Here are the key highlights from today's trading session:
1. Market fails to hold opening gains, closes with a minor cut
2. Sensex slips 740 points to end 81 points at 31,561
3. Nifty falls 201 points from highs to close 12 points lower at 9,239
4. Nifty Bank declines 783 points from highs to end 402 points lower at 18,951
5. Midcap falls 117 points from highs to end 74 points higher at 12,863
6. Financials drag Nifty by 68 points with ICICI Bank, HDFC twins, Kotak Mahindra Bank being top losers
7. Reliance supports Nifty with 12 points with company's market capitalisation at Rs 10 lakh crore
8. Autos gain the most today with 4 of the top Nifty gainers are auto stocks
9. Maruti Suzuki, Tata Motors, Bajaj Auto and Hero MotoCorp gain 6 percent each
10. ICICI Bank top Nifty loser with a fall of 5 percent after reporting elevated slippages
11. Telecom stocks move higher in trade, Bharti Airtel up 2 percent, Vodafone Idea up 8 percent
12. Market breadth mildly favours decline; advance-decline ratio at 1:1
Closing Bell: Indian market ends in the red dragged by banking, financials sector
Indian equity indices failed to hold morning gains on Monday. The S&P BSE Sensex closed 81 points lower to 31,561 while the Nifty50 index ended 12 points lower to 9,239. Nifty Bank index was the worst-performing sector today, down 2 percent due to ICICI Bank. While, Nifty Auto, on the other hand, remained the outperformer of the day, ending with gains of 4 percent on the back of Tata Motors. Meanwhile, Hero MotoCorp, Tata Motors, Bharti Infratel, Bajaj Auto and Maruti Suzuki were the Nifty50 top gainers while ICICI Bank, BPCL, Dr Reddy's Laboratories, Kotak Mahindra Bank and Hindustan Unilever were the index top losers.
Bharat Dynamics stock price rises 4% after government intends to divest stake
The government has decided to divest 15 percent of its 87.75 percent shareholding in the company's through offer for sale (OFS).
The company has informed the exchanges that the Department of Investment and Public Asset Management (DIPAM) of the Ministry of Finance has appointed Yes Securities, Elara Capital and IDBI Capital as merchant bankers and selling brokers for divesting its stake.
The shares gained as much as 7 percent from day's low to Rs 226.20 on the NSE.
HDFC AMC's shares slip 5% post weak Q4 earnings
HDFC Asset Management Company's share price slipped 5 percent to Rs 2,541 after the company's net profit fell 10 percent YoY to Rs 250 crore on the account of lower revenue and one-off impact on other income.
Its total income declined to Rs 449.62 crore in the fourth quarter ended March 31, 2020 from Rs 547.67 crore in the same period a year ago.
The average assets under management of the fund house increased to Rs 3.7 lakh crore as of March 31, 2020 compared to Rs 3.42 lakh crore as on March 31, 2019.
"The board of directors has proposed a final dividend of Rs 28 per equity share for the year ended March 31, 2020, subject to the approval of the shareholders at the ensuing annual general meeting," the company said.
Racking up inflated phone bills during lockdown? Follow this Trai guideline
The telecom regulator has issued instructions to the public to exercise caution while joining online conferencing platforms during the ongoing coronavirus pandemic in order to keep their phone bills in check.
The Telecom Regulatory Authority of India (Trai) on Monday said that it has taken cognizance of customers receiving inflated bills from their telecom operators as they inadvertently end up dialling international telephone numbers.
“Considering that a large number of members of public have been using online conferencing platforms due to continued lockdown to check spread of COVID-19, it is necessary to alert them to check applicable charges for dialling such numbers/helplines of such platforms/app providers,” Trai said in an advisory. Click here for more information
Wockhardt's shares surge 5% after its Q4 net profit zooms
The pharma company Wockhardt in its fourth quarter of FY20 reported net profit of Rs 48 crore as compared to the loss of Rs 15 crore in the corresponding quarter last years.
At 2:30 pm, the shares traded 5 percent higher to Rs 266 on the NSE.
Earnings before interest, tax, depreciation and amortization remained flat at Rs 37 crore as against Rs 34 crore in the same quarter last year.
The company's India division saw a de-growth owing to lower sales in the Quality Generics division, said the company's exchange filing.
The board has also announced raising funds upto Rs 1,500 crore via equity shares, equity linked securities, QIP or any other combination thereof.
Nifty Bank caps gains as ICICI Bank slips over 3% post its Q4 earnings
The Nifty Bank index remained under-pressure on Monday after ICICI Bank saw a slip of 3 percent in trade. The shares of the private lender declined 3 percent after it reported that its slippages have risen and over 30 percent of its loan book has availed the moratorium for repayment of loans, in Q4FY20.
Others banks that also declined following ICICI Bank are RBL Bank, Punjab National Bank, Kotak Mahindra Bank and IndusInd Bank. These banks slipped upto 2 percent.
General Atlantic looking to invest between $1-1.5 billion in the consumer tech space
General Atlantic, the US PE giant that has invested up to almost $3 billion in India till date, has so far refrained from investing too heavily into the consumer technology space in the country, due to the amount of capital burn that went with investing in the sector.
But post the COVID-19 pandemic, that has changed. The PE giant is now set to invest in consumer technology space in a big way.
Speaking exclusively to CNBC TV18, Sandeep Naik, the India Managing Director said the company is looking to invest between $1 billion to $1.5 billion in the consumer tech space. Read here more on this
Rakesh Jhunjhunwala raises stake in VIP Industries; Shares rally over 10%
Shares of VIP Industries rallied over 10 percent in the early trade Monday after ace investor Rakesh Jhunjhunwala increased his stake in the company to 5.31 percent in the March quarter from 5.11 percent in Q3FY20.
The stock jumped 10.46 percent to hit an intraday high of Rs 234.80 apiece on the BSE. Year-to-date, VIP Industries' stock has fallen over 46 percent.
As per data available on the BSE, Rakesh Jhunjhunwala has raised his stake by 2.85 lakh shares in VIP Industries during the January-March, 2020 period. Jhunjhunwala held 75,00,400 shares of the company in Q4FY20 as compared to 72,15,400 shares held at the end of Q3FY20.
Meanwhile, Mutual Funds have also upped their stake in the company to 10.4 percent from 9.13 percent, QoQ.
At 11:15 am, shares of VIP Industries rallied 8.80 percent to Rs 231.25 on the BSE.