Sensex, Nifty Gain For Third Day But End Off Day’s High

• Benchmark indices gain for the third day; end off day's high
• Nifty ends 0.65% higher at 10,311
• Sensex ends 0.52% higher at 34,911
• Nifty Bank ends 1.8% higher at 21,708
• Nifty Midcap Index ends 1.6% higher
• Nifty Smallcap Index ends 2.3% higher
• India Volatility Index ends 0.8% higher at 30.2
• Nifty PSU Bank ends as top sectoral gainer; up 3.9%
• Nifty Media, Nifty Metal, Nifty Pharma end with gains of 2-2.5% each
• Nifty Realty, Nifty Auto index gain between 1-1.4%
• Bajaj Auto ends as the top Nifty gainer; up 7.1%
• Wipro ends as the top Nifty laggard; down 1.7%
• 1,324 stocks on the NSE end with gains while 542 decline

Indian equity markets managed to hold on to gains but ended off the highest point of the day, with the NSE Nifty 50 index reversing from its 200-Weekly Moving Average.

The S&P BSE Sensex ended 0.5% higher at 34,911. The index fell over 300 points from the day's high of 35,213.

The NSE Nifty 50 index could not sustain above its 200-WMA of 10,375 and fell over 80 points from the day's high of 10,393. The index closed 0.65% higher at 10,311.

However, both benchmark indices continued to remain at a three-month high and gained for the third straight day.

Among the sectoral indices, the PSU Bank index emerged as the top gainer, ending 3.9% higher and gained for the third straight day. The Nifty Media, Nifty Pharma and Nifty Metal index ended with gains between 2-2.5% each.

Nifty I.T. was the only sectoral laggard, ending 0.25% lower.

Market breadth remained in favour of the advances. 1,324 stocks on the NSE ended with gains while 542 posted losses.

• Gains as much as 8.6% to Rs 2,744
• Trades at the highest level in three months
• Up for the fourth straight day
• Longest winning streak in three weeks
• Adds Rs 2,349 crore to its market capitalisation
• Gains 16.5% in the last four trading sessions
• Today's volumes are 1.1 times higher than its 30-day average
• Stock trades in overbought territory with Relative Strength Index (RSI) at 77
• Has gained over 80% from its 52-week low of Rs 1,460 on March 24, 2020

• Revenue down 3.5% to Rs 857 crore
• Net profit down 9.1% to Rs 141.6 crore
• Ebitda down 3.8% to Rs 184.8 crore
• Ebitda margin flat at 21.6%
• All numbers are consolidated and compared on a year-on-year basis

Shares fell as much as 1.6% to Rs 1,590 and are down for the second straight day.

• Broadbased industry exposure provides growth visibility in at least few segments.
• Among the five industry segments, we remain positive on growth visibility in telecom and hitech and medical devices segments.
• Industrial Products, transportation and plant engineering to be impacted in the near-term. Expect low double-digit decline in revenue in U.S. Dollar terms on a sequential basis with a consequent lower Ebit margin.
• Seeing improvement in deal pipeline from April.
• Expect revenue to increase sequentially from Q2FY21.

Shares fell to the day's low of Rs 1,295, down 3.4% and snapped a four-day losing streak. It is also the second worst performer on the Nifty Midcap Index.

• Gains as much as 11% to Rs 161.7
• Biggest single-day gain in two months
• Trades at the highest level in four months
• Adds Rs 333 crore to its market capitalisation today
• Today's volumes are 1.8 times higher than its 30-day average
• Breaks above its 200-Day Moving Average of 147
• Has nearly doubled from its 52-week low of Rs 81 on March 25, 2020

The government is considering a proposal to reduce the license fee for fixed-line broadband services to households, a move that can boost access and lower cost for internet services across the country, Bloomberg News reports.

Under the proposed plan, license fee on the AGR earned from households for providing fixed-line broadband will be slashed to Re 1 per year, people with knowledge of the matter said.

Besides 350 internet service providers, the move will also help incumbent telecom players like Bharti Airtel, Vodafone Idea and Reliance Jio.

There will be no change to services provided for commercial users.

• Shares of Reliance Industries are off the day's high but remain at a record level of Rs 1,766.
• Shares of Bharti Airtel gained as much as 2.7% to Rs 588 - the highest in a month.
• Shares of Vodafone Idea gained as much as 14.75% to Rs 10.5.

• Lockdown caused tremendous production and revenue loss to the business.
• Dispatching pending export orders in transit and some domestic dispatches have resumed from May 2020.
• Impact of the pandemic will depend on future developments which are uncertain.
• Profitability for the quarter and financial year ending March 2020 will be impacted.
• Details of the impact will be known only after audit of financials.
• Taken initiatives to significantly reduce fixed and variable costs.
• Availed moratorium from banks to meet temporary liquidity mismatch.
• Working aggressively to reduce inventory levels and liquidate non-core assets.
• Demand likely to improve if government rolls out policy for auto sector post Covid-19.

Shares gained as much as 4.7% to Rs 410 and have gained in five out of the last six trading sessions.

• Benchmark indices at the day's high
• Nifty up 1.2% at 10,369
• Sensex up 1.1% at 35,123
• Nifty Bank up 3% at 21,997
• Nifty Midcap Index up 1.9%
• Nifty Smallcap Index up 2.2%
• India Volatility Index up 1.9% to 30.52
• Nifty I.T. remains the only sectoral laggard; down 0.2%
• Nifty PSU Bank Index is the top sectoral gainer; up 4.1%
• Nifty Pharma, Nifty Media up 2.7% each
• Bajaj Auto remains the top Nifty gainer; up 6%
• 40 out of the 50 Nifty stocks advance
• Wipro remains the top Nifty laggard; down 1.6%
• 1,373 stocks on the NSE trade with gains while 473 decline

The rupee closed Monday's trading session with gains, tracking positive cues in the equity markets.

The currency ended at 76.02 against the U.S. Dollar as compared to Friday's close of 76.18.

Today's gains meant that the rupee emerged as the best performing currency in Asia.

Yield on the 10-year government bond ended at 5.878% as compared to the opening level of 5.843%.

The Board of Directors of the company have approved the allotment of 1,500 rated, secured, redeemable, listed Non-Convertible Debentures (NCDs) of face value Rs 10 lakh each.

The NCDs, amounting to Rs 150 crore have been allotted to Central Bank of India.

The tenor for the issue is 18 months from the date of allotment and will attract a coupon rate of 6.6% per annum, payable on a half yearly basis during the tenure of the issue.

Shares are trading little changed at Rs 1,372.5 and are up for the third straight day.

• The pandemic has impacted credit and recovery segments.
• Impact on recoveries but loan default risk largely minimised post moratorium.
• Revenue in Q1 and Q2 of FY21 may be impacted due to lack of economic activity.
• Do not foresee any capital and liquidity constraints.
• Profitability, though impacted in Q1 and Q2 of FY21 may improve during H2FY21, subject to restoration of normal economic activity.
• Have sufficient liquidity to honour debt and other financial arrangements.

Shares gained as much as 3.45% to Rs 13.5 and are up for the third straight day.

• State Bank of India's 200 Call: Premium up 76% to Rs 2.2. The contract has shed 11.43 lakh shares in Open Interest.
• Reliance Industries' 1,900 Call: Premium up 7% to Rs 6.15. The contract has added 5.75 lakh shares in Open Interest.
• Cipla's 700 Call: Premium up 350% to Rs 9.1. The contract has added 8.5 lakh shares in Open Interest.

• Performance in the April-June period will be impacted
• Real impact can be assessed only when financials for the quarter are analysed
• Current capacity ramped-up to 50-60%
• Will further ramp-up manufacturing as and when demand picks up and supply chain stabilises
• Reviewing order book position for executability
• Do not anticipate any significant adjustments to liquidity position barring an unforeseen circumstances
• Have adequate banking lines to take care of current and future cash requirements
• Demand in certain market segments ramping up faster than others

Shares gained as much as 3.3% to Rs 839.9 and are up for the third straight day.

• Top performer on the Nifty PSU Bank Index
• Gains as much as 9% to Rs 61.3
• Biggest single-day gain in two months
• Trades at the highest level in over three months
• Adds Rs 542 crore to its market capitalisation today
• Up for the third straight day
• Has gained nearly 14% in the last three trading sessions
• Today's volumes are 2.2 times higher than its 30-day average
• Stock enters overbought territory with Relative Strength Index (RSI) at 71
• Has gained nearly 50% from its 52-week low of Rs 41.55 on March 25, 2020
• Nine out of the 12 analysts tracking the stock have a buy recommendation; 1 sell call
• Return potential of the stock as per Bloomberg data is 40.5%

The ship building and ship repair company reported a net profit of Rs 137 crore for the quarter ending March, a 44% growth compared to the same quarter last year.

Revenue for the company remained flat at Rs 861 crore.

Revenue from the company's ship building business rose 7.6% to Rs 712.55 crore while that from the ship repair segment fell 17% to Rs 104.1 crore.

The board has also declared a final dividend of Rs 15 per share for FY20.

It has acquired an additional 26% stake in Hoogly Cochin Shipyard, making it the wholly-owned subsidiary of the company. It earlier held 74% stake.

Shares gained as much as 9.5% to Rs 319.9 and now trade 5.5% higher.

Benchmark indices in Europe have begun the new trading week on a negative note.

The Stoxx 600 index has opened 1% lower and trades near its crucial support level of 360. Banks and travel companies are leading the losses while healthcare stocks are outperforming.

Asian markets have ended flat to mixed while futures on the Dow Jones remain 90 points higher.

Brent crude for the August contract trades 0.2% higher at $42.28 per barrel while Gold trades 0.3% higher at $1,748.53/Oz.

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

• Euro Stoxx 50 down 1.05% at 3,234
• DAX down 1.1% at 12,192
• CAC down 1% at 4,931
• FTSE 100 down 0.85% at 6,239
• IBEX 35 down 0.9% at 7,346

• Second best performer on the Nifty Smallcap index
• Gains as much as 13.3% to Rs 53.1
• Biggest single-day gain in over two months
• Trades at the highest level in four months
• Up for the third straight day
• Gains 16.2% in the last three trading sessions
• Today's volumes are 7.4 times higher than its 30-day average
• Breaks out above its 100-Day Moving Average of 48.1
• Has doubled from its 52-week low of Rs 27.2 on March 24, 2020
• Five out of the Six analysts tracking the stock have a buy recommendation; 0 sell calls
• Return potential of the stock as per Bloomberg data is 42.9%

The company has approved the promoter's proposal to delist its equity shares from the exchanges.

The board took on record the due diligence report submitted by the company's merchant banker and has approved the proposal, according to its exchange filing.

Floor price of the delisting has been determined at Rs 33.82 per share, which is a discount to the current market price.

The company will now seek shareholder approval for the same through a special resolution via a postal ballot and e-voting.

Shares fell as much as 5.4% to Rs 35.95, post the announcement.

• Net profit down 90.6% to Rs 2.6 crore
• Net Interest Income flat at Rs 85.54 crore
• Gross NPA down to 5.9% from 7.13% in the previous quarter
• Net NPA at 1.55% from 1.62% in the previous quarter
• Provisions more than triple to Rs 56.89 crore from Rs 24.35 crore sequentially
• Provision of Rs 37.88 crore with regards to Covid-19
• Treasury income at Rs 85.22 crore from Rs 80.99 crore
• Retail banking income at Rs 118.75 crore from Rs 110.46 crore
• Corporate / Wholesale banking income flat at Rs 77 crore
• Provision Coverage Ratio at 89.87%

Shares gained as much as 15.3% post the announcement to Rs 17.93. The stock is up for the third straight day, adding to Friday's gain of 16.5%.

• Benchmark indices off the day's high
• Nifty up 0.56% at 10,302
• Sensex up 0.5% at 34,900
• Nifty Bank up 1.6% at 21,676
• Nifty Midcap Index up 1.4%
• Nifty Smallcap Index up 1.9%
• India Volatility Index up 3.1% to 30.89
• Nifty I.T. is the only sectoral laggard; down 0.2%
• Nifty Media, Nifty Pharma and Nifty PSU Bank Index gain over 2% each
• Nifty Auto, Nifty Metal Index gain 1% each
• Bajaj Auto is the top Nifty gainer; up 5.8%
• Three out of the top four Nifty gainers are Bajaj Auto, Bajaj Finserv & Bajaj Finance
• Wipro remains the top Nifty laggard; down 1.8%
• 1,250 stocks on the NSE trade with gains while 544 decline

• Extends gains to 40%
• Top gainer on the Nifty Pharma index
• Biggest single-day gain on record
• Trades at the highest level since May 2019
• Adds Rs 4,448 crore to its market capitalisation
• Today's volumes are 10 times higher than its 30-day average
• Stock in overbought territory with Relative Strength Index (RSI) at 87
• 21 out of the 31 analysts tracking the stock have a buy recommendation; 2 sell calls
• The 40% gains now takes the stock beyond its 12-month consensus price target of Rs 395.3, implying a negative return potential

• Second best performer on the Nifty Next 50 index
• Gains as much as 7.3% to Rs 19,440
• Biggest single-day gain since September 2019
• Up for the second straight day
• Today's volumes are nearly double its 30-day average
• Nearing its 100-Day Moving Average at 19,749
• Has recovered 20% from its 52-week low of Rs 16,186 on March 24, 2020
• Six out of the 19 analysts tracking the stock have a buy recommendation; Seven sell calls
• The stock trades 10.4% above its 12-month consensus price target of Rs 17,115, implying a negative return potential

• NTPC: 17.37 lakh shares of the power company exchanged hands in a single large trade.
• Power Finance Corporation: 10.67 lakh shares exchanged hands in a single large trade.
• State Bank of India: 11 lakh shares of India's largest lender exchanged hands in a single large trade.

Buyers and sellers of the trades in all three companies remained unknown as per Bloomberg data.

• Shares of NTPC trade 1.2% higher at Rs 94.1, up for the third straight day.
• Shares of Power Finance Corporation gained as much as 5.9% to Rs 90.2, and are up in four out of the last five trading sessions.
• Shares of State Bank of India are up 1.9% to Rs 188 and are gaining for the fourth straight day.

The housing finance company's Net Interest Income fell 8.2% compared to last year to Rs 1,155 crore while net profit declined 39.2% to Rs 421.4 crore.

With regards to the impact of Covid-19 on the business, the company said that it is not possible to determine the exact impact of the pandemic on the business due to uncertainty in its duration and impact on human life.

The board has declared a dividend of Rs 8 per share of Rs 2 each for FY20.

Brokerage firm Jefferies has maintained its underperform rating on the stock for a price target of Rs 225, citing inadequate provision buffers. The brokerage also expects muted loan growth, asset quality pressures to weigh on earnings going ahead.

Shares fell as much as 5.4% to Rs 269.4 on the National Stock Exchange.

• Nifty June futures add 9.4% and 8.55 lakh shares in Open Interest
• Nifty Bank June futures add 2.2% and 39,240 shares in Open Interest

Nifty: June 25 Expiry

• 10,500 Call: Premium up 22.3% to Rs 44.4. The contract has added 7.2 lakh shares in Open Interest.
• 10,400 Call: Premium up 21.6% to Rs 78. The contract has added 5.57 lakh shares in Open Interest.
• 10,300 Call: Premium up 19.4% to Rs 125.7. The contract has added 3.36 lakh shares in Open Interest.

Nifty Bank: June 25 Expiry

• 22,000 Call: Premium up 45.3% to Rs 305.1. The contract has added 73,680 shares in Open Interest.
• 22,500 Call: Premium up 40.5% to Rs 144.7. The contract has added 2.5 lakh shares in Open Interest.
• 21,000 Put: Premium falls 39.4% to Rs 209.8. The contract has added 2.7 lakh shares in Open Interest.

The drugmaker has received a tentative approval from the U.S. FDA for the Rivaroxaban tablets, 10, 15 and 20 mg.

The approved ANDA is used in reducing the risk of stroke and in treatment of deep vein thrombosis among many other illnesses, the company said in an exchange filing.

The Rivaroxaban tablets 10, 15 and 20 mg had an estimated market size of $6.1 billion for the 12-month period ending March 2020, according to the IQVIA.

This approval has taken the company's total ANDA approvals from the U.S. FDA to 124 (110 final and 14 tentative).

Shares gained as much as 3.9% to trade at an all-time high of Rs 983.15.

The state-run lender reported a net loss of Rs 697.2 crore for the quarter ended March. The loss however, was narrower than the Rs 4,749.6 crore that it reported during the same quarter last year.

Asset quality of the bank improved on a sequential basis. Gross NPA fell to 14.2% from 16.3% in the December quarter while net NPA's fell to 5.78% from 7.18% quarter-on-quarter.

Provisions made for non-performing assets during the quarter stood at Rs 4,901.3 crore.

Highlights From PNB's Management Commentary:

• 30% borrowers from the merged entity have opted for the moratorium
• Some large recoveries were delayed due to Covid-19
• Between October 2020 and March 2021, we expect recoveries worth Rs 8,000 crore
• Insisting on All-cash deals with ARC's
• Looking to sell some more real estate assets by December if the market permits
• Moratorium figures with respect to retail and MSME borrowers only

Shares gained as much as 4.35% before cooling off. The stock now trades 1.9% higher at Rs 35.15.

• Top performer on the Nifty 500 index
• Gains as much as 23.6% to Rs 251.55
• Trades at the highest level in over three months
• Adds to Friday's gain of 31.1%
• Up for the third straight day
• Longest winning streak in two months
• Has gained 54.3% in the last three trading sessions
• Morgan Stanley Asia bought 45.2 lakh shares or 1.1% of the total equity at Rs 184.8 per share in Friday's session
• Today's volumes are 2.4 times higher than its 30-day average
• Trading near its 200-Day Moving Average at 240
• Stock trades in overbought territory with Relative Strength Index (RSI) at 85
• Has tripled from its 52-week low of Rs 81 on March 20, 2020
• One out of four analysts tracking the stock has a buy recommendation; One sell call
• The stock trades 64.8% higher than its 12-month consensus price target of Rs 82.5, implying a negative return potential

The recently rescued lender informed the exchanges that it will not be making coupon payments on the 10.25% Upper Tier-II bonds.

The bank said that it has acted upon communication from the Reserve Bank of India that declined payment of interest as the bank currently does not meet minimum capital requirements.

The unpaid interest amount will be accumulated and paid by the bank later, subject to the bank complying with stipulated regulatory requirements, according to the statement.

Shares currently trade flat but with a positive bias at Rs 28.2 per share.

• Benchmark indices gain for the third straight day
• Nifty up 1.1% at 10,354
• Sensex up 1.1% at 35,111
• Nifty Bank up 1.8% at 21,735
• Nifty Midcap Index up 1.4%
• Nifty Smallcap Index up 1.7%
• India Volatility Index up 2.3% to 30.65
• Nifty Media is the top sectoral gainer; up 2.5%
• Nifty Auto, Nifty Pharma and Nifty Realty up 1-1.5%
• Nifty PSU Bank index gains 2.3%
• Bajaj Finserv is the top Nifty gainer; up 5.8%
• Wipro is the top Nifty laggard; down 1.6%
• 1,338 stocks on the NSE trade with gains while 377 decline

The currency has opened flat in today's trading session, in-line with most of its Asian peers. The Bloomberg Dollar Spot Index had ended at a three-week high on Friday.

The rupee opened at 76.20 against the U.S. Dollar as compared to Friday's close of 76.18.

The currency had posted its second straight weekly loss and had snapped a two-day gaining streak. It also ended as the second worst performing currency in Asia.

For the week ending June 12, India's forex reserves rose to $507.6 billion.

L&T Hydrocarbon Engineering, a wholly-owned subsidiary of the construction conglomerate has signed an MoU with KBR to build modular process plants for refinery and petchem projects.

L&T Hydrocarbon will exclusively bid for KBR's solid acid alkylation technology among others for global projects with emphasis on India, South-east Asia, Middle-East and Africa, according to the exchange filing.

Shares gained as much as 1.9% to Rs 915.3, and are up for the third straight day.

• Total number of cases in the country rise to 4,25,282
• Number of cases reported in the last 24 hours: 14,821
• Number of active cases in the country: 1,74,387
• Number of discharged / cured: 2,37,196
• Number of patients cured and discharged in the last 24 hours: 9,440
• Death toll rises to 13,699
• 445 deaths reported in India over the last 24 hours

The Mumbai-based private lender has informed the exchanges that it has divested 2.15 crore shares of ICICI Prudential Life Insurance Company.

The number of shares sold amount to 1.5% of its equity share capital as on March 31, 2020, according to its exchange filing.

The bank has managed to raise Rs 840 crore post the sale of the stake.

Following the stake sale, the bank's stake in ICICI Prudential stands at approximately 51.4%.

• Shares of ICICI Bank gained as much as 1.7% to Rs 369.9 and are up for the third straight day.
• Shares of ICICI Prudential gained as much as 7% to Rs 419, snapping a two-day losing streak.

The drugmaker informed the exchanges that it has launched Cipremi - the only U.S. FDA approved Emergency Use Authorisation treatment for patients with severe symptoms of Covid-19.

The EUA was issued by the U.S. FDA to Gilead Sciences which in-turn offered a voluntary non-exclusive license to Cipla.

Until then, Cipla was to manufacture and market the generic version of Remdesivir, for which it has been given permission by the Drug Controller General of India (DGCI).

Glenmark too has gotten the approval from the DGCI to manufacture and market the oral antiviral drug Favipiravir for the treatment of mild to moderate Covid-19 patients in the country.

• Shares of Cipla gained as much as 9.4% to Rs 696. This is the biggest single-day jump for the stock in over two months and it trades at the highest level since October 20.
• Shares of Glenmark are locked in a 10% upper circuit at Rs 450. The stock is up for the fourth straight day and is trading at the highest level since July 2019.

Indian equity markets opened higher for the third straight day, led by index heavyweights. Benchmark indices continue to trade at a three-month high.

The S&P BSE Sensex opened 0.5% higher at 34,892 while the NSE Nifty 50 index opened at 10,318, up 0.75%. Heavyweights like Reliance Industries and HDFC twins were among the top gainers.

India's Volatility index opened close to 5% lower and is back below the mark of 30.

Among the sectoral indices, the Nifty Pharma index opened 2.2% higher led by gains in Cipla and Glenmark while the Media, PSU Bank and Realty indices opened with gains between 1.5-2%.

• Total cases cross the 8.9 million mark
• Death toll rises to 4.67 lakh
• Death toll in Brazil crosses 50,000
• Beijing reports nine new cases
• South Korea sees smallest daily increase in about a month
• China blocks poultry from Tyson Foods plant where many workers tested positive
• Mexico reports 1,044 new deaths; second highest daily toll
• 30 new people, mostly from India and Pakistan test positive in Hong Kong, as per reports
• Victoria extends state of emergency by four weeks
• U.K. to detail steps to ease the lockdown further

• HDFC: To raise Rs 14,000 crore through issuance of equity shares or Compulsory Convertible Debentures, non-convertible debentures along with warrants, foreign currency convertible bonds or any other security through QIP or any other permissible mode. Funds are being raised to augment the long-term resources of the company to finance organic or inorganic business opportunities that may arise in financial ervices including housing finance where the subsidiaries operate, to maintain sufficient liquidity and for general corporate purposes.
• HDFC Bank: Board of Directors approve the issue of Perpetual Debt Instruments (part of additional tier-I capital), tier-II capital bonds and long-term bonds up to a total of Rs 50,000 crore over the next 12 months on a private placement basis subject to shareholder approval at the AGM.
• Piramal Enterprises: Acquires solid oral dosage drug production facility from G&W Laboratories in Pennsylvania. It has acquired 100% of the total equity for $17.5 million or approximately Rs 123 crore. The acquisition enables the company to handle potent formulations in North America.
• Info Edge: To consider raising funds via QIP at its board meeting on June 22.
• Cipla: Launches Cipremi (Remdesivir Lyophilised power for injection 100 mg), the only U.S. FDA approved Emergency Use Authorisation treatment for patients with severe Covid-19 symptoms. Gilead Sciences has extended a voluntary non-exclusive license to Cipla. The company has received approval from the Drug Controller General of India to manufacture and market the generic version of remdesivir.
• Arvind Fashions: To raise Rs 399.8 crore through the rights issue by issuing 3.99 crore shares at an issue price of Rs 100. The size of the issue has been revised upwards from the earlier Rs 299 crore.
• L&T Technology Services' Covid-19 Impact: Broadbased industry exposure provides growth visibility in at least few segments. Among the five industry segments, we remain positive on growth visibility in telecom and hitech and medical devices segments. Industrial Products, transportation and plant engineering to be impacted in the near-term. Expect low double-digit decline in revenue in U.S. Dollar terms on a sequential basis with a consequent lower Ebit margin. Seeing improvement in deal pipeline from April. Expect revenue to increase sequentially from Q2FY21.
• Glenmark: Gets manufacturing and marketing approval from India's drug regulator to launch the oral antiviral drug Favipiravir to treat mild to moderate Covid-19 patients in India.
• Non-Nifty Earnings Today: Aegis Logistics, Apollo Hospitals, Info Edge, Balaji Amine, Skipper, Morepen Labs, Dhanlaxmi Bank

To know more about companies sharing Covid-19 updates, earnings reported after market hours and other trading cues, click here.

• Benchmark indices fall the most in over a week but post weekly gains
• S&P 500 ends 0.6% lower but gains 1.9% for the week
• Covid-19 cases surge in California and Arizona
• Nasdaq gained for the sixth straight day
• Bloomberg Dollar Spot Index rose to the highest in three weeks
• Yield on the 10-year treasury fell to 0.69%
• West Texas Intermediate crude rose 1.9% to $39.57 per barrel

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

Good Morning!

Indian equity markets are set to reopen on Monday after posting their third weekly advance in four, led by strong gains in Reliance Industries Ltd. The futures contracts for June will expire this Thursday.

The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 0.4% to 10,195 as of 7:40 a.m.

Asian markets are trading mixed, while volumes continue to remain low. Markets in Hong Kong have opened lower and those in Japan and South Korea have recovered from the day’s low to trade flat.

Futures on the Dow Jones are trading 90 points higher. The benchmark ended 0.8% lower on Friday, but posted a weekly gain.

Among the key events this week, MSCI will announce its market classification review on Tuesday, while the International Monetary Fund will release its new growth projections for 2020 a day later.

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