Market LIVE: Sensex ends 232 pts up, Nifty Bank rises over 750 pts from day’s low; autos, financial stocks gain

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Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 index settled higher in Wednesday’s choppy trade. BSE Sensex ended the session at 31,685.75, up 232.24 points or 0.74 per cent. While Nifty 50 index settled at 9,270, gaining 65 points or 0.71 per cent. As many as 21 stocks out 30 Sensex scrips finished trade in positive territory with M&M as the top gainer, up 5.27 per cent, followed by Bajaj Finance, HDFC Bank and ICICI Bank. ITC was the top Sensex laggard with a decline of nearly 6 per cent. Hindustan Unilever (HUL), TCS, Infosys, Sun Pharma were among other losers on the pack. Barring Nifty FMCG and Nifty PSU Bank, all the sectoral indices settled in green. Nifty Bank index gained 422 points or 2.19 per cent led by gains in Bank of Baroda, Kotak Mahindra Bank, SBI and Punjab National Bank.

BoFA Securities downgraded ratings for State Bank of India (SBI), IndusInd Bank, ICICI Bank, Bank of Baroda, with HDFC Bank the only ‘buy’ in the sector. While HDFC Bank remains the only bank with ‘buy’ rating. “We will likely see liability consolidators (led by HDFC Bank, Kotak Mahindra Bank, SBI) emerge stronger over the medium term but until the current NPA cycle peaks, we see downside risks to valuation multiples,” Bank of America Securities in its latest research report. It further added that the banking sector is on the verge of a new (and unique) NPA cycle panning across corporate and retail segments.

BSE Sensex ended the session at 31,685.75, up 232.24 points or 0.74 per cent. While Nifty 50 index settled at 9,270, gaining 65 points or 0.71 per cent.

As a large section of the society struggles through the nationwide lockdown, the Narendra Modi-led government has been trying to alleviate this pain by keeping the poor and farmers away from the hardships such as unavailability of food and cash. Amid the lockdown, around 39 crore poor people have received financial assistance of Rs 34,800 crore under the Pradhan Mantri Garib Kalyan Package (PMGKP), said a statement by the Ministry of Finance.

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Despite a rapid pace of digital acceleration in India, consumers of financial services in India are yet to fully embrace digital platforms for their day to day financial transactions. This is especially true in non-metro markets and rural geographies. To be fair, it is still early days as the inflection point for this transformation came only during the demonetisation phase.

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BSE Sensex was trading at 31,520.52, up 67.01 points or 0.21 per cent while broader Nifty 50 index was up just 18 points or 0.19 per cent at  9,223.45.

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The month of May is usually a weak month for rupee. This week market remained range-bound in between 75.50-75.80 range. The risk tone has been tepid and will remain like that on renewed US-China spat. The trade war can reignite going ahead and prop up the safe-haven dollar demand. Also, coronavirus cases are increasing, stocking fears of second wave of infection. Locally, there are concerns over macros, due to the extension in lockdown, India’s GDP is expected to fall near 1%. While, market is eagerly waiting for more stimulus measures from the government. So, the volatility in spot may continue and 75.30-75.50 will act as a strong support and we may see a bounce towards 76.50 level: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

Titan will benefit from its franchisee model. Although TTAN will also suffer in interim, it will emerge much stronger once COVID-19 fear subsides and will continue to enjoy premium valuations. Retain hold & accumulate on declines for long term gains but near term PE de-rating possible: Amnish Agarwal, Prabhudas Lilladher

Noted economist and Nobel laureate Abhijit Banerjee’s Twitter profile has come in focus after his interview with Congress leader Rahul Gandhi on Tuesday. However, several noted personalities such as Ramchandra Guha, Mahua Moitra, among others have now said that the Indian-origin economist does not have any Twitter profile. “If you are on social media will you publicize the fact that I am being impersonated on Twitter as @AbhijitBanerj. I am not Twitter,” historian Ramchandra Guha said citing Abhijit Banerjee.

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Schools and other educational institutions across the globe have witnessed a shift towards online learning as countries around the world have been under lockdown for over a month now due to coronavirus. India is no different and the country has an extremely scalable prospect for digital education, Nobel laureate Abhijit Banerjee told The Indian Express.

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The migrant workforce, which returned to the hometowns in haste amid the coronavirus lockdown, has gradually started to come back into the market in search of jobs. The increasing number of workers looking for jobs has raised the labour participation rate, but unavailability of sufficient work for them has shot up the unemployment rate in the country.

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Government looking to wrap up the sale of its entire holding (through SUUTI) in ITC (7.9%) and Axis Bank (4.7%) by the end of this week at 2-3% discount to the prevailing market price to various MFs, LIC etc to raise Rs 22,000 crore. ‘If this goes through the free float weight of both the stocks will go up substantially possibly leading to a higher weight in various indices like Nifty, MSCI etc. This can lead to large inflows from passive funds and even many active funds that use these indices as benchmarks: Ajay Bodke, CEO, PMS Prabhudas Lilladher

NIIT Technologies’ share price surged 15% on the stock market after the company posted a strong January-March quarter result on Tuesday. NIIT Technologies posted a strong 15.5% EBITDA growth on-year basis and a 12% revenue growth in the same time period. Revenue billing loss on account of supply side issues driven by the coronavirus pandemic in the March quarter was negligible as the company made a seamless transition to work from home. Deal pipeline for NIIT Technologies looks robust in the first quarter as well with many negotiations in advanced stages. The stock was trading at Rs 1.367 per share.

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Headline PMI contracted sharply as April saw complete lockdowns across major sectors the economy. At 5.4 in April, Services PMI fell to its all-time lows, with disruption in economic activity set to continue even in May. The slowdown in PMI validates our view of a sharp contraction in GDP growth in Q2 2020 (Barclays expectation: -12.4% y/y). Taking the contraction in both Manufacturing and Services activity together, historical correlation as per Markit suggests that India’s GDP may contract by -15% y/y in Q2 2020, which is a tad lower than the 12.4% decline expected by us, pointing to modest downside risks to our current projections.

– Barclays

Gold prices in India edged higher in trade, after a weak opening on Wednesday. On MCX, gold June futures rose Rs 37 to Rs 45,788 per 10 grams. Similarly, silver July futures were trading Rs 403 or 0.96 per cent higher at Rs 42,299 per kg. Globally, yellow metal prices slipped on the back of gradual easing of coronavirus triggered restrictions by many countries in an attempt to revive their economic activity, which dented the demand for the gold.

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Noida and Gurugram authorities have released fresh guidelines for the private companies to work with 33% workforce. Along with maintaining strict social distancing norms, the administration has also asked the companies to ensure that a restricted number of people enter the elevator premises, random testings are conducted for coronavirus and to provide health cover to workers. “Private offices can operate with upto 33%strength, rest work from home,” District Magistrate Gautam Buddh Nagar, Noida, tweeted this week. The companies have also been directed to have a one-hour gap between two shifts

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BSE Sensex was trading at 31,721.69, up 268.18 points or 0.85 per cent, while NSE’s Nifty was ruling at 9,279.40, up 73.80 points or 0.80 per cent.

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The headline indices BSE Sensex and Nifty 50 reversed opening losses and turned positive in Wednesday’s session. The 30-share Sensex gained over 800 points from day’s low of 31,158 to trade at 31,970. While the broader Nifty 50 index reclaimed the 9,300-mark today.

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NIIT Tech saw a 10% surge in share price as investors reacted to the strong 24% on-year jump in EBITDA, posted by the company in its Q4 earning on Tuesday.

We downgrade India AlcoBev sector to Neutral from Positive led by a) increasing tax hikes by state governments to shore up tax in post Covid reopening b) higher risk of receivables cycle stretching working capital for all players, and impacting cash flow generation c) likely delay in consumption recovery and risk of down trading by consumers and focus on essential consumption. Maintain BUY on Radico, downgrade UNSP and UBL to Reduce: Dolat Analysis and Research

The volatility in the market is a reflection of sentiment flipping between hope and fear. The hope that the economy shall revive soon with the development of vaccine and containment of the virus, and the fear that it won’t. During times like these, when the known is yet unknown; how can one protect ourselves from the market vulnerabilities? It’s good to hope not and better to anchor the ship at shores when we know clouds are becoming darker and threatening at the horizon: Amit Pabari, MD, CR Forex Advisors

Oil marketing companies (OMCs) share prices were trading under pressure in Wednesday’s weak market as the Centre hiked excise duty on petrol by Rs 10 a litre and on diesel by Rs 13 per litre. State-controlled oil marketing companies Indian Oil Corp, BPCL, and HPCL will absorb the price hike. Hindustan Petroleum Corporation (HPCL) share price declined 13 per cent to Rs 186.70 apiece on the BSE. Bharat Petroleum Corporation (BPCL) share price fell 10 per cent to Rs 312.15. Shares of Indian Oil Corporation (IOC) were down 7.5 per cent at Rs 72.85 apiece on BSE.