Sensex, Nifty Post First Weekly Fall In Three Weeks

Indian equity markets failed to sustain the momentum of the last two trading sessions, ending with losses not only for the day, but also for the week.

The S&P BSE Sensex ended 1.68 percent lower at 31,327. For the week, the index was down 0.8 percent, its first weekly drop after gaining for back-to-back weeks for the first time in two months.

The NSE Nifty 50 too ended below the 9,200 mark at 9,154, down 1.7 percent. The index shed 1.5 percent for the week as well.

Largecap private banks were the principal laggards in today's trading session. HDFC Bank, ICICI Bank, Axis Bank were among the top contributors to the index downside.

Among sectoral indices, Nifty Pharma was the only sectoral gainer, ending 1.4 percent higher. Nifty Realty was the top sectoral laggard, ending with losses of over 4 percent while the Nifty Bank, PSU Banking and the media index fell over 3 percent.

Market breadth was adverse with 1,247 stocks on the NSE ending with losses while 558 managed to hold on to gains.

• Up for the 10th straight day
• Locked in a 5 percent upper circuit at Rs 102.55
• Ninth successive upper circuit
• Longest winning streak since January 2017
• Up 62 percent in the last 10 sessions
• Today's volumes are 3 times higher than its 30-day average
• 6 out of the 8 analysts tracking the stock have a buy recommendation
• Return potential of the stock as per Bloomberg data is 287 percent

• Sell Maruti below Rs 4,950 for target of Rs 4,000
• Buy TCS for target of Rs 2,200

• Falls as much as 9.2 percent to Rs 1,971
• Trades at the lowest level since October 2018
• Down 9 percent so far this week
• Set for seventh weekly drop in last eight weeks
• Today's volumes are 1.5 times higher than its 30-day average
• Corrected 60 percent from all-time high of Rs 4,923 on February 20, 2020

• Reliance Industries single handedly tries keeping benchmarks afloat
• Nifty down 1.4 percent at 9,181
• Nifty futures trade at a discount of 28 points
• Sensex down 1.4 percent to 31,418
• Nifty Bank down 3.3 percent to 19,588
• Nifty Midcap and Smallcap Index down 1.5 percent each
• India Volatility Index up 0.6 percent to 39.48
• Nifty Realty remains the worst performing sectoral index; down 3.5 percent
• Nifty Pharma extends gains; now up 2 percent
• Reliance Industries is the top Nifty gainer; up 4.9 percent
• Bajaj Finance is the top Nifty laggard; down 8.3 percent
• 527 stocks on the NSE are advancing while 1,226 are declining

The currency snapped a two-day gaining streak in today's trading session and as a result, posted its fourth consecutive weekly loss.

The rupee ended at 76.45 against the U.S. Dollar, as compared to Thursday's close of 76.07. For the week, the currency posted losses of 0.1 percent. The currency declined in three out of the five sessions this week.

Yield on the 10-year bond ended the trading day at 6.167 percent after opening at 6.05 percent this morning.

• Top performer on the Nifty Smallcap Index
• Gains as much as 11.6 percent to Rs 230
• Biggest one-day gain since July 2018
• Trades at over a one-month high
• Up for the third straight day
• Up in 6 out of the last seven sessions
• Gains 30 percent in the last 7 sessions
• Today's volumes are 4.5 times higher than its 30-day average
• Up 55 percent from its 52-week low of Rs 147.25
• 5 out of the 6 analysts tracking the stock have a buy recommendation
• Return potential of the stock as per Bloomberg data is 34.8 percent

Benchmark indices across Europe have opened with losses tracking negative cues from Asia. Futures on the S&P 500 too are trading with a negative bias.

Here's a look at how benchmark indices across Europe are faring:

• Euro Stoxx 50 down 1.7 percent at 2,803
• DAX down 1.9 percent at 10,311
• CAC down 1.5 percent to 4,384
• FTSE 100 down 1.5 percent to 5,740
• IBEX 35 down 1.8 percent to 6,626

• Top performer on the Nifty Midcap Index
• Gained as much as 9.77 percent to Rs 2,764
• Snaps five-day losing streak
• Recoups losses of the last five sessions
• Only the second day of gain in the last 9 sessions
• Today's volumes are 2.3 times higher than the 30-day average
• Breaks above its 50-day Moving Average of Rs 2,518
• 15 out of the 21 analysts tracking the stock have a buy recommendation; 0 sell calls
• Return potential for the stock as per Bloomberg data is 1.3 percent

• Benchmark Indices remain near the day's low
• Nifty down 1.2 percent to 9,200
• Nifty futures trade at a discount of 28 points
• Sensex down 1.2 percent to 31,476
• Nifty Bank down 3 percent to 19,667
• Nifty Midcap Index down 1.1 percent
• Nifty Smallcap Index down 1.3 percent
• India Volatility Index flat at 39
• Nifty Pharma (Up 1 percent) holding on to gains
• Nifty PSU Bank, Nifty Realty, Nifty Media down 2.5 percent each
• Reliance Industries is the top gainer on the Nifty; up 2.7 percent
• Bharti Infratel is the top laggard on the Nifty; down 7.8 percent
• 522 stocks on the NSE are advancing while 1,193 trade with losses

Market regulator SEBI has provided an extension of another 15 days from the end of the lockdown due to Covid-19 to dispatch the letter of offer and tender form for the company's share buyback.

The company had earlier informed on March 27 that SEBI had provided an extension till April 30 for completion of the same.

Shares are off the day's low after falling as much as 8 percent to Rs 1,084. NIIT Tech is supposed to buyback 19.56 lakh shares at a price of Rs 1,725.

Fund house Franklin Templeton on a conference call today said that the Covid-19 pandemic resulted in significant reduction of liquidity in the Indian bond markets and has also led to significant levels of redemptions.

The fund house had decided to wind up six of its credit schemes on Thursday evening, citing severe market dislocation and illiquidity.

The asset manager added that all other schemes that it manages under all segments will remain unaffected by this.

Other asset managers too are taking a hit in today's trading session. Shares of Nippon Life India AMC fell as much as 14.3 percent, the most on record, to Rs 225.60. Shares of HDFC AMC fell as much as 8.8 percent to Rs 2,362.

Nestle India's parent company Nestle S.A. reported a 4.3 percent growth in its organic revenue for the quarter. This is higher than the 3 percent estimate projected by analysts

The FMCG major has also maintained its guidance for 2020, at a time when most companies have suspended giving guidance due to Covid-19 uncertainties. Unilever Plc also suspended its guidance for the year on Thursday.

The company continues to see improvement in organic sales growth, even as pricing saw a decline of 0.4 percent.

Shares of its Indian subsidiary Nestle India recovered from the day's low to surge as much as 1.9 percent to Rs 17,769.

• Reliance Industries' 1,380 Call: Premium up 3 percent to Rs 36.85. The contract has added 1.57 lakh shares in Open Interest.
• Bajaj Finance's 2,000 Put: Premium up 68.7 percent to Rs 69. The contract has added 19,250 shares in Open Interest.
• Sun Pharma's 500 Call: Premium rises 28 percent to Rs 9.85. The contract has added 2.51 lakh shares in Open Interest.

The Ahmedabad bench of the National Company Law Tribunal has approved the Scheme of Arrangement of demerging the company's oil and gas business into Deep CH4 Ltd. and restructure its equity share capital.

The order will be binding on all stakeholders once it gets a sanction from the Register of Companies, Gujarat, the company said in a press statement.

Shares have cooled off after gaining as much as 9.5 percent to Rs 71.

• Nifty April futures add 6.7 percent in Open Interest and 6.11 lakh shares
• Nifty Bank April futures add 9.8 percent in Open Interest and 1.25 lakh shares

Nifty: April 30 Expiry

• 9,000 Put: Premium up 32.2 percent to Rs 99. The contract has added 2.34 lakh shares in Open Interest.
• 9,300 Call: Premium falls 35.3 percent to Rs 110.6. The contract has added 5.32 lakh shares in Open Interest.
• 9,500 Call: Premium falls 45 percent to Rs 46.35. The contract has added 4.31 lakh shares in Open Interest.

Nifty Bank: April 30 Expiry

• 19,000 Put: Premium rises 63.6 percent to Rs 334. The contract has added 1.48 lakh shares in Open Interest.
• 21,000 Call: Premium falls 49.2 percent to Rs 137. The contract has added 1.32 lakh shares in Open Interest.
• 20,000 Call: Premium falls 38.5 percent to Rs 425. The contract has added 1.42 lakh shares in Open Interest.

• Benchmark indices maintain opening losses
• Nifty down 1.3 percent to 9,195
• Nifty futures trade at a discount of 21 points
• Sensex down 1.4 percent to 31,425
• Nifty Bank down 2.7 percent to 19,728
• Nifty Midcap Index down 0.4 percent
• Nifty Smallcap Index down 0.6 percent
• Barring Nifty Metal (Up 0.6 percent) and Nifty Pharma (Up 1 percent), all sectoral indices decline
• Nifty Realty Index down 2 percent while I.T. and Media index fall over 1 percent each
• Vedanta is the top Nifty gainer, up 3 percent
• Zee Entertainment is the top Nifty loser; down 6 percent
• 586 stocks on the NSE are advancing while 1,040 trade with losses

Shares of the auto component manufacturer fell as much as 5.6 percent to Rs 77.65 after its fourth quarter earnings.

The company's topline fell 23.5 percent compared to last year to Rs 1,663 crore. A forex loss of Rs 45.4 crore impacted the company's profitability which fell 86 percent compared to last year.

The company mentioned in its investor presentation that the Covid-19 pandemic in Germany and Spain impacted volumes by 10 percent. It also expects sales in April to be close to zero in all regions with uncertainty persisting for May and June.

The Covid-19 pandemic has impacted business growth of all insurance companies with premiums for the month of March falling as much as 41 percent.

• SBI Life's premium in March fell 41.3 percent as compared to its average growth of 30.3 percent.
• HDFC Life's March Premium fell 19 percent as compared to a growth of 23.5 percent.
• ICICI Prudential's premium in March fell 32.2 percent as compared to an average growth of 29 percent.
• All numbers are compared with average growth in 11 months of FY20.

• Shares of HDFC Life fell as much as 5.2 percent to Rs 463.15.
• Shares of ICICI Prudential fell as much as 4.44 percent to Rs 345.25 and are down for the fourth straight day.
• Shares of SBI Life fell as much as 3.8 percent to Rs 690.55, snapping a two-day gaining streak.

The company has informed the exchanges that the U.S. FDA has approved the ANDA filed by its wholly-owned foreign subsidiary for Trospium Chloride Extended-Release Capsules.

The said drug is used in the treatment of overactive bladder (OAB), as per the company's exchange filing. The notice added that the company now has 26 ANDA approvals from the U.S. FDA.

Shares rose as much as 5.8 percent to Rs 169.90 and are up for the third straight day.

Indian markets are taking a breather this Friday morning after two days of gains. Benchmark indices have opened lower tracking weak cues from across the globe.

The S&P BSE Sensex opened 1.37 percent lower at 31,426 while the NSE Nifty 50 index shed 150 points to open at 9,163, lower by 1.6 percent.

HDFC Twins and ICICI Bank along with Reliance Industries were the stocks that dragged benchmarks lower.

Among Sectoral Indices, the Nifty Bank was the top loser, opening with losses of 2.8 percent. Other indices opened flat or with a negative bias. The Nifty PSU Bank and Realty Index opened 1.5 percent lower respectively.

518 stocks have opened the trading day with gains while 895 are reporting losses.

• Sell Jubilant Foodworks for target of Rs 1,400 and stop loss of Rs 1,535
• Buy TCS at Rs 1,850 for target of Rs 2,000 and stop loss of Rs 1,800

• Bull Call Spread On Tech Mahindra
• Buy 520 Call and Sell 560 Call
• Total Spread of Rs 14
• Target of Rs 25 and stop loss of Rs 8

• Bear Put Spread On BPCL
• Buy 350 Put and Sell 330 Put
• Total Spread Of Rs 5.5
• Target of Rs 10 and stop loss of Rs 3

• Bharti Infratel: Q4 misses estimates due to non-payments from existing customers. Tenancy ratio falls.
• Insurance Companies: HDFC Life reports 28 percent decline in individual premiums. ICICI Prudential reports a 49 percent decline while SBI life's individual premium falls 42 percent compared to last year.
• Axis Bank: To consider raising funds via debt on April 28.
• Ashok Leyland: Increases stake in Hinduja Leyland Finance by 3.36 percent to 68.81 percent.
• Mahindra & Mahindra: Board approves issuing NCDs worth Rs 10,000 crore.
• Goa Carbon: Resumes operations at its Paradeep unit
• Monte Carlo Fashions: Resumes partial operations at Ludhiana plant.
• Mindtree: To report fourth quarter earnings today

For all that you need to know going into today’s trade, click here.

• Benchmark indices end little changed after giving up gains as much as 1.6 percent in early trade
• Dow Jones ended with gains of 0.2 percent while the S&P 500 ended flat
• Benchmarks are down between 1.8 to 3 percent this week
• Gilead Sciences says results from the drug trial were mistakenly published by the WHO and subsequently removed
• Total jobless claims in the U.S. rises to 26 million after another 4.4 million applied for jobless benefits last week.
• Service sector activity in the U.S. fell to its lowest on record in April
• Manufacturing PMI in the U.S. was at an 11-year low

For all of the action across the global markets today, click here.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 1.3 percent to 9,177 as of 7:50 a.m.

Markets across the Asia-Pacific are declining at the start of trade on Friday. Benchmarks in Japan, South Korea and Hong Kong trade with losses while those in Australia are outperforming.

Futures in the U.S. turned negative after Gilead Sciences antiviral drug was reported to have flopped in its first randomised clinical trial.

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