The Saudi bourse closed down 3.7 per cent to its lowest level in 18 months. File Photo | Photo Credit: Ahmed Yosri
Closing Bell
Key indices ended lower today wiping out their initial gains due to profit taking by investors and traders on every leg of rise in move. Equities were volatile as market players preferred to wind up their positions due to the current uncertain situation.
Earlier in the day, the BSE Sensex surged over 500 points and the Nifty by 157 points led by gains in index-heavyweights Reliance Industries, HDFC, HDFC Bank and ICICI Bank amid mixed trend in other Asian markets.
After hitting a high of 32,264, the 30-share index the index witnessed a sell-off on the rise. It fell steadily towards the closing session and ended lower by 261.84 points or 0.83%, at 31,453.51.
It closed yesterday at 31,715.35.
On the NSE, the Nifty 50 had hit a high of 9,450.90 before settling at 9,205.60, down by 87.90, or 0.95%, from its previous close.
On the BSE, out of 2,587 shares traded today, advancing scrips were lower at 866 as compared to the decliners at 1,532.
Major losers that dragged the markets were SBI, Bajaj Finance, Asian Paints, Axis Bank, Kotak Bank, ICICI Bank and Hindustan UniLever that lost between 1.50% and 5%.
However, M&M, PowerGrid, ONGC, Reliance, NTPC and HCLTech posted gains up to 3.25%, gave much needed support to the falling market.
BSE SECTORAL INDICES
BSE SECTORAL INDICES
NIFTY SECTORAL INDICES
NIFTY SECTORAL INDICES
NIFTY 50
NIFTY BANK
NIFTY BANK INDEX
Gold futures slip on weak demand
Gold futures on Tuesday fell 0.88 per cent to Rs 45,405 per 10 gram as participants offloaded their holdings following weak trend overseas..
On the Multi Commodity Exchange, gold prices for June delivery fell by Rs 402, or 0.88 per cent, to Rs 45,405 per 10 gram in a business turnover of 13,574 lots.
India must be wary of Chinese investments
As we live through the trauma of the coronavirus, we would be well advised to carefully ponder over how to deal in years ahead with the growing power, assertiveness and hubris of China. Even European powers like Germany bear this in mind, while assessing global power equations. While a Chinese handshake is welcome, a tight Chinese embrace could well be rather disturbing.
We are inevitably moving into a new era of international economic relations, where current ideas of trade and investment liberalisation, will have to be looked at, afresh. India has to be well prepared to derive the maximum benefit it can from the dynamics of the emerging global economic order.
Rupee rises 10 paise to 75.63 against US dollar
The rupee appreciated by 10 paise to 75.63 against the US dollar on Tuesday tracking positive opening of domestic equities and weakness in the American currency.
Bharat Forge to start partial operations at its Baramati plant
Pune-based automotive and defense supplier Bharat Forge on Tuesday said that it is gearing-up to commence partial operations at its Baramati plant as per the guidelines stipulated by the Ministry of Home Affairs of the Government of India, after obtaining permission from the local district authority.
Tata Motors gets approval to raise Rs 1,000 crore via NCDs
Tata Motors on Tuesday said a board-constituted committee has approved an issue of non-convertible debentures (NCDs), on a private placement basis, to raise up to ₹1,000 crore
Gold rates in chart
Siver Rates in chart
How sovereign gold bonds outshine other asset classes
Those who have invested in the sovereign gold bonds (SGBs) issued over the past five years have a reason to smile. The prices of these SGBs have grown significantly and delivered handsome returns to investors.
Nifty 50 May Futures (9,322)
Taking positive cues from the Asian markets, the Sensex and the Nifty began the session with a gap-up open. The Hang Seng index has gained 0.8 per cent to 23,802 levels in today's session. US key benchmark indices, the Dow and S&P 500 had marginally closed in the positive territory in the last session while Nasdaq composite index had jumped 1.2 per cent.
Hindustan Petroleum Corporation (Rs 218)
The stock of Hindustan Petroleum Corporation has gained 5 per cent with good volume in today's session. It started the session with gap-up open at ₹212 and continued to trend upwards. After recording an intra-day high at ₹220 the stock began to move sideways with an upward bias
AU Small Finance Bank slumps 15% post Q4 results
Among the sectors that are witnessing a severe backlash of the lockdown at the bourses are finance companies, with NBFCs and small finance bank (SFBs), facing the brunt. One such stock is AU Small Finance Bank, which was one of the best bets for most analysts until last year
TN Petroproducts renews pact with Ketchum Sampark
TamilNadu Petroproducts Ltd in a release to the BSE has said taht it has extended the agreement entered into with Ketchum Sampark Pvt. Ltd., Mumbai, who is acting as Public Relations Consultants of the Company for promoting media relations, advise on mass-communications, corporate image building and related matters.
The renewal letter for the Agreement was given on May 4, 2020 with a validity period of one year till 31st March 2021.
The release furterh said that service provider does not hold any shares in the Company nor is a related party of the company and also not related to the Promoter/Promoter Group/ Group companies in any manner.
Sensex stocks
Daily Rupee call: Go long above 75.6
The rupee (INR) has opened the session slightly higher, at 75.58 versus Monday’s close of 75.71 against the dollar (USD). The price of 75.6 is a crucial level which can acts as a hindrance for the domestic currency
Power stocks brighten up
Power stocks rose sharply today, with the S&P BSE Power index gains 19.62 points or 1.33% at 1,466.18
Among the components of the S&P BSE Power index, K E C International Ltd (up 3.25%), Tata Power Company Ltd (up 2%),Adani Power Ltd (up 1%),Power Grid Corporation of India Ltd (up 2%),NTPC Ltd (up 1.60%), were the top gainers.
Among the other gainers were CESC Ltd (up 0.72%), Siemens Ltd (up 0.20%), Torrent Power Ltd (up 1.86%), Thermax Ltd (up 0.25%), and Bharat Heavy Electricals Ltd (up 1.06%).
BSE SECTORAL INDICES
LIC Housing Finance (₹259.3)
Investors with a short-term perspective can sell the stock of LIC Housing Finance at current levels. The stock has plunged 8 per cent accompanied by above average volume on Monday, slumping below a key support level of ₹260.
Market Gainers:
Heavyweights such as ONGC, M&M, PowerGrid, Bharti Airtel, Reliance, Larsen & Toubro and Indus Ind Bank rose between 3 per cent and 6 per cent in the late morning trading session.
Market Laggards:
Major stocks such as Asian Paints, Bajaj Finance, Bajaj Auto, Hero MotoCorp, Kotak Bank and SBI turned laggards losing up to 3 per cent in the morning session
Broker's call: BHEL (Buy)
Emkay Global
BHEL (Buy)
CMP: ₹23.5
Target: ₹37
In an interesting development, BHEL has called for Expression of Interest (EOI) from foreign companies who wish to use its currently idle factories for manufacturing from India.
Broker's call: Music Broadcast (Buy)
ICICI Direct
Music Broadcast (Buy)
CMP: ₹14.1
Target: ₹18
We interacted with Music Broadcast (MBL) to gauge the ramifications of Covid-19. MBL witnessed a steep fall in revenues amid the lockdown as ad volumes have dried up both from corporates and government barring few State governments’ social message-based ads amid Covid-19 outbreak.
Commodity currencies creep back, but US-China tensions temper mood
The dollar handed back a sliver of recent gains to commodity currencies on Tuesday as oil prices bounced back, but hung on against the yuan as traders weighed optimism about a coronavirus recovery in China against fears about rising United S-China tensions.
Day Trading Guide For May 5, 2020
₹923 • HDFC Bank
₹673 • Infosys
Oil prices rise on demand prospects as lockdowns start to ease
Oil prices climbed in early trade on Tuesday, adding to gains in the previous session, on expectations that fuel demand will begin to pick up as some parts of the United States (US) and nations in Europe and Asia start to ease coronavirus lockdown measures.
9.20 am
Opening trade
The 30-share index BSE Sensex was quoted higher by 433 points at 32,148 points, or 1.10 per cent, and the NSE Nifty rose 128 points, or 1.38 per cent, to 9,422.10
Published on May 5, 2020
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