MARKET WRAP: Sensex gains 223 pts as banks rally; Nifty settles at 8,993

Shares of Nestle India surged 3.5 per cent and hit a new high of Rs 17,925 on the BSE during the day.
The benchmark indices pared gains but still managed to settle in the positive territory on Thursday amid buying in financial stocks such as ICICI Bank, HDFC Bank, HDFC, and SBI.

The S&P BSE Sensex gained 223 points or 0.73 per cent to end at 30,602.61 while NSE's benchmark index Nifty settled just shy of 9,000 level - at 8,992.80, up 67.5 points or 0.76 per cent. During the day, however, the index reclaimed the crucial level.  Volatility index, India VIX, declined 7.65 per cent to 45.9275 levels. 

In the broader market, the S&P BSE MidCap gained 1.42 per cent to end at 11,578.31, thus outperforming the benchmark indices. The S&P BSE SmallCap index rose 1.71 per cent to 10,543.65 levels. 

Sectorally, barring Nifty IT and Nifty FMCG, all the sectoral indices on the NSE ended in the green. IT stocks tumbled after Wipro posted muted numbers for the quarter ended March 31, 2020. The Nifty IT index settled around 2 per cent lower at 12,463.60 levels. 

BUZZING STOCKS

Shares of Nestle India surged 3.5 per cent and hit a new high of Rs 17,925 on the BSE with its market capitalisation crossing Rs 1.7 trillion-mark on the BSE. The fast moving consumer goods (FMCG) company surpassed its previous high of Rs 17,521 hit on April 8, 2020. The stock settled at Rs 17,873.45, up over 3 per cent. READ MORE

Shares of Biocon jumped 5 per cent to Rs 353 on the BSE after the company’s biologics manufacturing facilities in Bengaluru received the Establishment Inspection Report (EIR) from the US health regulator. It ended the day at Rs 349.85, up nearly 4 per cent. READ MORE

Shares of Larsen & Toubro (L&T) continued their northward march for the seventh straight day, up 4.5 per cent at Rs 920 on the BSE after the company said its heavy engineering arm has won ‘significant’ contracts in the January-March quarter (Q4FY20). READ MORE

Global Markets 

Europe led world stock markets back to higher ground on Thursday as tentative moves to reopen parts of the some of its larger coronavirus-hit economies offset some truly stinking global economic numbers. 

The International Monetary Fund is predicting zero growth in Asia this year for the first time in 60 years, as exporters are pounded by slumping demand and anti-virus measures force consumers to stay home and shops to shut down. Benchmark indexes in Australia, Hong Kong and Shanghai also posted falls between 0.4% and 1.3% and some emerging markets fell harder.

In the commodity market, oil prices were broadly stable on Thursday after sharp losses in the previous session, with investors hoping that a big build-up in US inventories may mean producers have little option but to deepen output cuts as the coronavirus pandemic ravages demand.

Brent crude was down 19 cents, or 0.7 per cent, at $27.50 a barrel while WTI was up 7 cents, or 0.4 per cent, at $19.94.

(With inputs from Reuters)


3:53 PM IST Markets were more circumspect today, while IT stocks were impacted due to the earnings commentary from Wipro. Wipro did not give any earnings guidance but warned of a hit on margins. The earnings for TCS, expected later today, will give a clearer picture on the impact on the IT sector and demand outlook from developed markets. Economic data across the globe remained grim and global markets also remained weak. Stock specific news and information with regards to normalization of business is expected to drive stock and sector specific action in the markets

3:52 PM IST For the near term, 8800 is the crucial support to watch, whereas 9260-9320 is the immediate resistance zone. During such consolidation, traders should adopt a strategy to look for potential outperforming counters and take a stock specific approach. A move beyond the above mentioned range of 8800 - 9320 could then lead to some directional move. Banking index had under-performed in this pullback move so far, which now faces an immediate resistance around 20,325. A breakout above the same is required for some quick recovery to catch up for the recent under-performance

3:48 PM IST

3:45 PM IST

3:41 PM IST The S&P BSE Sensex today gained 223 points or 0.73 per cent to settle at 30,603 while Nifty ended at 8,993, down 67.5 points or 0.76 per cent.

3:24 PM IST

3:18 PM IST hina’s central bank said on Thursday it will continue to guide credit to support the real economy, especially smaller firms, via measures including targeted cuts in banks’ reserve requirement ratios (RRR) and re-lending.   Since early February, the central bank has unveiled a raft of measures from cutting lending rates and making cheap loans at subsidized rates to providing payment relief to firms that have been hardest hit by the coronavirus outbreak and containment measures. A man walks past the headquarters of the PBOC in Beijing

3:09 PM IST

2:59 PM IST Markets factoring in linear, all at once restart of economy. Can be so protracted that it will test our nerves. We may see restarts followed by fresh cases & resulting in secondary #lockdown . This ain’t easy at all. Once we open movement of goods, transmission can restart. 2/5— Shyam Sekhar (@shyamsek) &7

2:57 PM IST For everything to settle down & economic activity to stabilise, it may take weeks in most industries & months in labour intensive industries. Averting bankruptcies will be tough in several biz. How we are going to avert, revive and recover will decide the fate of #IndiaStory. 5/5— Shyam Sekhar (@shyamsek) &7

2:51 PM IST The lengthening of the mandatory stay-at-home period to 40 days from 21 days will result in a direct output loss of more than 8 per cent over that time, according to Sonal Varma of Nomura Holdings.   Varma and Kunal Kundu of Societe Generale GSC now predict a decline in GDP for the year to March 2021 of 0.4 per cent and 0.1 per cent, respectively. The economy had last contracted in 1980, when GDP shrank 5.2 per cent. READ MORE

2:47 PM IST

LIVE UPDATES

MARKET COMMENT :: Vinod Nair, head of research at Geojit Financial Services

Markets were more circumspect today, while IT stocks were impacted due to the earnings commentary from Wipro. Wipro did not give any earnings guidance but warned of a hit on margins. The earnings for TCS, expected later today, will give a clearer picture on the impact on the IT sector and demand outlook from developed markets. Economic data across the globe remained grim and global markets also remained weak. Stock specific news and information with regards to normalization of business is expected to drive stock and sector specific action in the markets

MARKET COMMENT :: Ruchit Jain, Equity Technical Analyst, Angel Broking

For the near term, 8800 is the crucial support to watch, whereas 9260-9320 is the immediate resistance zone. During such consolidation, traders should adopt a strategy to look for potential outperforming counters and take a stock specific approach.

A move beyond the above mentioned range of 8800 - 9320 could then lead to some directional move. Banking index had under-performed in this pullback move so far, which now faces an immediate resistance around 20,325. A breakout above the same is required for some quick recovery to catch up for the recent under-performance

Sectoral gainers and losers on the NSE


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


CLOSING BELL

The S&P BSE Sensex today gained 223 points or 0.73 per cent to settle at 30,603 while Nifty ended at 8,993, down 67.5 points or 0.76 per cent.

BUZZING STOCK | Jubilant FoodWorks jumps over 6.5%


China central bank will continue to support smaller firms via targeted RRR cuts: Reuters reports

hina’s central bank said on Thursday it will continue to guide credit to support the real economy, especially smaller firms, via measures including targeted cuts in banks’ reserve requirement ratios (RRR) and re-lending.
 
Since early February, the central bank has unveiled a raft of measures from cutting lending rates and making cheap loans at subsidized rates to providing payment relief to firms that have been hardest hit by the coronavirus outbreak and containment measures.
A man walks past the headquarters of the PBOC in Beijing

MARKET CHECK


MARKET VOICE :: Shyam Sekhar on markets and economy

MARKET VOICE

India's economy may see first contraction in 40 years on lockdown extension

The lengthening of the mandatory stay-at-home period to 40 days from 21 days will result in a direct output loss of more than 8 per cent over that time, according to Sonal Varma of Nomura Holdings.
 
Varma and Kunal Kundu of Societe Generale GSC now predict a decline in GDP for the year to March 2021 of 0.4 per cent and 0.1 per cent, respectively. The economy had last contracted in 1980, when GDP shrank 5.2 per cent. READ MORE

Heatmap: S&P BSE Sensex gainers and losers at this hour


BSE500 stocks that hit 52-week low today

COMPANY LATEST 52 WK LOW
ADITYA BIR. FAS. 140.10 139.40
GODREJ INDS. 275.60 270.00
QUESS CORP 204.35 200.80

BROKERAGE VIEW:: Motilal Oswal Financial Services on Grasim

We expect RoE to be weak at ~3% over the next two years due to (a) margin pressure in both VSF and Chemicals, and (b) higher depreciation and interest cost owing to capacity addition. As a result, EPS is expected to decline over the next two years. Given GRASIM’s conglomerate business structure, we value it on SOTP basis. Our target price values (a) the standalone business (fiber, chemicals, etc.) at 6x FY22E EV/EBITDA, (b) UltraTech at 60% holding company discount to target price, and (c) other listed investments (AB Capital, Vodafone Idea, Hindalco and Aditya Birla Fashion) at 60% holding company discount to market prices. Thus, we arrive at a fair value of Rs 575. Maintain Neutral.

MARKET CHECK


Dr Reddy's denies reports it is talks with Gilead for Covid-19 antiviral

While media reports suggested that Hyderabad-based Dr Reddy's Laboratories is in the early stages of creating a generic version of anti-viral drug remedesivir, the company on Thursday has denied the same. The drug, patented by Gilead, is reportedly working well for critically ill Covid-19 patients. A multi-country trial is on. READ MORE 

 

Goldman Sachs downgrades India from 'overweight' to 'marketweight'

The US-based investment firm has also lowered the Nifty target to 9,600 for June 2021, expecting substantial downward revisions to corporate earnings.
 
“Valuations look optimistic even accounting for a recovery. With uncertainty about near-term earnings, P/E multiples using perfect EPS foresight and on CY21 EPS remain well above previous crisis levels,” Goldman Sachs said in a note. READ MORE

Sentiment in real estate sector at all-time low: Knight Frank-Ficci survey

Shishir Baijal, chairman and managing director of Knight Frank India said, “The pandemic has created an unprecedented condition which is impacting global markets and societies. There is already a severe shortage of liquidity due to the complete standstill that most economies have come to. Even while the government and the Reserve Bank of India have provided some stimulus measures, further support may be required to help the real estate sector and for the economy to stay afloat during the crisis. Managing liquidity and sustaining through the length of this pandemic will be critical for economic survival in the post-pandemic era.” READ MORE

Nestle India scales fresh record high; stock rallies 38% in 4 weeks

Shares of Nestle India surged 3.5 per cent and hit a new high of Rs 17,925 on the BSE on Thursday with its market capitalisation crossing Rs 1.7 trillion-mark on the BSE. The fast moving consumer goods (FMCG) company surpassed its previous high of Rs 17,521 hit on April 8, 2020. Nestle India, the manufacture of food and beverage products, has seen its market price soaring 38 per cent in the past four weeks after Prime Minister Narendra Modi, on March 24, declared a nationwide lockdown in the wake of the Covid-19 pandemic. READ MORE

Sectoral gainers and losers on the NSE


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


European indices trade higher in early deals


BROKERAGE VIEW:: Anand Rathi Shares on Siemens India

We cut our FY20e/21e earnings for Siemens by 28%/18%. We believe, however, that companies with a resilient business model and supported by structural soundness will revive faster than peers. Hence, we upgrade our rating to a Buy with a revised TP of `1,336, at 40x FY21e EPS.

Risk: Prolonged industrial recovery.

BROKERAGE VIEW:: ICICI Securities on VST Industries

With a wide presence at the lower price points and strong distribution of 1 million retail outlets, VST’s brand has been especially popular in West Bengal, Bihar, Uttar Pradesh, Andhra Pradesh and Telangana contributing ~60% of volumes. The company’s fundamentals are driven by a strong capital structure, steady cash flow and consistent dividend payment. VST has a robust margin profile with its operating margin at 32.2% for FY19. With robust volume growth in 9MFY20 change in product mix towards high priced cigarettes, we maintain our BUY rating on the stock. We value the stock at 19x FY22E earnings to arrive at a target price of Rs  4,000/share.

BROKERAGE VIEW:: HDFC Securities on Wipro post Q4 nos

Target Price: Rs 185 | Rating: Reduce

Wipro’s growth will continue to lag within the Tier-1 IT pack based on soft outlook for ~51% of rev comprising BFSI, Retail, Travel, Manufacturing & Energy. This will be offset by relatively better outlook in Consumer (e-commerce & new age Media), Healthcare (Hospitals) and Communication. New opportunity will emerge with increased cloud adoption, Automation and workplace modernisation. Clients are looking for higher efficiencies (RTB) and vendor consolidation (benefit for incumbents). While growth concerns remain (Covid led disruption), there is limited scope for margin expansion. We expect USD rev growth of -4.4/+4.7% and IT services EBIT% at 17.0/17.3% for FY21/22E. The stock is down ~25% in 3M and valuations are at ~11.9x FY21E (vs. 12.8x Tier-1 IT median).

EXPERT COMMENT | Anindya Banerjee, DVP, Currency Derivatives, Kotak Securities

"Indian Rupee continues to weaken due to rising cases of COVID-19 in India. Extension of lockdown is going to prolong the economic pain. However, as lockdown will be lifted across various parts of the nations, which are not COVID hotspots, is a positive development. This will help the agricultural sector ahead of the monsoon season and also bring back employment in non-urban centers. Global situation remains fluid as number of cases continue to risk in Europe and North America but in several nations, the rate of increase continues to slow, which is a positive development. All in all, Rupee may continue to weaken, but some of these positive development in home and abroad may limit the pace of the decline. A range of 76.00-77.50 may unfold over the medium term."
 
 

BROKERAGE VIEW:: Prabhudas Lilladher on Capital Goods

In our view, post Covid-19 the government would regain its focus back on fine-tuning various reforms, spur private investments, boost consumption, create jobs and undertake agricultural reforms. Further, we believe governments thrust on infrastructure spending (target of ~Rs102trn over 5 years) would continue and expect strong growth for Roads, Railways, Buildings, Urban Infra, Power T&D and Water. We believe most of the negative have been factored in the stock price (-40-50% down in 1month) and expect companies with strong B/S, cash flow generation, good corporate governance and management quality to be beneficiaries in the long run. On the back of steep correction, we are upgrading our rating of ABB and GE TD to be HOLD from REDUCE. Our top picks in the sector are L&T, KEC, Siemens and Voltamp.

Nifty unlikely to go past 10,000 anytime soon, keep buying at low levels

The Indian equity market might have shown a solid rebound last week, but it is not completely out of the woods yet. The rally last week was mainly driven by positive global markets. In other words, the ripple effect of an international rally was seen on domestic equities, too. Therefore, there is a high possibility that this market rally will halt. I don't see Nifty going beyond the 10,000 level at this point. READ MORE

NEWS ALERT :: FM Sitharaman meets PM Modi to finalise relief package: Agencies

>> Announcement expected soon

SECTOR WATCH:: Agri-related stocks trade largely higher

COMPANY LATEST(rs) CHG(%)
UPL 363.00 3.58
MEGHMANI ORGAN. 47.50 1.60
RALLIS INDIA 214.00 3.31
DHANUKA AGRITECH 459.00 -0.53
P I INDS. 1440.85 1.72
» More

MARKET UPDATE:: Nifty reclaims 9,000


Larsen & Toubro gains for seventh straight day; stock up 19% in 2 weeks

Shares of Larsen & Toubro (L&T) continued their northward march for the seventh straight day, up 4.5 per cent at Rs 920 on the BSE on Thursday after the company said its heavy engineering arm has won ‘significant’ contracts in the January-March quarter (Q4FY20). Thus far in the month of April, the construction & engineering company has won more than Rs 10,000 crore contracts, of which three ‘large’ and one ‘significant’ and ‘major’ contracts in India and abroad, as per the company's announcement. READ MORE

BUZZING STOCK:: Indiabulls Housing Finance surges 10%


Private Banks' Q4 nos may not reflect full extent of Covid-19 hit: Analysts

As the quantum of the impact of coronavirus (Covid-19) remains hazy, analysts expect banks, especially the larger ones, to report stable March quarter (Q4FY20) earnings. This, they say, would be possible due to the Reserve Bank of India’s three-month moratorium on loan repayment, and due to the lockdown being imposed in the second half of March. READ MORE

MARKET UPDATE:: Sensex at day's high, up 200 points


Coronavirus to bring Asia's 2020 growth to halt for 1st time in 60 yrs: IMF

Asia's economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an "unprecedented" toll on the region's service sector and major export destinations, the International Monetary Fund said on Thursday. Policymakers must offer targeted support to households and firms hardest-hit by travel bans, social distancing policies and other measures aimed at containing the pandemic, said Changyong Rhee, director of the IMF's Asia and Pacific Department. READ MORE

NEWS ALERT | Economic relief will continue in tranches vs one big bang policy announcement: Govt sources to CNBC TV18


NEWS ALERT :: Bajaj Auto to extend suspension of manufacturing plants till Apr 20: sources to CNBC TV18

>> All cos in touch with centre & state govts with a request of allowing dealerships to resume ops in some areas


Rupee tanks 36 paise to all-time low of 76.80 against USD in early trade

Rupee tanked 36 paise to an all-time low of 76.80 against the US dollar in opening trade on Thursday, tracking weak domestic equities and a sharp rise in coronavirus cases in the country. Forex traders said that the weakness in rupee was largely due to strengthening of the US Dollar against the basket of currencies as investors fled to safe haven Greenback amid weakening risk appetite in the markets. READ MORE

Most active stocks by volume

COMPANY PRICE(rs) CHG(%)
VODAFONE IDEA 4.43 4.48
SUZLON ENERGY 2.92 4.66
RELIANCE POWER 1.71 4.91
NCC 26.30 3.54
TATA MOTORS 73.75 1.24
» More on Most Active Volume

What is the Death Cross pattern and how to make use of it while trading?

The "Death Cross" pattern is one of the most effective technical instruments in identifying a major trend reversal in any stock/index. Simply put, it explains how the negative convergence of moving averages impacts the upward trend and pushes prices into a bearish phase. Technically speaking, the Death Cross is the negative crossover of short-term moving average to a long-term moving average. READ MORE

NEWS ALERT :: L&T-arm wins contracts in the range of Rs 1,000-2,500 cr: BSE filing


NEWS ALERT :: ATF prices cut in Delhi: TV reports

>> Prices slashed to Rs 29,375.37/kL

Alert: ATF is Aviation Turbine Fuel

EXPERT SPEAK:: Shankar Sharma

IndusInd Bank jumps 4% as Goldman Sachs buys stake; stock up 12% in 3 days

According to the bulk deal data on the NSE, Goldman Sachs (Singapore) Pte-ODI bought 4.1 million shares, representing 0.65 per cent stake of IndusInd Bank, at an average price of Rs 430 per share on Wednesday. The name of the sellers not ascertained immediately. READ MORE

Covid-19 impact: Lockdown relief to agricultural activities lifts sentiment

The measures bode well for these companies and put to rest concerns related to the impact of lockdown on crop harvesting and procurement activities. On Wednesday, the India Meteorological Department gave a forecast of normal monsoon, adding to the relief. READ MORE

Biocon gains 5% as two Bengaluru facilities receive EIR from USFDA

The company further said that subsequent to the inspection, Biocon Biologics has received approvals for the two products Trastuzumab (Drug Product) and Pegfilgrastim (Drug Substance) from the USFDA in 2019. The receipt of the EIR indicates a successful closure of the inspection. READ MORE

Rupee hits record low

(Source: Bloomberg)

BROKERAGE VIEW :: MACQUARIE ON FINANCIALS

>> We now believe that COVID-19 pain will last for the next 12-18 months, and hence we cut earnings massively for FY21E and FY22E by 35-40% for private sector banks. We expect PSU banks, barring SBI, to report losses in FY21E. We cut TPs on average by 45% for private sector and 47% for PSU banks.

>> Our channel checks reveal that customers are opting for the moratorium even if they do not require it, and in many cases customers believe banks will eventually waive them or in the case of penalties in credit card dues, they can complain and eventually get it waived. We believe this has become a moral hazard in the sector and does not bode well for asset quality. We are conservative in raising credit cost estimates for FY21E and FY22E mainly because loans under moratorium and possible restructuring, if allowed in FY21E, will likely become delinquent in FY22E.

>> ICICI Bank, HDFC Bank and IPRU are our top picks in the sector.

IT stocks slide after Wipro's weak Q4 show; TCS slips 2% ahead of results

At 09:37 am, the Nifty IT index was trading 2.57 per cent lower at 12,375.70 levels with 9 out of 10 constituents trading in the red. While Wipro was trading 0.72 per cent lower at Rs 185.20 apiece, other IT firms took a deeper cut. For instance, Tata Consultancy Services (TCS) was trading 2.4 per cent lower at Rs 1,693.80. READ MORE

BUZZING STOCK:: IndusInd Bank recovers 5% off lows


RBI, Sebi split over default recognition; MFs, rating agencies seek clarity

The RBI has announced a three-month moratorium on term loans given by banks, but is silent on liabilities of shadow banks. Sebi, on the other hand, has issued guidelines to rating firms, asking them to avoid assigning a default tag to companies that are unable to pay owing to the ongoing nationwide lockdown. READ MORE

SECTOR WATCH : Realty counters gain on hopes of resumption in work


MARKET UPDATE:: Sensex pares losses, turns green


80% of financial sector IPOs since four years trade below issue price

The sharp fall in equity markets led by financials has seen 13 out of 16 banks, non-banking financial companies (NBFCs) and other financial services companies that raised funds via the initial public offer (IPO) route in the past four year go below their respective issue price on the BSE. These 13 companies raised Rs 32,167 crore through the IPO’s, are currently valued at Rs 17,883 crore, a 44 per cent lower against total issue size. READ MORE

Broader indices outperform benchmarks


Vedanta trades higher in a weak market


India Cements dips marginally on rating downgrade

>> CARE Ratings has revised the ratings on India Cements' long-term bank facilities and non-convertible debentures as 'CARE A-' from 'CARE A'. The outlook remained 'stable'. On the short-term bank facilities, the revised rating is 'CARE A2+' from 'CARE A1' earlier.


Bajaj Auto cracks 2%

>> Bajaj Auto has proposed a 10 per cent pay cut for factory employees if production does not resume on April 21.


Ahead of result :: TCS trades 2% lower ahead of Q4 nos

Analysts see some erosion in the company's revenue due to the nationwide lockdown that kickstarted in March. Further, owing to Covid-19 impact, which has led to a steep negative impact on the macroeconomy, they expect headwinds in most of its verticals. READ PREVIEW HERE


Wipro trades weak post Q4 earnings


Sectoral trends at NSE at open | Nifty IT index under pressure post Wipro's Q4 nos


Sensex Heatmap at Open | RIL provides support to a weak market


FIRST TRADE


FIRST TRADE


NEWS ALERT :: US FDA closes inspection of Biocon-arm's two manufacturing units: BSE filing


Top gainers and losers at S&P BSE Sensex during Pre-Open


Market at Pre-Open


Market at Pre-Open


Stocks to watch: Wipro, TCS, Bajaj Auto, India Cements, JSW Energy

Wipro: IT services major Wipro on Wednesday posted muted growth in its revenue and profit numbers for the fourth quarter of the last financial year, as the ongoing Covid-19 crisis created disruption in both the operation and demand fronts. Even growth in top line remained weak for the entire FY20.
 
TCS: Tata Consultancy Services (TCS) is scheduled to release its financial results for the March quarter of the fiscal year 2019-20 (Q4FY20) on Thursday. Analysts see some erosion in the company's revenue due to the nationwide lockdown that kickstarted in March. READ MORE

BROKERAGE RADAR :: CLSA ON WIPRO

Maintains 'Sell' | TP: Rs 180 (previous target: Rs 235)

>> Revenue may be weak in Q1FY21 on low demand

>> Gradual recovery expected in H2FY21

>> Cuts revenue estimate by 8-9% and margin by 50-100 bps for FY21-22.

BROKERAGE RADAR :: BofAML on BPCL

Upgrades to 'Buy' | TP: Rs 470

>> Operationally sound OMC with impending sale

>> Valuation cheap at current levels

>> Diversified portfolio to help hedge risk

'Nifty strength only above 9,000 level'

Market witnessed sharp profit booking at higher level; Nifty facing stiff resistance at 9,200
 
Indian market traded with negative sentiments in second half of Wednesday's session due to weaker global cues, which triggered selling pressure in broader indices. Nifty managed to close at 8,925.30, slashing 68.55 points. FMCG, realty and media sectors traded with positive sentiments whereas financial services and private banks closed in the red. Nifty bank closed at 19,057, slashing 431 points from the previous day’s closing. READ MORE
 

Bulk deals on NSE as on Wednesday

Bulk deals on BSE as on Wednesday

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


Rupee check

Source: Bloomberg


Oil bounces back as rising stockpiles seen pointing to lower output amid coronavirus

>> Oil rose on Thursday, with U.S. crude rebounding from near-20-year lows in the previous session on hopes that a big build-up in U.S. inventories may mean producers have little option but to deepen output cuts as the coronavirus pandemic ravages demand.

>> Brent crude was up 69 cents, or 2.5%, at $28.38 a barrel. US West Texas Intermediate (WTI) was up 56 cents, or 2.8%, at $20.43.
 
Alert: With official data showing US inventories surging the most on record, WTI fell on Wednesday to its lowest since February 2002, with Brent slumping more than 6%.

(Via Reuters)

SGX Nifty indicates at weak start for markets

>> At 8:21 am, the index was at 8,872.75 level, down 0.64 per cent.

Asian Stocks slide as dire economic outlook weighs

Source: Reuters


Wall Street falls on dour economic data, corporate earnings

Source: Reuters


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