Sensex, Nifty Gain For Eight Out Of Last 10 Trading Sessions

• Benchmark indices end substantially off the day's high
• Nifty ends 0.25% higher at 10,167
• Sensex ends 0.24% higher at 34,370
• Nifty Bank ends 0.7% higher at 21,187
• Nifty Midcap Index ends 0.5% higher
• Nifty Smallcap Index ends 1.2% higher
• India Volatility Index ends 3.6% higher at 29.72; snaps four-day losing streak
• Nifty Media ends as top sectoral laggard; down 1.66%
• Nifty Pharma and Nifty PSU Bank decline over 1%
• Nifty I.T. outperforms; ends 1.8% higher
• GAIL ends as the top Nifty gainer; up 7.5%
• Zee Entertainment ends as the top Nifty laggard; down 4.5%
• 1,264 stocks on the NSE end with gains while 574 decline

Indian equity markets ended the first trading day of the week with gains, despite giving up most of them during the second half of the session.

The S&P BSE Sensex ended 0.24% higher at 34,370. The index 550 points from the highest point of the day. The NSE Nifty 50 index too fell 160 points from its day's high, to end 0.25% higher at 10,167.

With gains in today's session, benchmark indices have now advanced in eight out of the last 10 trading sessions.

Among sectoral indices, the Nifty Bank index fell 600 points from its day's high to end 0.9% higher.

Sectoral laggards included Nifty Pharma (down 1.45%), Nifty PSU Bank (down 1.37%), Nifty Media (down 1.6%), Nifty Metal (ends with negative bias), Nifty FMCG and Nifty Auto index, all of whom gave up gains made in the first half of trade.

The Nifty I.T. index emerged as the top performer, ending 1.8% higher.

Market breadth remained in favour of the advances as the broader markets outperformed. 1,264 stocks on the NSE ended with gains while 574 posted losses.

• Mithapur unit achieved record monthly production and dispatches for Tata Salt in May.
• Sales volumes of soda ash and bicarbonate were over 70% of the same period last year in May.
• U.K. operations have not suffered any disruption in production or sales.
• Mambattu and Cuddalore units started limited operations in May 2020.
• Will see effects of lockdown in India as well as South East Asia in Q1FY21. Value of the same cannot be quantified.
• No material change to the company's liquidity position.
• No borrowings and sufficient credit lines are available.

Shares are trading 1% lower at Rs 315.3, snapping a two-day gaining streak.

• Net sales seen 6.1% lower at Rs 4,338 crore
• Ebitda seen 2.8% lower at Rs 443 crore
• Ebitda margin seen at 10.1% at 9.8%
• Net profit seen 3.4% lower at Rs 285 crore
• All estimates are Bloomberg estimates, standalone and compared on a year-on-year basis

Key Factors At Play For Titan:

• Jewellery sales which form 80% of the total revenue may decline 5%
• High prices of gold, Covid-19 lockdown may impact Jewellery sales
• Growth in January, February adversely countered by sharp drop in March
• Watches aided by online sales
• Eyewear sales may decline 13%

• Revenue up 6.1% to Rs 961.2 crore
• Net profit down 2% to Rs 111 crore
• Ebitda down 10.1% to Rs 138.4 crore
• Ebitda margin at 14.4% from 17%
• Higher raw material and employee costs impact margins
• Recommends final dividend of Rs 107 per share
• Also declares a special dividend of Rs 143 per share of Rs 10 each
• All numbers are standalone and compared on a year-on-year basis

Shares gave up all of their gains to decline as much as 5.6% to Rs 16,200, post the announcement.

• Saw logistics and supply chain disruptions due to the lockdown.
• Unable to dispatch goods worth Rs 16 crore to the domestic market.
• Unable to ship goods worth approximately Rs 53 crore to the international market.
• Continue to have a strong balance sheet and a healthy cash position.
• Continues to review all avanues of cash generation and re-evaluate and curtail expenses.
• Re-evaluating all capex programs to keep long-term strategic objectives in focus.
• Have enough liquidity to meet its obligations.

Shares are off the day's high after gaining as much as 7.5% in early trade. The stock now trades 4.2% higher at Rs 245.75.

• Premature to predict the time for situation to normalise.
• Business operations impacted during the lockdown period and thereafter.
• Adverse impact on the company's revenue due to the lockdown.
• Have begun to dispatch cement post relaxations to the lockdown.
• Profitability during Q1FY21 is likely to be impacted.
• Servicing financial obligations as per schedule.

Shares gained as much as 19% - the biggest single-day gain on record to Rs 92.6, the highest level since January this year.

• Benchmark indices off the day's high
• Nifty up 0.4% at 10,182
• Sensex up 0.3% at 34,401
• Nifty Bank up 0.5% at 21,135
• Nifty Midcap Index up 1%
• Nifty Smallcap Index up 1.8%
• India Volatility Index up 3.4% to 29.65
• Nifty Pharma (down 1.2%) and Nifty Media (down 0.9%) are the sectoral laggards
• Nifty I.T. is the top sectoral gainer; up 2.2%
• All other sectoral indices are off the day's high
• GAIL is the top Nifty gainer; up 8.1%
• Zee Entertainment is the top Nifty laggard; down 4.3%

The currency ended a rangebound trading session little changed, hovering in a 12 paisa range between the day's high and the day's low.

The rupee ended at 75.54 against the U.S. Dollar as compared to Friday's close of 75.58. The marginal advance led to the rupee snapping a three-day losing streak.

The rupee managed to outperform six of its Emerging Market peers while five others managed to outperform the local currency.

• State Bank of India's 200 Call: Premium falls 5% to Rs 6.6. The contract has added 2.4 lakh shares in Open Interest.
• Reliance Industries' 1,600 Call: Premium up 6.3% to Rs 48.15. The contract has added 1.6 lakh shares in Open Interest.
• IndusInd Bank's 500 Call: Premium up 105.3% to Rs 21.2. The contract has added 69,600 shares in Open Interest.

• Majority of various project sites impacted due to the lockdown.
• Q4 a seasonally strong quarter in terms of revenue.
• Sales and profitability for Q4FY20 and Q1FY21 will be adversely impacted due to lockdown.
• Continue to incurr expenditure towards fixed / indirect costs due to which the profitability will be impacted.
• Have sufficient working capital arrangements to meet operational requirement.
• Do not foresee difficulties in meeting loan, interest and other commitments.

Shares are significantly off the day's high, after gaining as much as 11.6% in early trade. The stock trades 1.4% higher at Rs 95.1.

• Among the best performers on the Nifty Smallcap Index
• Gains as much as 8.2% to Rs 263.35
• Biggest single-day gain in over two months
• Trades at the highest level in nearly two months
• Up for the eighth straight day
• Longest winning streak since April 2018
• Gains 18% in the last eight trading sessions
• Today's volumes are 4.3 times higher than its 30-day average
• 5 out of the 6 analysts tracking the stock have a buy recommendation; 0 sell calls
• Return potential of the stock as per Bloomberg data is 15.1%

India is considering a new category of Alternate Investment Fund (AIF) which will focus on acquiring stressed assets from banks and NBFC's, Bloomberg News reports citing people with knowledge of the matter.

The fund will be allowed to buy stressed assets directly from banks and NBFC's, a move aimed at resolving some of the highest bad debt in the world.

Sources told Bloomberg News that the discussions for the same are at a very preliminary stage and the aim is to supplement the efforts of Asset Reconstruction Companies (ARCs) in reducing the bad loans.

A Finance Ministry spokesperson was unavailable for a comment to the story.

European markets have opened on a subdued note after posting gains during the previous week.

The Stoxx 600 index has opened 1% lower led by insurance, healthcare and household goods.

Most Asian Markets trade with gains while futures on the Dow Jones trade little changed.

Brent Crude for the August contract is up 1% to $42.71 per barrel while gold is trading 0.5% higher at $1,693.31/Oz.

Let's take a look at how benchmark indices across Europe have opened:

• Euro Stoxx 50 down 1% at 3,351
• DAX down 1% at 12,721
• CAC down 0.8% at 5,157
• FTSE 100 down 0.7% at 6,440
• IBEX 35 down 0.8% at 7,811

• Top performer on the Nifty Midcap Index
• Gains as much as 12.1% to Rs 27.2
• Biggest single-day jump on record
• Trading at the highest level in three months
• Up for the second straight day
• Gains 15.2% in the last two trading sessions
• Today's volumes are 3.5 times higher than its 30-day average
• Approaching its 100-Day Moving Average of Rs 30
• 6 out of the 10 analysts tracking the stock have a buy recommendation; 3 sell calls
• Return potential of the stock as per Bloomberg data is 6%

The footwear-maker's revenue declined 15% during the quarter ending March, attributed to the nationwide lockdown imposed towards the end of March due to Covid-19.

Ebitda remained flat while Ebitda margins stood at 15.7% adjusted for the IND-AS 116, as per the company's press release.

Adoption of new accounting standards also led to an increase in the company's finance cost and depreciation.

Shares fell as much as 3.4% to Rs 730 and are down for the second straight day.

The two-wheeler manufacturer launched an integrated online sales platform called eSHOP.

The platform will allow buying of vehicles through the company's website.

It will also allow for a retail finance option during the payment process.

The company also said that customers can pre-book service appointments by using the Hero App - a part of their digital initiatives to ensure social distancing.

Shares are trading at the day's high - up 4.24% at Rs 2,439. Shares are up for the third straight day.

• Benchmark indices hold on to gains
• Nifty Up 1.55% at 10,299
• Sensex up 1.5% at 34,810
• Nifty Bank up 2.8% at 21,622
• Nifty Midcap Index up 1.7%
• Nifty Smallcap Index up 2.6%
• India Volatility Index up 2.2% to 29.31
• Nifty Pharma remains the only sectoral laggard; down 0.8%
• Nifty I.T., Nifty Metal, Nifty PSU Bank and Nifty Realty up over 2% each
• Nifty Auto Index gains over 1%
• IndusInd Bank remains the top Nifty gainer; up 9.3%
• Cipla is the top Nifty laggard; down 1.7%
• 1,469 stocks on the NSE trade with gains while 304 decline

• Severe impact on manufacturing capabilities due to prolonged lockdown.
• Plants running with a curtailed workforce.
• Expect labour shortage at plants due to movement of migrant labour.
• Revenue in April 2020 was nearly Nil.
• Plants in May were running at 20-25% capacity.
• Ramp-up in capacity utilisation at different plants will demand on location-wise demand.
• Working capital position of the company is impacted and liquidity is under pressure.
• Will see considerable drop in revenue and profitability in FY21, especially in the first two quarters.

Shares are off the day's high after gaining as much as 10%. The stock now trades 3.5% higher at Rs 45.90 and is up for seven out of the last eight trading sessions.

The Passenger Vehicle and Tractor-maker has allotted 5,000 rated, listed, unsecured and redeemable NCDs worth Rs 10 lakh each after the successful bidding process.

The NCDs, aggregating to Rs 500 crore will have a coupon rate of 6.19% and are allotted on a private placement basis.

These NCDs are proposed to be listed on the Wholesale Debt Market segment of the Bombay Stock Exchange, the company said.

Shares are off the day's high, after gaining as much as 2% to Rs 494.15.

• Countering disruption in supply chain by adopting newer and alternate models like direct supply to distributors and large modern trade stores.
• Robust growth continues in Saffola Edible oils and foods business.
• Parachute coconut oil has also shown resilience and clocking in average sales of FY20.
• Value added hair oils witnessed a gradual pickup towards end of April.
• Although operations have been affected in Bangladesh, business remains resilient.
• Business in Vietnam gradually getting back to normal.
• Business in Middle East, Africa and Egypt continues to be affected due to the pandemic. However, its impact on the overall business is low to moderate.
• No major impact on its liquidity position.

Shares gained as much as 2.9% to Rs 335.85. The stock has gained only twice in the last six trading sessions.

The drugmaker has informed the exchanges that as a precautionary measure, it has issued a voluntary recall of one batch of Metformin Extended Release Tablets of 500 mg, due to the detection of N-Nitrosodimethylamine (NDMA).

The said drug is indicated as an adjunct to diet and exercise to improve blood glucose control in adults suffering from type 2 diabetes mellitus.

Shares are near the day's high, gaining as much as 4.9% to Rs 33.35. The stock is up for the seventh straight day, its longest winning streak since January 2018.

The company in its Covid-19 update has informed that the fall in crude prices led to a significant inventory write-down of Rs 1,456 crore.

The refiner is operating at 60% of its total capacity in the current scenario.

Lower demand and high inventories have led to a rise in short-term borrowings. The company expects the borrowings to normalise once international prices of crude stabilise.

Shares gained as much as 14.2% - its biggest one-day surge since January this year to Rs 72.05. The stock is up for the third straight day and has gained over 25% during this period.

• Hits a 52-week high in intra-day trade
• Gains as much as 20% to Rs 12.62
• Scales the highest level since June 2019
• Up for the fifth straight day
• Longest winning streak since July 2019
• Gains nearly 80% in the last five trading sessions
• Today's volumes are 4.3 times higher than its 30-day average
• Stock trades in overbought territory with Relative Strength Index (RSI) at 93
• 5 out of the 20 analysts tracking the stock have a buy recommendation; 6 sell calls
• The stock is trading 47% above its 12-month consensus price target of Rs 6.2, implying a negative return potential

The drugmaker reported a net profit growth of 33% aided by higher other income. Other income was boosted by a forex gain of Rs 57 crore this quarter.

The topline grew 10% while ebitda saw a growth of 7% compared to the previous year.

Ebitda margins remained largely flat at 32% from 32.8% year-on-year.

Shares fell as much as 5% to Rs 2,337 and are the worst performers on the Nifty Pharma index.

• Nifty June futures add 9.4% and 9.7 lakh shares in Open Interest.
• Nifty Bank June futures add 15.2% and 2.24 lakh shares in Open Interest.

Nifty: June 11 Expiry

• 10,300 Call: Premium up 61.9% to Rs 106.2. The contract has added 1.41 lakh shares in Open Interest.
• 10,500 Call: Premium up 65% to Rs 37.55. The contract has added 4.6 lakh shares in Open Interest.
• 10,400 Call: Premium up 71.7% to Rs 67.9. The contract has added 4.84 lakh shares in Open Interest.

Nifty Bank: June 11 Expiry

• 22,000 Call: Premium up 91% to Rs 327.1. The contract has added 2.28 lakh shares in Open Interest.
• 22,500 Call: Premium up 106.4% to Rs 183. The contract has added 3 lakh shares in Open Interest.
• 21,000 Put: Premium down 49% to Rs 252.8. The contract has added 2.47 lakh shares in Open Interest.

• All plants are functional and catering to demand.
• Expect capacity utilisation to improve to 75% of Pre-Covid-19 levels by September 2020.
• Volume delivery will rise strongly going into September 2020.
• Expect to reach gross revenue rate of Rs 125-130 crore by September 2020.
• Strong performance in tractor, exports and alloy wheel segment.
• Exports should report highest ever numbers from July owing to a very strong trajectory.
• Alloy wheel capacity may reach 80-90% capacity of the monthly run rate by the October-December quarter.
• Passenger Vehicle and 2/3-wheeler segment will begin to contribute from July and may improve further going into the festive season.

The stock trades 0.75% higher at Rs 389.8. It is trading higher for seven out of the last eight trading sessions.

• Benchmark indices off opening highs; hold on to gains
• Nifty up 1.4% at 10,284
• Sensex up 1.4% at 34,764
• Nifty Bank up 2.8% at 21,617
• Nifty Midcap Index up 1.3%
• Nifty Smallcap Index up 2%
• India Volatility Index up 2.5% to 29.39
• Nifty Pharma Index is the only sectoral laggard; down 1.2%
• Nifty PSU Bank, Nifty Realty gain 2.3% each
• Nifty Auto, I.T., Media and Metal Index gain over 1%
• IndusInd Bank remains the top Nifty gainer; up 6.4%
• Bharti Infratel is the top Nifty laggard; down 2.2%
• 1,400 stocks on the NSE trade with gains while 284 trade with losses

The rupee opened little changed at the start of the new trading week, despite gains in the equity markets and an eighth day of decline for the U.S. Dollar.

The currency opened at 75.57 against the greenback as compared to Friday's close of 75.58.

India's Current Account Deficit data will be in focus today. A Bloomberg survey expects the deficit to be around $3 billion as compared to $1.4 billion in the previous quarter.

Bond market traders will take not of the statements made by the Chief Economic Advisor, who said that India's fiscal deficit may rise to 5.3% of the GDP for the quarter ending June.

The battery-maker reported a 20% decline in net profit for the quarter ending March on a year-on-year basis.

The company's topline too saw a de-growth of 21% owing to a decline seen in both of its segments.

Both storage batteries and life insurance business dragged during the quarter due to slowdown in the auto space and the impact of Covid-19.

Ebitda fell 27.6% while margins declined to 13.2% from 14.4% in the previous year.

Shares fell as much as 8.6% - the most in nearly three months to Rs 158.30.

The infrastructure conglomerate did not give a guidance for FY21 after missing its FY20 order inflow guidance.

Consolidated order book of the company rose 4% while order inflow during the quarter ended March increased 5%.

Hydrocarbon, I.T. and Technology along with Financial Services division saw an increase in revenue while the rest of the segments saw a de-growth.

Ebitda was little changed while margins declined to 11.6% from 12.2% owing to higher employee expenses.

Brokerage firms like Jefferies, JPMorgan and Centrum have retained their bullish ratings on the stock, betting on the progress towards normalisation of operations.

Shares gained as much as 4.2% to Rs 995, to their highest level in nearly three months.

52.15 lakh shares of the power company exchanged hands in a single large trade, according to Bloomberg data.

Buyers and sellers in the trade remain unknown. The deal took place during the pre-market block window.

Shares gained as much as 7.2% to Rs 47.5 and are trading at the highest level in nearly three months.

Shares of the private lender gained after the promoters of the bank informed that they will acquire shares from the open market in India, within the overall regulatory prescribed manner.

IndusInd International Holdings and IndusInd Ltd., the promoters of the bank currently hold 14.68% of the paid-up share capital of the bank, the bank said in a statement.

Promoters are allowed to increase stake in the bank up to 15%.

The stock gained as much as 7.97% to Rs 456, post the announcement and is up for the second straight day. It is also trading at its highest level in over a month.

It is also the top performing stock on the Nifty 50 index.

Indian equity markets continued from where they left off last week, opening higher for the ninth out of the last 10 trading session.

The S&P BSE Sensex opened 1.62% higher at 34,841, while the NSE Nifty 50 index opened at 10,326 - gaining 1.82%. All Nifty 50 constituents barring Vedanta, opened with gains.

Both benchmark indices remain at a three-month high.

Among the sectoral indices, the PSU Banking index opened 4.2% higher, led by gains in State Bank of India. Other indices like Nifty Bank, Nifty Realty and Nifty Metal gained 2% each.

Market breadth remained firmly in favour of the advances. 1,312 stocks on the NSE opened with gains while 151 traded with losses.

• Global cases cross seven million, little more than a week after crossing six million
• Death toll rises to 4.02 lakh
• New Zealand reports no active Covid-19 cases for the first time since the pandemic reached its shores
• Hong Kong to relax quarantine rules for business executives
• Japan's GDP shrinks 2.2%, better than the estimated contraction of 3.4%
• Cases in the U.S. rise to 1.93 million. The 1% rise was below the daily average.
• France reports decline in number of patients hospitalised

• Power Finance Corporation: To sell three-year bonds up to Rs 3,500 crore and 10-year bonds up to Rs 3,500 crore. The company will seek bids for the same on June 9.
• HDFC: To sell 18-month bonds up to Rs 5,000 crore at a coupon rate of 6.22% per annum. The company will seek bids for the same on June 9.
• REC: To sell 10-year seven-day bonds up to Rs 2,000 crore at a coupon rate of 7.96%.

• Larsen & Toubro: Misses FY20 order inflow guidance. No revenue or order inflow guidance given for FY21. Higher employee expenses impact margins. Net profit falls 6.5% while revenue rises 2.2%. Order inflow during the quarter up 5% while consolidated order book up 4%.
• Vedanta: Reports first net loss since Q1FY12. Exceptional loss of Rs 17,132 crore. Deferred tax credit of Rs 6,524 crore. Lower volumes and commodity prices, increased operational costs at its zinc and oil & gas subsidiaries impact operating performance. Ebitda fall 26% while margin narrows to 23% from 26.1%
• Reliance Industries: Silver Lake and its co-investors will invest an additional Rs 4,547 crore in Jio Platforms, increasing its total stake in the company to 2.08% of the total equity or Rs 10,202 crore. Abu Dhabi Investment Authority (ADIA) will also invest a sum of Rs 5,683.5 crore in Jio Platforms, through its wholly-owned subsidiary. The investment values Jio Platforms at an equity value of Rs 4.91 lakh crore. Jio partners has now raised Rs 97,885 crore from leading investors so far.
• Tata Motors: Bloomberg News reports that Jaguar Land Rover has raised a loan of $705 million from Chinese Banks. JLR has also told its suppliers that its Castle Bromwich site in the Midlands will not resume production until August 10 at the earliest and the Halewood SUV plant will re-open on June 8.
• Karnataka Bank: Reports of various frauds to the Reserve Bank of India. It has pegged the fraud from DHFL to be Rs 180.13 crore, for misappropriation and criminal breach of trust and diverion of funds in the credit facilities earlier extended. The fraud from Religare Finvest is Rs 43.4 crore and Leel Electricals is Rs 20.65 crore. The bank has also fully provided for frauds amounting to Rs 41.3 crore for Feeders Electric Engineering.
• Shriram Transport Finance: T Rowe Price increases the stake to 5.36% from 4.77% on June 3.
• Birla Corp: Resumes operations at the Jute mill from June 5. The company says it expects three months to restore to normal production levels.
• Taj GVK Hotels: Expects demand to pick up at a slower pace once the lockdown is lifted.
• Non-Nifty Earnings Today: Inox Leisure, PVR, Abbott India, Chalet Hotels, Coromandel Engineering, Gujarat State Petronet.

For earnings reported after market hours and over the weekend, companies with Covid-19 updated, brokerage views and more, click here.

• Benchmark indices advance, boosted by a strong jobs report
• S&P 500 ended 2.6% higher, posting its third weekly advance
• S&P 500 is now over 40% higher from its March low
• Nasdaq underperformed but still set an intra-day record
• Benchmark indices are close to erasing losses for the year
• U.S. Payrolls unexpectedly rose 2.5 million in May. However, unemployment rate remains at 13.3%
• Yield on the 10-year treasury rose seven basis points to 0.89%
• West Texas Intermediate crude rose 5.2% to $39.36 per barrel. The commodity trades higher today as well.
• Oil posted its sixth weekly advance as OPEC+ reached a tentative agreement to extend the record production cuts.

Catch all the live action from the global markets here.

Good Morning!

Indian equities gained nearly 6% last week amid optimism of an economic recovery as the nation gradually reopens, starting Monday.

The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.7% to 10,236 as of 7:50 a.m.

Asian markets have opened the new trading week on a positive note. Markets in Japan, China and Hong Kong are advancing, while those in South Korea gave up early gains. Australian markets are closed on account of a holiday.

Futures on the Dow Jones are flat after the benchmark ended higher on Friday, posting a third straight weekly advance, aided by a stronger-than-expected jobs report.

The U.S. dollar is set to decline for the eighth straight day, while rebound in oil prices continues.

Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.