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As On 27-May-2020 EOD, Market Closed
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  • Shares plunge on broad-based selling; Nifty slips below 8,900

    The market slumped on Monday amid broad-based selling pressure, with banks stocks losing the most. Unimpressive economic stimulus, rising cases of Covid-19 in India and extension of nationwide lockdown dented investors sentiment.

    The barometer S&P BSE Sensex tumbled 1,068.75 points or 3.44% at 30,028.98. The Nifty 50 index lost 313.60 points or 3.43% at 8,823.25.

    The Nifty opened higher at 9,158.30, but quickly reversed trend amid steep selling pressure. The Nifty broke the decisive 9,000 mark in morning trade. A minor recovery was seen in early afternoon trade as Nifty momentarily arrested the fall and traded sideways. Fresh wave of selling in last half hour of trade dragged the Nifty to its day's low of 8,806.75.

    In the broader market, the BSE Mid-Cap index fell 3.75% and the BSE Small-Cap index slipped 2.89%.

    Sellers outpaces buyers. On the BSE, 577 shares rose and 1773 shares fell. A total of 166 shares were unchanged.

    COVID-19 update:

    Total COVID-19 confirmed cases worldwide stood at 47,13,769 far with 3,15,187 deaths. India reported 56,316 active cases of COVID-19 infection and 3,029 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

    In a bid to contain the spread of the novel coronavirus pandemic, the Centre on 17 May 2020 extended the nationwide lockdown till 31 May 2020. According to the new guidelines, the delineation of red, orange and green zones will be decided by respective states and Union Territory governments after taking into consideration the parameters shared by the Union Ministry of Health and Family Welfare.


    Finance Minister Nirmala Sitharaman on Sunday (17 May) announced the fifth and final tranche of economic stimulus package to deal with the economic fallout of the COVID-19 pandemic. The booster measures announced on Sunday related to MGNREGS, healthcare and education, businesses, de-criminalisation of the Companies Act, ease of doing business, public sector enterprises, and resources related to state governments.

    The 20 lakh crore economic stimulus package has been divided into five tranches and each tranche focuses to deal with the fallout of the coronavirus pandemic. The government, in its first four tranches of the stimulus package, focussed on addressing the land, labour, liquidity, and laws with little extra budget spending.

    On the data front, India's merchandise exports dipped 60.3% to $10.36 billion in April 2020 over a year ago. Merchandise imports declined 58.6% to $17.12 billion. The trade deficit fell 55.9% to $6.76 billion in April 2020 from $15.33 billion in April 2019.

    Merchandise exports in rupees plunged 56.4% to Rs 78,951 crore, while imports declined 54.6% to Rs 1,30,525 crore in April 2020 over April 2019. The trade deficit eased to Rs 51,574 crore in April 2020 compared with Rs 1,06,412 crore in April 2019.

    As per the data released by the Reserve Bank of India, India's services exports increased 1.2% to $18.16 billion in March 2020 over March 2019. India's services imports declined 2.2% to $11.11 billion in March 2020.

    IMD Forecast:

    The southwest monsoon is likely to make a delayed onset this year, arriving over the Kerala coast on 5 June, the India Meteorological Department (IMD) said on Friday. The forecast carries a model error of +/-4 days, according to the weather office. The normal onset date for the June-September rainy season is 1 June.

    Numbers to Watch:

    The yield on 10-year benchmark federal paper fell to 6.050% as compared with 6.081% at close in the previous trading session.

    In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 75.9125, compared with its close of 75.58 during the previous trading session.

    In the commodities market, Brent crude for July 2020 settlement rose $1.91 at $34.41 a barrel. The contract rose $1.37, or 4.40% to settle at $32.50 a barrel in the previous trading session.

    Foreign Markets:

    European markets were trading with strong gains on Monday as investors eyed a gradual economic recovery with many countries easing lockdown. Asian markets ended higher despite U.S. Federal Reserve Chairman Jerome Powell saying that the economy stateside may need a coronavirus vaccine to fully recover.

    On the economic data front, Japan's economy shrank at an annualized rate of 3.4% in January-March, government data showed. That marked the country's second straight quarter of contraction, meeting the technical definition of a recession.

    In US, stocks recovered from steep losses early Friday to close higher, despite data showing U.S. April retail sales plunged more than forecasts and news the Trump administration will block shipments of semiconductors to China's Huawei Technologies, stoking fears of renewed trade tensions.

    However, sentiment was improved by news the House of Representatives was set to vote on another $3 trillion coronavirus package that could be the opening bid in another round of fiscal stimulus.

    In economic data, U.S. retail sales fell 16.4% in April, the Commerce Department reported, as businesses remained all but shut down. Excluding autos, sales still dropped 16.2%.

    Industrial production collapsed in April, the Federal Reserve said Friday. Industrial output fell a record 11.2%, pulled down by a record drop in manufacturing. Capacity utilization slumped to a record low 64.9% from 72.7% in March.

    Buzzing Indian Segment:

    The Nifty Bank index slumped 6.69% to 17,573.20 after the Government on Sunday said insolvency proceedings against fresh defaulters would remain suspended for up to one year and Covid-19-related debt would be excluded from the definition of default. The central government will be empowered to exclude Covid-19 related debt from the definition of 'default' under the code. Minimum threshold to initiate insolvency proceedings is raised to Rs 1 crore from Rs 1 lakh earlier. Banks and NBFCs could face a tough time ahead as they will be deprived of a credible mode of bad debt resolution.

    The Nifty Bank index extended its losing run to third consecutive trading session. The index has slumped 10.50% in three trading days from its previous closing high of 19,634.95 on 13 May 2020.

    Among the public sector banks, Canara Bank (down 7.56%), Bank of Baroda (down 7.1%), State Bank of India (down 6.61%), Punjab National Bank (down 4.85%), Union Bank of India (down 4.66%) and IDBI Bank (down 4.44%) tumbled.

    Among the private sector banks, IndusInd Bank (down 10.02%), RBL Bank (down 9.55%), Federal Bank (down 9.47%), City Union Bank (down 8.41%), Axis Bank (down 7.55%), ICICI Bank (down 7.44%), HDFC Bank (down 5.83%), Bandhan Bank (down 5.81%), Kotak Mahindra Bank (down 5.47%) and Yes Bank (down 3.83%) slumped.

    Earnings Impact:

    Cipla gained 5.35%. On a consolidated basis, Cipla's net profit declined 33% to Rs 245.95 crore on a 0.7% rise in net sales to Rs 4301.60 crore in Q4 March 2020 over Q4 March 2019. The company said its India Rx business grew by 12% on a year on year basis recording a third consecutive quarter of market beating growth. South Africa business continued the strong growth momentum to deliver growth of 10% on a year on year basis in local currency. Cipla reported its Research & Development investment stood at Rs 311 crore in Q4 March 2020, which is 7.1% of sales. Consolidated EBITDA declined 33% to Rs 652 crore in Q4 March 2020 from Rs 972 crore posted in Q4 March 2019. EBITDA margin declined to 15% in Q4 March 2020 from 22% reported in Q4 March 2019.

    Tata Chemicals fell 5.83% after consolidated net profit slumped 48.47% to Rs 197.56 crore on 7.16% decline in revenue from operations to Rs 2,378.09 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax (PBT) dropped 45.28% to Rs 216.88 crore in Q4 March 2020 as against Rs 396.38 crore in Q4 March 2019. Total tax expenses jumped 49.07% to Rs 19.32 crore in Q4 March 2020 as against Rs 12.96 paid in Q4 March 2019. EBITDA dropped 11% to Rs 400 crore in Q4 March 2020 from Rs 447 crore in Q4 March 2019. EBITDA margin stood unchanged at 17% in Q4 March 2020 compared with the same period last year.

    Mahindra & Mahindra Finance Services tumbled 18.20% after consolidated net profit dropped 65.8% to Rs 234.82 crore on 8.05% rise in total income to Rs 3,148.47 crore in Q4 March 2020 over Q4 March 2019. The company said in order to cover the contingencies that may arise due to COVID–19 Pandemic, it has incorporated the management overlays in the impairment loss allowance and the total provision recognized in the statement of Profit and Loss during the quarter stood at Rs 681.16 crore.

    L&T Technology Services (LTTS) jumped 3.60% after consolidated net profit gained 0.34% to Rs 204.80 crore on 1.66% increase in net sales to Rs 1,446.60 crore in Q4 March 2020 over Q3 December 2019. Consolidated profit before tax fell 0.98% to Rs 271.80 crore in Q4 March 2020 as against Rs 274.50 crore in Q3 December 2019. Tax expenses slipped 4.65% at Rs 65.50 crore in Q4 March 2020 as compared to Rs 68.70 crore paid in Q3 December 2019.

    Stocks in Spotlight:

    IT majors TCS (up 2.72%) and Infosys (up 1.73%) bucked weak market trend.

    Index heavyweight Reliance Industries (RIL) fell 1.25% to Rs 1440.65. RIL and Jio Platforms on 17 May 2020 announced an investment of Rs 6,598.38 crore by General Atlantic, a leading global growth equity firm. This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. General Atlantic's investment will translate into a 1.34% equity stake in Jio Platforms on a fully diluted basis. The transaction is subject to regulatory and other customary approvals.

    With this investment, Jio Platforms has raised Rs 67,194.75 crore from leading technology investors including Facebook, Silver Lake, Vista Equity Partners and General Atlantic in less than four weeks.

    Coal India (CIL) slumped 5.87% after Finance Minister Nirmala Sitharaman on Saturday (16 May) allowed commercial mining of coal by the private sector, ending government monopoly on the sector. FM said introduction of private players in commercial mining will be done on revenue sharing mechanism instead of the regime of fixed rupee/tonne. She further said that nearly 50 blocks will be offered for bidding.

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Flash News 27-May-2020
  •  ( 17:57) India VIX declines for sixth day  
  •  ( 17:38) Sun Pharma Q4 PAT down 37% to Rs 399.84 cr  
  •  ( 16:55) Dabur India consol. Q4 PAT down 24.19% Y-o-Y to Rs 281.60 cr.  
  •  ( 15:30) Coromandel Intl. consol. Q4 PAT up 112.2% Y-o-Y to Rs 234.20 cr.  
  •  ( 13:56) European market open in greens  
  •  ( 13:55) Indices continue to trade at a day's high  
  •  ( 13:14) Deepak Nitrite's Q4 PAT spurts 88% to Rs 172 cr  
  •  ( 13:13) Blue Dart reports a consolidated net loss of Rs 30.57 crore in Q4 2020  
  •  ( 13:12) Relaxo Footwears declines as lockdown impacts overall demand  
  •  ( 12:54) Positive market breadth  
  •  ( 12:51) Nifty crosses 9,100 mark  
  •  ( 11:51) VIP Indus. consol. Q4 FY20 PAT down 62.3% Y-o-Y to Rs 9.52 cr.  
  •  ( 11:30) Metal shares extend gains for second day  
  •  ( 11:28) Sensex, Nifty hit fresh intraday high  
  •  ( 11:14) Titan says COVID-19 pandemic pose challenges to all its businesses.  
  •  ( 10:36) Auto shares skid amid profit booking  
  •  ( 10:35) Shares come off the day's low  
  •  ( 10:05) Torrent Pharma. consol. Q4 March 2020 PAT at Rs 314 cr.  
  •  ( 09:28) Positive market breadth  
  •  ( 09:21) Stocks nudge higher in early trade  
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27 May 2020 00:00
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