MARKET WRAP: Sensex up 371 pts as financials surge; IndusInd Bank zooms 17%

On the NSE, the benchmark Nifty ended at 9,380.90, up 99 points or 1 per cent.
Sharp rally in financial stocks due to better-than-expected March quarter results (Q4FY20) of IndusInd Bank and Axis Bank-Max Financial deal, helped benchmark indices end over 1 per cent higher on Tuesday. 

Private-sector lender Axis Bank said it would acquire an additional 29 per cent stake in Max Life Insurance, raising its total stake in the private life insurer to 30 per cent after the completion of the deal. The lender is also slated to release its March quarter numbers later in the day. READ MORE

The S&P BSE Sensex gained over 371 points or 1 per cent to settle at 32,114.52, with IndusInd Bank (up nearly 17 per cent) being the top gainer. HDFC, ICICI Bank, and Axis Bank were among the major contributors to the index's gains. On the flip side, FMCG major Hindustan Unilever (HUL), and Sun Pharma were the top drags. 

On the NSE, the benchmark Nifty ended at 9,380.90, up 99 points or 1 per cent. Volatility index India VIX declined 7.6 per cent to 35.14 levels. 

Buzzing stocks

Among individual stocks, shares of IndusInd Bank surged 18.05 per cent intra-day, to hit a high of Rs 480.9, on the BSE after brokerages maintained 'buy' call on the stock due to its better-than-expected operationally strong March quarter performance. The stock eventually ended at Rs 468.90, up 15 per cent. On the NSE, it ended at Rs 476.95, up 17 per cent. 

Shares of Max Financial Services and Axis Bank traded higher after the private sector lender said it would acquire an additional 29 per cent stake in Max Life Insurance. Max Financial Services, Max Life's parent company, will hold the remaining 70 per cent in the joint venture. At close, Max Financial Services stood at Rs 475.80, up over 5 per cent while Axis Bank ended over 6.6 per cent higher at Rs 455.55 apiece on the BSE. READ MORE

Shares of Just Dial rallied over 11 per cent to Rs 388 on the BSE after the company announced that it will consider share buyback proposal on Thursday. READ MORE   

On the sectoral front, Nifty Private Bank index gained the most - up 3.56 per cent to 11,243.55 levels while Nifty Pharma fell the most - down over 2 per cent to 9,386.20 levels. 

In the broader market, the S&P BSE MidCap index gained 0.8 per cent to 11,723 while the S&P BSE SmallCap index ended at 10,862.54, up 0.77 per cent. 

Global Markets

Oil prices plunged for a second day in a row on Tuesday on concerns about dwindling global capacity to store more crude and fears that demand may be slow to recover even after countries ease restrictions to combat the coronavirus pandemic.

Brent crude fell 83 cents, or 4.1 per cent, to $19.16 a barrel at the time of writing of this report, following a 6.8 per cent slide on Monday.

US West Texas Intermediate (WTI) crude was down $2.57, or 20 per cent, at $10.21 a barrel. The contract plunged 25 per cent on Monday.

In stock markets, European shares hovered near two-week highs as a slate of strong earnings reports from companies, including Novartis and UBS, outweighed a slump in oil prices and shares of Wirecard.

In Asia, China’s blue-chip and start-up shares inched up after fresh regulatory reform cheered the market, but the main Shanghai benchmark slipped as big banks lined up their earnings following a tumultuous first quarter. Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.4 per cent, while Japan’s Nikkei index closed down 0.1 per cent.

(With inputs from Reuters)


Technical view by Nagaraj Shetti - Technical Analyst, HDFC Securities

After showing range bound movement in the last couple of session, Nifty witnessed a fine upside bounce on Tuesday in the later half and closed the day higher by 1.06%. A small body of positive candle was formed on Tuesday with lower shadow, which indicates a buy on dips opportunity in the market. The sharp lower levels buying has emerged on Tuesday, post sell on rise action in previous few occasions. This is positive indication.
The rising wedge pattern is now getting closer with small high low range movement in Nifty. The market is currently placed near the upside breakout of the said wedge around 9500. Hence a sustainable move above 9500 could have a sharp positive impact on the market ahead.
The short term trend of Nifty is positive and one may expect further upside of 9480-9500 levels in the coming sessions. Immediate support is placed at 9260.

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services

"Benchmark indices ended positive tracking global markets, led by financials. Hopes of a fiscal stimulus have given support to the markets. Stock specific news reactions are happening based on the results and management commentary. The sustainability of this rally depends on the easing of lockdown measures and the measures to get businesses back on track."

Sectoral gainers and losers on the NSE

MARKET AT CLOSE | Top gainers and losers on the S&P BSE Sensex


The S&P BSE Sensex rose over 371 points or 1 per cent to 32,114.52 while NSE's Nifty50 ended at 9,381, up 99 points or 1 per cent. 

STOCK ALERT :: IndusInd Bank hits 15% upper circuit

Banks borrow Rs 2,000 crore from RBI under mutual fund liquidity window

Banks have borrowed Rs 2,000 crore under the liquidity window opened for mutual funds on Monday, data released by the Reserve Bank of India (RBI) on Tuesday showed. The special repo window, under which banks can borrow up to 90 days to give loans or buy debt papers of mutual funds, remains open till May 11. The total amount banks can borrow is Rs 50,000 crore. READ MORE

BREAKING NEWS :: ADB approves $150 cr loan to India to fight Covid-19

>> ADB is fully committed to supporting the Government of India in its response to this unprecedented challenge, said ADB President Masatsugu Asakawa.

>> The fund includes support for immediate priorities such as disease containment and prevention, as well as social protection for the poor and economically vulnerable sections of the society, especially women and disadvantaged groups.

Alert: ADB is Asian Development Bank

MARKET CHECK | Top 5 losers on the BSE at this hour

BROKERAGE VIEW:: Centrum Broking on Adani Ports and SEZ

APSEZ has a strong portfolio of cash generating assets which offer scalability and sustained growth potential. Given its cargo stickiness with 60% contracted cargo, APSEZ is partly safeguarded from near term Covid-19 disruption and is well placed to capitalize when the growth recovers. With sustained realizations and margins and contribution from new assets, we expect the port EBITDA to grow at 15.8% CAGR over FY20-22E.  There is a sustained effort to unwind related party exposures by utilising proceeds from monetisation of investments in Group companies. We value APSEZ on SOTP basis valuing the ports and logistics businesses at 10x FY22E EBITDA. We have a Buy recommendation on the stock with a SOTP-based target price of Rs 390.

MAX FINANCE CONFERENCE CALL | Will file for merger within 12-18 months from now

-- Have cleared all possible roadblocks for the merger before committing; do not anticipate any challenges with the merger

-- Mitsui will be payng Rs 840 cr for its residual 4.9 per cent stake
-- Expect the transaction to be completed in current calendar year

-- Partnership is with the intent to merge the company with Axis Bank

-- Combination of Axis Bank and Max Life will put the JV in a different orbit

-- See no reason for the put option to be exercised

(as reported by CNBC TV18)

India's rating could come under pressure if fiscal outlook worsens: Fitch

"The assessment of India's rating in such a case would be guided by our judgement of its probable medium-term fiscal path in the post-crisis environment," it said. Further deterioration in the fiscal outlook as a result of lower growth or fiscal easing could pressure the sovereign rating in light of the limited fiscal headroom India had when it entered this crisis, the statement added. READ MORE

Max Financial, Axis Bank gain up to 6% on Max Life Insurance deal

At 01:53 pm, Max Financial Services was up 6 per cent at Rs 478 on the back of an over two-fold jump in trading volumes. The stock hit an intra-day high of Rs 492 after recovering 14 per cent from its early morning low of Rs 430 on the BSE. Around 11 million shares have changed hands on the counter on the NSE and BSE so far.
Shares of Axis Bank were trading 5 per cent higher at Rs 449, after hitting an intra-day high of Rs 451 on the BSE. In comparison, the S&P BSE Sensex was up 0.78 per cent or 246 points at 31,990 at 1:50 PM. READ MORE

Airtel signs $1 billion deal with Nokia to improve 4G network experience

Bharti Airtel has signed a multi-year deal with Nokia to deploy the Finnish company's network solutions across nine circles in India. According to industry analysts, the deal could be worth $1 billion. READ MORE  

Retiree investors in wound-up Franklin schemes fret over repayment timeline

According to sources, about 300,000 investors are exposed to the various schemes that Franklin Templeton MF wound up recently.
Franklin Templeton MF’s management has assured investors that the funds will be paid in a staggered manner, but the latter remain concerned over the timelines. READ MORE

Rupee closing

Rupee ends higher at 76.19/$ vs Monday's close of 76.24 against the US dollar

Contribution to the S&P BSE Sensex's gain today


NEWS ALERT | 'BOLT Plus' trading system modified to execute commodity trades at negative rates: says BSE

>> other existing versions of trading systems to now support trading at negative rates: BSE

(as reported by CNBC-TV18)

BROKERAGE VIEW:: HDFC Securities on Sadbhav Engineering

Sadbhav Engineering Ltd (SEL) has announced a management rejig with Mr Vasistha Patel (VP) being appointed as CEO and Mr Shashin Patel stepping down as Chairman and MD to Vice Chairman in non executive capacity. We perceive this as a positive step with VP getting iron hand on execution and promoter SP dissociating himself from day to day run. SEL BS has deleveraged post the SIPL deal and now VP has immediate challenge of ramping up execution against the COVID-19 headwinds. We maintain BUY with SOTP of Rs 56/sh.

Franklin fiasco: The logjam of risk aversion

Given the quality of assets and their current illiquidity, it is unlikely that people will recover the fund’s stated net asset value (NAV). After having successfully created a huge market for non-AAA corporate debt, Franklin Templeton has now marked the death knell for credit risk funds in India. We must brace ourselves for a slew of redemptions at credit funds, as investors are spooked and fear other fund houses may also close shop. Many of these funds are down 15-25 per cent in value terms currently. READ MORE

MARKET CHECK | Top 5 gainers on the BSE at this hour

NEWS ALERT | TVS Motor approves issuing NCDs of up to Rs 500 cr on private placement basis: BSE filing

IEX plans to acquire 15% stake in Reliance ADAG platform ICEX

The sources said talks between the two are in an advanced stage but the closing of the deal could take some time because of regulatory hurdles. The IEX is not yet recognised as a stock exchange and, hence under the current law, it can only pick a 5 per cent stake in the ICEX. READ MORE

BROKERAGE VIEW:: Edelweiss Securities on HDFC Life

HDFC Life reported mere 1% YoY growth in NBP in Q4FY20. Market share, however, improved 170bps to 14.2% in FY20 (individual WRP basis) as it outperformed the broader industry; under growing pressure on ULIP segment due to national lockdown and fairly weak equity sentiments. Apart from marginal shift from non-par to par and annuity products, business mix remained fairly stable QoQ. The company reported VNB margin of 25.9%, up 130bps YoY, but down 70bps QoQ. Persistency ratios remained stable with slight improvement in a few buckets QoQ. However, maintaining these ratios will pose a significant challenge, especially in the ULIP segment, with expected heightening capital market apathy amongst customers. The company’s disclosure of the Milliman report on non-par savings products builds incremental confidence on interest rate risks. Our target multiple of 3.5x FY22E P/EV continues to include a 10% premium for the inherent value creation opportunities not captured by HDFC Life’s current core. Maintain ‘HOLD’ with TP of Rs 470.

BROKERAGE VIEW:: Edelweiss Securities on CRISIL

While ratings growth is strong and research turned around, we await visibility of new issuances in the domestic bond market and trend in the global research pool. Valuations at 29.4x CY21E remain rich. Maintain ‘REDUCE’ with revised TP of Rs 1,102 based on DCF (6% risk free rate and risk premium rate each) (Rs 1,138 earlier)

EXPERT COMMENT | Kunal Shah, Analyst, YES Securities on Ambuja Cements

Although volumes were in-line with expectations, sturdy pricing in North and Gujarat markets combined with lower than expected variable costs led to a beat on EBITDA.
For future outlook: Concentrated exposure in price favorable North and Gujarat markets coupled with cash pile on balance sheet (~Rs 46 bn) and reasonable valuations will garner investor interest in current scenario.

Chemical shares in focus; Aarti Industries, Vinati Organics surge over 9%

Shares of chemicals companies, mainly specialty and commodity, were in focus in an otherwise range-bound market on Tuesday on hopes of strong earnings for March quarter (Q4FY20) as brokerages expect the disruptions caused by Covid-19 to have been limited to the last few days of the quarter. After securing the supply chain, logistics and mandatory compliance requirements, the chemicals companies have resumed operations at their manufacturing units since the first half of April. READ MORE

Franklin fiasco: Gilt funds emerge as star in troubled debt MF pack

Amid the turmoil in the debt mutual fund space, the 10-year government bonds (gilt) segment has emerged as the ace in the pack. Sharper-than-expected rate cuts and liquidity measures by the RBI have helped the category deliver best returns in over a decade. READ MORE

RIL to consider rights issue, announce Q4 nos on April 30. What to expect?

"RIL may be worried about the time of the completion of the two mega-deals that it has announced in the last 7-8 months (Saudi Aramco deal and Facebook deal), and their debt-reduction plan could be delayed; hence, rights issue could be an ideal option for them to fund their capex and cut debt given that the hitherto cash cow of Oil & Gas and Petrochem businesses may face tough times for a few months," opines Deepak Jasani, Head of Research at HDFC securities. READ MORE

NEWS ALERT | FMCG cos in talks with JioMart for 3-4 mths for distribution tie-up: sources to CNBC TV18

>> Smaller FMCG cos with weaker distribution may benefit by JioMart Model while larger FMCG cos with strong distribution may be selective w.r.t brand & sku listing on JioMart

>> FMCG cos loking at innovative cost structure, select portfilio to list via JioMart

>> FMCG cos to take decision on product scope depending on demand

>> FMCG cos want to keep all distribution channels engaged

>> FMCG cos expect decline in revenue from modern trade if there is large scale digitisation of Kiranas

BROKERAGE VIEW:: Emkay Global Fin Services on IndusInd Bank

TP: Rs 550 | Rating: BUY | Upside: 37.5 %
  • Despite higher PPoP led by strong NIMs, IIB reported lower PAT at Rs3bn due to higher Covid-19-related provisions (Rs2.8bn) and NPA provisions in the quest to improve PCR >60%. It also made initial telecom provision of Rs0.75bn (8% on FB Voda-Idea exposure)
  • After a sharp 7% qoq run-down in Q4, the bank has accelerated deposit mobilization (Rs60bn till date). IIB will unveil PC5 (2020-25) business strategy in Q1 with the focus on retailization of credit/deposits and earnings sustainability by building a higher PCR buffer.
  • As per the stress testing, the bank guides for 80bps jump in GNPA ratio and LLP to 175bps (50bps over BAU LLP of 125bps in FY20) due to Covid-19. We prefer to build higher LLP at 250bps/160bps in FY21/22E as the extended lockdown may lead to higher impairments in retail/corporate book and thus, we expect lower RoAs at 1.4-1.6% over FY21/22E.
  • The bank’s near-term performance will track its ability to manage Covid-19-led disruptions on its growth/asset quality. Maintain Buy, with a revised TP of Rs550 (implying 0.9x FY22 ABV) mainly due to its lower valuations and healthy capital position.

BROKERAGE VIEW:: HDFC Securities on Ambuja Cements

Ambuja reported a healthy 1QCY20 standalone result. While Rev declined 3% YoY to Rs 28.3bn (on sales loss in late Mar, led by nationwide lockdown to curb Covid-19 impact), robust realisation and flat opex drove EBITDA/APAT up by 30/6% YoY to Rs 6.0/4.0bn resp. We expect continued lockdown post 1Q, and slower ramp-up 3QCY20 onwards to pull down CY20E volumes by 15% YoY. However, robust realisation base and falling energy costs should bolster margin expansion. We maintain BUY with unchanged TP of Rs 210/sh.

Indices near resistance levels. Will the markets see profit booking?

NIFTY 50: The index is resisting to go past 9,390 levels, which is the 38.20% retracement as per the daily chart. This is one of the key Fibonacci retracement levels widely tracked by technical analysts that helps forecast the likely trend. The index did try to conquer this level four times earlier after the sharp fall from the peak level seen in March. However, selling selling pressure at higher levels has kept the momentum in check. READ MORE

Panacea Biotec hits 52-week high; stock rallies 64% in 4 days

Shares of Panacea Biotec advanced for the fourth straight day and were locked in 20 per cent upper circuit at Rs 211 on the BSE on Tuesday on the back of heavy volumes. The biotechnology company's stock hit a 52-week high and surpassed its previous high of Rs 210, touched on April 24, 2019. It has rallied 64 per cent in the past four trading days, against 1.3 per cent rise in the S&P BSE Sensex. READ MORE

NEWS ALERT | Natco Pharma's Vizag formulation facility receives US FDA approval

NEWS ALERT | Escorts in process of applying to CCI for Kubota deal: CNBC TV18

-- In March, the company announced selling 10 per cent stake to Kubota at Rs 850/share
-- Escorts got shareholer nod for Kubota to buy stake in company last week

Sebi slashes fees on trading, filing documents to boost market activity

“In its continuing efforts to help market participants tide over challenges due to Covid-19, Sebi has decided to reduce the broker turnover and filing fees on offer documents for public issue, rights issue, and buyback of shares,” it said in a release.
The broker turnover fee has been slashed 50 per cent of the existing fee structure. The reduced fee, however, will only be applicable between June and March 2021. The move will result in reduction in trading costs for investors. READ MORE

NEWS ALERT | Maruti Suzuki considers resuming work at Gurugram, Manesar plants: sources to ET Now

>> Production may resume by next week

>> Maruti looking to produce less than 1,000 cars per day across plants

>> Maintainence work at Gurugram plant complete; Manesar at final stage

Target zero net debt? RIL board to consider rights issue on April 30

In a statement to the BSE, RIL said the firm’s board will meet on Thursday to consider and approve its March 2020 quarter and FY20 results, recommend dividend on equity shares, and consider a proposal to issue equity shares to existing shareholders on a rights basis, as may be permitted under applicable law, subject to such regulatory/statutory approvals, as may be required. READ MORE

SECTOR WATCH: Nifty Pharma index declines 1%; top sector loser

Axis Bank to report Q4 earnings today; here's what analysts expect

According to the analysts at Edelwiss Securities, earnings will be impacted to some extent as Q4FY20 is the strongest quarter. While they see steady growth in retail deposits, traction in corporate deposits would have to be monitored.
“On asset quality, incremental stress pool addition would be key monitorable. The bank may shore up provisioning owing to stress on asset quality emanating from Covid-19 outbreak,” they say. READ MORE

NEWS ALERT | Axis Bank signs agreement with Max Financial Services for 29% stake in Max Life Insurance

We have not had any panic redemption in recent weeks: Mirae Asset

For us, net inflows into equity have continued in March and April within the range of inflows seen in the trailing 12 months. At the portfolio level, we do not take cash calls and typically have up to 2 – 3 per cent cash levels in any portfolio. We have not had any panic redemptions/outflows across both equity and debt funds in recent weeks as well.: GAURAV MISRA, senior fund manager at Mirae Asset Investment Managers. READ MORE

Just Dial zooms 10% as board to consider share buyback proposal

Shares of Just Dial rallied 10 per cent to Rs 383 on the BSE on Tuesday after the company announced that it will consider share buyback proposal on Thursday.
“A meeting of the board of directors of Just Dial will be held on Thursday, April 30, 2020 to inter-alia consider and approve the proposal for buy-back of fully paid up equity shares of the company and matters necessary and incidental thereto,” Just Dial said in exchange filing on Monday after market hours. READ MORE

Rupee opening

Rupee opens weaker at 76.31/$ vs Monday's close of 76.24 against the US dollar

OMCs gain as crude oil prices extend fall; HPCL, BPCL advance 1%

Shares of oil marketing companies (OMCs) were trading firm, while oil exploration companies quoted weak on the BSE on Tuesday after oil prices slumped again overnight on concerns over scarce storage capacity and global economic doldrums from the coronavirus pandemic. At 09:19 am, Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) were up 1 per cent each, while upstream companies like Oil and Natural Gas Corporation (ONGC) and OIL India slipped up to 2 per cent on the BSE. READ MORE

NEWS ALERT | UK, Welsh govt reviewing Tata Steel's request for 500 mn pound bailout: CNBC TV18

-- Govt unlikely to approve bailout, believes bailout package sought by Tata Steel is too steep
-- Company sought 500 m pound bailout from UK govt to tackle Covid-19 impact

IndusInd Bank hits 10% upper circuit on operationally strong Q4 earnings

The bank's net interest income (NII) rose 5 per cent sequentially and 45 per cent year-on-year (YoY) to Rs 3,231 crore during Q4FY20. Besides, it logged the highest-ever net interest margin (NIM) of 4.25 per cent, up from 4.15 per cent in Q3FY20 and 3.59 per cent reported during the year-ago quarter. Higher growth in the high-yield retail loan portfolio and refinance of liabilities supported the bank’s top-line growth despite poor growth in loan advances. READ MORE

BUZZING STOCK:: Shriram City Union Finance up 8%

MARKET UPDATE:: Sensex off opening highs, turns flat

Nifty Private Bank index lead gainer among sectoral indices

UPL Limited jumps 3% on completing the acquisition of Yoloo Bio-Tech

Axis Bank gains 4% ahead of Q4 results today

NEWS ALERT | Axis Bank-Max Life deal announcement likely today: CNBC TV18

-- Axis Bank board to consider proposal to acquire 30% stake in Max Life Insurance today

-- Axis Bank already holds under 2% stake in Max Life

Ambuja Cements gains post strong Q4 results

Reliance Industries gains over 1%

>> Reliance Industries (RIL) said on Monday that its board would consider a proposal to issue equity shares to existing shareholders on a rights basis, during its board meeting on Thursday. The company will also announce its March quarter results on Thursday. 

Result impact | IndusInd Bank hits 10% upper circuit

Sectoral trends on NSE at open | Nifty Bank index gains over 300 pts

Top gainers and losers on S&P BSE Sensex at open

Opening Bell | Nifty50 tops 9,350-mark

Opening Bell | Sensex surges 400 pts

Top gainers and losers on S&P BSE Sensex at Pre-open

Market at Pre-open

Market at Pre-open


Mantains buy; target price raised to Rs 610 from Rs 595

>>Operationally better quarter

>> Asset qaulity weakened but coverage improved

>> Expect rebound from FY22

>> Lower credit costs for  FY21-22 by 20 bps 


Maintains underperform; target price at Rs 430

>> Observes, pre-provision profit came better than expected

>> Loan growth has slowed sharply

>> Profit declined 77% as slippages remain elevated, especially from large corporate accounts

>> Expect FY21 growth to be sub 10% 

BROKERAGE VIEW :: CLSA on Ambuja Cements

Maintains outperforms; target price raised to Rs 194 from Rs 173

>> Reported strong Q1CY20 results

>> Going forward, cost control should partly cushion weak volume    

Stocks to watch: RIL, IndusInd Bk, Axis Bank, HDFC Life, oil-linked stocks

RIL: Reliance Industries (RIL) said on Monday that its board would consider a proposal to issue equity shares to existing shareholders on a rights basis, during its board meeting on Thursday. The company will also announce its March quarter results on Thursday. 
Oil-linked stocks are expected to trade actively today as oil prices fell on Tuesday, adding to huge declines in the previous session, on worries about limited capacity to store crude worldwide and expectations that fuel demand may only recover slowly as coronavirus pandemic restrictions are gradually eased. READ MORE

Stock ideas from Anand Rathi's Nilesh Jain

The stock has formed a morning star candlestick pattern on the daily chart which is considered as a bullish reversal pattern. The stock has also provided breakout on the higher side from a pennant pattern on the daily chart which indicates positive momentum to continue in the short term. Momentum oscillator, MACD, is very well in buy mode on daily as well as well as hourly scale. READ MORE

Bulk deals on NSE as on Monday

Bulk deals on BSE as on Monday

FII/FPI & DII trading activity on NSE, BSE and MSEI

Rupee check

Source: Bloomberg

Oil prices extend decline

>> Oil prices plunged yet again on Tuesday as lack of storage space to deal with a coronavirus-induced collapse in demand haunted investors. In early trade today, Brent crude futures were down over 2 per cent while the US WTI eased 9 per cent.

>> On Monday, US WTI crude futures fell 24.6 per cent, while Brent crude slid 7 per cent  

SGX Nifty indicates positive start for indices

>> At 8:30 am, the index was at 9,359.50 level, up 64.35 points or 0.69 per cent

NEWS ALERT | Govt may announce a Rs 40,000 crore corpus for MSME funding: CNBC TV18

-- The corpus may help provide for Rs 3 lakh crore credit line

-- Fresh credit line for MSMEs likely to be for 6 months

-- MSMEs may be able to fund 20% of their term loans from banks, NBFCs

Asian stocks trade mixed

Source: Reuters

US stocks advance as some states reopen for business

Source: Reuters

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