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  • Sensex, Nifty drop amid volatility

    Domestic stocks drifted lower in the week amid high volatility. Rising tensions between Washington and Beijing and icreasing number of Coronavirus cases worldwide impacted sentiment. The RBI''s surprise rate cut and other steps to prop up the coronavirus-hit economy failed to enthuse investors.

    In the week ended on Friday, 22 May 2020, the Sensex dropped 425.14 points or 1.37% to settle at 30,672.59. The Nifty 50 index slipped 97.60 points or 1.07% to settle at 9,039.25.

    The BSE Mid-Cap index fell 230.30 or 2% to settle at 11,270.02. The BSE Small-Cap index declined 164.63 points or 1.54% to settle at 10,524.23.

    The market slumped on Monday, 18 May 2020 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.

    Key benchmark indices ended with decent gains on Tuesday, 19 May 2020 tracking strength in other Asian peers amid optimism about a potential vaccine for the coronavirus. However, gains were capped due to rising coronavirus cases in India. The barometer S&P BSE Sensex rose 167.19 points or 0.56% at 30,196.17. The Nifty 50 index gained 55.85 points or 0.63% at 8,879.10.

    Key domestic benchmarks rallied on Wednesday, 20 May 2020 supported by firmness in HDFC twins and Reliance Industries. The barometer S&P BSE Sensex jumped 622.44 points or 2.06% at 30,818.61. The Nifty 50 index gained 187.45 points or 2.11% at 9,066.55.

    The market ended with decent gains on Thursday, 21 May 2020 extending its winning run for the third straight session. The barometer S&P BSE Sensex rose 114.29 points or 0.37% at 30,932.90. The Nifty 50 index rose 39.70 points or 0.44% at 9,106.25.

    On Friday, 22 May 2020, the Sensex and the Nifty ended lower, snapping their three-day rising streak due to negative global cues. Rising COVID-19 cases in Indian also spooked investors. Banking and financial stocks led the decline after RBI''s extension of moratorium on loan repayments stoked NPA fears. The barometer S&P BSE Sensex was down 260.31 points or 0.84% at 30,672.59. The Nifty 50 index fell 67 points or 0.74% at 9,039.25.

    Among stocks, Cipla surged 12.07%. 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 4,301.60 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.

    Index heavyweight Reliance Industries (RIL) fell 1.87%. 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.

    Bharti Airtel jumped 7.02%. The telecom major reported a consolidated net loss of Rs 5,327 crore in Q4 March 2020 (Q4 FY20) as against net profit of Rs 107.20 crore in Q4 March 2019 (Q4 FY19). The company took a hit due to an exceptional item of Rs 7,004 crore in the quarter, which comprises mainly of a charge on account of reassessment of regulatory cost based on a recent judgment on one-time spectrum charge (OTSC) related matter. Net sales jumped 15.1% to Rs 23,722.70 crore during the period under review. EBITDA rose 51.7% to Rs 10,326 crore in Q4 FY20 over Q4 FY19. EBITDA margin stood at 43.5% as on 31 March 2020 as compared to 33% as on 31 March 2019.

    The company said its average revenue per user (ARPU) rose 25.20% to Rs 154 in Q4 FY20 from Rs 123 in Q4 FY19. Growth was broad based and all segments registered healthy underlying growth, the company said. The company total customer base increased by 4.9% to 42.3 crore customers in Q4 March 2020 from 40.3 crore customers in Q4 March 2019.

    UltraTech Cement rose 1.63%. The company's consolidated net profit surged 204.79% to Rs 3,243 crore on 13.07% decline in net sales to Rs 10,579 crore in Q4 March 2020 over Q4 March 2019. Profit before tax (PBT) fell 4.21% Y-o-Y to Rs 1,461.97 crore during the quarter. Current tax expense fell 22.10% to Rs 246.61 crore during the period under review. The result was announced during market hours on Wednesday, 20 May 2020.

    Drug major Dr Reddy's Laboratories advanced 4.30% after consolidated net profit jumped 76% to Rs 764.20 crore on a 10% rise in revenues to Rs 4,431.80 crore in Q4 March 2020 over Q4 March 2019. EBITDA jumped 13.54% to Rs 1,001.3 crore in Q4 FY20 from Rs 881.90 crore in Q4 FY19. EBITDA margins stood at 22.6% in Q4 March 2020 as compared to 22% in Q4 March 2019. Profit before income tax stood at Rs 714.20 crore in Q4 FY20, up by 22% from Rs 585.1 crore in Q4 FY20. Consolidated net profit rose 4% to Rs 1,949.80 crore on a 13% rise in revenues to Rs 17,460 crore in the year ended March 2020 (FY20) as against the year ended March 2020 (FY19). Profit before income tax stood at Rs 1,803.20 crore in FY20, down by 20% from Rs 2,244.3 crore reported in FY19.

    Bajaj Finance dropped 9.13%. The NBFC major's consolidated net profit declined 19% to Rs 948 crore on 36% increase in total income to Rs 7,231 crore in Q4 March 2020 over Q4 March 2019. On a consolidated basis, profit before tax (PBT) stood at Rs 1,278 crore in Q4 FY20, down by 29% from Rs 1,812 crore reported in Q4 FY19. Net interest income jumped 38% to Rs 4,684 crore in Q4 FY20 over Q4 FY19. New loans booked during Q4 FY20 increased by 3% to 6.03 million from 5.83 million in Q4 FY19.

    Bajaj Auto lost 4.28%. The auto maker's consolidated reported net profit fell 3.9% to Rs 1,353.99 crore on 8.5% decline in net sales to Rs 6,610.90 crore in Q4 March 2020 over Q4 March 2019. Profit before tax (PBT) slipped 10.8% to Rs 1,764.93 crore during the period under review. Current tax expenses jumped 14.8% to Rs 411.33 crore in Q4 March 2020 over Q4 March 2019. The auto maker's total sales volume declined 17% to 9.91 lakh units in Q4 FY20 as against 11.93 lakh units in Q4 FY19. Domestic sales volumes slumped 33% to 4.78 lakh units while exports gained 7% to 5.13 lakh units during the quarter.

    Bajaj Finserv tanked 8.57%. The company's consolidated net profit slumped 76.81% to Rs 194.43 crore on 2.30% rise in total income to Rs 13,294.25 crore in Q4 March 2020 over Q4 March 2019. Profit before tax (PBT) stood at Rs 792.90 crore in Q4 FY20, down by 62.77% from Rs 2,130.07 crore in Q4 FY19.

    Infosys rallied 6.12%. A class action lawsuit filed against the IT major and some of its employees in the United States District Court stands dismissed. In October 2019, a class action lawsuit was filed in the United States District Court against Infosys and certain of its current and former officers. The complaint, which was filed in the Eastern District of New York, was brought on behalf of a class consisting of persons or entities who purchased the company's publicly traded securities between 7 July 2018 and 20 October 2019, and alleged claims for violations of the US federal securities laws. On 21 May 2020, the plaintiff voluntarily dismissed the lawsuit without prejudice.

    As per Indian Meteorological Department's (IMD) forecast, the southwest monsoon is likely to make a delayed onset this year, arriving over the Kerala coast on 5 June 2020, 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 2020.

    On the economic front, Finance Minister Nirmala Sitharaman on Sunday, 17 May 2020 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 Rs 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.

    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.

    The Reserve bank of India (RBI) Monetary Policy Committee (MPC) on Friday, 22 March 2020 unanimously decided to slash the Repo Rate by another 40 basis points to 4%. The interest rate decision was taken to revive growth and mitigate the impact of the coronavirus pandemic. The announcement came following a three-day off-cycle meeting of the MPC, held between 20 and 22 May 2020. These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/-2%, while supporting growth.

    The RBI further extended the loan repayment moratorium for another three months up to 31 August. The EMI payments will restart only once the moratorium time period expires on 31 August. RBI Governor Shaktikanta Das said that the GDP growth in India in 2020-21 is estimated to remain in the negative territory with a pick up in growth impulses in second half. However, these depend on the trajectory of the pandemic.

    The RBI also raised the group exposure limit of banks to 30% from 25% for a temporary period till 30 June 2021. Group exposure limit determines the maximum amount a bank can lend to one business house. The central bank relaxed rules governing borrowing by states to help them meet their own liabilities and expenditure requirements. In order to ease the pressures of bond redemption on states, rules governing withdrawal from consolidated sinking fund (CSF) have been eased. CSF is maintained by the state governments with the RBI as a buffer for repayment of their liabilities. This change in withdrawal norms will come into force with immediate effect and will remain valid till 31 March 2021.

    The MPC is of the view that the macroeconomic impact of the pandemic is turning out to be more severe than initially anticipated, and various sectors of the economy are experiencing acute stress.

    Overseas, China held its benchmark lending rate steady on Wednesday, mirroring the central bank's decision last week to keep borrowing costs on medium-term funding for financial institutions unchanged. The one-year loan prime rate (LPR) remained at 3.85% from last month's fixing, while the five-year LPR was also steady at 4.65% from previously.

    China published a draft law proposal that could spell the effective end of Hong Kong's special status, risking further civil disorder. Hong Kong's Hang Seng index plunged nearly 6%. China is poised to impose a new national security law on Hong Kong after months of anti-government protests in the territory. The move has sparked concerns the law will give Beijing more control over Hong Kong and incite further pro-democracy protests.

    Details of the draft legislation were announced Friday when China's National People's Congress (NPC) — the country's parliament — held its annual session. The laws would reportedly ban secession, foreign interference, terrorism and all seditious activities aimed at toppling the central government and any external interference in the former British colony.

    Japan's trade data for April released by the country's Ministry of Finance on Thursday showed exports in April plunging 21.9% as compared to a year earlier.

    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.

    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.

    The Senate approved the Holding Foreign Companies Accountable Act, which seeks to force Chinese companies to adhere to U.S. securities law, ultimately by barring many from listing shares on U.S. exchanges, or otherwise raising money from American investors. The bill still would need to pass the Democratic-controlled House of Representatives before reaching the president's desk to be signed into law.

    Minutes of the Fed's last policy meeting in April published Wednesday showed officials also discussed how to convince markets that interest rates will stay low for a long time.

    In his late Wednesday tweet, Trump accused China of having the ability, but declining, to stop the spread of the deadly virus, which has infected about 5 million people around the world. He appeared to direct his criticism towards President Xi Xinping, a notable move given that China is heading into two days of annual parliamentary meetings in Beijing.

    Fresh wave of China-US tensions raised doubts about the trade deal reached early this year between the world's two largest economies. The losses also came amid data that showed jobless claims reached 2.4 million for the week that ended on Saturday because of the coronavirus pandemic.

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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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