Sensex, Nifty Updates: Benchmark Sensex and Nifty erased yesterday's gains and closed sharply negative on Thursday, tracking heavy sell-off in overseas markets as fears of a second wave of infections overshadowed propects of re-opening economy.
Sensex closed 885 points lower at 31,122 and Nifty fell by 240 points lower at 9,142. Globally indices traded on bearish note as investors kept trades cautious amid growing second virus wave fears. Further World Health Organization's warning that the virus "may never go away" also kept investors sentiments at edge. Fed's comments about the current state of U.S. economy also kept market sentiments down. Yesterday, Sensex closed 637 points higher at 32,008 and Nifty ended the session at 9383, rising 187 points.
Here's a look at the updates of the market action on BSE and NSE today
3: 45PM: Closing bell
Benchmark Sensex and Nifty erased yesterday's gains and closed sharply negative on Thursday, tracking heavy sell-off in overseas markets as fears of a second wave of infections overshadowed propects of re-opening economy.
Sensex closed 885 points lower at 31,122 and Nifty fell by 240 points lower at 9,142.
3.31 PM: Escorts share price drops over 4% post result
Escorts share price fell 4.09% to the intraday low of Rs 779 on BSE today after the company reported its quarterly earnings.
The company reported 9.6% rise (YoY) in consolidated net profit to Rs 127 crore during the quarter ended March 31, 2020, as against Rs 116 crore, recorded in a year-ago period. Total income fell 16% (YoY) to Rs 1385 crore in the January-March quarter of the current fiscal as compared to Rs 1649 crore in the same period last financial year.
3.15 PM: UCO Bank drops 2%
UCO Bank share price dropped 2% intraday to Rs 11.65 on BSE today after the market regulator RBI slapped a fine of Rs 5 lakh for violating norms on government bond holding.
3.00 PM: Mphasis share price falls 1.5%
Mphasis share price fell 1.5% to the intraday low of Rs 790.90 after the company reported its quarterly earnings.
The company reported 32% rise (YoY) in consolidated net profit to Rs 353 crore during the quarter ended March 31, 2020, as against Rs 266 crore, recorded in a year-ago period. Total income rose 16.54% (YoY) to Rs 2398 crore in the January-March quarter of the current fiscal as compared to Rs 2058 crore in the same period last financial year.
2. 50 PM: Result date annoucnement
NESCO : May 19, 2020
JK Lakshmi Cement : May 20, 2020
UltraTech Cement : May 20, 2020
Indraprastha Medical Corporation : May 23, 2020
2.37 PM: IRCTC share price erases gains, trades lower
IRCTC share price erased early gains and fell in trade today after Indian Railways cancelled all tickets booked for travel on or before June 30. Share price of IRCTC fell up to 3.57% to Rs 1,385 against previous close of Rs 1,436 in early trade on BSE. The stock climbed 15% in last three sessions after Indian Railways announced last week it would start operations of 15 passenger trains (30 return journeys) from May 12.
2. 20 PM: FM to detail out second phase of the economic stimulus package at 4 PM
Finance Ministry Nirmala Sitharaman will be hold another Press Conference today at 4PM. The second phase announcements of the mega Rs 20 lakh crore package will likely be for agriculture and allied activities
2.10 PM: Tata Motors share price falls over 5%
Tata Motors share price opened with a loss of 3.27% today and fell later 5.27% to an intraday low of Rs 82.65 on BSE today. The company announced that it has restarted manufacturing operations for both Commercial and Passenger Vehicles from its plants located at Pantnagar (Uttarakhand) beginning last week and from Sanand (Gujarat)
As per the filing, company's plants in Lucknow (Uttar Pradesh), Dharwad (Karnataka), Jamshedpur (Jharkhand) and Pune (only for Ambulance Vehicle manufacturing) are in final stage of readiness and expect to begin production over the next few days.
1.49 PM: Vedanta share price gains 1%
Vedanta share price continued its upwrad rally today and rose over 1% higher in today's weak sesssion, after the announcement of promoter's delisting plan
1.35 PM: Global markets in red
Asian Markets fell in trade post WHO's warning that the "may never go away". US markets closed lower after comments from Fed's Powell who expects 'significant downside risk' and said that economy needs more booster shots.
European markets traded lower as fear of a second wave of the coronavirus overshadowed propects of re-opening economy.
Investor globally also awaited Australia's jobs data, which is due today.
1.16 PM: NMDC share price falls 2.9%
NMDC share price opened with a loss of 2.33% today and later fell 2.93% to an intraday low of Rs 72.8 on BSE.
The company has considered the current market scenario of steel and iron ore and taken informed decisions to rationalize the prices. Company has reduced the prices of iron ore by Rs 400 on 9 May 2020 and also reduced the price of DRCLO by Rs 470 per tonne.
1.03 PM: PNC Infratech share price up 5%
PNC Infratech share price gained 4.99% to the intraday high of Rs 115.65 on BSE after the company declared it was the L1 (lowest) bidder for a NHAI Project of 53.95 km long Four-laning for Uttar Pradesh state under Bharatmala Pariyojana on Hybrid Annuity Mode (HAM) for Rs 1412.0 crore.
12.44 PM: Gold gains today
Gold price gained after comments from Fed's Powell that more booster shots were required to support economy and warned about the current state of U.S. economy. Gold price gained 0.45% higher to $1,721 per ounce today, after rising to the highg of $1,724 as against its previous settlement of $1,713.90.
12.34 PM: Power stocks rally
In a otherwise weak market, power stocks were rallying today, after FM Sitharaman announced fresh injection of Rs 90,000 crs into DISCOMs, in a move to de-stress them and improve the liquidity for power generation companies.
Adani Power share price shot up 13% intraday to Rs 36, followed by Tata Power that jumped 9.57% intraday to Rs 33.20 and Reliance Infrastructure share price that gained 5% higher to Rs 18.15 on BSE. Shares of Jaiprakash Power Ventures, Reliance Power, K.P. Energy were also gaining in the range of 3-5% today.
12.11PM: Market falls further
Benchmark Sensex and Nifty erased yesterday's gains and traded sharply negative on Thursday, tracking heavy sell off in overseas markets as fears of a second wave of infections overshadowed propects of re-opening economy. Traders said investors were concerned about the fiscal deficit concerns of the Rs 20-lakh-crore economic stimulus package. Sensex traded 606 points lower at 31,406 and Nifty fell by 166 points to 9,217.
12.00 PM: RIL share price falls
Reliance Industries share price fell 1.93% to Rs 1,467 compared to the previous close of Rs 1,496 on BSE as the stock goes ex-rights today. Ex-rights means the shares will be available for purchase without the benefit of rights issue (shares at discount price) from today. The company has identified the shareholders who are eligible to receive its additional shares.
1.45 AM: Q4 Earnings
-Biocon, Tata Consumer Products, Indian Energy Exchange, Escorts, Indiabulls Real Estate, Oracle Financial Services, Mahindra Lifespace Developers, Manappuram Finance, T.V. Today Network, Zensar Technologies, Accelya Solutions and AAVAS Financiers will be reporting Q4 results today.
-Godrej Consumer Products, Kotak Mahindra Bank, Maruti Suzuki India, Mphasis, Schaeffler India, Siemens reported their quarterly earnings yesterday.
-Cipla, Crompton Greaves Consumer Electrical, L&T Technology Services, Mahindra & Mahindra Financial Services and Nippon Life India Asset Management will be reporting their results tomorrow.
11.35 AM: Rupee trades lower
Rupee local unit opened at 75.57 in the currency front, then lost further ground and fell to 75.59 against dollar, down 13 paise over its previous close of 75.46 against the US dollar on Wednesday. Meanwhile, the dollar index was trading 0.06% higher at 100.30.
11.15 AM: Oil traded flat today
International oil benchmark Brent crude futures were trading flat at USD 29.19 per barrel. Oil prices remained weak even after data showed U.S crude inventories fell. Negativity was also guided by remarks made by Fed official on US economy.
11.09 AM: World Health Organization's warns the virus "may never go away"
Globally, market took cues from WHO's recent comments. World Health Organization's warning that the virus "may never go away" also kept investors sentiments at edge, as per experts.
"We have a new virus entering the human population for the first time and therefore it is very hard to predict when we will prevail over it," said Michael Ryan, the WHO's emergencies director in a press conference in Geneva.
He added," This virus may become just another endemic virus in our communities and this virus may never go away".
10.50 AM: Top losers and gainers
NTPC, Infosys, PowerGrid, Tech Mahindra, M&M, IndusInd Bank and ONGC were among the top laggards in the Sensex pack.
On the other hand, Bajaj Finance, Nestle India, Kotak Bank, Sun Pharma and UltraTech Cement were among the top performers.
10.36 AM: IRCTC share price rises 3.2%
IRCTC share price that fell 3.57% in the early tarde recovered from losses and gained 3.32% intraday to Rs 1484 in a volatile trade on BSE. The Indian Railways has cancelled all train tickets till June 30, except Shramik and special trains that will continue to run.
10.23 AM: Lupin share price rises 1.7%
Lupin share price gained 1.7% intraday to the day's high of Rs 854 on BSE today after the company announced that its Vizag API facility has received establishment inspection report from USFDA. As per the filing, the unit was inspected between January 13-17, 2020.
10.19 AM: Companies that reported Q4 results
Stock specific action was also registered in companies that recently announced their earnings. Shares of Mphasis, Godrej Consumer rose 3.89% and 5% post earnings, Kotak Mahindra Bank gained 2.23%. ABB also fell 2.23% intraday post results.
Meanwhile, Siemens shares fell 5% intraday as it posted weak Q4 figures. Maruti also fell 3.52% after posting Q4 earnings.
10.15 AM: Companies to report Q4 earnings today
Where shares of Indiabulls Real Estate gained 3.71%, Manappuram Finance rose and Indian Energy Exchange climbed 2.8% intraday, ahead of their Q4 earnings.
10.04 AM: Market Update
Benchmark Sensex and Nifty traded on a negative note on Thursday, tracking heavy sell off in overseas markets as investors fretted over fears of a second wave of infections. Earlier domestic indices opened sharply negative, reversing from yesterday's bullish session as local investors had already factored in the optimistic news of allocation of funds and relaxations by the government, in a fight against the coronavirus led economic downfall.
Sensex traded 523 points lower at 31,484 and Nifty fell by 142 points to 9,240.
9.57 AM: Coronavirus toll
The total number COVID-19 cases in India has jumped to 78,003 on Thursday, including 49,219 active cases, 26,234 cured/discharged, 1 migrated, and 2,549 deaths. The country recorded 3,722 new cases, and 134 deaths in the last 24 hours.
Globally, there are 44.29 lakh confirmed cases and 2.98 lakh deaths from the coronavirus COVID-19 outbreak as of today.
9.33 AM: News Alert
Finance Ministry Nirmala Sitharaman will be hold another Press Conference today at 4PM, in which she is likely to announce measures regarding agriculture and allied activities. FM may also touch upon the supply chain disruption and ways to resolve the issues
9.30 AM: Stocks to watch today on May 1
Maruti, Godrej Consumer, Siemens, Biocon, Tata Consumer, Escorts, ABB, Kotak Bank among others are the top stocks to watch out for in Thursday's trading session
9.26 AM: Opening bell
Benchmark Sensex and Nifty have opened sharply negative on Thursday, tracking heavy sell off in overseas markets as investors fretted over fears of a second wave of infections. Sensex fell 535 points lower at 31,450 and Nifty started the day at 9,243, down 140 points.
9. 15 AM: Nifty's outlook
As per market experts, Nifty will remain in pressure. On the lower side, the index will continue to find support at around 9,050 and then at 8,800 levels and 8,500 levels. Meanwhile, resistance is observed at 9,535, then at 9,600 and 9,750 level and then 9,900 mark.
9.05 AM: Pre open session today
Benchmark Sensex and Nifty have pre-opened sharply negative on Thursday, tracking heavy sell off in overseas markets as investors fretted over fears of a second wave of infections. Sensex fell 569 points lower at 31,412 and Nifty started the day at 9,230, down 150 points.
8.55 AM: Global cues
Globally stocks were falling today after Federal Reserve warned of a "significantly worse" US recession than any downturn since World War II. Fed Chair Jerome Powell comments turned sentiments pessimistic, at a time when many economies move towards reopening lockdowns and led to a sharp selloff in equities.
A per experts, overseas markets continued their bearish trend on back of fears of a second wave of infections.
The Dow Jones Industrial Average fell 2.17%, the S&P 500 lost 1.75%, and the Nasdaq Composite dropped 1.55%.
8.50 AM: Q4 earnings today
Companies set to announce their earnings are Biocon, Tata Consumer Products, Indian Energy Exchange, Escorts, Indiabulls Real Estate, Oracle Financial Services, Mahindra Lifespace Developers, Manappuram Finance.
8. 45 AM: SGX Nifty
SGX Nifty traded 50 points lower at 9,265 level, indicating a tepid start in domestic grounds today
8. 40 AM: FII/ DII action on Wednesday
On a net basis, FIIs sold Rs 283.43 crore while DIIs bought Rs 232.65 crore in equities on Wednesday
8. 30 AM: Highlights of FM's announcements
The Finance Minister yesterday announced additional stimulus measures of Rs 6 lakh crore today on top of Rs 10 lakh crore announced so far. FM also announced infusing liquidity worth Rs 45,000 crore through a Partial Credit Guarantee Scheme for NBFCs. In a move to address the liquidity issues for the micro, small and medium enterprises (MSMEs), FM announced collateral-free MSME loans worth Rs 3 lakh crores, 100% guaranteed by the government.
FM further announced fresh injection of Rs 90,000 crs into DISCOMs, in a move to de-stress them and improve the liquidity for power generation companies. She also announced other measures like reduction of TDS and TCS rates by 25% and extension of due dates of tax returns and tax assessments.
8. 20 AM: PM Care fund
PM CARES Fund has allocated Rs 3,100 crore in fight against COVID-19, of which Rs 1,000 crore will be used for the care of migrant labourers.
8.10 AM: Rupee Closing
Rupee, the local unit, closed stronger at 75.47 per dollar on Wednesday compared to its previous close of 75.50 per US dollar.8.00 AM: Closing session on Wednesday
Sensex and Nifty traded majorly bullish on Wednesday and closed 2.3% higher each, as market investors cheered over the Rs 20 lakh crore stimulus pacakage, announced by Modi government. Sensex closed 637 points higher at 32,008 and Nifty ended the session at 9383, rising 187 points.