Sensex, Nifty Post Third Weekly Advance In Four

Reliance Industries Ltd., owned by billionaire Mukesh Ambani, has become the first Indian company to cross Rs 11 lakh crore in market capitalisation.

Indian equity markets continued its strong momentum from Thursday's trading session to end higher for the second straight day.

This is the first time in 12 trading sessions where benchmark indices have either advanced or declined for successive days.

The S&P BSE Sensex ended 1.53% higher at 34,731 while the NSE Nifty 50 index added 1.51% or 153 points to its gains to end at 10,244.

Both benchmark indices have ended at their highest level since March 11 this year.

Among the sectoral indices, The Nifty Realty Index ended as the top performer, gaining 6.4%. The Nifty Bank, Nifty Media and Nifty Auto Index ended with gains of over 1.5% each.

Nifty I.T. and Nifty Metal were the only two sectoral laggards.

Market breadth remained in favour of the advances with 1,240 stocks on the NSE ending with gains while 565 reported losses.

The Sensex and Nifty also posted a weekly advance for the third time in the last four weeks. For the week, the Nifty gained 2.72% while the Sensex posted gains of 2.81%.

• Second best performer on the Nifty Smallcap Index
• Gains as much as 10.4% to Rs 1,374
• Biggest single-day gain since January 2016
• Trades at the highest level in three months
• Up for the third straight day
• Has gained 17% in the last three trading sessions
• Today's volumes are 3.5 times higher than its 30-day average
• Stock trades in overbought territory with Relative Strength Index (RSI) at 74
• Has gained 72.7% from its 52-week low of Rs 795 on March 23, 2020
• 26 out of the 27 analysts tracking the stock have a buy recommendation; 0 sell calls
• Return potential of the stock as per Bloomberg data is 2.2%

• Trades at a four-month high
• Gains as much as 7.9% to Rs 21.95
• Biggest single-day gain since October 2019
• Up for two straight days
• Snapped a five-day losing streak on Thursday
• Gains 8.8% in the last two trading sessions
• Today's volumes are double its 30-day average
• Has gained 50% from its 52-week low of Rs 14 on June 19 last year.
• Three out of the Four analysts tracking the stock have a buy recommendation; 0 sell calls
• Return potential for the stock as per Bloomberg data is 12.9%

• Among top performers on the Nifty Midcap Index
• Gains as much as 7.2% to Rs 883.9
• Up for the second straight day
• Snapped three-day losing streak on Thursday
• Trades at the highest level in over three months
• Up 8.6% in the last two trading sessions
• Today's volumes are 1.7 times higher than its 30-day average
• Trading near its 200-Day Moving Average of 883.9
• Has gained 73.2% from its 52-week low of Rs 505 on March 24, 2020
• 12 out of the 16 analysts tracking the stock have a buy recommendation; 3 sell calls
• Stock trades 11.2% higher than its 12-month consensus price target; implying a negative return potential

• Net Interest Income up 33.5% to Rs 188 crore
• Net profit up 37% to Rs 91 crore
• Net Interest Margin at 3.8% from 3.3%
• Gross NPA at 0.76% from 0.8% in the previous quarter
• Net NPA flat at 0.59%
• All numbers are consolidated and compared on a year-on-year basis

• Revenue remained flat at Rs 3,752.1 crore
• Net profit fell 14.8% to Rs 391.9 crore
• Ebitda down 2.4% to Rs 791.2 crore
• Ebitda margin flat at 21.1% from 21.7%
• All numbers are consolidated and compared on a year-on-year basis

Shares fell as much as 1.5% to Rs 360.25 post the announcement.

• Benchmark indices hold on to gains; likely to post weekly advance
• Nifty up 1.1% at 10,200
• Sensex up 1.1% at 34,581
• Nifty Bank up 0.9% at 21,148
• Nifty Midcap Index up 0.7%
• Nifty Smallcap Index up 1.7%
• India Volatility Index down 3.3% to 30.4
• Nifty Realty remains the top sectoral gainer; up 4%
• Nifty Auto, Nifty Media and Nifty PSU Bank gain over 1% each
• Nifty FMCG, Nifty I.T. and Nifty Metal are the sectoral laggards
• Bajaj Finance remains the top Nifty gainer; up 5.5%
• 73 out of the 112 points gain on the Nifty contributed by Reliance Industries
• IndusInd Bank is the top Nifty laggard; down 4.3%
• 1,254 stocks on the NSE trade with gains while 523 decline

The government of India is looking for advisors to help the Life Insurance Corporation of India prepare for its IPO, Bloomberg News reports.

The advisors will help evaluate the capital structure of India's largest insurer and help rework its financial statement, according to a tender document on the government's website.

Changes to a law and a buy-in from employees' unions are some of the biggest concerns surrounding the IPO.

July 13 is the last day for submitting bids for potential advisors.

The currency ended little changed, recovering all the losses made in the early part of the session.

The rupee ended at 76.18 against the U.S. Dollar as compared to Thursday's close of 76.17.

The rupee has remained little changed over the last three trading sessions after two consecutive days of losses on Monday and Tuesday.

For today's session, the rupee was the third worst performing Asian currency, after the South Korean Won and the Indonesian Rupiah.

This is the second successive weekly loss for the currency. It has ended as the second worst performing Asian currency on a weekly basis after the South Korean won.

• Reliance Industries' 1,700 Call: Premium up 123.4% to Rs 40.45. The contract has shed 3.6 lakh shares in Open Interest.
• Bajaj Finance's 2,700 Call: Premium up 123.26% to Rs 75.35. The contract has added 2 lakh shares in Open Interest.
• State Bank of India's 200 Call: Premium unchanged but the contract has added 9.6 lakh shares in Open Interest.

The manganese ore miner reported a decline of 43% in its revenue for the quarter ending March to Rs 248.7 crore.

Net profit fell 90.3% from the previous year to Rs 13.5 crore.

Ebitda declined 96% while margins were nearly eroded, down to 2.6% from 37.2% in the same period last year.

Revenue from the mining products business fell 42% year-on-year to Rs 231 crore while that from the manufacturing products business fell 44.7% to Rs 21.98 crore.

The company has also declared a final dividend of Rs 3 per share.

Shares fell as much as 6.4% to Rs 148.45 and are down for the second straight day. The stock is also among the worst performers on the Nifty 500 index.

• Daily operations impacted in March/April due to the lockdown
• No impact on resource raising activity due to Covid-19
• Managed to raise Rs 4,610 crore from capital markets at a competitive pricing during the lockdown period
• Sufficient liquidity within the system to take care of operational requirements
• Moratorium granted to borrowers will have only minor material change in the company's liquidity position

Shares gained as much as 3.7% to a three-month high of Rs 26.75. The stock is up for the third straight day.

• Revenue down 9.1% to Rs 1,403 crore
• Net profit down 12.8% to Rs 143 crore
• Ebitda down 13.1% to Rs 290.3 crore
• Tax expenses fall to Rs 39.5 crore from Rs 80.5 crore
• Sales volumes decline 11% to 29.32 lakh tonnes
• All numbers are consolidated and compared on a year-on-year basis
• Expansion of grinding unit in Vizag was commissioned in March 2020
• New grinding unit in Odisha with capacity of 1 MTPA to be commissioned in August 2020
• Expansion of clinkering capacity in Andhra Pradesh to 4.5 MTPA from 3 MTPA is expected to be commissioned before March 2021
• Capex of Rs 1,380 crore to be partly funded through internal accruals and partly through borrowings.
• Have sufficient liquidity for continuation of business operations

Shares gained as much as 6.3% to Rs 659.9 before cooling off. The stock trades higher for the fourth straight day.

Benchmarks across Europe have opened higher, adding to the gains for the week as sentiment among investors remains risk-on.

The Stoxx 600 index has opened 0.6% higher led by banks and auto stocks. Chemical companies are underperforming.

Most Asian markets have ended with gains while futures on the Dow Jones are trading higher by 150 points.

Brent Crude for the August contract is up 1.4% to $42.11 per barrel while gold trades 0.4% higher at $1,730/Oz.

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

• Euro Stoxx 50 up 0.73% at 3,273
• DAX up 0.63% at 12,359
• CAC up 0.82% at 5,004
• FTSE 100 up 0.4% at 6,250
• IBEX 35 up 1.1% at 7,467

• Among the top performers on the Nifty Smallcap Index
• Gains as much as 7.7% to Rs 379.8.
• Biggest single-day gain since September 2019
• Up for the second straight day
• Has gained only in three out of the last 10 sessions
• Today's volumes are 3.3 times higher than its 30-day average
• Has gained 26% from its 52-week low of Rs 295.5 on May 19, 2020
• 18 out of the 28 analysts tracking the stock have a buy recommendation; 1 sell call
• Return potential of the stock as per Bloomberg data is 21.3%

The private lender has appointed Pralay Mondal as President of Retail, SME, Operations and I.T. with effect from September 2020, it said in an exchange filing.

Mondal had recently resigned as Executive Director and Head of Retail Banking at Axis Bank.

Shares gained as much as 19.5% - the biggest single-day gain since its listing to Rs 179.90. The stock is now trading at the highest level in four months.

• Top performer on the BSE Smallcap Index
• Gains as much as 20% to Rs 1,264
• Biggest single-day gain since July 2009
• Trades at the highest level in four months
• Up for the second straight day
• Has gained in four out of the five trading sessions this week
• Sunil Singhania's Abakkus Emerging Opportunities Fund acquired 1.3 lakh shares or 1.74% stake in the company at Rs 1,045.1 per share
• Today's volumes are 16.3 times higher than its 30-day average
• Breaks above its 200-Day Moving Average at Rs 1,083.9
• Trades in overbought territory with Relative Strength Index (RSI) at 79
• Has more than doubled from its 52-week low of Rs 497 on March 24, 2020
• Two out of the three analysts tracking the stock have a buy recommendation; 0 sell calls
• Return potential of the stock has per Bloomberg data is 17.8%

• Benchmark indices surge to the day's high
• Nifty up 1% at 10,196
• Sensex up 0.9% at 34,553
• Nifty Bank up 2% at 21,381
• Nifty Midcap Index up 1%
• Nifty Smallcap Index up 2%
• India Volatility Index down 2.2% to 30.75
• Nifty Realty Index remains the top sectoral gainer; up 4.3% and for the third day
• Nifty PSU Bank is the other sectoral gainer; up 2.5%
• Nifty I.T. remains the only sectoral laggard; down 0.4%
• Bajaj Finance remains the top Nifty gainer; up 7.1%
• Infosys remains the top Nifty laggard; down 1.5%
• 1,318 stocks on the NSE trade with gains while 408 decline

• Business in the United Arab Emirates resumed in May.
• Clinics in Saudi Arabia and Oman resumed operations by Mid-May
• Expect clinic revenue to be at 50% for Q2 and Q3FY21
• Operating cash flow was negative in the last two months due to minimal sales
• Kaya Middle East likely to recover from Covid-19 impact faster due to better healthcare facilities

Stock Reaction:

• Locked in an upper circuit of 5% at Rs 275.9
• Has gained in 17 out of the last 20 trading sessions
• 16 out of the 17 sessions of gains have been consecutive upper circuits of 5%
• The stock has doubled in the last 20 trading sessions
• Today's volumes are 2.3 times higher than its 30-day average
• Stock trading in overbought territory with Relative Strength Index (RSI) at 75

• Top performer on the Nifty Pharma Index
• Gains as much as 12.4% to Rs 1,168
• Biggest single-day gain in three weeks
• Has gained in three out of the last five trading sessions
• Has gained only in four out of the last ten trading sessions
• Today's volumes are triple its 30-day average
• Breaks above the 100-Day Moving Average of 1,123
• Has nearly doubled from its 52-week low of Rs 606 on March 24, 2020
• All three analysts tracking the stock have a buy recommendation
• The stock now trades 5.5% above its 12-month consensus price target of Rs 1,090, implying a negative return potential

Credit-default swaps insuring Tata Motors' debt against non-repayment using five-year contracts rose to 609 basis points on Thursday.

The 104 basis points rise was the biggest since 2011, according to CMA data reported by Bloomberg News.

Moody's downgraded the long-term rating of Tata Motors to B1 from Ba3 while the outlook on all the ratings was revised to negative from ratings under review.

The ratings agency believes that the downgrade reflects the deteriorating credit profile of the company and the expectation that it will take longer than previously expected for the credit metrics to return to levels appropriate for a Ba3 rating.

Shares of Tata Motors gained as much as 6.9% to Rs 103 and is the top performing stock on the Nifty 50 Index.

The drugmaker's Joint Venture Aleor Dermaceuticals has received an approval from the U.S. FDA for its Abbreviated New Drug Application (ANDA) - Adapalene Gel.

The drug is used in the topical treatment of acne vulgaris in patients aged 12 and above. Adapalene Gel has an estimated market size of $34 million for the 12-months ending March 2020, according to IQVIA.

The company now has a total of 123 ANDAs (110 final and 13 pending), according to its exchange filing.

In a separate exchange filing, the company also stated that its General Oral Solid Formulation Facility at Panelav has received the Establishment Inspection Report (EIR) from the U.S. FDA.

The regulator had inspected the facility between March 9-13.

Shares gained as much as 3.5% to trade at an all-time high of Rs 950.

The road construction and tolling company reported a 25.8% decline in its net profit for the quarter ending March, despite an exceptional gain of Rs 57 crore.

The company's revenue in the BoT projects segment fell 34% while that in the construction segment fell 13% compared to the previous year.

It has achieved financial closure for its ToT project - the Mumbai-Pune Expressway. It has made a payment of Rs 6,500 crore as upfront sub-concession fee to the Maharashtra State Road Development Corporation out of a total consideration of Rs 8,262 crore.

It has again won the concession in February for a period of ten years.

Shares gained as much as 7.8% to Rs 74.90 - its highest level in two months. The stock is also up for the third straight day - its best winning streak in two months.

SsangYong Motor has appointed Samsung Securities to arrange the sale of Mahindra & Mahindra's 74.65% stake in the company, Bloomberg reports citing a story from the Seoul Economic Daily.

The Korean newspaper has quoted unidentified people in the investment banking industry for the same.

The report further states that Rothschild will help advising the stake sale process.

At the higher end of the range, the value of the stake, including management rights is seen at over 20,000 crore Korean Won.

Advisors to this deal are looking to tap overseas carmakers instead of Korean investors, according to the report.

Shares of Mahindra & Mahindra are at the day's low, falling as much as 2% to Rs 496.4.

• Among top performers on the Nifty Smallcap Index
• Gains as much as 6.3% to Rs 494.4
• Biggest single-day gain in over two months
• Up for the second straight day
• Snapped a four-day losing streak on Thursday
• Today's volumes are 1.8 times higher than its 30-day average
• Breaks above its 50-Day Moving Average of 488.7
• Has nearly doubled from its 52-week low of Rs 257 on August 23, 2019
• All six analysts tracking the stock have a buy recommendation
• Return potential for the stock as per Bloomberg data is 21%

The company has informed the exchanges that it has bagged fresh export orders from the U.S.

The order of 2,700 truck wheels is for the truck and trailer market and is estimated to be around $1,10,000.

The order will be executed from its Chennai plant in the month of July.

It expects further large orders in the coming weeks from other regular customers in the U.S.

Shares gained as much as 5.5% to Rs 390 and are up in four out of the last five trading sessions.

The company reported a 28.6% decline in its revenue for the quarter ending March. Rs 63 crore worth of revenue was lost due to Covid-19 and the subsequent lockdown, it said in an investor presentation.

Net profit fell 59.6% while Ebitda declined 69.6% compared to the previous year.

Lower sales and higher other expenses led to the company's margins narrowing to 13.5% from 31.6% during the same period last year.

Revenue from the general trade segment declined 29.2% while that from the modern trade segment fell 12% from the previous year.

The company has declared a dividend of Rs 2 per equity share for FY20.

Shares fell as much as 8.1%, the biggest single-day fall in three months to Rs 140, before recovering. The stock has also snapped a three-day gaining streak.

The company's wholly-owned subsidiary, Tata Power Renewable Energy (TPREL) has received the Letter of Award (LoA) from the Maharashtra State Electricity Distribution Company (MSEDCL) to develop a 100 MW solar project in Maharashtra.

The energy supplied to MSEDCL, under a Power Purchase Agreement (PPA) will be valid for a period of 25 years from the scheduled commercial operation date, the company said in its statement to the exchanges.

The project needs to be commissioned within 18 months from the date of execution of the PPA.

The cumulative capacity of renewables of the company now stands at 3,557 MW, post this order, according to the company's MD & CEO Praveer Sinha.

Shares surged to the day's high, gaining as much as 1.86% to Rs 43.75 and are up for the third straight day.

• Benchmark indices fluctuate between gains and losses
• Nifty up 0.4% at 10,131
• Sensex up 0.33% at 34,330
• Nifty Bank up 0.64% at 21,095
• Nifty Midcap Index up 0.6%
• Nifty Smallcap Index up 1.5%
• India Volatility Index down 1.5% to 30.98]
• Nifty Realty Index is the top sectoral gainer; up 3%
• Nifty PSU Bank, Nifty Pharma and Nifty Media gain between 1.2-1.7%
• Nifty I.T. is the only sectoral laggard; down 0.6%
• Bajaj Finance is the top Nifty gainer; up 3.2%
• Infosys is the top Nifty laggard; down 1.8%
• 1,233 stocks on the NSE trade with gains while 412 decline

The rupee snapped a two-day gaining streak to open at the lowest level in nearly two-months.

The currency opened at 76.29 against the U.S. Dollar as compared to Thursday's close of 76.14.

Foreign money managers have cut their holdings in the currency for the fifth month in a row. Total holdings now stand at a five-year low, according to NSDL data reported by Bloomberg.

London-based Jay Capital says that India's handling of the pandemic is keeping foreign investors away.

Within the bond markets, focus will be on government bond sales worth Rs 30,000 crore. The government intends to sell debt maturing in 2022, 2030 and 2060.

The private lender has divested 1.8 crore shares of its general insurance company, ICICI Lombard, representing 3.96% of its total equity share capital.

The bank attributes the stake sale as part of the efforts to strengthen its balance sheet.

The lender has sold the 3.96% stake for an approximate consideration of Rs 2,250 crore, according to its exchange filing.

Post the stake sale, ICICI Bank's shareholding in ICICI Lombard now stands at 51.9%.

Shares of the bank trade little changed at Rs 352.85 per share.

The pipe manufacturer informed the exchanges that it has received the Letter of Award from the State Water & Sanitation Mission, Namami Gange and Rural Water Supply Department of Uttar Pradesh.

The order, worth Rs 234.91 crore is to provide water supply scheme to group of villages in Jhansi and relevant works including commissioning, operation and maintenance for 10 years.

The project is to be completed within 24 months.

Shares of the company gained as much as 7.4% to Rs 166 and are trading at the highest level in over three months. The stock is also up for the third straight day.

The drugmaker informed the exchanges that it has received the ANDA approval for Fingolimod capsules, 0.5 mg, from the U.S. FDA.

The said drug had total sales of $2.1 billion for the 12-month period ending April 2020 as per the IQVIA.

The company in its exchange filing stated that its 44 Abbreviated New Drug Applications (ANDA) are pending approval with the U.S. FDA. while 164 products are authorised for distribution in the U.S. market.

Shares gained as much as 2.5% to Rs 415.75 and are up for the third straight day.

The Kumbakonam-based private lender reported a net loss of Rs 95.3 crore in the March quarter. It had reported a net profit of Rs 175.1 crore during the same period last year.

Net Interest Income for the lender remained flat at Rs 419.5 crore.

Asset quality for the bank deteriorated on a sequential basis. Gross NPA stood at 4.09% from 3.5% in the December quarter while net NPA stood at 2.29% from 1.95% in Q3FY20.

Provisions for non-performing assets nearly quadrupled on a sequential basis to Rs 430.4 crore from Rs 116 crore during the previous quarter. The bank has made provisions worth Rs 125 crore to combat the Covid-19 pandemic.

Shares fell as much as 10.5% - the biggest single-day drop in three months to Rs 122.40.

1.8 crore shares of the general insurance company exchanged hands on the National Stock Exchange in three large trades.

• Shares exchanged in the first large trade: 61.89 lakh
• Shares exchanged in the second large trade: 77.32 lakh
• Shares exchanged in the third large trade: 41.03 lakh
• Total number of shares exchanged in the three trades amount to 4% of total equity.

Buyers and sellers in the trade remained unknown, according to Bloomberg data.

Shares fell as much as 2% to Rs 1,250 and are down for the third straight day.

Saudi Arabia's The Public Investment Fund became the 10th investor and the 11th investment made in Jio Platforms on Thursday. PIF will invest Rs 11,370 crore in Jio Platforms for a 2.32% stake.

With this fund raise, Reliance Industries has now raised over Rs 1.75 lakh crore through a combination of stake sale in Jio Platforms, stake sale in the petro-retail JV to BP and the rights issue, the company said in an exchange filing.

The company also said that the PIF investment marks the end of the current phase of inducting financial partners for Jio Platforms.

Shares gained as much as 1.46% to a record high of Rs 1,680 and are up for the second straight day. It is also the top point contributor to the upside on the Nifty 50 index.

Indian equity markets have opened flat but with a positive bias for the final trading day this week, tracking similar cues from across Asia.

The S&P BSE Sensex opened 0.37% higher at 34,335 while the NSE Nifty 50 index opened at 10,119, up by 0.27%.

As of closing on Thursday, both benchmark indices are up 1.2% for the week.

The Sensex and the Nifty have alternated between gains and losses for 11 consecutive sessions.

Among the sectoral indices, the Nifty Media Index opened higher for the fifth straight day, up 1.1% while the Metals Index opened 1.6% higher. The PSU Bank Index opened 1% higher while the rest of the indices were flat.

Market breadth stood in favour of the advances at the start of trade. 1,122 stocks on the NSE opened with gains while 303 declined.

• Total global cases cross 8.4 million
• Death toll rises to 4.52 lakh
• Beijing cancels hundreds of flights amid a new outbreak in the city
• 25 new cases reported in Beijing
• 49 new cases reported in South Korea
• Japan agrees with Vietnam to worko towards staged easing of travel restrictions
• 5,662 new cases reported in Mexico - a daily record
• Argentina Health Minister says cases in the country will peak soon

UBS On Britannia

• Buy rating maintained
• Price target raised to Rs 4,200 from Rs 3,200
• Revenue growth momentum to sustain
• Potential from out-of-home consumption, ICD resolution a trigger for upside
• Raise FY21/22 EPS by 11.7% and 9.6%
• Likely to outperform on volume growth and earnings in the near-term
• ICD issue - if not resolved, a risk to valuations
• Potential stake sale from the owner, ongoing organic capacity expansion may alleviate risk for the stock

Macquarie On Pidilite

• Downgrade to neutral from outperform
• Price target cut to Rs 1,330 from Rs 1,564
• Near-term demand likely to remain muted due to discretionary nature of categories, social distancing related deferrals and low availability of labour
• Building in a revenue decline of 7% in FY21
• No specific commentary on demand recovery levels from management
• Lower VAM prices likely to support margins
• Has levers to cut costs on other assumptions
• Cut FY21/22 earnings estimates by 25% and 16% mainly on lower topline assumptions

To know more about what brokerages are making of specific stocks and sectors, click here.

• Reliance Industries: Saudi Arabia's The Public Investment fund to invest Rs 11,370 crore in Jio platforms for a 2.32% stake. The investment is made at an equity valuation of Rs 4.91 lakh crore and enterprise valuation of Rs 5.16 lakh crore. Jio platforms has now raised Rs 1,15,693.95 crore from 11 investments made by 10 investors.
• Pharma Stocks: DGFT removes prohibition on export of hydroxychoroquine API and its formulations.
• Tata Motors: Moody's downgrades long-term rating to B1 from Ba3. Outlook on all ratings has been changed to negative from 'ratings under review.' Downgrade reflects the sustained deterioration in the company's credit profile and expectation that it will take longer than previously expected for the credit metrics to return to appropriate levels for Ba3 rating.
• IRB Infra: Achieved financial closure for its Toll-Operate-Transfer project – Mumbai Pune Expressway. Company made the payment of first tranche of Rs 6,500 crore as upfront sub-concession fee to the Maharashtra State Road Development Corporation, out of a total consideration of Rs 8,262 crore. Company had won the concession again in February for the next ten years.
• Gujarat State Fertilizer: To discontinue manufacturing operations of fibre and polymers at its Vadodara unit. It is evaluating various options to utilize the existing land and infrastructure facilities available there including development of logistic park or a suitable project for which a consultant is being appointed.
• Thermax: The company's international facilities continued operations, albeit at a scaled down pace during the Covid-19 lockdown. Chemical facilities, classified as essential services, resumed production in early April, followed by the progressive reopening of all the other facilities by the end of May.
• Kaya's Covid-19 Impact: Expect clinic revenues to be at 50% levels for Q2 and Q3 of FY21. Operating cash flow was negative during the last two months due to minimal sasles. Kaya Middle East likely to recover faster due to better healthcare facilities in GCC countries.
• Non-Nifty Earnings Today: LIC Housing Finance, Bajaj Electricals, Novartis, Cadila Healthcare, ENIL, Camlin Fine Sciences, Ramco Cements, Oil India, PNB, Dalmia Bharat Sugar.

To know more about companies that reported earnings after market hours, F&O updates and key bulk deals, click here.

• Benchmark indices end mixed on thin volumes.
• S&P 500 ends 0.1% higher. Energy, staples and technology stocks gain.
• S&P 500 volumes were 25% lower than the 30-day average.
• U.S. Jobless claims stay above the one million mark.
• Covid-19 hospitalisations in Texas climbed for the seventh straight day.
• U.S. President Donald Trump said that the U.S. may pursue a 'complete decoupling' from China.
• The Bloomberg Dollar Spot Index advanced 0.5%.
• Yield on the 10-year treasury fell to 0.7%, the lowest in a week.
• West Texas Intermediate crude gained 2.3% to $38.85 per barrel. The commodity trades flat in today's session.

Catch all the live action from the global equity markets here.

Good Morning!

Indian equity markets had a strong close to the weekly options expiry session, shrugging off mixed global cues and a outlook downgrade by Fitch Ratings.

The benchmark indices have alternated between gains and losses for 11 straight sessions. So far this week, the S&P BSE Sensex and the NSE Nifty 50 Index have gained 1.2%.

The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was little changed at 10,024 as of 7:50 a.m.

Asian markets are mixed during the final trading day of the week and volumes remain thin. Markets in Japan and South Korea are retreating, while those in Australia are advancing.

Futures on the Dow Jones are fluctuating between gains and losses after the benchmark index ended flat on Thursday.

“We are experiencing a lot of dislocations in the economy and consumption patterns and it is pretty difficult to predict,” Kate Moore, head of thematic strategy at Blackrock, told Bloomberg TV in an interview.

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