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Share Market Update: Sensex ends 2,002 points lower, Nifty at 9,293; Hindalco, ICICI Bank top losers

Sensex, Nifty Live News Today: Oil prices and global stocks came under pressure in today's session amid rising US-China tensions over the coronavirus. US President Donald Trump has threatened China to impose new tariffs and blamed the country for creating the new coronavirus in a Chinese laboratory.

twitter-logo BusinessToday.In        Last Updated: May 25, 2020  | 16:43 IST
Share Market Update: Sensex ends 2,002 points lower, Nifty at 9,293; Hindalco, ICICI Bank top losers
Here's a look at the updates of the market action on BSE and NSE today

Sensex, Nifty Updates: Domestic indices closed sharply bearish on Monday and fell over 5.5% each, tracking weak cues from overseas. BSE Sensex closed 2002 points lower at 31,175 and NSE Nifty lost 566 points to 9,293. Globally markets traded in red, amid rising US-China tensions over the coronavirus. This came after US President Trump and U.S. Secretary of State Mike Pompeo blamed China for creating the new coronavirus in a Chinese laboratory.

Investors will also be taking cues from the latest released March quarter earnings. Companies that recently announced their March quarter earnings are Reliance Industries, Tech Mahindra, Hindustan Unilever, Apollo Tricoat Tubes, Laurus Labs, Aditya Birla Money, ICICI Lombard, AU Small Finance Bank among others.

Here's a look at the updates of the market action on BSE and NSE today

3. 50 PM: Closing Bell

Domestic indices closed sharply bearish on Monday and fell over 5.5% each, tracking weak cues from overseas. BSE Sensex closed 2002 points lower at 31,175 and NSE Nifty lost 566 points to 9,293.

3. 40 PM: Maruti Suzuki share price drops 10%

Maruti Suzuki share price opened with a loss of 4.35% and later touched an intraday low of Rs 4842.45, falling 9.66% on BSE after the company informed the exchanges that it saw zero sales in the domestic market in the month of April as all production was closed.

3.36 PM: Mahindra Logistics share price falls 9.3%

Mahindra Logistics share price opened with a loss of 4.37% today and later touched an intraday low of Rs 150.4, falling 9.37% on BSE after the company said its board has approved borrowing upto Rs 250 crore.

3. 29 PM: Blue Star share price slips 6%

Blue Star share price fell 5.99% to an intraday low of Rs 502.3 on BSE after the company said its board plans to raise Rs 300 crore through the issuance of non-convertible debentures.

3. 21 PM: PNB Housing share price

PNB Housing share price fell 4.87% to an intraday low of Rs 186.65 on BSE after the rating firm CRISIL revised the company's outlook to negative from stable.

3.14 PM: Asian Paints share price down 5%

Asian Paints share price touched an intraday low of Rs 1672.2, on BSE after the company announced its foray into the hand sanitizer category with the launch of the Viroprotek range of hand and surface sanitizers.

3. 08 PM: HDFC Asset Management share price

HDFC Asset Management shares opened with a loss of 2.23% today and later fell 4.29% to an intraday low of Rs 2422.8 on BSE after the company said its board plans to announce Q4, FY20 results, dividend on May 9, 2020.

3.01 PM: Hindalco share price drops 12%

Hindalco Industries shares opened with a loss of 4.41% today and later fell 11.94% to an intraday low of Rs 114.7 on BSE. The stock has fallen after 4 days of consecutive gain.

2.52 PM: Cadila share price rises 4%

Cadila Healthcare share price today touched an intraday high of Rs 33, rising 4.03% on BSE after the company's subsidiary Zydus Cadila said it has received tentative approval from USFDA for Empagliflozin and Metformin Hydrochloride tablets.

2. 49 PM: NHPC share price declines 2.8%

NHPC share price fell 2.8% intraday after the company said its board plans to consider borrowing upto Rs 2,000 crore.

2.46 PM: Bajaj Auto share price drops 8%

Bajaj Auto share price fell 7.99% to the intraday low of Rs 2417.85 on BSE after the company posted 100% drop in domestic sales in April 20 compared to 2.05 lakh units recorded in April 19, while the exports fell 80% to 32,009 units as against 3.66 lakh units in the same month in a year ago period. Its total sales fell 91% to 0.37 lakh units as against 4.23 lakh units on a yearly basis.

2.34 PM: Edelweiss Financial share price drops 4.9%

Edelweiss Financial Services share price opened with a loss of 4.91% today and fell touched an intraday low of Rs 37.8  on BSE after the CARE reaffirmed Commercial Paper Programme rating worth Rs 6,350 crore of company to CARE A1+ (A One Plus).

The rating firm has also re-affirmed convertible Debentures Programme of Rs 284 crores to CARE AA- (Double A Minus).

2.29 AM: IDFC First Bank share price drops 7.5%

IDFC First Bank share price fell 7.53% to an intraday low of Rs 20.25 on BSE after the lender's board approved raising Rs 2,000 cr through preferential basis.

2. 13 PM: April Manufacturing PMI

April Manufacturing PMI stood at 27.4 against 51.8 on a month-on-month basis, pointing to the sharpest deterioration in business conditions across the sector since data collection began 15 years ago.

Coronavirus corrodes India's manufacturing; factory activity reaches record lows in April

2.03 PM: Polycab India share price falls 4.6%

Polycab India share price fell 4.62% to day's low of Rs 690.3 after the company announced it has signed an agreement with Trafigura Pte, Singapore to acquire 50% stake in Ryker Base Private, thereby terminating the existing joint venture (JV). The purchase consideration is likely to be around US $ 4 Million (Rs 300 million), the filing added.

1.54 PM: Alembic Pharmaceuticals' share price rose 3.8%

The share price of Alembic Pharmaceuticals touched an intraday high of Rs 775, rising 3.89% on BSE today after the pharma major announced it has recieved Voluntary Action Indicated (VAI) approval from drug regular USFDA for its General Oral Solid Formulation Facility located at Panelav.

Alembic Pharma is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

1.42 PM: RBL Bank share price drops over 10%

RBL Bank share price opened with a loss of 3.86% today and later dropped 10.94% to an intraday low of Rs 117.6 after the compnay said its board has appointed Deepak Kumar as the Chief Risk Officer of the bank for a period of two years.

1.36 PM: Healthcare Global Enterprise share price rises over 11%

Healthcare Global Enterprises share price  opened with a gain of 2.2% today and later climbed 11.48% to an intraday high of Rs 78.65 after the company said its board plans to consider raising capital through preferntial basis.

1.31 PM: Welspun Enterprise share price declines almost 5%

Welspun Enterprise stock price opened with a loss of 2% today and fell 4.96% to an intraday low of Rs 49.85 on BSE after the company announced that its board plans to consider NCD issue on May 6, 2020

1.25 PM: ICICI Bank share price falls almost 10%

ICICI Bank share price opened with a loss of 4.87% today and later fell 9.96% to the intraday low of Rs 342.05 on BSE after the company said its board plans to announce Q4, FY2020 results on May 9, 2020.

1.16 PM: Hero MotoCorp share price drops over 8%

Hero MotoCorp shares opened with a loss of 4.01% today and later fell 8.3% intraday to Rs 1,985 on BSE after the auto major announced in a press release today it is set to recommence operations. As per the filing, company is commencing operations in a graded manner at three of its manufacturing plants- Gurugram and Dharuhera (both in Haryana), Haridwar (Uttarakhand) and additionally the Global Parts Center (GPC) at Neemrana in Rajasthan.

1.03 PM: Globall virus toll

Globally, there are over 35 lakh coronavirus infections spread across the world, including around 2.47 lakh deaths, as of today.

12.52 PM: Global stocks under pressure

Oil prices and global stocks came under pressure in today's session amid rising US-China tensions over the coronavirus. US President Donald Trump has threatened China to impose new tariffs and blamed the country for creating the new coronavirus in a Chinese laboratory.

Where Dow Jones Industrial Average closed 1.17% lower, S&P 500 lost 0.92% and the Nasdaq Composite dropped 0.28%. Asian markets also started the week on a bearish note, tracking weak cues. Contrary to the weak trend, Shanghai and Set Composite were rising 1.5% today.

Sensex slides to 31K, Nifty loses 500 points: 5 factors behind market crash today

12.46 PM: Expert quote on market trend today

Ajit Mishra, VP - Research, Religare Broking said,"Much to everyone's surprise, the government announced a further extension of lockdown for 2 weeks from May 4 with some easing in select green zones. Above all, the news of US president contemplating fresh tariffs on China over its mishandling of the pandemic triggered a sharp decline in the US markets which further worsened with the warning from Apple and Amazon. While our markets were closed on Friday, the SGX Nifty futures slipped nearly 5% and trading closer to 9300 levels."

On Nifty's technical outlook he further added,"The sharp cut in the index in early trade on Monday could be a shock for many and that might result in erratic swings. We advise traders to let the market stabilise before making any fresh bets. Technically, 9200 would be a critical support zone for the Nifty index. "

12.32 PM: FPIs ouflow in April

Foreign portfolio investors (FPIs) pulled out a sum of Rs 15,403 crore from the Indian capital markets in the month of April, due to the coronavirus crisis.

FPIs net sold Rs 6,884 crore from equities and Rs 8,519 crore from the debt segment between April 1-30, 2020.  The total net outflows during the month of April stood at Rs 15,403 crore.

FPIs remain in sell-off mode, withdraw Rs 15,403 crore in April

12.15 PM: Expert quote on lockdown extension

Commenting over the lockdown extension, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said," Extension of the lockdown, though necessary from the public health perspective, can seriously impair the economy, particularly the MSME sector. Government's relief measures are getting delayed further aggravating the crisis. The government should quickly decide on the quantum of the relief, maximum fiscal deficit possible and monetisation of a part of the deficit. Otherwise it will be a case of relief delayed becoming relief denied. Otherwise it will be a case of relief delayed becoming relief denied."

12.07 AM: Dollar today

The dollar index rose by 0.31% to 99.38.

11.59 AM: Sectors in red today

Sectorally, barring pharma, all the other sectors were declining today. While metal, banking and financial dropped over 7% each, realty and auto were down 6.5% each, followed by 5% fall in media and PSU Banking index.

11.47 am: Top losers and Gainers

UPL, GAIL, Vedanta, Hindalco, Tata Motors, ICICI Bank were among the top losers today, while Cipla, Sun Pharma, Dr. Reddy were among the top gainers on NSE Nifty.

11.45 AM: Tata Motors share price falls over 12%

Tata Motors share declined over 12% to Rs  81.5 compared to the previous close of Rs 93.10. Stock opened 6% lower at Rs 87.45. It has fallen after four days of consecutive gains. On Thursday, share price of Tata Motors gained 20% to Rs 93.75 compared to the previous close of Rs 78.15 on BSE.

11.30 AM: ICICI Bank share price falls 10%

ICICI Bank share price falls 9.96% to Rs 342 compared to the previous close of Rs 379.90 on BSE. ICICI Bank stock has fallen after 4 days of consecutive gain.

The bank plans to announce Q4, FY2020 results on May 9, 2020.

11.20 AM: Market update

Of 30 Sensex stocks, 29 were trading in the red. Sun Pharma was the sole gainer rising 1% to Rs 469.40. Market breadth was negative with 424 stocks rising against 1,694 stocks losing on BSE.  

11.11 am:  BSE gainers

Top gainers on BSE were Cipla (3.91%), Swan Energy (6.10%), and Radico (4.75%).

11.03  AM: Rupee opens 61 paise lower

The Indian currency opened 61 paise lower at 75.71 to the dollar . On Thursday, rupee closed at 75.10. The currency market was closed on Friday, May 1 on account of Maharashtra Day. On April 30, the rupee closed 57 paise higher at 75.10 per dollar, amid strong buying in the domestic equity market.

Rupee vs Dollar: Rupee plunges 71 paise to 75.80 amid strengthening of US currency

10.52 AM: Adani Enterprises share price declines 7.6%

Adani Enterprises share price fell 7.6% intraday to Rs 130.65 asa agisnt tthe last close of Rs 141.45 after the company announced that its board plans to announce Q4, FY20 results, fund raising on May 6, 2020

10.47 AM: AU Small Finance Bank share price falls 5% post Q4 results

AU Small Finance Bank share price fell to the intraday low of Rs 516.55 on BSE, falling 4.99% after the company reported its March quarterly results.

The company reported 3.4% rise (YoY) in consolidated net profit to Rs 122 crore during the quarter ended March 31, 2020 as against Rs 118 crore, recorded in a year-ago period.

Total income rose 35% (YoY) to Rs 1,366 crore in the January-March quarter of the current fiscal as compared to Rs 1,007 crore in the same period last financial year.

10.43 AM: Jumbo Bag share price up 4.5%

Jumbo Bag share price gainsed 4.73% intraday after the company said it has partially resumed manufacturing operations.

10.39 AM: JSW Steel share price drops almost 10% post production figures

Shares of JSW Steel fell 9.99% intraday to the day's low of Rs 162.85 as against Rs 180.90 on BSE after the compay reported Crude Steel production at 5.63 lakh tonnes for April 2020, clocking an average capacity utilisation of 38% for the month. Company also produced 3.44 lakh tonnes of rolled products flat and 0.89 lakh tonnes rolled products long.

10.28 AM: ICICI Lombard General Insurance share price drops 6.6% post Q4 results

ICICI Lombard General Insurance share price fell 6.6% intraday to the day's low of Rs 1202.90 on BSE as agsinst last closing of Rs 1288.40 on BSE.

The company reported 23.8% rise (YoY) in consolidated net profit to Rs 281 crore during the quarter ended March 31, 2020 as against Rs 227 crore, recorded in a year-ago period. Total income rose 12% (YoY) to Rs 2,850 crore in the January-March quarter of the current fiscal as compared to Rs 2,543 crore in the same period last financial year.

10.16 AM: Apollo Pipes share price slips 7.5%

Apollo Pipes share price slipped 7.5% intraday to the day's low of Rs 295.05 on BSE as compared to the last closing of Rs 319.30 on BSE.

Company's reported 16.6% rise (YoY) in consolidated net profit to Rs 6.18  crore during the quarter ended March 31, 2020 as against Rs 5.30 crore, recorded in a year-ago period. Total income rose 4.75% (YoY) to Rs 96 crore in the January- March quarter of the current fiscal as compared to Rs 92 crore in the same period last financial year.

10.09 AM: Hindustan Unilever share price drops 5.26% post Q4 earnings

Hindustan Unilever share price dropped5.26% to the intraday low of Rs 2,075 as against the last closing value of Rs 2195.70 on BSE after the company reported its March earnings.

The company has reported 3.63% drop in its net profit of Rs 1,515 crore in March 2020 as against Rs 1,572 crore in March FY 2019.

Its total income fell 8.13% to Rs 9,475 crore during the period ended March 31, 2020 as compared to Rs 10,314 crore during the period ended March 31, 2019.

Company's board has recommended a final dividend of Rs 14 per share.

10.03 AM: Tech Mahindra share price drops 7.8% after Q4 results

Tech Mahindra share price fell 7.8% intraday to Rs 503.45 on BSE as compared to its previous closing value of Rs 503.45.

The IT major's net profit stood at Rs 803.9 cr, dropping 29% as against Rs 1132.5 crore on a yearly basis.

Company's total income rose 7.9% yearly to Rs 9775 crore as compared to Rs 9059 crore.

Company's board has also approved a final dividend of Rs 5 per share.

9.55 AM: Why globally markets are falling today

Asian stocks fell today as US-China tensions weighted on investors' sentiment. US-China political uncertainty and China currency devaluation against US Dollar also has kept the trend cautious overseas.This came after US president Trump and U.S. Secretary of State Mike Pompeo blamed China for creating the new coronavirus in a Chinese laboratory.

9.45AM: Crude oil declines

Brent Crude fell to $25.8 per barrel, down 2.27%.

9.40 AM: RIL share price falls 3.22%

Share price of Reliance Industries fell 3.22% intraday to the day's low of Rs 1419.75 as against its previous close of Rs 1467.05 on BSE, after the company posted its quarterly results.

RIL reported 0.59% fall(YoY) in consolidated net profit to Rs 39,354 crore during the quarter ended March 31, 2020 as against Rs 39,588 crore, recorded in a year-ago period.

Total income rose 5.7% (YoY) to Rs 6,25,601 crore in the January- March quarter of the current fiscal as compared to Rs 5,91,480 crore in the same period last financial year.

Company has said it is set to achieve net zero debt status ahead of its own aggressive timeline.

Company's board has recommended a dividend of Rs 6.50 per share. Conglomerate's board has also approved rights issues for up to Rs 53,125 cr at Rs 1,257 per share.

RIL share price slides 3% on fall in Q4 net profit

In another update, tech investor Silver Lake has invested Rs 5,655.75 crore in Reliance Industries Jio Platforms.

"In the wake of the severe economic disruptions caused by the COVID-19 pandemic, globally and especially within India, this partnership with one of the most renowned tech-investors globally, Silver Lake, has special significance," the RIL statement said.

Silver Lake to invest Rs 5,655 cr in Jio Platforms at higher valuation than Facebook deal

9.30 AM: News Alert

PM Modi will be addressing in the virtual Non Aligned Movement Summit at 4:30PM today

The NAM represents the biggest grouping of countries outside the United Nations, comprising 120 developing countries from Asia, Africa, and Latin America. Leaders of the Non Aligned Movement grouping will discuss measures to jointly fight COVID19.

In local cues, India has extended of the nationwide lockdown till 17 May, 2020. The nation has reported a total of 42,533 coronavirus cases, including 11,706 cured or discharged and 1,373 deaths.

Coronavirus India live updates: Lockdown 3.0 begins today, some relaxations eased, total COVID-19 cases 42,533

9.25 AM: Opening session

Domestic indices started off the week sharply bearish on Monday, tracking weak cues from overseas, that fell on fresh cues of US-China trade war. BSE Sensex traded 969 points lower at 32,768 and NSE Nifty was falling 326 points lower to 9,553.

9.15 AM: Stocks to watch today on May 4

RIL, Tech Mahindra, HUL, ICICI Lombard, IDFC First Bank, AU Small Finance Bank among others are the top stocks to watch out for in Monday's trading session.

Investors will also be taking cues from the latest released March quarter earnings. Companies that recently announced their March quarter earnings are Reliance Industries, Tech Mahindra, Hindustan Unilever, Apollo Tricoat Tubes, Laurus Labs, Aditya Birla Money, ICICI Lombard, AU Small Finance Bank among others.

Stocks in news: RIL, Tech Mahindra, HUL, ICICI Lombard, IDFC First Bank, AU Small Finance Bank and more

9.10 AM: Pre-open session today

Benchmarks Sensex and Nifty have opened sharply lower on Monday, backed by weak global cues. BSE Sensex traded 969 points lower at 32,768 and NSE Nifty was falling 326 points lower to 9,553.

8.55 AM: Quote on Extension lockdown and its impact by Geojit Financial Services

Expressing views over the lockdown extension and it's impact, Vinod Nair, Head of Research at Geojit Financial Services said," It is not a big surprise for the market since it was expecting phase-wise reopening of the economy which is mostly in-line with the latest protocol. The extension will have a mere impact since the main thesis of the market that the economy will open effectively post June 2020 is largely maintained.

But more than that the market has realized a concern, based on latest economic & corporate data, that the cascading effect on the domestic economy & corporate earnings is much more than anticipated. While the global market is worried about deglobalization and trade war which will impact further the economy, unemployment and possible bankruptcies in the future."

8.50 AM: Nifty outlook

In the last week, NSE-NIFTY gained in all four trading sessions and finally, ended holiday truncated week on a strong note.

For today's outlook, support is placed at around 9,235 and then at 9,100 levels, while resistance is observed at 9,740 and then at 9,900 levels.  In case of decline, the index will initially find support around its 20-day EMA (placed around 9,235 level) and then around 8,800 mark. On the higher side, NIFTY will face major hurdle around 10,000 level.

8.45 AM: Global cues today

Oil prices and global stocks came under pressure in today's session amid rising US-China tensions over the coronavirus. This came after US president Trump and U.S. Secretary of State Mike Pompeo blamed China for creating the new coronavirus in a Chinese laboratory.

Meanwhile, SGX Nifty was bucking the trend in trade today, rising 60 points higher at 9,375. Shanghai and Set Composite were rising 1.5% today.

8.40 AM: Recent March earnings

Companies that recently announced their March quarter earnings are Reliance Industries, Tech Mahindra, Hindustan Unilever, Apollo Tricoat Tubes, Laurus Labs, Aditya Birla Money, ICICI Lombard, AU Small Finance Bank  among others

8.35 AM: Market expectations

Benchmarks Sensex and Nifty are likely to open on a negative note on Thursday, backed by weak global cues. Meanwhile, SGX Nifty was bucking the trend in trade today, rising 60 points higher at 9,375.

In local cues, India has extended of the nationwide lockdown till 17 May, 2020. The nation has reported a total of 2,644 cases in the last 24 hours, taking the toll of total coronavirus cases to 39,980, including 10,632 recoveries and 1,301 deaths. In important global news, USFDA has granted emergency use authorization (EUA) to investigational antiviral remdesivir to treat COVID-19 patients.

8.30 AM: 8 core industries

March eight core industries growth came in at a fall of 6.5% as compared to 7.1% on a monthly basis.

8.20 AM Coronavirus toll

India has reported a total of 2,644 cases in the last 24 hours, taking the toll of total coronavirus cases to 39,980, including 10,632 recoveries and 1,301 deaths.

8. 10 AM: Rupee

The currency benchmark rupee settled at 75.12 per dollar as compared to its last close of 75.68 per US dollar.

8.00 AM: Closing Bell

Benchmark Sensex and Nifty closed higher on the last day of the month, led by firm global cues amid heavy buying in index heavyweights. On the April F&O expiry day, BSE Sensex ended 997 points higher at 33,717 and NSE Nifty climbed306 points to 9,859. News about positive trial results of an experimental COVID-19 treatment helped investors shrug off weak economic data. Financial markets remained closed on Friday on account of Maharashtra Day

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