MARKET: Financials drag indices lower; Sensex dips 129 pts, Nifty holds 10K

Topics Markets | Coronavirus | BPCL

Traders monitor BSE index at a brokerage firm in Mumbai | PTI
After rallying for six straight sessions, the domestic equity market took a breather on Thursday amid selling in financial counters. Meanwhile, erroneous price feeds for Bank Nifty contracts disrupted trading activity. Several brokers halted trading in Bank Nifty derivatives — the most traded index after Nifty, citing error in exchange feeds. NSE said it was examining the issue. 

At the index level, the S&P BSE Sensex shed 129 points or 0.38 per cent to settle at 33,980.70, with Tech Mahindra (up over 5 per cent) being the top gainer and Asian Paints (down around 5 per cent) the biggest loser. Telecom major Bharti Airtel witnessed a sharp surge in the fag end of the session after news agency Reuters reported that Amazon.com is in early-stage talks to buy a stake worth at least $2 billion in the telecom company. 

NSE's Nifty held 10,000 levels and ended at 10,029, down 32 points or 0.32 per cent. Volatility guage, India VIX, slipped nearly 2 per cent to 29.51 levels. 

On the sectoral front, Nifty Private Bank index took the biggest knock - down over 3 per cent to 11,128.70 levels while Nifty Bank ended 2.63 per cent lower at 20,390.45 levels. 

In the broader market, the S&P BSE MidCap index ended flat at 12,333.29, down just 0.06 per cent and the S&P BSE SmallCap index shed 0.05 per cent to 11,564.79.

Among individual stocks, Reliance Industries (RIL) reclaimed the 10 trillion m-cap. The stock ended nearly 2.5 per cent higher at Rs 1,579.95 apiece on the BSE. READ MORE 

Shares of Aurobindo Pharma hit a 52-week high of Rs 791 on the BSE during the day after the company reported healthy March quarter results. That apart, early today, the company informed the exchanges that the US Food and Drug Administration (FDA) has classified the inspection of the company's oral solids formulation manufacturing facility at New Jersey as official action indicated (OAI). The stock ended at Rs 759 on the BSE, up over 1 per cent. 

VST Tillers Tractors hit a high of Rs 1,310 on the BSE after the company reported strong tractors sales of 633 units in May 2020, up 23 per cent YoY, from 527 units sold in May 2019. In April, the company had posted 23.7 per cent YoY de-growth in sales. The stock ended over 12 per cent higher at Rs 1,240 apiece on the BSE. READ MORE

Global markets

Asian shares rose to a two-month high on Thursday as expectations of further government stimulus supported investor confidence in an economic recovery from the global coronavirus pandemic. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.43 per cent, earlier touching the highest since March 9. Chinese shares were little changed due to lingering worries about diplomatic tension between the United States and China, while U.S. stock futures fell 0.15 per cent.

In Europe, stock market inched lower ahead of European Central Bank meeting where policymakers are expected to provide more aid for the battered euro zone economy.

In commodities, oil prices dropped on doubts over the ability of crude producers to agree to extend record output cuts, heightened by worries over a build in US fuel inventories.

(With inputs from Reuters)


4:05 PM IST The markets were undecided and finally ended slightly negative, after 6 successive days of gains. The banking index which had driven the gains for the last few days was incidentally the biggest loser in today’s trade. Global cues were also mixed after Asian markets ended positive but European markets were awaiting details on ECB’s stimulus plans. Domestically, markets still seem to be forward-looking, ignoring the recent quarterly results and economic data, and anticipating a turnaround in the economy.

3:45 PM IST

3:43 PM IST

3:36 PM IST The S&P BSE Sensex shed 129 points or 0.38 per cent to end at 33,980.70 while NSE's Nifty ended at 10,029, down 32 points or 0.32 per cent. 

3:29 PM IST Amazon.com is in early-stage talks to buy a stake worth at least $2 billion in mobile operator Bharti Airtel, three sources with knowledge of the matter told Reuters, underscoring the growing attraction of India’s digital economy for U.S. tech giants. The planned investment, if completed, would mean Amazon acquiring a roughly 5% stake based on the current market value of Bharti, which is India’s third-largest telecoms company with more than 300 million subscribers.

3:14 PM IST

3:06 PM IST >> Consolidated profit at Rs 60 lakh >> Cons revenue at Rs 211.1 crore >> EBITDA at Rs 2.1 crore >> EBITDA margin at 1%

3:05 PM IST COMPANY NAME LATEST HIGH LOW CHG(%) SPICEJET 46.80 46.80 44.70 4.93 INTERGLOBE AVIAT 1099.80 1117.25 1025.75 7.24 JET AIRWAYS 26.35 26.35 26.35 4.98 GLOBAL VECTRA 51.45 51.85 49.85 0.29 Click here for the full list

3:02 PM IST

2:50 PM IST Around $4.6 billion, or 85 per cent of the total deals, invested was in Jio Platforms, the digital arm of Reliance Industries. If not for Jio Platforms, PE/VC investments would have recorded a fourth straight month of decline.   According to data from EY-IVCA, investments last month were 92 per cent higher compared to May 2019 ($2.8 billion) and 5.8 times the value recorded in April 2020 ($935 million). READ MORE

2:42 PM IST

LIVE UPDATES

EXPERT COMMENT:: Vinod Nair- Head of Research - Geojit Financial Services

The markets were undecided and finally ended slightly negative, after 6 successive days of gains. The banking index which had driven the gains for the last few days was incidentally the biggest loser in today’s trade. Global cues were also mixed after Asian markets ended positive but European markets were awaiting details on ECB’s stimulus plans. Domestically, markets still seem to be forward-looking, ignoring the recent quarterly results and economic data, and anticipating a turnaround in the economy.

SECTOR WATCH:: Media stocks gain the most


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


CLOSING BELL

The S&P BSE Sensex shed 129 points or 0.38 per cent to end at 33,980.70 while NSE's Nifty ended at 10,029, down 32 points or 0.32 per cent. 

NEWS ALERT:: Amazon in talks to buy $2 billion stake in Bharti Airtel, reports Reuters

Amazon.com is in early-stage talks to buy a stake worth at least $2 billion in mobile operator Bharti Airtel, three sources with knowledge of the matter told Reuters, underscoring the growing attraction of India’s digital economy for U.S. tech giants. The planned investment, if completed, would mean Amazon acquiring a roughly 5% stake based on the current market value of Bharti, which is India’s third-largest telecoms company with more than 300 million subscribers.




BUZZING STOCK:: Inox Leisure jumps 18%


Earnings Alert | NIIT Q4

>> Consolidated profit at Rs 60 lakh

>> Cons revenue at Rs 211.1 crore

>> EBITDA at Rs 2.1 crore

>> EBITDA margin at 1%



Aviation stocks take off in an otherwise weak market

COMPANY NAME LATEST HIGH LOW CHG(%)
SPICEJET 46.80 46.80 44.70 4.93
INTERGLOBE AVIAT 1099.80 1117.25 1025.75 7.24
JET AIRWAYS 26.35 26.35 26.35 4.98
GLOBAL VECTRA 51.45 51.85 49.85 0.29
Click here for the full list

MARKET UPDATE:: Top 5 losers on the BSE at this hour


PE investments doubled in May thanks to Reliance's Jio Platforms deals

Around $4.6 billion, or 85 per cent of the total deals, invested was in Jio Platforms, the digital arm of Reliance Industries. If not for Jio Platforms, PE/VC investments would have recorded a fourth straight month of decline.
 
According to data from EY-IVCA, investments last month were 92 per cent higher compared to May 2019 ($2.8 billion) and 5.8 times the value recorded in April 2020 ($935 million). READ MORE

S&P BSE MidCap index outperforms benchmarks, down 0.23%


Only 3 stocks hit their respective 52-week highs on the BSE today

COMPANY PRICE(rs) 52 WK HIGH CHG(%)
AUROBINDO PHARMA 762.25 791.00 1.55
CIPLA 655.50 659.95 2.19
GMM PFAUDLER 4127.95 4238.90 2.79

Advise against trading in Nifty Bank options till things normalise: Nikhil Kamath, Zerodha to CNBC-TV18

>> Brokers are still investigating the problem;
>> Seeing problems in Nifty Bank options across all expiries;
>> Hard to say if morning trades will hold or will be cancelled

NEWS ALERT :: Bharti Infratel Board to meet on June 11 to decide on merger with Indus Tower

>> The Board has decided to meet on 11th June, 2020 to take the final decision on the matter, keeping in mind the best interest of the Company and its stakeholders. It may be noted that the Board of Directors in its meeting held on 23rd April, 2020 had extended the long stop date for the Scheme till 24th June, 2020, with each party retaining the right to terminate and withdraw the Scheme at any point.

>> Accordingly, there can be no certainty whether the merger will get completed or not.

(Via BSE filing)


India's policy uncertainty at 81-month high as index rises 4 months on trot

The index is up 3.6 times its January value of 48.1 to close at 173.3 in May, during the second month of a lockdown that began because of the Covid-19 pandemic. The last time the index was this high was in August 2013 as the country dealt with the so-called taper tantrum. At the time, the American central bank had begun reducing the amount of money it made available for easy borrowing READ MORE

Covid-19 impact on business not materially adverse so far: Nestle India

The company also does not see any "specific challenge in terms of its capital or financial resources" or any "significant deviation in profitability", Nestle India said in a regulatory filing.
 
Nestle India, a subsidiary of NESTL SA of Switzerland, further said it has "strong cash position" and is in a "comfortable liquidity position" to meet its financial commitments, news agency PTI reported. READ MORE

RUPEE CHECK:: Rupee closes at 75.57 a USD against Wednesday's close of 75.46

 
 

Top losers on the BSE at this hour


SECTOR ALERT :: Nifty Pharma hits fresh 52-week high of 10,090, up 2% in the intra-day trade today

>> Index surpassed previous 52-week high of 10,047.30.

>> Sun Pharma, Lupin, Cipla, Aurobindo, Biocon and Cadila Healthcare gained in the range of 2% to 3.5% on the NSE.


RIL regains Rs 10 trillion m-cap

>> stock gains 2.5% in the intra-day trade

VST Tillers surges 41% in three days on strong tractor sales in May

Shares of VST Tillers Tractors moved higher by 17 per cent to Rs 1,293 on the BSE on Thursday after the company reported strong tractors sales of 633 units in May 2020, up 23 per cent YoY, from 527 units sold in May 2019. In April, the company had posted 23.7 per cent YoY de-growth in sales. The stock of the company engaged in manufacturing of power tillers and tractors business has rallied 41 per cent in the past three trading days from level of Rs 919 hit on Tuesday. It was trading close to its 52-week high level of Rs 1,414 touched on February 7, 2020. READ MORE

BUZZING STOCK:: Asian Paints falls 4%


BROKERAGE VIEW:: YES Securities on Spandana Sphoorty

We built-in a near worst case scenario of 10% AUM growth and 9% credit cost (on opening on-book portfolio) in FY21. FY22 should be a normal year, but we factor higher-than-usual credit cost. Spandana trades at 1x/5.6x FY22 ABV/EPS. Retain BUY rating with a 12m TP of Rs 800. We are positive about profitability/growth normalization in FY22, robust CAR (supportive of liquidity position) and attractive valuation.

Nifty Services Sector index dips 1.5%


BUZZING STOCK:: Wheels India jumps 20%

>> Board to consider payment of final dividend on June 17; 
>> Sundaram Finance to acquire additional 4.9% stake in the Co

European markets inch lower

A European stock market rally paused on Thursday, with investors focussing on a European Central Bank meeting where policymakers are expected to provide more aid for the battered euro zone economy.
 
The pan-European STOXX 600 index slipped 0.5 per cent, but held near its early March highs, while eurozone stocks were down 0.6 per cent.
 
Equity markets have bounced strongly this week, with Wall Street's tech-heavy Nasdaq nearing record levels as signs of recovery from a coronavirus-forced recession, optimism over a COVID-19 vaccine and hopes of more stimulus boosted risk appetite.
 
Investors expect the ECB to upsize bond purchases by 500 billion euros ($560.25 billion), but the only question is whether it will act on Thursday or hold out until July as a deal on European Union-wide fiscal support strengthens the case for patience.

(via Reuters)

Britannia: Overall business outlook expected to be robust going ahead

The Britannia stock hit its all-time high on Wednesday, before closing at Rs 3,510.25 apiece. This was despite a muted March quarter (Q4) performance — reported on Tuesday after market hours — and expensive valuation. Sales growth of 24 per cent in the first two months of the June quarter, pointing to strong growth levers, enthused the Street. This was mainly on account of the first-mover advantage. READ MORE 


US Fed likely to keep near zero rates for a few years to boost economy

"One deliverable that we should be able to count on at the June meeting is the return of the Summary of Economic Projections (SEP)," Jay H. Bryson, acting chief economist at Wells Fargo Securities, said in a report.
 
"We suspect that may open the door to implicit forward guidance, a tool heralded by policymakers before the current crisis as a primary mechanism for influencing policy," he said. READ MORE

SBI Q4 preview: SBI Cards stake sale to aid profitability; NPA levels eyed

India’s largest public sector bank, State Bank of India (SBI), is scheduled to report its March 2020 quarter result (Q4FY20) on Friday, June 5. While analysts are positive on the bank’s net profit, which they expect to jump on a year-on-year (YoY) basis, loan growth is seen logging a tepid growth. Management’s commentary on anticipated second wave of stress will be watched out for, analysts say. Given SBI's dominant exposure in the area, they expect some provisions to be made this quarter. READ MORE

Jindal Steel soars 8% on healthy monthly sales, surges 58% in one month

JSPL has recorded consolidated steel sales of 7.97 million tonnes which is a growth of 26 per cent as compared to a sales of 631,000 tonnes during the same period in the previous year. However, the company’s consolidated steel production fell 9 per cent year-on-year (YoY) at 620,000 tonnes in May 2020 against 681,000 tonnes in May 2019. READ MORE

ZoomInfo IPO priced at $21 per share in largest tech listing this year

The Carlyle Group-backed business intelligence platform said it sold 44.5 million shares, which at $21 a share would raise $934.5 million and value the company at just over $8 billion(6.38 billion pounds).
 
On Wednesday, Warner Music Group Corp's stock popped 8 per cent on its Nasdaq debut, after selling $1.9 billion in shares toward the higher end of its target range. READ MORE

L&T Q4 preview: Analysts see muted nos amid Covid-19; order inflow eyed

Engineering and construction conglomerate, Larsen & Toubro (L&T), is expected to report muted numbers for the quarter ended March 2020 due to project delays and a slowdown in execution owing to Covid-19 lockdown, analysts say. Usually, Q4 is an execution-heavy quarter for capital goods players, but the lockdown has affected execution and deliveries for most companies. However, being a diversified entity, L&T is expected to fare better than others. READ MORE

HDFC twins top drags on the Sensex at this hour


Aberdeen Standard defensive on India, deems Centre's measures insufficient

Aberdeen Standard Investments has adopted a “defensive stance” towards India in the short term, as government measures to support the economy have fallen short of reviving demand with lacking key reforms. Prime Minister Narendra Modi last month declared a $265-billion rescue package — equivalent to 10 per cent of the gross domestic product — to help support businesses hit by one of the world’s strictest stay-at-home order as the nation grapples with an increase in coronavirus infections. READ MORE

Banking counters slip after SC's observation in interest waiver case


NEWS ALERT :: PNB to cut savings account deposit rates by 50 bps from July 1, reports CNBC TV18


RIL trades higher for fourth straight day; stock nears record high

In the past four trading days, the stock has rallied 7 per cent, as compared to a 5 per cent rise in the S&P BSE Sensex. It was 2 per cent away from its lifetime high level of Rs 1,603 (adjusted to 1:15 rights issue), touched on December 20, 2019. READ MORE

MARKET CHECK :: Nifty slips below 10,000-mark


MARKET CHECK :: Indices at day's low


Mutual funds apply for new funds to take advantage of market recovery

Mahindra MF has filed for a focused equity fund, to build a portfolio oriented towards high-quality stocks. “We expect high-quality stocks to lead the recovery initially. Further, it makes sense to build such a portfolio at this juncture with quality stocks available at attractive levels,” said Ashutosh Bishnoi, managing director and chief executive officer, Mahindra Manulife MF. READ MORE

Interest Waiver Case :: SC observes RBI is allowing moratorium, but no relief via interest, is more detrimental

>> Govt Says issue is being considered by the Finance Ministry, will file a detailed reply in SC

 >> Apex court will next hear the case on June 12

Alert: The Reserve Bank of India, on Wednesday, told the Supreme Court that a waiver of interest on loans will impact the financial viability of the country’s banks and will be harmful for the interests of depositors and the financial sector.

        :RBI also said that banks could forego about Rs 2 trillion in interest income if interests are waived off for the six months duration of the moratorium.

(As reported by CNBC TV18)
 
 

DLF, Godrej Properties: Use dips to buy realty stocks for the long term

Real estate stocks came back into the limelight on Thursday after Union Minister of Commerce & Industry, Piyush Goyal, in a webinar with real estate developers a day earlier asked them to reduce prices and sell their inventory rather than wait for the market to bounce back. “We are trying to see whether we can bring in some consession in ready reckoner (or circle) rates. But if that does not happen, you have to sell the inventory. Unless you reduce your rates, you will be stuck with inventory," said Goyal. READ MORE

Nifty Private Bank index dips 1%


Titan declines 2%; stock's top Sensex loser at this hour


India's retail and SME loans to deteriorate as well, says Moody's

Some sectors were already under strain before the coronavirus outbreak. For NBFIs, both assets and liabilities will come under a strain in the near term, this is about 10-15 per cent of bank loans.
 
Private power sector exposure is about 8-10 per cent of bank loans. In the auto value chain, the most exposed banks are the private sector banks. READ MORE

What is 'market capitulation' and how you can identify such a move

'Capitulation' refers to a phenomenon where investors liquidate their positions during periods of extended decline in the stock price for the fear of incurring a bigger loss. This panic selling may even emerge due to margin calls and increase in futures & options (F&O) margins, etc.
 
On the other hand, some believe that capitulation can lead to exhaustion of selling pressure and hence provide a fresh buying opportunity.  READ MORE

SECTOR WATCH:: Pharma stocks trade higher in a volatile market

COMPANY LATEST(rs) CHG(%)
AUROBINDO PHARMA 770.00 2.58
SUN PHARMA.INDS. 490.80 3.10
JUBILANT LIFE 537.45 4.99
CIPLA 656.65 2.37
IPCA LABS. 1527.95 0.19
» More

Street positive on Motherson despite weak outlook, drop in Q4 revenue

Motherson Sumi shares have gained close to 24 per cent in a month, half of which has come in the past week. The strong March quarter performance, falling debt, relaxation in the lockdown, and opening up of factories in key markets lifted the stock.
 
However, a better-than-expected March quarter — led by the Indian business — was the immediate trigger. Even though consolidated revenues fell 12 per cent, the firm managed to improve both operating profit and margins year-on-year (YoY) and sequentially. READ MORE

BPCL declines 3% on Q4 pre-tax loss of Rs 2,959 crore, recovers later

On a standalone basis, the pre-tax loss was Rs 2,068.87 crore, compared to profit of Rs 4,595.14 crore in Q4FY19.
 
Consolidated loss after tax for the period was at Rs 1,819.56 crore against a profit of Rs 3,131.66 crore a year ago. BPCL’s average gross refining margin (GRM) for the full year of FY20 was at $2.50 per barrel, against $4.58 per barrel in FY19. READ MORE

Heidelberg India declines 3% after company provides Covid-19 update


Saregama India shares zoom 44% in 2 days on Facebook deal

Shares of Saregama India were locked in upper circuit for the second straight day, up 20 per cent at Rs 401 on the BSE on Thursday after the company announced a global deal with Facebook to license its music for video and other social experiences across Facebook & Instagram. The stock of the movies & entertainment firm has zoomed 44 per cent in the past two trading days from Rs 278 on Tuesday. READ MORE

NEWS ALERT | Issue with NSE feeds for certain option contracts (especially Bank Nifty): Zerodha

Rupee opening

Rupee opens lower at 75.61/$ vs Wednesday's close of 75.46 against the US dollar

Aurobindo Pharma gains 5%, hits 52-week high as Q4 net profit jumps 45% YoY

Shares of Aurobindo Pharma surged 5 per cent and hit a 52-week high of Rs 791 on the BSE on Thursday in the early morning deals after the company reported healthy March quarter results. That apart, early today, the company informed the exchanges that the US Food and Drug Administration (FDA) has classified the inspection of the company's oral solids formulation manufacturing facility at New Jersey as official action indicated (OAI). READ MORE

Most active stocks by volume

COMPANY PRICE(rs) CHG(%)
HDFC LIFE INSUR. 519.50 3.61
VODAFONE IDEA 8.43 3.95
TRIDENT 7.35 2.80
SOUTH IND.BANK 7.21 6.34
RELIANCE POWER 2.27 2.71
» More on Most Active Volume

HDFC dips over 2 per cent; stock top drag on the Sensex


MARKET UPDATE:: Sensex erases opening gains


Titan slides 3%


GAIL advances 2% in early trade

>> GAIL (India) and Energy Efficiency Services have signed a Memorandum of Understanding (MoU) in New Delhi for cooperation in development of Trigeneration projects in India.


Result Impact | Aurobindo Pharma gains nearly 4%

>> The company reported a 32 per cent jump in profit before tax (PBT) at Rs 1,077.51 crore for the quarter ended March 31, 2020 as compared to Rs 816.34 in the corresponding quarter of the previous year on the back of increased revenue fuelled by formulations business growth across geographies.

Result Impact | BPCL slips 1%

>> Hit by a loss of inventory, state-run Bharat Petroleum Corporation (BPCL) reported a pre-tax loss of Rs 2,958.91 crore for the quarter ended March 31. During the same period last year, the state refiner had reported a profit.


HDFC Life surges 4% post block deal


Sectoral trends on NSE at open


Sensex Heatmap at Open


FIRST TRADE | Nifty above 10,050 level


FIRST TRADE | Sensex opens flat


Stocks to watch: BPCL, HDFC Life, DLF, Aurobindo Pharma, RIL, SRF, GAIL

Earnings today: A total of 15 companies including DLF, PI Industries, and SRF are scheduled to announce their March quarter results.
 
BPCL: Hit by a loss of inventory, state-run Bharat Petroleum Corporation (BPCL) reported a pre-tax loss of Rs 2,958.91 crore for the quarter ended March 31. During the same period last year, the state refiner had reported a profit.
 
HDFC Life: Standard Life is set to sell 4 crore shares of the company via block trades in the offer price range of Rs 490 and Rs 501 a share. READ MORE


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


Nifty holds 10,000-mark in pre-open


Sensex settles mildly lower in pre-open


IT stocks: Investors should wait till clarity on growth, margin emerges

Stocks of IT majors, which were severely hit by weak investor sentiment after the Covid outbreak, have bounced back sharply from their March lows. TCS, Infosys, HCL Tech, and Wipro have seen their shares gain 25-36 per cent since March 23. Tech Mahindra (TechM) has risen 13 per cent, on account of a relatively poor showing in the March quarter (Q4). With this, most of the top IT stocks are now trading above, or at par, with their respective historical 1-year forward valuation mean. READ MORE


RIL rights issue subscribed 1.6 times on attractive discount to CMP

Market players said the strong demand underscored investors’ faith in the long-term prospects of the firm, which is trying to diversify from the oil and gas business to new-age digital businesses. The interest was also driven by the attractive discount between the rights issue price and current market price of RIL shares. The stock closed at Rs 1,542 on Wednesday, a premium of 23 per cent to the rights issue price of Rs 1,257. READ MORE

Gold price today: Rs 46,845 per 10 gm; silver at Rs 48,295 per kg

Gold price on Wednesday fell from Rs 47,075 to Rs 46,845 per 10 gram, while silver slipped from Rs 49,540 to Rs 48,295 per kilogram, according to India Bullion and Jewellers Association (IBJA).
 
The gold jewellery prices vary across India — the second largest consumer of the metal — due to excise duty, state taxes and making charges. READ MORE

Weakness in Nifty only if it breaks 10k: Gaurav Garg of CapitalVia

Indices rallied for sixth consecutive day; Nifty closed above 10,000
 
Market traded with positive sentiments, but the Nifty witnessed sharp profit booking in the last half an hour of the session. The index managed to close above 10,000 mark which is an important psychological level. Nifty managed to close at 10,061.50, adding 82.40 points. PSU banks, financial services, and realty closed on a positive note, but IT and metal stocks closed in the red. Nifty bank closed at 20,940.70, adding 410.50 points from the previous day’s closing. READ MORE

NEWS ALERT :: ECB prepares more aid for virus-stricken euro zone, reports Reuters

>> The European Central Bank is certain to give the ailing euro zone economy another shot in the arm and the only question is the timing, with arguments split between a move on Thursday and holding out until July

>> The ECB has made it clear it will do its part and the severity of the recession argues for earlier action. But a still-elusive political deal on European Union-wide fiscal support strengthens the case for patience.

>> Interest rates are almost certain to stay unchanged as the ECB’s minus 0.5% deposit rate is already at a record low and many policymakers feel further moves would be counterproductive.

NEWS ALERT :: Australia April retail sales post record slump, down 17.7%

>>  Australian retail sales suffered a historic plunge in April when much of the country was locked down to combat the coronavirus.

>> Retail sales slumped a seasonally adjusted 17.7% in April, their biggest on record, from an 8.5% jump in March, data from the Australian Bureau of Statistics (ABS) showed on Thursday.

>> Analysts are predicting Australia’s gross domestic product (GDP) could fall roughly 8% in the current quarter, with the dive in April retail sales alone subtracting 2.1 percentage point off GDP. That would leave the economy facing its first recession in nearly three decades following the 0.3% contraction last quarter.

(Via Reuters)



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 check

>> Just a day before the proposed Opec+ gathering on Thursday, Saudi Arabia and Russia agreed among themselves on a one-month extension to production cuts, S&P Global Platts reported on Wednesday.

>> At 8:18 am, Brent Crude futures were at $39.33 per barrel-mark, down 1.16 per cent.

SGX Nifty update

>> At 8:16 am, the index was at 10,064.50 level, down 20.50 points or 0.20 per cent.

Asian stocks set to extend gains as stimulus fans recovery hopes

Source: Reuters


Wall Street closes sharply higher on signs of economic rebound

Source: Reuters


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