Market Highlights: Sensex trims all day’s losses, ends just 25 pts down; Airtel gains nearly 3%, M&M drops 4.5%

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Updated: May 15, 2020 5:05:38 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Nifty Metal index gained over 1,5 per cent with Vedanta, SAIL, Hindustan Zinc and NMDC as top gainers.

Share Market Today, Share Market LiveMost of the sectoral indices were trading in red. Nifty Auto index was down nearly 1.5 per cent

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 trimmed most of the opening losses and settled flat to negative in Friday’s choppy session. Sensex ended just 25 points or 0.08 per cent down at 31,097, while the broader Nifty 50 index finished flat at 9,137. In the 30-share index Sensex, 20 stocks finished trade in negative territory. M&M was the top Sensex laggard with loss of 4.70 per cent, followed by Axis Bank, IndusInd Bank, Hero MotoCorp and Sun Pharma. On the other hand Bharti Airtel was top Sensex gainer with a growth of 2.68 per cent. Tata Steel, Asian Paints, RIL and HUL were among other gainers on the index. Except Nifty Metal and Nifty FMCG, all the sectoral indices traded in red. Nifty Metal index gained over 1,5 per cent with Vedanta, SAIL, Hindustan Zinc and NMDC as top gainers. Nifty Bank index dropped 1.23 per cent dragged by Bank of Baroda, Federal Bank and Bandhan Bank.

Ruling out any impact of stimulus on the price situation, Chief Economic Advisor K V Subramanian on Thursday said the COVID-19 pandemic has severely dented the demand for non-essential or discretionary goods, creating deflationary conditions. He also said that a good part of the Rs 20 lakh crore stimulus package is designed in a manner that the fiscal deficit remains under control, according to PTI.

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Highlights

    15:20 (IST)15 May 2020
    Airline stocks gain on hopes of relief package on FM presser

    Airline stocks surged up to 5 per cent on hopes of relief package from third tranche of Rs 20 lakh crore stimulus package. SpiceJet shares gained 5%, Jet Airways up 1.21% an IndiGo shares rose 1.21% 

    15:01 (IST)15 May 2020
    Bharti Airtel, Tata Steel top BSE Sensex gainers

    Sensex and Nifty have trimmed most of the opening losses. Sensex is just 65 points down while Nifty is 10 points. Bharti Airtel and Tata Steel are leading the pack of gainers on BSE Sensex.

    Check live prices: Bharti Airtel

    14:43 (IST)15 May 2020
    Trump threatens Apple; derails Modi's plan to lure companies away from China to Make in India

    In what can be a major setback for Prime Minister Narendra Modi’s ambitious plan to woo multinational companies away from China to make in India, US President has threatened companies such as Apple with tax deterrent if they do so. Donald Trump said he could levy new taxes on American companies that move their manufacturing bases from China to any country other than the United States. Donald Trump has termed taxation as an incentive for companies to return the manufacturing to the United States, news agency PTI reported citing an interview. Trump has time and again asked American firms to shift their manufacturing to the United States to help create more jobs, a move that resonates with his agenda of ‘Make America Great Again’.

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    14:28 (IST)15 May 2020
    Zomato to deliver major job cuts; Founder Deepinder Goyal writes heartbreaking letter to employees

    In a major incident of cutting jobs amid coronavirus-led business disruptions, food delivery company Zomato has decided to cut its 13 per cent workforce. In an internal note circulated by Founder & CEO of Zomato this morning, Deepinder Goyal wrote that the multiple aspects of the business have changed dramatically over the last couple of months and many of these changes are expected to be permanent. While the management continues to build a more focused Zomato, it does not foresee having enough work for its employees, he added.

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    14:12 (IST)15 May 2020
    Sensex, Nifty trim losses

    The 30-share Sensex slipped below 31,000-mark during the day and was now trading at 30,991.66, down 131 points or 0.42 per cent. While broader Nifty 50 index breached the crucial 91,00-mark in intraday trade and was now ruling at 9,112.65, down just 30.10 points or 0.33 per cent.

    Check live Sensex, Nifty levels

    14:09 (IST)15 May 2020
    Any positive steps for ensuring higher farmer income may boost agri sector prices

    Financial package to boost the agri sector income for farmers and others related to it could ensure higher income for the farmers. We expect some incen-tives could be there – mainly on the export front. With huge stocks of food available, and exports having got adversely affected over last few months, the supply area could certainly be something the Govt would be looking at. Any positive steps for ensuring higher farmer income may well boost the agri sector prices.: Religare Broking

    14:06 (IST)15 May 2020
    FM Sitharaman likely to provide some strong package for the Agri sector

    As per IMD report, this year, the onset of southwest monsoon over Kerala this year is likely to be slightly delayed as compared to normal date of onset. The monsoon onset over Kerala this year is likely to be on 5th June with a model error of ± 4 days. This is BULLISH for the Agri market. Any delayed arrival in Monsoon could lead to delayed sowing, delayed harvesting, lower sowing and a fall in crop productivity. With the FM Sitharaman likely to provide some strong package for the Agri sector for its revival later today or towards end of the week, this could provide further Support to the Agri prices. WE EXPECT BULLISH TREND FOR THE AGRI MARKETS IN SHORT TO MEDIUM TERM: Religare Broking

    13:56 (IST)15 May 2020
    IndiGo parent InterGlobe Enterprises to participate in sale of Virgin Australia

    Budget carrier IndiGo airline’s largest shareholder company — InterGlobe Enterprises — has signed an agreement to participate in the sale of Virgin Australia, the company announced. The confirmation from InterGlobe Enterprises comes merely three weeks after the second-largest Australian carrier announced its collapse amid the coronavirus pandemic.

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    13:42 (IST)15 May 2020
    Unichem Laboratories share price jumps 10%

    Unichem Laboratories share price jumped 9.6 per cent to Rs 139.70 apiece on the BSE in an otherwise Friday's weak session after the company informed that it has received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) for its Active Pharmaceutical Ingredients (APIs) facility at Roha.

    Check live prices: Unichem Laboratories

    13:37 (IST)15 May 2020
    Overall market sentiments have been lacklustre

    Overall market sentiments have been lacklustre and this week, the spot market traded in a very tight range. The fiscal measures undertaken by FM Sitharaman to reduce risk aversion and improve liquidity didn't have major impact on USD/INR spot. The spot is trading above and respecting the immediate support of 75.25. The crucial support lies at 75-75.25 zone, a break of which will take USD/INR spot towards 74.85. However, this will be driven only by FII participation, otherwise, a rally towards 76 is more likely: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

    13:34 (IST)15 May 2020
    Brokerage view on Escorts

    Our FY21E EPS forecast has been reduced by 7% to Rs40.5, due to the reduction in volume assumption, while FY22E EPS forecast has been upgraded by 14% to Rs65, led by increase in volume and margin assumptions. We are introducing FY23E EPS of Rs79.5, factoring in volume growth of 9% and EBITDA margin of 12.5%. Retain OW stance in EAP and Buy rating with a TP of Rs898 (Rs815 earlier), based on 14x FY22E core EPS: Emkay Global Financial Services

    13:22 (IST)15 May 2020
    3 minutes of horror for 3,500 Uber workers; laid off over Zoom call as coronavirus eats up revenues

    As coronavirus continues to eat up revenues of businesses, ride sharing app Uber has handed pink slips to 3,500 full-time employees or about 14% of its total workforce over Zoom calls. “Today will be your last working day with Uber,” a company manager told employees over multiple Zoom calls with each lasting less than three minutes with the same common message, according to a footage obtained by Daily Mail.

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    13:11 (IST)15 May 2020
    Buy Siemens | Target price: Rs 1,400 ; Parent action reinforces confidence - Edelweiss Securities

    Siemens Gas & Power Holding BV, a wholly-owned subsidiary of Siemens AG (parent of Siemens Ltd) has proposed to acquire a 24% stake in Siemens India. In our view, this largely puts to rest investor concerns on the treatment of Siemens India’s gas & power business. In its recent Q2 results, Siemens AG had reiterated it would list the gas & power entity by FY20E.  Over the past two–three years, Siemens India has sharpened its business portfolio, aligning it to potential opportunities in the Indian/global markets. We see rising product mandates for Siemens India as a clear sign of its growing prominence for the parent, which is well complemented by efficient & much empowered top management as reflected in past 2-3 years performance. We maintain a non-consensus ‘BUY/SO’ with a TP of INR1,400 (42x March 2022E EPS).

    - Edelweiss Securities

    13:02 (IST)15 May 2020
    Nifty Metal, the only sectoral index to trade in green

    In an otherwise weak equity market, the Nifty Metal index is up 1.51% with all but two constituents in the red. Sail was the biggest gainer up over 5.5% followed by Hindustan Zinc with 2.5% gains, followed by Tata Steel and Hindalco.

    12:46 (IST)15 May 2020
    Sensex, Nifty off lows, still down half a per cent

    BSE Sensex was trading at 30,925.32, down 197.57 points or 0.63 per ecnt, while Nifty 50 was ruling at 9,096.25, down 46.50 points or 0.51 per cent

    Check live Sensex, Nifty levels

    12:39 (IST)15 May 2020
    Gold prices rise today, trade above Rs 46,500 as US-China tensions intensify; silver jumps Rs 1,000

    Gold prices rose on Friday taking cues from the trends in the international market as fresh tensions between the US and China and fast-rising coronavirus cases boosted the yellow metal’s appeal. On MCX, gold June futures were trading at Rs 46,842 per 10 grams, up Rs 188 or 0.40 per cent. While silver July futures were ruling Rs 1,015 or 2.30 per cent higher at Rs 45,150 per kg.

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    12:36 (IST)15 May 2020
    Mutual funds recovering from credit risk overhang; investors may look at these debt funds | AMFI CEO INTERVIEW

    As Indian share markets tanked in March with the onset of coronavirus across the globe, investors rushed in to draw monies from their mutual fund holdings. Net outflows from mutual fund schemes spiked from Rs 1,900 crore in February to a staggering Rs 2.12 lakh crore in the month of March. With redemptions rising as investors preferred to keep more and more cash in hand, credit risk mutual funds saw redemptions jump from Rs 1,599 crore in February to Rs 6,279 crore in the month of March, only to multiply in April to Rs 19,500 crore. Despite this, the Association of Mutual Funds in India (AMFI) is advising investors to be optimistic about the future of their investments. AMFI aims to reach Rs 100 trillion in combined assets under management in the next decade. AMFI’s Chief Executive, N S Venkatesh, in an interview with Kshitij Bhargava of Financial Express Online, talks about how mutual funds have dealt with the situation at hand, and has some word of advice for investors on how to reassess their portfolios. Here are the edited excerpts:

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    12:07 (IST)15 May 2020
    How HSBC lost in one day what is hopes to make in an entire year; gold proves fatal for this bank

    HSBC Holdings Plc lost around $200 million in one day in March because of disruptions to the gold market that caused prices to diverge dramatically in key trading hubs, according to a filing by the bank. The one-day loss was unusually large for a market in which the leading banks -- which include HSBC and JPMorgan Chase & Co. -- typically hope to make around $200 million in an entire year. It far exceeded the maximum loss anticipated by HSBC’s value-at-risk models.

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    11:49 (IST)15 May 2020
    Sensex, Nifty slip 1% as investors await third round of announcements from FM Sitharaman

    Headline indices BSE Sensex and Nifty 50 drooped over one per cent in Friday's session dragged by auto and bank stocks. The 30-share Sensex slipped below the crucial 31,000-mark to trade at day's low of 30,780. While the broader Nifty 50 index breached the psychological level of 9,100, to trade at 9,053, down nearly 100 points. HDFC Bank, ICICI Bank, Axis Bank, Infosys and Reliance Industries were major contributors in the Sensex plunge today. The top losers on Sensex were M&M, down 4.20 per cent, Axis Bank, Bajaj Finance and IndusInd Bank. "Aggressive buyers may remain on stands as no big announcements seen so far to take care of investors' interest," Vishal Wagh, Research Head, Bonanza Portfolio Ltd, said.

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    11:11 (IST)15 May 2020
    Buy Aavas Financiers | Target Price: Rs 1,350 (ICICI Securities)

    Aavas Financiers (Aavas) yet again demonstrated why it commands a valuation premium. Important read-through from Q4FY20 results 1) Asset quality witnessed strong improvement with 1+dpd at 2.4%, down ~100bps YoY/QoQ. This could deteriorate in the coming quarters but we expect it to come down to normalized levels by end-FY21. Company made Covid-related provisions of Rs44.4mn (~24bps annualized of average AUM) 2) FY20 PAT at Rs2490mn (I-Sec: Rs2592mn) came in slightly lower because of lower securitization income in Q4FY20 3) NIM (Reported FY20: 8.2%) would continue to remain under pressure but can be offset by improvement in operating cost ratios 4) On liabilities, the company has gone from strength to strength (raised ~Rs11.8bn at 8.1% in Q4FY20) and has healthy liquidity of ~Rs25bn in cash/cash equivalents/undrawn lines. We have an unchanged target price of Rs1,350 (based on 3.9x FY22E P/BV). Reiterate BUY. ~ ICICI Securities

    11:08 (IST)15 May 2020
    Brokerage view on Mphasis

    Maintain ADD on Mphasis supported by in-line 4Q rev and operating performance. Despite DXC-HP portfolio underperformance & uncertainty, (1) Continuity of strong growth vectors in Direct Core, (2) Industry tailwinds in Digital Risk, and (3) Attractive valuations (11.7x FY22E with FCF yield >10%, Dividend yield >4% and RoIC >25%) support our constructive stance. Our TP of Mphasis is Rs 825, at 12x FY22E EPS: HDFC Securities

    10:55 (IST)15 May 2020
    Positive outlook for gold for next week

    The gold outlook is positive for next week. FOMC meeting minutes, existing home sales and building permits data will be critical to monitor. Trade conflicts have resurfaced and pressure on the Fed is building to bring rates below zero. On the other side, Donald Trump has spoken for a strong dollar. The investment demand has increased to the highest level since June 2012 on the back of recessionary pressures and trade war. The undertone is positive and we recommend to go long on dips: Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stocks Brokers

    10:50 (IST)15 May 2020
    Manappuram Finance share price rallies 42% in less than two months as Q4 results surprise

    Manappuram Finance share price surged as high as 7.23 per cent to hit a day’s high of Rs 131.90 apiece on BSE in Friday’s weak session. Manappuram Finance on Thursday posted a nearly 44 per cent rise in net profit at Rs 398.20 crore for the quarter ended on March 31. The company had posted a net profit of Rs 277.39 crore in the corresponding period of preceding fiscal. Manappuram Finance share price has risen over 42 per cent in less than two months from Rs 75.60. However, the stock is still 32 per cent off from its 52-week high of Rs 194.60 touch in the first month of the calendar year 2020.

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    10:46 (IST)15 May 2020
    Promoters get more time to increase public shareholding, SEBI eases listing norms amidst coronavirus

    In a breather for listed companies with promoter shareholding exceeding the 75% limit, the Securities and Exchange Board of India (SEBI) on Thursday relaxed norms for compliance under the Minimum Public Shareholding (MPS) requirement. “Accordingly, the stipulations of the October 10, 2017 SEBI circular are relaxed for listed entities for whom the deadline to comply with MPS requirements falls between the period from March 1, 2020 to August 31, 2020,” SEBI said in a circular. The decision, according to SEBI, was taken after taking into consideration requests received from listed entities and industry bodies as well as considering the prevailing business and market conditions.

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    10:19 (IST)15 May 2020
    75.00-76.20 an important range for rupee

    At present 75.00-76.20 is an important range for the pair in which rupee is swinging based on the sentiments. Although someday, this range would be broken again with a wave of strong sentiments. Whichever side it breaks, a move of 80 paisa – 1 rupee could be expected. Hence till then, an opportunity is on both sides, Buy on dips near 74.85-75.20 levels and Sell on rise near 75.80-76.00 levels for the near term: Amit Pabari, MD, CR Forex Advisors

    09:56 (IST)15 May 2020
    Measures centred around ensuring food, job security to migrant workers

    While the FM's first set of measures were directed primarily at getting credit flowing in the economy, which is key to MSMEs surviving the crisis, the second tranche of measures were focused at ensuring that lower-income groups and rural India subsist through this period of crisis. The measures were primarily directed at farmers and migrant labourers. The measures were centred around ensuring Food security and job security for migrant workers and ensuring the availability of credit on easier terms for farmers: Abhishek Goenka, Founder and CEO, IFA Global

    09:55 (IST)15 May 2020
    Rupee to open flat

    Markets would look forward to clarity on the range and scale of economic activity permitted in the next phase as Lockdown 3.0 draws to an end. Rupee is likely to open flat at 75.48 and trade a 75.25-75.75 range. SGX is indicating a flat open for the Nifty. 9030 is a crucial support for the Nifty on a closing basis: Abhishek Goenka, Founder and CEO, IFA Global

    09:46 (IST)15 May 2020
    Maintain ADD on Tata Consumer products - ICICI Securities

    Three messages from new CEO Sunil D’Souza’s commentary in 4QFY20 call: (1) focus on distribution will increase and TCPL will aim to fill the gaps in distribution to gain market share from unorganized players, (2) premiumization is a key vector, also cost reduction and appropriate capital allocation, (3) there will be significant focus on ramping up Tata Sampann brand. We expect Starbucks and Nourishco’s growth journey to hit speedbreakers in H1FY21. However, we expect TCPL’s EBITDA margin to be driven in FY20-22 by input correction and improvement in revenue mix. Retain ADD rating with SoTP based target price of Rs415. (Earlier TP: Rs400) Better than expected execution to gain market share/ improve margin will be upside risk to our estimates and TP.

    - ICICI Securities

    09:46 (IST)15 May 2020
    Cipla share price trades flat ahead of Q4 earnings

    Cipla share price was trading flat at Rs 570.15, up just 0.10 per cent on BSE in Friday's session ahead of March quarter earnings later in the day.

    Check live prices: Cipla

    09:42 (IST)15 May 2020
    M&M share price down 3.46%

    M&M share prices slipped 3.46 per cent to Rs 386.40 apiece on BSE in today's session. It hit day's low of Rs 382.50 and high of Rs 403.75.

    Check live prices: M&M

    09:32 (IST)15 May 2020
    Nifty Auto top sectotral loser

    Nifty Auto index was down nearly 1.5 per cent. On the flip side, Nifty Metal index was nearly half a per cent up, led by gains in Hindustan Zinc, Hindalco Industries and Jindal Steel.

    09:32 (IST)15 May 2020
    Top BSE Sensex gainers, losers

    M&M was the top Sensex loser down 3.27 per cent, followed by Maruti, Hero MotoCorp and Bajaj Finance. On the other hand, ONGC, NTPC, HUL, Nestle India and Tata Steel were among top Sensex gainers.

    09:31 (IST)15 May 2020
    Sensex, Nifty slip in trade

    The 30-share Sensex slipped below 31,000-mark, to trade at 30,947, down 175 points or 0.53 per cent. While broader Nifty 50 index breached the crucial 91,00-mark and was ruling at 9,088 with a loss of 54 points or 0.59 per cent

    check live Sensex, Nifty levels

    09:10 (IST)15 May 2020
    Legislative action on land & labour is sure to follow

    The second tranche announcement under the Covid relief cum stimulus scheme focussing on the highly stressed sections like migrant labour, street vendors, small traders,marginal farmers etc is a reflection of the calibrated relief strategy of the govt. Legislative reforms for attracting investment can come only after providing relief to the needy. Legislative action on land & labour is sure to follow. 'One Nation, One Ration Card' on the lines of 'One Nation, One Tax' is a progressive reform: VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

    09:09 (IST)15 May 2020
    Announcements to provide impetus to real estate sector

    There is a significant demand for affordable housing in tier 2 & 3 cities. However, borrowers had postponed their purchase decisions owing to financial uncertainty around COVID-19. The extension of the CLSS scheme, along with the expectation of a correction in real estate prices and reduction in interest rates, will provide an impetus to the sector. Liquidity measures announced to re-finance HFCs, should provide the much-needed liquidity to meet the expected demand: Sanjay Shukla, MD & CEO, Centrum Housing Finance Ltd

    09:04 (IST)15 May 2020
    Cipla, Ashok Leyland, Tata Chemicals, Escorts, agri stocks to remain in action today

    Cipla, Crompton Greaves Consumer Electricals: Aarti Drugs, Cipla, Crompton Greaves, IIFL Securities, Mahindra & Mahindra Financial Services, L&T Finance Holdings, Nippon Life India Asset Management, Tata Chemicals and L&T Technology Services are among 12 companies that are scheduled to announce their March quarter earnings today.

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    08:44 (IST)15 May 2020
    Aggressive buyers may remain on stands

    Aggressive buyers may remain on stands only as no big announcement seen so far to take care of investors' interest whereas, Defensive sector lovers may be on the field as everybody is looking place to hide and park money if uncertainty continued: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd.

    08:43 (IST)15 May 2020
    Nifty set to open flattish

    Nifty set to open flattish. It is near to the lower part of the range 9100-9400. It may take support at 9070-9050 range and resistance will be seen at 9210 on the higher side. Any closing below 9100 will invite further selling pressure which may test the psychological level of 9000. Derivative data suggest a range of 8880-9550 as max OI is seen in 9500 CE and 9000 PE in weekly options data. Max-pain also seen in 9000 strikes on a monthly basis and 9500 strikes on a weekly basis: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd.

    08:25 (IST)15 May 2020
    Weak to flat opening for Sensex, Nifty

    The key takeaways from the second round of stimulus are more labour driven for the migrant workers, markets are still awaiting some reforms for the corporate and consumers to benefit from the stimulus. We expect a weak to flat opening: Vikas Jain, Senior Research Analyst at Reliance Securities

    08:22 (IST)15 May 2020
    Govt rightfully identified the agricultural sector

    The series of financial impetus by the Hon’ble Finance Minister to various economic sectors is most welcoming. The government has rightfully identified the agricultural sector as one of most impacted and the 2 lakh Cr loan to the Indian farmers is a big relief to the sector. As India moves towards a new economic revival with the spirit of self-reliance infused by Hon’ble PM, the agricultural sector has to be rapidly modernised and digitalised to have a supply chain continuity going on the face of any future crisis. We are committed towards these goals in connecting various stakeholders and look forward to further announcements from the government tomorrow: Amith Agarwal, Co-Founder & CEO, AgriBazaar

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