Sensex, Nifty Struggle To Hold Gains; End Little Changed

• Benchmark indices give up gains; end little changed
• Nifty ends 0.1% lower at 9,029
• Nifty futures trade at a premium of 19 points
• Sensex ends 0.2% lower at 30,609
• Nifty Bank ends 0.9% higher at 17,440
• Nifty Midcap index ends 1.3% higher
• Nifty Smallcap index ends 0.8% higher
• India Volatility Index down 3.1% to 31.36
• Nifty Metal index ends as the top sectoral gainer; up 2.7%
• Nifty Auto, Nifty FMCG and Nifty Realty end with gains of over 1%
• Nifty I.T. ends as the top sectoral laggard; down 1.9%
• Nifty Pharma (down 1.2%) and Nifty Media (down 0.2%) were the other sectoral laggards
• JSW Steel ends as the top Nifty gainer; up 5.8%
• Bharti Airtel ends as the top Nifty laggard; down 6%
• 918 stocks on the NSE end with gains while 856 stocks post losses

Indian equity markets failed to hold on to their opening gains, ending with minor losses at the start of the truncated expiry week.'

Sentiment in the Indian market remained volatile despite European markets trading positive and futures on the Dow Jones that are trading higher by 520 points.

Both the S&P BSE Sensex and the NSE Nifty 50 ended little changed at 30,609 and 9,029 respectively. The benchmark indices shed over 550 and 165 points respectively from their highest point of the day.

Among sectoral indices, the Nifty Metal index ended as the top gainer while the Nifty I.T. index ended as the top laggard. The FMCG and Auto index too ended with healthy gains.

Market breadth remained mostly even throughout the session. 918 stocks on the National Stock Exchange ended with gains while 856 ended with losses.

• Net profit down 25% year-on-year to Rs 24.68 crore
• Revenue down 20% year-on-year to Rs 296 crore
• Shares fluctuated after the earnings announcement, currently trading 1.5% lower at Rs 55, snapping a three-day losing streak.

• Trades at an all-time high
• Gains as much as 4.44% to Rs 890
• Up for the fourth straight day
• Longest winning streak in a month
• Gains 15.2% in the last 4 trading sessions
• Today's volumes are 1.7 times higher than its 30-day average
• Has more than doubled from its 52-week low of Rs 419 on August 5, 2019
• 3 out of the 4 analysts tracking the stock have a buy recommendation; 0 sell calls
• Return potential of the stock as per Bloomberg data is 10.3%

• Revenue flat at Rs 190.8 crore
• Net profit at Rs 41.5 crore
• Ebitda at 51.9 crore
• Adds 21 new customers in the fourth quarter

Shares fell as much as 2.7% post the announcement to Rs 148.1. It had a 10% intraday swing as it had gained as much as 7.7% in early trade.

• Second best performer on the BSE Midcap index
• Gains as much as 14% to Rs 291.7
• Biggest single-day gain since May 2009
• Up for the third straight day
• Trades at the highest level in two months
• Today's volumes are 5 times higher than its 30-day average
• Breaks above its 50-Day moving average of Rs 285.5
• Up 22% from its 52-week low of Rs 234 on May 7, 2020

• Benchmark indices give up gains; trade little changed
• Nifty down 0.3% at 9,013
• Nifty futures trade at a discount of 16 points
• Sensex down 0.4% at 30,563
• Nifty Bank up 0.7% at 17,398
• Nifty Midcap index up 1%
• Nifty Smallcap index up 0.4%
• India Volatility Index down 1.3% to 31.94
• Nifty I.T. index is the top sectoral laggard; down 1.6%
• Nifty Media (down 1%) and Nifty Pharma (down 0.7%) are the other sectoral laggards
• Nifty Metal index remains the top sectoral gainer; up 2.9%
• Nifty Auto is the other index trading with gains of over 1%
• JSW Steel remains the top Nifty gainer; up 6.4%
• Bharti Airtel extends losses as the top Nifty laggard; down 5.1%
• 911 stocks on the NSE are trading with gains while 817 decline

The currency began the truncated week on a strong note, ending with gains against the U.S. Dollar.

The rupee ended at 75.66 as compared to Friday's close of 75.97.

The rupee - courtesy today's gains, ended as the second best performer among its Emerging Market peers, after the South Korean Won.

Yield on the 10-year government bond ended at 5.752% as compared to its opening level of 5.748%.

• Bajaj Finance's 1,800 Put: Premium down 16.3% to Rs 16.7. The contract has added 35,500 shares in Open Interest.
• Bharti Airtel's 580 Call: Premium down 85.5% to Rs 2.3. The contract has added 14.8 lakh shares in Open Interest.
• HDFC's 1,500 Put: Premium down 8.3% to Rs 27.1. The contract has added 1,750 shares in Open Interest.

The search engine provider reported revenue growth which was flat while net profit grew 21% from the same period last year.

Total traffic for the quarter was flat while total active listings grew 14.1% as compared to last year.

Active paid campaigns saw a growth of 7.1% year-on-year while it remained flat on a sequential basis.

Shares gained as much as 4.66% to Rs 363.7 and is the top performer on the Nifty I.T. index.

• Revenue and profitability likely to be adversely impacted due to lockdown in April and May
• Manufacturing facilities partially re-opened from April 15 after being shut from March 23
• Currently have no borrowings from banks or institutions
• Temporary reduction in demand due to the lockdown. Expect demand to improve in Q3 and Q4 of FY21.
• Has filed for in-principal approval for delisting from the stock exchanges, permission for which is awaited

Shares fell as much as 2% to Rs 61.55 in today's session.

• Trades at a two-year low
• Down for the third straight day
• Falls as much as 2.1% to Rs 1,856
• Trades at the lowest level since May 2018
• Down 9% in the last 3 trading sessions
• Today's volumes are a quarter below its 20-day average
• Down 62% from its all-time high of Rs 4,923 on February 20, 2020
• 21 out of the 32 analysts tracking the stock have a buy recommendation; 4 sell calls

Revenue for the pharma company rose 81.9% in the fourth quarter while it returned to profitability as compared to a net loss during the same period last year.

The numbers will not be comparable as it also includes financials of its merged entity - Monsanto.

The company had an exceptional loss of Rs 29 crore in the current quarter and a tax reversal of Rs 31 crore in the base quarter.

Shares gained as much as 12.6% to an all-time high of Rs 5,011. This is the biggest single-day gain for the stock since April 2015.

European stocks extend gains from Monday's session, opening higher for the second straight day.

Asian markets have ended on a positive note while futures on the Dow Jones are higher by 500 points.

The Stoxx 600 index has opened 1.1% higher with all sectors opening with gains. Banks along with travel & leisure stocks are leading the gains while telecom and healthcare are underperforming.

Brent Crude for the August contract is trading 1.6% higher at $36.7 per barrel while gold is little changed at $1,731/Oz.

Lets take a look at how benchmark indices across Europe have opened:

• Euro Stoxx 50 up 1.1% to 3,004
• DAX up 0.9% to 11,487
• CAC up 1.2% to 4,592
• FTSE 100 up 2.1% to 6,119
• IBEX 35 up 1.3% to 6,949

The makers of Royal Enfield informed the exchanges on Monday that it will consider a split of the stock during its board meeting on June 12.

The company will also consider its fourth quarter results during the said board meeting.

Shares gained as much as 5.1% to Rs 14,628 and is the third best performing stock on the Nifty 50 index.

The Board approved committee of the company has approved the allotment of 10,000 rated, listed, secured, redeemable NCDs worth Rs 10 lakh each.

The NCDs, amounting to Rs 1,000 crore will be allotted to State Bank of India, at a coupon rate of 8.8% per annum.

The NCDs are proposed to be listed on the Wholesale Debt Market segment of the BSE and the NSE.

Shares were up 2% to Rs 84.5 after gaining as much as 3.5% in early trade.

The Board of Directors of the company have approved the issuance of 3,000 listed, secured, rated, redeemable Non-Convertible debentures.

The 3,000 debentures worth Rs 10 lakh each, aggregate to Rs 300 crore and will be issued on a private placement basis.

The NCDs will be listed on the National stock Exchange and will attract a coupon rate of 7.25% per annum. The tenor for the same is 3 years.

Shares trade little changed, down 0.5% at Rs 211.95. The stock had a four-day gaining streak until closing on Friday.

12.43 lakh shares of the company exchanged hands in a single large deal on the National Stock Exchange, as per Bloomberg data.

Buyers and sellers of this trade, which took place at Rs 541 per share were unknown.

Shares gained as much as 2.2% to Rs 544.4.

• Records sales booking of 0.67 million square feet in Q4
• Collection of Rs 378 crore in the fourth quarter
• Had raised invoices worth Rs 145 crore to customers before the end of March
• Has mobilised nearly 40% of its construction workforce at its sites in Pune and Bengaluru
• Expect construction to reach optimim level within 3-6 months post lifting of the lockdown
• All statutory and debt payments made on-time till April 2020
• No significant impact on Q4FY20's profitability
• If operations throughout FY21 remain at 50% level with overheads and debt at current levels will impact profitability accordingly

Shares gained as much as 7.6% to Rs 158.5.

• Benchmark indices are off the day's high
• Nifty up 0.53% at 9,086
• Sensex up 0.5% at 30,822
• Nifty Bank up 1.7% at 17,576
• Nifty Midcap Index up 0.7%
• Nifty Smallcap Index up 0.4%
• India Volatility Index down 2.2% to 31.66
• Nifty Media (down 1%) and Nifty I.T. (down 0.4%) are the only sectoral laggards
• Nifty Metal Index remains the top sectoral gainer; up 2.9%
• JSW Steel remains the top Nifty gainer; up 7.2%
• Bharti Airtel remains the top Nifty laggard; down 4%
• 975 stocks on the NSE trade with gains while 709 decline

• Trades at an all-time low
• Down for the eighth straight day
• Longest losing streak in two months
• Falls as much as 3.8% to Rs 91.8
• Down 22% in the last eight trading sessions
• Today's volumes are 0.9 times higher than its 30-day average
• Stock trades in oversold territory with Relative Strength Index (RSI) at 25
• Has declined 78 percent from its 52-week high of Rs 430 on May 27, 2019
• 16 out of the 20 analysts tracking the stock have a buy recommendation; 1 sell call
• Return potential of the stock as per Bloomberg data is 182.3%

The Kolkata-based cement and jute goods producer reported revenue and net profit that were largely flat in the fourth quarter.

Lower transportation and fuel costs aided expansion in Ebitda margin to 14.8% from 11.1%.

Realisations grew 4% while Ebitda per tonne rose 31.1% compared to the previous year.

The company said that manufacturing operations of its Jute mill in West Bengal has been disrupted on account of the cyclone AMPHAN, adding that it may take up to 3 months to restore normal production levels.

Shares gained as much as 9.4% to Rs 445. This is the biggest one-day gain for the stock since June 2016.

The private lender's Net Interest Income rose 10.2% compared to the previous year while net profit fell 28.6%.

Provisions for the lender doubled to Rs 118.2 crore from Rs 59 crore in the previous quarter while asset quality also saw deterioration on a sequential basis.

Shares fell 4% to Rs 58. The stock is down for the sixth straight day and is trading at the lowest level since March 2014. This is the longest losing streak for the stock in a month.

The company has informed the exchanges regarding the impact Covid-19 has had on its business.

• The company expects working capital to remain stretched till Q3FY21
• It expects revenue from Q4FY20 to spill over into H1FY21
• FY21 results to benefit from lower raw material prices and lower cost of operations
• Uncertainty over re-opening of educational institutions may impact revenue
• Expects FY21 to be stronger than FY20
• Do not see any challenges in meeting debt obligations as long as the lockdown is limited to Q1FY21.
• It has availed moratorium on certain term loan installments, EMIs and interests.

Shares fell as much as 4.9% to Rs 44.65, snapping a two-day gaining streak.

The footwear maker reported a 9% decline in its revenue while net profit more than halved to Rs 38 crore from the same period last year.

The company has attributed its decline due to the 'severe disruption in operations' caused due to the Covid-19 pandemic.

Bata in its press release said that it grew over 8% during January and February 2020 before the forced closure of stores.

Shares now trade at the day's high, up as much as 1.6% to Rs 1,295. The stock earlier fell as much as 3.5% in early trade.

The private lender returned to profitability in the fourth quarter from a net loss in the same period last year.

Asset quality improved on a sequential basis while provisions saw a decline on both year-on-year as well as a quarter-on-quarter basis.

The Board of Directors have also approved raising Rs 5,000 crore through NCDs.

Brokerage House Morgan Stanley has maintained its underweight rating on the stock citing asset quality concerns. It has cut its price target to Rs 13 from Rs 15.

Shares gained as much as 7.1% to Rs 20.2.

The drugmaker has informed the exchanges that it will commence a new phase 3 clinical trial on a combination of two anti-viral drugs - Favipiravir and Umifenovir in hospitalised patients of Moderate Covid-19 in India.

The company has received approval from the Indian drug regulator for the same. It will look to enroll 158 patients of moderate Covid-19 for the trial.

The company added in its press release that its Phase 3 clinical trial for antiviral Favipiravir monotherapy continues for Covid-19 patients in India.

Shares rose to the day's high, gaining as much as 2.4% to Rs 360.4 and are up for the fifth straight day. This is the longest winning streak for the stock in over a month.

The company informed the exchanges about the impact of the Covid-19 pandemic on its fourth quarter results and on the road ahead.

The press release stated that additional revenue that could have been recognised in the fourth quarter in a normal business environment, stood at Rs 30 crore

It has also warned of an impact on its revenue and profitability in Q1FY21 as 20 days of production in April was lost due to the nationwide lockdown.

However, it has expressed confidence that it can recoup the shortfall in the quarters to come.

Shares fell as much as 15% to Rs 3,305, snapping a four-day gaining streak. This is the biggest single-day fall seen in the stock since October 2008.

• Nifty May futures add 12.3% and 9.1 lakh shares in Open Interest
• Nifty Bank May futures add 10.2% and 1.8 lakh shares in Open Interest

Nifty: May 28 Expiry

• 9,000 Put: Premium falls 67.4% to Rs 33.8. The contract has added 6.2 lakh shares in Open Interest.
• 9,200 Call: Premium up 10.9% to Rs 53.4. The contract has added 9.22 lakh shares in Open Interest.
• 9,100 Put: Premium falls 58.4% to Rs 64.6. The contract has added 13.7 lakh shares in Open Interest.

Nifty Bank: May 28 Expiry

• 18,000 Call: Premium down 2.3% to Rs 132. The contract has added 2.73 lakh shares in Open Interest.
• 17,000 Put: Premium down 65.3% to Rs 98.8. The contract has added 2.72 lakh shares in Open Interest.
• 17,500 Put: Premium down 51.8% to Rs 260. The contract has added 2.47 lakh shares in Open Interest.

The steel and power returned to profitability, with a figure of Rs 406 crore as compared to a net loss of Rs 2,146 crore during the same period last year. Ebitda rose 20% while margins expanded to 25.2% from 18.1% during the same period last year.

The company also reduced its net debt by Rs 4,379 crore in FY20, on a constant currency basis.

The stock gained as much as 7.1% to Rs 103.5 and is the top performer on the Nifty Metal index.

• Benchmark indices trade near the day's high
• Nifty up 1% at 9,134
• Nifty futures trade at a premium of 11 points
• Sensex up 1% at 30,993
• Nifty Bank up 1.7% at 17,579
• Nifty Midcap Index up 0.7%
• Nifty Smallcap Index up 0.35%
• India Volatility Index down 2.8% to 31.47
• Nifty Media and Nifty Pharma indices give up gains to trade with losses
• Nifty Metal index is the top sectoral gainer; up 2.3%
• Nifty FMCG index also trades with gains of 2%
• JSW Steel is the top gainer on the Nifty; up 5.8%
• Bharti Airtel is the top laggard on the Nifty; down 3.8%
• 996 stocks on the NSE trade with gains while 600 decline

The rupee opened with gains in this truncated week, tracking positive cues from the global equity markets.

The currency opened at 75.73 against the U.S. Dollar as compared to Friday's close of 75.97.

The rupee posted its third straight weekly loss on Friday. It was also the second worst performing currency among its Emerging Market peers on a weekly basis.

In the bond markets, traders will be looking forward to the state government debt sale of Rs 18,200 crore today.

The company in its commentary post its fourth quarter results, said that its revenue for the month of April was 45% lower compared to last year.

No sale in apparel and general merchandise products has led to an erosion of the company's margins.

The retail player is anticipating significantly large Ebitda declines due to lower sales, lower gross margins and higher cost of operations.

However, it went on to say that the revenue in the first 14 days of May, after relaxations in the lockdown process rose 17% over the first 14 days of April.

Ratings agency Ambit has put the company's rating 'under review' citing a challenging two-year period for the company as well as its retail peers.

Shares are down for the second straight day, falling as much as 5% to Rs 2,350.

The company informed the exchanges on Friday that it has entered into a share purchase agreement to acquire 100% stake in Sunrise Foods, a company engaged in the business of spices.

The transaction amount of the deal has not been disclosed in the company's statement to the exchanges.

Shares gained as much as 4.6 percent to Rs 194.95 and are among the top contributors to the gains on the Nifty 50 index.

The net profit for the company fell 84.8% as compared to last year, mainly led by an exceptional loss of Rs 805 crore. Out of that, Rs 725 crore was an impairment provision for its overseas arm.

The company has also approved raising funds worth Rs 14,000 crore via various methods.

Sales volumes fell 14% while standalone Ebitda per tonne fell 14.9%.

Most brokerages have maintained their buy and hold ratings on the stock, despite cut in price targets.

The stock is the top performer on the Nifty 50 index, gaining as much as 6.6% to Rs 177.05.

15.2 crore shares of the telecom company exchanged hands on the National Stock Exchange in four large trades, as per Bloomberg data.

The first large trade saw 16.69 lakh shares exchange hands while 9.7 crore, 5.1 crore and 12.31 lakh shares exchanged hands in the second, third and fourth large trade respectively.

The deals took place between Rs 561-Rs 572 per share. Buyers and sellers of the large trades remain unknown.

The company's promoter Bharti Telecom had planned to raise $1 billion via a stake sale to become a debt-free company. The stake sale would result in a dilution of 2.75% stake.

The floor price of Rs 558 was at a 6% discount to Friday's closing price.

The stock fell as much as 5.4% to Rs 561.1 and is the worst performing stock on the Nifty 50 index.

Indian equity markets opened the truncated week on a steady note after posting their third straight weekly loss on Friday.

Asian markets are trading with gains while futures on the Dow Jones too are higher by as much as 350 points.

The S&P BSE Sensex opened 0.6% higher at 30,864 while the NSE Nifty 50 opened just below the 9,100 mark at 9,099, up 0.67%. Both the indices posted losses of over 1% during the previous week.

Among the sectoral indices, the Nifty Bank has opened 1.5% higher while the Nifty Auto, FMCG, Metal and PSU Bank index are up 1%.

Market breadth is in favour of the advances. 1,026 stocks on the National Stock Exchange have opened with gains while 302 have opened with losses.

• Bharti Airtel: Bharti Telecom is offering up to 15 crore shares in the company at a floor price of Rs 558 per share, according to the term sheet accessed by Bloomberg. Floor price is at a 5.9% discount to Friday's closing price. JPMorgan India is the sole placing agent for the same.
• ITC: Enters into a share purchase agreement to acquire Sunrise Foods for an undisclosed sum.
• JSW Steel: The company's board has approved raising long-term funds through NCDs with warrants for an amount not exceeding Rs 7,000 crore. It has also approved raising Rs 7,000 crore through a Qualified Institutional Placement. It will also raise long-term funds worth $1 billion in one or more tranches in the international markets through Foreign Currency Convertible Bonds, ADRs, GDRs or warrants or other convertible instruments.
• Eicher Motors: To consider a stock split and fourth quarter results on June 12.
• JSW Steel & Tata Steel: Fitch Ratings has downgraded the Issuer Default Ratings of both the companies to BB- from BB after a portfolio review.
• HFCL: Bags order worth Rs 175 crore from an integrator of data networks for supply of Optic Fibre Cable under the Bharat Net Phase-II program.
• Deepak Fertilisers: To raise up to Rs 180 crore via rights issue. Promoters will also participate in the issue. The company has also forayed into the alcohol-based hand sanitisers space.
• InterGlobe Aviation: To fly more than 200 flights daily until May 31. The airline said that all flights are in accordance with the Covid-19 guidelines issued by various state governments.
• Bosch: To observe 'No-Production Days' at its Gangaikondan plant till May 31.
• NCC and Just Dial: To be excluded from futures and options segment from July 31.
• IDFC First Bank: Board approved raising Rs 5,000 crore via NCDs
• Great Eastern Shipping: Board to consider raising Rs 1,000 crore via NCDs on a private placement basis on May 30.
• Raymond: To consider raising Rs 200 crore via NCDs on May 27
• Yes Bank: Gets shareholder approval to raise capital through issue of equity shares or other convertible securities

To know more about the earnings reported after market hours on Friday and on Monday along with key brokerage updates, click here.

• Benchmark indices recover losses; end little changed
• S&P 500 ends 0.2% higher
• Nasdaq outperforms courtesy technology shares
• Caterpillar, Johnson & Johnson weigh on the Dow
• Oil prices snapped a six-day winning streak
• U.S National Institute of Allergy and Infectious Diseases chief Anthony Fauci said he does not support a prolonged lockdown.
• Analysts believe markets are exhibiting signs of exhaustion
• West Texas Intermediate crude fell 1.9% to $33.41. The commodity trades 2% higher in today's session

Get all the live action from global markets here.

Good Morning!

Indian equity markets will resume for trading after a long weekend. The benchmark indices had closed with losses for the third straight week on Friday. Investors and traders will watch out for a slew of earnings and other news flow in Tuesday’s trade.

The Singapore-traded SGX Nifty, an early indicator of the NSE Nifty 50 Index’s performance in India, rose 0.86% to 9,160 as of 7:55 a.m.

Asian markets are up for the second straight day, shrugging off rising tensions between the U.S. and China. Markets in Japan, South Korea and Australia were up over 1%. Hong Kong and Chinese markets have opened higher as well.

Treasuries are flat after a three-day holiday, while oil prices are near the $34-per-barrel mark.

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