Indian equity markets advanced on Thursday tracking favourable global cues as positive results for experimental remdesivir drug towards Covid-19 treatment lifted sentiment. Besides, the government's announcement to give considerable relief to many districts post May 4 boosted sentiment.
The S&P BSE Sensex jumped 904 points, or 2.76 per cent, at 33,620 and the Nifty50 index hovered around 9,850 levels. Auto stocks led the charge. Hero MotoCorp (up 7 per cent), Maruti Suzuki India (up 6%), and Mahindra & Mahindra (up 4%) were among the top Sensex gainers. Reliance Industries was also up 4 per cent ahead of the March quarter results today.
All the Nifty sectoral indices were in the green, led by Nifty Auto index, up 5 per cent.
RESULTS TODAY
The oil and gas business of Reliance Industries is expected to take a steep hit with a sharp drop in gross refining margins although non-energy businesses like retail and telecom are expected to save the day. READ MORE
In IT major Tech Mahindra's Q4 results, investors will watch out for any update on the execution of large deals it won in the past four-five months, and a timeline of progress on its 5G rollout. READ MORE
Analysts say Hindustan Unilever, like most consumer goods companies, would have taken a hit during the quarter under review due to Covid-19 lockdown, which has caused enormous logistical issues. READ MORE
CATCH ALL THE LIVE UPDATES
Auto Refresh
03:10 PM
MARKET ALERT :: ONGC, HCL Technologies locked in 10% upper circuit
>> However, the stocks are trading in future & option (F&O) segment which has no circuit limits.
03:01 PM
Top gainers on BSE today
COMPANY PRICE(RS) CHG(%)
TATA MOTORS 91.45 17.02
UPL 411.70 14.28
MAH. SEAMLESS 221.45 12.64
TATA MOTORS-DVR 39.20 12.32
APL APOLLO 1413.00 11.76
» More on Top Gainers
02:58 PM
Entire sector may turn NPA, will need ventilator support: Retail body CEO
"If the banking sector and the government does not come and help now, the retail sector will become an NPA, then they will have to handle a very different problem, which would be a much larger problem. NPAs could be as much as Rs 75,000 crore from retail," he said. READ MORE
02:50 PM
UPL shares gain 11% on biz update, expectation of net debt reduction
The agrochemicals company said its net debt stood at approx. $2.9 billion as of March 31, 2020 as compared to $4.2 billion as on December 31, 2019. Net debt stood at $3.8 billion as of March 31, 2019, it said.
The same represents a reduction in net debt of approx. $900 million and $1.3 billion as compared to Q4FY19 and Q3FY20, respectively. The company has cash/cash equivalent of approximately $875 million (approx Rs 6,500 crore) as of March 31, 2020. READ MORE
02:34 PM
India's jewellery demand dips 41% to 11-year low in March quarter: WGC
As regards India, although the wedding season lifted demand early in the March 2020 quarter, a sharp rise in local gold prices from mid-February led to a slowdown in demand as consumers held back on purchases. However, the overall demand slumped once the country went into a lockdown mode on the rampant spread of coronavirus. Jewellery demand in March, according to WGC estimates, slumped between 60 - 80 per cent. READ MORE
gold
02:25 PM
Hindustan Unilever trades lower for third straight day ahead of Q4 results
Shares of Hindustan Unilever (HUL) were trading lower for the third straight day, down 3.2 per cent to Rs 2,160 on the BSE on Thursday ahead of the announcement of its financial results for the quarter and year ended March 2020 (Q4FY20) later in the day. In the past three trading days, the fast moving consumer goods (FMCG) firm's stock has slipped 7 per cent, as compared to 6 per cent rise in the S&P BSE Sensex. READ MORE
FMCG, shopping
02:15 PM
BROKERAGE VIEW:: Axis Securities on HDFC Bank
As macro concerns loom large on Covid-19 headwind, we expect loan growth at ~14/18% in FY21/FY22E with retail book slowdown, slower fee income growth, higher provisioning but partly offset by cost rationalization (C-I improvement of 160bps). Prov/Avg. Advances will go up to 1.5% in FY21 but normalize to 1.2% in FY22E. We expect HDFCB to report lower ROAA/ROAE at 1.8%/16% in FY21, but normalize to 1.9%/17% by FY22E. Given its superior business model, bank’s resilience across cycles will play out positively. We initiate with BUY with target price of Rs 1,233 derived using the SOTP method (core bank at 3xFY22 ABV + Subsidiaries value Rs 50/-).
02:12 PM
Rupee closing
Rupee ends higher at 75.12/$ vs Wednesday's close of 75.68 against the US dollar
02:08 PM
India's scrap gold supplies at record high on price rally, coronavirus: WGC
Rising scrap supplies, amid a fall in demand could, however, dent the world's second-biggest bullion consumer's imports and cap a rally in global prices, which hit a more than seven-year high earlier this month. Falling bullion imports could help reduce India's trade deficit and support the ailing rupee. READ MORE
01:57 PM
BUZZING STOCK | UPL jumps around 7% post update on debt position
>> The Company expects its Net Debt to be at approx. USD 2.9 Bn as of 31st March 2020 as compared to USD 3.8 Bn as of 31st March 2019 and USD 4.2 Bn as of 31st December 2019. The same represents a reduction in Net Debt of approx. USD 900 Mn and USD 1.3 Bn as compared to 31st March 2019 and 31st December 2019, respectively. (Source: BSE filing)
The S&P BSE Sensex jumped 904 points, or 2.76 per cent, at 33,620 and the Nifty50 index hovered around 9,850 levels. Auto stocks led the charge. Hero MotoCorp (up 7 per cent), Maruti Suzuki India (up 6%), and Mahindra & Mahindra (up 4%) were among the top Sensex gainers. Reliance Industries was also up 4 per cent ahead of the March quarter results today.
All the Nifty sectoral indices were in the green, led by Nifty Auto index, up 5 per cent.
RESULTS TODAY
The oil and gas business of Reliance Industries is expected to take a steep hit with a sharp drop in gross refining margins although non-energy businesses like retail and telecom are expected to save the day. READ MORE
In IT major Tech Mahindra's Q4 results, investors will watch out for any update on the execution of large deals it won in the past four-five months, and a timeline of progress on its 5G rollout. READ MORE
Analysts say Hindustan Unilever, like most consumer goods companies, would have taken a hit during the quarter under review due to Covid-19 lockdown, which has caused enormous logistical issues. READ MORE
CATCH ALL THE LIVE UPDATES
Auto Refresh
03:10 PM
MARKET ALERT :: ONGC, HCL Technologies locked in 10% upper circuit
>> However, the stocks are trading in future & option (F&O) segment which has no circuit limits.
03:01 PM
Top gainers on BSE today
COMPANY PRICE(RS) CHG(%)
TATA MOTORS 91.45 17.02
UPL 411.70 14.28
MAH. SEAMLESS 221.45 12.64
TATA MOTORS-DVR 39.20 12.32
APL APOLLO 1413.00 11.76
» More on Top Gainers
02:58 PM
Entire sector may turn NPA, will need ventilator support: Retail body CEO
"If the banking sector and the government does not come and help now, the retail sector will become an NPA, then they will have to handle a very different problem, which would be a much larger problem. NPAs could be as much as Rs 75,000 crore from retail," he said. READ MORE
02:50 PM
UPL shares gain 11% on biz update, expectation of net debt reduction
The agrochemicals company said its net debt stood at approx. $2.9 billion as of March 31, 2020 as compared to $4.2 billion as on December 31, 2019. Net debt stood at $3.8 billion as of March 31, 2019, it said.
The same represents a reduction in net debt of approx. $900 million and $1.3 billion as compared to Q4FY19 and Q3FY20, respectively. The company has cash/cash equivalent of approximately $875 million (approx Rs 6,500 crore) as of March 31, 2020. READ MORE
02:34 PM
India's jewellery demand dips 41% to 11-year low in March quarter: WGC
As regards India, although the wedding season lifted demand early in the March 2020 quarter, a sharp rise in local gold prices from mid-February led to a slowdown in demand as consumers held back on purchases. However, the overall demand slumped once the country went into a lockdown mode on the rampant spread of coronavirus. Jewellery demand in March, according to WGC estimates, slumped between 60 - 80 per cent. READ MORE
gold
02:25 PM
Hindustan Unilever trades lower for third straight day ahead of Q4 results
Shares of Hindustan Unilever (HUL) were trading lower for the third straight day, down 3.2 per cent to Rs 2,160 on the BSE on Thursday ahead of the announcement of its financial results for the quarter and year ended March 2020 (Q4FY20) later in the day. In the past three trading days, the fast moving consumer goods (FMCG) firm's stock has slipped 7 per cent, as compared to 6 per cent rise in the S&P BSE Sensex. READ MORE
FMCG, shopping
02:15 PM
BROKERAGE VIEW:: Axis Securities on HDFC Bank
As macro concerns loom large on Covid-19 headwind, we expect loan growth at ~14/18% in FY21/FY22E with retail book slowdown, slower fee income growth, higher provisioning but partly offset by cost rationalization (C-I improvement of 160bps). Prov/Avg. Advances will go up to 1.5% in FY21 but normalize to 1.2% in FY22E. We expect HDFCB to report lower ROAA/ROAE at 1.8%/16% in FY21, but normalize to 1.9%/17% by FY22E. Given its superior business model, bank’s resilience across cycles will play out positively. We initiate with BUY with target price of Rs 1,233 derived using the SOTP method (core bank at 3xFY22 ABV + Subsidiaries value Rs 50/-).
02:12 PM
Rupee closing
Rupee ends higher at 75.12/$ vs Wednesday's close of 75.68 against the US dollar
02:08 PM
India's scrap gold supplies at record high on price rally, coronavirus: WGC
Rising scrap supplies, amid a fall in demand could, however, dent the world's second-biggest bullion consumer's imports and cap a rally in global prices, which hit a more than seven-year high earlier this month. Falling bullion imports could help reduce India's trade deficit and support the ailing rupee. READ MORE
01:57 PM
BUZZING STOCK | UPL jumps around 7% post update on debt position
>> The Company expects its Net Debt to be at approx. USD 2.9 Bn as of 31st March 2020 as compared to USD 3.8 Bn as of 31st March 2019 and USD 4.2 Bn as of 31st December 2019. The same represents a reduction in Net Debt of approx. USD 900 Mn and USD 1.3 Bn as compared to 31st March 2019 and 31st December 2019, respectively. (Source: BSE filing)
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