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Indian equity markets ended the session with losses but off the day's low, led by a recovery in banking and FMCG heavyweights.
The S&P BSE Sensex ended 0.6% lower at 34,961 - 300 points off the day's low of 34,662. The NSE Nifty 50 index ended 0.68% lower at 10,312 - nearly 100 points of the day's low of 10,223.
The recovery in the benchmarks was led by heavyweights like HDFC Bank, Kotak Mahindra Bank, Hindustan Unilever and ITC.
Britannia ended as the top gainer on the Nifty, ending 2.1% higher. 38 out of the 50 Nifty constituents ended with losses. Coal India was the top Nifty laggard, ending with losses of 5% post its fourth quarter earnings.
Among sectoral indices, the Nifty Bank index ended 1.1% lower at 21,359, staging a recovery of over 350 points from the day's low of 21,026.
The Nifty FMCG Index outperformed in today's session, ending with gains of 0.8% and was the only sectoral gainer.
The Nifty Realty index ended lower for the fourth straight day and was the top sectoral laggard, down 3.55%. The PSU Bank index was the other sector ending with losses of over 3%.
The Nifty Media and Metal indices fell over 2.5% each while Nifty I.T. and Nifty Auto fell between 1.3-1.5%.
Broader markets underperformed in today's session. The Midcap and Smallcap index ended with losses of 1.6% and 1.4% respectively.
India Volatility Index cooled off from the day's high, ending little changed at 28.82.
Market breadth ended in favour of the declines. 1,156 stocks on the NSE ended with losses while 695 ended with gains.
The Reserve Bank of India announced special Open Market Operations (OMO) including buying and selling of bonds worth Rs 10,000 crore on July 2, the central bank said in a statement.
The RBI intends to buy bonds maturing in 2027, 2029, 2031 and 2033 while selling a similar amount of 182 and 364-day treasury bills.
Yields on the new 10-year bond have risen 12 basis points so far this month to 5.90%.
Shares are locked in an upper circuit of 5% at Rs 37.85 and are up for the second straight day.
Shares trade 1.8% lower at Rs 318, ahead of its earnings.
Shares are locked in a 5% lower circuit at Rs 63, snapping a five-day gaining streak.
Shares ended 10% lower at Rs 317.3, post the announcement.
Shares ended 2% lower at Rs 65,156, post the announcement.
Shares ended 0.56% higher at Rs 610.5, post the announcement.
Shares gained as much as 2.1% to Rs 648 and is the third best performer on the Nifty 50 index.
Let's take a look at how benchmarks across Europe have opened:
The Reserve Bank of India has written a letter to the Finance Ministry, seeking an extension of the external members of the Monetary Policy Committee, Bloomberg News reports citing government officials with knowledge of the matter.
The RBI seeks extension of Chetan Ghate, Pami Dua and Ravindra Dholakia until March 2021, due to the Covid-19 pandemic, according to the source.
Under the current rules, external members of the MPC cannot be re-appointed once their four-year term ends.
The Reserve Bank of India and the Finance Ministry did not respond to Bloomberg News' request for a comment.
On a consolidated basis, the broadcaster reported a 11.7% decline in its net profit to Rs 250 crore while revenue fell 17.3% compared to the previous year.
Ebitda fell 17.2% while margins remained flat at 68.5%.
Subscription revenue saw a rise of 25% during the quarter. While the company did not declare advertising revenues for the quarter, for FY20, advertising revenue declined to Rs 1,336.9 crore, down 6% compared to last year.
Shares fell as much as 5.4% to Rs 398.25 and are among the worst performers on the Nifty Media index.
Shares are off the day's high and trade little changed at Rs 481.15 per share.
CARE Ratings has downgraded the ratings on the company's long-term bank facilities to CARE AA from CARE AA+.
Decline in execution of orders, aggravated by Covid-19 is one of the key reasons listed for the downgrade. The agency expects execution to decline further on account of labour migration and logistics issues.
The deteriorating operating margins and elongated working capital cycle, high concentration of orders in the thermal power segment, declining competitiveness and a weak financial profile are some of the other reasons attributed to the downgrade in ratings.
Shares fell as much as 4.2% to Rs 35.35 and are down for the second straight day.
National Aluminium Company Ltd. reported a 30% decline in its revenue for the quarter ending March.
The company's ebitda fell 60% while net profit fell 56% to Rs 102.7 crore. Margins too saw a contraction to 10.8% from 18.7% during the same period last year.
Chemicals segment of the company saw its revenue declining 15% from the previous year while the Aluminium segment saw its revenue contracting 32% year-on-year.
Shares fell as much as 6% to Rs 31.5 and are down for the second straight day.
The manufacturer of apparel products reported a net loss of Rs 4.3 crore in the March quarter as compared to a net profit of Rs 27.4 crore during the same period last year.
Ebitda fell 85.7% while margins saw a sharp contraction to 4.1% from 12.9% last year.
The company has also declared a dividend of Rs 3 per share.
Shares are off the day's low, after falling as much as 17.2% - its biggest single-day drop on record.
The stock now trades 6.5% lower at Rs 175.35, at the lowest level in a month.
The mining major reported a 23% drop in its net profit for the quarter ending March, mainly due to a 23% decline in its e-auction realisations.
E-auction realisations for the company fell 23.6% to Rs 2,105.7.
Operational performance was subdued with Ebitda declining 18.3% while margins falling to 24.4% from 28.8% during the same period last year.
Total volumes for the company remained flat, due to lower demand from the power sector. E-auction volumes however, saw a rise of 25.8% in the fourth quarter.
Shares fell as much as 4.6% to Rs 135.6 per share.
The company's board of directors have approved selling the bank's stake in IDBI Federal Life Insurance Company on Friday.
The lender will sell stake to the extent of 23% to Ageas while it will sell another 4% stake to Federal Bank.
The combined value of both the stake sales will be Rs 595 crore.
Both the stake sales are subject to regulatory approvals taken by all related parties.
Shares were locked in an upper circuit of 5% in early trade at Rs 42. The stock now trades 3% higher at Rs 41.1 and is up for the sixth straight day.
The manufacturer and distributor of shrimp feed reported a 21% rise in its revenue for the fourth quarter, compared to the previous year.
Net profit rose 28% while ebitda margins expanded to 12% from 10.9%
The company's Shrimp Feed business revenue rose 14.7% from the previous year, while the processed Shrimp business revenue grew 38% from the previous year to Rs 270.64 crore.
It has also declared a final dividend of Rs 0.10 per share.
The stock gained as much as 10.2% - the most in over two months to Rs 520. The stock trades at a four-month high and is now the top gainer on the Nifty Smallcap Index.
The paper company's net profit more than doubled to Rs 119.9 crore for the quarter ended March. The rise in profit was due to the tripling of the company's other income to Rs 10.91 crore and a tax credit of Rs 47.8 crore.
Revenue rose 28% from the previous year while Ebitda increased 18%.
Ebitda margins however, declined to 23.6% from 25.7% due to higher finance costs.
The company's paper and paper board business saw a rise of 38% in its revenue compared to the previous year.
Shares gained as much as 10.75% - the biggest single-day jump since March 2019 to Rs 198.9 - its highest level in nearly four months.
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The housing and urban housing project financier reported a 28% increase in its revenue for the quarter ended March.
Net profit rose 87% to Rs 440.9 crore while Ebitda rose 31% to Rs 1,724.9 crore.
Ebitda margins rose to 91.3% from 89.1% during the same period last year.
The company has also declared a dividend of Rs 2.35 per share.
Shares are locked in an upper circuit of 20% - the biggest single-day gain since May 2017 to Rs 33.45.
The stock trades at the highest level in four months has nearly doubled from its 52-week low of Rs 18 on March 24, 2020.
1.23 crore shares of the pharma company exchanged hands in a single large trade on the Bombay Stock Exchange.
The total number of shares exchanged amount to 11.5% of the company's total equity, according to data compiled by Bloomberg.
The large trade has resulted in the stock becoming the most traded Indian stock by value and the second most by volume, Bloomberg reports.
Buyers and sellers of the trade were not immediately known.
Shares snapped a two-day losing streak, falling as much as 7% to Rs 504.
Shares of the private lender fell after S&P Global Ratings lowered its credit rating to below investment grade, citing a looming recession in India.
S&P Global Ratings lowered the bank's rating to BB+ from BBB- while the outlook was retained as stable.
In a note released on Friday, S&P Global Ratings anticipates a deterioration in asset quality, rise in credit costs and decline in profitability of Indian banks over the next 12 months.
The Bank had reported a quarterly loss for the quarter ended March, post which, CEO Amitabh Chaudhry stated that FY21 will be a challenging year, courtesy Covid-19.
The stock fell as much as 4% to Rs 408 and is the top laggard on the Nifty 50 index.
The FMCG major's net profit rose 9.1% compared to the previous year,aided by low corporate taxes.
Operating margins remained flat due to higher excise while gross margins received a boost due to inventory gains. Gross margins rose 220 basis points to 64.4%.
Cigarette business revenue fell 6.5% while that of the agri business declined 10.2%.
The company has also declared a dividend of Rs 10.5 per share.
Brokerage firm Jefferies has maintained its buy rating on the stock with a price target of Rs 240, stating that while the Cigarette business is on course to hit pre-Covid-19 levels, Q1FY21 may be a washout.
Shares are trading 1.6% higher at Rs 198.3, after gaining as much as 4% in early trade.
Indian equity markets opened lower, tracking mixed cues from the Asia Pacific and a weak session on Friday in the U.S.
The S&P BSE Sensex and the NSE Nifty 50 index opened 0.7% lower at 34,926 and 10,311 respectively. Both benchmarks posted their fourth weekly gain in five on Friday.
Among the sectoral indices, the Nifty Bank opened 300 points or 1.4% lower at 21,291.
The FMCG index was the only sectoral gainer, opening 1% higher, led by gains in ITC.
The Nifty Media index opened 1.6% lower while other indices were flat or opened with a negative bias.
Market breadth was even at the start of trade. 753 stocks on the National Stock Exchange opened with losses while 702 advanced.
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To know more about the earnings reported after market hours, companies sharing Covid-19 updates and more, click here.
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