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Closing Bell
Equity benchmark indices ended marginally higher after erasing most of the gains made in the opening session.
Earlier, the BSE benchmark Sensex surged over 600 points and crossed the 32,000 mark briefly led by gains in banking, auto, healthcare, Oil&Gas, Consumer goods and IT stocks.
Positive cues from the global markets too enthused investor sentiment. Later, the index was trapped in a narrow band till 2 pm as investors turned cautious.
After 2 pm, modererate sell-off was seen in auto, banking, metals, energy and consumer durables counters which wiped out intial gains.
The 30-share BSE barometer ended 199.32 points or 0.63 per cent higher at 31,642.70. Similarly, the NSE Nifty which touched an early high of 9,382.65, steadily gave up gains and ended 52 points, or 0.57 per cent, higher at 9,251.50.
Hindustan Unilever was the top gainer in the Sensex pack, rallying up to 4.30 per cent, to Rs 2,077.85 on the NSE, followed by Sun Pharma, up by 3.94% to Rs 470, Tech Mahindra was up 3.66% to Rs 535.25, Dr Reddy's, up by 3.65% to Rs 3,978 and Nestle rose 3.58% to Rs 17,756.80.
Major losers were NTPC, which lost 3.70% at Rs 87.10, M&M has shed 3.66% to Rs 386,Axis Bank, down by 3.60% to 383 and IndusInd Bank, also down 3.30% to Rs 439.40.
Nifty 50 CHART
Pharma stocks in fine fettle
Pharma stocks have been on buyers' basket with governments across the world focusing on healthcare following the coronavirus outbreak that has infected more than 3.7 million globally.
Companies that produce hydroxychloroquine, an anti-malarial drug, and other pharma firms have done well over the last two months. There is expected to be a huge demand for the pharma sector in the coming years, analysts say.
The BSE Healthcare index gained 1.40 per cent to 15,272.92, gaining 211.74 points today. The index which was 14,023 levels on April 8 this year, has risen nearly 9 per cent in a month.
Dr Reddy's hit 52-week high, pares gains
Dr. Reddy's Laboratories on Friday informed that it has received the Establishment Inspection Report (EIR) for its API (active pharmaceutical ingredient) manufacturing plant in Srikakulam, Andhra Pradesh from US Food and Drug Administration (USFDA), indicating closure of the audit. The inspection classification of the facility is determined as "Voluntary Action Indicated" (VAI).
The site was issued warning letter in November 2015 after the inspection in 2014, and was under “Official Action Indicated” classification till now. With this, all facilities under warning letter are now determined as VAI, the company said.
The stock hit an intraday high of Rs 4,099.90 which is also a fresh 52-week high for the counter. At 2.20 pm, the stock was quoted at Rs 3,997, up by Rs 162.80, or 4.25%, over yesterday's close.
Shares of Dr. Reddy's have surged 9.22% in last one month as compared to a 10.95% rise in Nifty Pharma index in the same duration.
SEBI, AMFI plan to deepen debt market
The Association of Mutual Funds in India plans to work with capital market regulator SEBI to deepen debt markets to improve investor protection and participation
Nifty 50 May Futures (9,303)
Tracking the positive global markets, the Sensex and the Nifty started the session with a gap-up open and continues to trade in the positive territory. The Japanese index, Nikkei 225 has surged 2.5 per cent to 20,179 levels and Hang Seng index has gained 0.86 per cent to 24,186 in today's session.
BSE BASIC MATERIAL STOCKS
Mid-session
Autos buck overall positive trend
Equity benchmark indices Sensex and the Nifty held on to their early gains.
At 12.55 pm, the 30-share BSE barometer recorded 421.35 points or 1.34 per cent higher at 31,864.73.
Similarly, the NSE Nifty zoomed 129.25 points, or 1.40 per cent, to 9,328.30.
Heavyweights that gianed today were HCL Tech, Reliance, ICICI Bank, Hindustan Unilever, Nestle and Kotak Bank rising up to 4 per cent.
Auto sector was the loser bucking the overall positive trend. The BSE Auto was down by 0.70% to 12,417.20
NIFTY MEDIA STOCKS
NIFTY MEDIA STOCKS
NIFTY AUTO INDEX
NIFTY AUTO CHART
A Tale of Two Resets
There will be several resets in a post-Covid world, but let’s talk of the two main ones. One, will there be a new economic model, and what will its effect be on policy, on corporate ownership and on governance? Two, will we tilt the pendulum of driver of economic growth a little away from consumption led growth to a larger savings and investment led growth? Today, in USA, consumption accounts for 70% of GDP and so there is a scramble to consume more, and in doing so, to over exploit natural resources.
RBL Bank sheds 2% on results
The stock of RBL Bank was down after the bank reported 53 per cent drop in net profit for the quarter ended March 31, 2020.
The stock lost Rs 3, or 2.33%, to Rs 125.85 on the NSE today.
RBL Bank's standalone net profit declined 53.7% to Rs 114.36 crore on a 20.7% rise in total income to Rs 2708.77 crore in Q4 March 2020 as against Q4 March 2019.
TOP 20 FUTURES CONTRACTS ON NSE
TOP 20 CONTRACTS ON NSE FUTURES
BSE SECTORAL INDICES
SKF India stock surges nearly 7% on special dividend
SKF India surged 6.60% to Rs 1,435 on the BSE today after the company's board recommended a special dividend of Rs 130 per share at the meeting held on May 7.
At current price, the stock offers a dividend yield of 8.97% on special dividend of Rs 130 per share.
SKF India announced its Q4 earnings after trading hours yesterday. The company's net profit fell 8.3% to Rs 75.34 crore on a 18.5% decline in net sales to Rs 610.21 crore in Q4 March 2020 as against Q4 March 2019.
Other income of the company surged 59.3% to Rs 46.44 crore in Q4 FY20 from Rs 29.16 crore in Q4 FY19. It includes profit of Rs 34.9 crore earned from the sale of land for a consideration of Rs 35.46 crore.
It may be recalled that the stock had fallen from a high of Rs 1,482 achieved on April 30 to a low of Rs 1,340 yesterday on the BSE. The stock has rebounded from yesterday's lows after the special dividend annoucement.
SKF INDIA 5-DAY STOCK PRICE GRAPH
Circuit Filter 'B' Group stocks on BSE
UPPER CIRCUIT FILTER GROUP A STOCKS
Circuit Filter A group stocks
Reliance Industries shares rise 3.6 per cent
Shares of Reliance Industries Ltd (RIL) rose nearly 2.6 per cent in early trade, buoyant on the news of its wholly-owned subsidiary Jio Platforms raising Rs 11,367 crore from private equity firm Vista Equity Partners.
At 10.35 am, the company’s share price was up 3.69 per cent at Rs 1,562.90 on the BSE.
ICICI Securities Q4 net jumps 28%; stock soars
CICI Securities (I-Sec) on Thursday announced a 28 per cent jump in consolidated net profit for the fourth quarter ended March 2020 at ₹156 crore, as against ₹122 crore reported in the year-ago period. The company reported consolidated revenue of ₹482 crore (₹428 crore), up 13 per cent, aided by growth in retail equities and allied business.
Day Trading Guide for May 8, 2020
Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:
₹924 • HDFC Bank
₹665 • Infosys
Rupee rises 36 paise against dollar
The Indian rupee appreciated by 36 paise to 75.36 against the US dollar on Friday tracking positive opening in domestic equities.
Forex traders said higher opening in domestic equities supported the local unit, while concerns over coronavirus pandemic weighed on the local unit.
At the interbank foreign exchange the rupee opened at 75.36. On Thursday, rupee had settled at 75.72 against the US dollar.
Hind Unilever up 3.25% on FPI stake buy
Shares of HIndustan UniLever went up nearly 4% today following a report yesterday that foreign portfolio investor Societe Generale picked up 1.29 crore shares in Hindustan Unilever (HUL). The purchase was made via bulk deals from British drugmaker GlaxoSmithKline Pte.
The company sold 5.69 per cent stake in HUL, which they got via an amalgamation deal in April, for about ₹25,400 crore. The GSK share-sale marks the largest secondary trade on Indian stock exchanges.
HUL shares was being quoted at Rs 2,057, up by 3.25% on the BSE
It may be noted that the stock had fallen nearly 19% from a level of Rs 2,458 achieved on April 8, to the present level at Rs 2,058.
Broker's call: Adani Ports
Centrum Broking
Adani Ports & SEZ
CMP: ₹282.4
Target: ₹395
Adani Ports & SEZ’s Q4FY20 cargo grew 7.1 per cent y-o-y to 58 mt driven by 11.6 per cent y-o-y growth in container cargo and 12.8 per cent y-o-y growth in crude and other cargo. Coal cargo declined by 2 per cent y-o-y to 18.5mt. For FY20, cargo grew 7.4 per cent y-o-y to 223 mt led by containers and crude
Hindustan Zinc (Rs 176.2)
Investors with a short-term horizon can buy the stock of Hindustan Zinc at current levels. The stock has been in a short-term uptrend since it took support at ₹125 in late March this year
BSE SECTORAL INDICES
Opening Bell
Equity benchmark Sensex surged over 600 points in opening session led by gains in banking, auto, healthcare, Oil&Gas, Consumer goods and IT stocks.
Positive cues from the global markets too enthused investor sentiment here.
At 9.17 am, the 30-share BSE barometer registered 513.98 points or 1.63 per cent higher at 32,013.32.Similarly, the NSE Nifty zoomed 161 points, or 1.75 per cent, to 9,360.05.
Hindustan Unilever was the top gainer in the Sensex pack, rallying up to 3.40 per cent, to Rs 2,058.90 on the BSE, followed by IndusInd Bank, which was up by 2.50% to Rs 465, Reliance was up 2.25% to Rs 1,541.30, Kotak Bank, by 2%, to Rs 1,224.35 and Axis Bank, up by 2%, to Rs 405.30.
DOLLAR-RUPEE FUTURES
Wall Street gets PayPal lift as Nasdaq wipes out 2020 declines
Wall Street's indexes climbed on Thursday, with the Nasdaq erasing losses for 2020, following a clutch of upbeat earnings reports led by PayPal as investors looked past more weak jobs data caused by the coronavirus-induced economic downturn.
Asian equities rise on reopening of economies
Asian equities rose Friday along with U.S. and European futures as investors continue to weigh moves to reopen economies against data illustrating the enormous damage wreaked by the coronavirus.
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