indices soared in mid afternoon trade, led by rally in banks and IT shares. The Nifty briefly crossed the 9300 mark. The index trades above its 20-day simple moving average placed at 9,217.06.

At 14:30 IST, the barometer index, the S&P BSE Sensex jumped 907.45 points or 2.96% at 31,516.75, The Nifty 50 index rallied 259.05 points or 2.87% at 9,288.10.

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 broader market trailed the benchmark. The S&P BSE Mid-Cap index was up 0.22% while the S&P BSE Small-Cap index rose 0.38%.

The market breadth was positive. On the BSE, shares 1,248 rose and 931 shares fell. A total of 167 shares were unchanged.

Buzzing Index:

The Nifty Bank Index surged 6% to 18,486.70. Axis Bank (up 10.71%), ICICI Bank (up 7.83%), Bandhan Bank (up 6.71%), Federal Bank (up 5.98%), Kotak Mahindra Bank (up 5.3%), RBL Bank (up 5.02%), IndusInd Bank (up 4.95%), HDFC Bank (up 4.27%), State Bank of India (up 3.7%), IDFC First Bank (up 2.78%), Bank of Baroda (up 2.56%) and Punjab National Bank (up 2.25%) surged.

Axis Bank jumped after 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 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 1.62% to 13,794.40, bouncing back from yesterday's 1.93% fall. Depreciation of rupee against the dollar aided the rally.

Wipro (up 4.34%), Infosys (up 3.28%), TCS (up 3.09%), MindTree (up 1.07%), Tech Mahindra (up 0.75%), NIIT Technologies (up 0.64%), Hexaware Technologies (up 0.63%) and HCL Technologies (up 0.52%) were top gainers in IT segment.

Q4 Results Today:

Sun Pharmaceutical Industries (up 0.36%), Dabur India (down 0.96%), United Spirits (down 0.56%), Tata Investment Corporation (up 2.45%), Aditya Birla Fashion and Retail (down 0.88%), Vaibhav Global (down 0.77%), Quess Corp (up 1.44%), Ujjivan Financial Services (up 3.94%), and KPIT Technologies (up 0.46%) are some of the companies that will announce their quarterly earnings today.

Earnings Impact:

Deepak Nitrite fell 0.08%. 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 6.19%. 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 4.63% to Rs 5220.85, 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.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 5.987% compared with previous closing of 5.975% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged lower to 75.7125 compared with its previous closing of 75.66.

In the commodities market, Brent crude for July 2020 settlement was down 58 cents cents to $35.59 a barrel. The contract rose 2.96% to settle at $36.17 a barrel in the previous trading session.

MCX Gold futures for 5 June 2020 settlement fell 0.59% to Rs 46,695.

Barometers at day's high; banks rally
27-May-2020 (13:20)
Nifty crosses 9,100 mark; India VIX slides below 31
27-May-2020 (12:27)
Indices hit day's highs; metal stocks shine
27-May-2020 (11:27)
Shares come off the day's low
27-May-2020 (10:27)
Stocks nudge higher in early trade
27-May-2020 (09:25)
Market turns negative; pharma snaps winning run
26-May-2020 (14:23)
Sensex, Nifty turn almost flat; Europe opens higher
26-May-2020 (13:28)
Barometers trade higher; India VIX cools off
26-May-2020 (12:25)
Benchmarks pare gains; breadth positive
26-May-2020 (11:30)
Shares off the day's high; private banks in demand
26-May-2020 (10:25)
Market opens on a firm note
26-May-2020 (09:28)
Sensex, Nifty trim losses; metals stocks correct
22-May-2020 (14:26)
Indices trade with steep losses; Europe opens in red
22-May-2020 (13:23)
Nifty holds 9000 mark; financials drag
22-May-2020 (12:30)
Barometers extend losses; breadth negative
22-May-2020 (11:28)
Shares turn volatile after RBI cuts key rates
22-May-2020 (10:31)
Market drifts lower in early trade
22-May-2020 (09:21)
Shares pare gains; Nifty below 9100
21-May-2020 (14:26)
Sensex climbs 350 pts; India VIX slumps 8%
21-May-2020 (13:27)
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