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CNBC-TV18 Market Highlights: Sensex, Nifty end in red for second day; financials, FMCG top laggards

CNBC-TV18 Market Highlights: Sensex, Nifty end in red for second day; financials, FMCG top laggards

CNBC-TV18 Market Highlights: Sensex, Nifty end in red for second day; financials, FMCG top laggards
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Summary

The Indian domestic market ended in red for the second consecutive day dragged by financials and FMCG. Both Sensex and Nifty traded in the green throughout the day but then slipped into losses in the final hour of the trading session.

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Here are the key highlights from today's trading session:

- Market fails to hold opening gains, ends Tuesday trade near day's low

- Sensex falls 810 points, Nifty 245 points and Nifty Bank 951 points from day's high

- Nifty closes 88 points lower at 9,206, Sensex 262 points lower at 31,454

- Nifty Bank ends 472 points lower at 19,272 and Midcap 91 points lower at 12,817

- Nifty PSU Bank falls 3 percent to end at a record closing low

- Financials drag Nifty by 63 points while oil & gas supports with 21 points

- HDFC Twins, Kotak Mahindra Bank, ICICI Bank, SBI, HUL top Nifty contributors

- Reliance lifts Nifty by 21 points, closes with a gain of nearly 2 percent

- Bharti Airtel snaps 3-day gaining streak, ends 1 percent lower

- S&P says asset quality shocks may result in downgrade of Axis Bank, stock down 3 percent

- Liquor stocks under pressure after some states increase excise duty sharply

May 5, 2020 3:50 PM

Closing Bell: Market ends with losses for second consecutive day; SBI, Bajaj Finance top losers

The Indian domestic market ended in red for the second consecutive day dragged by financials and FMCG.

The S&P BSE Sensex traded 262 points or 0.83 percent lower at 31,453 while the Nifty50 index slipped 88 points to 9,206. 

Bharti Infratel, M&M, Power Grid, ONGC and Reliance Industries were the Nifty50 top gainers while SBI, Bajaj Finance, Britannia, Asian Paints and Tata Motors remained the top laggards. 

All sectors ended in red today, with Nifty PSU Bank as the worst-performing index of the day, ending 3 percent lower. 

Among other sectoral indices, Nifty Pharma, Nifty FMCG and Nifty Realty fell between 2-3 percent.

May 5, 2020 3:41 PM

BofAML further downgrades banking sector, retains 'buy' on only 1 stock

In the wake of historic output loss followed by potentially a prolonged economic recovery during FY21-22, Bank of America Merill Lynch (BofAML) further downgraded their view of the banking sector. It has downgraded ratings for SBI, IndusInd Bank, ICICI Bank, Bank of Baroda, with HDFC Bank the only 'buy' in the sector.

"We will likely see liability consolidators (led by HDFC Bank, Kotak Bank, SBI) emerge stronger over the medium term but until the current NPA cycle peaks, we see downside risks to valuation multiples," it said in a recent report. Read more here

May 5, 2020 3:26 PM
May 5, 2020 3:13 PM

India's April gold imports plunge 99.9% to three-decade low

India's gold imports plunged 99.9 percent year-on-year in April to their lowest in nearly three decades as air travel was banned and jewellery shops were closed amid a nationwide lockdown to curb the spread of coronavirus, a government source said.

The world's second biggest consumer of the precious metal imported around 50 kilograms of gold in April, down from 110.18 tonnes a year ago, the source said on Monday, who is not authorised to speak to the media.

In value terms, April imports dropped to $2.84 million from to $3.97 billion a year ago, he added.

May 5, 2020 3:04 PM

Hospital stocks slip as caps on treatment by Maharashtra govt worry investors

Hospital stocks Apollo Hospital, Fortis Healthcare and Narayana Hrudayalaya continued to drift lower on Tuesday as investors fretted about the Maharashtra government’s order last week capping prices of medical procedures during the COVID crisis. Clauses in the Epidemic Diseases Act and Disaster Management Act provide for such change in rules. The state government took this step to ensure affordable treatment after complaints of overcharging by private hospitals surfaced.

 As per the notification, the aim is to help those without insurance or whose insurance is exhausted, get treatment. The maximum amount that can be charged by a hospital under the guidelines is that of the lowest bed category. Click here to read more

May 5, 2020 2:54 PM
May 5, 2020 2:38 PM

Trading Ideas: Shrikant Chouhan of Kotak Securities suggests two stocks- ICICI Prudential and Punjab National Bank.

Chouhan feels ICICI Prudential looks weak based on its technical pattern. He said the stock is currently trading at Rs 385 and is heading for levels of Rs 350-355. One can keep a stop loss at Rs 397.

He also suggested Punjab National Bank (PNB) because the stock is currently trading below its vital support line of Rs 30.15. From here the stock can fall to the levels of Rs 25 and one can keep a stop loss at Rs 32 from the current price, added Chouhan.

May 5, 2020 2:26 PM

Indian Rupee: The Indian currency ended marginally higher at 75.63 per dollar, amid volatile trade seen in the domestic equity market. 

May 5, 2020 2:14 PM

Coronavirus effect: Distributors see 60-70% dip in revenues, many fear closure

The nationwide lockdown to contain the coronavirus pandemic has adversely impacted India's FMCG distributors' community. Issues surrounding supply chain, logistics and goods procurement has led to a 60-70 percent drop in revenues for the FMCG distributors.

The high cost of transporting and distributing a very small quantity of goods to retailers is making business unsustainable for them. "During the initial phase of the lockdown we had issues related to the shortage of manpower. Now a lot of people in the essentials chain are coming back to work. The issue now is the low volume of goods," said a biscuits distributor. READ MORE

May 5, 2020 1:51 PM
May 5, 2020 1:39 PM

India should put in large enough stimulus package to revive demand: Nobel laureate Abhijit Banerjee

India should come out with a large enough stimulus package to revive demand, Nobel laureate Abhijit Banerjee said on Tuesday, asserting that putting cash in the hands of people would be the best way to boost the economy post lockdown.

Banerjee, while talking to Congress leader Rahul Gandhi through video-conferencing, suggested giving money into the hands of the bottom 60 percent population to help revive demand.

He was deliberating on the economic impact of the COVID-19 pandemic with Gandhi as part of a series of dialogues broadcast on Congress' social media handles. Click here to read more

May 5, 2020 1:30 PM

European markets climb as more restrictions are lifted

European stocks traded higher on Tuesday as investors take stock of the gradual opening of economies in Europe and beyond.

The pan-European Stoxx 600 climbed 1.7 percent in early trade, oil and gas stocks surging 4.5 percent to lead gains as all sectors and major bourses entered positive territory.

European markets are paying close attention to coronavirus developments and the lifting of restrictions in many countries in the region, while keeping an eye on the coronavirus data. 
 

May 5, 2020 1:17 PM
May 5, 2020 1:05 PM

Magma Fincorp's shares slip 5% over negative rating by India Ratings and Research

The NBFC's share price slipped 5 percent on the NSE after India Ratings and Research placed the company's bank facilities under Rating Watch Negative due to COVID-19 led lockdown.

The company's statement to the exchanges said, "COVID-19 lockdown will have a disproportionate impact on the asset quality of the Company with limited visibility of the extent of impact due to the measures taken by the authorities to contain the COVID-19 pandemic in the near term."

The statement further added that the sharp slowdown in economic activity could considerably increase credit risk and softer bucket delinquencies and roll forwards of softer buckets to stage 3 delinquencies.

May 5, 2020 12:50 PM