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Economic Times | 26 May, 2020 | 07.51AM IST

Traders' Diary: Nifty to see support at 8,888 level

Banks and financial stocks were the top drags on BSE Sensex.

!1 New UpdateClick here for latest updates
08:11 PM

Small and microcap stocks dominate bulk deals again

Here’s who bought and sold what in some of the key bulk deals of the day. Acme Finvest bought 78,000 shares of ICL Organic and Dairy Products at Rs 21.55 a share. Dileep Kumar Singh bought 1,05,058 shares in Niraj Cement Structurals at Rs 48.07 a share.
07:49 PM

IDFC First Bank Q4 results: Posts net profit of Rs 72 crore

IDFC First Bank swung into the black and reported a net profit for the quarter ended March, on the back of strong rise in interest income. The private sector lender reported a net profit of Rs 71.54 crore in the fourth quarter of the fiscal year, compared with a net loss of Rs Rs 218.03 crore in the same quarter a year ago.
07:35 PM

RIL selling 17% stake in Jio Platforms in 1 month to help pare half its net debt: Moody's

Reliance Industries selling over 17 per cent stake in its digital unit Jio Platforms for a combined Rs 78,562 crore in one month will help pare about half of its net debt of Rs 1.61 lakh crore, Moody's Investors Service said on Friday.
07:12 PM

Dow Jones opens flat on simmering US-China tensions

US stocks opened flat on Friday as investors pitted hopes of more stimulus to revive an ailing economy against deteriorating US-China relations over Beijing's move to impose a national-security law in Hong Kong. The Dow Jones Industrial Average fell 12.14 points, or 0.05 per cent, at the open to 24,461.98.
07:08 PM

Auto socks record 2nd week of gains

Nifty Auto index rose for the second straight week, as buyers lapped up vehicle manufacturers in hopes that there will be swift sales revival. The rate cut by RBI also helped its cause. The index gained 0.30 per cent led by a 4.43 per cent jump in M&M and 1-3 per cent gains in Hero Moto, Maruti Suzuki and Bosch.
06:26 PM

Orient Cement Q4 results: Profit down 29% to Rs 44 crore

C K Birla Group firm Orient Cement on Friday reported 29 per cent fall in net profit at Rs 44.06 crore for the quarter ended March 31, 2020, due to lockdown. It had posted a net profit of Rs 61.98 crore in January-March a year ago, Orient Cement said in a BSE filing.
05:45 PM

Bank stocks take big hit

RBI’s decision to increase the moratorium period on loan repayment worried investors, who now fear a major spike in bad loans once that EMI freeze gets over. NIfty Bank plunged 2.57 per cent, dragged by 3-6 per cent drop in Axis Bank, Federal Bank, RBL Bank, ICICI Bank and Bandhan Bank. Nifty Financial Services tanked over 3 per cent.
05:30 PM

Nifty forms bearish candle, lower highs & lows to send out weak signals

The index formed a small-bodied candle on the daily scale and a bearish candle on the weekly scale. It has been forming lower highs and lows since past three weeks. Currently, the index is hovering around the 20 EMA and the trendline breakdown level on the daily chart.
05:15 PM

9,150 level a crucial hurdle: Chandan Taparia

"Currently, Nifty is hovering around its 20-day EMA and trendline breakdown level on the daily chart and thus, the 9,150 level would become a crucial hurdle. If Nifty manages to sustain above this level, we may see a bounce towards the 9,300-9,350 zone. On the flip side, support for the index is placed at 8,888 level," said Chandan Taparia of Motilal Oswal Securities.
05:01 PM

UPL Q4 results: Net profit zooms 147% to Rs 617 crore; announces Rs 6 dividend

UPL Limited on Friday posted 146.80 per cent year-on-year (YoY) rise in net profit at Rs 617 crore for the quarter ended March 31. It had posted a net profit of Rs 250 crore in the corresponding quarter last year. Analysts in an ETNow poll had projected the number at Rs 870 crore.
04:44 PM

RITES signs pact for acquiring 24% in IRSDC; resumes operation post lockdown

Infrastructure consultancy and engineering company RITES on Friday said it has signed an agreement for acquiring 24 per cent stake in Indian Railway Stations Development Corporation (IRSDC) for Rs 48 crore. The company has signed shareholders' agreement for acquiring 24 per cent stake in IRSDC for Rs 48 crore with Rail Land Development Authority and IRCON International being the other equity partners, the company said in a statement.
04:37 PM

JSW Steel Q4 results: Net profit plummets 86% to Rs 242 crore; misses Street estimates

Steelmaker JSW Steel on Friday reported a 85.98 per cent year-on-year (YoY) drop in standalone net profit at Rs 242 crore for the March quarter, compared with Rs 1,727 crore in the same quarter last year. The profit figure missed ET NOW poll estimate of Rs 733 crore.
04:20 PM

Bosch net profit dips 80%, co reduces capex to half

The company’s profit declined by more than 80 per cent over the corresponding quarter to Rs 81 crore. Revenue declined 18 per cent to Rs 2,237 crore. Meanwhile, earnings before interest, tax, depreciation and amortisation (EBITDA) declined 34 per cent to Rs 341 crore.
03:54 PM

What moved market today?

Tracking the sharp sell-off in the Asian market, domestic bourses made a negative start. The market extended its losses due to the sharp selling witnessed in the index heavyweight banking stocks after the RBI policy announcements. While repo rate was cut by 40 bps to 4%, market participated were disappointed as they were expecting some measures on the loan restructuring front. Further, the RBI grim economic outlook also weighed on the sentiments. However buying in auto, pharma and IT brought some late-session recovery in the market which ended with a loss of 0.7%. Going ahead investors are likely to remain cautious on the development of Covid-19 cases and vaccines, lockdown restrictions with changing economic policies and crude oil prices movements. (Source: Choice Broking)
03:39 PM

CLOSING BELL: Banks drag Sensex 260 pts lower as RBI disappoints, Nifty ends below 9,050; Axis Bank tanks 5%, M&M jumps 4%

  • 18 of 30 Sensex stocks end the day in the red
  • Banks and NBFCs drag the market lower.
  • Index contributors: HDFC, ICICI Bank, HDFC Bank, Axis Bank, RIL
  • Top Index losers: Axis Bank (5.32%), HDFC (5.03%), Bajaj Fin (4.50%)
  • Top Index gainers: M&M (4.30%), Infosys (2.98%), Asian Paints (2.60%)
  • S&P BSE Financebiggest sectoral loser, down 3%
  • S&P BSE Information Technology biggest sectoral gainer, up 1.68%
  • Volume toppers: Bajaj Fin, HDFC, SBI, RIL, HDFC Bank
CLOSING BELL: Banks drag Sensex 260 pts lower as RBI disappoints, Nifty ends below 9,050; Axis Bank tanks 5%, M&M jumps 4%
03:22 PM

Wary mutual funds still refuse to buy all but the safest debt

Money managers in India have become so concerned about credit risk that even guarantees from policymakers for lower-rated debt is failing to entice them.

Sentiment soured after Franklin Templeton, a big buyer of high-yield Indian notes, shut six debt funds in April. And this week, the market regulator allowed some bond funds to hold more government paper and treasury bills, underlining the flight to safety triggered by Franklin’s shock decision.
Wary mutual funds still refuse to buy all but the safest debt
02:41 PM

Forex Center: This is how the major currencies are trading against each other

Forex Center: This is how the major currencies are trading against each other
02:26 PM

Moratorium extension not enough, loan recast will be needed: Analysts

Analysts were still left disappointed, as they were expecting the central bank to come up with a proposal for one-time restructuring of loans and allow some respite to banks in terms of not having to mark to market (MTM) their held-to-maturity (HTM) portfolio.
Moratorium extension not enough, loan recast will be needed: Analysts
01:55 PM

These stocks defy market mood, jump up to 9%

Price as on 22 May, 2020 01:55 PM, Click on company names for their live prices.
01:26 PM

FM to meet PSU bank chiefs

FM to meet PSU bank chiefs
01:10 PM

Nifty Bank down 3%; all stocks trading in the red. Bandhan Bank, ICICI Bank, Axis Bank, Federal Bank down 5% each

Nifty Bank down 3%; all stocks trading in the red. Bandhan Bank, ICICI Bank, Axis Bank, Federal Bank down 5% each
01:00 PM

Bonds rally after RBI announces emergency rate cut

  • Sovereign bonds in India rallied after the central bank cut its benchmark policy rate in an emergency session as the economy reeled from the coronavirus outbreak.

  • The yield on the most-traded 2029 bonds fell 12 basis points to 5.91% as of 11:30 a.m. in Mumbai, while that on the new 10-year notes dropped seven basis points. The rupee weakened and stocks reversed gains to halt a three-day rally ahead of a long weekend.
Bonds rally after RBI announces emergency rate cut
12:52 PM

AIIB, PBoC among 16 China-based entities registered as FPI in India

At least 16 China-based institutions, including Asian Infrastructure Investment Bank (AIIB) and People's Bank of China (PBoC), have got permanent registration as foreign portfolio investors (FPIs) in India. While AIIB is a multilateral development bank, which has got India as a member too, PBoC is China's central bank. Other registered FPIs in India include the National Social Security Fund (NSSF), a government-run investment fund established primarily to provide a reserve of funds for China's social security system.
12:41 PM

Foreign ownership of top stocks lowest since Dec 2013

Promoters’ ownership in BSE 500 stocks, however, has risen to a record high of 44 per cent at the end of March, while governments’ share touched another all-time low of 6.6 per cent. Domestic institutional and retail ownership remained unchanged at 14 per cent.
Foreign ownership of top stocks lowest since Dec 2013
12:31 PM

S&P BSE TECK the only index stock in the green. This is how the stocks are faring

S&P BSE TECK the only index stock in the green. This is how the stocks are faring
12:14 PM

RBI has taken a calibrated approach to save the economy rather than favouring banks: Jimeet Modi

"RBI with its monetary policy again gave a surprise rate cut of 0.4% and announced various liquidity measures. The disappointment came as there was no mention of the restructuring of loans or other supportive measures qua banks. The negative outlook on growth without a definitive number added to the woes. Extension of moratorium is good for the economy but in substance will negatively impact banks and NBFCs. As a whole, RBI has taken a calibrated approach to save the economy rather than favouring banks," said Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote.
12:13 PM

Most NBFC stocks trading in the red. Shriram Trasnport Fin dips 6%; Bajaj Fin, M&M Fin 5% each

Price as on 22 May, 2020 12:13 PM, Click on company names for their live prices.
12:01 PM

RBI policy post-mortem: Liquidity is okay; what about risk aversion?

Read how the economists and market analysts are reacting to the development
RBI policy post-mortem: Liquidity is okay; what about risk aversion?
11:53 AM

7 stocks including Bajaj Fin and SBI hit fresh 52-week low

7 stocks including Bajaj Fin and SBI hit fresh 52-week low
11:40 AM

This is how the tourism and hospitality stocks are trading in today's session

Price as on 22 May, 2020 11:40 AM, Click on company names for their live prices.
11:22 AM

Here are the top 10 losers on BSE right now

Here are the top 10 losers on BSE right now
11:09 AM

Sensex down over 400 points, Nifty below 9,000; banks and NBFCs lead the market fall. Here are the top scrips dragging the 30-pack Sensex down

Sensex down over 400 points, Nifty below 9,000; banks and NBFCs lead the market fall. Here are the top scrips dragging the 30-pack Sensex down
10:52 AM

Snapshot: Rupee down 17 paise against the US dollar. This is how the currency has performed against the greenback in the last 3 months

Snapshot: Rupee down 17 paise against the US dollar. This is how the currency has performed against the greenback in the last 3 months
10:42 AM

Metal stocks fall, S&P BSE METAL down over 2%. Here are the top index laggards

Price as on 22 May, 2020 10:42 AM, Click on company names for their live prices.
10:42 AM

Policy takeaway is the stress in banking sector will continue: VK Vijayakumar, Geojit Financial Services

"RBI, which has been proactive in recent times, has risen to the occasion by advancing the policy meet to cut policy rates by 40bp. Also, the unequivocal statement that monetary policy will continue to be accommodative till growth revives sends positive signals. The fact that the central bank has refrained from giving a GDP growth figure is a reflection of the complexity in giving projections with the present growth models. Extension of the moratorium announced earlier by another 3 months is a relief. A takeaway from the policy announcement is that the stress in the banking sector will continue," said VK Vijayakumar- Chief Investment Strategist- Geojit Financial Services.
10:36 AM

S&P BSE BANKEX biggest sectoral loser, down about 2%. This is how the index stocks are doing

S&P BSE BANKEX biggest sectoral loser, down about 2%. This is how the index stocks are doing
10:35 AM

GDP growth for FY21 is seen to be in the negative territory: Shaktikanta Das, RBI Guv

10:32 AM

All BSE sectoral indices except S&P BSE TECK trading in the red

10:30 AM

This is how the top banking stocks are doing after surprise RBI rate cut

Price as on 22 May, 2020 10:30 AM, Click on company names for their live prices.
10:28 AM

Sensex moves after RBI delivered a surprise 40 bps rate cut

Sensex moves after RBI delivered a surprise 40 bps rate cut
10:18 AM

RBI cuts repo rate by 40 bps to 4%, maintains accommodative stance

The RBI Governor Shaktikanta Das on Friday announced a 40 basis points surprise repo rate cut while maintaining an accommodative stance. The repo rate now stands at 4 per cent from 4.4 per cent earlier. The reverse repo rate has been reduced by a similar basis points to 3.35 per cent from 3.75 per cent earlier.
RBI cuts repo rate by 40 bps to 4%, maintains accommodative stance
09:56 AM

How bank stocks are faring ahead of RBI Guv's address

Price as on 22 May, 2020 09:56 AM, Click on company names for their live prices.
09:41 AM

Sensex struggles to erase losses, trades marginally higher

Sensex struggles to erase losses, trades marginally higher
09:40 AM

SBI, BoB, IDFC First Bank among most active stocks on NSE

Price as on 22 May, 2020 09:40 AM, Click on company names for their live prices.
09:23 AM

OPENING BELL: Sensex sheds 170 points, Nifty slips below 9,050; Quess Corp rises 5%, Bandhan Bank falls 4%

OPENING BELL: Sensex sheds 170 points, Nifty slips below 9,050; Quess Corp rises 5%, Bandhan Bank falls 4%
09:04 AM

Pre-open session: Sensex flat ahead of RBI address, Nifty stays above 9,100

08:05 AM

RBI presser, FM to meet PSBs

The RBI will hold a media brief at 10 am today. Besides, Finance Minister Nirmala Sitharaman will hold a review meeting with CEOs of public sector banks (PSBs) later in the day to discuss various issues, including loan disbursement, as part of efforts to revive the economy reeling under the COVID-19 impact, sources said.
08:04 AM

SGX Nifty signals negative start

Nifty futures on the Singapore Exchange traded 34.20 points, or 0.38 per cent lower at 9,032 in signs that Dalal Street was headed for a negative start on Friday.
08:04 AM

Nifty resistance at 9,200 level

Nifty50 reclaimed the 9,100 level, but formed a bearish candle on the daily chart that resembled a 'Shooting Star' pattern. This, along with the fact that the index is facing strong resistance near 20- and 50-day moving averages, does not bode well for the bulls.
08:04 AM

Q4 earnings today

Trent, Wabco India, Supreme Industries, BASF India, Bayer Cropscience, Godrej Industries, IDFC First Bank, JSW Steel are slated to announce their March quarter earnings on Friday.
08:03 AM

DIIs buy Rs 402 cr worth of stocks

Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 259 crore on Friday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 402 crore, data suggests.
07:15 AM

Oil prices edge higher as virus curbs ease

Oil prices were on the rise on Friday, heading for a fourth straight week of gains, amid more evidence that fuel demand is recovering as countries ease business and social restrictions that were imposed to counter the coronavirus pandemic. Brent crude was up 14 cents, or 0.4%, at $36.20 a barrel, after gaining nearly 1% on Thursday. The contract is heading for a jump of more than 10% for the week.
07:14 AM

Hang Seng tanks 2%, Shanghai Composite edges lower

Hang Seng Index sank 2.15 percent, or 523.12 points, to 23,756.91. China's benchmark Shanghai Composite Index eased 0.17 percent, or 4.88 points, to 2,863.05, while the Shenzhen Composite Index on the country's second exchange slipped 0.11 percent, or 1.98 points, to 1,786.66.
07:13 AM

Japan shares open flat, eyes on China

Tokyo shares opened nearly flat Friday after falls on Wall Street, with investors eyeing the opening of China's National People's Congress. The Nikkei 225 index rose 0.06 percent or 11.99 points to 20,564.30, while the broader Topix index added 0.02 percent or 0.37 points to 1,491.58.
07:12 AM

US stocks settled lower

US stocks ended lower on Thursday as investors digested a slew of newly-released economic data. The Dow Jones Industrial Average fell 101.78 points, or 0.41 per cent, to 24,474.12. The S&P 500 was down 23.10 points, or 0.78 per cent, to 2,948.51. The Nasdaq Composite Index decreased 90.90 points, or 0.97 per cent, to 9,284.88.
07:11 AM

Sensex, Nifty on Thursday

Equity indices ticked higher for the third session on the trot on Thursday as investors accumulated FMCG, auto and IT stocks amid gradual reopening of the economy. After rallying over 370 points intra-day, the 30-share BSE Sensex settled 114.29 points or 0.37 per cent up at 30,932.90. Similarly, the broader NSE Nifty advanced 39.70 points, or 0.44 per cent, to 9,106.25.
07:10 AM

Good morning, dear reader! Here's something to kickstart your trading day

Good morning, dear reader! Here's something to kickstart your trading day
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