MARKET WRAP: Sensex slips 536 pts, Nifty ends at 9,154; financials decline

Topics Markets | Coronavirus | MindTree

In the broader market, the S&P BSE MidCap index fell 1.77 per cent to 11,464.
The domestic equity market ended in the red on Friday amid weak global cues. The decision of Franklin Templeton Mutual Fund (MF) yesterday to wind up six of its debt schemes also eroded sentiment. READ MORE

The Association of Mutual Funds of India (AMFI) assured investors that majority of Fixed Income Mutual Funds AUM is invested in superior credit quality securities and schemes have appropriate liquidity to ensure normal operations and hence, investors should remain invested in Mutual Funds to create wealth over the long term.

The S&P BSE Sensex ended 536 points or 1.7 per cent lower at 31,327.22 levels while the NSE's Nifty ended at 9,154.40, down 159.5 points or 1.7 per cent. 

Among individual stocks, Bajaj Finance (down 9 per cent) and IndusInd Bank (down over 6.5 per cent) were the top Sensex laggards. HDFC slipped 5 per cent and HDFC Bank ended nearly 2 per cent lower. On the other hand, Reliance Industries (up over 3 per cent) was the lead gainer.

Secorally, barring Nifty Pharma, all the other indices on the NSE ended in the red. Nifty Bank slipped 3.36 per cent to 19,587 levels while Nifty PSU Bank index declined around 4 per cent to 1,263. Nifty Financial Services index declined nearly 4 per cent to 9,432 levels. 

In the broader market, the S&P BSE MidCap index fell 1.77 per cent to 11,464 while the S&P BSE SmallCap index ended at 10,634, down 151.5 points or 1.4 per cent. 

Global Markets

Asian shares and US stock futures fell on Friday, spurred by doubts about progress in the development of drugs to treat COVID-19 and new evidence of US economic damage caused by the coronavirus pandemic.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.4 per cent. US stock futures, the S&P 500 e-minis, were down 0.56 per cent.

Shares in China, where the coronavirus first emerged late last year, fell 0.79 per cent.

Euro Stoxx 50 futures were down 2.23 per cent, German DAX futures slipped 2.19 per cent and FTSE futures fell 1.36 per cent.

In commodities, oil prices fell and headed for their third weekly loss running as production shutdowns failed to keep pace with sliding demand due to the coronavirus crisis.

Brent crude was down 73 cents, or 3.42 per cent, at $20.60 at the time of writing of this report, after hitting a session high of $22.70/bl earlier and jumping 5 per cent on Thursday. US oil fell by 84 cents, or 5.09 per cent, to $15.66 a barrel, having surged 20 per cent in the previous session.

(With inputs from Reuters)


MARKET COMMENT | S Ranganathan, Head of Research at LKP Securities

"Market shaved off today as winding up of a few debt schemes by a large fund house in India added to the selling pressure witnessed in Banks and NBFC stocks. Reliance and a few Pharma names were the only saving grace in today's trade. Investors should have a clear asset allocation strategy to navigate the present volatility created by the Pandemic."

SECTOR WATCH | Here's how sectoral indices on NSE performed today

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


The S&P BSE Sensex ended at 31,327, down 536 points or 1.7 per cent while Nifty lost 160 points or 1.71 per cent to settle at 9,154.40 levels.


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


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

Weak economic outlook to give small finance banks more time to get listed

“This dispensation may only be a one-time leeway as listing requirements according to licensing norms are unlikely to be modified,” said a source. The banking regulator mandates that SFBs must get listed within three years of their net worth reaching Rs 500 crore. READ MORE

Varun Beverages: Wait for clarity on lockdown, demand before investing

The 40-day lockdown and the expected delay in normalising business cycle will take a toll on the company’s top line in the June quarter. This crucial quarter contributes around 40 per cent of the company’s annual revenue. While the company will restart its operations after May 3, major concerns are prevail on the demand front. READ MORE

Bajaj Finance hits lowest level since May 2018; stock tanks 59% in 2 months

Historically, the April-June quarter (Q1) is the largest contributor to assets under management (AUM) growth for Bajaj Finance, with roughly 40 per cent contribution to the total AUM growth, which will be a wash-out quarter during FY21. Also, the Reserve Bank of India (RBI) moratorium poses a greater risk for Bajaj Finance by providing longer disruption in the financial discipline of low-income borrowers of the company. READ MORE

EXPERT VIEW | Wait for gold prices to fall till 38,000 to enter market: Anuj Gupta, DVP–Commodities & Currencies Research, Angel Broking

Last year around 33 to 35 tons of Gold was sold on the Akshaya Tritya. In the last two months, the import of gold in India has plunged more than 73% year on year basis. In the month of March 2020, India has just imported 25 tonnes of gold as against around 94 tonnes last year. This year, we are expecting no physical demand in Gold for many reasons like lockdown and higher prices. There are more options available to buy gold like Gold ETFs from an exchange, sovereign gold bond, and coins from the Banks. In 2019, on Akshaya Tritya, gold prices were trading at 31,500 levels and now it is trading around 46,500 levels. It gave almost 47% returns to Gold lovers. The gold trend is still positive on the back of uncertainty and lower global growth forecast.

We are expecting safe heaven demand always supports the gold prices. This time Gold is trading on higher levels (recently gold touched the lifetime high of 47,327 levels). Technically we recommend waiting for some correction till 38000 to 40000 to buy gold for the target of 50000 to 52000 in gold prices. In the international market, gold may test $1780 to $1800 levels. Closing above $1800 levels may lead this rally towards $1880 to $1950 levels.”

SECTOR WATCH:: Telecom stocks decline

VODAFONE IDEA 4.04 -6.70
BHARTI AIRTEL 490.50 -1.04
TEJAS NETWORKS 36.90 -4.90
» More

Before change in FDI rules, Chinese invested millions in Indian tech firms

Business Standard examined investments made in companies like Byju’s, Paytm, Zomato, Ola, Swiggy and Oyo — some of the so-called unicorns, or start-ups with valuation of over $1 billion — and found that the Chinese put big money for significant stakes in them between January and April 2020. This was a time when Indian and global firms were battling the immediate impact of the coronavirus pandemic. READ MORE

Is this a good time to invest in gold bonds? Yes, but do it wisely

With the Reserve Bank of India announcing Series-I of the sovereign gold bond (SGB) scheme for 2020-21, investors are wondering if this is a good time to invest in the yellow metal. After all, it has run up nearly 100 per cent in the past one year. Under the scheme, you can buy a minimum of 1 gm of gold at Rs 4,639 per gm, with Rs 50-discount on a purchase made online. READ MORE

Rupee Closing

Rupee ends 38 paise weaker at 76.45/$ vs Thursday's close of 76.07 per US dollar

STOCK ALERT :: Bajaj Finance slips below Rs 2000-mark

MARKET COMMENT | Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

"Any piece of bad news regarding coronavirus, rattles the risky assets including rupee and we see it breaching fresh record lows. All this while, investors were hoping on flattening coronavirus cases and progress of a vaccine, but now there are doubts in the development of drugs. This uncertainty will continue to fickle the forex market. In USD/INR spot 75.70-75.75 has been acting as a crucial support, and will remain the same, going ahead we may see prices breach 77-77.15 level."

MARKET VOICE | Shyam Sekhar

Indian economy can be rebooted and Covid-19 virus contained concurrently

The national lockdown due to the spread of the deadly Covid-19 virus — now a month has passed since March 25 — has crushed what was an already faltering Indian economy. The lockdown relaxations since April 20 are related to “movement of cargo, farming, fisheries, plantations, animal husbandry, manufacturing in special economic zones, coal, mineral and oil production and self-employed plumbers, carpenters, motor mechanics and electricians”. READ MORE

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

Ticket size hurdle for PMS investors looking for top-ups in falling market

"Expecting someone who had invested Rs 25 lakh in the earlier regime to up the investment amount to Rs 50 lakh in the current market environment is impractical," said Kamal Manocha, chief executive officer at PMS AIF World. "Sebi’s intent was that only those with a large corpus should invest in PMS schemes. Be that as it may, existing investors who are sitting on losses and want to take advantage of attractive valuations, should be given the leeway to do a top-up of smaller amounts for the next six months." READ MORE

Pharma shares rally; Alembic, Sun Pharma, Laurus Labs hit 52-wk highs

Alembic Pharma's consolidated profit before tax (PBT) more than doubled to Rs 298 crore in the January-March quarter (Q4FY20), on the back of healthy revenue. The drug maker had a PBT of Rs 139 crore during the same quarter in the previous fiscal. The company's total revenue during the quarter under review grew 30 per cent year-on-year at Rs 1,207 crore against Rs 927 crore in the corresponding quarter of previous year. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) margin expanded 900 basis points to 28 per cent from 19 per cent in the previous fiscal. READ MORE

EXPERT VIEW | Buy Gold ETF on Akshay Trithiya, says Pankaj Bobade, Head - Fundamental research, Axis Securities

"Gold is a hedge against uncertainty and a good investment vehicle, especially in the current scenario. With the COVID-19 pandemic bringing the world economy to a standstill and a possible contraction ahead, gold seems an attractive option. Moreover, as the Central Banks of developed nations have been on easing spree to fight the economic contraction, the fiat currencies are expected to face pressure in the near future. In such a scenario, gold is likely to emerge as a safe-haven asset. One should have a part of the portfolio invested in Gold ETF as an insurance against the possible volatilities expected in the global financial market. So, if this Akshay Trithia you are looking to buy gold, Gold ETF would be a good option from a long-term perspective"

World economy faces steepest contraction; recovery U-shaped: Economists

Many countries are under lockdowns to curb the spread of an outbreak in which more than 2.6 million people worldwide have been infected and over 180,000 have died, bringing global economic activity to a halt, particularly in the services industry.
Reuters polls of more than 500 economists who were surveyed over the past few weeks showed most major economies were in the midst of a severe economic downturn and their recoveries were predicted to be U-shaped. READ MORE

Personal finance tips to guide you through these unprecedented times

We all are witnessing difficult times. Fighting a faceless enemy in the form of a pandemic, working from home, practising social distancing, braving equity market volatility, facing bad debts and mismanagement across many finance companies and ultimately suffering job contraction, pay cuts, muted (if at all) increases and incentives. Amid all this, the good news is that ‘this too shall pass’. READ MORE

BROKERAGE VIEW:: Motilal Oswal Financial Services on Alembic Pharma

Given the high base of the US business in FY20, we expect compounded earnings to decline 5% over FY20–22. Moreover, we are yet to see consistency in the DF business’ performance following the implementation of this renewed strategy. Accordingly, we continue to value ALPM at 17x 12M forward earnings to arrive at a price target of Rs 705 (prior: Rs 642). Maintain Neutral on limited upside from current levels.

BROKERAGE VIEW:: JM Financial on asset management companies

HDFC AMC and NAM have declined sharply by 19% and 26% respectively CYTD on account of the sharp correction in equity markets arising from the rising spread of COVID-19. Both the NIFTY 50 and the broader NIFTY 500 have corrected by similar amounts - c.23% CYTD, and c.17% since the end of Feb-2020. While SIP inflows and overall net inflows into equity schemes have held up reasonably well (based on data as of Mar-end), equity MF AUMs for AMCs declined 23% MoM in March, as a result of the broad market correction. Equity MFs are the highest yielding products for AMCs, and any persistent weakness in equity markets will have a negative impact on both the profitability, and the equity AUM growth outlook for AMCs. We had downgraded HDFC AMC to SELL and NAM to HOLD in Nov-19, citing elevated valuations that do not acknowledge the inherent cyclicality of these businesses. We now revise our earnings estimates downwards by 19% / 22% for HDFC AMC and 32% / 33% for NAM for FY21E /22E. We now value HDFC AMC and NAM at 30 x and 28 x FY22E EPS, to arrive at our new TPs of Rs 1,980 and Rs 225 respectively, for HDFC AMC and NAM.

BROKERAGE VIEW:: ICICI Securities on Prestige Estates Projects

Rating | BUY | Target Price: Rs 176

We remain bullish on the company’s long-term prospects and believe that PEPL can clock rental income of over Rs9bn in FY22E (estimated EV of Rs 99bn) which acts as a cushion to consolidated net debt levels of Rs80bn. The company’s focus on affordable/mid-income housing projects in South India and expected recovery in hotel business in FY22E will enable the company to get its growth story back on track. We reiterate our BUY rating with a revised target price of Rs 250/share (earlier Rs363) as we factor in COVID impact across segments.

MARKET UPDATE:: Sensex off day's low

BROKERAGE VIEW:: ICICI Securities on Alembic Pharma

Rating | BUY | Target Price: Rs 699

We remain positive on the long-term outlook, considering the expectation of continued recovery in India, increased focus on complex and niche R&D for the US market, and track record of healthy return ratios. However, high base and commercialisation of new facilities would impact earnings growth in near-term. Maintain BUY.

BROKERAGE VIEW:: Edelweiss Securities on L&T

L&Ts rising focus for cash will prove its mettle yet again in difficult times as peers struggle. A P/BV at a 50% discount to GFC levels convinces us about the rare buying opportunity for long-term stakeholders. That L&T has outperformed benchmark in each recovery cycle is encouraging too. Besides, unlike for many businesses, we expect L&T’s core E&C business to sail steady. Retain ‘BUY/SO’ with an SoTP of Rs 1,180.

BROKERAGE VIEW:: Centrum Broking on IT sector

The top six Indian IT vendors (TWITCH) together have annual revenues of USD75bn for FY20E and are disproportionally higher than Midcap IT company revenues under our coverage Universe. The 14 midcaps in our coverage combined have annual revenue of USD9bn for FY20E (12% of Tier 1 IT vendor revenues). The EBIT margin differential in sector is also wide with TCS leading with 24.6% EBIT margin while Tech M operates at 12.1% EBIT margin for FY20E.While leaders in sector (TCS, Infosys) might show some reluctance in implementing this model at scale, challengers like Wipro and Tech M can seize this opportunity, Select Midcaps like Mindtree, Hexaware, Mphasis, Zensar can try implementing this model at scale to gain market share. Overall, we believe IT vendors can offer 20-30% lower rates in WFH models .

NEWS ALERT | Ice cream Manufacturing Association writes to Govt, seeking partial waiver of electricity costs: CNBC TV18

-- Association also seeks new soft term loans with relaxed repayment terms
-- Sale of ice-cream at 5% when lockdown started, now at 15%: Amul
-- Seeing demand for ice cream in large pack sizes: Amul
-- Seeing good traction for take-home category and sale via co-owned kiosks: Mother Dairy

-- Plan to roll out new products by May-end or early June : Mother Dairy

(as reported by CNBC TV18)

BUZZING STOCK | Strides Pharma jumps 11%

Reliance Industries gains over 4% in a weak market

Investors should stick to stocks of firms focused on domestic market

Several factors have contributed to this change in preference. Since pharma and health care are essential services, they are likely to see less disruption than others. “Banking and financial services, automobile, industrial, infrastructure, and information technology are expected to be affected. Pharma and health care, on the other hand, offer valuation comfort and earnings visibility,” says Aditya Khemka, fund manager, DSP Investment Managers. READ MORE

International passenger capacity for India reduced by 89% in April: UN

International passenger capacity for India reduced by 89 per cent so far this month due to the Covid-19 pandemic as compared to a business-as-usual scenario, according to the latest projections from the United Nations specialised agency for international civil aviation. The International Civil Aviation Organisation (ICAO) said that by September, the world could have 1.2 billion fewer international air travellers, compared to regular originally planned or business-as-usual. READ MORE

NEWS ALERT | L&T MD, CEO address top mgmt on impact of Covid-19 on operations: CNBC TV18

-- Group to resume work in phased manner

-- Projects in west Asia may face delays, deferments due to slump in oil

-- Some announced projects may defer and affect order inflow this year

Franklin Templeton crisis | Nilesh Shah, chairman, AMFI

Banking liquidity in excess of Rs 700,000 crore, Long Term Repo Operations ( LTRO ) conducted by the RBI , expectations of further rate cuts and Operation Twist by the RBI is likely to keep bond market liquid and normally  functioning in current challenging times

The Mutual Fund industry remains fully committed to investor interests and there is no need for them to panic and redeem their investments. The industry continues to remain robust like in 2008 sub-prime crisis or 2013 taper tantrum crisis

Franklin Templeton crisis | Comment by NS Venkatesh, Chief Executive, AMFI

“The Mutual Fund industry has seen many cycles and its professional fixed income fund managers have managed crises efficiently over the years. Investors continue to repose trust in the industry and over the last 5 years the Indian MF Industry AAUMs have doubled from Rs. 11.88 lakh crores as on March 31, 2015 to Rs. 24.70 lakh crores of AAUM as on March 31, 2020.”

Most credit risk funds have pretty good credit quality and sufficient liquidity in today’s challenging times and continue to remain an attractive investment option for investors, Mr Venkatesh said.

Franklin Templeton crisis | Investors should remain invested in Mutual Funds, advices AMFI

>> Says, majority of Fixed Income Mutual Funds AUM is invested in superior credit quality securities and schemes have appropriate liquidity to ensure normal operations.  

>> The AUMs of the six schemes constitute less than 1.4% of the Indian Mutual Fund Industry’s aggregate AUM as on March 31, 2020

Web Exclusive | Franklin Templeton crisis: Short-term bond market is in deep trouble

This end of the short-term debt market is now stuck in what could be termed a vicious circle. Debt funds are one major source of funding for Commercial Papers (CP) and Certificates of Deposit (CD) issued by corporates. Debt funds have been hit by very high redemption pressures. So, they are in no position to meet corporate demand for loans. READ MORE

Financials, AMCs under pressure; Bajaj Finance, HDFC AMC down over 5%

Shares of financials including banks, non-banking financial companies (NBFCs), housing finance companies, micro finance institutions, and assets management companies (AMCs) were under pressure, falling up to 10 per cent on the BSE after Franklin Mutual Fund (MF) shut 6 of its debt schemes over redemption pressure and liquidity crunch. READ MORE

AMFI on developments related to Franklin Templeton

-- There is a need to keep investor confidence intact: HDFC MF

-- Entire corpus of a credit risk fund doesn't comprise a weak paper: HDFC MF
-- Nothing has changed overnight as far as the market is concerned: SBI MF

(as told to CNBC TV18)

-- There is a need to keep investor confidence intact: HDFC MF

Franklin Templeton MF Con Call | We started seeing increasing issues w.r.t liquidity during lockdown

>> Don't expect bond market to return to normalcy anytime soon;
>> winding up schemes was the only way to combat current situation

Bharti Infratel jumps 4% after March quarter results, pares gains later

However, the stock failed to hold the gains and declined over 9.6 per cent from intra-day high to as low as Rs 156.90 on the BSE. At 10:30 AM, the stock was down 5.21 per cent at Rs 157.50 against 1.43 per cent decline in S&P BSE Sensex. Around 67 lakh shares have changed hands on the counter on the NSE and BSE combined so far. READ MORE

Result Today | Mindtree Q4 preview: Commentary on Travel biz, growth outlook for FY21 eyed

Centrum Broking expects Mindtree's US dollar revenues to grow 1 per cent quarter-on-quarter (QoQ) and 6 per cent year-on-year (YoY) at $278 million. In rupee terms, revenue is expected to grow 3.2 per cent QoQ and 10.3 per cent YoY at Rs 2,029 crore. Earnings before interest and tax (EBIT) is estimated at Rs 251.6 crore, up 6.4 per cent QoQ and 5.9 per cent YoY while EBIT margin is projected at 12.4 per cent, up 40 bps QoQ and down 50 bps on YoY basis. Net profit is expected to decline by 1.8 per cent YoY at Rs 194.8 crore. READ MORE

FPIs reduce stake in financial sector, the worst performer in March quarter

In HDFC Bank, Housing Development Finance Corporation (HDFC), ICICI Bank, State Bank of India (SBI), Axis Bank and Bandhan Bank, FPIs reduced their holdings in the range of 100 basis points (bps) to 300 bps during the quarter. In Jammu & Kashmir Bank, their stake was declined by 402 bps at 10.4 per cent at the end of March quarter. The 100 basis points is equivalent to 1 per cent. Bajaj Finance and IndusInd Bank have not disclosed their latest shareholding pattern data with the stock exchanges. READ MORE

Franklin MF concall | Will repay investors whenever possible, says management

>> RBI has taken several steps in the past; results are slowly visible

>> Need for positive sentiment in the market

>> Hope to return to normalcy soon

(Via CNBC Aawaz)

NEWS ALERT | L&T Construction wins orders in the range of Rs 1,000-2,500 crore: BSE filing

>> Railways Strategic Business Unit of LOT Construction's Transportation Infrastructure IC in consortium with M/s Kyosan Electric Manufacturing Co. Ltd., Japan has won a significant order in the form of 3 packages from the Dedicated Freight Corridor Corporation of India Limited (DFCCIL). 

Rupee Opening

>> Rupee opens weaker at 76.29/$ vs Thursday's close of 76.07 per US dollar

Alembic Pharma hits 52-wk high, rallies 20% in 3 days on robust Q4 numbers

The company's total revenue during the quarter under review grew 30 per cent year-on-year (YoY) at Rs 1,207 crore against Rs 927 crore in the corresponding quarter of previous year. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) during the quarter jumped 95 per cent to Rs 339 crore from Rs 174 crore in Q4FY19. Ebitda margin expanded 900 basis points to 28 per cent from 19 per cent in the previous fiscal. READ MORE

Mahindra CIE hits 5% lower circuit as March quarter profit slips over 86%

The auto components maker had posted a consolidated profit after tax of Rs 153.72 crore in the corresponding quarter of previous fiscal.
Consolidated revenue from operations in the first quarter stood at Rs 1,662.7 crore as compared with 2,174.39 crore in the year-ago period. READ MORE

Franklin MF concall | Liquidity crunch aggravated during lockdown, says management

>> Had no other option but to close MFs

>> No transaction to take place in the funds 

>> No management charges to be levied in future

>> Decision taken due to redemption pressure

(via CNBC Aawaz)

SECTOR WATCH:: Insurance stocks fall

ICICI PRU LIFE 350.90 -2.85
HDFC LIFE INSUR. 473.65 -2.98
SBI LIFE INSURAN 704.80 -1.49
Click here for the full list

Chris Wood rejigs India exposure; says lockdown disastrous for economy

As regards India, Wood remains concerned that the lockdown in the economy continues, which in turn, will impact the consumer lending cycle. “GREED & fear repeats the point that in countries such as India, with young demographics, such a lockdown causes more human suffering that Covid-19 itself. This continuing lockdown is, unfortunately, making it ever more inevitable that India will suffer a consumer lending cycle. There is also a growing risk of increased forbearance on local lenders, as there is for lenders everywhere,” he said. READ MORE

Nifty Private Bank index declines 3% in early deals

Result Impact | Bharti Infratel trades with marginal cut post Q4 nos

Future Retail jumps 5% in a weak market despite downgrade

>>  S&P Global Ratings on Wednesday lowered its preliminary long-term issuer credit rating on Future Retail and the preliminary long-term issue rating on the company’s $500-million senior secured notes to ‘CCC-’ from ‘B-’.

Ashok Leyland dips 2% in early deals

Hinduja Group flagship Ashok Leyland Ltd has acquired 15,796,406 shares of Rs 10 each constituting 3.36 per cent of the equity of its subsidiary Hinduja Leyland Finance Ltd for Rs 187.97 crore. The acquisition is part of the 6.99 per cent acquisition approved by the Board at the meeting held on March 21, 2020.

Sectoral trends on NSE at open | Banks, NBFCs slide

Sensex Heatmap at Open

FIRST TRADE | Nifty opens below 9,200-mark

FIRST TRADE | Sensex slips nearly 500 pts at open

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

Market at Pre-open

Market at Pre-open

Stocks to watch: Ashok Leyland, Axis Bank, Mindtree, Bharti Infratel, M&M

Ashok Leyland: Hinduja Group flagship Ashok Leyland Ltd has acquired 15,796,406 shares of Rs 10 each constituting 3.36 per cent of the equity of its subsidiary Hinduja Leyland Finance Ltd for Rs 187.97 crore. The acquisition is part of the 6.99 per cent acquisition approved by the Board at the meeting held on March 21, 2020.
Future Retail: S&P Global Ratings on Wednesday lowered its preliminary long-term issuer credit rating on Future Retail and the preliminary long-term issue rating on the company’s $500-million senior secured notes to ‘CCC-’ from ‘B-’. READ MORE

Franklin MF shuts 6 debt schemes over redemption pressure, liquidity crunch

According to industry sources, Franklin Templeton MF had over Rs 3,000 crore of borrowing.
“In the current environment, it has been difficult to generate liquidity, especially for credit papers, which are low on the credit curve,” said Sanjay Sapre, president at Franklin Templeton MF. READ MORE

Commodity outlook and recommendation by Tradebulls Sec

Gold spot price is above $1,700 and a close below $1,670 could put downward pressure till $1,640. In MCX, we would advice to liquidate long position only below 45,000. Sell off on 21st April was due to the fact that there may have been a lot of margin calls out there. READ MORE

RSI indicator hints at positive momentum in Nifty; stay long: Nilesh Jain

BUY NIFTY IN THE RANGE 9,240-9,260 | TARGET: 9,450 | STOP LOSS: 9,100
Nifty is making a higher top and higher bottom formation on the daily chart and is also taking the support of its rising trend line. The momentum indicator RSI is also moving higher and is, currently, at 51 levels which hints of some positive momentum to continue. The volatility India (VIX) has fallen below 40 levels, which is giving comforts to the bulls. Based on the above rationale, we advise remaining on the long side as long as Nifty is respecting its rising trend line. READ MORE

Bull Spread strategy on Manappuram Finance by HDFC Securities

-- Long build up is seen in the Manappuram Finance Futures where we have seen 11 per cent (Prov) rise in the Open Interest with price moving up by 8 per cent.
-- The stock price has broken out from the downward slopping trendline on the daily line chart adjoining the close of April 9 and 20 April. READ MORE

Bulk deals on NSE as on Thursday

Bulk deals on BSE as on Thursday

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

Rupee check

Source: Bloomberg

Oil prices extend rebound on output cuts

>> Oil prices rose on Friday, gaining further ground as some producers like Kuwait said they would move to cut output swiftly to try to counter the evaporation in global demand for fuels caused by the coronavirus pandemic.
>> Brent crude was up 60 cents, or 2.8%, at $21.93, having climbed 5% on Thursday. U.S. oil CLc1 gained 66 cents, or 4%, at $17.16 a barrel, after surging 20% in the previous session.

(Via Reuters)

SGX Nifty drops 100 pts

>> At 8:23 am, the index was at 9,200.00 levels, down 96.75 points or 1.04%

Asian markets begin with a red tick

Source: Reuters

Wall Street check :: S&P 500 slips after report on coronavirus drug trial

Source: Reuters

Good morning!

Welcome to the Business Standard live blog.

Catch all the live market updates here.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel