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  • Nifty   10768.05   -45.40   sensex_dwn_arr
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End Session
Home >> Markets >> Equity >> News >> End Session Detailed News
Market slides on rising Covid cases; Nifty holds above 10,300
(17:01, 29 Jun 2020)

Domestic shares ended with modest losses on Monday on the back of mixed global cues amid rising coronavirus cases. The ongoing Indo-China border tensions also weighed on the investors' sentiment. Weakness in banks and IT shares put pressure on bourses.

The barometer S&P BSE Sensex declined 209.75 points or 0.6% at 34,961.52. The Nifty 50 index fell 70.60 points or 0.68% at 10,312.40.

In the broader market, the BSE Mid-Cap index slipped 1.39% and the BSE Small-Cap index skid 1.23%. Both these indices underperformed the Sensex.

The market breadth was negative. On the BSE, 1,142 shares rose and 1,643 shares fell. A total of 141 shares were unchanged.

COVID-19 update:

Total COVID-19 confirmed cases worldwide stood at 1,01,46,971 far with 5,01,940 deaths. India reported 2,10,120 active cases of COVID-19 infection and 16,475 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 5.906% as compared with 5.913% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 75.58, compared with its close of 75.65 during the previous trading session.

In the commodities market, Brent crude for August 2020 settlement fell 3 cents at $40.99 a barrel. The contract fell 3 cents, or 0.77% to settle at $41.02 a barrel in the previous trading session.

Foreign Markets:

European shares recovered while Asian shares ended lower Monday as rising number of global coronavirus cases spooked investors. Investors across the globe have been banking on businesses continuing to reopen, helping to drive a recovery from the worst global downturn since the 1930s Great Depression.

The US stock market finished session steeply lower on Friday, 26 June 2020, as risk off selling triggered on rising coronavirus cases and the Federal Reserve's order to cap bank dividend payments and share buybacks.

Investors were disappointed to see that the number of confirmed new coronavirus cases per day in the US hit an all-time high of 40,000, surpassing the peak set during one of the deadliest stretches in late April 2020.

The governors from Texas and Florida on Thursday both signaled that they would pause the reopening of their economies as the two giant states of the US sunbelt contend with spikes in coronavirus cases. Renewed concerns over the novel coronavirus pandemic has threatened to derail a strong rally for Wall Street.

Bank shares in the US plummeted after the Federal Reserve limited dividend payments and barred share repurchases until at least the fourth quarter following its annual stress test.

Buzzing Indian Segments:

The Nifty Bank index declined 1.08% to 21,359. The index rose 0.77% in the past two sessions.

RBL Bank (down 5.67%), Bank of Baroda (down 4.92%), Federal Bank (down 3.46%), IDFC First Bank (down 3.35%), Punjab National Bank (down 3.28%), State Bank of India (down 2.87%), Bandhan Bank (down 2.84%), IndusInd Bank (down 2.5%) and ICICI Bank (down 1.68%) declined.

Kotak Mahindra Bank (up 1.27%) and HDFC Bank (up 1.97%) rose.

Shares of the private lender Axis Bank tumbled 4.78% after S&P Global Ratings lowered its ratings of the lender due to increased economic risks for banks operating in India. We lowered our ratings on Axis to reflect our expectation that heighten edeconomic risks facing India's banking system will affect the bank's assetquality and financial performance. While Axis' asset quality is superior tothe Indian banking sector average, its level of nonperforming assets (NPAs)will likely remain high compared to international peers'. Nevertheless, we expect the bank to maintain its strong market position and adequate capitalization, the ratings agency said in a release.

The Nifty IT index fell 1.51% to 14,768. It jumped 4.05% in the previous session.

Tech Mahindra (down 3.47%), Wipro (down 2.53%), Infosys (down 2.23%), Mindtree (down 1.69%), HCL Technologies (down 1.59%) and TCS (down 0.65%) declined.

Earnings Impact:

ITC advanced 1.08% after consolidated net profit rose 9.1% to Rs 3,856.52 crore on 4.8% decline in net sales to Rs 12,456.45 crore in Q4 March 2020 over Q4 March 2019. Cigarettes segment revenue declined 3.3% YoY to Rs 5,750.44 crore while the revenue from other FMCG products segment fell 3.9% YoY to Rs 3,190.34 crore during the quarter. Hotel business revenue stood at Rs 494.76 crore (down 13.8% YoY), agri-business revenue was at Rs 1,899.01 crore (down 15.9% YoY), paperboards, paper & packaging revenues were at Rs 1,458.87 crore (down 6.2% YoY) and revenue from other businesses (viz. IT services, branded residences etc.) came in at Rs 575.68 crore (up 2.1% YoY) in the fourth quarter.

ITC board recommended a dividend of Rs 10.15 per share for the financial year ended 31 March 2020. It will be paid on Tuesday, 8 September, 2020.

NTPC shed 2.22% after the state-owned power producer reported a 70.5% drop in consolidated net profit to Rs 1,523.77 crore on a 27% jump in net sales to Rs 30,201.08 crore in Q4 March 2020 over Q4 March 2019. Profitability was significantly dented on the back of higher tax provisions. Total tax expense in Q4 March 2020 stood at Rs 4,948.12 crore as against a tax rebate of Rs 7,465.19 crore in Q4 March 2019. NTPC group's total installed capacity increased to 62,110 MW as on 31 March 2020 as against 55,126 MW as on 31 March 2019. The group's commercial capacity increased by 8,260 MW to 61,126 as on 31 March 2020 compared with 52,866 MW as on 31 March 2019.

Coal India dropped 4.79% after the public-owned coal mining major reported a 23% decline in consolidated net profit to Rs 4,637.95 crore on 3.6% fall in revenue from operations to Rs 27,568.23 crore in Q4 FY20 over Q4 FY19. Total expense in the fourth quarter rose 2.6% to Rs 22,033.90 crore from Rs 21,471.78 crore in the same period last year. Profit before tax (PBT) in Q4 March 2020 stood at Rs 7,447.40 crore, down by 16.2% from Rs 8,892.35 crore in Q4 March 2019. During the March quarter, raw coal production increased by 9.9% YoY to 213.71 million tonne while the raw coal offtake remained almost flat at 163.87 million tonne.

Glenmark Pharmaceuticals gained 0.14% after the pharmaceutical major's consolidated net profit surged 36.3% to Rs 220.31 crore on 7.3% rise in net sales to Rs 2,711.27 crore in Q4 March 2020 over Q4 March 2019. Consolidated EBITDA soared 27.89% to Rs 465.68 crore in the quarter ended 31 March 2020 as against Rs 364.13 crore in the corresponding quarter last year. India business grew 14.52% Y-o-Y (year-on-year) to Rs 764.75 crore in Q4 FY20. Europe business jumped 29.26% Y-o-Y to Rs 411.56 crore. Latin America business surged 46.9% Y-o-Y to Rs 176.87 crore. North America business recorded 1% Y-o-Y fall to Rs 761.90 crore.

Bharat Forge tumbled 10.25% after the company reported a consolidated net loss of Rs 72.09 crore in Q4 FY20 as compared to a net profit of Rs 320.35 crore in Q4 FY19. Net sales declined 34.7% year-on-year (YoY) to Rs 1741.92 during the quarter. Pre-tax loss in Q4 March 2020 stood at Rs 62.84 crore as against a pre-tax profit of Rs 492.97 crore in Q4 March 2019. Income tax expense slumped 96.6% YoY to Rs 5.74 crore in the March quarter.

Oil India rose 1.06%. The oil explorer's consolidated net profit stood at Rs 1,597.40 crore in Q4 March 2020 compared with net loss of Rs 70.59 crore in Q4 March 2019. Net sales slipped 15.8% to Rs 2,607.38 crore in Q4 FY20 from Rs 3,097.26 crore in Q4 FY19. Crude oil price realization decreased 13.23% to Rs 3,776.79 per barrel in Q4 FY20 compared with Rs 4,352.84 per barrel in Q4 FY19. The adverse impact was on account of fall in international crude oil prices because of COVID-19 and collapse in understanding between OPEC and Russia on continued production cuts.

NALCO dropped 4.63% after aluminum producer's consolidated net profit tanked 57.2% to Rs 100.51 crore on 30% drop in net sales to Rs 1,935.86 crore in Q4 March 2020 over Q4 March 2019. Profit before tax (PBT) skid 56.3% to Rs 176.66 crore in Q4 March 2020 as against Rs 404.55 crore in Q4 March 2019.

Avanti Feeds jumped 10.85% after consolidated net profit jumped 30% to Rs 98.71 crore on 20.65% increase in net sales to Rs 1,034.81 crore in Q4 March 2020 over Q4 March 2019. Profit before tax stood at Rs 126 crore, up by 23% from Rs 102.54 crore in the same period last year. Total tax expense rose 3.5% to Rs 27.28 crore in Q4 FY20 over Q4 FY19. During the quarter, revenue from shrimp feed segment rose 15.48% to Rs 764.59 crore while revenue from shrimp processing segment rose 38.45% to Rs 270.65 crore compared with the corresponding period last year.

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