Scan to Download
Indian equity markets rebounded sharply from the lows of the day, to end with gains, near the highest point of the day. However, the surge was not enough to prevent losses on a weekly basis.
The S&P BSE Sensex ended 0.72% higher at 33,780. The index recovered 1,432 points from the day's low of 32,348.
The NSE Nifty 50 index too ended with gains of 0.72% but failed to cross the 10,000 mark. The index ended at 9,972 - with a recovery of 430 points from the day's low of 9,544.
Most sectoral indices managed to recover from the day's low to end with gains, except the Nifty I.T. and Nifty Media index, which ended 1.5% and 0.9% lower respectively.
The Nifty Auto index ended as the outperformer in today's trade, aided by gains in Mahindra & Mahindra, post its fourth quarter earnings. The index ended with gains of 2.9%.
The India Volatility Index ended above the mark of 30, gaining 3.9% to end at 30.82. Market breadth reversed in favour of the advances by the close of trade. 947 stocks on the NSE ended with gains while 852 posted losses.
For the week, the Sensex ended with losses of 1.48% while the Nifty reported losses of 1.67%. Both the benchmarks snapped a two-week gaining streak.
Shares of the tyre company are trading 1.3% higher at Rs 63,688, snapping a three-day losing streak.
M&M Q4 Results: One-Time Impairment Amounts To Rs 3,255-Crore Loss
Shares are locked in a 5% lower circuit at Rs 59.85.
Trust Energy Resources, a wholly-owned subsidiary of the company has completed the signing of definitive agreements with Germany-based Oldendorff Carriers for the sale of three capesize ships.
The deal, which also includes a long-term freight contract with Oldendorff Carriers, has been done for a consideration of $212.76 million.
The transaction is likely to be completed in the next three to four weeks, subject to regulatory approval, the company said in an exchange filing.
Shares gained as much as 2.3% to Rs 42.15. The stock at one point traded lower by as much as 8.2%. The stock has seen a 10% intraday swing.
Shares are off the day's low after falling as much as 5.7% to Rs 136.20 ahead of its earnings.
Lets take a look at how benchmark indices have opened across Europe:
Shares are among the few gainers on the Nifty 50 index; up 0.3% at Rs 476, ahead of its earnings.
Shares are off the day's low after falling as much as 8.2% to Rs 46.90. The stock has declined in three out of the five sessions this week.
The company has informed the exchanges that the Board of Directors have taken on record the delisting proposal of the company's promoters. It has also appointed ICICI Securities to conduct due diligence for the same.
Hexaware, on June 5, had informed the exchanges of the promoter's plan to acquire all fully paid-up equity shares of the company held by public shareholders and consequently delist the shares from the BSE and the NSE.
The board will meet again to take a decision on delisting once ICICI Securities submits its due diligence report.
Shares gained as much as 3.1% to Rs 330. The stock is the only gainer on the Nifty I.T. index.
The sugar and other agri-products manufacturer reported a 16.4% increase in revenue compared to the previous year even though the net profit remained flat due to higher taxes.
Lower raw material costs aided the expansion of Ebitda margin to 14.7% from 12.7% last year.
Operating profit for the sugar division was flat while it increased for the farm inputs and the nutraceuticals business.
The Rs 368 crore obtained through the sale of 2% stake in Coromandel International will be used to pare debt, according to the company.
Shares fell as much as 6.3% to Rs 215.25, snapping a three-day gaining streak.
Shares gained as much as 9%, post the announcement to Rs 382.70 - the highest level for the stock in seven months.
The auto component manufacturer reported a 28% decline in its revenue while its profitability fell 56% to Rs 46.8 crore.
Ebitda was down 33.4% compared to the previous year while margins declined to 16.4% from 17.6%.
Export sales for the company were impacted in March as key customers in the U.S. faced a slowdown due to the cyclical nature of the industry.
Shares fell as much as 5.6% to Rs 300 and are down for the second straight day.
The non-bank lender has informed the exchanges about the reduction in its Retail Prime Lending Rate (RPLR).
According to the exchange filing, HDFC has reduced its Retail Prime Lending Rate by 20 basis points. The Adjustable Rate Home Loans (ARHL) are benchmarked on this rate.
The reduction in lending rates is effective from today and will apply to all retail home loan and non-home loan customers.
Shares fell as much as 4.33% to Rs 1,710 on the National Stock Exchange and are among the top contributors to losses on the Nifty 50 index.
Shares gave up gains of as much as 2.4% in early trade and now trade 0.4% lower at Rs 385.6, down for the second day in a row.
Ratings agency Standard and Poor now expects India's real GDP growth in FY21 to contract 5%. S&P also mentioned that India's recovery from Covid-19 will be the key to its sovereign rating.
The ratings agency now pegs India's real GDP growth at 8.5% for FY22. Fiscal deficit may rise to 11% of GDP in FY21, owing to weak revenue generation that will account for the bulk of the rise in overall deficit.
India's wide range of structural trends, including halthy demographics and competitive unit labour costs work in its favour, according to S&P.
Source: Bloomberg
Coronavirus India Updates: India Overtakes U.K. With Nearly 3 Lakh Cases
India's largest lender approved divesting 2.1% stake in SBI Life Insurance in order to comply with the minimum shareholding norms.
The company will sell 2.1 crore shares of SBI Life Insurance through an Offer For Sale (OFS) process.
The floor price of the OFS, which is Rs 725 per share is a 2.1% discount to Thursday's closing price.
The OFS opens today for non-retail investors while for retail investors, it will open on June 15.
Shares of SBI fell as much as 4.15% to Rs 169.80, while those of SBI Life fell 2.1% to Rs 725.1.
Indian equity markets mirrored the overnight rout on Wall Street and weak Asian cues to open gap down in today's trade.
The S&P BSE Sensex opened 3.3% or 1,100 points lower at 32,436 while the NSE Nifty 50 index opened at 9,544, down 3.6% or 357 points. All the constituents of the Nifty 50 index opened with losses.
This was the biggest single-day drop for the Sensex in four weeks, while for the Nifty, it was the biggest drop in six weeks.
All sectoral indices opened with losses. The Nifty Bank, Nifty Auto, Nifty Media, Nifty Metal and Nifty Realty indices opened with cuts of over 4%.
The Nifty PSU Bank index was the top sectoral laggard, opening 5.5% lower.
NBFCs Could Continue To Face Financing Pressures, Cautions RBI Paper
To know more about companies reporting earnings after market hours, F&O updates and more, click here.
Get your daily fix of the global markets here.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
