MARKET WRAP: Sensex falls 561 pts ahead of F&O expiry; financials top drag

Topics Markets | Coronavirus | Asian Paints

NSE's Nifty50 ended at 10,305, down 166 points or 1.6 per cent. (Photo: Reuters)
Brisk selling in financial, auto, and pharma counters ahead of the expiry of futures and options contracts (F&O) for June series, due tomorrow saw the benchmark indices ending over 1.5 per cent lower on Wednesday. Further, weak global cues due to a spike in coronavirus cases, too, added to the investors' woes.

The S&P BSE Sensex slipped 561 points or 1.6 per cent to 34,869 levels, with ICICI Bank (down 7 per cent), IndusInd Bank (down over 6 per cent), and Power Grid (down around 5 per cent) being the top losers. Of 30 constituents, 24 ended in the red and rest 6 in the green. 

Asian Paints (up nearly 4 per cent) ended as the top gainer on the index. The stock rallied up to 7.68 per cent to Rs 1,813.10 during the session. READ MORE

NSE's Nifty50 ended at 10,305, down 166 points or 1.6 per cent. Volatility index, India VIX, gained over 2 per cent to 29.99 levels. 

Sectorally, all the indices on the NSE, barring Nifty FMCG, ended in the red. Nifty Bank tumbled 838 points or 3.76 per cent to end at 21,426.80 while Nifty Private Bank index declined 4 per cent to 11,739.45 levels.  Nifty FMCG, on the other hand, ended around 0.5 per cent higher at 29,487.40 levels. 

In the broader market, the S&P BSE MidCap index fell 1 per cent while the S&P BSE SmallCap index slipped 1.24 per cent. 

Global markets

European stocks fell from a two-week high on Wednesday as investors turned cautious following a surge in the number of coronavirus cases globally. The pan-European STOXX 600 fell 1.5 per cent, with the economically sensitive sectors such as travel & leisure, automakers and banks leading declines.

Asian stocks, too, ended in the red. Dow Junes 30 Futures were trading around 300 points or over 1 per cent lower, suggesting a negative start for the US market.

In commodities, oil prices fell, reversing the previous session’s surge as worries about a second wave of the coronavirus pandemic outweighed support from a gradual reopening of global economies.

Gold, on the other hand, climbed to its highest level in nearly eight years.

(With inputs from Reuters)


4:06 PM IST "In spite of opening positive, markets finally ended negative, in sync with negative global cues. The rising cases of virus infections worldwide, especially in the Americas, unnerved the global markets. Domestic cases, too, show no signs of abating and this must be weighing in on the investors. Almost all sectoral indices ended in the red, with the Bank index the major loser. Ahead of F&O expiry, markets are expected to remain volatile and investors advised to keep booking profits."

3:43 PM IST

3:42 PM IST

3:37 PM IST The S&P BSE Sensex declined 561 points pr 1.58 per cent to end at 34,869 while NSE's Nifty ended at 10,305, down 166 points or 1.58 per cent.

3:28 PM IST

3:16 PM IST

3:03 PM IST Despite significantly weaker-than-expected March 2020 quarter (Q4) results, the stock of Page Industries (Page) – the Indian franchise of popular inner-wear brand ‘Jockey’ – surged 10.5 per cent in intra-day trades on Wednesday and is now around Rs 20,850 levels. READ MORE

2:57 PM IST Debajit Saha, Senior Analyst, Precious Metals at Refinitiv, “In the month of April and May, less than one tonne of the metal was imported for domestic consumption. Though the situation has certainly improved this month with the opening of key markets, the demand is still estimated to be 40 per cent lower than normal. However, paper gold has observed traction. Both sovereign gold bonds and gold ETFs have seen strong inflows. This sudden increase in inflows could be attributed to the non-accessibility in the domestic market due to the lockdown. Nevertheless, we believe investors might continue to bet on these two products, while physical jewellery demand is not expected to return with any resurgence until the October quarter when festival and wedding demand kicks in.” READ MORE

2:55 PM IST COMPANY PRICE(rs) CHG(%) UNION BANK (I) 33.10 -7.93 INDIABULLS HOUS. 222.15 -7.55 TV18 BROADCAST 37.15 -6.31 DCB BANK 81.10 -5.86 INDUSIND BANK 491.60 -5.58 » More on Top Losers

2:51 PM IST RIL has raised $22.3 billion capital market through the sale of 24.7 per cent stake in Jio Platforms and $7 billion equity-raise.   "Following the rights issues and 24.7 per cent sell down in Jio, RIL is now effectively debt free. We expect a break-up of the company in the next three-four years through the IPO of Jio and retail business segment which should further unlock shareholder value," Bernstein Research said. READ MORE

2:44 PM IST

LIVE UPDATES

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

"In spite of opening positive, markets finally ended negative, in sync with negative global cues. The rising cases of virus infections worldwide, especially in the Americas, unnerved the global markets. Domestic cases, too, show no signs of abating and this must be weighing in on the investors. Almost all sectoral indices ended in the red, with the Bank index the major loser. Ahead of F&O expiry, markets are expected to remain volatile and investors advised to keep booking profits."

SECTOR WATCH:: Nifty FMCG ends in the green


MARKET AT CLOSE:: Losers and gainers on the S&P BSE Sensex


CLOSING BELL

The S&P BSE Sensex declined 561 points pr 1.58 per cent to end at 34,869 while NSE's Nifty ended at 10,305, down 166 points or 1.58 per cent.

MARKET CHECK


MARKET CHECK:: Nifty Bank tumbles over 4%


Analysts cautious on Page Inds even as management view sounds comforting

Despite significantly weaker-than-expected March 2020 quarter (Q4) results, the stock of Page Industries (Page) – the Indian franchise of popular inner-wear brand ‘Jockey’ – surged 10.5 per cent in intra-day trades on Wednesday and is now around Rs 20,850 levels. READ MORE

Gold price rises in India with little demand for the physical metal

Debajit Saha, Senior Analyst, Precious Metals at Refinitiv, “In the month of April and May, less than one tonne of the metal was imported for domestic consumption. Though the situation has certainly improved this month with the opening of key markets, the demand is still estimated to be 40 per cent lower than normal. However, paper gold has observed traction. Both sovereign gold bonds and gold ETFs have seen strong inflows. This sudden increase in inflows could be attributed to the non-accessibility in the domestic market due to the lockdown. Nevertheless, we believe investors might continue to bet on these two products, while physical jewellery demand is not expected to return with any resurgence until the October quarter when festival and wedding demand kicks in.” READ MORE

Top losers on BSE today

COMPANY PRICE(rs) CHG(%)
UNION BANK (I) 33.10 -7.93
INDIABULLS HOUS. 222.15 -7.55
TV18 BROADCAST 37.15 -6.31
DCB BANK 81.10 -5.86
INDUSIND BANK 491.60 -5.58
» More on Top Losers

Reliance may bring Jio and retail IPOs to unlock shareholder value: Report

RIL has raised $22.3 billion capital market through the sale of 24.7 per cent stake in Jio Platforms and $7 billion equity-raise.
 
"Following the rights issues and 24.7 per cent sell down in Jio, RIL is now effectively debt free. We expect a break-up of the company in the next three-four years through the IPO of Jio and retail business segment which should further unlock shareholder value," Bernstein Research said. READ MORE

MARKET CHECK :: Nifty breaks below 10,400


MARKET CHECK :: Sharp slide in indices; Sensex down nearly 400 pts


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


Jio poised to play key role in development of 5G ecosystem in India: RIL

On the issue of floor price for mobile services, the company noted that market dynamics have improved in the recent past as reflected by December tariff hikes by operators.
 
The government has also expressed its intentions of conducting the next round of spectrum auctions during the fiscal year 2020-21, it said. READ MORE

India-China issue :: Who stands to gain or lose if ties sour

(Source: Motilal Oswal Financial Services)



MARKET UPDATE:: NTPC falls over 2.7%


Corporate bond market starts warming up to NBFCs easing liquidity concerns

India’s top-rated private and government-owned companies may be enjoying historic low rates in markets for their short-term money, but the situation has not improved much for lower rated firms, particularly from the financial sector. However, sporadic issuances of bonds have started.
 
Admittedly, the liquidity scare faced by the non-bank financial companies (NBFC) have eased somewhat, but even there, well rated companies are the beneficiaries, who have started issuing debt papers in larger numbers. READ MORE

Rupee Closing

Rupee ends weaker at 75.73 per US dollar vs Tuesday's close of 75.64/$

MARKET CHECK :: Sensex at day's low, down 267 pts


Hero MotoCorp hits over seven-month high; stock surges 56% in 3 months

The stock of the two-wheeler company was trading at its highest level since November 18, 2019. In the past three months, the stock has outperformed the market by surging 56 per cent, as compared to 34 per cent rise in the S&P BSE Sensex.
 
The demand recovery would be led by rural markets (superior cash flows via farm, MNREGA activities). Hence, the relative preference for rural-facing auto segments, two-wheelers stays and HMCL’s high rural exposure (>50 per cent demand) tilts near term beneficiary scales in its favour. READ MORE

ALERT :: Dow Jones Futures slip over 250 pts


EXPERT COMMENT:: Rahul Gupta, Head of Research- Currency, Emkay Global on Rupee vs US dollar

"The USD/INR spot has dropped below 76 as globally traders are turning a blind eye to the second wave of coronavirus. The risk appetite is turning positive as economies are opening up giving rise to better than expected US and Eurozone economic data. However, the risk of the Indo-China border still prevails, in our opinion, it won’t escalate but will continue to grapple the market sentiments. The strong support lies around 75.50 unless that breaks the USD/INR spot will continue to trade towards 76.”

JM Financial completes Rs 400 mn investment in Isthara Parks

JM Financial Private Equity (the “Fund”) has announced that it has completed its proposed investment of Rs 400 mn in Coimbatore-based coliving operator, Isthara Parks Private Limited (“Isthara” or the “Company”). The investment was completed in two tranches between July 2019 and June 2020. Commenting on the investment Mr. Darius Pandole, Managing Director & CEO, PE & Equity AIFs said, “We did extensive research on the co-living sector and identified Isthara as a potential leader in the space. The Isthara management brings to the table deep domain knowledge in hospitality, IT & real estate and proven execution capability. The Fund focuses on backing strong entrepreneurs with disruptive ideas combined with on-ground operational excellence.”

NIFTY GAINERS:: Tata Motors gains over 3.5%


Rollover Analysis :: June F&O expiry

>> The Nifty June expiry rollover is at 42.08% on Tuesday compared to 42.01% on same day of previous expiry.

>> The Banknifty June expiry rollover is at 30.38% on Tuesday compared to 22.55% on same day of previous expiry.

>> The Market wide June expiry rollover is at 57.72% on Tuesday as compared to 51.87% on same day of previous expiry. 

>> Fertilisers, Metals, Oil_Gas, Pharma and Banking sectors witnessed higher rollovers compared to same day of previous expiry. Realty, Textile, Infrastructure, Technology and Power sectors witnessed lower rollovers compared to same day of previous expiry.

(Source: Nirmal Bang Institutional Equities)
 

Escorts surges 8%, hits fresh all-time high


MARCH QUARTER RESULTS | GAIL reports net profit worth Rs 3,018.2 cr vs Rs 1,120 cr YoY

>> Revenue at Rs 17,753 crore

>> EBITDA at Rs 2,475.3 crore, margin at 13.9%


More inquiries for unlisted shares of UTI MF as IPO nod comes through

Interest in the stock has picked up in anticipation of the IPO but there is an air of caution because of the current market conditions, said dealers in the unlisted space. A Kolkata-based dealer said the share price has headed north. The hike in percentage terms, though, has been in single digits as the markets have been volatile. Firms have been cautious about proceeding with their IPOs due to the pandemic and resulting market volatility. READ MORE

EXPERT SPEAK:: Shankar Sharma

BUZZING STOCK:: RIL gains 2.5%


Cadila's renewed focus on India biz, Covid-19 opportunities lend confidence

Cadila Healthcare reported a subdued showing for the March 2020 quarter (Q4), partly on account of last year’s high base and the Covid-led supply disruptions. Yet, investor confidence remains firm, reflected in its stock that continues to trade near 52-week highs. The key factor is the drug major’s strong outlook. READ MORE

MARKET UPDATE:: Sensex regains momentum


BROKERAGE VIEW:: ICICI Securities on Greenlam Industries

RATING: HOLD | TARGET PRICE: Rs 792

Greenlam Industries (GRLM) has reported an impressive beat on EBITDA margins in Q4FY20 led by a sharp gross margin improvement in laminate and allied product segment, which in turn was led by superior product mix and lower input costs. This was despite losing revenues to the tune of Rs400mn-500mn in Mar’20 due to lockdown. Veneer and allied product segment however continues to disappoint with losses swelling YoY due to operating deleverage and muted realisation amid higher competitive intensity. With GRLM foreseeing strong market share gain opportunity in both domestic and export laminate markets in the near to medium term, we build-in a steady-state recovery in laminates segment starting Q2FY21. Maintain HOLD.

BROKERAGE VIEW:: ICICI Securities on Page Industries

RATING: HOLD | TARGET PRICE: Rs 19,000

4Q was disappointing with 19% volume decline. We expect the weakness to continue in the medium-term and see multiple headwinds – (1) prolonged period of weak performance given a highly discretionary product, (2) difficulties in new category launches / scale up and (3) potential delay in premiumisation journey. Profitability is also likely to come under pressure given the high fixed cost structure and limited headroom for price hikes in the current environment. That said, there are long-term benefits from potential weakness in competitive intensity. Essentially, a likely instance of market share gains in a downturn. Retain HOLD.

BROKERAGE VIEW:: Centrum Broking on Aviation sector

We believe that 1/3rd of scheduled capacity was a reasonable starting point for the sector given the current demand. With current capacity at ~25%, we expect a gradual ramp-up in operations from here on. Experience of other countries which have gone through the Covid-19 lockdown and restart process indicate that after 3-4 months of the peak of virus spread the airlines are operating/likely to operate at ~50% of the capacity. Likewise, in India we expect airlines to operate at ~50-55% levels by end of Q2FY21 and strong improvement there on. Overall, we expect the domestic pax traffic to decline 57% yoy to 61m in FY21 and a sharp revival with 95% yoy growth in FY22 to 119m (16% below FY20). IndiGo given its strong balance sheet (unrestricted cash balance of Rs89.3bn as on Mar-20), liquidity enhancement measures and dominant market position is well placed to capitalise on the recovery. We have a Buy rating on IndiGo with PT of Rs 1,244. We have a Reduce rating on SpiceJet with PT of Rs 33.

BROKERAGE VIEW:: HDFC Securities on Balaji Amines

TARGET PRICE: Rs 560 | RATING: BUY

Our BUY recommendation on Balaji Amines with a TP of Rs 560 owing to (1) Robust demand from pharma and agrochemical industry that comprise ~70% of its revenue mix, and (2) Faster than anticipated recovery in plant utilisation as demand bounces back post the Covid-19 pandemic.

BROKERAGE VIEW:: Emkay Global Financial Services on Asian Paints

RATING: HOLD | TARGET PRICE: Rs 1,625
  • Asian Paints’ Q4 performance was below expectations. Weak mix and the extended lockdown from mid-March resulted in a 7% decline in sales and 3% fall in EBITDA, both below our expectations by 4% and 7%, respectively.
     
  • Lower input prices aided gross margin expansion (280bps QoQ), which should continue as input prices remain soft. However, margin gains may reduce on rising crude prices, weak mix and likely price cuts. Lower sales and additional spends on safety, sanitization and trade incentives may also restrict the operating margins gains.
     
  • Management indicated a stronger recovery in smaller towns, with metros and tier 1 (40-50% of sales) seeing slower recovery. Growth for VFM products is likely to remain strong and it will continue to drive higher growth in the low-end segment.
     
  • Valuations at 46x FY22E EPS remain unattractive, given possible downside risks to earnings. We maintain Hold/UW in EAP, with a TP of Rs1625, based on 42x Jun-22 EPS.

FMCG shares gain in an otherwise volatile market


MF investors brace for lower returns after rise in stamp duty charges

Mutual fund (MF) investors are bracing for lower returns after the introduction of stamp duty charges from July 1. A stamp duty of 0.005 per cent will be levied on issuance of units, and 0.015 per cent on transfer of MF units. READ MORE

Fortis Malar, Lal Path Labs: Diagnostic and healthcare stocks on the charts

Dr. Lal Path Labs Ltd (LALPATHLAB): The stock is quite stable above the 200-days moving average (DMA) though has not been able to show a strong positive move off-late. The bigger picture illustrates a strong selling pressure above Rs 1,700 levels and is likely to sideways for now, as per the daily chart. The support remains at Rs 1,521, which is its 200-DMA. READ MORE

Asian Paints rallies 7% post March quarter results; stock top Sensex gainer

Shares of Asian Paints, the leading paint manufacturer, surged over 7 per cent on the BSE on Wednesday, a day after the company reported its March quarter results for the financial year 2020-21 (FY21). The stock was the top gainer on the S&P BSE Sensex. At 11:15 am, the stock was ruling 7 per cent higher at Rs 1,802. The stock had hit a 52-week high of Rs 1,915.90 on March 9, 2020 while its 52-week low stands at Rs 1,291.45, touched on July 7, 2019. READ MORE

Glenmark Pharmaceuticals declines 13% in two days on profit booking

The approval of Favipiravir (emergency usage approval) is for mild to moderate patients. While this is a positive development for the company with short term benefits from Indian market besides additional opportunity from export markets based approvals, the recent run up is unwarranted and much ahead than fundamentals, analysts believe. READ MORE

Fall from intra-day high today

COMPANY DAY'S HIGH(RS) DAY'S LOW(RS) LATEST(RS) FALL(%)
IIFL WEALTH MGT 1180.00 989.75 1005.00 -14.83
ADANI GREEN 486.60 440.30 440.30 -9.52
NAVA BHARAT VENT 53.85 48.85 49.35 -8.36
C P C L 95.75 88.65 89.10 -6.95
Click here for the full list

IndusInd Bank slips 4% off day's top


MARKET CHECK


MARKET CHECK :: Indices slip into the red


Page Industries surges 10% despite disappointing March quarter results

Shares of inner-wear maker Page Industries rallied 10 per cent to Rs 21,086 on the BSE on Wednesday despite the company reporting a disappointing set of numbers for the quarter ended March 2020 (Q4FY20). Revenue for the quarter de-grew 11 per cent year on year (y-o-y) at Rs 541 crore, owing mainly to volumes declining 18.7 per cent to 30 million pieces. READ MORE

MARKET CHECK :: Sensex erasing gains, up 80 pts


Hinduja brothers battle for 16 billion pound family assets in UK high court

The UK-based Hinduja brothers are locked in a legal dispute in the High Court in England over their billionaire family assets, it emerged in a ruling in London.
 
The case has been brought by Srichand Parmanand Hinduja, 84, described as the "patriarch" of the family, against brothers G P Hinduja, 80, P P Hinduja, 75, and A P Hinduja, 69, and revolves around the "validity and effect" of a letter dated July 2, 2014. READ MORE

NEWS ALERT :: Steel Strips Wheels up 4% on new order

>> SSWL has bagged firm expofts orders for over 20,000 wheels for US & EU caravan Trailer Market to be executed from Jury until November from its Chennai plant

(Via BSE filing)


Bank of Baroda jumps 9% as Q4 profit beats Street estimates, slippages dip

Shares of state-owned Bank of Baroda jumped 9 per cent to Rs 55 on the BSE on Wednesday on Rs 507 crore net profit in the March quarter of FY20 (Q4FY20), helped by lower provisions. The bank had reported a net loss of Rs 1,407 crore in the Decmeber quarter of FY20. The numbers are not comparable year-on-year due to its merger with Dena Bank and Vijaya Bank effective April 1, 2020. READ MORE

Balrampur Chini gains 5% post Q4 results, share buyback announcement

Shares of Balrampur Chini Mills climbed 5 per cent to Rs 141.70 on the BSE on Wednesday after the company posted a 31.1 per cent year-on-year (YoY) growth in revenue to Rs 1,740 crore in March quarter (Q4FY20) results, led by aggressive exports in the current season. The company's operating profit declined 6.6 per cent y-o-y to Rs 241 crore, largely impacted by decline in power revenues. Net profit declined 14.8 per cent at Rs 230 crore, impacted by lower taxation in base quarter. READ MORE

JMC Projects jumps 20% on bagging new orders worth Rs 938 crore

Shares of JMC Projects (India) rallied up to 20 per cent to Rs 60.40 apiece on the BSE on Wednesday after the company on Tuesday said it has secured new orders of Rs 938 crore. At 09:32 am, the stock was trading 17 per cent higher at Rs 58.9 on the BSE. In comparison, the benchmark S&P BSE Sensex was ruling 0.39 per cent higher at 35,569.97 levels. READ MORE

Rupee opening

Rupee opens higher at 75.61/$ vs Tuesday's close of 75.64 against the US dollar

SECTOR WATCH:: Metal stocks trade higher in early deals


Top gainers on BSE in early deals

COMPANY PRICE(rs) CHG(%)
J & K BANK 19.29 9.98
SOUTH IND.BANK 9.32 9.91
SHANKARA BUILD. 407.75 8.95
BOMBAY DYEING 83.05 8.00
S C I 56.20 7.97
» More on Top Gainers

BUZZING STOCK:: BHEL hits 10% upper circuit


RESULT IMPACT:: Berger Paints gains 3%


Most active stocks by volume

COMPANY PRICE(rs) CHG(%)
FUTURE CONSUMER 17.05 4.99
VODAFONE IDEA 10.18 -0.59
BOMBAY DYEING 83.60 8.71
SUZLON ENERGY 4.95 4.87
METROPOLIS HEALT 1409.85 -2.93
» More on Most Active Volume

MARKET UPDATE:: Sensex extends gain


Balrampur Chini Mills up over 2%

>> Net profit of the company declined 16.25 per cent to Rs 241.44 crore in the quarter ended March 2020 as against Rs 288.27 crore in the year-ago period.


Page Industries rises 4%

>> Net profit of Page Industries declined 58.63 per cent to Rs 31.02 crore in the quarter ended March 2020. Sales declined 10.96 per cent to Rs 541.26 crore during the quarter under review.


Result Impact | Asian Paints gains 3%


Result Impact | Bank of Baroda jumps 6%


Embassy Office Park REIT slips over 4%


Sectoral trends on NSE at Open


BLOCK DEALS:: 32.9L shares (6.5% equity) of Metropolis Healthcare worth Rs 456.6 cr trade on NSE & BSE

(As reported by CNBC-TV18)

Sensex Heatmap at Open


First Trade


First Trade


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


Markets at Pre-open


Markets at Pre-open


BROKERAGE VIEW :: Motilal Oswal Financial Services on Marico

Maintains 'Buy', Target price: Rs 385

>> MRCO has a more resilient portfolio of products than peers to withstand the COVID-19-led sales and earnings decline in FY21. This is possible on account of: a) recovery seen in Parachute volumes even prior to the COVID-19 outbreak, b) successful turnaround and strong growth in Saffola Edible Oils and Foods, and c) a better outlook for the international business v/s peers. Furthermore, the outlook on material costs is also better than the earlier expectation of possible inflation.

>> While the longer term growth trajectory and eventual rerating would be determined by the success of its new products (an area in which it has seen limited success thus far), valuations at 35.5x FY22 EPS (close to 10 year average of 35.6) appear comfortable for a business that has better earnings visibility over peers. 

BROKERAGE VIEW :: Motilal Oswal Financial Services on Asian Paints

Maintains 'Sell', Target price: Rs 1,315

>> Changes to the model have led to 39.2%/13.6% correction in FY21/FY22E EPS. Demand vulnerability to economic downturn and social distancing concerns, absence of sales in lockdown and exposure to automotive and industrial segments offset the substantial material cost gains.
 
>> Additionally, the massive capacity addition in recent years (depreciation and interest costs were ~21% of EBITDA in FY20) leads to an even sharper impact on
the net profit on an already likely severe decline in EBITDA. PBT growth has been unimpressive in recent years and outlook is highly uncertain, leading to further RoCE deceleration to 21% in FY22E, a sharp decline from the nearly 40% levels seen at the beginning of the decade.

>> Despite the above factors, valuations are highly expensive at 59.4x FY22E EPS. 

Stocks to watch: Embassy REIT, Asian Paints, IOC, GAIL, Wipro, Adani Power

Asian Paints: The company saw its profit before tax (PBT) fall nearly 6 per cent in the March quarter as the nationwide lockdown impacted its sales. PBT stood at Rs 699.22 crore in Q4, against Rs 741.35 crore a year ago. Net profit of the Mumbai-based company fell 2.1 per cent year-on-year to Rs 461.9 crore in Q4, below Street estimates of Rs 512 crore as polled by Bloomberg.
 
Berger Paints: Berger Paints India Ltd on Tuesday reported a 6.51 per cent decline in consolidated net profit at Rs 103.18 crore for the fourth quarter ended March 2020. The company had posted a net profit of Rs 110.37 crore during the January-March quarter of the previous fiscal, Berger Paints India said in a regulatory filing. READ MORE

BROKERAGE VIEW :: Morgan Stanley on Bank of Baroda

Maintains 'underweight', Target price: Rs 42

>> Q4 profit-before-tax lower than expected

>> Decline in CET-1 ratio, elevated slippages key negatives

>> However, low costs, high non-interest income key positives
 

BROKERAGE VIEW :: CLSA on Asian Paints

Maintains 'outperform', Target price: Rs 1,710

>> Believes, restoring consumer faith remains priority

>> Reported low, single-digit volume growth

>> Co expects demand recovery in H2

>> Diversified portfolio, strong brand will help to gain market share

>> Valuation leaves little room for further upside

BROKERAGE VIEW :: Credit Suisse on Asian Paints

Maintains 'Outperform', Target price: Rs 1,850

>> Says, Co delivered volume growth despite lost sales

>> Sees steady recovery in May and June

>> Strong gross margin tailwinds due to low crude price

>> Within consumer discretionary, company has the highest visibility of FY22 earnings

NEWS ALERT :: United Spirits says Diageo has launched Rs 75 cr revival programme to support bars, pubs & restaurants

>> “Raising the Bar” will be a two year programme to support the revival and recovery of qualifying bars, pubs and restaurants serving alcohol across New Delhi, Mumbai, Bengaluru and other cities

>>  The entire amount of Rs 75 crore will be accounted in June quarter as onecharge to the P&L

(Source: BSE filing)

Fuel price update

Nifty is headed towards 10,900, says Vinay Rajani of HDFC Securities

Nifty and Bank-Nifty headed towards the target of 10,900 and 24,000, respectively
 
Bank Nifty index has given bullish inverted head and shoulder pattern breakout on the daily charts. It has taken out crucial resistance of 21,800 on closing basis. Meanwhile, Nifty also closed on a strong wicket and is headed for the upside target of 10,900, the 200 days SMA. Support for Bank Nifty is seen at 21,500, while Nifty has got support at 10,300. READ MORE

Bulk deals on BSE as on Tuesday

Bulk deals on NSE as on Tuesday

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


Rupee check

Source: Bloomberg


Oil edges lower as US stockpiles grow more than expected

>> Oil futures edged lower on Wednesday, extending losses from the previous day, after US crude stockpiles grew more than expected, adding to worries about oversupply, although a fall in gasoline stocks kept the decline in check.

>> Brent crude was down 2 cents at $42.61 a barrel, while US West Texas Intermediate (WTI) crude futures fell 4 cents, or 0.1%, to $40.33 a barrel.

(Source: Reuters)

SGX Nifty suggests flat to lower opening

>> At 8:16 am, the index was at 10,460 level, down 24 points or 0.23 per cent.

Asian stocks mixed after spike in coronavirus cases

Source: Reuters


Wall Street ends higher on recovery hopes, Nasdaq hits another record

Source: Reuters


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