Sensex, Nifty Updates: Benchmarks Sensex and Nifty traded on a bearish note on Thursday, backed by weak global cues as investors globally fretted over the weak economic data and rising COVID-19 cases. Sensex fell 100 points lower at 31,587 and Nifty fell to 9,200, down 70 points. SGX Nifty traded 90 points lower at 9,163 level. Yesterday, Sensex closed 232 points higher at 31,685 and Nifty climbed 65 points to 9,270.
Globally stocks fell on back of downbeat economic data, heightening the economic fallout of the coronavirus outbreak and growing worries about falling demand that kept oil prices below $30per barrel.
Investor sentiments were also weak due to spiking COVID-19 cases in the country and worldwide. Globally, there are 38.22 lakh confirmed cases and 2.65 lakh deaths from the coronavirus COVID-19 outbreak. In India, countrywide coronavirus tally has climbed to 52,987, while the death toll rose to 1,785. Foreign portfolio investors being net sellers in the capital market also added to negative sentiments.
Here's a look at the updates of the market action on BSE and NSE today
11.11 AM: YES Bank erases gains, trades 8.54% higher
YES Bank shares erased earlier gains and traded 8.54% higher at Rs 28.60 on BSE. The lender reported a net profit of Rs 2,628.61 crore in fourth quarter of last fiscal. The bank posted surprise profit after accounting for income from write-down of additional tier 1 (AT1) bonds worth Rs 6,296.94 crore.
YES Bank share price rises 20% on Rs 2,628-crore net profit in Q4
11.08 AM: Jefferies on Gas Utilities
- Company prefers MGL & Guj Gas over IGL amongst Gas Utilities companies.
- It believes sharp rise in taxes on petrol/diesel is positive for city gas companies
11.00 AM: Jefferies on Indian Property
- All-time best residential affordability
- Initiate Buy coverage on Godrej Prop, Oberoi and Prestige
10. 56 AM: Oil at $28 per barrel
Oil gained as US inventories grew less than feared while stayed below $30 per barrel as coronavirus induced lockdown continued slashing demand for the commodity. The international oil benchmark Brent crude futures was 0.25% higher today at USD 29.79 per barrel.
10. 41 AM: Kansai Nerolac Paints share price falls 2.3% post results
Kansai Nerolac Paints share price touched an intraday low of Rs 383.9, falling 2.35% on BSE after the company announced its quarterly results.
Kansai Nerolac reported 23 % fall (YoY) in consolidated net profit to Rs 65 crore during the quarter ended March 31, 2020 as against Rs 85 crore, recorded in a year-ago period. Total income rose 11.6% (YoY) to Rs 1080 crore in the January- March quarter of the current fiscal as compared to Rs 1221 crore in the same period last financial year.
The stock trades higher than 20 day moving averages but lower than 5 day, 50 day, 100 day and 200 day moving averages.
10.34 AM: Top losers/gainers
HUL, Kotak Bank, ONGC, Bharti Airtel, PowerGrid, Titan and Nestle were among the top losers in the Sensex pack. Meanwhile HCL Tech, Sun Pharma, Axis Bank and Bajaj Finance were among the top perfomers.
10. 26 AM: Currency market closed today
Forex market will remain shut on Thursday on account of Buddha Purnima.On Wednesday, Rupee ended 13 paise higher at 75.75 per dollar as against the last closing of 75.62 per dollar.
10.20 AM: Sectors mixed today
Sectorally, gains in auto, IT, metla, pharma, media and PSU Bank were capped by losses in energy, bank, FMCG, private banking and financials. Experts said market sentiments turned cautious amid mixed signals on fading hopes of a policy support, corporate earning performances this week and a weak economic data.
10.18 AM: HCL Tech share price jumps 4.4%
HCL Tech shares opened with a gain of 3.73% today and later climbed 4.39% to the intraday high of Rs 542.4, after the company reported 22.8% rise in consolidated net profit at Rs 3,154 crore for FY20 driven by strong growth across verticals.
10.11 AM: JM Financial share price rise 6.4%
JM Financial share price opened with a gain of 5.01% today and touched an intraday high of Rs 66.9 (6.44%)on BSE after the company reported its March quarterly numbers. The company reported 1.49% rise (YoY) in consolidated net profit to Rs 130 crore during the quarter ended March 31, 2020 as against Rs 128 crore, recorded in a year-ago period. Its total income rose 6.12% (YoY) to Rs 840 crore in the January-March quarter of the current fiscal as compared to Rs 792 crore in the same period last financial year.
9. 36 AM: YES Bank share price climbs 20%
YES Bank share price climbed 15% intraday to the day's high of Rs 31.60 on BSE despite the lender posting loss for the March quarter earnings.
The lender reported standalone net loss of Rs 16,418.02 crore for the financial year ending March 31, 2020 as against a profit of Rs 1,720.27 crore at the end of financial year 2018-19. Net Interest Income (NII), declined to Rs 6,805 crore during FY20, as compared to Rs 9,809 crore reported during the previous financial year.
9.25 AM: Stocks to watch today on May 7
JM Financial, Nerolac Paints, HCL Technologies, Cyient, Gillette, Dr Reddy, Maruti among others are the top stocks to watch out for in Thursday's trading session
9.20 AM: Opening Bell
Benchmarks Sensex and Nifty opened lower on Thursday, backed by weak global cues as investors globally fretted over the weak economic data. Sensex fell 100 points lower at 31,587 and Nifty fell to 9,200, down 70 points.
9.10 AM: Pre-open session today
Sensex pre-opened 8 points lower at 31,677 and Nifty pre-opened at 9,243, down 27 points.
9.05 AM:Coronavirus toll
Globally, there are 38.22 lakh confirmed cases and 2.65 lakh deaths from the coronavirus COVID-19 outbreak. In India, countrywide coronavirus tally has climbed to 52,987, while the death toll rose to 1,785.
9.00 AM: Global cues
Globally stocks fell on back of downbeat economic data, heightening the economic fallout of the coronavirus outbreak and growing worries about falling demand that kept oil prices below $30per barrel.
SGX Nifty traded 90 points lower at 9,163 level, indicating a tepid start in domestic grounds today.
8.50 AM: Nifty technical outlook
Nifty is currently placed at a crucial level, sustenance above 9350 can take it to 9500-600 levels while fall below 9180 can take towards 9000 mark. Hence, it is better to wait for an either side break to take position.
As for the day, support is placed at around 9,100 and then at 8,900 levels, while resistance is observed at 9,450 and then at 9,550 levels.
8. 40 AM: Q4 Earnings
SKF India, HCL Technologies, Cyient, Gillette India, RBL Bank, 5paisa Capital, Cigniti Technologies, ICICI Securities, Solara Active Pharma are the companies scheduled to post their quarterly earnings today. Meanwhile, YES Bank, Adani Enterprises, JM Financial, Kansai Nerolac Paints, TCI Developers, DG Content reported their quarterly results yesterday
8. 30 AM: FII/ DII action
On a net basis, FIIs sold 494 crore and DIIs bought Rs 332 crore worth equities on Wednesday's trade.
8.20 AM: Market expectations
Benchmarks Sensex and Nifty are likely to open on a negative note on Thursday, backed by weak global cues. SGX Nifty traded 90 points lower at 9,163 level, indicating a tepid start in domestic grounds today.
8.10 AM: Rupee closing
Rupee ended 13 paise higher at 75.75 per dollar on Wednesday as against the last closing of 75.62 per dollar.
8.00AM: Wednesday's Closing bell
Benchmarks Sensex and Nifty reversed fom losses in Wednesday's trade and closed higher, tracking the bullish trend from overseas. Sensex closed 232 points higher at 31,685 and Nifty climbed 65 points to 9,270.