Traders' Diary: Nifty now faces hurdle at 9,350-9,450 levels
European shares opened higher as investors focused on a fresh stimulus plan for the EU.
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KPIT Q4 results: Net profit rises 23.3% to Rs 38.1 crore
Tech firm KPIT Technologies on Wednesday reported a 23.3 per cent rise in consolidated net profit to Rs 38.1 crore in March 2020 quarter. This is against a net profit of Rs 30.9 crore in the year-ago period, KPIT said in a regulatory filing.
IndiGrid Q4 results: Net profit doubles to Rs 99.7 crore
IndiGrid, the country's first InvIT in the power sector, on Wednesday reported an over two-fold increase in consolidated net profit for the March quarter at Rs 99.7 crore on the back of higher revenues. The company, which had reported a net profit of Rs 37.6 crore during the corresponding quarter last fiscal, has announced distribution of Rs 3 per unit to its investors for the period under review.
Bitcoin’s bounce back over $9,000 masks a potential downtrend
Bitcoin’s trading above $9,000 once again, but technical indicators suggest the largest cryptocurrency is stuck in a funk. Though the price level may provide support, Bitcoin needs to break out of the downtrend it formed when its May high failed to take out the one reached in February. Any further rally that withers before overcoming a previous high may signal Bitcoin entered a potential downtrend, further indicating bearish sentiment.
In an unusually strong session, the domestic stock market witnessed a massive surge fuelled by strong short covering, and this helped Nifty to end the day on a robust note. The market opened on a quiet note, and spent the first hour of the trade in a capped range and kept on moving above and below the previous close.
NCLT approves sale of IL&FS stake in GIFT City to Gujarat govt
A two-member NCLT bench headed by acting president B S V Prakash Kumar allowed IL&FS to sell its 3.27 crore shares, having a face value of Rs 10 each, of the Gujarat International Finance Tec-City Company Limited (GIFTCL) or GIFT City to the Gujarat Urban Development Company Ltd (GURDCL).
IndoStar Capital Finance raises Rs 1,225 crore
Non-banking financial player IndoStar Capital Finance on Wednesday said it has raised Rs 1,225 crore equity capital from Brookfield, an alternative asset manager. The investment by Brookfield in the retail-focussed NBFC is a combination of primary investment in equity shares and compulsorily convertible preference shares (CCPS).
Bulk deals: Amundi Funds sells Indostar Capital shares
Amundi Funds Equity India sold shares of Indostar Capital Finance, while Quest Investment Advisors purchased shares in JMC Projects in Wednesday’s trade. Reliance Naval, Indiabulls Housing Finance, RBL Bank, Birla Jute and Industries also witnessed some bulk buying and selling during the day.
United Spirits Q4 results: Net profit plummets 81% to Rs 24 crore
United Spirits on Wednesday reported net profit decline of 81% at Rs 23.9 crore for the fourth quarter ended March, mainly due to Covid-19 led disruption intensified by ongoing consumption slowdown and inflation in raw material cost during the fiscal. A year ago, the country's largest liquor firm which is controlled by Diageo Plc, had posted net profit of Rs 126 crore during the same quarter.
Investor wealth surges by Rs 2 lakh crore as markets rally
Investor wealth surged by Rs 2,01,549.38 crore on Wednesday following a rally in the broader market. The 30-share BSE Sensex settled 995.92 points or 3.25 per cent higher at 31,605.22. During the day, it gained 1,051.3 points to 31,660.60.
RIL RE price jumps 11% on Day 5 on high volumes
With just two more trading sessions to go, the de-materialised trading of Reliance Industries - Rights Entitlement (RIL-RE) on Wednesday closed with a 11 per cent gain over the previous day. RIL-RE closed at Rs 201.5, a gain of 11 per cent over Tuesday's close, after touching an intra-day high of Rs 209.90, according to stock exchange data.
Dow Jones opens higher on recovery optimism
US stock indexes gained at the open on Wednesday as a pickup in business activity fueled hopes of a post-pandemic economic recovery, while investors remained cautious about brewing US-China tensions. The Dow Jones Industrial Average rose 303.52 points, or 1.21 per cent, at the open to 25,298.63.
Aditya Birla Fashion Q4 results: Posts net loss of Rs 146.59 crore
Aditya Birla Fashion and Retail Ltd (ABFRL) on Wednesday reported a consolidated net loss of Rs 146.59 crore in the fourth quarter ended March 31, 2020, impacted by the coronavirus pandemic. The company, which had posted a consolidated net profit of Rs 202.64 crore in the same quarter a year ago, said its board has approved raising Rs 1,000 crore by way of a rights issue.
EU proposes 750 billion-euro coronavirus recovery fund
The EU Commission is proposing a 750 billion-euro ($825 billion) recovery fund to help the bloc's economy through the deep recession induced by the coronavirus pandemic, commissioner Paolo Gentiloni said Wednesday.
Adani Ports & SEZ raises Rs 500 crore through allotment of NCDs
Adani Ports and Special Economic Zone (APSEZ) on Wednesday said it has raised Rs 500 crore through allotment of NCDs on a private placement basis. It allotted 5,000 non-convertible debentures (NCDs) of the face value of Rs 10 lakh each, the company said in a BSE filing.
Bruised and battered for weeks, banking stocks suddenly witnessed brisk buying on Wednesday as investors downplayed worries about possible escalation in bad loan burdens to lap up these stocks at attractive prices. Some stock specific news also helped the counter.
Agri-chem firms @ 52-week highs
Shares of some of the agri-chemical companies rose to their 52-week highs during the session. Alkyl Amines Chemicals, Bayer Cropscience, Coromandel International and Dhanuka Agritech were among the 35 stocks that kissed their year highs.
Banks’ best day since April 7
All constituents of the Nifty Bank index closed in the green and the index posted its best day in nearly two months, rising 7.28 per cent, on FII buying. Axis Bank soared over 14 per cent to Rs 389 while ICICI Bank and Bandhan Bank gained over 8 per cent each. RBL Bank and Federal Bank rose more than 7 per cent.
Nifty started Wednesday’s session on the positive note on the back of favourable cues from the global indices. It managed to hold the 9,000 mark and rebounded piercingly in the later half of the session. The index rallied by more than 300 points from its intraday low of 9,004 and managed to conclude the session a tad above the 9,300 mark.
Coronavirus pushes global credit rating downgrade threat to record high
The number of companies or countries at risk of having their credit ratings cut has been pushed to an all-time high by the coronavirus pandemic, S&P Global analysis shows. A total of 1,287 of S&P's ratings are now on a downgrade warning -- either with 'negative outlooks' where a move might take two years, or on 'CreditWatch with negative implications' where the risk is almost immediate.
Though we’re seeing reopening of the economy in phases, it would be tough to translate into business amid rising COVID-19 cases and migrants issues. Having said that, we’re anticipating this rebound due to extreme oversold positions in the banking and financial space and Nifty would now face hurdle around 9350-9450 levels. Traders should use further rebound to reduce longs and wait for further clarity as sustainability would be tough at the higher levels. Also, focus more on stock selection as we’re seeing limited participation.
Aditya Birla Fashion plans Rs 1,000 crore rights issue
Aditya Birla Fashion & Retail is set to launch rights issue worth Rs 1,000 crore at the earliest, as part of its fund-raising plans for the current fiscal as well to cap the leverage, according to a company official.
Yuan hits 9-month low as US-China tensions return
The US dollar edged higher on Wednesday and China's yuan hit a near nine-month low as worries about the US response to China's proposed security law for Hong Kong injected a more cautious tone into foreign exchange markets.
CLOSING BELL: Sensex rallies 996 points ahead of May F&O expiry; Nifty tops 9,300; Axis soars 14%, ICICI 9%
Financials and IT stocks lead market rally
24 of 30 Sensex stocks end the day in the green
Index contributors: HDFC Bank, ICICI Bank, HDFC, Axis Bank, Infy
Top Index gainers: Axis Bank (14.15%), ICIC Bank (8.89%), Kotak Bank (5.85%)
Top Index losers: Sun Pharma (1.84%), Ultra Cement (1.42%), Tital (0.90%)
S&P BSE BANKEX biggest sectoral gainer, up 7.31%
S&P BSE Healthcare biggest sectoral loser, down 0.84%
Volume toppers: Bajaj Fin, RIL, Infy, HDFC Bank, Axis Bank
Nifty Bank up nearly 8%. Here are the top index performers.
S&P BSE BANKEX gains nearly 6%. This is how the index has performed in the last 6 months
The index hit its 52-week low on 24 March 2020 at 18430.26 after hitting its all-time high of 37193.35 on 30 December 2019.
Rupee is likely to find strong cushion at 76.60 mark: Religare
"A shift in sentiments is quite visible in the markets which is likely to bode well for the Indian rupee in near term. Risk appetite has returned to the markets and there is lot of optimism as businesses reopen across major economies. As global as well as domestic equities forge ahead, rupee is likely to stay well bid. Nevertheless, keeping gains in check are the brewing tensions between the US and China, rise in oil prices and the greenback. Going ahead, rupee is likely to find strong cushion at 76.60 mark, while it would be difficult for the domestic currency to nudge past the level of 74.80," says Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking.
Forex Center: This is how the major currencies are trading against each other
Here are the top losers in the pharma space.
Price as on 27 May, 2020 02:35 PM, Click on company names for their live prices.
On the Multi Commodity Exchange, crude oil for June delivery fell by Rs 21, or 0.82 per cent, to Rs 2,553 per barrel with a business volume of 5,140 lots.
S&P BSE Information Technology up over 2%. This is how the index stocks are faring
European shares edge higher, focus on EU recovery plan
European shares inched higher on Wednesday as investors focused on a fresh stimulus plan for the European Union, while renewed U.S.-China tensions over Hong Kong tempered optimism about a global economic recovery. The pan-European STOXX 600 rose 0.4 per cent in early deals, led by banks, travel and leisure stocks, and automakers.
These are the top 10 gainers in afternoon trade
Price as on 27 May, 2020 01:50 PM, Click on company names for their live prices.
These stocks defy market mood, fall up to 6%
Price as on 27 May, 2020 01:49 PM, Click on company names for their live prices.
The Nikkei average gained 0.7 per cent to 21,419.23, its highest closing level since February 28.
This is how the real estate stocks are performing; Godrej Prop surges 6%, Indiabulls Real Estate 5%
Price as on 27 May, 2020 01:26 PM, Click on company names for their live prices.
Looking at relief package for sugar mills: Govt Sources (Agency: Cogencis)
Govt extends BPCL bid deadline to July 31
The government has for the second time extended the deadline for bidding for privatisation of India's second-biggest oil refiner Bharat Petroleum Corp Ltd (BPCL) by over a month to July 31. While the Cabinet had in November last year approved the sale of government's entire 52.98 per cent stake in BPCL, offers seeking expression of interest (EoI), or bids showing interest in buying its stake, were invited only on March 7.
Yuan slumps to 9-mth low on Sino-U.S. tensions, corporate dollar demand
Sensex up nearly 400 points. Track how the 30-pack index moved in today's morning session
China's central bank made a fresh cash injection into the interbank money market through reverse repos for a second straight day on Wednesday, while it continued to keep the borrowing cost unchanged. The People's Bank of China (PBOC) injected 120 billion yuan ($16.80 billion) via seven-day reverse repos at 2.20%, same as the previous operation, it said in a statement published on its website.
While most auto manufacturers have opened their plants after lockdown, the entire production ecosystem is yet to fall in place as support from their suppliers, vendors, dealers and financiers remains limited, industry insiders said.
Singapore Exchange shares post steepest drop since 2008 on end of MSCI licence
Shares in bourse operator Singapore Exchange Ltd suffered their steepest daily fall in more than a decade after the company said its profit would be hit when a licence to offer a suite of regional equity derivatives ends in February 2021.
Rupee flat against the US dollar at 75.64. This is how the currency has performed against the greenback in the past 3 months
Crude oil gained over a per cent to Rs 2,601 while its pee natural gas added 0.20 per cent to Rs 147.40. Gold and silver dropped about half a per cent each while base metals were down up to a per cent.
Here are the top gainers and losers in the cement sector
Price as on 27 May, 2020 11:20 AM, Click on company names for their live prices.
Here are top index contributors in the 30-pack Sensex
Here are the top gainers and losers in the tourism and hospitality industry
Price as on 27 May, 2020 10:56 AM, Click on company names for their live prices.
Sensex jumps 260 points; private bank stocks top gainers
S&P BSE BANKEX biggest sectoral gainer, up 2.25%. This is how the index stocks are faring
Fall below 8,980 may lead to 150-200 point correction: Manish Hathiramani
"The markets have opened on a lackluster note. The opening level was the high of the day and it gave up its gains in a couple of minutes and went into the negative territory within the first 15 minutes of trading. However, it has held yesterday's low which is crucial for the downside to getting activated. That level would be a break of 8980. Should that happen, we can correct another 150-200 points. For the upside to get activated, we need to cross 9,175 convincingly," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
More liquidity needed; states can come up with Rs 20 lakh crore: Gadkari
More liquidity needs to be pumped in the market to boost the coronavirus-hit economy and states should come forward with Rs 20 lakh crore, while another Rs 10 lakh crore can be harnessed from public-private investment, Union minister Nitin Gadkari said on Tuesday.
Shares of Kotak Mahindra Bank jumped 4 per cent in Wednesday's trade after the private lender launched a qualified institutional placement (QIP) to raise up to Rs 7,500 crore. The bank set the floor price of the issue at Rs 1,147.75 per share, which was at just half a per cent discount to Tuesday's closing price of Rs 1,152.45. As per Sebi norms, a QIP issuer can offer up to 5 per cent discount on the floor price to investors.
How top private bank stocks are faring in opening trade
Price as on 27 May, 2020 09:56 AM, Click on company names for their live prices.
Sensex gives up gains to trade marginally lower
SAIL, IDFC First Bank, Hindalco, Lemon Tree among most active stocks on NSE
Price as on 27 May, 2020 09:23 AM, Click on company names for their live prices.
Nifty futures on the Singapore Exchange traded 11.50 points, or 0.13 per cent lower at 9,036.50 in signs that Dalal Street was headed for a negative start on Wednesday.
Tech view: Nifty forms bearish candle
Nifty50 edged lower on Tuesday after facing selling pressure at higher levels. The index formed a small bearish candle on the daily chart. Analysts said the index may face resistance in the 9,150-180 zone and may find support in the 8,950-8,890 range.
Market-wide rollovers at 50%
Market-wide rollovers till Tuesday stood at 50 per cent, which were lower than the average rollovers of 52 per cent seen in the last three F&O series. Nifty rollover at 42 per cent were a tad higher than average rollovers of 41 per cent seen in the last three series.