Sensex, Nifty Updates: Domestic equity indices Sensex and Nifty traded higher on Wednesday, amid mixed cues from overseas, backed by buying pressure in banking and pharma stocks. Tracking gains in index-heavyweights Sensex was rising 250 points higher at 30,445 and Nifty rose 83 points to 8,962. Markets globally traded on a mixed note today, as investors sentiments were buoyed with many economies re-opening, although kept cautious stance over the fears of second wave of coronavirus. Companies set to announce their earnings are Dr Reddy, Bajaj Auto, Ajanta Pharma, JSW Energy, Birlasoft, Mahindra Logistics, Strides Pharma Science, GHCL, JK Lakshmi Cement, Ultratech Cement among others. Yesterday, Sensex closed 167 points higher at 30,196 and Nifty ended 55 points higher at 8,879. Worldwide, there are 4,986,681 confirmed cases and 324,912 deaths from the coronavirus COVID-19 outbreak as of today. In India, the total number of cases has reached 106,750, with 42,309 recoveries and 3,303 deaths.
Here's a look at the updates of the market action on BSE and NSE today
11.31AM: Ujjivan Small Finance Bank share price climbs 3%
Ujjivan Small Finance Bank share price gained 3.2% to an intraday high of Rs 28.15, after reporting its quarterly results.
Ujjivan Small Finance Bank: The company reported net profit of Rs 73 crore during the quarter ended March 31, 2020, as against profit of Rs 64 crore, recorded in a year-ago period. Net Interest Income rose 46% (YoY) to Rs 466 crore in the January-March quarter of the current fiscal. Net Interest Margin came in at 11.2% in Q4FY20, against 10.8% in Q4FY19.
11. 09 AM: Bajaj Finance share price gains 2.8%
Bajaj Finance share price touched an intraday high of Rs 2023.5, up 2.86%, after reporting its quarterly results.
The company reported a 19% fall in its net profit at Rs 948.10 crore during the quarter ended March 31, 2020, as against profit of Rs 1176.06 crore, recorded in a year-ago period. Total income gained 36.48% (YoY) to Rs 7230.83 crore in the January-March quarter of the current fiscal as compared to Rs 5298.01 crore in the same period last financial year.
10.47 AM: Rupee gains today
Indian Rupee, the local unit appreciated 6 paise to 75.60 against the US dollar in early trade on Wednesday, as against tha lst closing of 75.66 against the US dollar, tracking positive opening of domestic equities. While sustained foreign fund outflows and concerns over coronavirus pandemic weighed on the local unit, forex traders said.
10.18 AM: Larsen & Toubro Infotech share price climbs 7%
L&T Infotech share price opened with a gain of 2.56% and later rose 7% to an intraday high of Rs 1786.1, after reporting its quarterly results.
The company reported a net profit of Rs 402.59 crore during the quarter ended March 31, 2020, as against profit of Rs 121.83 crore, recorded in a year-ago period. Total income fell 8.39% (YoY) to Rs 6793.95 crore in the January-March quarter of the current fiscal as compared to Rs 7416.49 crore in the same period last financial year.
L&T Infotech FY20 profit marginally rises to Rs 1,520.5 crore, revenue climbs 15%
10.08 AM: Dollar rises today
Dollar index, that gauges the greenback's strength against a basket of six currencies, was up 0.09% at 99.46.
9. 58 AM: L&T Infotach
Larsen & Toubro Infotech: The company reported a net profit of Rs 402.59 crore during the quarter ended March 31, 2020, as against profit of Rs 121.83 crore, recorded in a year-ago period. Total income fell 8.39% (YoY) to Rs 6793.95 crore in the January-March quarter of the current fiscal as compared to Rs 7416.49 crore in the same period last financial year.
9.44AM: FIIs pull out $16 bn from India
Foreign investors have pulled out an estimated USD 26 billion from developing Asian economies and over USD 16 billion out of India, a latest Congressional report has said. While almost all major economies are shrinking as a result of coronavirus, only three countries China, India, and Indonesia are projected to experience small, but positive rates of economic growth in 2020, it said.
Coronavirus effect: Foreign investors pull out $16 billion from India
9.32 AM: Coronavirus toll
Worldwide, there are 4,986,681 confirmed cases and 324,912 deaths from the coronavirus COVID-19 outbreak as of today. In India, the total number of cases has reached 106,750, with 42,309 recoveries and 3,303 deaths.
9.26 AM: RIL rights issue opens today
Mukesh Ambani-led conglomerate Reliance Industries' (RIL) Rs 53,125 crore rights issue will open for subscription Wednesday. The rights issue which is part of steps to pare debt for RIL will be the largest share sale India has seen more than double the 2019 record held by Bharti Airtel and Vodafone Idea of around Rs 25,000 crore each.Reliance Industries' Rs 53,125-crore rights issue opens today
9. 20 AM: Earnings today
Companies set to announce their earnings are Dr Reddy, Bajaj Auto, Ajanta Pharma, JSW Energy, Birlasoft, Mahindra Logistics, Strides Pharma Science, GHCL, JK Lakshmi Cement, Ultratech Cement among others
9. 10 AM: Opening bell
At opening bell today, Sensex was rising 150 points higher at 30, 345 and Nifty rose 10 points to 8,889.
9.00 AM: Pre open session
In pre open session today, markets climbed higher, tracking rally in global indices.
8. 50 AM: Stocks to watch today on May 21
Dr Reddy, Bajaj Auto, Ajanta Pharma, JSW Energy, Birlasoft, Tata Power, L&T Infotech among others are the top stocks to watch out for in Wednesday's trading session
8. 40 AM: Rupee Closing
On the currency front, Indian rupee, the local unit ended near the day's high level at 75.64 per dollar
8.30 AM : Closing Bell
On Tuesday, equity indices erased early gains by the last hour of session led by weakness in European indices, although closed in the green territory. Sensex closed 167 points higher at 30,196 and Nifty ended 55 points higher at 8,879.
Sensex ends 167 points higher, Nifty at 8,879; banking stocks under pressure