The domestic equity benchmark slumped on Tuesday, dragged by banks shares. Negative global cues and rising global coronavirus cases dented investors' sentiment.

As per provisional closing, the barometer S&P BSE Sensex tumbled 660.63 points or 1.80% at 36,033.06. The Nifty 50 index slumped 195.35 points or 1.81% at 10,607.35.

In the broader market, the S&P BSE Mid-Cap index slipped 0.95% while the S&P BSE Small-Cap index lost 0.93%.

Sellers outpaced buyers. On the BSE, 831 shares rose and 1852 shares fell. A total of 122 shares were unchanged. In Nifty 50 index, 3 stocks advanced while 47 stocks declined.

COVID-19 Update:

India reported 3,11,565 active cases of COVID-19 infection and 23,727 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. Total coronavirus cases worldwide stood at 13,103,290 with 573,042 deaths so far, according to data from Johns Hopkins University.

Economy:

India's inflation based on wholesale price index (WPI) contracted by 1.81% (provisional) in June 2020 (over June 2019) compared with 2.02% during the corresponding month of the previous year. WPI contracted by 3.21% in May 2020.

The all-India general CPI inflation declined to 6.09% in June 2020, compared with 6.27% in May 2020. The corresponding provisional inflation rate for rural area was 6.20% and urban area 5.91% in June 2020 as against 6.18% and 6.43% in May 2020. The core CPI inflation eased to 4.87% in June 2020 compared with 4.93% in May 2020. The cumulative CPI inflation has moved up to 6.52% in June-May FY2020 compared with 3.07% in June-May FY2019.

The retail inflation has surpassed the Reserve Bank of India's (RBI) upper limit of 6%. The government has mandated the Indian central bank to keep inflation within the range of 4% with a margin of 2% on either side.

The growth in the domestic retail inflation was mainly due to a rise in prices of pulses and products (up 16.68% YoY), followed by meat and fish (up 16.22% YoY), oils and fats (12.27% YoY) and spices (up 11.74% YoY).

Buzzing Index:

The Nifty Bank index slumped 3.10% to 21,405.25, extending losses for third day. The index has fallen 6.55% in three sessions while the benchmark Nifty 50 index has declined 1.87% during the same period.

While the index has managed to trade above its 50-day simple moving average (SMA) placed at 20373.63, it is still below its 100-day and 200-day SMA placed at 21793.42 and 26301.07, respectively.

The weekly and the monthly option chain for the Nifty Bank index suggests a trading range of 21000-23000 for the index.

Among the index constituents, RBL Bank (down 7.08%), IndusInd Bank (down 5.34%), Axis Bank (down 5.06%), Bandhan Bank (down 3.81%), IDFC First Bank (down 3.72%), Federal Bank (down 3.39%), SBI (down 3.27%), Kotak Mahindra Bank (down 2.84%), Bank Of Baroda (down 2.87%), Punjab National Bank (down 2.75%), ICICI Bank (down 2.22%) and HDFC Bank (down 1.88%) declined.

Stocks in Spotlight :

Housing Development Finance Corporation (HDFC) fell 2.91% to Rs 1792.75. The housing finance major on Monday (13 July) said it is planning to raise up to Rs 45,000 crore by issuing debt securities, and will seek approval of shareholders in its upcoming AGM later this month.

The board of directors of HDFC will meet on 30 July to announce the Q1 June 2020 results. The 43rd annual general meeting (AGM) of the corporation is scheduled to be held later on the same day (30 July 2020).

5paisa Capital hit an upper circuit of 5% at Rs 324.60 after it reported consolidated net profit of Rs 2.81 crore in Q1 June 2020 as compared to net loss of Rs 0.52 crore in Q1 June 2019. Total income rose 85.17% to Rs 42.44 crore. The company said that it has maintained its swift pace of client acquisitions with over 160,000 acquisitions in the quarter, crossing 700,000 customers in total.

BF Utilities hit an upper circuit of 10% at Rs 220.95 after billionaire investor and DMart founder, Radhakishan Shivkishan Damani, acquired 1.30% stake in the Kalyani Group-owned company during April-June 2020 quarter.

Meanwhile, BF Utilities on Monday (13 July) announced that it has suspended operations at its Pune office from 14 July 2020 till further notice, to comply with the lockdown order issued by Pune Municipal Corporation.

Motherson Sumi Systems fell 2.29% to Rs 93.85 after the credit rating agency Moody's Investors Service lowered the outlook on the company's rating to negative from ratings under review. The ratings agency said that the negative outlook indicates the risk of a downgrade if the global auto industry does not recover, with a slower-than-anticipated recovery in the company's financial metrics.

Dr. Reddy's Laboratories gained 1.96% to Rs 3975. The company announced the launch of over-the-counter Nicotine Polacrilex lozenges, 2 mg and 4 mg, the store brand version of Nicorette lozenges in the US market. Nicotine Polacrilex lozenges are medical products used to aid in smoking cessation in adults.

Global Markets:

Shares in Europe and Asian declined on Tuesday amid concerns over rising coronavirus cases across the globe coupled with rising US-Sino tensions.

The United States on Monday rejected China's territorial claims in the South China Sea, drawing an angry response from Beijing, which claimed Washington was trying to inflame tensions in the disputed waters.

China's yuan-denominated trade data for June was released on Tuesday, with exports rising 4.3% year-on-year while imports increased 6.2% as compared to a year earlier, according to customs data. China's dollar-denominated trade figures for June are expected to be released later. Singapore's economy contracted 12.6% in the second quarter as compared to a year ago, according to advance estimates by the Ministry of Trade and Industry released Tuesday.

The US stock market settled volatile session lower on Monday, 13 July 2020, as investors pocketed recent gains late afternoon amid rekindled worries about another coronavirus lockdown. The Dow Jones Futures were down 3 points, indicating a flat opening in US markets.

Meanwhile, World Health Organization Director-General Tedros Adhanom Ghebreyesus on Monday warned that “too many countries are headed in the wrong direction.” In several countries across the world, we are now seeing dangerous increases in Covid-19 cases, and hospital wards filling up again,” Tedros added

Key benchmark indices ended with modest gains on Monday, led by gains in Reliance Industries and select IT stocks. As per provisional closing, the barometer S&P BSE Sensex rose 99.36 points or 0.27% at 36,693.69. The Nifty 50 index added 47.15 points or 0.44% at 10,815.20.

Intraday volatility was high. After opening with strong gains, the benchmark indices erased all gains as profit booking emerged at higher levels. After sinking in the negative zone, equity benchmarks staged a comeback in mid-afternoon trade.

In the broader market, the S&P BSE Mid-Cap index gained 0.05% while the S&P BSE Small-Cap index lost 0.15%.

The market breadth was weak. On the BSE, 1127 shares rose and 1567 shares fell. A total of 182 shares were unchanged. In the Nifty 50 index, 33 stocks advanced while 16 stocks declined. 1 stock remained unchanged.

Economic data:

The ministry of statistics and programme implementation on Friday released quick estimates of the Index of Industrial Production (IIP) which showed the index value at 88.4 in May against 53.6 in April, indicating a graded pickup in industrial activity. The index stood at 135.4 in May 2019. IIP for May 2020 declined by 34.7% but at a slower pace compared to April 2020, where the index had contracted by 57.6%.

COVID-19 Update:

India reported 3,01,609 active cases of COVID-19 infection and 23,174 deaths while 5,53,470 patients have been cured, according to the data from the Ministry of Health and Family Welfare, Government of India. Total coronavirus cases worldwide stood at 12,910,357 with 569,128 deaths so far, according to data from Johns Hopkins University.

Buzzing Index:

The Nifty Financial Services index fell 1.55% to 10,919.20, declining for second day. The index has lost 3.42% in two sessions.

Among the index constituents, Bajaj Finance (down 2.75%), HDFC Bank (down 2.04%), HDFC (down 2.35%), ICICI Bank (down 2.04%), Shriram Transport Finance Co (down 1.53%), SBI (down 1.64%), Kotak Mahindra Bank (down 1.19%), Power Finance Corporation (down 0.78%), Bajaj Finserv (down 0.76%), Bajaj Holdings (down 0.59%), REC (down 0.53%), Mahindra & Mahindra Financial (down 0.29%) and Axis Bank (down 0.25%) declined.

ICICI Prudential Life Insurance (up 1.34%), Edelweiss Financial Services (up 1.07%), HDFC Life Insurance Company (up 1.11%), ICICI Lombard (up 0.93%), Indiabulls Housing Finance (up 0.62%) and SBI Life Insurance (up 0.31%) advanced.

Stocks in Spotlight:

Tech Mahindra (up 5.51%), HCL Technologies (up 3.56%), Hindalco Industries (up 3.54%), Wipro (up 2.66%) and JSW Steel (up 2.43%) were the top index gainers.

Power Grid Corporation of India (down 2.06%), Gail (India) (down 1.27%), Adani Ports and Special Economic Zone (down 0.76%) and Coal India (down 0.46%) were the top index losers.

Reliance Industries (RIL) gained 3.22% to Rs 1939. The scrip surged 3.64% to hit an all time high of Rs 1947 in intraday trade today. RIL said that Qualcomm Ventures has committed to invest upto Rs 730 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

Avenue Supermarts fell 4.22% to Rs 2224.25 after the company's consolidated net profit slumped 85.22% to Rs 49.56 crore on 32.94% fall in total income to Rs 3,884.57 crore in Q1 June 2020 over Q1 June 2019.

BASF India surged 10.01% to Rs 1313.10. The company's board approved the acquisition of 100% stake in BASF Performance Polyamides from BASF Nederland B.V. and BASF SE, for a consideration of an amount not exceeding Rs. 305 crore. This acquisition would strengthen the Company's position as a solution provider for key industries & would enhance market access to key growth markets. It would help the Company in expanding its existing 'Materials' segment and extend value chain through backward integration into key raw materials.

Steel Authority of India (Sail) lost 3.25% to Rs 35.75. The company's consolidated net profit surged 382.9% to Rs 2,647.52 crore on 12.5% decline in net sales to Rs 16,171.83 crore in Q4 March 2020 over Q4 March 2019.

Clariant Chemicals (India) soared 16.89% to Rs 568.45 after the company declared a special interim dividend of Rs 140 per equity share for the financial year FY 2020-21. The company has fixed 18 July 2020 as the record date for the purpose of payment of special interim dividend.

Global Markets:

Shares in Europe and Asia advanced across the board on Monday buoyed by hopes of a coronavirus vaccine, though a spike in infections around the world capped gains.

Investors remained watchful of the corporate earnings as that would reveal how companies fared during the second quarter of the fiscal year 2020-21, the period during which when nationwide lockdowns were imposed in most of the countries around the globe.

The US stock market settled session higher after recouping early losses on Friday, 10 July 2020, as a positive update from Gilead's antiviral drug to treat COVID-19 brushed off worries about a fresh wave of coronavirus infections and its impact on the economic recovery.

Gilead Sciences said on Friday that an analysis of clinical-trial data for its remdesivir drug found a 62% reduction in mortality risk among severely ill COVID-19 patients compared with standard care.

Domestic shares ended with modest losses on Friday, dragged by banks and financials stocks. Strength in index pivotals Reliance Industries and TCS supported the indices. As per provisional closing, the barometer S&P BSE Sensex lost 143.36 points or 0.39% at 36,594.33. The Nifty 50 index fell 45.4 points or 0.42% at 10,768.05.

The Nifty opened lower at 10,764.10, but bounced back to hit the day's high of 10,819.40. The recovery was short lived as the index reversed gains and hit the day's low of 10,713 in afternoon trade. The Nifty firmed up once again in mid-afternoon trade. After some range bound trading in late trade, it ended with modest losses.

In the broader market, the S&P BSE Mid-Cap index fell 0.72% while the S&P BSE Small-Cap index lost 0.35%.

The market breadth was weak. On the BSE, 892 shares rose while 1689 shares fell. A total of 151 shares were unchanged. In Nifty 50 index, 14 stocks advanced and 36 stocks declined.

COVID-19 Update:

India reported 2,76,682 active cases of COVID-19 infection and 21,604 deaths while 4,95,515 patients have been cured, according to the data from the Ministry of Health and Family Welfare, Government of India. Total coronavirus cases worldwide stood at 12,279,131 with 555,166 deaths so far, according to data from Johns Hopkins University.

Stocks in Spotlight:

Index bellwether Reliance Industries (RIL) rose 2.95% to Rs 1878.50. It hit a record high of Rs 1884.40 in the late trade.

RIL and BP on Thursday (9 July) announced the start of their new Indian fuels and mobility joint venture, Reliance BP Mobility (RBML). BP has paid RIL $1 billion for a 49% stake in the JV, with RIL holding 51%. RBML aims to expand from its current fuel retailing network of over 1,400 retail sites to up to 5,500 over the next five years. The joint venture also aims to increase its presence from 30 to 45 airports in the coming years.

IT pivotal TCS rose 0.74%. The company reported a 13% decline in consolidated net profit to Rs 7,049 crore on a 4% fall in revenue to Rs 38,322 crore in Q1 June 2020 (Q1FY21) over Q4 March 2020 (Q4FY20). Operating margin stood at 23.6% in Q1 FY21 from 25.1% in Q4 FY20. The deal wins stood at $6.9 billion in Q1 FY21, against $8.9 billion in Q4 FY20. Commenting on the Q1 result, Rajesh Gopinathan, the chief executive officer (CEO) and managing director (MD) of TCS, has said that: The revenue impact of the pandemic played out broadly along the lines we had anticipated at the start of the quarter. We believe it has bottomed out, and we should now start tracing our path to growth.

Tata Motors edged higher by 0.42%. The auto major's subsidiary Jaguar Land Rover (JLR)'s retail sales in Q1 June 2020 were significantly impacted by COVID-19 in line with the unprecedented market conditions, but improved month-on-month (M-o-M) through the quarter. June retail sales were 35,334 vehicles, down 24.9% year-on-year, but representing an improving monthly trend within the overall quarter, with total sales of 74,067 which was down 42.4% year-on-year (Y-o-Y). Strict lockdowns and social distancing measures for COVID-19 resulted in temporary shutdowns of most retailers and the company's manufacturing plants in April and much of May.

HDFC fell 2.9%. People's Bank of China (PBoC) has sold a part or all of its stake in Housing Development Finance Corporation (HDFC) in the April-June quarter. According to the latest data disclosed by the lender to the stock exchanges, PBoC was not among key shareholders of the company as of 30 June 2020. PBOC held 1.01% stake in HDFC as on 31 March 2020. As a result, the holding of foreign portfolio investors declined to 70.17% as on 30 June 2020 against 70.88% in the preceding quarter ended 31 March 2020.

Container Corporation of India (CONCOR) rose 0.49%. said that the company's total throughput volumes declined 20.95% to 7,32,711 twenty foot equivalent units (TEUs) (provisional) in Q1FY21 from 9,26,923 TEUs in Q1FY20. The company's total volume are also down by 22.16% from 9,41,270 TEUs in Q4 FY20. While the export import (EXIM) volumes have fallen 20.16% to 6,27,905 TEUs, domestic (DOM) volumes witnessed a larger contraction of 25.39% to 1,04,806 TEUs in Q1 FY21 over Q1 FY20

Punjab National Bank (PNB) lost 5.53% after the bank reported a loan of Rs 3,688.58 crore granted to Dewan Housing Finance (DHFL) as fraud. In a regulatory filing, the bank said that it has already made provisions amounting to Rs 1,246.58 crore.

Meanwhile, PNB on Thursday said its board has approved a proposal to raise Rs 10,000 crore through a mix of both equity and debt. The board also approved the bank to seek shareholders' nod for raising of equity capital for an amount up to Rs 7,000 crore in the forthcoming annual general meeting.

PNB Housing Finance declined 2.58%. The housing finance company on 9 July announced that the outbreak of the Covid-19 pandemic required a change in the strategy for the organisations. As a result, PNB Housing also reworked on its FY2020-21 business plan and presented to its board, which approved the business plan for FY21.

The company said that the pandemic and the resultant lockdown impacted the disbursements in Q4 March 2020 and Q1 June 2020. However, the numbers are visibly improving month-on-month but on the overall basis the disbursements are expected to degrow during the year. The focus will be on the mass housing lower risk weighted retail segment.

Yes Bank fell 4.1%. The private sector bank said its capital raising committee at its meeting today (10 July) approved the floor price of its Rs 15,000 crore FPO at Rs 12 per equity share and a cap of Rs 13 per share. A discount of Re 1 per equity share will be given to the eligible employees of the bank bidding in employee reservation portion, Yes Bank said in a statement during trading hours today (10 July). In the FPO, shares can be bid in lots of 1,000 equity shares.

The bank filed a red herring prospectus on 7 July 2020 for the FPO to raise up to Rs 15,000 crore via a fresh issue of equity shares. The FPO will remain open between 15 and 17 July 2020. The bank has set 14 July as anchor investor bidding date.

FirstSource Solutions soared 6.6% after well-known investor Rakesh Jhunjhunwala increased stake in the company to 2.88% during Q1 June 2020 from 2.06% held earlier.

Global Markets:

European markets advanced while Asian shares declined on Friday. Rising coronavirus cases in the US suppressed hopes of a quicker economic recovery from the pandemic, while investors looked forward to earnings season.

The Dow Jones Futures were trading 130 points lower, indicating a weak start in US markets today.

US stocks settled lower on Thursday, 9 July 2020, as investors continued to back away from risk assets after fresh data showed that initial unemployment claims in the US remain elevated, and the number of confirmed new COVID-19 cases in the US hit a new single-day high Wednesday.

Stock investors took safe heaven stance amid concerns about coronavirus infections in the country after more than 60,000 new COVID-19 cases were reported on Wednesday, the biggest increase ever reported by a country in a single day. Florida reported a record increase in hospitalizations. With COVID-19 cases on the rise in 42 states across the United States, investors fear that re-imposition of lockdown measures will significantly weaken recovery chances.

Sentiments were also dampened after a report on weekly jobless claims showed that US first-time claims for unemployment benefits tumbled to 1.314 million in the week ended July 4th, a decrease of 99,000 from the previous week's revised level of 1,413 million, according to a report released by the Labor Department on Thursday.

Domestic shares resumed uptrend on Thursday after a day's pause. Banks and metal shares rallied while FMCG shares declined. Indices witnessed a bout of volatility due to expiry of weekly index options on NSE.

As per provisional closing, the barometer S&P BSE Sensex surged 408.68 points or 1.12% at 36,737.69. The Nifty 50 index added 126.75 points or 1.18% at 10,832.50.

After opening higher at 10,755.55, the Nifty pared gains and hit a low of 10,733. The index reclaimed 10,800 mark in afternoon session. After some range bound trading, fresh buying in the final hour pushed the Nifty near the day's high of 10,836.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.11% while the S&P BSE Small-Cap index gained 0.61%. Both these indices underperformed the Sensex.

The market breadth was positive. On the BSE, 1343 shares rose and 1250 shares fell. A total of 157 shares were unchanged. In Nifty 50 index, 35 stocks advanced and 15 stocks declined.

COVID-19 Update:

India reported 2,69,789 active cases of COVID-19 infection and 21,129 deaths while 4,76,377 patients have been cured, according to the data from the Ministry of Health and Family Welfare, Government of India. Total coronavirus cases worldwide stood at 12,043,080 with 549,508 deaths so far, according to data from Johns Hopkins University.

SEBI, CBDT data-sharing pact:

A formal Memorandum of Understanding (MoU) was signed between the Central Board of Direct Taxes (CBDT) and the Securities and Exchange Board of India (SEBI) for data exchange between the two organizations. The MoU will facilitate the sharing of data and information between SEBI and CBDT on an automatic and regular basis. In addition to regular exchange of data, SEBI and CBDT will also exchange with each other, on request and suo moto basis, any information available in their respective databases, for the purpose of carrying out their functions under various laws.

Stocks in Spotlight:

IT major TCS (down 0.42%) will announce Q1 results later today. Infosys (up 0.96%) will announce its Q1 results on 15 July 2020.

ICICI Bank up 0.7%. The bank's board has approved raising of funds for an amount aggregating up to Rs 15000 crore, in one or more tranches by way of issuance of Securities, through one or more permissible mode(s) including but not limited to a private placement, preferential issue, qualified institutions placement, follow-on public offering or a combination thereof.

State Bank of India (SBI) gained 3.93%. SBI said the executive committee of central board (ECCB) approved the formation of joint venture entity, SBICAP, its wholly owned subsidiary to invest in Investec Capital Services India to form a joint venture entity, along with transfer of SBICAP Securities institutional equities broking and research business to the JV entity proposed to be created.

Meanwhile, SBI said that its executive committee of central board (ECCB) has approved a maximum investment of up to Rs 1,760 crore in Yes Bank's upcoming follow-on public offer (FPO). Yes Bank (up 2.11%) today informed about the filing of the red herring prospectus in connection with the FPO. The bank will raise upto Rs 15000 crore, by way of a fresh issue of equity shares, including an employee reservation portion of up to Rs 200 crore. The FPO will open on 15 July and close on 17 July 2020. Anchor investor bidding date is fixed on 14 July 2020

Tata Steel rose 3.23%. The steel major's production volume in India declined 33.5% to 2.99 million tons (MT) (provisional) in Q1 June 2020 from 4.50 MT in Q1 June 2019. The company's sales volume in India stood at 2.92 MT (provisional) in Q1FY21, declining 26.2% from 3.96 MT in Q1FY20.

Tata Steel Europe achieved production of 2.14 MT (provisional) in Q1FY21, declining 19% from 2.65 MT in Q1FY20. Sales volume stood at 1.94 MT (provisional) in Q1FY21, falling 14% from 2.26 MT in Q1FY20.

South Indian Bank hit an upper circuit of 5% at Rs 8.37 after the bank's standalone net profit jumped 11.05% to Rs 81.65 crore on a 4.6% increase in total income to Rs 2,171.86 crore in Q1 June 2020 over Q1 June 2019. Net Interest Income (NII) rose 10% to Rs 587 crore in Q1 June 2020 as compared to Rs 536 crore in Q1 June 2019. The bank's provisions and contingencies surged 42.95% to Rs 293.08 crore in Q1 June 2020 over Q1 June 2019. The provision coverage ratio of the bank was at 58.8% as on Q1 June 2020, higher than 45.1% in Q1 June 2019.

Can Fin Homes advanced 0.98%. Can Fin Homes said that the meeting of the board of directors of the company is scheduled on 17 July 2020 to consider and approve the proposal of raising funds by way of issue of equity shares through qualified institutions placement and/or preferential issue to promoters or rights issue and/ or any other permissible securities.

GAIL (India) surged 2.68%. LIC's stake in GAIL (India) has increased to 7.019% from 5.004% earlier, after it bought 20.37 crore shares of the state-run company between 13 February 2019 and 7 July 2020.

Strides Pharma Science spurted 2.26% after its Singapore-based subsidiary, Strides Pharma Global, received US FDA approval for butalbital, acetaminophen, caffeine, and codeine phosphate capsules. According to IQVIA MAT May 2020 data, the drug has a US market of approximately US$ 10 million.

BASF India fell 2% after the company said it has received a tax demand notice of Rs 46.01 crore for the period 2015-2016 from Commercial Tax Department, Karnataka. The company has received a demand notice from Commercial Tax Department, Karnataka for the period 2015-2016, aggregating to Rs 46.01 crore (including interest and penalty), by treating the stock transfers of the company's Mangalore plant as interstate sales to dealers.

Bharat Heavy Electricals (BHEL) gained 2.18% after the company said it commissioned a 1.7 megawatts solar photovoltaic plant in Madhya Pradesh for the Indian Railways. The plant will directly feed power to traction systems of Indian Railways, the company said in a BSE filing made during market hours today. “The project is a landmark achievement in the history of solar power, as this is the first time that solar power is being directly used for traction applications. Notably, with this, BHEL has achieved direct injection of single-phase 25 kV power to traction substation of Indian Railways, the company said in a statement.

Global Markets:

Most shares in Europe and Asia advanced on Thursday as investors monitored upcoming company earnings, with hopes that global stimulus efforts will result in upbeat business outlooks.

In the Malaysian market, shares of AirAsia Group, the budget airline operator, gained over 6% on Thursday after the company reportedly said that it was in talks to raise more than 1 billion ringgit ($234.52 million) in funds, be it debt or equity, as it looked to at least halve cash expenses this year. This comes a day after the airline's auditor cast doubt on its ability to continue as a going concern after the group had liabilities that exceeded its current assets by more than $400 million at the end of 2019, media reports said. Consequently, AirAsia's shares fell as much as 17.54% in the previous session.

Meanwhile, the US stock market settled session higher after fluctuating in and out of the boundary line over the course of the trading day on Wednesday, 08 July 2020, as investors assessed economic-reopening efforts in the face of climbing coronavirus cases, causing many regions to pause or reverse their reopening plans.

Stock investors took sidelines due to nagging unease over the outlook for the global economy in the midst of rising U.S. coronavirus infections. Investor concerns that a resurgence of coronavirus cases, specifically across the Southeast and Southwest of the U.S.—known as the Sun Belt—will make a quick global recovery more difficult. Several states have had to pull back or postpone reopening efforts to control surging COVID-19 cases, threatening the speed of the economic recovery in the US. A lockdown in Australia's city of Melbourne has also raised concerns.

Benchmark indices snapped their five-day winning run and ended with losses on Wednesday. Mixed global cues triggered profit booking in domestic shares.

As per provisional closing, the barometer S&P BSE Sensex tumbled 345.51 points or 0.94% at 36,329.01. The Nifty 50 index lost 104.7 points or 0.97% at 10,694.95.

The Nifty opened higher at 10,818.65, but soon pared gains in early trade. The index hovered around the flat line for most part of the session. Strong selloff in the last hour of trade dragged the benchmark index below 10,700 mark.

In the broader market, the S&P BSE Mid-Cap index fell 0.39% while the S&P BSE Small-Cap index declined 0.43%. The decline in both these indices was lower then the Sensex in percentage terms.

The market breadth was negative. On the BSE, 1243 shares rose and 1517 shares fell. A total of 159 shares were unchanged. In Nifty 50 index, 15 stocks advanced and 35 stocks declined. declining.

COVID-19 Update:

India reported 2,64,944 active cases of COVID-19 infection and 20,642 deaths while 4,56,830 patients have been cured, according to the data from the Ministry of Health and Family Welfare, Government of India. Total coronavirus cases worldwide stood at 11,830,885 with 544,163 deaths so far, according to data from Johns Hopkins University.

Economy:

Union Finance Minister Nirmala Sitharaman held review meeting with CMDs of 23 Central Public Sector Enterprises (CPSEs) on Tuesday to boost expenditure in the economy. In 2019-20, the capital expenditure (capex) by the 23 CPSEs stood at Rs 1,66,029 crore against the target of Rs 1,64,822 crore, which is 101%. Sitharaman said CPSEs have a very important role in giving a push to the economy. She encouraged the CPSEs to perform better to achieve targets and to ensure that the capital outlay provided to them for the year 2020-21 is spent properly and within time. FM said better performance of CPSEs can help the economy in a big way to recover from the impact of COVID-19. FM stated that extraordinary situation requires extraordinary efforts and with collective efforts, we will not only perform better but also help the Indian economy to achieve better results.

Stocks in Spotlight:

Reliance Industries (RIL) fell 1.36%. RIL said Jio Platforms received the subscription amount of Rs 43,574 crore from Facebook for a 9.99% stake. Jio Platforms, a subsidiary of RIL, on Tuesday (7 July) received the subscription amount from Jaadhu Holdings, LLC (a wholly owned subsidiary of Facebook Inc). Jio Platforms has allotted equity shares to Jaadhu Holdings following which Jaadhu Holdings holds 9.99% of the fully diluted equity share capital of Jio Platforms.

Maruti Suzuki India declined 3%. The company's total production dropped 54.66% to 50,742 units in June 2020 from 1,11,917 units produced in June 2019. Total passenger vehicle production fell 54.87% to 49,476 units in June 2020 over 1,09,641 units in June 2019. On a sequential basis, production level soared 1266% from 3,714 units produced in May 2020.

Titan Company slipped 2.6%. The company said jewellery revenue in May and June months were at slightly below 20% and around 70% compared to the corresponding months of the previous year. The division also sold gold in the bullion market worth Rs 610 crore at market rates to optimize the inventory levels. After suffering complete loss of sales in April due to lockdown, Titan Company started reopening the stores, primarily high street stores, from 6th May onwards in the non-containment areas. As at the end of June 2020, the company has re-opened around 83% of its stores across all businesses. Almost all manufacturing operations have commenced operations.

Indian Oil Corporation (IOCL) rose 1.45% to Rs 87.40 after the company said it has resumed work on projects worth Rs 1.04 lakh crore across the country, after the easing of lockdown from 20 April 2020. IOCL has commenced works on 336 projects that have investment of more than Rs 1 crore in each project, at an anticipated project cost totalling to Rs 1.04 lakh crore. The amount spent on these ongoing projects is about Rs 1,764 crore till the end of June 2020. Additionally, more than 50 projects have also resumed since 1 July 2020, a company said in a statement issued on 8 July 2020.

Yes Bank gained 1.55%. The bank on Tuesday (7 July 2020) announced that the capital raising committee of the board of directors has approved raising funds by way of a further public offering (FPO). It added that the committee would meet on or after July 10, 2020 to consider and approve the price band and discount if any as permitted under SEBI regulations.

Adani Ports and Special Economic Zone (APSEZ) fell 1.5%. The company said it will raise $1.25 billion through dollar bonds to repay its existing debt. The fund-raising plan was approved by the board of APSEZ on Tuesday (7 July). The bonds will be issued in one or more tranches overseas on a private placement basis or otherwise, to eligible persons, entities, bodies corporate, companies, banks, financial institutions and any other categories of eligible investors permitted to invest in the bonds under applicable laws. The board has authorized the finance committee to determine the detailed terms and conditions thereof.

Lupin was down 0.86%. The pharmaceutical company said it recalled metformin hydrochloride extended-release tablets out of an abundance of caution in line with the ongoing interaction with the US Food and Drug Administration on NDMA impurity levels. NDMA is classified as a probable human carcinogen (a substance that could cause cancer) based on results from laboratory tests. NDMA is a known environmental contaminant and found in water and foods, including meats, dairy products and vegetables.

NBCC (India) rose 0.73% after the company said it secured total business worth Rs 431.63 crore in June 2020. The company bagged an EPC order worth Rs 284.63 crore from BHEL for construction of natural draught cooling towers for 5X800 MW Yadadri STPP. It also won a project worth Rs 147 crore for construction & development of student's hostel and faculty apartments at IIT-BHU, Varanasi. The announcement was made on Wednesday (8 July).

NCC lost 1.66%. The construction firm said it received five new orders totaling to Rs 1396 crore in June 2020. All five orders pertain to water division. These orders were received from various state government agencies and do not include any internal orders, NCC said.

Global Markets:

European shares traded lower while Asian shares ended mixed note on Wednesday. Investors remained concerned over rising coronavirus cases in some parts of the world that cast doubts over the pace of the global economic recovery.

The Dow Jones Futures were down 45 points, indicating a mildly negative start in US market today.

The US stock market finished session sharply lower on Tuesday, 07 July 2020, with the S&P 500 snapping its 5-day win streak, as investors withdrew profit off the table amid concerns about sharp jump in new coronavirus cases nationwide coupled with gloomy economic forecasts that suggested uneven economic recovery. Most of sectors declined, with bank stocks, whose performance is linked to the outlook for the economy, led losses. Airline and travel-related stocks, which were among the hardest hit during lockdowns, also fell.

Florida's greater Miami area became the latest US coronavirus hot spot to roll back its reopening, while Texas registered an all-time high in the number of people hospitalized at any one moment with COVID-19 for an eighth straight day. Federal Reserve Bank of Atlanta President Raphael Bostic said the renewed spread of coronavirus may threaten the pace of the recovery as businesses and consumers put plans on hold.

The Organisation for Economic Co-operation and Development factored in the risk of a second wave of COVID-19 in its bleak economic forecasts, adding that countries need to move quick to extend unemployment benefits.

The market extended its winning run for the fifth consecutive session on Tuesday. Banks and IT stocks rallied. Easing of lockdown curbs, impressive recovery rate from coronavirus and decent Q1 operating performance by banks boosted sentiment.

As per provisional closing, the barometer S&P BSE Sensex gained 187.24 points or 0.51% at 36,674.52. The Nifty 50 index added 22.55 points or 0.33% at 10,799.65

The Nifty opened higher at 10,802.85. It soon reversed trend and hit an intraday low of 10,689.70 in mid-morning trade. The index firmed up once again and briefly crossed 10,800 in mid-afternoon session.

In the broader market, the S&P BSE Mid-Cap index rose 0.58% while the S&P BSE Small-Cap index gained 0.57%.

The market breadth was negative. On the BSE, 1,327 shares rose and 1395 shares fell. A total of 159 shares were unchanged on the BSE. In Nifty 50 index, 19 stocks advanced while 31 stocks declined.

COVID-19 Update:

India reported 2,59,557 active cases of COVID-19 infection and 20,160 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. Total coronavirus cases worldwide stood at 11,622,741 with 538,079 deaths so far, according to data from Johns Hopkins University.

Economy:

The World Bank and the Government of India signed the $750 million agreement for the MSME Emergency Response Programme to support increased flow of finance into the hands of micro, small, and medium enterprises (MSMEs), severely impacted by the COVID-19 crisis. The World Bank's MSME Emergency Response Programme will address the immediate liquidity and credit needs of some 1.5 million viable MSMEs to help them withstand the impact of the current shock and protect millions of jobs. This is the first step among a broader set of reforms that are needed to propel the MSME sector over time.

Buzzing Segment:

Shares of hotel companies rose after the Maharashtra government allowed hotels to reopen with 33% capacity from 8 July. Kamat Hotels (up 20%), Chalet Hotels (up 10%), EIH Associated Hotels (up 6.36%), Lemon Tree Hotels (up 5%), TajGVK Hotels (up 3.66%), Indian Hotels Company (up 4.73%), EIH (up 2.8%) and ITDC (up 1.54%) advanced.

Stocks in Spotlight:

Bajaj Finance gained 7.6% after the company's asset under management (AUM) under moratorium reduced to about 15.5% as of 30 June from 27% as of end April. The company's customer franchise stood at 43 million as of 30 June 2020, up by 16.5% or 0.5 million from 36.9 million as on 30 June 2019. New loans booked during Q1 FY21 were down by 76.7% to 1.7 million as compared to 7.3 million in Q1 FY20. Assets under management (AUM) increased by 7.8% to approximately Rs 1.38 lakh crore as of 30 June 2020 as compared to approximately Rs 1.28 lakh crore as of 30 June 2019. The company continues to remain well capitalized with capital adequacy ratio (CRAR) of approximately 26.4% as of 30 June 2020, the NBFC said. With consolidated liquidity surplus of approximately Rs 17,600 crore as of 30 June 2020, the company's liquidity position remains very strong, it added. Bajaj Finance's deposit book grew 32.6% to Rs 20,000 crore in Q1 FY21 from Rs 15,084 crore in Q1 FY20.

Punjab National Bank (PNB) fell 0.67%. The bank said that its board will meet on Thursday (9 July 2020) to consider a proposal to raise capital through a mix of both equity and debt. The board will consider proposal for raising capital through issue of Basel-III-compliant tier-1 bonds, tier-2 bonds and equity shares by way of private placement, qualified institutions placement, follow-on public offering, rights issue or any other mode or through a combination, it said. Following the board approval, the resolution will be put for the shareholders' nod, the bank added.

Bandhan Bank jumped 10.5% on reporting strong growth in advances and deposits in Q1 June 2020. The private lender's loans & advances (on book+off book+TLTRO investments) jumped 18% year-on-year to Rs 74,325 crore (merged) in Q1 June 2020 as against Rs 63,164 crore in Q1 June 2019. Total deposits rose 35% to Rs 60,602 in Q1 June 2020 from Rs 44,796 crore in Q1 June 2018. Retail to total deposits were flat at 78% in Q1 June 2020 over Q1 June 2019. CASA deposits were reported at Rs 22,473 crore during the quarter, rising 47% from Rs 15,257 crore in the corresponding quarter last year. CASA ratio improved to 37.1% in Q1 June 2020 from 34.1% in the same quarter last year.

Gujarat Pipavav Port surged 7% after JP Morgan Funds purchased 0.63% stake in the company worth Rs 23.62 crore via block deal on Monday. On Monday (6 July), JP Morgan Funds purchased 30.34 lakh equity shares, or 0.63% stake, of Gujarat Pipavav Port at an average price of Rs 77.85 per share via block deal on the BSE. JP Morgan Funds acquired the shares from Flagship Indian Investment Company (Mauritius).

Shares of Godrej Consumer Products fell 0.46%. The company on Monday (6 July) said that it expected to post mid single-digit sales growth in Q1 June 2020 in India, driven by higher volumes.

SH Kelkar and Company jumped 5.71% after the company said it further reduced its net debt to between Rs 254 to 258 crore as on 30 June 2020 from Rs 299 crore as on 31 March 2020. The company in its business update on Monday (6 July) said the nationwide lockdown significantly affected production and sales in the domestic market during April and May. The firm witnessed encouraging demand pick-up from the last week of May 2020 continuing into June 2020. The revenues in Q1 FY21 stood between Rs 190 to 192 crore (provisional and unaudited figure). The management continues to very closely monitor the operating environment and actively engage with its customers to build demand. From June 2020 onwards, the company said it has been witnessing initial signs of recovery in the FMCG industry and a gradual normalization of the supply chain system. Accordingly, the firm is taking all necessary steps to ensure optimal production levels are maintained throughout the year.

Suzlon Energy hit a lower circuit of 5% at Rs 5.33 after the company reported consolidated net loss of Rs 823.53 crore in Q4 March 2020, higher than net loss of Rs 292.60 crore in Q4 March 2019. Net sales declined 54.7% year-on-year (YoY) to Rs 643.39 crore in the March quarter. Pre-tax loss in Q4 March 2020 stood at Rs 828.78 crore as against a pre-tax loss of Rs 288.88 crore in Q4 March 2019. Current tax expense jumped 18.1% YoY to Rs 5.36 crore in the fourth quarter.

NBCC jumped 9%. The company's consolidated net profit fell 42.3% to Rs 78.98 crore on 16.8% decline in net sales to Rs 2568.73 crore in Q4 March 2020 over Q4 March 2019. Profit before tax in Q4 FY20 stood at Rs 99.57 crore, down by 53.2% from Rs 212.93 crore in Q4 FY19. Current tax expenses declined 83.5% on a year-on-year (YoY) basis to Rs 16.76 crore in the fourth quarter. The project management consultancy (PMC) segment revenue stood at Rs 2,324.34 crore (down 17.5%) and real estate segment revenue was at Rs 123.35 crore (down 20.5%) while engineering, procurement and construction (EPC) segment revenues were at Rs 121.03 crore (up 6.5%) in the March quarter.

Global Markets:

Shares in Europe and Asia declined on Tuesday as concerns over rising COVID-19 cases in the US dimmed hopes of a faster economic recovery.

German industrial production rose to 7.8% in May, following a 17.5% contraction in April.

In US, stocks finished sharply higher Monday, with the Nasdaq scoring a record close, as a rebound in U.S. services industry activity in June and expectations of a revival in China's economy boosted optimism, helping investors look past a surge in new coronavirus cases in the United States. The gains came despite a record surge in new COVID-19 cases in 16 states in the United States this month that could further hamper reopening plans and create a risk to the economic recovery.

Amazon.com rose 5.8% to close at $3,057 a share, topping the $3,000 level for the first time in its history and clinching a $1.5 trillion valuation.

The Institute for Supply Management's (ISM) non-manufacturing activity index almost returned to its pre-COVID-19 pandemic levels last month, jumping to a reading of 57.1, the highest since February, from 45.4 in May, a report showed.

The market advanced for fourth straight session on Monday, tracking strong global cues. Auto, metal and realty stocks were in demand. Strength in index heavyweights Reliance Industries (RIL) (up 3.55%) and TCS (up 2.63%) boosted the indices.

As per provisional closing, the barometer S&P BSE Sensex rallied 465.86 points or 1.29% at 36,487.45. The Nifty 50 index surged 162.15 points or 1.53% at 10,769.50.

Investors' risk appetite also strengthened after the media reported that India and China have begun a slight disengagement from the face-off sites in the Galwan Valley and Gogra-Hot Springs areas of eastern Ladakh. According to the reports, the Chinese People's Liberation Army (PLA) has possibly moved back by 1 to 1.5 km from the friction site in Galwan Valley. The PLA was seen removing tents and structures at Patrolling Point 14, reports added.

As per the proposed disengagement plan, the rival troops will gradually move back distances of 2.5 to 3 km in phases to de-escalate tensions at the face-off sites, which will later be followed by de-induction of huge military build-ups along the LAC.

The Nifty opened higher at 10,723.85 and advanced further as the session progressed. The index crossed 10,800 mark in afternoon trade, but profit booking pulled the index below that level. The Nifty is near its 200-day simple moving average placed at 10,881.60.

In the broader market, the S&P BSE Mid-Cap index rose 1.27% while the S&P BSE Small-Cap index gained 1.3%.

The market breadth was strong. On the BSE, 1,637 shares rose and 1155 shares fell. A total of 188 shares were unchanged on the BSE. In Nifty 50 index, 40 stocks advanced while 10 stocks declined.

Foreign portfolio investors (FPIs) bought shares worth Rs 857.29 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 331.96 crore in the Indian equity market on 3 July, provisional data showed.

COVID-19 Update:

India reported 2,53,287 active cases of COVID-19 infection and 19,693 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. Total coronavirus cases worldwide stood at 11,458,291 with 534,460 deaths so far, according to data from Johns Hopkins University.

Buzzing Segment:

Fertilizers stocks were in demand following the record fertilizer sale during April-June 2020. Deepak Nitrite (up 7.23%), SRF (up 5.55%), Chambal Fertilisers & Chemicals (up 4.98%), Rashtriya Chemicals and Fertilisers (up 3.45%), Fertilisers & Chemicals Travancore (up 2.92%), Gujarat State Fertilizers & Chemicals (up 2.67%), Deepak Fertilisers & Petrochemicals Corporation (up 2.49%), Zuari Global (up 1.77%) and Tata Chemicals (up 1.09%) advanced.

National Fertilizers jumped 14.29% after the company said fertiliser sales jumped 21.5% in Q1 June 2020 over Q1 June 2019.

During April-June 2020 POS sale of fertilizers to farmers was 111.61 lakh metric tonne (MT) which is 82.81% higher than the last year sale of 61.05 lakh MT during the same period.

Stocks in Spotlight:

ICICI Bank was up 0.25%. The bank's board will meet on 8 July 2020 to consider the proposal of raising funds by issue of equity shares and/or other equity linked securities, through permissible modes.

HDFC Bank added 2.74% after the private lender's advances aggregated to approximately Rs 10,04,500 crore as of 30 June 2020, registering a growth of around 21% from Rs 8,29,700 crore registered in 30 June 2019. Deposits aggregated to approximately Rs 11,89,500 crore as of 30 June 2020, registering a growth of around 25% from Rs 9,54,600 crore in 30 June 2019.

IndusInd Bank rose 1.67% after the bank said its net advances rose 4% to Rs 2,00,357 crore in Q1 June 2020 from Rs 1,93,520 crore from Q1 June 2019. Deposits stood at Rs 2,11,970 crore in Q1 FY21, up 6% from Rs 2,00,586 crore in Q1 FY20.

Federal Bank gained 1.42% after the private bank's total deposits grew 17% to Rs 1.54 lakh crore (provisional) as on 30 June 2020 as against Rs 1.32 lakh crore as on 30 June 2019. Gross advances advanced 8% to Rs 1.23 lakh crore (provisional) as on 30 June 2020 compared with Rs 1.13 lakh crore as on 30 June 2019.

HDFC was down 0.9%. The housing finance company announced that it assigned loans amounting to Rs 1,376 crore in Q1 June 2020, down 80.97% compared with Rs 7,230 crore in Q1 June 2019. All the loans assigned during the quarter were to HDFC Bank pursuant to the buyback option embedded in the home loan arrangement between HDFC and HDFC Bank. In Q1 June 2020, the profit on sale of investments was Rs 1,241 crore, lower than Rs 1,894 crore in Q1 June 2019. This was on account of the sale of 2.60 crore equity shares of HDFC Life Insurance Company (HDFC Life). As at 30 June 2020, HDFC's equity shareholding in HDFC Life stood at 50.1%. The Reserve Bank of India has mandated that HDFC reduce its shareholding in HDFC Life to 50% or below by 16 December 2020. Gross income from dividend for Q1 June 2020 was Rs 298 crore, higher than Rs 1 crore in corresponding period of the previous year

Edelweiss Financial Services tumbled 3.38% after the NBFC reported a consolidated net loss of Rs 2,281.55 crore in Q4 March 2020 as against net profit of Rs 246.32 crore in Q4 March 2019. The NBFC's total income dropped 35.4% to Rs 1,965.87 crore in Q4 FY20 from Rs 3,041.20 crore in Q4 FY19. Edelweiss said its total impairment stood at Rs 2,549 crore in Q4 March 2020 based on revisions in the Expected Credit Loss (ECL) model and impact of COVID-19.

Kalpataru Power Transmission jumped 9.8% after the company said it signed definitive agreements to sell Alipurduar Transmission to Adani Transmission for a total enterprise value of about Rs 1286 crore.

Sobha rose 4.24% after the realtor achieved new sales volume of 650,400 square feet valued at Rs 488 crore, with a total average realization of Rs 7,498 per square feet in Q1 June 2020. Sobha's share in total sales value is at Rs 393.10 crore.

Indian Energy Exchange (IEX) gained 2% after the electricity market at IEX witnessed a total trade of 4790 MU in June 2020, recording a 5% year-on-year increase. The total electricity market trade rose in June despite the national peak demand registering a 10% YoY decline during the month.

Prism Johnson hit an upper circuit of 10% to Rs 48.50 after the company on Monday (6 July) said its board approved divestment of its entire holding of 51% of the paid-up equity share capital in Raheja QBE General Insurance Company, a material subsidiary. The stake will be sold for an aggregate consideration of Rs 289.68 crore to QORQL, a technology company with majority shareholding of Vijay Shekhar Sharma and remaining held by Paytm (owned by One97 Communications).

The company separately announced on Monday (6 July) that it has agreed to acquire an additional 35,00,000 equity shares at Rs 37 each, aggregating to Rs 12.95 crore, constituting 35% in the total paid-up equity share capital of Sanskar Ceramics. The company presently holds 15% of the paid-up equity share capital in Sanskar. Subsequent to the aforesaid investment, the shareholding of the company in Sanskar would increase to 50%. Sanskar is engaged in the business of manufacturing of ceramic tiles at Morbi in Gujarat.

Meanwhile, the firm said on Friday (4 July) that it continues to tightly manage its cash flows, keeping enough liquidity in hand and making sure that working capital limits remain majorly undrawn. The liquid investment balance at the end of Q1 June 2020 was more than Rs 470 crore. During Q1, the net debt was reduced by about Rs 275 crore at standalone level. Certain loan installment which were due in later part of FY 20-21 and FY 21-22 were prepaid during the last quarter. The company added that it continues to explore its strategy of pre-payment/refinancing of loans well in advance. These measures would enable it to optimize interest cost and take care of loan obligations upto March 2022.

Global Markets:

European shares traded with decent gains while Asian markets were up across the board on Monday as investors focused on the prospect of economic recovery and progress on potential coronavirus drugs, shrugging off concerns about a further acceleration of the pandemic.

US market was shut on Friday to observe the July Fourth holiday which falls on Saturday this year. The Dow Jones Futures were trading 341 points higher, indicating a strong opening in US markets.

The Sensex and the Nifty ended with modest gains after a volatile session on Friday. IT and auto shares advanced while banks corrected. As per provisional closing, the barometer S&P BSE Sensex rallied 177.72 points or 0.5% at 36,021.45. The Nifty 50 index surged 55.65 points or 0.53% at 10,607.35.

The Nifty opened higher at 10,614.95, but pared gains in morning trade. The index hovered around 10,600 mark for most part of the session. Selling in afternoon session dragged Nifty to the day's low level of 10,562.65. Buying in last hour, however, boosted the index above 10,600 mark.

In the broader market, the S&P BSE Mid-Cap index rose 0.56% while the S&P BSE Small-Cap index gained 0.74%. Both these indices outperformed the Sensex.

The market breadth was almost even. On the BSE, 1,361 shares rose and 1,375 shares fell. A total of 153 shares were unchanged. In Nifty 50 index, 32 stocks advanced while 18 stocks declined.

ICICI Bank (down 0.47%) and HDFC Bank (down 1.42%) declined and put pressure on bourses.

Index heavyweight Reliance Industries (RIL) rose 1.53% after the company said Intel Capital will invest Rs 1,894.50 crore in Jio Platforms for a 0.39% equity stake. Intel Capital joins the list of firms who have recently invested in Jio Platforms, taking the total investment amount to Rs 1,17,588.45 crore.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 1,08,73,186 far with 5,21,337 deaths. India reported 2,27,439 active cases of COVID-19 infection and 18,213 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Realty index gained 0.9% to 202.85. The index lost 9% in the past seven sessions.

Indiabulls Real Estate (up 4.93%), Godrej Properties (up 3.09%), Phoenix Mills (up 2.35%), Prestige Estates (up 1.64%), Sunteck Realty (up 1.24%), Brigade Enterprises (up 0.87%) and Sobha Realty (up 0.22%) were top gainers in realty segment.

Stocks in Spotlight:

HDFC Life Insurance (up 4.36%) will replace Vedanta (up 0.14%) in the benchmark Nifty 50 index from 31 July 2020. Vedanta has been replaced from 11 indices, including the Nifty 50, Nifty 500, Nifty 100, Nifty Large Midcap 250 and Nifty 200, among others. The replacement comes after Vedanta initiated delisting process from bourses last month.

Meanwhile, SBI Cards and Payments (up 3.44%) will replace HDFC Life Insurance in Nifty Next 50 index.

Motherson Sumi Systems (MSSL) skid 5.%. The board of directors of Motherson Sumi Systems approved a group reorganization plan. The reorganization realigns interests of all its stakeholders and creates a simplified corporate structure for growth of businesses across product portfolios within auto components space and allied operations. The reorganization plan approved by the respective boards of MSSL and Samvardhana Motherson International (SAMIL) among other things, entails demerger of Domestic Wiring Harness (DWH) business from MSSL into a new company which is in the process of being incorporated as a wholly owned subsidiary of MSSL (New Co.) and subsequent merger of SAMIL into MSSL to consolidate 100% shareholding in Samvardhana Motherson Automotive Systems Group BV (SMRP BV) as well as to bring all auto component and allied businesses in SAMIL under MSSL.

Cadila Healthcare rose 0.56% after the pharmaceutical major said its vaccine for COVID-19 has successfully completed pre-clinical development and received permission to initiate human clinical trials. The drug maker announced before trading hours today, 3 July 2020 that its plasmid DNA vaccine candidate for COVID-19 (ZyCoV-D) developed indigenously at its Vaccine Technology Centre in Ahmedabad (Gujarat) has successfully completed the preclinical phase. It has now received permission from the Drug Controller General of India - Central Drugs Standard Control Organisation (CDSCO) to initiate Phase I/II human clinical trials in India.

Muthoot Finance rose 3.46%after the company said its board will meet on 18 July 2020 to consider a stock split. In the same meeting, the board will also seek shareholders' approval to increase its borrowing powers to Rs 75,000 crore from existing Rs 50,000 crore. The announcement was made post market hours yesterday, 2 July 2020.

JSW Steel fell 1.23% to Rs 192.10 after the company's crude steel production fell 30.2% to 2.96 million tons (MnT) in Q1 FY21 from 4.24 MnT in Q1 FY20. The decline was primarily due to a fall in production at Vijayanagar Works after certain employees tested COVID-19 positive. The average capacity utilisation dropped to 76% in June 2020. The production of flat rolled products was down by 29.6% to 2.05 MnT while the production of long rolled products declined 57.1% to 0.45 MnT in Q1 FY21 over Q1 FY20. The operations are now stabilising with reduced employee strength, the steel maker said.

Affle (India) hit an upper circuit of 5% at Rs 1,523.90 after the company said it signed a definitive agreement on 2 July 2020 to acquire 8% stake in Singapore's OSLabs for $2.86 million. The acquisition is likely to complete by 25 July 2020. OSLabs (Indus OS)'s total unaudited consolidated revenue from operations (financial year ended 31 March 2020) was Rs 18.05 crore. OSLabs is a strategic investment for Affle as it owns and operates 'Made for India' Indus App Bazaar which is India's largest independent indigenous apps store and it partners with OEMs in India. Indus App Bazaar with over 400,000 apps in English and 12 Indian languages, enhances Affle's vernacular and verticalization strategy, and strengths Affle's position as the enabling platform for the indigenous apps ecosystem in India.

JB Chemicals & Pharmaceuticals rose 0.51% after US private equity giant KKR on 2 July 2020 agreed to acquire about 54% stake in the Mumbai-based drug manufacturer for Rs 3,109 crore. KKR will make the investment through its subsidiaries, Tau Investments Holdings, Tau Holdco, and KKR Asia III Fund Investments. The deal will see KKR acquire 4.17 crore fully paid-up equity shares of the face value of Rs 2 for a price of Rs 745 per share. The deal triggered an open offer for an additional 26% stake in JB Chemicals. KKR launched an open offer to acquire an additional 26% stake or 2 crore full paid-up equity shares of the drug maker. The open offer will also be made at a price of Rs 745 per share. If successful the open offer will add another Rs 1,496 crore to the deal, taking the total value of the deal to Rs 4,605 crore.

VST Tillers Tractors fell 2.38%. The company's total auto sales jumped 46.03% to 3,480 units in June 2020 from 2,383 units sold in May 2020. The company's total sales, however, are down by 14.13% from 4,053 units sold in June 2019.

Global Markets:

After initial strength, European markets slipped into negative terrain as concern over a spike in U.S. coronavirus infections tempered the optimism arising from upbeat economic data out of the US, China and the euro zone.

Back in Europe, German car sales reportedly plunged 40% in June to a 30-year low. Final IHS Markit services and composite PMI (purchasing managers' index) readings Friday confirmed that the slump in business activity caused by the coronavirus pandemic eased in June as countries began to reopen their economies. The composite reading came in at 48.5 in June, a sharp rise from May's 31.9 and close to the 50 mark, which separates expansion from contraction.

Asian markets ended higher following the overnight gains on Wall Street after a report by the U.S. Labor Department showed another record spike in employment in the month of June 2020.

Meanwhile, China's services sector grew at its fastest pace in over a decade in June 2020 with the Caixin/Markit services Purchasing Manager's Index (PMI) coming in at 58.4 for the month. The 50 level in PMI readings separates growth from contraction on a monthly basis.

The US stock market finished session higher on Thursday, 2 July 2020, with the Nasdaq reached an all-time closing high, as bullish investors took heart from better than expected June 2020 employment report which provided assurance that the U.S. economic recovery was well under way. However, market gains capped amid concerns about rising coronavirus cases.

US nonfarm payrolls surged by 4.8 million jobs in June, thanks to rises in the hard-hit hospitality sectors. A separate report on jobless claims, the most timely data on employment, showed initial claims for state unemployment benefits fell just 55,000 to a seasonally adjusted 1.427 million for the week ended June 27. The number of people receiving benefits after an initial week of aid rose 59,000 to 19.290 million in the week ending Jun. 20.

However, US daily COVID-19 cases topped 50,000 for the first time with increases in major states including Florida, Texas and California. On Thursday, Florida reported a record-shattering 10,000 new cases of the disease.

U.S. financial markets will be closed on Friday to observe the July Fourth holiday which falls on Saturday this year.

As per provisional closing, the barometer S&P BSE Sensex rallied 429.25 points or 1.21% at 35,843.45. The Nifty 50 index surged 131.95 points or 1.27% at 10,562.

The Nifty opened higher at 10,493.05 and firmed up as the session progressed. The index crossed 10,550 level in afternoon trade and hit the day's high of 10,598.20, before profit booking set in in late trade.

In the broader market, the S&P BSE Mid-Cap index surged 1.11% while the S&P BSE Small-Cap index rose 0.91%. Both these indices lagged the Sensex.

The market breadth was strong. On the BSE, 1,711 shares rose and 1,052 shares fell. A total of 127 shares were unchanged. In Nifty 50 index, 36 stocks advanced and 14 stocks declined.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 1,06,95,608 far with 5,16,255 deaths. India reported 2,26,947 active cases of COVID-19 infection and 17,834 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

Financial stocks were in demand after the government on Wednesday launched special liquidity scheme of Rs 30,000 crore for the non-bank lenders.

Among the non-banking finance companies (NBFCs), Mahindra & Mahindra Financial Services (up 6.64%), Muthoot Capital Services (up 4.99%), IDFC (up 2.69%), Indiabulls Housing Finance (up 2.25%), LIC Housing Finance (up 1.99%), Edelweiss Financial Services (up 1.43%), Muthoot Finance (up 1.05%) and Manappuram Finance (up 0.97%) advanced.

With a view to improving the liquidity position of NBFCs as well as HFCs, the Union Minister for Finance & Corporate Affairs Nirmala Sitharaman had launched a special liquidity scheme of Rs 30,000 crore on 13 March 2020. The Reserve Bank of India (RBI) will provide funds for the scheme by subscribing to government guaranteed special securities issued by the Trust. The total amount of such securities issued outstanding shall not exceed Rs 30,000 crores at any point of time.

The Government of India will provide an unconditional and irrevocable guarantee to the special securities issued by the Trust. The scheme was launched on 1 July 2020 through a Special Purpose Vehicle in the form of SLS Trust set up by SBI Capital Markets (SBICAP). The scheme will remain open for 3 months for making subscriptions by the Trust. The period of lending (CPs/NCDs of NBFCs/HFCs for short duration of upto 90 days) by the Trust shall be for a period of upto 90 days. The financing would be used by the NFBCs/HFCs only to repay existing liabilities and not to expand assets. Further, those market participants who are looking to exit their standard investments with a residual maturity of 90 days may also approach the SLS Trust.

Stocks in Spotlight:

Tata Motors was up 0.79%. The company's total domestic automobile sales slumped 82% to 23,845 units in Q1 June 2020 as against 1.31 lakh units in Q1 June 2019.Sales were impacted by a sharp decline in the production of commercial as well as passenger vehicles owing to the lockdown and subdued market demand. Total commercial vehicles (CV) sales were down 90% to 10,476 units while the total passenger vehicles (PV) sales slumped 61% to 14,571 units in Q1 FY21 over Q1 FY20.

Bajaj Auto was up 1.17%. The auto major reported 31% decline in total vehicles sales to 2.78 lakh units in June 2020 as against 4.04 lakh units in June 2019. The company's total vehicle sales surged 119% in June from 1.27 lakh units registered in May 2020. Due to nationwide lockdown, the company's sales were disrupted in April and May this year. In April, there were no sales in the domestic market, but the company exported 37,878 units.

TVS Motor Company rose 0.36%. The company recorded over three-fold increase in June 2020 sales to 198,387 units from 58,906 units sold in the month of May 2020. Its June sales, however, are lower by 33.22% as compared to 297,102 units sold in the same period last year. Total exports were 53,123 units in the month of June 2020, down by 24% from 69,900 units in June 2019. TVS Motor said it is witnessing a positive uptake in both domestic retail as well as exports. The company faced supply chain constraints in June; however, it has undertaken various countermeasures, some of which have started yielding results in June itself. The company is expecting to overcome these in the month of July.

Pfizer jumped 5.37% after the company's US-based parent reported positive preliminary results from a joint project to develop a coronavirus vaccine. An early trial of an experimental coronavirus vaccine from US-based Pfizer and Germany's BioNTech showed it's safe and prompted patients to produce antibodies against the new virus, keeping it in the lead pack for a pandemic shot. The preliminary data come from a so-called phase 1/2 trial that aimed to show the vaccine is not toxic and triggers an immune system response to prepare the body to fight off the virus.

NMDC rose 0.93%. The state-owned miner said its iron ore production was flat at 2.52 million tonnes (MT) in June 2020 compared with June 2019. Iron ore sales declined 6.77% to 2.48 MT in June 2020 as against 2.66 MT in June 2019.

Coal India shed 0.15% after provisional coal production dropped 12.8% to 39.20 million tonnes (MT) while provisional coal offtake shrunk by 15% to 41.61 MT in June 2020 over June 2019.

Jindal Steel & Power (JSPL) gained 0.2%. The company recorded a 12% growth in sales volumes to 1.56 million tonnes (MT) and 8% rise in standalone steel (including pig iron) production to 1.67 MT in Q1 June 2020 over Q4 March 2020 (Q-o-Q). The export sales contributed to 58% of total sales volumes in Q1 FY21. The company's consolidated sales rose by 7% to 2.07 MT (Q-o-Q) during Q1 FY21. Consolidated production fell 4% (Q-o-Q) to 2.03 MT in Q1 FY21.

Eveready Industries India gained 1.90% to Rs 88.50 after consolidated net profit surged to Rs 63.07 crore in Q4 March 2020, higher than net profit of Rs 4.54 crore in Q4 March 2019. The company reported exceptional gain of Rs 62.03 crore on sale of land at Hyderabad. Consolidated net sales declined 32.4% to Rs 224.08 crore in Q4 FY20 over Q4 FY19. Profit before tax (PBT) stood at Rs 78.09 crore in Q4 FY20, higher than Rs 6.06 crore in Q4 FY19. Current tax expense jumped to Rs 14.23 crore in Q4 FY20 as against Rs 1.08 crore in Q4 FY19.

Global Markets:

Shares in Europe and Asia jumped on Thursday, taking cues from the overnight rally on Wall Street as hopes for development of a coronavirus vaccine offset some of the concerns about rising coronavirus cases in the United States.

Investors continued to monitor the escalating tension between American and Beijing, over the Hong Kong issue. As per media reports, China said it will announce reciprocal curbs on U.S. media outlets in the country. The comment reportedly comes after the United States said in June it would start treating another four major Chinese media outlets as foreign embassies, following similar moves on other outlets earlier in the year, in a move likely to further sour fraught ties between the world's top two economies, media reports said.

The US stock market finished session mostly higher on Wednesday, 1 July 2020, with the Nasdaq close at a record high, as bullish investors took heart from cheering economic data and news of a potential coronavirus vaccine.

The ADP National Employment Report showed the nonfarm private sector created 2.4 million jobs in June, with 70% of new jobs in the leisure, hospitality, trade and construction industries. Meanwhile, data from the Institute for Supply Management (ISM) showed index of US factory activity jumped to a reading of 52.6 last month from 43.1 in May, ending three straight months of contraction, or readings below 50.

Domestic benchmarks ended with strong gains on Wednesday. Positive global cues and recovering domestic macro data cheered investors. Banks stocks rallied while pharma stocks corrected.

As per provisional closing, the barometer S&P BSE Sensex rallied 498.65 points or 1.43% at 35,414.45. The Nifty 50 index surged 116.75 points or 1.13% at 10,418.85.

The Nifty opened higher at 10,323.80 and scaled 10,400 mark in afternoon session. The index continued to trade sideways with decent gains in mid-afternoon session before closing near 10,420 level.

The broader market underperformed the benchmarks. The S&P BSE Mid-Cap index rose 0.18% while the S&P BSE Small-Cap index rose 0.39%.

The market breadth was positive. On the BSE, 1,503 shares rose and 1,276 shares fell. A total of 127 shares were unchanged. In Nifty 50 index, 26 stocks advanced and 24 stocks declined.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,000.08 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,051.31 crore in the Indian equity market on 30 June, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 1,04,77,554 far with 5,11,300 deaths. India reported 2,20,114 active cases of COVID-19 infection and 17,400 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

The seasonally adjusted IHS Markit India Manufacturing PMI surged to 47.2 in June from 30.8 in May. Despite the rise, the latest reading pointed to a third successive monthly decline in the health of the manufacturing sector, albeit one that was far softer than registered in April and May.

The gross GST revenue collected in the month of June 2020 is Rs 90,917 crore of which CGST is Rs 18,980 crore, SGST is Rs 23,970 crore, IGST is Rs 40,302 crore (including Rs 15,709 crore collected on import of goods) and Cess is Rs 7,665 crore (including Rs. 607 crore collected on import of goods). The revenues for the month are 91% of the GST revenues in the same month last year.

The output of eight core industries declined at slower pace of 23.4% in May 2020 compared with 37% (provisional) dip in previous month of April 2020. Its cumulative growth during April to May 2020-21 was 30.0%.

India's current account balance recorded a marginal surplus of $0.6 billion (0.1% of GDP) in Q4 of 2019-20 as against a deficit of $4.6 billion (0.7% of GDP) in Q4 of 2018-19 and $2.6 billion (0.4% of GDP) in the preceding quarter, i.e., Q3 of 2019-20.

The surplus in the current account in Q4 of 2019-20 was primarily on account of a lower trade deficit at $35 billion and a sharp rise in net invisible receipts at $35.6 billion as compared with the corresponding period of last year.

India's external debt for the quarter ended March 2020 rose to $558.5 billion on account of currency valuation effect, commercial borrowings and non-resident Indian (NRI) deposits, according to the data released by the Reserve Bank of India on Tuesday. The external debt during the March quarter rose by 2.8% or $15.4 billion on a year-on-year (YoY) basis.

June Auto Sales:

Hero MotoCorp fell 0.18%. The two wheeler manufacturer sold 450,744 units of motorcycles and scooters in June 2020 recording four times sequential growth over the 112,682 units sold in May 2020. The company had sold 6,16,526 units of motorcycles and scooters in the month of June 2019. The sales in the first quarter of FY'21 was subdued due to the impact of COVID-19 and the effects of the closure of the plant operations and the retail outlets through the entire month of April and most of May.

Eicher Motors rose 0.38%. The auto maker on Wednesday (1 July) announced that its unlisted subsidiary, VE Commercial Vehicles (VECV), reported 70.3% slump in total sales to 1358 units in June 2020 over June 2019. VECV's total domestic sales slumped 75.4% YoY to 1016 units last month. Total exports fell 16.4% to 305 units during the period under review. Sequentially, VECV reported 97.96% surge in total sales in June from 686 units sold in May 2020. VECV reported weak sales in May amid nationwide lockdown.

Mahindra & Mahindra (M&M) fell 1.6%. The company's total sales surged to 19,358 units in June 2020 from 9,560 units sold in May 2020. However, M&M's total sales have fallen 55% in June compared with 42,547 units sold in June 2019. While total domestic sales declined 53% YoY to 18,505 units, total exports fell 72% YoY 853 units during the month. Meanwhile, M&M's total tractor sales during June 2020 were at 36,544 units, up by 10% from 33,094 units for the same period last year. Sequentially, the tractor sales have surged 50.1% in June compared with 24,341 units in May 2020.

Maruti Suzuki was down 0.86%. The car manufacturer said its total sales slumped 54% to 57,428 units in June 2020 as against 124,708 units in June 2019. Total domestic sales tanked 53.7% to 53,139 units in June 2020 from 114,861 units in June 2019. Exports dropped 56.64% to 4,289 units in June 2020 from 9,847 units in June 2019. The car major's total sales jumped 210% in June 2020 from 18,539 units registered in May 2020.

Escorts fell 0.84% after the company's total tractor sales rose 21.1% to 10,851 units in June 2020 over June 2019. Total tractor sales spurted 64.6% month-on-month (MoM) in June 2020 compared with 6,594 units in May 2020. Escorts' total domestic tractor sales stood at 10,623 units (up 22.8% YoY) and total exports were at 228 units (down 26.9% YoY) in June 2020.

Earnings Impact:

ONGC fell 0.68% after the PSU company posted a standalone net loss of Rs 3,098.26 crore in the fourth quarter. The company had reported a net profit of Rs 4,239.50 in the same period last year. Net sales declined by 19.8% to Rs 21,456.20 crore in Q4 FY20 over Q4 FY19. ONGC's crude oil price realization from its nominated fields fell 20.9% YoY to $49.01 per barrel while the price realization from the joint venture fields was down 19.4% YoY to $49.39 per barrel during the March quarter. Gas price also fell 3.9% to $3.23 per million British thermal unit (mmbtu) in Q4 FY20. The Company has recognized an Exceptional Item towards impairment loss of Rs. 4,899 crore in Q4 FY'20 to factor into estimated future crude oil and natural gas prices. This has adversely impacted PAT for Q4 FY'20 and FY'20 as compared to last year, ONGC said.

Vodafone Idea declined 4% after the company recorded a consolidated net loss of Rs 11,643.50 crore in Q4 March 2020, higher than net loss of Rs 4,881.90 crore in Q4 March 2019. Revenue from operations fell 0.17% to Rs 11,754.20 crore in Q4 FY20 over Rs 11,775 crore in Q4 FY19. Gross debt (excluding lease liabilities) as of 31 March 2020 was Rs 1,15,000 crore, including deferred spectrum payment obligations due to the government of Rs 87,650 crore. Cash & cash equivalents were Rs 2,480 crore and net debt stood at Rs 1,12,520 crore as against Rs 1,03,310 crore in Q3FY20. The subscriber base declined to 291 million in Q4 FY20 from 304 million in Q3 FY20. Subscriber churn remained stable in Q4 FY20 at 3.3%. Average revenue per user (ARPU) for Q4 FY20 improved to Rs 121 from Rs 109 in Q3 FY20, driven by the prepaid tariff hike effective from December 2019.

RITES jumped 6%. The company posted a 4.29% drop in consolidated net profit to Rs 143.93 crore on a 22.17% drop in revenue to Rs 614.24 crore in Q4 FY20 as compared to Q4 FY19. Commenting on the outlook, Rajeev Mehrotra, the company's chairman and managing director, said that some uncertainties have emerged in recent times due to Covid-19, which may impact the business operations in FY21 but sufficient order book, diversified business segments and opportunities in infrastructure sector at domestic level as well as abroad are expected to help in quick recovery and future business growth.

Global Markets:

European markets were mixed while most Asian stocks closed higher as improving economic data from China offset by worries about surging coronavirus cases in the United States.

China's Caixin/Markit manufacturing PMI in June came in at 51.2, against previous month's reading of 50.7. PMI readings above 50 signify expansion, while those below that indicate contraction.

The US stock market finished session higher on last session of the month and quarter, Tuesday, 30 June 2020, as the investors risk sentiments boosted up with better than expected domestic economic data which helped to offset concerns over the health of the global economy from the coronavirus pandemic.

The Conference Board released a report showed a bigger than expected improvement in consumer confidence in the month of June. The Conference Board said its consumer confidence index jumped to 98.1 in June from a downwardly revised 85.9 in May.

Stocks gains were also supported by the testimony of the Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin's to the House Financial Services Committee regarding the response to the coronavirus pandemic. Mnuchin said the Treasury and Fed were looking at extending the Fed's established 11 emergency lending facilities to include asset-based lending markets, but also reiterated that additional types of COVID-19 aid likely will need to be addressed by Congress under the next phase of stimulus.

Powell emphasized that the 'overriding goal' of the central bank's facilities is to help get the roughly 25 million workers who lost jobs during the pandemic back to work, while also warning that a second wave of COVID-19 infections could undermine consumer confidence again.

The Sensex and the Nifty ended a volatile session almost flat on Tuesday. PSU banks and pharma stocks tumbled. As per provisional closing, the barometer S&P BSE Sensex declined 13.86 points or 0.04% at 34,947.52. The Nifty 50 index fell 1.15 points or 0.01% at 10,305.85.

The Nifty opened higher 10,382.60 and traded in a narrow range in morning session. The index traded sideways throughout the day with decent gains till afternoon session. Selling emerged in mid afternoon trade, which dragged the index to the day's low of 10,267.35. The index regained 10300 mark in late trade.

The broader market underperformed the benchmarks. The S&P BSE Mid-Cap index fell 0.14% while the S&P BSE Small-Cap index declined 0.75%.

The market breadth was negative. On the BSE, 1,293 shares rose and 1,467 shares fell. A total of 140 shares were unchanged. In Nifty 50 index, the breadth was negative with 20 stocks advancing and 30 stocks declining.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,937.06 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,036.13 crore in the Indian equity market on 29 June, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 1,03,02,867 far with 5,05,518 deaths. India reported 2,15,125 active cases of COVID-19 infection and 16,893 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

PM Modi's Address to the Nation:

Prime Minister Narendra Modi will address the nation at 16:00 IST today, 30 June 2020. This would be the prime minister's sixth address to the nation since the outbreak of the pandemic.

Unlock 2 Guidelines:

The Union government on Monday night issued guidelines for the month-long 'Unlock 2' - the phased re-opening of activities that were barred to contain the coronavirus spread in the country. Under the new guidelines, social/ political/ sports/ entertainment/ academic/ cultural/ religious functions and other large congregations remain prohibited. Metro Rail services shall remain shut and cinema halls, gymnasiums, swimming pools, entertainment parks, theatres, bars, auditoriums, assembly halls and similar places will also not be allowed to open. All activities apart from those prohibited will be allowed outside containment zones.

Lockdown will remain in force in COVID-19 containment zones till 31 July 2020 and district authorities to demarcate zones, according to the guidelines. Night curfew will remain in force between 10 pm and 5 am throughout country, except for essential activities. Unlock 1 ends on 30 June 2020 and Unlock 2 will be in force from 1 to 31 July 2020.

Buzzing Index:

The Nifty Pharma index slumped 1.52% to 9,981.50. Cadila Healthcare (down 3.79%), Torrent Pharmaceuticals (down 2.55%), Aurobindo Pharma (down 2.3%), Sun Pharmaceutical Inds (down 2.12%), Biocon (down 1.95%), Divi's Laboratories (down 1.62%), Lupin (Down 1.41%) and Dr.Reddy's Lab (down 0.74%) were top losers in Nifty Pharma index.

Q4 Results Today:

ONGC (down 1.15%) and Vodafone Idea (down 4.86%) will announce their quarterly earnings today.

Earnings Impact:

Tata Steel advanced 1.67%. The steel major reported a consolidated net loss (from continuing operations) of Rs 1,236 crore in Q4 March 2020 as against net profit of Rs 2,353 crore in Q4 March 2019. Turnover declined 20.40% to Rs 33,770 crore in Q4 FY20 from Rs 42,424 crore in the same period last year. The result was announced after market hours yesterday, 29 June 2020. The company reported an exceptional loss of Rs 3,406 crore in Q4 FY20 on the back of impairment of non-current assets and loss on preference share investments. Profit before exceptional items stood at Rs 1,906.40 crore in Q4 FY20, declining 55% from Rs 4,241.01 crore in Q4 FY19. Tata Steel received a tax rebate of Rs 263.28 crore in Q4 FY20 as against total tax expense of Rs 1,899.06 crore in Q4 FY19.

Raymond declined 3.76% after consolidated a net loss of Rs 69.10 crore in Q4 March 2020 compared with net profit of Rs 67.70 crore in Q4 March 2019. Consolidated net sales dropped 29.31% to Rs 1,278.65 crore in Q4 FY20 over Rs 1,808.71 crore in Q4 FY19. Topline and profitability was impacted due to COVID-19 and channel stock correction in branded apparel segment. The primary sale of March was impacted especially for the wedding season of April to June 2020. The sales for the good wedding season was completely wiped off. Overall topline impact was Rs 414 crore and EBITDA impact was Rs 134 crore. In Q1 FY21, the company has raised Rs 145 crore through NCDs at market benchmarked rates.

Petronet LNG fell 1.89% after consolidated net profit dropped 19.80% to Rs 373.20 crore on 2.19% rise in net sales to Rs 8,567.15 crore in Q4 March 2020 over Q4 March 2019. The board has recommended a final dividend of Rs 7 per equity share for the year 2019-20.

Central Bank of India tumbled 11.8% after the bank reported net loss of Rs 1,529.07 crore in Q4 March 2020 compared with a net loss of Rs 2,477.41 crore in Q4 March 2019. Total income rose 1.6% to Rs 6,723.73 crore in Q4 FY20 over Q4 FY19. The bank reported pre-tax loss of Rs 1,661.09 crore in Q4 FY20, lower than pre-tax loss of Rs 3,214.99 crore in Q4 FY19. Gross non-performing assets (NPAs) stood at Rs 32,589.08 crore as on 31 March 2020 as against Rs 33,258.59 crore as on 31 December 2019 and Rs 32,356.04 crore as on 31 March 2019. The ratio of gross NPAs to gross advances stood at 18.92% as on 31 March 2020 as against 19.99% as on 31 December 2019 and 19.29% as on 31 March 2019. The ratio of net NPAs to net advances stood at 7.63% as on 31 March 2020 as against 9.26% as on 31 December 2019 and 7.73% as on 31 March 2019.x

Bharat Electronics (BEL) rallied 2% after consolidated net profit jumped 74.27% to Rs 1,046.97 crore on 49.18% increase in total revenue from operations to Rs 5,816.77 crore in Q4 FY20 over Q4 FY19. BEL's order book stood at Rs 51,970 crore as of 1 April 2020. The company received a total order of Rs 13,200 crore during fiscal year 2019-2020. It exported $48.59 million during FY19-20.

The Phoenix Mills' slipped 0.4% after consolidated net profit slumped 79.56% to Rs 46.69 crore on 44.8% drop in net sales to Rs 399.23 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax (PBT) tanked 76.51% to Rs 76.14 crore in Q4 FY20 as against Rs 324.18 crore in Q4 FY19. Total tax expense skid 45.32% to Rs 27.88 crore during the period under review. Consolidated EBITDA for the quarter dropped 46% to Rs 204.30 crore in Q4 FY20 over Q4 FY19. EBITDA margin was at 51% in Q4 FY20 as against 52% in Q4 FY19.

Global Markets:

Most European markets were trading higher while Asian markets closed higher on Tuesday buoyed by overnight gains on Wall Street and better-than-expected data from China.

China's factory activity expanded at a faster pace in June as the economy continued to recover after the government lifted strict lockdowns and ramped up investment. The official manufacturing Purchasing Manager's Index (PMI) rose to a three-month high of 50.9 in June 2020 from 50.6 in May 2020, above the 50-point mark that separates growth from contraction on a monthly basis.

Meanwhile, Japan's industrial production in May 2020 dropped 8.4% month-on-month, according to data released Tuesday in a preliminary report by the country's Ministry of Economy, Trade and Industry.

The US stock market finished session sharp higher on Monday, 29 June 2020, as investors chased for bargain hunting after a steep sell-off last Friday, thanks to better-than-estimated economic data which helped to overshadow concern over an increase in coronavirus cases.

The Pending Home Sales Index, an advance look at home sales based on signed purchase and sale agreements, fell 5.1% in May 2020 compared to the same month last year, according to data from the National Association of Realtors (NAR). When compared to April of 2020, the news was much better. Pending sales increased by 44.3% last month after two consecutive months of decline, NAR reported.

Meanwhile, many U.S. states are reportedly returning to previous restrictions following a surge in new coronavirus cases in the country last week. As many as 36 states have reported large number of new cases in the past week.

Federal Reserve Chairman Jerome Powell said the outlook for the US economy is extraordinarily uncertain and the success of the recovery effort will depend in large part on the country's ability to contain the spread of the coronavirus.

Key benchmark indices ended with modest losses on Monday on the back of mixed global cues amid rising coronavirus cases. The ongoing Indo-China border tensions also weighed on the investors' sentiment. Weakness in banks and IT shares put pressure on bourses.

As per provisional closing, the barometer S&P BSE Sensex declined 209.75 points or 0.6% at 34,961.52. The Nifty 50 index fell 70.6 points or 0.68% at 10,312.40.

The broader market underperformed the benchmarks. The S&P BSE Mid-Cap index fell 1.39% while the S&P BSE Small-Cap index declined 1.23%.

The market breadth was negative. On the BSE, shares 1,148 rose and 1,637 shares fell. A total of 141 shares were unchanged. In Nifty 50 index, the breadth was negative with 12 stocks advancing and 38 stocks declining.

Foreign portfolio investors (FPIs) sold shares worth Rs 753.18 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,304.18 crore in the Indian equity market on 26 June, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 1,01,46,971 far with 5,01,940 deaths. India reported 2,10,120 active cases of COVID-19 infection and 16,475 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Bank index declined 1.55% to 21,256.65, snapping its two days winning streak.

RBL Bank (down 6.24%), Bank of Baroda (down 4.92%), IDFC First Bank (down 3.92%), Federal Bank (down 3.46%), Punjab National Bank (down 3.42%), Bandhan Bank (down 3.37%), IndusInd Bank (down 3%), SBI (down 2.93%) and ICICI Bank (down 1.93%) were top losers in Nifty Bank segment.

Shares of the private lender Axis Bank fell 4.71% to Rs 405.05 after S&P Global Ratings lowered its ratings of the lender due to increased economic risks for banks operating in India. We lowered our ratings on Axis to reflect our expectation that heighten edeconomic risks facing India's banking system will affect the bank's assetquality and financial performance. While Axis' asset quality is superior tothe Indian banking sector average, its level of nonperforming assets (NPAs)will likely remain high compared to international peers'. Nevertheless, we expect the bank to maintain its strong market position and adequate capitalization, the ratings agency said in a release.

Q4 Results Today:

Tata Steel (down 0.4%), BEL (up 3%), Petronet LNG (down 0.89%), Minda Industries (up 1.4%), Bharat Dynamics (up 4.84%), Central Bank of India (up 2.48%), SJVN (down 0.22%), Phoenix Mills (down 1.8%), Lux Industries (down 0.13%), Maharashtra Seamless (down 1.76%), NOCIL (down 0.86%), Orient Refactories (up 4.31%), Panacea Biotec (up 0.76%), Rail Vikas Nigam (down 2%), Jammu & Kashmir Bank (down 4.3%), Punjab & Sind Bank (down 5%), Raymond (down 2.35%) and Shree Renuka Sugars (up 5%) will announce their quarterly earnings today.

Earnings Impact:

ITC advanced 1.33% after consolidated net profit rose 9.1% to Rs 3,856.52 crore on 4.8% decline in net sales to Rs 12,456.45 crore in Q4 March 2020 over Q4 March 2019. Cigarettes segment revenue declined 3.3% YoY to Rs 5,750.44 crore while the revenue from other FMCG products segment fell 3.9% YoY to Rs 3,190.34 crore during the quarter. Hotel business revenue stood at Rs 494.76 crore (down 13.8% YoY), agri-business revenue was at Rs 1,899.01 crore (down 15.9% YoY), paperboards, paper & packaging revenues were at Rs 1,458.87 crore (down 6.2% YoY) and revenue from other businesses (viz. IT services, branded residences etc.) came in at Rs 575.68 crore (up 2.1% YoY) in the fourth quarter. ITC board recommended a dividend of Rs 10.15 per share for the financial year ended 31 March 2020. It will be paid on Tuesday, 8 September, 2020.

NTPC shed 1.85% after the state-owned power supplier reported a 70.5% drop in consolidated net profit to Rs 1,523.77 crore on a 27% jump in net sales to Rs 30,201.08 crore in Q4 March 2020 over Q4 March 2019. Profitability was significantly dented on the back of higher tax provisions. NTPC's total tax expenses in Q4 March 2020 stood at Rs 4,948.12 crore as against a tax rebate of Rs 7,465.19 crore received in Q4 March 2019. NTPC group's total installed capacity increased to 62,110 MW as on 31 March 2020 as against 55,126 MW as on 31 March 2019. The group's commercial capacity increased by 8,260 MW to 61,126 as on 31 March 2020 compared with 52,866 MW as on 31 March 2019.

Coal India dropped 4.8% after the public-owned coal mining major reported a 23% decline in consolidated net profit to Rs 4,637.95 crore on 3.6% fall in revenue from operations to Rs 27,568.23 crore in Q4 FY20 over Q4 FY19. Total expense in the fourth quarter rose 2.6% to Rs 22,033.90 crore from Rs 21,471.78 crore in the same period last year. Profit before tax (PBT) in Q4 March 2020 stood at Rs 7,447.40 crore, down by 16.2% from Rs 8,892.35 crore in Q4 March 2019. During the March quarter, raw coal production increased by 9.9% YoY to 213.71 million tonne while the raw coal offtake remained almost flat at 163.87 million tonne.

Glenmark Pharmaceuticals gained 0.45% after the pharmaceutical major's consolidated net profit surged 36.3% to Rs 220.31 crore on 7.3% rise in net sales to Rs 2,711.27 crore in Q4 March 2020 over Q4 March 2019. Consolidated EBITDA soared 27.89% to Rs 465.68 crore in the quarter ended 31 March 2020 as against Rs 364.13 crore in the corresponding quarter last year. India business grew 14.52% Y-o-Y (year-on-year) to Rs 764.75 crore in Q4 FY20. Europe business jumped 29.26% Y-o-Y to Rs 411.56 crore. Latin America business surged 46.9% Y-o-Y to Rs 176.87 crore. North America business recorded 1% Y-o-Y fall to Rs 761.90 crore.

Bharat Forge tumbled 10% to Rs 317.40 after the company reported a consolidated net loss of Rs 72.09 crore in Q4 FY20 as compared to a net profit of Rs 320.35 crore in Q4 FY19. Net sales declined 34.7% YoY to Rs 1741.92 during the quarter.

MRF's consolidated net profit surged 131.01% to Rs 679.02 crore on 10.94% decline in net sales to Rs 3,685.16 crore in Q4 March 2020 over Q4 March 2019. Profit before tax (PBT) fell 27.40% to Rs 303.82 crore during the period under review. Current tax expense rose 16.8% to Rs 76.16 crore in Q4 FY20 over Q4 FY19. The company received deferred tax write back of Rs 451.36 crore in Q4 FY20, which boosted the net profit. Shares of MRF were trading 1.94% lower at Rs 65,120.15.

Oil India rose 1%. The oil exploratory firm's consolidated net profit stood at Rs 1,597.40 crore in Q4 March 2020 compared with net loss of Rs 70.59 crore in Q4 March 2019. Net sales slipped 15.8% to Rs 2,607.38 crore in Q4 FY20 from Rs 3,097.26 crore in Q4 FY19. Crude oil price realization decreased 13.23% to Rs 3,776.79 per barrel in Q4 FY20 compared with Rs 4,352.84 per barrel in Q4 FY19. The adverse impact was on account of fall in international crude oil prices because of COVID-19 and collapse in understanding between OPEC and Russia on continued production cuts.

National Aluminium Company (NALCO) dropped 4.63% after aluminum producer's consolidated net profit tanked 57.2% to Rs 100.51 crore on 30% drop in net sales to Rs 1,935.86 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax (PBT) skid 56.3% to Rs 176.66 crore in Q4 March 2020 as against Rs 404.55 crore in Q4 March 2019. On a standalone basis, NALCO posted a net profit of Rs 138.23 crore for FY20.

Avanti Feeds jumped 10% after consolidated net profit jumped 30% to Rs 98.71 crore on 20.65% increase in net sales to Rs 1,034.81 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax stood at Rs 126 crore, up by 23% from Rs 102.54 crore in the same period last year. Total tax expense rose 3.5% to Rs 27.28 crore in Q4 FY20 over Q4 FY19. During the quarter, revenue from shrimp feed segment rose 15.48% to Rs 764.59 crore while revenue from shrimp processing segment rose 38.45% to Rs 270.65 crore compared with the corresponding period last year.

Global Markets:

Most European shares recovered while Asian shares ended lower Monday as rising number of global coronavirus cases spooked investors. Investors across the globe have been banking on businesses continuing to reopen, helping to drive a recovery from the worst global downturn since the 1930s Great Depression.

The US stock market finished session steeply lower on Friday, 26 June 2020, as risk off selling triggered on rising coronavirus cases and the Federal Reserve's order to cap bank dividend payments and share buybacks.

Investors were disappointed to see that the number of confirmed new coronavirus cases per day in the US hit an all-time high of 40,000, surpassing the peak set during one of the deadliest stretches in late April 2020.

The governors from Texas and Florida on Thursday both signaled that they would pause the reopening of their economies as the two giant states of the US sunbelt contend with spikes in coronavirus cases. Renewed concerns over the novel coronavirus pandemic has threatened to derail a strong rally for Wall Street.

Bank shares in the US plummeted after the Federal Reserve limited dividend payments and barred share repurchases until at least the fourth quarter following its annual stress test.

The Nifty opened higher at 10,378.90 but succumbed to selling pressure in morning trade. The barometer displayed volatile moves for most part of the day. After hitting an intraday low of 10,311.25 in mid-afternoon trade, the index firmed up once again and touched 10,400 in late trade.

The broader market underperformed the benchmarks. The S&P BSE Mid-Cap index gained 0.3% while the S&P BSE Small-Cap index rose 0.17%.

The market breadth was positive. On the BSE, shares 1,657 rose and 1,062 shares fell. A total of 146 shares were unchanged. In Nifty 50 index, the breadth was negative with 28 stocks advancing and 22 stocks declining.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,050.61 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 255.59 crore in the Indian equity market on 25 June, provisional data showed.

RBI Board Meeting:

The central board of the Reserve Bank of India (RBI) met today through video conference. The governor and deputy governors briefed the board about the overall macroeconomic conditions - both domestic and global; financial sector situation; and the impact of various monetary, regulatory and other measures taken by the RBI in the context of the COVID-19 pandemic. The board deliberated on the current economic situation and the evolving challenges posed by the pandemic. The board also discussed RBI's activities during the period (July 2019-June 2020), the budget for the next accounting year July 2020 to March 2021 (aligned with the Government's financial year), other policy and operational matters.

Sebi Regulation:

The board of the Securities and Exchange Board of India (Sebi) on Thursday eased pricing framework for preferential allotment of shares, making it easier for listed companies to raise money. It has decided to allow companies to consider two-week average price for pricing preferential share issue. In addition, the regulator has also streamlined settlement regulations to make procedures faster and more effective. Besides, it has decided to amend insider trading norms. It also tweaked its takeover regulations to ensure that shareholders receive interest if open offers are delayed.

Buzzing Index:

The Nifty IT index jumped 4.06% to 14,996, snapping its two-day losing streak.

IT majors viz. Infosys (up 6.7%) and TCS (up 4.77%) were the top index movers. IT shares firmed up after the global IT giant Accenture reported steady performance for the third quarter ended May 2020.

Accenture's revenues for the third quarter of fiscal 2020 were $11.0 billion, compared with $11.1 billion for the third quarter of fiscal 2019. The revenue came in at the top end of the company's guided range for quarterly revenues, which was approximately $10.65 billion to $11.05 billion. Outsourcing revenues grew by 5% YoY $5.0 billion during the quarter and outsourcing new bookings represented 44% of Accenture's total new bookings. It is outsourcing business where Indian IT sector reportedly has a greater presence. For fiscal 2020, the company now expects revenue growth to be in the range of 3.5% to 4.5% in local currency, compared with 3% to 6% previously”, the global IT services firm said. A domestic brokerage reportedly stated that Accenture did not face significant cancellations or pricing pressure. It added that work from Home (WFH) transition was smooth and had a very little revenue impact.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 96,11,062 far with 4,89,343 deaths. India reported 1,89,463 active cases of COVID-19 infection and 15,301 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Q4 Results Today:

ITC (down 3.29%), Coal India (up 1.14%), Glenmark Pharmaceuticals (up 2.17%), NALCO (down 1.7%), Sun TV Network (up 1.89%), APL Apollo Tubes (down 1.7%), EIH (down 1.05%), Gujarat Narmada Valley Fertilizers & Chemicals (down 0.56%), Housing and Urban Development Corporation (up 0.72%), Sheela Foam (down 1.93%), Apex Frozen Foods (down 0.92%), Indian Railway Catering and Tourism Corporation (down 2.94%) and West Coast Paper Mills (up 0.6%) are some of the companies that will announce their quarterly earnings today.

Earnings Impact:

Ashok Leyland fell 1.21% after the commercial vehicle manufacturer reported 97.46% decline in consolidated net profit to Rs 18.07 crore on a 48.23% slide in total income to Rs 5,128.20 crore in Q4 March 2020 over Q4 March 2019.

UCO Bank advanced 15% at Rs 16.76 after the bank reported net profit of Rs 16.78 crore in Q4 March 2020 as against net loss of Rs 1552.03 crore in Q4 March 2019. Total income rose 8.74% to Rs 4511.21 crore in Q4 FY20 from Rs 4148.52 crore in Q4 FY19. The result was announced during market hours today, 26 June 2020. Provisions and contingencies fell 46.5% to Rs 1199.82 crore in Q4 March 2020 from Rs 2242.58 crore in Q4 March 2019. Provisions for non-performing assets fell 58.13% to Rs 1089.26 crore during the period under review. The non-performing loan provisioning coverage ratio is 85.46% as on 31 March 2020 as against 74.93% as on 31 March 2019. On the asset quality front, gross non-performing assets stood at Rs 19281.95 crore as on 31 March 2020 as against Rs 22139.65 crore as on 31 December 2019 and Rs 29888.33 crore as on 31 March 2019.

Apollo Hospitals Enterprise declined 3%. The healthcare company's consolidated net profit surged 169% to Rs 219.36 crore on 17% increase in net sales to Rs 2,922.43 crore in Q4 March 2020 over Q4 March 2019. The company recorded sale of Apollo Munich Health Insurance Company to HDFC as an exceptional gain of Rs 198.30 crore in Q4 FY20 which aided net profit. Consolidated EBITDA (post Ind AS116) grew 36% to Rs 380.10 crore in Q4 FY20 from Rs 279.60 crore in Q4 FY19.

Container Corporation of India (CONCOR) gained 2%. The company's consolidated net profit slipped 9.4% to Rs 313.47 crore on 14.3% decline in net sales to Rs 1,584.31 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax (PBT) dropped 14% to Rs 410.88 crore in Q4 March 2020 as against Rs 477.94 crore in Q4 March 2019. Current tax expense skid 25.31% to Rs 67.60 crore in Q4 March 2020 as against Rs 90.51 crore in Q4 March 2019. The board has proposed final dividend of Rs 2.85 per equity share.

JB Chemicals & Pharmaceuticals dropped 2% after consolidated net profit rose 7% to Rs 50.07 crore on 5.9% rise in net sales to Rs 443.57 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax (PBT) slipped 1.8% to Rs 67.02 crore in Q4 March 2020 as against Rs 68.28 crore in Q4 March 2019. Current tax expenses skid 21.1% to Rs 16.95 crore in Q4 March 2020 as against Rs 21.49 crore in Q4 March 2019. Consolidated EBITDA jumped 40% to Rs 91.70 crore in Q4 FY20 as against Rs 65.50 crore in Q4 FY19. Consolidated EBITDA margin improved to 20.67% in Q4 FY20 from 15.64% in Q4 FY19. The board has recommended a final dividend of Re 1 per equity share for FY20.

Galaxy Surfactants surged 1.5% after the company reported 9.98% rise in consolidated net profit to Rs 62.80 crore on 4.2% fall in total income to Rs 656.66 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax for Q4 March 2020 stood at Rs 81.58 crore, rising 4.6% from the year ago period. Total tax expenses stood at Rs 18.78 crore in Q4 March 2020 as against Rs 20.9 crore in Q4 March 2019.

Engineers India jumped 8% after the company's consolidated net profit jumped 34.6% to Rs 119.69 crore on 39.8% increase in net sales to Rs 864.38 crore in Q4 FY20 over Q4 FY19. Profit before tax (PBT) in Q4 March 2020 stood at Rs 172.24 crore, up by 19.8% from Rs 143.75 crore in Q4 March 2019. Current tax expense jumped 35.2% to Rs 56.71 crore in the fourth quarter from Rs 41.95 crore incurred in the corresponding period last year.

Endurance Technologies rose 0.72%. The consolidated net profit dropped 28.1% to Rs 106.83 crore on 16% fall in net sales to Rs 1,596.75 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax (PBT) fell 39.6% to Rs 129.76 crore in Q4 March 2020 as against Rs 214.86 crore in Q4 March 2019. Current tax expenses slumped 56% to Rs 27.42 crore in Q4 March 2020 as against Rs 62.25 crore in Q4 March 2019. Consolidated EBITDA dropped 22.7% to Rs 255.30 crore in Q4 FY20 as against Rs 330.20 crore in Q4 FY19. Consolidated EBITDA margin improved to 15.8% in Q4 FY20 from 17.3% in Q4 FY19. Aftermarket sales from Indian operations grew by 10% to Rs 297.70 crore in FY20 compared with Rs 270.70 crore in FY19.

Global Markets:

The US Dow index futures were down 92 points, indicating a weak opening in the US stock market today.

European markets were trading with gains while Asian stocks closed higher on Friday despite rising new coronavirus infections. US equity indices closed higher in choppy trading on Thursday, with bank stocks soaring ahead of annual stress test results and helping to offset investor jitters over alarming increases in new coronavirus cases.

Apple Inc said it would close 14 stores in Florida again due to rising COVID-19 cases after other re-closures in Houston, Arizona, South Carolina, and North Carolina. Texas Governor Greg Abbott said he was halting his state's phased economic reopening in response to a jump in COVID-19 infections and hospitalizations.

The US Fed on Thursday said it will cap big bank dividend payments and halt share repurchases until at least the fourth quarter. It found lenders faced significant capital losses when tested against an economic downturn caused by the coronavirus pandemic.

The US economy shrank at a 5% rate in the first quarter with a much worse decline expected in the current three-month economic period because of the coronavirus pandemic. The Commerce Department reported on Thursday that the decline in the gross domestic product, the total output of goods and services, in the January-March quarter was unchanged from the estimate made a month ago.

As per provisional closing, the barometer S&P BSE Sensex declined 26.88 points or 0.08% at 34,842. The Nifty 50 index fell 16.4 points or 0.16% at 10,288.90.

The Nifty opened lower at 10,235.55 and hit an intraday low of 10,194.50 in early trade. The index firmed up once again in morning session. The recovery proved short lived and the index tumbled once again near the day's low in early afternoon trade. The Nifty bounced back in mid-afternoon trade and hit the day's high of 10,361.80. It pared gains in late trade and ended with small losses below 10,300 mark.

Investors were cautious amid media reports that China has significantly ramped up its military presence in Pangong Tso, Galwan Valley and several points in eastern Ladakh. According to the reports, People's Liberation Army of China has increased its troops and weaponry along the Line of Actual Control in Arunachal Pradesh, Sikkim and Uttarakhand. India has rubbished China's claim of sovereignty over the Galwan Valley, and said that unilateral attempt to change status quo on LAC will not be accepted.

The broader market ended higher. The S&P BSE Mid-Cap index gained 0.62% while the S&P BSE Small-Cap index was up 0.76%.

The market breadth was positive. On the BSE, shares 1,534 rose and 1,166 shares fell. A total of 120 shares were unchanged. In Nifty 50 index, the breadth was negative with 16 stocks advancing and 34 stocks declining.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 94,31,973 far with 4,82,805 deaths. India reported 1,86,514 active cases of COVID-19 infection and 14,894 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

The International Monetary Fund (IMF) on 24 June 2020 projected a sharp contraction of 4.5% for the Indian economy in 2020, a historic low, citing the unprecedented coronavirus pandemic that has nearly stalled all economic activities, but said the country is expected to bounce back in 2021 with a robust 6% growth rate.

The IMF projected the global growth at -4.9% in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast. Given the unprecedented nature of this crisis, as is the case for almost all countries, this projected contraction is a historic low, Gita Gopinath, IMF's Chief Economist, said as she released the World Economic Outlook Update.

Q4 Results Today:

Ashok Leyland (down 1.48%), Container Corporation of India (up 2%), Apollo Hospitals Enterprise (up 2%), Endurance Technologies (down 2.15%), Engineers India (up 3.18%), Galaxy Surfactants (down 0.87%), IDFC (down 1%), J.B.Chemicals & Pharmaceuticals (up 2.57%), ICRA (up 0.16%), Indiabulls Ventures (up 5%) and Ion Exchange (India) (down 0.75%) are some of the companies that will announce their quarterly earnings today.

Earnings Impact:

Indian Oil Corporation (IOCL) declined 2% after the PSU OMC reported a consolidated net loss of Rs 7,782.55 crore in Q4 March 2020 as against net profit of Rs 6,004.88 crore in Q4 March 2019. Consolidated net sales of Q4 March 2020 stood at Rs 1,18,007.32, declining 6.4% from Rs 1,26,076 crore in Q4 March 2019. IOCL reported a one-time loss of Rs 11,304.64 crore in Q4 March 2020 on the back of a significant fall in oil prices which lead to a write down in valuation of inventories below cost for the specified period of Rs 6,855.35 crore. On a standalone basis, IOCL reported a net loss of Rs 5,185.32 crore in Q4 March 2020 as against a net profit of Rs 6,099.27 crore in Q4 March 2019. Net sales declined 6.2% to Rs 1,18,439.08 crore in Q4 March 2020 over Q4 March 2019. Average Gross Refining Margin (GRM) for the period April-March 2020 declined 98% to $0.08 per barrel from $5.41 per barrel in April-March 2019.

United Breweries (UBL) slipped 0.32% after liquor manufacturer's net profit tumbled 39.2% to Rs 41.58 crore on 12.6% decline in net sales to Rs 1,425.11 crore in Q4 March 2020 over Q4 March 2019. During the quarter, revenue from the beer segment was at Rs 3,095.25 crore (down 10.40% Y-o-Y) and Rs 4.66 crore from non-alcoholic beverages (down 7.17% Y-o-Y). COVID-19 impacted performance in the March Quarter 2020. The full year performance was negatively impacted by elections in Q1, overall economic slowdown, unfavorable policy changes in Andhra Pradesh and input cost increases. The price increases taken by the company in the markets of Karnataka, Maharashtra, Rajasthan and Goa helped partially offset increased input prices of barley and new glass bottles resulting in less than 2% reduction in gross margin. In Q4 gross margin increased marginally due to a combination of positive price/mix and more stable input costs UBL said.

TTK Prestige tumbled 3% to Rs 5177.05 after the company's consolidated net profit slumped 80.8% to Rs 8.60 crore on 13.3% decline in net sales to Rs 418.23 crore in Q4 FY20 over Q4 FY19. Profit before tax in Q4 March 2020 stood at Rs 18.17 crore, down by 72.5% from Rs 66.17 crore in Q4 March 2019. Current tax expense during the quarter fell 56.4% to Rs 9.43 crore from Rs 21.62 crore in the same period last year. The company said its operations were disrupted by the prolonged lock down announced by the government consequent to COVID-19 crisis, partly in the month of March 2020 and fully in April 2020. Its sales and production partly resumed operations in May 2020.

Bombay Burmah Trading Corporation reported 84.4% decline in consolidated net profit to Rs 90.57 crore in Q4 March 2020 as against net profit of Rs 581.33 crore in Q4 March 2019. Net sales stood at Rs 2870.84 crore in Q4 March 2020, rising 0.1% from Rs 2867.19 crore in Q4 March 2019. The scrip rose 0.43% to Rs 1051.20.

Prestige Estates Projects fell 1.1% after the realty major's consolidated net profit dropped 88.9% to Rs 15.40 crore on 0.2% rise in net sales to Rs 1,982.30 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax stood at Rs 90.3 crore in Q4 March 2020, tumbling 57% from Rs 210.3 crore in Q4 March 2019. Total tax expenses declined 43% to Rs 39.20 crore in Q4 March 2020 from Rs 68.40 crore in Q4 March 2019.

Canara Bank dropped 4.25% after the bank reported net loss of Rs 3,259.33 crore in Q4 March 2020 as against net loss of Rs 551.53 crore in Q4 March 2019. Total income rose 1.6% to Rs 14,222.39 crore in Q4 FY20 over Q4 FY19. Pre-tax loss stood at Rs 3,334.51 crore in Q4 March 2020 compared with pre-tax loss of Rs 2,550.04 crore incurred in Q4 March 2019. Gross non-performing assets (NPAs) stood at Rs 37,041.15 crore as on 31 March 2020 as against Rs 36,644.97 crore as on 31 December 2019 and Rs 39,224.12 crore as on 31 March 2019. The ratio of gross NPAs to gross advances stood at 8.21% as on 31 March 2020 as against 8.36% as on 31 December 2019 and 8.83% as on 31 March 2019. The ratio of net NPAs to net advances stood at 4.22% as on 31 March 2020 as against 5.05% as on 31 December 2019 and 5.37% as on 31 March 2019. Provisions and contingencies slipped 2.68% to Rs 5,375.38 crore in Q4 March 2020 over Rs 5,523.50 crore in Q4 March 2019. The provision coverage ratio of the bank was at 75.86% as on 31 March 2020.

General Insurance Corporation of India (GIC Re) rallied 1.9% after consolidated net profit soared 36.4% to Rs 1,260.02 crore on 43.1% jump in total income to Rs 9,886.85 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax (PBT) dropped 26.1% to Rs 1,123.19 crore in Q4 March 2020 as against Rs 1,520.04 crore in Q4 March 2019. On a consolidated basis, GIC Re reported net loss of Rs 186.46 crore in the year ended March 2020 (FY20) as against net profit of Rs 2,757.57 crore in the year ended March 2019 (FY19). Total income rose 15.59% to Rs 52,098.44 crore in FY20 over FY19. Consolidated gross premium income of the company surged 12.94% to Rs 51,515.02 crore in FY20 from Rs 45,611.32 crore in FY19. Investment income of the group grew 10.84% to Rs 7,146.88 crore in FY20 as against Rs 6,447.75 crore in FY19.

Stocks in Spotlight:

IIFL Finance hit an upper circuit of 10% at Rs 82.20 after promoter Nirmal Jain bought an additional 0.12% stake in the NBFC on Wednesday. Promoter Nirmal Bhanwarlal Jain acquired 4,54,000 shares, or 0.12% equity, in IIFL Finance through open market on Wednesday (24 June). Jain's stake in the NBFC increased to 12.61% from 12.49% earlier. Total promoter holding in the NBFC increased to 25.06% from 24.94% earlier. According to Sebi rules, an open offer is triggered if the promoter's stake crosses 25%. However, IIFL Finance issued a clarification on Thursday (25 June) that the promoter group's voting rights in the company has not exceeded 25% and promoter group has no intent to acquire more than 25% voting rights in the company or make any public offer.

Bharti Infratel fell 3.90% to Rs 224.05 after the company's board extended the long stop date for the long pending merger with Indus Towers to 31 August 2020. Earlier, Bharti Infratel and Indus Towers had in April 2018, entered into a proposed scheme of amalgamation and arrangement to create a pan-India tower company.

Global Markets:

The US Dow Jones futures were down 123 points, indicating a negative opening in the US stock market today.

Shares in Europe and Asia were mixed on Thursday after a sharp retreat overnight on Wall Street as new coronavirus cases in the US climbed to their highest level in two months. Markets in Hong Kong, Taiwan and Shanghai were closed for holidays. Global markets continue to digest the IMF's latest forecast for the global economy and warning of soaring debt levels.

The rise in new infections is stoking worries that re-openings of businesses closed earlier to fight the pandemic may have to be curtailed, despite indications that economies are recovering from lockdowns that are being eased in countries across the globe.

The US stock market finished session lower on Wednesday, 24 June 2020, as investor sentiment was dampened by reports showing the increase in number of newly confirmed coronavirus cases and as the US signaled possible new tariffs on European goods.

The U.S. Trade Representative said it was weighing new tariffs on $3.1 billion (RM13.2 billion) in European goods amid a dispute over subsidies to planemaker Airbus, ratcheting up a fresh trade war tensions with the European Union. The Trump administration also has been threatening to reimposing tariffs on imports of aluminum from Canada on July 1 as the new USMCA, or the United States Mexico Canada Agreement, which replaced the North American Free Trade Agreement, is set to take effect.

As per provisional closing, the barometer S&P BSE Sensex tumbled 561.45 points or 1.58% at 34,868.98. The Nifty 50 index slumped 165.70 points or 1.58% at 10,305.30.

The Nifty opened higher at 10,529.25 and hit the day's high of 10,553.15 in morning trade. Profit selling emerged at higher levels, which dragged the index briefly below 10,300 in mid-afternoon trade.

The broader market corrected. The S&P BSE Mid-Cap index fell 1.08% while the S&P BSE Small-Cap index tumbled 1.24%.

Sellers outpaced buyers. On the BSE, 1,264 shares rose and 1462 shares fell. A total of 137 shares were unchanged. In Nifty 50 index, 10 stocks advanced while 40 stocks declined.

COVID-19 Update:

Investors were spooked by rising coronavirus cases across the globe. Total COVID-19 confirmed cases worldwide stood at 92,64,569 far with 4,77,601 deaths. India reported 1,83,022 active cases of COVID-19 infection and 14,476 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Q4 Results Today:

Indian Oil Corporation (down 3%), Canara Bank (down 4%), United Breweries (up 0.42%), Prestige Estates Projects (down 4.31%), PNC Infratech (up 1.3%), Future Consumer (up 5%), Bombay Burmah Trading Corp. (down 0.55%), General Insurance Corporation of India (down 1.2%), Rail Vikas Nigam (down 1.98%) are some of the companies that will announce their quarterly earnings today.

Earnings Impact:

Asian Paints soared 3.69%. On a consolidated basis, the company's net profit declined 2.1% to Rs 461.89 crore on 7.1% fall in net sales to Rs 4,635.59 crore in Q4 March 2020 over Q4 March 2019. Profit before tax stood at Rs 699.22 crore in Q4 March 2020, declining 5.3% from Rs 738.30 crore in the same period last year. Total tax expense declined 13.2% to Rs 218.97 crore in Q4 March 2020 from Rs 252.31 crore in Q4 March 2019.

Berger Paints India jumped 4.69%. The company reported a 6.4% drop in consolidated net profit to Rs 103.72 crore on a 8% fall in net sales to Rs 1,354.84 crore in Q4 March 2020 over Q4 March 2019. Profit before tax stood at Rs 159.21 crore in Q4 March 2020, falling 12.5% from Rs 181.92 reported in Q4 March 2019. Consolidated EBITDA (excluding other income) fell 7.6% to Rs 208.40 crore in quarter ended 31 March 2020 from Rs 225.60 crore registered in the same period last year.

Bank of Baroda was up 1.88% after the bank posted a net profit of Rs 506.59 crore in Q4 March 2020 compared with a net loss of Rs 991.37 crore in Q4 March 2019. Net Interest Income (NII) increased by 5.02% to Rs 6,798 in the fourth quarter from Rs 6,473 crore in the same period last year. Global net interest margin (NIM) during Q4 FY20 increased to 2.67% from 2.62% and domestic NIM increased to 2.78% from 2.68%. The ratio of gross NPAs to gross advances stood at 9.40% as on 31 March 2020 as against 10.43% as on 31 December 2019 and 9.61% as on 31 March 2019. The ratio of net NPAs to net advances stood at 3.13% as on 31 March 2020 as against 4.05% as on 31 December 2019 and 3.33% as on 31 March 2019.

Union Bank of India dropped 8%. The bank reported a standalone net loss of Rs 2,503.18 crore in Q4 March 2020 as compared with net loss of Rs 3,369.23 crore in Q4 March 2019. Standalone total income jumped 17.5% to Rs 11,306.99 crore in Q4 March 2020 over Rs 9,621.01 crore in Q4 March 2020. The bank's provisions and contingencies dropped 39.27% to Rs 3,501.69 crore in Q4 March 2020 over Rs 5,766.15 crore in Q4 March 2019. The ratio of gross NPAs to gross advances stood at 14.15% as on 31 March 2020 as against 14.86% as on 31 December 2019 and 14.98% as on 31 March 2019. The ratio of net NPAs to net advances stood at 5.49% as on 31 March 2020 as against 6.99% as on 31 December 2019 and 6.85% as on 31 March 2019.

Aster DM Healthcare declined 3.67% after consolidated net profit tanked 33.4% to Rs 146.31 crore on 4.6% rise in net sales to Rs 2,301.37 crore in Q4 March 2020 over Q4 March 2019. EBITDA slipped 10% to Rs 316 crore in Q4 FY20 as against Rs 350 crore in Q4 FY19. EBITDA margin declined to 13.7% in Q4 FY20 from 15.9% in Q4 FY19. The company believes that the COVID-19 pandemic will only have a short-term impact on its operations and after easing of the lockdown restrictions, the business is expected to return to normal. The management believes that the company will not have any challenge in meeting its financial obligations for the next 12 months based on the financial position and liquidity as on the date of the balance sheet and as on date of signing of these financial results.

Finolex Industries' rallied 3%. The PVC pipe manufacturer's consolidated net profit tanked 37.1% to Rs 58.66 crore on 20.5% decline in net sales to Rs 766.11 crore in Q4 March 2020 over Q4 March 2019. EBITDA slipped 29% to Rs 104.10 crore in Q4 FY20 as against Rs 146.50 crore in Q4 FY19. EBITDA margin improved to 13.6% in Q4 FY20 from 15.2% in Q4 FY19.

India Cements declined 3.57% after the company reported a consolidated net loss of Rs 11.76 crore in Q4 March 2020 as against net profit of Rs 32.57 crore in Q4 March 2019. Revenue from operations in the fourth fell 26.6% to Rs 1176.40 from Rs 1603.36 in the same period last fiscal. Pre-tax loss in Q4 FY20 stood at Rs 68.75 crore as against pre-tax profit of Rs 47.19 crore in Q4 FY19. Exceptional items for the quarter ended 31 March 2020 includes impairment provision of Rs 13.78 crore relating to certain receivables from supplies, based on the overall assessment of recoverable value considering increased uncertainty prevailing across sectors on account of COVID-19 outbreak.

Indoco Remedies tumbled 5.38%. Indoco Remedies standalone net profit tumbled 53.6% to Rs 5.4 crore on 7.4% increase in net sales to Rs 263.17 crore in Q4 March 2020 over Q4 March 2019. EBITDA rose 16.84% to Rs 33.30 crore during the quarter. EBITDA margin stood at 12.7% in Q4 FY20, higher than 11.7% in Q4 FY19. The domestic formulation business grew by 10.3% and the international formulation business rose 12.5% during the quarter.

Buzzing Index:

The Nifty Bank index slumped 3.11% to 21,572.40. The index jumped 10.2% in past four sessions.

IndusInd Bank (down 6.54%), ICICI Bank (down 5.93%), Federal Bank (down 5.14%), Bandhan Bank (down 4.5%), Axis Bank (down 3.65%), SBI (down 3.64%), Kotak Mahindra Bank (down 3.11%), IDFC First Bank (down 2.64%), Punjab National Bank (down 1.74%) and HDFC Bank (down 0.63%) were top losers in Nifty Bank segment.

Global Markets:

The US Dow Jones futures were down 282 points, indicating a weak opening in the US stock market today.

European markets were trading lower as recent surge in the number of global coronavirus cases weighed on investor sentiment. Most Asian indices ended higher.

The European Union is reportedly preparing to bar US travellers because of the surge of cases in the country, putting it in the same category as Brazil and Russia, according to reports from a US-based media company.

The Bank of Japan reportedly said: “It is still unclear when the spread of COVID-19 will subside on a global basis, as the spread is continuing in emerging economies in particular. It seems inevitable that the negative impact on the global economy, including Japan, will become prolonged without effective vaccines and medicines. Due to expectations for the future, prices in financial markets have been high compared with the current severe situation of the real economy. It is necessary to closely monitor future developments in the markets to see whether there will be a correction in asset prices,” the BoJ added.

The US stock market finished session higher on Tuesday, 23 June 2020, as investor sentiment was bolstered by assurances from President Trump about the US-China trade deal, improving economic data, and speculation of additional stimulus to bolster the economy. The continued strength on Wall Street was also widely attributed to White House adviser Lawrence Kudlow statement that tax rebates and direct mail cheques are on the table in the next coronavirus relief bill.

The Commerce Department released a report showing a substantial increase in new home sales in the month of May. The report said new home sales spiked by 16.6% to an annual rate of 676,000 in May from a significantly downwardly revised rate of 580,000 in April.

Several US states are witnessing record infections while the death toll in Latin America surpassed the 100,000 mark on Tuesday. White House health advisor Dr. Anthony Fauci warned on Tuesday that parts of the U.S. are beginning to see a “disturbing surge” of Covid-19 cases.

Sentiment got a boost after India's Chief Economic Advisor Krishnamurthy Subramanian, told the media that a V-shaped recovery is possible for the Indian economy this year, provided a vaccine is found to contain the pandemic. The recovery will happen after the uncertainty from the health side is taken care of, he reportedly said.

Buying was also triggered after media houses reported that military-level talks between India and China that went on for over 11 hours on Monday were cordial, positive and held in a constructive atmosphere. Both sides have reached a consensus on disengagement.

The Nifty opened higher at 10,347.95, but hit an intraday low of 10,301.75 in early trade. The index bounced back from 10,300 mark and advanced further in morning trade. It scaled 10400 mark in afternoon trade and ended above 10,450 amid strong buying momentum.

The broader market outperformed the key benchmarks. The S&P BSE Mid-Cap index surged 1.67% while the S&P BSE Small-Cap index gained 1.79%.

Buyers outpaced sellers. On the BSE, shares 1,965 rose and 761 shares fell. A total of 149 shares were unchanged. In Nifty 50 index, 46 stocks advanced while 4 stocks declined.

Foreign portfolio investors (FPIs) bought shares worth Rs 424.21 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,287.69 crore in the Indian equity market on 22 June, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 91,00,090 far with 4,72,216 deaths. India reported 1,78,014 active cases of COVID-19 infection and 14,011 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Yoga guru Ramdev's Patanjali on Tuesday launched 'Coronil and Swasari', what it claims is the Ayurvedic cure against COVID-19. A kit containing these medicines will be made available at Rs 545.

Q4 Results Today:

Asian Paints (up 1.5%), Bank of Baroda (up 2.33%), Union Bank of India (up 8%), Berger Paints India (up 2.11%), Aster DM Healthcare (up 1.76%), Balrampur Chini Mills (up 2,05%), Finolex Industries (up 0.36%), GMDC (down 0.88%), NLC India (up 1.46%) are some of the companies that will announce their quarterly earnings today.

Earnings Impact:

Info Edge (India) jumped 6%. The company reported 63.4% decline in consolidated net profit to Rs 119.10 crore on 7.8% increase in net sales to Rs 327.60 crore in Q4 March 2020 over Q4 March 2019. On a standalone basis, net profit declined 37.2% to Rs 41.62 crore on 10.3% rise in net sales to Rs 322.82 crore in Q4 March 2020 over Q4 March 2019. Operating EBITDA stood at Rs 96.50 crore, up 5.8% over Q4 FY19. Billing stood at Rs 331.9 crore, down 8% over the corresponding quarter last year. The deferred sales revenue (amount collected in advance) as at 31 March 2020 is Rs 465.60 crore, down 1.9% over the quarter ended 31 March 2019. Meanwhile, the company's board of directors approved raising of up to Rs 1,875 crore through Qualified Institutions Placement (QIP) of equity shares.

Alkyl Amines Chemicals surged 5.76% to Rs 2219.95 after the company's consolidated net profit surged to Rs 49.20 crore in Q4 FY20 from Rs 18.92 crore in Q4 FY19. Net sales during the quarter declined 1.1% to Rs 234.76 crore from Rs 237.45 crore recorded in the same period last year. Total expenses declined 15.6% year-on-year (YOY) in the January-March period to Rs 176.27 crore due to lower raw material costs which declined 18.7% YoY during the quarter. Raw material costs represent nearly 63% of the company's total expenses.

DB Corp dropped 2.86% after consolidated net profit fell 56% to Rs 24.05 crore on 17.3% decline in revenue from operations to Rs 486.65 crore in Q4 March 2020 over Q4 March 2019. Consolidated EBIDTA stood slumped 35.3% to Rs 69 crore in Q4 FY20 as against Rs 106.7 crore in the same period last year. EBITDA margin fell to 14% in Q4 FY20 from 18% in Q4 FY19. Circulation revenue stood at Rs 120 crore, falling 5.73% from Rs. 127.3 crore in the corresponding period last year. Advertising revenue declined 20% to Rs. 330.3 crore in Q4 FY20 from Rs 413 crore in Q4 FY19.

G M Breweries' net profit fell 27% to Rs 17.76 crore on 7.1% decline in net sales to Rs 108.98 crore in Q4 March 2020 over Q4 March 2019. Profit before tax (PBT) fell 29% to Rs 23.85 crore in Q4 FY20 from Rs 33.59 crore in Q4 FY19. PBT was impacted by a steep rise in the cost of rectified spirit, a key raw material. The net impact was approximately Rs 5.98 crore. Shares of G M Breweries were trading 2.1% higher at Rs 427.

Balaji Amines gained 3.3% after the company's standalone net profit rose 19.8% to Rs 32.35 crore on 0.3% rise in net sales at Rs 235.50 crore in Q4 March 2020 over Q4 March 2019. EBITDA margin for the quarter stood at 23.6%, up 280 basis points as against 20.8% in Q4 FY19. Operating margins improved due to marked increase in volume offtake with improved price realizations largely across all products, increase in operating leverage and benign raw material prices. Total volumes stood at 22,146 million tonnes (MT) for Q4 FY20, up by 2.8% from 21,543 MT in Q4 FY19. For the January-March quarter, amines volumes stood at 4,525 MT, amines derivatives volumes stood at 9,030 MT and specialty chemicals volumes stood at 8,591 MT.

Skipper hit an upper circuit of 20% at Rs 47.15 after consolidated net profit jumped 58.4% to Rs 28.12 crore on 1.3% rise in net sales to Rs 438.85 crore in Q4 March 2020 over Q4 March 2019. The company reported a consolidated pre-tax loss of Rs 1.31 crore in Q4 March 2020 as against pre-tax profit of Rs 22.34 crore in Q4 March 2019. The company received a total tax rebate of Rs 29.43 crore in Q4 March 2020, which aided the net profit. Total tax expense in Q4 March 2019 stood at Rs 4.49 crore. The company reported a forex loss of Rs 19.45 crore in Q4 March 2020 due to sharp depreciation of rupee, which impacted the profitability. The company stated that this impact is largely notional. Skipper's order book as on 31 March 2020 stood at Rs 2011 crore, which constituted 30% exports and 70% domestics orders.

Global Markets:

Shares in Europe and Asia advanced on Tuesday, tracking a late rally on Wall Street led by technology shares.

There was fresh evidence that Europe's economy is stabilizing after the sharp drop in output due to lockdown measures in March and April. HIS Markit's composite purchasing managers' index for the euro zone recovered to 47.5 in June from 31.9 in May, reflecting a big upward swing in output expectations and in business confidence. Indexes for France and the U.K. even made it above the 50 line that typically denotes growth.

Peter Navarro, the White House trade adviser, told the media late on Monday that the US's trade deal with China was 'over'. US President Trump contradicted Navarro, saying the US-China trade deal is still fully intact. Navarro meanwhile walked back his comments and clarified that his comments were taken out of context.

US stock market advanced on Monday, as investor sentiment was bolstered by optimism over a quick recovery for the domestic economy after better than expected retail sales and employment data. However, market gain were capped after report from the National Association of Realtors showing a continued nosedive in existing home sales in May and amid evidence of an acceleration of COVID-19 infections in half of all U.S. states and elsewhere in the world.

New cases have increased in the US as states reopen from lockdowns that began in mid-March to contain the disease. The US reported more than 30,000 new COVID-19 cases on Friday and Saturday, the highest levels since 1 May 2020, according to Johns Hopkins University data. According to the World Health Organization, more than 1,83,000 new coronavirus infections were reported globally on Sunday, 21 June 2020 the biggest single-day increase since the outbreak began.

In economic news, the National Association of Realtors data showed that existing home sales plunged by 9.7% to an annual rate of 3.91 million in May 2020 after plummeting by 17.8% to a rate of 4.33 million in April 2020.

Bajaj Group shares were in demand. Bajaj Auto (up 7%), Bajaj Finance (up 5.67%) and Bajaj Finserv (up 4.67%) advanced.

The Nifty opened higher at 10,318.75 and hit a high of 10,380 level in morning trade. Profit booking at higher level dragged index to 10,277.60 mark in mid-morning trade. It firmed up once again in afternoon trade to hit the day's high of 10,393.65. Profit booking in the final hour dragged the index below 10,350.

The broader market ended with strong gains. The S&P BSE Mid-Cap index advanced 2.2% while the S&P BSE Small-Cap index gained 1.45%.

Buyers outnumbered sellers. On the BSE, shares 1,883 rose and 866 shares fell. A total of 168 shares were unchanged. In Nifty 50 index, 37 stocks advanced while 13 stocks declined.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 89,52,428 far with 4,68,331 deaths. India reported 1,74,387 active cases of COVID-19 infection and 13,699 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Q4 Results Today:

Aegis Logistics (up 4.32%), Balaji Amines (up 1.9%), Morepen Laboratories (up 4.4%), Sudarshan Chemical Industries (up 3.5%), The Investment Trust Of India (down 4.96%) and UFO Moviez India (up 1%) are some of the companies that will announce their quarterly earnings today.

Earnings Impact:

Power Grid Corporation of India rose 4.4% after the company reported an 8.2% rise in consolidated net profit to Rs 3,313.47 crore on a 6.4% rise in net sales to Rs 10,148.26 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax and regulatory deferral account balances stood at Rs 3357.14 crore in Q4 March 2020, rising 2.7% from Rs 3266.89 crore posted in Q4 March 2019.

Balkrishna Industries advanced 1.8% after the tyre maker reported a 42.3% rise in consolidated net profit to Rs 264.70 crore on 1.2% rise in revenue from operations to Rs 1,372.27 crore in Q4 FY20 over Q4 FY19. The management said, “During February 2020, we had indicated that we should be able to cross 2,00,000 MT sales volume for FY20. We have crossed this benchmark and have achieved the sales volume of 201,760 MT for FY20. This is despite shutdown of manufacturing operations and dispatches across all our plants from 25th March 2020 due to lockdown on account of COVID-19. After resumption of manufacturing activities and dispatches in later part of April 2020, we were gradually able to ramp up our activities and have gradually gained normalcy in our manufacturing activities as well as dispatches to a large extent. If everything remains what it is, as of today, performance for FY21 should be at similar levels, of what has been achieved during FY20.”

VRL Logistics fell 1.59% after the company's net profit slumped 89.6% to Rs 2.14 crore on 2.9% decline in net sales to Rs 497.83 crore in Q4 FY20 over Q4 FY19. EBITDA fell 4.5% to Rs 59.06 crore in Q4 FY20 from Rs 61.87 crore in Q4 FY19. EBITDA margin stood at 11.81% in Q4 March 2020 as against 12.02% in Q4 March 2019. Profit before tax (PBT) in Q4 March 2020 stood at Rs 3.27 crore, down by 90% from Rs 32.64 crore in Q4 March 2019.

Punjab National Bank rallied 3.7%. The bank reported a net loss of Rs 697.20 crore in Q4 March 2020, lower than net loss of Rs 4,749.64 crore in Q4 March 2019. Total income rose 11.3% year-on-year (Y-o-Y) to Rs 16,388.32 crore in Q4 FY20. Provisions and contingencies fell 51.3% to Rs 4,901.31 crore in Q4 March 2020 from Rs 10,071.11 crore in Q4 March 2019. The bank has made a total provision of Rs 383.19 crore in 9 accounts during the quarter. With respect to the impact of COVID-19 on its business operations, the bank said that the situation continues to be uncertain and it is evaluating the situation on ongoing basis. It added that the major identified challenges for the bank would arise from eroding cash flows and extended working capital cycles.

Akzo Nobel India gained 2.45%. The paint maker's consolidated net profit slipped 23.1% to Rs 54.08 crore on 17.6% decline in net sales to Rs 581.27 crore in Q4 March 2020 over Q4 March 2019. Meanwhile, the BMW Group has chosen Akzo Nobel to be a trusted supplier of vehicle refinish products and services to a large part of its distribution network around the world. The deal came into effect on 1 February 2020. Covering 44 locations, the agreement means that the company's premium Sikkens and Lesonal brands are now approved for paint repairs of BMW and Mini passenger cars at authorized dealers, repairers, importers and national BMW Group branches.

LIC Housing Finance tumbled 5.2% after the housing financier's consolidated net profit tanked 39.1% to Rs 424.31 crore on 5.1% rise in total income to Rs 4,903.54 crore in Q4 March 2020 over Q4 March 2019. “The extent to which the COVID-19 pandemic will impact the results of company's business and financials in future, as the same will be dependent on future developments, which at present are extremely uncertain”, the company said.

Stocks in Spotlight:

Glenmark Pharmaceuticals advanced 27% after the company launched antiviral drug Favipiravir, under the brand name FabiFlu, for the treatment of mild to moderate COVID-19 patients. Priced at Rs 103 per tablet, the prescription-based drug will be available as a 200 mg tablet at an MRP of Rs 3,500 for a strip of 34 tablets.

Glenmark said that Favipiravir is also undergoing trials in other countries to test its efficacy as a COVID-19 treatment. The company further added that the approval for favipiravir in India was granted based on evaluation of data.

Cipla gained 3% after the company announced the launch of remdesivir under its brand name CIPREMI. The U.S. FDA issued an Emergency Use Authorization (EUA) to Gilead Sciences Inc. for emergency use of remdesivir for the treatment of hospitalized 2019 coronavirus disease (COVID-19) patients.

Piramal Enterprises (PEL) rose 4%. PEL's pharma solutions business has entered into a pact with G&W Laboratories Inc. to acquire its solid oral dosage drug product manufacturing facility located in Sellersville, Pennsylvania. PEL, through one of its affiliates, would acquire at closing a 100% stake in the entity that operates the facility and owns the related real estate.

Alembic Pharmaceuticals fell 1.2%. The company said it has received US drug regulator's tentative approval for Rivaroxaban tablets in 10 mg, 15 mg, and 20 mg strengths. The approved ANDA is therapeutically equivalent to Xarelto tablets of Janssen Pharmaceuticals. The drug is indicated for the reduction of the risk of stroke and systemic embolism in patients with nonvalvular atrial fibrillation; the treatment of deep vein thrombosis (DVT).

Indiabulls Housing Finance soared 20% after multiple bulk deals in the counter on Friday, 19 June. According to the bulk deal data available on NSE, Morgan Stanley Asia (Singapore) bought 45,22,602 shares, or 1.06% stake, of Indiabulls Housing Finance at Rs 184.76 per share on Friday (19 June 2020). Separately, iShares Emerging Markets Dividend UCITS ETF bought 25,69,494 shares (0.60% equity) in Indiabulls Housing Finance at Rs 189.51 per share and iShares Emerging Markets Dividend ETF bought 45,58,746 shares (1.07% equity) in company at Rs 189.51 per share on Friday. Meanwhile, Integrated Core Strategies (Asia) sold 21,69,410 shares (0.51%) in Indiabulls Housing Finance at Rs 202.12 per share on Friday. The scrip jumped 115.85% in the past one month.

Global Markets:

Most shares in Europe and Asia declined on Monday as investors react to a surge in coronavirus cases in the States, and growing concerns over a rise in infections in Germany.

The World Health Organization (WHO) reported a record single-day total of new coronavirus cases around the world on Sunday, and said that the coronavirus pandemic has entered a new and dangerous phase.

Meanwhile in Europe, Germany's Robert Koch Institute for public health has said the coronavirus reproduction rate (an indicator of how many people a person who has the coronavirus could be expected to go on to infect, on average) jumped to 2.88 on Sunday, 21 June 2020 up from 1.79 a day earlier.

The US stocks finished mostly lower after erasing early gains on Friday, 19 June 2020, as risk sentiments dampened after reports showing a surge in coronavirus infections in several states in America and the World Health Organization's warning on the pandemic. Investors were optimistic about economic recovery in the wake of recent strong data on employment and retail sales. Meanwhile, reports that Beijing is planning to buy more agricultural goods from the United States, in line with the phase one trade deal the two countries agreed to in January also boosted shares.

However, stocks reversed initial gains and ended lower, as worries about growing COVID-19 infections. Parts of the country have been dealing with thousands of new infections, which is spooking businesses, economists and investors.

The market ended with strong gains on Friday, supported by positive global shares. Index heavyweight Reliance Industries (RIL) rallied 6% on turning net-debt free after raising Rs 1.69 lakh crore in less than two months.

As per provisional closing, the barometer S&P BSE Sensex jumped 523.85 points or 1.53% at 34,731.73. The Nifty 50 index rallied 164.8 points or 1.63% at 10,256.45.

The Nifty saw a decent gap up opening at 10,119, but hit an intraday low of 10,072.65 in early trade. The index firmed up once again in mid-morning trade and marched ahead as the session progressed. It hit the day's high of 10,272.40 in mid-afternoon trade, but pared gains in late trade.

The broader market ended on a firm footing. The S&P BSE Mid-Cap index advanced 1.03%. The S&P BSE Small-Cap index gained 1.37%.

Buyers outnumbered sellers. On the BSE, shares 1,788 rose and 857 shares fell. A total of 154 shares were unchanged. In Nifty 50 index, 33 stocks advanced while 17 stocks declined.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 84,91,673 far with 4,54,023 deaths. India reported 1,63,248 active cases of COVID-19 infection and 12,573 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Stocks in Spotlight:

RIL hit a record high of Rs 1788.60 in intraday trade today. RIL has raised over Rs 168,818 crore in just 58 days through investments from global tech investors in Jio Platforms (Rs 115,693.95 crore) and through rights issue of RIL (Rs 53,124.20 crore). Along with the stake sale to BP in the petro-retail JV, the total fund raise is in excess of Rs 1.75 lakh crore. RIL's net-debt as on 31 March 2020 was at Rs 161,035 crore.

CSB Bank soared 9.38% after the bank said its board has appointed Pralay Mondal as the organization's president (retail, SME, operations and IT). Mondal is expected to join CSB Bank in September 2020, the private lender said in a statement today, 19 June. Pralay Mondal has recently tendered his resignation from his current position a executive director and head of retail banking at Axis Bank.

Alembic Pharmaceuticals gained 4% after the company said it received establishment inspection report (EIR) for general oral solid formulation facility at Panelav, Gujarat. The US Food and Drug Administration (US FDA) had conducted the inspection between 9th and 13th of March 2020. EIR is in place for all our manufacturing facilities for international markets, the company said in a filing today.

In a separate announcement today, Alembic Pharma said that its joint venture, Aleor Dermaceuticals (Aleor), received approval from the USFDA for its abbreviated new drug application (ANDA) Adapalene Gel USP, 0.3%. The gel is indicated for the topical treatment of acne vulgaris in patients 12 years of age and older. Adapalene Gel USP, 0.3% has an estimated market size of $34 million for twelve months ending March 2020 according to IQVIA.

Q4 Results Today:

Punjab National Bank (up 1.62%), LIC Housing Finance (up 0.44%), Camlin Fine Sciences (down 3.5%), Century Plyboards (I) (up 8%), Dalmia Bharat Sugar and Industries (up 8.4%), Greenlam Industries (up 0.73%), Kirloskar Oil Engines (up 0.43%), Novartis India (down 1.2%), PTC India (down 0.12%) and Zuari Agro Chemicals (up 0.98%) are some of the companies that will announce their quarterly earnings today.

Earnings Impact:

Cadila Healthcare shed 0.85% to Rs 362.50 after the company's consolidated net profit fell 14.8% to Rs 391.9 crore as net sales remained flat at Rs 3,627.2 crore in Q4 FY20 over Q4 FY19. On the segmental front, pharmaceuticals revenue stood at Rs 3,264.3 crore (down 1.6% YoY) while the income from the sale of consumer products was at Rs 487.8 crore (up 17.2% YoY) in the fourth quarter. Profit before tax stood at Rs 522 crore in Q4 March 2020, down by 13.8% from Rs 605.9 crore posted in Q4 March 2019.

Bajaj Electricals rose 1.45%. The company reported a consolidated net loss of Rs 1.14 crore in Q4 March 2020 as against net profit of Rs 24.73 crore in Q4 March 2019. Total revenue from operations in the fourth quarter fell 26.7% year-on-year (YoY) to Rs 1,300.66 crore. Pre-tax loss stood at Rs 2.07 crore in Q4 FY20 as against pre-tax profit of Rs 31.70 crore in Q4 FY19. The company wrote back taxes to the tune of Rs 1.26 crore in Q4 March 2020. It had incurred a total tax expense of Rs 8.62 crore in Q4 March 2019. For the quarter, consumer products segment of the company has earned total revenue of Rs 747 crore as against Rs 743 crore, a growth of 0.5% over the corresponding previous quarter. EPC (engineering, procurement and construction) segment has achieved a total revenue of Rs 554 crore as against Rs 1032 crore, registering a de-growth of 46.3% over the corresponding quarter of the previous year. CP operating EBIT registered a growth of 37.4% over the corresponding previous quarter. Margins are at 6.8%.

City Union Bank slumped 7.23% after the bank reported a net loss of Rs 95.29 crore in Q4 March 2020 as compared to a net profit of Rs 175.11 crore in Q4 March 2019. Total income rose 7.9% year-on-year (YoY) to Rs 1220.98 crore during the quarter. The bank's provisions and contingencies surged to Rs 450.38 crore in Q4 March 2020 from Rs 90.67 crore in Q4 March 2019. Based on basic available information at this point of time and as a prudent measure, the bank has made a provision of Rs 125 crore in the current quarter which includes an ad hoc COVID-19 provision of Rs 102 crore over and above the RBI prescribed norms. The ratio of gross NPAs to gross advances stood at 4.09% as on 31 March 2020 as against 3.50% as on 31 December 2019 and 2.95% as on 31 March 2019. The ratio of net NPAs to net advances stood at 2.29% as on 31 March 2020 as against 1.95% as on 31 December 2019 and 1.81% as on 31 March 2019.

Bajaj Consumer Care tanked 5.25% after consolidated net profit fell 61% to Rs 23.29 crore on 28.3% decline in net sales to Rs 172 crore in Q4 March 2020 over Q4 March 2019. The company said Q4 March 2020 performance was hugely impacted due to disruption in sales in the month of March led by lockdown to contain the outbreak of COVID-19. The firm said the macroeconomic situation has been challenging throughout 2019-20 with the hair oil category facing significant headwinds with tepid growth. The impact on industry has worsened since lockdown in March due to COVID 19 pandemic. The company said it has been aggressive in managing cost across the organization reviewing each cost item and conserving cash on balance sheet.

MOIL declined 3.82% after consolidated net profit slumped 90.4% to Rs 13.47 crore on 43% drop in net sales to Rs 248.66 crore in the fourth quarter as compared to the corresponding period last year. Consolidated profit before tax stood at Rs 21.62 crore in Q4 March 2020, tumbling 89% from Rs 193.99 crore in Q4 March 2019. Current tax expense slumped 92.80% YoY to Rs 4.57 crore during the quarter

Thermax jumped 3.99%. The electrical equipment firm's consolidated net profit tanked 69.02% to Rs 39.03 crore on 36.2% drop in net sales to Rs 1,322.96 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax (PBT) slumped 69.5% to Rs 58.60 crore in Q4 March 2020 as against Rs 192.18 crore in Q4 March 2019. Current tax expenses declined 78.4% to Rs 15.08 crore in Q4 March 2020 as against Rs 69.93 crore in Q4 March 2019. The company said that its revenue and profitability was impacted by the nationwide lockdown in March. The company's international facilities continued operations, albeit at a scaled down pace. Chemical facilities, classified as essential services, resumed production in early April 2020, followed by the progressive reopening of all the other facilities by the end of May 2020 in adherence to Government guidelines.

Global Markets:

European markets were trading higher while Asian stocks closed on a positive note on Friday, shrugging off concerns over fresh spike in global coronavirus cases. On the whole, markets have reportedly been sideswiped this week on fresh contagion concerns, prompting some investors to temper their optimism about how quickly the global economy can recover for the pandemic.

The Bank of England on Thursday added another £100 billion to its quantitative easing program in a bid to shore up the U.K. economy amid the fallout from the coronavirus crisis, taking the total value of its Asset Purchase Facility (APF) to £745 billion.

On the data front, UK retail sales for May 2020 were down 13.1% Y-o-Y (year-on-year). On a monthly basis, retail sales were up 12% as lockdown measures eased slightly, according to the Office for National Statistics. Germany's statistics office on Friday reported a 2.2% annual fall in inflation for May 2020 and a 0.4% decline from the previous month.

Meanwhile, China is grappling with its worst outbreak since the initial one in Wuhan. In Beijing, a new round of cases has reportedly prompted school closures and cancelled flights into and out of the city, though authorities have said the outbreak is under control.

The US stocks finished mixed after swinging between slight gains and losses in a choppy trading session on Thursday, 18 June 2020, as risk sentiments were muted after stubbornly high jobless claims data and reports of rising COVID-19 case counts in several states. The number of Americans filing for unemployment benefits edged down last week, the Labor Department said on Thursday, though applications remained historically high at 1.5 million.

Several US states have seen a spike in coronavirus cases, and Texas, Arizona, and North Carolina this week have reported record numbers of COVID-19-related hospitalizations. Investors are nervous that increasing cases will undermine efforts to restore the economy by relaxing lockdowns.

As per provisional closing, the barometer S&P BSE Sensex jumps 700.03 points or 2.09% at 34,208.05. The Nifty 50 index rallied 210.7 points or 2.13% at 10,091.65.

Trading was volatile due to expiry of weekly index options on NSE. The Nifty opened lower at 9863.25, and hit an intraday low of 9845.05 in early trade. The index firmed up as the session progressed and crossed 10,000 mark in afternoon session. The momentum continued for the remaining part of the session. The index closed a tad below 10,100 mark.

Index pivotal Reliance Industries (up 2.99%) and index heavyweight HDFC Bank (up 3.69%) were key index movers.

The broader market was trading firm. The S&P BSE Mid-Cap index advanced 1.05%. The S&P BSE Small-Cap index gained 1.48%.

Buyers outnumbered the sellers. On the BSE, shares 1,816 rose and 697 shares fell. A total of 144 shares were unchanged. In Nifty 50 index, 40 stocks advanced while 10 stocks declined.

Foreign portfolio investors (FPIs) sold shares worth Rs 486.62 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 168.05 crore in the Indian equity market on 17 June, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 83,51,427 far with 4,49,027 deaths. India reported 1,60,384 active cases of COVID-19 infection and 12,237 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

Fitch Ratings has revised the Outlook on India's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable and affirmed the rating at 'BBB-'. The coronavirus pandemic has significantly weakened India's growth outlook for this year and exposed the challenges associated with a high public-debt burden. Fitch expects economic activity to contract by 5% in the fiscal year ending March 2021 (FY21) from the strict lockdown measures imposed since 25 March 2020, before rebounding by 9.5% in FY22.

Q4 Results Today:

Bajaj Consumer Care (up 2%), IRB Infrastructure Developers (up 2.77%), City Union Bank (up 2.71%), Thermax (down 0.04%), Amrutanjan Healthcare (up 2.72%), Brigade Enterprises (up 2.17%), CARE Ratings (down 2.18%), Gujarat State Fertilizers & Chemicals (up 1.1%), Hikal (down 0.63%), MOIL (down 1.4%), Thomas Cook (India) (up 1.08%), VST Tillers Tractors (down 0.4%) and Whirlpool of India (up 2.57%) are some of the companies that will announce their quarterly earnings today.

Earnings Impact:

Pidilite Industries declined 2.96% after the adhesive maker reported a 33% fall in consolidated net profit to Rs 157.53 crore on a 5.8% decline in net sales to Rs 1,544.68 crore in Q4 March 2020 over Q4 March 2019.

Muthoot Finance soared 17% after the NBFC major reported a 53% jump in consolidated net profit to Rs 829.37 crore on a 26.1% rise in total income to Rs 2,633.58 crore in Q4 March 2020 over Q4 March 2019. Consolidated loan assets under management increased by 22% YoY at Rs 46,871 crore for FY20. Capital adequacy ratio stood at 25.47% in FY20 as against 26.05% in FY19.

REC up 1.32%. The company reported 62.16% fall in consolidated net profit to Rs 473.99 crore on 18.45% rise in total income to Rs 7,905.34 crore in Q4 March 2020 over Q4 March 2019. The company's board has approved incorporation of two project specific special purpose vehicles (SPVs), as wholly owned subsidiary companies of REC Transmission Projects Company for development of intra-state transmission work in Madhya Pradesh, through tariff based competitive bidding, allocated by Government of Madhya Pradesh.

HEG gained 0.42%. The graphite electrode manufacturer reported a consolidated net loss of Rs 366 crore in Q4 March 2020 compared with net profit of Rs 524.42 crore in Q4 March 2019. Net sales slumped 72.2% to Rs 374.44 crore in Q4 March 2020 over Q4 March 2019. Consolidated pre-tax loss stood at Rs 482.59 crore in Q4 March 2020 compared with pre-tax profit of Rs 806.22 crore in Q4 March 2019.

Indraprastha Gas skid 5%. The gas supplier's consolidated net profit jumped 27.5% to Rs 290.76 crore on 0.6% increase in net sales to Rs 1,552.53 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax (PBT) soared 16.7% to Rs 388.41 crore in Q4 March 2020 as against Rs 332.81 crore in Q4 March 2019. Current tax expenses slipped 1.7% to Rs 86.51 crore in Q4 March 2020 as against Rs 88.01 crore in Q4 March 2019. The board recommended a dividend of Rs 2.80 per share for the financial year 2019-20.

Gulf Oil Lubricants India rose 1.66%. Net profit dropped 24.4% to Rs 35.94 crore on 17.5% decrease in net sales to Rs 359.68 crore in Q4 March 2020 over Q4 March 2019. Standalone profit before tax (PBT) tanked 37.2% to Rs 46.84 crore in Q4 March 2020 as against Rs 74.56 crore in Q4 March 2019. Current tax expenses slumped 57% to Rs 11.23 crore in Q4 March 2020 as against Rs 26.11 crore in Q4 March 2019. EBITDA skid 25.34% to Rs 55.40 in Q4 FY20 as compared to Rs 74.20 in Q4 FY19. The company has recommended a final dividend of Rs 7 per share for the financial year 2019-20.

Stocks in Spotlight:

Shares of select public sector undertakings (PSUs) rose after the government withdrew telecom dues demand from the PSU firms. Oil India (up 3.4%), Gujarat Narmada Valley Fertilizers & Chemicals (up 3.07%), Power Grid Corporation of India (up 3%) and GAIL India (up 0.99%) edged higher.

The media reported that the government on Thursday informed the Supreme Court it is willing to withdraw 96% of the Rs 4 lakh crore dues pending against various PSUs in the adjusted gross revenue (AGR) matter. Solicitor General Tushar Mehta told a bench comprising Justices Arun Mishra, Abdul Nazeer and M R Shah that We have taken a decision since they are not in the business of providing tele services to general public, we are withdrawing the dues from these PSU's 96% demand now stands withdrawn.

Last week the apex court had pulled up the Department of Telecommunication (DoT) for raising a demand of Rs 4 lakh crore from various PSUs in the garb of its last year judgement on adjusted gross revenue (AGR) matter and threatened to begin contempt proceedings against the officers concerned.

Shares of three firms engaged in the metals and mining business gained 1.5% to 5.5% after the union government announced the launch of the auction process of 41 coal blocks for commercial mining. It was part of the series of announcements made by the Government of India, under the AatmaNirbhar Bharat Abhiyan. The Coal Ministry in association with FICCI launched the process for auction of these coal mines. As per media reports, the move will help to attract Rs 33,000 crore of capital investment in the country over next five to seven years.

Coal India (up 6.5%), Vedanta (up 4.8%) and Hindalco Industries (up 2.13%) witnessed demand.

Global Markets:

European markets were trading lower while most Asian shares ended with losses on Thursday as spiking coronavirus cases and prospects of new lockdowns erased earlier confidence about a global economic recovery.

Meanwhile, the EU is making it harder for Chinese and other foreign state-backed firms to buy stakes in European companies, as concerns grow over unfair competition amid COVID-19 pandemic. The European Commission, the executive arm of the EU, proposed on Wednesday, 17 June 2020 to have a bigger say when foreign state-backed firms buy stakes in European companies to a point where it could prohibit a merger.

US stocks finished lower after fluctuating between gains and losses on Wednesday, 17 June 2020, as investors elected to book recent profit amid concerns over a second wave of coronavirus infection and escalating geopolitical tensions pertaining to the Korean Peninsula against signs that the economy is recovering.

Investors continued to monitor disturbing coronavirus trends in several US states, including Florida and Texas, as well as a new outbreak in China and rising deaths in Brazil and India. They were also rattled by escalating geopolitical tensions pertaining to the Korean Peninsula after North Korea demolished an inter-Korean liaison office and rejected an offer by South Korea to send special envoys, vowing to send troops back to the border.

However, market losses capped after official data showed that mortgage applications surged 4% last week and were up 21% from the year-ago period, indicating a strong bounce-back for the housing market and US consumers.

As per provisional closing, the barometer S&P BSE Sensex declined 97.3 points or 0.29% at 33,507.89. The Nifty 50 index fell 40.7 points or 0.41% at 9,873.40.

The Nifty opened lower at 9,876.70 and hit an intraday low of 9833.80 in early trade. Buying support emerged at lower levels, which helped the index reclaim 9950 level in morning trade. The 50-unit index hovered near the flat line for most part of the day before touching the 10,000 mark in mid-afternoon trade. The Nifty reversed gains and slipped below 9900 mark in late trade as ongoing India-China tensions continued to worry investors.

The broader market settled higher. The S&P BSE Mid-Cap index rose 0.29% while the S&P BSE Small-Cap index added 0.69%.

The market breadth was positive. On the BSE, shares 1,433 rose and 1,125 shares fell. A total of 162 shares were unchanged. In Nifty 50 index, the breadth was negative with 20 stocks advancing and 30 stocks declining.

India-China Faceoff:

Prime Minister Narendra Modi has called for an all-party meeting this Friday at 5 pm to in order to discuss the situation in the India-China border areas. Presidents of various political parties would take part in this virtual meeting.

Twenty Indian soldiers, including a Colonel, were killed and several others grievously injured in a violent physical skirmish with Chinese troops in the Galwan Valley region of eastern Ladakh on Monday. China blamed India for the violent LAC scuffle saying Indian troops crossed the border twice illegally and launched provocative attacks. There were casualties on the Chinese side as well.

Loan moratorium case:

The Supreme Court (SC) on Wednesday, while hearing the plea challenging the levy of interest on loan repayments during the moratorium, said there is no merit in burdening customers, who have opted for the RBI-approved loan moratorium, with additional interest. The SC bench said the government cannot leave everything to be decided by banks. In conclusion, the bench asked the government to interfere in the matter soon and find a way to waive off additional interest during the moratorium. The matter will be heard next in the first week of August.

The Reserve Bank of India (RBI) granted a moratorium on loans installments due between March 1 and May 31, which was later extended till August 31. The Supreme Court on 4 June 2020 hearing criticised the RBI's response, saying that the economic aspect is not higher than health of the people. The judgement in the case will also have implications for non-banking finance companies (NBFCs), whose borrowers are covered under the moratorium. On 12 June 2020, the top court had indicated that it was not considering a complete waiver of interest but was only concerned that postponement of interest should not accrue further interest on it.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 81,75,482 far with 4,43,730 deaths. India reported 1,55,237 active cases of COVID-19 infection and 11,903 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Meanwhile, the World Health Organization (WHO) has hailed dexamethasone as a lifesaving scientific breakthrough to treat severely ill coronavirus patients. Results of trials announced on Tuesday showed dexamethasone, which is used to reduce inflammation in other diseases, reduced death rates by around a third among the most severely ill Covid-19 patients admitted to hospital. The results suggest the drug should immediately become standard care in patients with severe cases of the pandemic disease, said the researchers who led the trials.

Q4 Results Today:

Cummins India (up 0.88%), Indraprastha Gas (up 0.05%), JK Lakshmi Cement (up 5.22%), Pidilite Industries (up 0.21%), REC (down 1.07%), Muthoot Finance (up 1.76%), HEG (up 1.65%), Fortis Healthcare (down 0.77%), Prataap Snacks (down 0.35%), Indostar Capital Finance (up 0.02%), Gulf Oil Lubricants India (up 1.44%), Navneet Education (up 0.44%), Wheels India (down 0.41%) and FDC (down 0.12%) are some of the companies that will announce their quarterly earnings today.

Earnings Impact:

Hindustan Petroleum Corporation (HPCL) rose 2.31%. The PSU OMC's standalone net profit dropped 99.1% to Rs 26.80 crore on 2.6% decline in net sales to Rs 65,868.51 crore in Q4 March 2020 over Q4 March 2019. Q4 profit was impacted mainly because of inventory losses of Rs 1,002.93 crore due to drastic fall in oil prices accompanied with reduced movement in inventory (net impact Rs 750.51 crore). The company also suffered losses amounting to Rs 873.50 crore on account of foreign currency transactions and translations. Average Gross Refining Margin (GRM) during the year ended 31 March 2020 stood at $1.02 per barrel, declining 80% from $5.01 per barrel reported in the same period last year. The PSU OMC major recorded domestic sales volume of 9.25 Million Metric Tonne (MMT) in Q4 March 2020 as against 10.03 MMT in Q4 March 2019.

NMDC gained 0.71%. The PSU miner consolidated net profit slumped 76.1% to Rs 347 crore on 12.5% fall in net sales to Rs 3,187.34 crore in Q4 March 2020 over Q4 March 2019. EBITDA margin stood at 48% in Q4 FY20 as compared to 63% in Q4 FY19. The iron ore production dropped 11% to 94.74 lakh tonnes (LT) in Q4 FY20 as against 105.87 LT in Q4 FY19. The iron ore sales skid 15% to 86.19 LT in Q4 March 2020 as compared to 101.69 LT in Q4 March 2019. The COVID-19 had a marginal effect on the operations of the company due to the lock down in the country in March 20. There has been a loss of around 10.01 LMT of production and 5.50 LMT of sale of iron ore during FY 2019-20 (in March 20). This has resulted in a loss in sale revenue around Rs 219 crore and PBT of Rs 120 crore.

Natco Pharma lost 1.96% to Rs 626.70 after consolidated net profit declined 22.1% to Rs 94.10 crore in Q4 March 2020 as against Rs 120.80 crore in Q4 March 2019. Profit before tax stood at Rs 116.7 crore in Q4 FY20, down by 23.4% from Rs 152.4 crore in Q4 FY19. Total tax expense fell 26.56% to Rs 23.50 crore in Q4 March 2020 over Q4 March 2019. Revenue from operations in the fourth remained almost flat at Rs 454.80 crore compared with the corresponding period last fiscal. With respect to the impact of COVID-19 pandemic on its business operations, the company said that since pharma products are categorised under essential goods, there has been a minimal disruption with respect to operations including production and distribution activities. The actual impact of the global health pandemic may be different from that which has been estimated, as the situation evolves in India and globally, it added.

Navin Fluorine International spurted 2.72% after consolidated net profit surged 705.5% to Rs 270.09 crore on 9.5% increase in net sales to Rs 276.57 crore in Q4 March 2020 over Q4 March 2019. Profit was aided by a minimum alternate tax (MAT) credit reversal of Rs 88.2 crore during the quarter. The company had contested receipts on account of Certified Emission Reduction (CER) as capital receipts not chargeable to tax from financial year 2007-08 to financial year 2012-13. During the year, it received favourable appellate orders for some of the aforesaid years. Accordingly, the company has now recognized MAT credit entitlement of Rs 73.55 crore under section 115JAA of the Act, for which claims have been made. The company has recomputed the tax liabilities for these years and written back excess tax provisions amounting to Rs 141.25 crore for earlier years. Consolidated profit before tax (PBT) jumped 12.6% to Rs 62.88 crore in Q4 March 2020 as against Rs 55.82 crore in Q4 March 2019. Operating EBITDA jumped 33% to Rs 68.80 crore in Q4 March 2020 over Rs 51.60 crore in Q4 March 2019. While, EBITDA margin improved to 24.9% in Q4 FY20 as against 20.4% in Q4 FY19. The board has recommended a final dividend of Rs 3 per share.

Bank of Maharashtra declined 4.24% after the bank's net profit declined 20.5% to Rs 57.57 crore on a 1.2% increase in total income to Rs 3,198.30 crore in Q4 March 2020 over Q4 March 2019. Pre-tax loss stood at Rs 315.04 crore in Q4 March 2020 as against pre-tax profit of Rs 86.39 crore in Q4 March 2019. Gross non-performing assets (NPAs) stood at Rs 12,152.15 crore as on 31 March 2020 as against Rs 15,745.54 crore as on 31 December 2019 and Rs 15,324.49 crore as on 31 March 2019. The ratio of gross NPAs to gross advances stood at 12.81% as on 31 March 2020 as against 16.77% as on 31 December 2019 and 16.40% as on 31 March 2019. The ratio of net NPAs to net advances stood at 4.77% as on 31 March 2020 as against 5.46% as on 31 December 2019 and 5.52% as on 31 March 2019. Provisions and contingencies surged 119.41% to Rs 910.11 crore in Q4 March 2020 over Q4 March 2019. The provision coverage ratio of the bank was at 83.97% as on 31 March 2020.

Globus Spirits was locked in an upper circuit of 10% at Rs 118.85 after consolidated net profit surged 285.5% to Rs 19.35 crore in Q4 March 2020 over Q4 March 2019. Net sales were flat at Rs 271.51 crore as in Q4 March 2020 compared with the same period last year. Profit before tax (PBT) stood at Rs 22.22 crore in Q4 March 2020, surging 326% from Rs 5.21 crore in Q4 March 2019. The result was announced after market hours yesterday, 16 June 2020. Meanwhile, the company has recommended a final dividend of Re 1 per equity share.

Stocks in Spotlight:

HDFC Asset Management Company (HDFC AMC) fell 4.95% as its offer for sale (OFS) opened for non-retail investors today. Promoter Standard Life Investment offered to sell a total of 60 lakh shares, or 2.82% stake, through the OFS. The floor price for the OFS was set at Rs 2,362 each, a 6.92% discount to the closing price of Rs 2537.65 on Tuesday. In the event the oversubscription, Standard Life proposes to sell another 60 lakh equity shares. In total, Standard Life plans to sell 1.2 crore equity shares of HDFC AMC representing 5.64% of total paid-up equity capital of the company. The OFS opened on Wednesday (17 June) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Thursday (18 June). As on 15:25 IST, the OFS received subscription for 1,41,03,421 shares or 261.17% against the base non-retail offer size of 54 lakh shares.

Titagarh Wagons hit an upper circuit of 5% at Rs 32.75 after it entered into an exclusive cooperation agreement with ABB, a global engineering company based in Switzerland. The agreement aims to address the large and growing business of propulsion equipment (traction converters) for the Indian railway EMU ( electric multiple unit)/ MEMU (mainline electric multiple unit) market. According to the agreement, Titagarh and ABB will work together to design, develop and manufacture IGBT based 3-phase propulsion systems for EMU/MEMU which would be manufactured in Titagarh's plant at Uttarpara, Kolkata with certain components being supplied by ABB. This agreement goes into effect immediately with the first units to be put into revenue service in less than 2 years.

Global Markets:

European markets were trading with minor gains while Asian stocks closed higher on Wednesday. Japan's Nikkei 225 index fell 0.56% after the country's exports plunged 28.3% year-on-year in May. The World Health Organization has warned that while the virus has slowed in parts of Europe it is gaining speed in other parts of the world, including parts of Africa and the Americas. A new cluster of cases in Beijing is also being watched closely.

The International Monetary Fund said the global economy is set to see a more significant contraction than it previously forecast. IMF Chief Economist Gita Gopinath said in a Tuesday blog post that the forthcoming June World Economic Outlook Update is expected to show negative growth rates even worse than previously estimated. The fund also said the current crisis, which it dubbed the Great Lockdown, is unlike anything the world has seen before.

Investors continue to watch for developments on the geopolitical front regionally, as tensions escalate along the Korean peninsula after North Korea reportedly destroyed a liaison office with the South.

In US, Wall Street advanced on Tuesday as the prospect of additional stimulus and a record jump in retail sales suggested the US economy could bounce back sooner than expected. U.S. retail sales jumped by 17.7% in May, the government said Tuesday. U.S. industrial production for May rose by 1.4%, as many factories resumed operations after shutdowns spurred by the coronavirus crisis, the Federal Reserve said Tuesday.

A full US economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought under control, Federal Reserve Chair Jerome Powell said on Tuesday, as he began the first of two days of hearings before US lawmakers. The longer the downturn lasts, the greater the potential for longer-term damage from permanent job loss and business closures, Powell added.