Sensex ends 97 pts lower amid geopolitical tensions, rise in Covid-19 cases

The broader Nifty50 index slipped below 9,900 levels to end at 9,881, down 33 points or 0.33 per cent.
Indian equity markets ended Wednesday's volatile session with slight cuts as investors remained cautious amid geo-political tensions between India and China at the Ladakh border.

Further, a steady rise in Covid-19 cases, both in India and globally, also dented investor sentiment. READ MORE

The S&P BSE Sensex slipped 97 points or 0.29 per cent to settle at 33,508 points. The index shot up to 33,934 and fell as much as 33,333 intra-day in wild swings. Auto major Maruti Suzuki India (up over 4 per cent) ended as the top gainer on the index. Bharti Airtel, Axis Bank, and IndusInd Bank were next on the gainers' list. 

On the downside, HDFC, M&M, ITC, and Power Grid slipped up to 2 per cent. 

NSE's Nifty50 index slipped below 9,900 levels to end at 9,881, down 33 points or 0.33 per cent. The index hit a high of 10,003 intra-day. 

The trend among Nifty sectoral indices was mixed, with Nifty Financial Services index, down 0.8 per cent, bleeding the most. On the other hand, Nifty Auto and Nifty Media indices ended 0.8 and 1.7 per cent higher, respectively. 

The broader market fared better than the benchmarks. The S&P BSE MidCap and SmallCap indexes were up 0.3 per cent and 0.7 per cent, respectively.

Global markets

Europe’s shares added to their best gains in almost a month as safety plays lost their lustre on Wednesday, with hopes of a rapid economic recovery standing firm against a resurgence of global coronavirus cases.

In Asia, Japan’s Nikkei eased 0.5 per cent, after jumping almost 5 per cent on Tuesday for its biggest daily gain in three months. Chinese blue chips recovered from an early dip to finish steady. 

In the overnight trade, the Dow ended Tuesday up 2.04 per cent, while the S&P 500 gained 1.90 per cent and the Nasdaq 1.75 per cent.

In commodities, oil prices declined on Wednesday as data showed an increase in US crude and fuel inventories. Brent crude futures were down 29 cents, or 0.7 per cent, at $40.67 a barrel at the time of writing of this report, and US West Texas Intermediate (WTI) futures fell 43 cents, or 1.1 per cent, to $37.95 a barrel. 

(With inputs from Reuters)


4:05 PM IST "After another day of indecisive trades, brought by the threat of escalation in the border dispute with China, Indian benchmark indices ended slightly negative. The losses were mainly due to financial stocks. The major sectoral gainer was the Auto sector, led by gains in Maruti. FIIs have also been net sellers in equity this week which have impacted the markets. Volatility to remain."

3:44 PM IST

3:42 PM IST

3:37 PM IST The S&P BSE Sensex slipped 97 points or 0.29 per cent to end at 33,507.92 while NSE's Nifty ended at 9,881, down 33 points or 0.33 per cent. 

3:22 PM IST Coromandel International hit a new high of Rs 720, up 6.2 per cent on the BSE today, surpassing its previous high of Rs 700 recorded on May 27, 2020. The fertilisers and crop protection products manufacturer reported a 91.9 per cent jump in profit before tax (PBT) at Rs 314.16 crore for the quarter ended March 31, 2020 (Q4FY20) as compared to Rs 163.71 crore in the corresponding quarter of the previous year. READ MORE

3:15 PM IST

3:04 PM IST >> At over 500 mn, India has the second largest number of internet users in the world, driven by affordable smartphones and the lowest 4G data tariffs globally. This deep penetration of internet has also led to wide adoption of online learning tools. The COVID-19 pandemic and closure of schools has further accelerated the adoption of virtual classrooms and digitally enabled learning. >> It is estimated that in India Edtech will become a USD 2 bn plus industry by 2021. (Via BSE filing)  

2:55 PM IST

2:49 PM IST

2:45 PM IST

2:44 PM IST -- Revenue up 75 per cent YoY to Rs 1,494 crore -- Ebitda up 59.2 per cent YoY to Rs 186.4 crore -- Ebitda margin contracts 120 bps to 12.5 per cent

2:36 PM IST The apex court asked the Central government and Reserve Bank of India to review the matter and slated it for further hearing in the first week of August. Indian Banks Association (IBA) to see if new guidelines can be brought in force for moratorium issue, the top court said.   Solicitor General Tushar Mehta, during the hearing today, said that the banks have to pay interest to depositors, and therefore waiving of interest is not easy. READ MORE

LIVE UPDATES

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

"After another day of indecisive trades, brought by the threat of escalation in the border dispute with China, Indian benchmark indices ended slightly negative. The losses were mainly due to financial stocks. The major sectoral gainer was the Auto sector, led by gains in Maruti. FIIs have also been net sellers in equity this week which have impacted the markets. Volatility to remain."

SECTOR WATCH:: Auto, media stocks gain


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


CLOSING BELL

The S&P BSE Sensex slipped 97 points or 0.29 per cent to end at 33,507.92 while NSE's Nifty ended at 9,881, down 33 points or 0.33 per cent. 

Coromandel Int'l surges 6%, hits record high; EID Parry nears 52-week high

Coromandel International hit a new high of Rs 720, up 6.2 per cent on the BSE today, surpassing its previous high of Rs 700 recorded on May 27, 2020. The fertilisers and crop protection products manufacturer reported a 91.9 per cent jump in profit before tax (PBT) at Rs 314.16 crore for the quarter ended March 31, 2020 (Q4FY20) as compared to Rs 163.71 crore in the corresponding quarter of the previous year. READ MORE

MARKET UPDATE:: ITC slips over 2% in the trade


NEWS ALERT :: Bharti Airtel acquires strategic stake in Edtech startup Lattu Media

>> At over 500 mn, India has the second largest number of internet users in the world, driven by affordable smartphones and the lowest 4G data tariffs globally. This deep penetration of internet has also led to wide adoption of online learning tools. The COVID-19 pandemic and closure of schools has further accelerated the adoption of virtual classrooms and digitally enabled learning.

>> It is estimated that in India Edtech will become a USD 2 bn plus industry by 2021.

(Via BSE filing)
 

Stocks that are dragging the market lower


MARKET CHECK:: Sensex back in the red


BUZZING STOCK:: Wipro gains over 2%


MARCH QUARTER RESULTS | Triveni Engineering posts 72.6% YoY rise in profit to Rs 137.6 crore

-- Revenue up 75 per cent YoY to Rs 1,494 crore

-- Ebitda up 59.2 per cent YoY to Rs 186.4 crore

-- Ebitda margin contracts 120 bps to 12.5 per cent

'No merit in charging interest on interest' for deferred loan payments: SC

The apex court asked the Central government and Reserve Bank of India to review the matter and slated it for further hearing in the first week of August. Indian Banks Association (IBA) to see if new guidelines can be brought in force for moratorium issue, the top court said.
 
Solicitor General Tushar Mehta, during the hearing today, said that the banks have to pay interest to depositors, and therefore waiving of interest is not easy. READ MORE

Tata Communications: Surge in traffic, digitisation trends to power revenue

The Tata Communications (Tata Comm) stock was up 8 per cent in trade on Tuesday after the company reported better-than-expected performance in the March quarter. Management commentary on achieving double digit growth for the data business on a consistent basis also boosted sentiment. READ MORE

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


ALERT :: Dow Jones Futures climb 300 pts


Rupee Closing

Rupee ends higher at 76.15 per US dollar vs Tuesday's close of 76.21/$

Maruti Suzuki India rises 5%, records sharpest gain in 5 weeks

Shares of Maruti Suzuki India rallied 5.5 per cent to Rs 5,798 on the BSE on Wednesday, recording its sharpest intra-day gain in the past five weeks. Earlier, on May 13, the stock of automobiles major had surged 7.5 per cent during the intra-day trade. The country's largest carmaker has partnered with IndusInd Bank and Karur Vysa Bank for vehicle financing to help spur sales after the resumption of operations following lockdown relaxations. READ MORE

Vodafone Idea: In Google's playstore?

Mukesh Ambani dreamt big and by attracting massive global capital, Reliance Jio has demonstrated how the power of the masses can be used to modernise and monetise, irrespective of business cycles.
 
As Amit Shah recently articulated, the current thrust of the government in promoting Atmanirbhar Bharat too rests on the basic premise of exploiting India’s demographic advantage by providing market access to spur a consumption boom and consequently an economic recovery.  READ MORE

BROKERAGE VIEW:: Motilal Oswal Financial Services on Ashoka Buildcon

RATING: BUY | TARGET PRICE: Rs 98

We raise our FY21/FY22E EBITDA estimates by 3%/11%. Standalone EPS estimate revision looks higher at 32%/36% owing to better-than-expected balance sheet improvement. Maintain Buy with revised TP of INR 98 (prior: INR 92) as we factor in lower toll collection in the BOT portfolio.

Domestic growth remains a highlight in IPCA Laboratories' Q4 show

Analysts at ICICI Securities had pegged export formulations to grow 43 per cent to Rs 362 crore, however, actual growth came at 11.4 per cent to Rs 282.47 crore. The same was compensated by 21 per cent growth in Indian formulations income (Rs.430.96 crore) while analysts expected the same to come at 18 per cent. The revenues thereby fell only slightly short of Rs 1,077 crore consensus estimates and operating profits grew 30 per cent year-on-year led by superior product mix. However, it was the impairment of intangible assets of Rs. 27.64 crore of a US subsidiary that led net profits at Rs 83.05 crore decline 14 per cent year-on-year. The depreciation and amortisation expenses surged 43 per cent and hence, even adjusted for the impairment net profits were lower than consensus analyst estimates of Rs 149 crore. READ MORE

NEWS ALERT:: PM to hold all-party meeting on June 19 to discuss India-China border situation

BROKERAGE VIEW:: Emkay Global Financial Services on Shoppers Stop

RATING: HOLD | TARGET PRICE: Rs 225
  • Revenue declined ~10% YoY, in line with estimates, due to temporary store closures in Mar’20. While the company saw 2.4% LTL growth in the Jan-Feb’20 period, but saw an overall decline of 16% LTL in Q4 revenues. FY20 revenues declined ~3% YoY.
     
  • Comp. EBITDA loss at Rs170mn was disappointing due to higher costs. In FY20, margins fell ~200bps YoY to 5.3%. SHOP expects successful rental negotiations (already achieved in ~56% of stores) and significant cost rationalization to help margins in FY21E.
     
  • Store additions would be curtailed in FY21, with capex indications of Rs0.5bn (vs. Rs2.1bn in FY20). In addition, it indicated closure of unprofitable stores to improve profitability and highlighted adequate liquidity to continue business operations in FY21.
     
  • FY21E would see a significant decline in revenues and erosion in profitability. We await recovery trends and initiatives to get comfort on the long-term growth outlook. We maintain Hold, with a TP of Rs 225, valuing it at 10x FY22E EBITDA.

MARKET UPDATE :: Sensex at day's high, up 250 pts


SECTOR WATCH:: Private banks trade higher in a volatile market

OMPANY NAME LATEST HIGH LOW CHG(%)
IDFC FIRST BANK 25.35 25.45 24.40 1.81
INDUSIND BANK 498.60 499.70 465.70 3.69
RBL BANK 164.45 166.25 157.30 1.98
AXIS BANK 395.75 398.20 375.85 3.75
Click here for the full list

Sustainability of ongoing rally doubtful, recovery next year: HSBC survey

Emerging markets (EMs) have rallied sharply over the past one month with the MSCI EM index gaining as much as 15 per cent since May 18. However, doubts are beginning to creep in over the sustainability of the ongoing bull run. According to HSBC’s inaugural Emerging Markets Sentiment Survey for June 2020 quarter, about three quarters of the 213 investors surveyed are neutral to bearish on EM prospects over the next three months despite a substantial rally until recently. More investors expect the world economy to recover from the Covid-19 shock in 2021, rather than second half of 2020. READ MORE

MARKET UPDATE:: Titagarh Wagons hits 5% upper circuit

The company has entered into an exclusive cooperation agreement with ABB

Europe opens higher

(Source: Reuters)


Limited visibility may hurt ABB, Siemens more than Thermax or Cummins

Shares of ABB and Siemens are down 37-44 per cent from their January highs. Thermax and Cummins, too, have lost 35-41 per cent during this period.
 
However, the relatively lower order book/revenue ratio means that ABB and Siemens could face more heat, if the economic slowdown prolongs. READ MORE

NEWS ALERT :: SC seeks 'National Plan' from Centre on Covid-19

>> Agrees to hear PIL seeking transfer of funds from PM-Cares to National Disatser Response Fund

>> Seeks response within 2 weeks

RIL-owned firms rally; TV18 Broadcast, Network18 soar over 60% in a month

Hathway Bhawani Cabletel & Datacom, TV18 Broadcast, Network18 Media & Investments, Den Networks and Hathway Cable & Datacom were all up in the range of 46 per cent to 98 per cent on the BSE in the past one month. Reliance Industrial Infrastructure and RIL were up 12 per cent and 11 per cent. In comparison, the benchmark S&P BSE Sensex was up 8 per cent during the same period. READ MORE

MARKET UPDATE :: Sharp upmove in cement stocks

COMPANY NAME LATEST HIGH LOW CHG
(rs)
CHG(%) VALUE
(rs CR)
VOLUME
INDIA CEMENTS 134.00 139.30 128.65 8.00 6.35 15.39 1148183
SANGHI INDUSTRIE 24.05 24.05 19.45 4.00 19.95 1.26 524326
ORIENT CEMENT 68.85 72.20 59.15 7.95 13.05 3.02 438040
SH. DIGVIJAY CEM 47.75 48.50 42.55 5.30 12.49 2.05 429546
UDAIPUR CEMENT 10.50 10.50 9.45 0.92 9.60 0.23 218444
GUJ. SIDHEE CEM. 32.20 32.20 26.00 5.35 19.93 0.67 206752

Global fund managers cautious on equities; geopolitics, Covid-19 key risks

Global fund managers remain cautious on equity as an asset class despite the sharp recovery in frontline major indices across the globe, with those at BofA Securities terming the up move as a ‘bear market rally.’ While those at HSBC doubt whether the recent rally will sustain, analysts at Morgan Stanley say geopolitics and Covid-19 infections remain key risks. READ MORE

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


Interest Waiver Case | SC defers hearing to first week of August

>> Asks Centre, RBI to revisit the issue of moratorium

Interest Waiver Case | Indian Banks Association, SBI bat against “across the board” waiver of interest

>> IBA, SBI argue that the situation is evolving, SC should defer hearing in this case for 3 months.

Interest Waiver Case | SC asks Centre to clarify if Banks can charge interest on deferred interest.

>> SC observes that the issue can’t be left to the banks, borrowers.

Interest Waiver Case | SC observes, people haven’t opted for moratorium because they know they are not getting any benefits

>> Govt can intervene, can’t say the issue is between banks and borrowers. 
 
>> Govt has to make benefits of the moratorium available to the people. 

(As reported by CNBC TV18)
 

Interest Waiver Case | Waiver can’t be issued like a free gift; 90% customers have not sought moratorium: SBI to SC


Interest Waiver Case | SC observes, we see no merit in charging interest on interest.

>> Once you fix a moratorium it should serve the desired purpose. 

>> Govt can’t leave everything to banks, can consider intervening on the issue

Interest Waiver Case | Banks say plea seeking interest waiver is “premature”

>> Need to see what is on the other side of the tunnel, critical sectors such as Agri might need support.

>> We will consider payment deferrals on a case to case, sector to sector basis

(As reported by CNBC TV18)

Nifty Bank index trades in the green; Axis Bank up 2%


Interest Waiver Case | Not advisable, feasible to waive interest for 6 months, Centre tells SC

>> Banks have to issue interest to depositors parking their savings

>> Interest waiver would put to risk financial stability of the banking system.

>> Waiver of interest will hurt the interests of depositors

(As reported by CNBC TV18)

BUZZING STOCK:: Cholamandalam Investment rises 5% in an otherwise weak market


Traders advise caution as retail activity in F&O segment picks up

For instance, the Nifty put option — with a strike price of Rs 9,900 — saw its premium touch the day’s high of Rs 246, before seeing an erosion of 54 per cent from these levels. “Such moves led to capital erosion for investors who had taken large positions on the put side,” he added. An executive of a leading brokerage and financial services firm said retail investors should enter the F&O segment only with money they can afford to lose. “At any point of time, investors should not have more than 5-10 per cent of their portfolio exposed to F&O,” he said. READ MORE

NEWS ALERT :: Sebi allows promoters preferential allotment up to 10% Vs 5%

>> Relaxes preferential allotment norms for promoters till Mar 2021

>> Relaxes voluntary open offer norms, removes timeline restrictions

>> Relaxes restrictions on voluntary open offer if shares purchased within 52 weeks

(As reported by CNBC TV18) 

Adani Green Energy gains for 10th straight day, zooms 209% in 3 months

On June 9, 2020, Adani Green Energy said that it had bagged “the world’s largest solar tender” from the Union government to construct an 8-gigawatt (Gw) photovoltaic power plant and set up a 2 GW solar cell and module manufacturing capacity in five years. This would entail an investment of Rs 45,000 crore at a time when companies in almost all sectors are looking to cut down capital expenditure. READ MORE

Navin Flourine surges 6% on Q4 earnings, update on Covid-19 impact

It posted a 52 per cent YoY growth in its Speciality Business revenues to Rs 104 crore on the back of strong performance in domestic and export markets driven by higher volumes. CRAMS Business revenues grew at 26 per cent YoY to Rs 54 crore on successful commissioning and operations of cGMP-3 plant, and strong order book position. READ MORE

NEWS ALERT :: Maruti Suzuki partners with Karur Vysya Bank to offer financial schemes to customers


Globus Spirits locked at 10% upper circuit


India Cements gains over 10%, nears 52-wk high; jumps 95% so far in CY 2020

As per reports, Radhakishan Damani, the promoter of Avenue Supermarts, that runs the supermarket chain D-Mart, is considering acquiring a controlling stake in India Cements. The report says that Damani has formally reached out to N Srinivasan to explore a takeover.
 
As per shareholding pattern data for the March quarter, Radhakishan Damani along with Gopikishan Damani hold around 20 per cent stake in the company READ MORE

MARKET UPDATE :: Sensex stages recovery, up 100 pts now


STOCK ALERT :: Coromandel International hits record high


Rupee Opening

Rupee opens unchanged at 76.21 per US dollar vs previous close

Kaveri Seed hits 52-week high, surges 58% in 13 days on strong Q4 results

In the first 13 trading sessions of this month, Kaveri Seed Company has surged 58 per cent after it reported a strong operational performance for the quarter ended March 2020 (Q4FY20).
 
The company reported Ebitda (earnings before interest, taxes, depreciation, and amortisation) of Rs 18.31 crore in Q4FY20, as against loss of Rs 2.79 crore in Q4FY19. Ebitda margins (excluding other income) stood at 29.01 per cent, compared to negative 5.23 per cent in the year-ago quarter. READ MORE

Most active stocks by volume

COMPANY PRICE(rs) CHG(%)
VODAFONE IDEA 9.63 -1.33
RELIANCE POWER 2.95 4.24
DISH TV INDIA 7.98 5.00
FUTURE CONSUMER 13.38 4.94
SUPREME INDS. 1113.40 2.28
» More on Most Active Volume

Maruti Suzuki India top Sensex gainer, recovers 3% from opening lows


Global fund managers cautious on equities; geopolitics, Covid-19 key risks

A record 78 per cent of investors surveyed by BofA Securities believe markets are most ‘overvalued’ since 1998. Just 18 per cent among those surveyed expect V-shaped recovery in the economy and markets versus 64 per cent expecting U- or W-shaped recovery. “37 per cent now say it's a bull market, 53 per cent majority still say it's a bear market rally,” BofA Securities said in its fund manager survey for June. The biggest tail risk, according to the survey, remains a second wave Covid-19 infections. READ MORE

MARKET CHECK :: Sensex recovers from day's low, trades flat


Pharma shares gain in weak mkt; Nifty Pharma index up 0.66%


NMDC rises 1%

>> Mining major NMDC's profit before tax (PBT) dropped by 33 per cent to Rs 1,482 crore during the fourth quarter ended March 31, 2020, from Rs 2,197 crore, a year ago. Profit after tax (PAT) dropped by 76 per cent to Rs 351 crore from Rs 1,454 crore, compared to the same period last year.


Result Impact | Navin Fluorine gains 4%

>> Net profit of the company rose 675.13 per cent to Rs 272.69 crore in the quarter ended March 2020 as against Rs 35.18 crore in the year-ago period. Sales rose 9.50 per cent to Rs 276.57 crore.


HCL Tech trades in the red


HDFC AMC slides 3% as promoters to offload stake

Standard Life Investments, one of the promoters in HDFC Asset Management Company (AMC), is looking to offload upto 2.82 per cent stake in the company through offer for sale (OFS), which will be open on Wednesday and Thursday.


Result Impact | HPCL trades nearly a per cent up


Sectoral trends on NSE at Open


Sensex Heatmap at Open


Opening Bell


Opening Bell


BROKERAGE VIEW :: Motilal Oswal Financial Services on Axis Bank

Maintains 'Buy', Target price: Rs 560

We expect loan growth to moderate on account of the weak environment, weighed down by the COVID-19 outbreak. Moreover, the BB & below pool is likely to increase further, which coupled with the high share of loans under moratorium, should drive elevated slippages over FY21E. As a prudent measure, the bank has made additional provisions of INR30b toward COVID-19 related stress and has total contingent provisions of INR59.8b. Nevertheless, we believe more provisions are needed with credit cost remaining elevated at 2.4% in FY21E. We include Max Life’s valuation in our SOTP, which increases the contribution of subsidiaries in the overall SOTP to ~11%. Maintain Buy with a revised target price of INR560 (1.5x FY22E ABV).

BROKERAGE VIEW :: Motilal Oswal Financial Services on Motherson Sumi

Maintains 'Buy', Target price: Rs 117

We believe the proposed structure would create two listed entities: a) the India Wiring Harness business and b) global businesses + other Indian businesses, which
would drive better value discovery in the global businesses and give minority shareholders the option to invest in either or both of the businesses. Our positive view on MSS remains intact (stabilization of greenfield plant + execution of strong order book of SMRPBV + India recovery), although the COVID-19 impact would delay the realization of these benefits. Maintain Buy, with TP of ~INR117 (Jun’22 SOTP).

BROKERAGE VIEW :: Motilal Oswal Financial Services on M&M

Maintains 'Buy', Target price: Rs 585

M&M is witnessing a generational shift – both in the core business (led by agrireforms) and in leadership. While M&M would see faster recovery than its auto peers led by higher rural exposure, the company enjoys robust positioning in 2 of its 3 core businesses, resulting in strong profitability. We believe M&M’s valuations reflect the challenges of the Passenger UV business as well as lack of major changes on the capital allocation policy. Any positive surprises in the SUV business, positive evolution of the Ford India JV or correction of capital allocation by the new CEO should act as re-rating triggers. The stock trades at 11.7x FY22E core EPS and 1.2x core P/B, which is at 26%/39% discount to 5-year average. Maintain Buy with TP of ~INR585 (Jun’22E based SOTP).

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


Markets at Pre-open


Markets at Pre-open


FUEL PRICE UPDATE

Stocks to watch: HPCL, HDFC AMC, HCL Tech

HPCL: Hindustan Petroleum Corporation (HPCL) posted a consolidated loss before tax of Rs 2,653 crore for the fourth quarter of financial year 2019-20 compared to Rs 5,067 crore profit (before tax) during the same period in the previous year. This is because of inventory losses and exchange rate fluctuations.
 
HDFC AMC: Standard Life Investments, one of the promoters in HDFC Asset Management Company (AMC), is looking to offload upto 2.82 per cent stake in the company through offer for sale (OFS), which will be open on Wednesday and Thursday. READ MORE

Gold prices jump to Rs 47, 540 per 10 gram; silver at Rs 47,870 per kg

Gold price jumped to Rs 47,540 from Rs 47,314 per 10 gram, while silver went up to Rs 47,870 from Rs 47,545 per kilogram on Wednesday, according to the Indian Bullion and Jewellers Association.
 
The prices of gold jewellery vary across India, which is the second-largest consumer of the metal, due to excise duty, state taxes, and making charges. READ MORE

NEWS ALERT :: Asian Infra Investment Bank approves loan worth $750 mn to India for Covid-19

>> The Asian Infrastructure Investment Bank (AIIB) has approved a USD750-million loan to India to assist the government to strengthen its response to the adverse impacts of the COVID-19 pandemic on millions of poor and vulnerable households.

>> AIIB’s total sovereign loans to India that have already been approved amount to USD3.06 billion, including a recent USD500 million Covid-19 emergency response. The current loan will be the second for India under AIIB’s COVID-19 Crisis Recovery Facility (CRF), which was created as part of the coordinated international response to counter the pandemic, to support AIIB members’ urgent economic, financial, and public health needs and quick recovery from the crisis.

(Source: Official statement)

Stock ideas by HDFC Securities

BUY ICICI LOMBARD GENERAL INSURANCE (Rs 1,379): | Target: Rs.1,480 | Stop-loss: Rs 1,320
 
The primary trend of the stock is bullish with higher tops and higher bottoms on the daily charts. Short-term moving averages are trading above medium to long-term moving averages. The stock has surpassed its 200 DMA resistance recently. Indicators and oscillators have been showing strength on the daily and weekly charts. READ MORE

Bulk deals on NSE as on Tuesday

Bulk deals on BSE as on Tuesday

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


Rupee check

Source: Bloomberg


Oil falls on rise in US crude stocks, virus resurgence fears

>> Oil prices retreated on Wednesday, weighed down by an increase in US crude inventories and worries about a potential second wave of the coronavirus pandemic.

>> Brent crude LCOc1 futures were down 40 cents, or 1.0%, at $40.56 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 59 cents, or 1.5%, to $37.79 a barrel.

(Source: Reuters)

SGX Nifty hints at lower opening

>> At 8:19 am, the index was at 9,837 level, down 67 points or 0.68 per cent.

Asia stocks given pause by virus surge, geopolitics

Source: Reuters


Wall Street closes higher on signs of economic recovery

Source: Reuters


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