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

1. Market ends lower with Nifty Bank underperforming Sensex and Nifty

2. Banks slip after RBI announces an extension of 3 months for moratorium

3. Sensex slips 260 points to 30,673 and Nifty 67 points to 9,039

4. Nifty Bank closes 456 points lower at 17,129 and midcap 95 points lower at 12,668

5. All top 5 Nifty losers are financials, Axis Bank, HDFC, Bajaj twins and ICICI Bank slip up to 5 percent​

6. HDFC twins and ICICI drag Nifty by 72 points; Infosys supports with 18 points

7. Infosys gains 3% after US Court dismisses class action lawsuit filed in 2019

8. Zee Entertainment, M&M, Cipla and Shree Cement top Nifty gainers

9. Equitas, M&M Financial, Shriram Transport, Indiabulls Housing, AU Small Bank amongst top F&O losers

10. Market Breadth favours declines; advance-decline ration at 2:3

Weekly Highlights:

1. Market ends lower for 3rd straight week

2. Nifty slips 1%, Sensex 1.4% and Nifty Bank 8% this week

3. Midcap index down 2.5% this week, Nifty PSU Bank slips 8%

4. IndusInd Bank, Axis Bank, ICICI Bank and SBI top Nifty losers this week

5. 9 of top losers this week are financials

ITC, Cipla, M&M, Bharti Airtel and TCS top Nifty gainers this week

Closing Bell: Market ends in red for the third straight week, financials drag; Axis Bank top Nifty50 loser

Indian equity indices ended with losses for the third straight week on Friday dragged by the financials. HDFC, ICICI Bank, Axis Bank and the Bajaj twins single handedly brought the index down. The Street remained unsatisfied by the RBI despite slashing the repo rate by 40 bps to 4%. Growing US-China tensions also remained a drag for the Indian market today. Zee Entertainment, M&M, Cipla, Shree Cements and Infosys were the Nifty50 top gainers while Axis Bank, HDFC, Bajaj Finserv, Bajaj Finance and Hindalco remained the top losers. 

Just In: HDFC Bank cuts base rate by 55 bps to 8.10%. The stock has slipped as much as 3 percent to Rs 833.05 per share on the NSE.

Banks, financial stocks under pressure as RBI extends moratorium on loan repayment

Shares of banks and financial stocks were under pressure on Friday after the Reserve Bank of India (RBI) extended the moratorium period by another three months till August 31, 2020.

Nifty Financial Services, Nifty Bank, and Nifty Private Bank indices shed over 3 percent in intra-day deals today as compared to a 1.2 percent decline in the benchmark Nifty 50 index.

RBI Governor Shaktikanta Das came out today for the third time with a set of measures to alleviate distress in the economy caused due to the COVID-19 pandemic. Click here to read more

Rupee Update: The Indian currency ended with losses on Friday due to the weak cues from the Indian equity market. The rupee ended at 75.96 against the US dollar as compared to Thursday's close of 75.61. With today's decline, the rupee posted its third successive weekly fall. 

Bosch's share price gains over a percent post Q4 earnings

The tyre maker reported consolidated net profit stood at Rs 81 crore in Q4FY20 against Rs 412 crore in Q4FY19 due to one-time loss of Rs 297 crore.

Consolidated revenue declined 18 percent YoY to Rs 2,237 crore against Rs 2,730 crore YoY. Consolidated EBITDA came at Rs 341.4 crore against Rs 520.3 crore YoY, while EBITDA margin was at 15.3 percent against 19.1 percent YoY.   

The one-time loss on provision is towards the restructuring and asset impairment, the company said.   

The company has also announced a dividend of Rs 105.

At 2:49 pm, the shares traded 1.53 percent to Rs 9,489 per share on the NSE.

Abhimanyu Sofat, Head of Research, IIFL Securities: The commentary of the governor's speech underpins the low prospects of a V-shaped recovery. RBI commentary indicates the stress in the economy on both demand and supply is likely to continue. We also believe the government should provide subvention on existing loans or bear some cost of the haircut of existing loans. This would ensure more confidence for banks to lend to lower-rated entities or individuals.

Supreme Industries' shares surge 6% over positive management commentary

Supreme Industries share price rose about 4 percent to Rs 949 after the company's Q4 net profit came in flat at Rs 114 crore. Revenue slipped 6.5 percent YoY to Rs 1,430 crore. All segments during the fourth quarter ended March 2020 saw a de-growth in revenue, however value added products revenue rose 6 percent to Rs 2,070 crore in FY20. The company said that it will add new capex in the current fiscal to the tune of Rs 150-200 crore. 

"The company expects that the September this year the business should be returning to normalcy and will move to growth path by November,2020," said the company's statement. 

Stock Update: Lupin's shares rose marginally higher to Rs 886 on the NSE after the company announced that it received the US FDA approval for its Trientine Hydrochloride Capsules. The product would be manufactured at Nagpur (Unit 1) facility. The drug is used in the treatment of patients with Wilson's disease and who are intolerant of penicillamine. 

European markets retreat as US-China tensions dent sentiment

European stocks opened lower on Friday as ties between the U.S. and China come under further strain, potentially threatening the “Phase One” trade deal signed earlier this year.

The pan-European Stoxx 600 dropped 1.2 percent at the start of trading, with basic resources shedding 2.7 percent to lead losses as all sectors and major bourses slid into the red.

Shares in Asia Pacific fell in afternoon trade on the back of the news, with Hong Kong’s Hang Seng index plunging more than 5 percent.

Tensions between the world’s two largest economies have flared on multiple fronts in recent days. China is poised to impose a new national security law in Hong Kong following months of anti-government protests, raising further questions about Beijing’s control over the city and likely evoking the ire of the U.S. and other Western powers which supported pro-democracy protesters.

Cautious language by the RBI raises concerns on the state of the economy, says Dhiraj Relli of HDFC Securities

The RBI statement covers reliefs across a whole host of areas. The cautious language in the statement of the Governor raises concerns about the state of the economy and its path going ahead, says Dhiraj Relli, MD & CEO of HDFC Securities. 

He further says that the markets have initially reacted negatively to the RBI announcement. The street, in a time when close to two thirds of the country is under lockdown, keeps expecting more and more reliefs without knowing as to how each of these will be helpful. Shareholders of Banks are worried by the current economic conditions and the pain that is postponed due to the moratorium being extended.

The Govt and the RBI may be using up all their ammunition a little prematurely to fight the current situation. One wonders whether all these relief measures would have been more impactful after the lockdown was completely lifted, feels Relli. 

Views On RBI Announcement: “RBI continues to support on the Monetary front by doing out of turn MPC meets to cut rates. Lowering the cost of capital is some relief in these times. Moratorium extension was expected, considering the economic activity levels. India would need more measures on a continous basis on both fiscal and monetary front to revive the economy from the current phase of negative growth!”, said Mr. Rajat Rajgarhia, MD & CEO, Institutional Equities, Motilal Oswal Financial Services.
 

Info Edge's shares fell nearly 4%

Info Edge's share price slipped 4 percent to Rs 2,366 after the company said that it will invest a sum of Rs 7.2 crore for two separate acquisitions

The first acquisition is of Fanclash - an online e-sports focused engagement and community platform. The said acquisition is valued at Rs 3.5 crore. The second is of Truemeds - a tele-health platform focused on selling top company traded generics / substitute medicines to customers. The said acquisition is for a sum of Rs 3.7 crore.

Reliance Industries Rights Entitlement declines after two-day rally: Reliance Industries-Rights Entitlement share price dropped 7.9 percent in the morning trade on May 22 after rising 53.8 percent in the previous two sessions. Trading volumes were more than 16 lakh Rights Entitlement shares. RIL-RE will continue to trade till May 29 and the eligibility for partly paid-up rights shares will be determined on the basis of June 2 closing. The eligible investor has to make a first installment payment of Rs 314.25 per rights share by June 3.

Stocks Update: Bandhan Bank's shares slip 7 percent to Rs 196.20 due to the damages caused by the Cyclone Amphan. The lender said that it 45 out of the 49 micro banking outlets were operational on May 21. It expects an exposure of around Rs 260 crore to be impacted due to the cyclone. It added in its exchange filing that it expects the AMPHAN portfolio to regularise by the third quarter of FY21.

MPC believes inflation outlook is uncertain at this point, says RBI Governor Shaktikanta Das

In a major move on Friday, the Reserve Bank of India reduced the repo rate by 40 basis points to 4 percent from 4.4 percent earlier. The RBI Governor Shaktikanta Das also said that the inflation outlook currently is uncertain as COVID-19 pandemic has crippled the global economy.

He also added that the biggest blow from COVID-19 has been to private consumption. Industrial production shrank by 17 percent in March and Services PMI plunged to an all-time low in April, he noted.

Furthermore, the RBI Governor said that the exports have suffered their worst slump in the last 30 years. Food inflation has increased to 8.6 percent  in April, 2020. Inflation outlook has become complicated due to partial CPI release.

Hawkins Cookers shares slump over 12% after weak Q4 earnings

Hawkins Cookers reported a 21 percent decline YoY in its top-line to Rs 146 crore in the fourth quarter ended March 2020. The production and sales of the company were impacted due to the COVID-19. 

The net profit also fell 30 percent YoY to Rs 9.4 crore. EBITDA slipped 34 percent YoY to Rs 14.5 crore. 

The company's shares fell as much as 12 percent to Rs 3,985 per share.

Rupee Update: The Indian currency opened weak on Friday following Indian equity market and global trend. The Indian rupee opened at 75.74 against the US dollar as compared to Thursday's close of 75.61. The currency remains flat for the week after ending little changed last week as well.

Just In: RBI MPC (Monetary Policy Committee) voted 5-1 for a 40 bps repo rate cut to 4%. Reverse Repo gets adjusted to 3.35% from 3.75%.

Jio Platform secures investments worth Rs 78,562 crore in just 1 month

Just in the last 1 month, Jio Platforms has secured a total investment of Rs 78,562 crore from various global firms. US private equity company KKR investing Rs 11,367 crore in Reliance Industries' Jio Platforms, will be the fifth high-profile investment in the firm in a month. This is KKR's largest investment in Asia.

Exactly a month ago, Facebook picked up a 9.99 percent stake in the firm on April 22 for Rs 43,574 crore boosting its efforts to cut debt. Within days of that deal, Silver Lake - the world's largest tech investor - bought a 1.15 percent stake in Jio Platforms for Rs 5,665.75 crore. Continue reading

Crude Oil Updates: Oil prices were on the rise on Friday, heading for a fourth straight week of gains, amid more evidence that fuel demand is recovering as countries ease business and social restrictions that were imposed to counter the coronavirus pandemic.