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Mid Session
Home >> Markets >> Equity >> News >> Mid Session Detailed News
Nifty holds 9000 mark; financials drag
(12:30, 22 May 2020)

The market barometers continued to trade with significant losses in early afternoon trade. At 12:27 IST, the barometer index, the S&P BSE Sensex, was down 276.04 points or 0.89% at 30,656.86. The Nifty 50 index was down 95.05 points or 1.04% at 9,011.20.

Financial stocks tumbled after the RBI governor Shaktikanta Das further extended the loan repayment moratorium for another three months up to 31 August. The EMI payments will restart only once the moratorium period expires on 31 August.

RBI also announced a 40 basis points rate cut in an off-cycle MPC meeting. The repo rate stands at 4% and the reverse repo rate now stands at 3.35%. The central bank also maintained its 'accommodative' stance.

Das said that the GDP growth in India in 2020-21 is estimated to remain in the negative territory with a pick up in growth impulses in second half. However, these depend on the trajectory of the pandemic.

The RBI also raised the group exposure limit of banks to 30% from 25% for a temporary period till 30 June 2021. Group exposure limit determines the maximum amount a bank can lend to one business house.

The central bank also relaxed rules governing borrowing by states to help them meet their own liabilities and expenditure requirements. In order to ease the pressures of bond redemption on states, rules governing withdrawal from consolidated sinking fund (CSF) have been eased. CSF is maintained by the state governments with the RBI as a buffer for repayment of their liabilities. This change in withdrawal norms will come into force with immediate effect and will remain valid till 31 March 2021.

In the broader market, the S&P BSE Mid-Cap index was off 0.69% while the S&P BSE Small-Cap index shed 0.27%.

The market breadth was negative. On the BSE, 766 shares rose and 1212 shares fell. A total of 132 shares were unchanged. In the Nifty 50 index, 17 shares advanced while 33 stocks declined.

Buzzing Index:

The Nifty Financial Services index slipped 2.93% to 8,663.25, extending losses for second day. The index has lost 3.56% in two sessions.

Shriram Transport (down 5.32%), Bajaj Finance (down 4.93%), Axis Bank (down 4.77%), Mahindra & Mahindra Financial (down 4.81%), Bajaj Finserv (down 4.53%), ICICI Bank (down 4.48%), HDFC (down 4.4%), Power Finance Corporation (down 3.73%), Indiabulls Housing Finance (down 3.82%), Cholamandalam (down 3.5%), ICICI Prudential Life Insurance (down 3.06%), Edelweiss Financial (down 2.8%), REC (down 1.97%), HDFC Bank (down 1.67%), Kotak Mahindra Bank (down 1.4%), ICICI Lombard (down 0.59%) and SBI (down 0.33%) declined.

SBI Life Insurance (up 0.63%), HDFC Life (up 0.95%) and Bajaj Holdings (up 2.37%) advanced.

Earnings Impact:

Quick Heal Technologies slumped 9.46% to Rs 104.75. The IT security services provider's consolidated net profit declined 71.2% to Rs 7.99 crore on a 25.3% fall in net sales to Rs 64.25 crore in Q4 March 2020 over Q4 March 2019.

Hawkins Cookers tumbled 7.14% to Rs 4220 after the kitchenware maker's net profit slumped 30.6% to Rs 9.36 crore on 21% decline in net sales to Rs 145.97 crore in Q4 March 2020 over Q4 March 2019. The company said that its operations were impacted due to the lockdown announced by the government in March 2020 and most of April 2020. Both sales and production have partially resumed in May 2020, it added.

VST Industries rose 1.76% to Rs 3,146.95. The tobacco products manufacturer's net profit rose 33.15% to Rs 70.61 crore on 7.2% rise in total income to Rs 303.81 crore in Q4 March 2020 over Q4 March 2019.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.51% to 33.485. The Nifty May 2020 futures were trading at 8,996.65, a discount of 14.55 points compared with the spot at 9,011.20.

On the options front, the Nifty option chain for 28 May 2020 expiry showed maximum call open interest (OI) of 29.72 lakh contracts at the 10,000 strike price. Maximum put OI of 35.77 lakh contracts was seen at 9,000 strike price.

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