KEY HIGHLIGHTS
Decoding The May Series
Contributors To Nifty's Gains
Closing Bell: Momentum Continues
Indian equity markets ended the May series on a strong note, logging in its second straight day of gains. Positive cues from the U.S. and European markets aided sentiment, as did the IMD forecast that the Monsoon will hit the Kerala coast by June 1-2.
The S&P BSE Sensex ended 1.9% higher at 32,200 while the NSE Nifty 50 index ended just below the 9,500 mark at 9,490, up by 1.9%.
Both the benchmarks managed to trim the losses for the series, courtesy the gains from the last two days. The Sensex ended the May series down 4.5% while the Nifty ended 3.75% lower on a Series-to-Date basis.
Among sectoral indices, the Media and Auto indices outperformed, ending with gains of over 3 percent while the Nifty Bank, Nifty Metal and Nifty Realty gained over 2 percent each.
Market breadth remained in favour of the advances. 1,245 stocks on the NSE ended with gains while 531 posted losses in today's session.
Stock Update: SPARC
Sun Pharma's subsidiary announced a worldwide licensing agreement with its parent company for the development and commercialisation of SCD-044, a drug evaluated as a potential oral treatment for atopic dermatitis.
Sun Pharma will pay the company an upfront payment of $20 million, the exchange filing said.
The company will also be eligible to receive up to $125 million as milestone payments contingent upon the achievement of clinical, regulatory and sales milestones.
Shares are locked in an upper circuit of 10% at Rs 139.35. Shares of Sun Pharma too gained 2.1% to Rs 460.1, post the announcement.
Stock Update: EID Parry
- Top performer on the Nifty Smallcap Index
- Gains as much as 18.55% to Rs 206.4
- Biggest single-day gain since November 2019
- Trades at the highest level in three months
- Up for the third straight day
- Longest winning streak in three weeks
- Has gained 27% in the last three trading sessions
- Today's volumes are 14.9 times higher than its 30-day average
- Crosses 200 and 100-Day Moving Average at Rs 174 and Rs 179 respectively
- Stock trades in overbought territory with Relative Strength Index (RSI) at 74
- Has nearly doubled from its 52-week low of Rs 102.1 on March 24, 2020
Earnings Fineprint & Stock Reaction: Federal Bank Q4FY20
- Net Interest Income up 10.9% to Rs 1,216 crore
- Net profit down 21% to Rs 301.2 crore
- Provisions rise to Rs 567.5 crore from Rs 160.9 crore in the previous quarter
- Gross NPA at 2.84% from 2.99% sequentially
- Net NPA at 1.31% from 1.63% in the previous quarter
- Additional provision of Rs 63 crore for the Covid-19 Pandemic.
- 35% of loan book by under moratorium
Shares are at the day's high, gaining as much as 5.74% to Rs 43.30, post the announcement.
Balrampur Chini's Covid-19 Update
- No material impact on the business of the company
- All 10 sugar plants in Uttar Pradesh were operational throughout the lockdown.
- Eight Co-generation plants in Uttar Pradesh were operating through the lockdown.
- All four distilleries have been continuing with their operations uninterrupted.
- Demand of products like sugar will return to normal levels to a large extent as and when the lockdown is lifted.
- Capital and financial resources not impacted due to Covid-19.
Shares trade 1% lower at Rs 98.65, snapping a five-day gaining streak.
Foreign Stakes In Top Companies At 5-Year Low
Global funds have reduced their ownership in India's top 500 companies to a five-year low in the March quarter, according to Motilal Oswal Financial Services.
The holdings of foreign funds in the Nifty 500 index fell 140 basis points to an average of 21%, Bloomberg reports citing the Motilal Oswal Note.
Company founders have used the plunge in share prices to boost their holdings by 130 basis points during the March quarter to 50.5%.
Overseas investors have their highest holdings in private banks followed by NBFCs and telecom.
Local funds have their highest holding in capital goods, metals followed by private banks.
Stock Update: Alkyl Amines
- Trades at an all-time high
- Gains as much as 4.24 percent to Rs 2,099 in today's session
- Up for the third straight day
- Has gained in six out of the last seven trading sessions
- Up over 13.4% in the last three trading sessions
- Today's volumes are 2.9 times higher than its 30-day average
- Stock is in overbought territory with the Relative Strength Index (RSI) at 72
- Has gained 221% from its 52-week low of Rs 653 on August 2, 2019
- All three analysts tracking the stock have a buy recommendation
- Return potential for the stock as per Bloomberg data is 2.7%
Coromandel International's Expansion Plan Delayed
Fertiliser and pesticide maker Coromandel International is likely to delay its planned investment as factories slowly re-open from the Covid-19 lockdown, Bloomberg News reports.
The first focus is going to be to ensure our operations are fully functioning, all the critical essential capex will be carried out, some of them might be still lower by a quarter or so.Jayashree Satagopan, CFO, Coromandel International
The company plans to spend Rs 400 as capex in order to boost its capacity, an amount which will be roughly unchanged for the next two years.
Shares currently trade little changed, down 0.4% at Rs 658.20.
Markets At 2:10 P.M.
- Benchmark indices trade near the day's high
- Nifty up 1.5% at 9,453
- Nifty futures trade at a discount of 22 points
- Sensex up 1.5% at 32,083
- Nifty Bank up 2.3% at 19,141
- Nifty Midcap Index up 1.55%
- Nifty Smallcap Index up 1.7%
- India Volatility Index down 2.5% to 30.47
- Nifty Media Index is the top sectoral gainer; up 4.1%
- Nifty Pharma Index (down 0.4%) and Nifty PSU Bank index (down 0.2%) are the only sectoral laggards
- Zee Entertainment is the top Nifty gainer; up 11.8%
- BPCL is the top Nifty laggard; down 2.5%
- 1,247 stocks on the NSE trade with gains while 494 decline
Money Market Update
The currency remains little changed, continuing with its trend from Wednesday, despite robust cues from the equity markets.
The rupee ended little changed at 75.76 against the U.S. Dollar as compared to Wednesday's close of 75.72.
Minor selling pressure in the final minutes of trade ensured that the rupee ended as the fifth worst performing currency among its Emerging Market peers, after the Philippine Peso, Japanese Yen, Malaysian Ringgit and the South Korean Won.
Yield on the 10-year bond ended at 5.75 percent as compared to the opening level of 5.752 percent.
Nifty Pharma Index Is The Only Sectoral Laggard
Symphony's Covid-19 Update
- Countrywide lockdown resulted in a loss of 15-17% of sales in the fourth quarter.
- Unable to deliver goods towards the end of March led to several orders being cancelled.
- Sales have been robust post May 18, wherever markets have resumed.
- Channel inventory will be at 'acceptable levels' if the trend continues.
- Supply depots across the country have begun deliveries.
- Collection from next quarter should normalise if channel inventory is back to normal levels.
- OEMs facing production constraints due to labour shortage and logistic bottlenecks.
- Absolute sales and profitability for the full year may fall short, though margin percentages will remain intact.
- Debt-free at standalone level and net debt-free at consolidated level.
Shares are trading at the highest point of the day, up 4.6% to Rs 824.2.
Active Stock Options: June 25 Expiry
- Reliance Industries' 1,500 Call: Premium up 25.9% to Rs 43. The contract has added 3.5 lakh shares in Open Interest.
- IndusInd Bank's 400 Call: Premium up 11% to Rs 28.1. The contract has added 60,000 shares in Open Interest.
- State Bank of India's 160 Call: Premium down 15.4% to Rs 8.75. The contract has added 1.23 lakh shares in Open Interest.
Top Nifty Gainer: Eicher Motors
- Gains as much as 9.8% to Rs 16,437
- Biggest single-day gain in over a month
- Trades at over a two-month high
- Up for the third straight day
- Gains 16.8% in the last three trading sessions
- Will consider a stock split during its board meeting during June 12
- Breaks above its 50-Day Moving Average of Rs 14,269
- Today's volumes are 3.3 times higher than its 30-day average
- 30 out of the 46 analysts tracking the stock have a buy recommendation; 4 sell calls
- Return potential of the stock as per Bloomberg data is 3.7%
Stock Reaction: Steel Strips Wheeles
The company has informed the exchanges of securing export orders for over 25,000 wheels for EU Caravan Trailer and U.S. Mobile Home Market.
The orders have to be executed within July and will be done so from its Chennai plant.
Additional orders are expected in the coming weeks from several other regular customers, the company said in a press release.
The company has guided for its Chennai plant to register a 5% year-on-year growth in exports for the quarter ending June.
Shares gained as much as 4.76% to Rs 348, post the announcement.
Stock Reaction: Dr Reddy's Laboratories
The Hyderabad-based drugmaker has informed the exchanges that its Integrated Product Development Organisation (IPDO) in Telangana has received the Establishment Inspection Report (EIR) from the U.S. FDA.
The inspection classification for the facility is determined as 'No Action Initiated' (NAI). The audit now stands closed, the company said in its exchange filing.
Shares trade little changed, down 0.55% at Rs 3,861, on the National Stock Exchange.
Positive Start To Trade In Europe
European markets have opened higher for the fourth straight day on the back of the economic aid plan of the European Union.
The Stoxx 600 has opened 0.8% higher and is on course for its highest closing since March 6 this year. Auto, mining and travel stocks are leading the gains while utilities are underperforming.
Most Asian markets have ended with gains while futures on the Dow Jones trade higher by 160 points.
Brent Crude for the August contract fell 1.1% to $35.05 per barrel while gold rose 0.5% to $1,718.5/Oz.
Lets take a look at how benchmark indices across Europe have opened:
- Euro Stoxx 50 up 0.6% at 3,069
- DAX up 0.7% at 11,735
- CAC up 0.6% at 4,718
- FTSE 100 up 0.7% at 6,191
- IBEX 35 up 0.6% at 7,220
Stock Update: Dhanuka Agritech
- Trades at the highest level since August 2018
- Gains as much as 4.46% in today's session to Rs 596.95
- Up for the third straight day
- Has risen for four out of the last five trading sessions
- Gained 25% in the last five trading sessions
- Today's volumes are 10.5 times higher than its 30-day average
- The stock trades in overbought territory with Relative Strength Index (RSI) at 77
- Has more than doubled from its 52-week low of Rs 261 on March 23, 2020
- 12 out of the 16 analysts tracking the stock have a buy recommendation; 1 sell call
- Trades 7.7% higher than its 12-month consensus price target of Rs 531, implying a negative return potential
Stock Reaction: KPIT Technologies
In its Covid-19 update, the company stated that it expects the business to recover from the third quarter of FY21. It also mentioned in its statement that it expects a significant impact on earnings in the first half of FY21.
The company has expressed confidence of meeting all its financial obligations courtesy its net cash balance sheet worth Rs 330 crore and negligible debt, the exchange filing said.
At this time, the company will refrain from giving any guidance for the FY 2021 but will keep on updating all the stakeholders on regular basis.Statement From KPIT Tech
Shares are locked in an upper circuit of 5% at Rs 46.95 and are rising for the fourth straight day.
Risks Ahead For This Largecap Stock
Markets At Noon
- Benchmark indices trade near the day's high
- Nifty up 1.5% at 9,451
- Nifty futures trade at a discount of 25 points
- Sensex up 1.5% at 32,079
- Nifty Bank up 2.9% at 19,249
- Nifty Midcap Index up 1.25%
- Nifty Smallcap Index up 1.74%
- India Volatility Index down 3.5% to 30.17
- Nifty I.T. recovers from day's low; down 0.7%
- Nifty Auto and Nifty Media index up over 2.2% each
- Zee Entertainment is the top Nifty gainer; up 6.6%
- Wipro remains the top Nifty laggard; down 2%
- 1,272 stocks on the NSE trade with gains while 410 decline
Stock Update: Adani Green Energy
- Trades at an all-time high
- Gains as much as 3.75% today to Rs 251.7
- Up for the seventh straight day
- Longest winning streak in over a month
- Up 8% in the last seven sessions
- Trading volumes are 69% higher than its 20-day average
- The stock trades in overbought territory with Relative Strength Index (RSI) at 83
- Has gained over 550% from its 52-week low of Rs 38.6 on June 19, 2019
All But One Stock In The Nifty Auto Index Gain
Atul's Covid-19 Update
- Will see impact on the company's profitability.
- Capital and financial resources will get stretched due to increased requirement of working capital.
- Will take time for business to reach pre-lockdown levels.
- Currently debt-free and have enough liquidity to manage the situation
- Facing problem of shortage of drivers for both inbound and outbound transport.
- Expect to reach near-normal operations by Q3FY21.
Shares gained as much as 1.7% to Rs 4,532 and are up for the third straight day.
Balkrishna Industries' Covid-19 Update
- Sales volumes, revenue and profitability will be impacted in Q1FY20
- Difficult to predict the full impact of Covid-19 on full year operations
- Substantial normalcy achieved in business operations in international markets.
- 80% of the total sales come from exports while balance from Indian markets.
- Resumed dispatches to international markets which have gradually increased in May 2020.
- No disruption in manufacturing as sufficient raw material available.
- Completion of capex programs (which are broadly on track) will depend on the Covid-19 situation.
- Net cash company with zero long-term debt.
- Foresee no major risk despite some likely impact on the receivable cycle.
Shares are up for the seventh straight day, up 1.3% at Rs 1,099. This is the longest winning streak for the stock since October 2019.
Stock Reaction: Shilpa Medicare
The company has informed the exchanges regarding the launch of its third anti-cancer drug named IBRUSHIL.
The said drug is the branded generic of the anti-cancer drug Ibrutinib. The said drug is used in the treatment of Leukemia.
The drugmaker had earlier launched LENSHIL and DASASHIL in the Indian market, both of which were anti-cancer drugs.
Shares gained as much as 5.36% to Rs 388.5. The stock is up for six out of the last seven trading sessions.
Stock Update: Meghmani Organics
The company has responded to the Ministry of Agriculture's draft notification proposing to ban 27 pesticides. The company says that the said molecules have global competitiveness in most of these chemistries.
The proposed ban will affect products 2, 4-D and Chlorpyriphos, according to the company. The revenue contribution from these products in FY20 was 12-15%.
The company has planned an expansion in this production category, post which, the revenue may rise 20% in the coming years, the statement said.
Shares gained as much as 7.1% to Rs 52.70, adding to Wednesday's gain of 9.4%. The stock is up for the third straight day.
How Are The Sectoral Indices Faring
Large Trade Alert: Motherson Sumi
15.57 lakh shares of the auto component manufacturer exchanged hands in a single large trade on the National Stock Exchange.
The trade took place at Rs 91.85 per share, Bloomberg data suggests. Buyers and sellers in the trade remain unknown.
Shares gained as much as 9.1% to Rs 94.50 and are up for the third straight day. The stock has gained close to 15% in the last three trading sessions.
Stock Reaction: Granules India
The company has informed the exchanges regarding a release of U.S. FDA findings which observed the presence of N-Nitrosodimethylamine or NDMA in certain products.
The company has clarified that the U.S. FDA did test samples from a few lots of its API and finished dosage tablets, the results did not detect the presence of NDMA.
Shares surged to the day's high, gaining as much as 3.1% to Rs 179.35, post the announcement.
The stock is up for the third straight day and trades at its highest level in three months.
Earnings Reaction: United Spirits
The company reported a 13.5% contraction in volumes for the fourth quarter, led by a sharp decline in its prestige and above portfolio.
Higher taxes due to disputed litigations led to an 81% drop in net profit as compared to last year. Net profit was also impacted by a one-time net tax charge of Rs 103 crore.
However, lower employee and advertising expenses aided the 100 basis points expansion in Ebitda margins to 13.6% from 12.6%.
Shares fell as much as 3.4% to Rs 558.4 and are down for the fourth straight day, its longest losing streak in a month.
F&O Snapshot: Active Options Contracts
- Nifty May futures add 22.2% and 11.22 lakh shares in Open Interest
- Nifty Bank May futures add 8.6% and 75,480 shares in Open Interest
Nifty: Today's Expiry
- 9,400 Call: Premium up 79.9% to Rs 37.6. The contract has added 22 lakh shares in Open Interest.
- 9,300 Put: Premium falls 88.9% to Rs 5.3. The contract has added 31.35 lakh shares in Open Interest.
- 9,500 Call: Premium up 3.8% to Rs 6.7. The contract has added 30 lakh shares in Open Interest.
Nifty Bank: Today's Expiry
- 19,500 Call: Premium up 188% to Rs 56.45. The contract has added 8.91 lakh shares in Open Interest.
- 18,500 Put: Premium falls 94.7% to Rs 6. The contract has added 12.67 lakh shares in Open Interest.
- 19,000 Call: Premium up 329.2% to Rs 321.9. The contract has shed 1.37 lakh shares in Open Interest.
Stock Reaction: Orient Cement
The key takeaways from the company concall organised by ICICI Securities were:
- Demand recovery has been strong in May 2020
- Volumes are at 75-80% of the same period last year
- Volumes declined by 14% in the fourth quarter
- Net-debt to Ebitda unlikely to increase from current levels
- Expansion plans are getting deferred
- Costs have been managed well in FY20
- ICICI Securities factors in a capex plan of Rs 780 crore over FY21-22E
- The brokerage has maintained its buy rating on the stock with a price target of Rs 54
Shares gained as much as 16% - the biggest one-day surge since May 2014 to Rs 47.4, the highest level in over a month. The stock is up for the third straight day.
Markets At 10:10 A.M.
- Benchmark indices gain for the second straight day
- Nifty up 1% at 9,406
- Nifty futures trade at a discount of 26 points
- Sensex up 1% at 31,923
- Nifty Bank up 2.5% at 19,187
- Nifty Midcap Index up 1%
- Nifty Smallcap Index up 1.6%
- India Volatility Index down 3.73% to 30.1
- Nifty I.T. index is the top sectoral laggard; down 1.2%
- Nifty Auto, Nifty Metal gain 1.4% each
- IndusInd Bank is the top gainer on the Nifty; up 4.3%
- Wipro is the top laggard on the Nifty; down 2%
- 1,207 stocks on the NSE are advancing while 384 decline
Money Market Update
The currency weaker in today's session, despite positive cues in the equity markets and weakness in haven currencies.
The rupee opened at 75.90 against the U.S. Dollar, as compared to Wednesday's close of 75.72.
A Bloomberg survey of economists expects the first quarter GDP growth at 1.5% as compared to 4.7% in the previous quarter.
Bond market traders will look forward to the auction of the Reserve Bank of India's cash management bill auction worth Rs 80,000 crore.
Nifty Bank Continues To Outperform
Earnings Reaction: Tube Investments Of India
The company's revenue declined 23% compared to last year, as all three segments - engineering, cycle & accessories and metal formed products witnessed a de-growth.
Lower raw material costs helped margins expand to 12.4% from 9.1% in the same quarter last year.
The company will also raise fresh long-term borrowing to the tune of Rs 200 crore for meeting funding requirements during the year.
Shares gained as much as 9.2% - the biggest single-day jump since April 2018. It is among the best performers on the Nifty 500 index.
The stock has snapped a three-day losing streak. This is also only the third instance in the last 14 trading session where the stock has gained.
Earnings Reaction: Ujjivan Financial Services
The non-bank lender saw its Net Interest Income rising 40.7% from the previous year to Rs 496.2 crore. Net profit too saw a 48.5% jump to Rs 64 crore.
The company also made a provision of Rs 70 crore for Covid-19 related purposes. The board has recommended a dividend of 80 paisa per share.
Shares gained as much as 7.2% to Rs 167.75 and are up for the third straight day. This is the longest gaining streak for the stock in a month.
Earnings Reaction: Aditya Birla Fashion & Retail
The company in its fourth quarter earnings informed that the sales loss due to Covid-19 stood at Rs 339 crore while gross margins had an impact of Rs 200 crore.
Operating numbers of the company were strong due to IND-AS 116. The fashion retailer reported a net loss of Rs 140.3 crore from a net profit of Rs 202.6 crore in the same quarter last year.
Brokerage firm Emkay believes that a sales decline of 5% implies strong growth in the pre-Covid period. It has maintained its buy rating on the stock but cut its price target to Rs 150 from Rs 220.
Shares fell as much as 6% to Rs 101.55 and are down for the fourth straight day, its longest losing streak in a month.
Aiding Gains On The Nifty
Opening Bell: Second Day Of Gains
Indian equity markets opened higher for the second day, tracking positive cues from Asia as well as from Wall Street.
Most Asian markets are trading with gains while futures on the Dow Jones were trading higher by 160 points.
The S&P BSE Sensex opened 0.7% higher at 31,827 while the NSE Nifty 50 index opened at 9,364, higher by 0.54%. Both benchmarks ended with gains of over 3% on Wednesday.
For the May series, the Sensex is down 6.2% while the Nifty has declined 5.5%.
Most sectoral indices opened flat, except the Nifty Bank index, which gained 1.1% on open.
Market breadth was in favour of the gainers in the early minutes of trade. 938 stocks on the NSE opened with gains while 361 opened in the red.
Latest On The Coronavirus
- Global cases top 5.6 million
- Death toll rises to 3.55 lakh
- U.S. death toll crosses the 1 lakh mark
- South Korea reports the most number of cases in seven weeks
- U.S Government's top infectious-disease expert Anthony Fauci says that there is a good chance that a vaccine may be deployed by November or December.
- Brazil remains the second most infected country in the world with cases crossing the 4 lakh mark
- Disney's Florida theme park may re-open in July
- Bank of Korea cuts interest rates to a record low
- India adds 6,566 new cases, 3,266 recoveries and 194 deaths in the last 24 hours. Total cases in the country stand at 1,58,333.
Top Reads On Bloombergquint.com
Bond Market Updates
- Future Retail: Plans to sell 3-year bonds up to Rs 200 crore. The issuer has sought bids on May 29 with a coupon rate of 9.95%.
- Welspun Enterprises: Plans to sell 3-year bonds up to Rs 200 crore. The issuer has sought bids on May 29 with a coupon rate of 8.85%.
- Shapoorji Pallonji: Plans to sell 3-year bonds up to Rs 200 crore. The issuer has sought bids on May 29 with a coupon rate of 10.5%.
- Adani Ports: Plans to sell 3-year bonds up to Rs 500 crore. The company also has a greenshoe option of Rs 450 crore and a coupon rate of 7.25%. The issuer seeks bids on May 29.
- Bajaj Finance: Plans to sell 3-year bonds up to Rs 2,000 crore. The issue size is Rs 100 crore with a greenshoe option of Rs 1,990 crore.
Source: Bloomberg quoting people familiar with the matter.
Key Stocks In Focus
- State Bank of India: To extend the moratorium by another 3 months for loan accounts of all eligible customers.
- VRL Logistics’ Covid-19 Update: Operations adversely affected due to mass exodus of drivers. Business volumes as good as non-existent. Expect to post a significant loss in Q1FY21. Business volumes may start picking up significantly from August and restoration of freight volume normalcy is likely by the last quarter of FY21.
- Bharat Forge’s Covid-19 Update: Operations in Germany have restarted from the beginning of May, while plants in North America and Sweden continue to operate to address customer demand, albeit at sub-optimal utilisation.
- IndoStar Capital Finance: Completes equity raise of Rs 1,225 crore from Brookfield. Post infusion capital adequacy stands at 40% and leverage at 1.5 times. Brookfield will become a Promoter, along with IndoStar Capital Mauritius and will have the ability to nominate two members to IndoStar’s Board of Directors. Open Offer likely to be launched in June or July, after regulatory approvals.
- United Spirits: Reports volume de-growth of 13.5% in the fourth quarter.
- Aditya Birla Fashion & Retail: Sales loss due to Covid-19 pegged at Rs 339 crore while Rs 200 crore hit on gross margins.
- Quess Corp: Net loss of Rs 630 crore due to exceptional item of Rs 664 crore due to impairment of assets due to Covid-19 outbreak which will impact future operations.
- KPIT Tech’s Covid-19 Update: Expect significant impact in H1FY21 while recovery may begin from the third quarter. The company has deferred medium-term capex plans and not given any guidance for the full year.
- Non-Nifty Earnings Today: Federal Bank, TVS Motor, Ceat, Heidelberg Cement, Lupin, Radico Khaitan, Rain Industries, IIFL Finance, LT Foods.
For all that you need to know going into today’s trade, click here.
Your Trade Setup For The Day
How Did The Fund Flows Fare On Wednesday
A Check On Indian ADRs
U.S. Markets On Wednesday
- Benchmark indices end higher for the third straight day
- S&P 500 ends at a 12-week high; ends above 200-Day Moving Average of 3,000
- Goldman Sachs, American Express lead gains on the Dow Jones
- Nasdaq turned positive towards the close of trade led by chipmakers
- St. Louis Fed President James Bullard said that the U.S. economy may have already bottomed out
- U.S. to report jobless claims data today
- Bloomberg Dollar spot index rose 0.2%
- Yield on the 10-year treasury fell three basis points to 0.67%
- West Texas Intermediate crude fell 5.7% to $32.4 per barrel
Catch all the live action from the global markets here.
May Series Expiry Today
Good Morning!
Today is expiry day for the May F&O contracts in the Indian markets. Benchmark indices have seen losses in this expiry with the Sensex declining 6.2% while the Nifty shedding 5.5% until closing on Wednesday.
The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 index's performance in India, rose 0.27% to 9,322 as of 7:10 a.m.
Asian markets are rising along with U.S. futures this morning as investors lay more importance to re-opening of various economies as compared to rising U.S.-China tensions over Hong Kong.
Japanese markets are up 1% while those in South Korea are at the day's high after its central bank cut policy rates to a record low. Futures on the Dow Jones are trading higher by 180 points.
Treasuries nudged lower while West Texas Intermediate crude is down 2.5%.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.6
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