Sensex, Nifty End Lower For Second Day After Last Hour Sell-Off

• Benchmark indices end lower for the second day in a row
• Nifty ends 0.76 percent lower at 8,925
• Nifty futures at a premium of 20 points
• Sensex ends 1 percent lower at 30,379
• The Sensex ended 1,189 points off the day's high while the Nifty ends 336 points off its high of 9,261.
• Nifty Bank ends 2.2 percent lower at 19,057
• Nifty Midcap and Smallcap Index end 1.2 percent higher
• India Volatility Index ends 4 percent lower at 49.40
• Most sectoral indices give up gains
• Nifty FMCG best performing sectoral index; ends 4 percent higher
• Nifty Auto (Down 2 percent), Nifty Pharma (Down 0.1 percent) and Nifty PSU Bank (Down 0.5 percent) end with losses
• UPL ends as the top Nifty gainer; up 8 percent
• Kotak Mahindra Bank ends as top Nifty laggard; down 6.2 percent
• 1,208 stocks ended with gains while 588 stocks ended with declines.

Indian equity markets ended lower for the second day in a row after trading with gains for majority of the trading day.

The S&P BSE Sensex ended 1 percent lower at 30,379. This in addition to the 1.5 percent decline on Monday.

The NSE Nifty 50 too ended 0.76 percent lower at 8,925, adding to Monday's 1.3 percent fall. Majority of the losses came from private banks, which saw a sharp correction in the final hour of trade after Macquarie cut their price targets by as high as 70 percent.

Among sectoral indices, the Nifty FMCG index managed to hold on to gains, ending 4 percent higher while the Nifty Bank and the Nifty Auto index ended 2 percent lower.

Market breadth remained in favour of the advances as broader markets outperformed. 1,208 stocks ended the day with gains while 588 ended with losses.

Shares of the company have gained as much as 17 percent to Rs 84.80. This is the biggest one-day gain seen by the stock since April 1992.

The company will look to raise Rs 150 crore via NCDs at its board meeting on April 17.

Shares currently trade 12 percent higher and on current levels, it will be the biggest single-day gain for the stock since February 2014. It currently trades at the highest level in a month.

• Top gainer on the Nifty Smallcap Index
• Trades at the highest level in a month
• Gained as much as 20 percent to Rs 264.40
• Biggest single-day gain on record
• Up for the third straight day
• Up almost 25 percent in the last three sessions
• Stock gains today on strong volumes
• Volumes are 3.5 times its 30-day average
• 13 out of the 15 analysts tracking the stock have a buy recommendation
• Return potential of the stock as per Bloomberg data at 102.7 percent

In a recently released note, brokerage firm Macquarie has cut EPS estimates of private banks by 35-40 percent and price targets by nearly 45 percent. It expects the Covid-19 related pain to last for the next 12-18 months and expects PSU Banks barring SBI to report losses in FY21.

Some other key highlights of the note are:

• Asset quality a key issue
• Credit costs to be around 225 basis points for FY21E and FY22E
• Loan growth to remain weak
• Insurance companies can be good picks in the long-term but hefty valuations limit near-term upside.
• Top Picks: ICICI Bank, ICICI Prudential and HDFC Bank

• Sell TVS Motor for target of Rs 245 and stop loss of Rs 295
• Buy Nestle India for target of Rs 18,300 and stop loss of Rs 16,300

• State Bank of India’s 200 Call: Premium falls 21 percent to Rs 6.15. The contract has added 16.86 lakh shares in Open Interest.
• Tata Steel’s 300 Call: Premium falls 6.1 percent to Rs 13.9. The contract has added 4.35 lakh shares in Open Interest.
• Reliance Industries’ 1,300 Call: Premium falls 35.6 percent to Rs 17.20. The contract has added 1.9 lakh shares in Open Interest.

• Buy Shree Cement for target of Rs 19,000 and stop loss of Rs 17,800
• Sell Manappuram Finance for target of Rs 88 and stop loss of Rs 110

• Benchmark indices give up most of their gains
• Nifty down 0.3 percent at 8,971
• Nifty futures trade at a discount of 20 points
• Sensex down 0.4 percent at 30,556
• Nifty Bank down 2.1 percent at 19,078
• Nifty Midcap Index up 1.8 percent
• Nifty Smallcap Index up 2 percent
• India Volatility Index down 3.7 percent to 49.55
• All sectoral indices are off their day's high
• Nifty Auto index turns negative; down 0.75 percent
• Nifty I.T. and Nifty Metal up 1.5 percent each
• Nifty FMCG holds on to gains; up 3.9 percent
• UPL remains the top Nifty gainer; up 10.5 percent
• HDFC Bank is the top Nifty laggard; down 3.7 percent
• 1,309 stocks are advancing while 458 trade with losses

The Indian currency after opening on a strong footing, gave up all its gains during the session to end with losses.

The rupee ended 0.21 percent lower at 76.44 against the U.S. dollar. This is against Monday’s close of 76.28.

Yield on the 10-year treasury ended at 6.42 after opening at 6.47.

10 lakh shares of the City Gas Distributor changed hands in a single large trade on the National Stock Exchange. Buyers and sellers of the trade were not immediately known, as per Bloomberg data.

The stock trades 1.7 percent lower after falling as much as 2.85 percent to Rs 446.85.

The India Meteorological Department said that monsoon rainfall this year is likely to be “normal” at 96 percent of the long period average.

While statistical model is suggesting normal monsoon, IMD's dynamic climate prediction model suggests very high probability for monsoon to be above normal to excess.

The weather forecaster said:

• Dynamic climate prediction model suggests 70% probability for monsoon to be above 104% of LPA
• Dynamic climate model predicting evolution to La Nina phase in the eastern parts of the Pacific Ocean
• Some other models are not suggesting evolution of La Nina during the monsoon season

IMD revises monsoon onset & withdrawal dates

• Monsoon onset date for Kerala remains June 1
• Monsoon onset date for Maharashtra, Gujarat, Madhya Pradesh, Chhattisgarh, Telangana, Andhra, Odisha, Jharkhand, Bihar and some parts of UP delayed by 3-7 days compared to existing normal dates
• Extreme northwest India: Monsoon will arrive earlier on July 8 vs existing date of July 15

Markets in Europe have edged lower after muted moves were seen across the Asia Pacific on thin volumes. U.S. futures are lower after Tuesday's surge while the dollar trades higher.

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

• Euro Stoxx 50 down 0.3 percent to 2,090
• DAX down 0.25 percent to 10,672
• CAC flat at 4,521
• FTSE 100 down 0.3 percent to 5,773
• IBEX 35 down 0.4 percent to 7,080

The company’s Board of Directors have approved raising funds through private placement of rated, secured, listed, redeemable Non-Convertible Debentures (NCDs) worth Rs 500 crore with a green shoe option of Rs 150 crore.

The coupon will be issued at a rate of 7.48 percent per annum for a period of 36 months. Axis Bank will be the sole arranger for the issue, the company stated in its press release.

Shares gained as much as 15 percent to Rs 385 and are up for the fifth day in a row. The stock has gained over 60 percent during this period.

Wholesale prices for the month of March rose 1 percent compared to the previous year. A Bloomberg poll of economists had pegged the figure at 1.41 percent.

Prices of Primary Articles rose 3.72 percent compared to last year while those of fuel, power and lighting fell 1.8 percent compared to the year ago period.

Inflation for food articles stood at 4.91 percent, according to the Commerce Ministry statement.

• Trades at a three-month high
• Top gainer on the Nifty Pharma index
• Second highest gainer on the Nifty Midcap index
• Gains for the sixth straight session
• Back to back days of over 10 percent gains
• Up over 60 percent in the last six sessions
• Best six-day rally on record
• The stock today has gained on high volumes
• Volumes today are 5.2 times higher than its 30-day average
• Relative Strength Index (RSI) at 74. A reading above 70 indicates stock is overbought
• Has doubled from its 52-week low of Rs 168 on March 13, 2020
• 20 out of the 32 analysts tracking the stock have a buy recommendation
• Return potential for the stock as per Bloomberg data is 13 percent

• Benchmark indices off day's high but holding on to gains
• Nifty up 2.2 percent at 9,193
• Sensex up 2 percent at 31,327
• Nifty Bank up 2.1 percent at 19,904
• Nifty Midcap Index up 3 percent
• Nifty Smallcap Index up 3.3 percent
• India Volatility Index down 4.74 percent to 49
• All sectoral indices trade with gains
• Nifty FMCG index top sectoral gainer; up 4.2 percent
• Nifty Pharma and Nifty Metal up 3 percent each
• Nifty I.T., Nifty PSU Bank and Nifty Realty up 2 percent
• UPL remains the top Nifty gainer; up 15.6 percent
• Kotak Mahindra Bank top Nifty loser; down 1 percent
• 1,458 stocks are advancing while 283 are trading with losses

• Trades at an all-time high
• Gains as much as 10.4 percent to Rs 7,961
• Biggest one-day gain since September 2014
• Up in 7 out of the last 10 trading sessions
• Up close to 30 percent in the last 10 trading sessions
• Best 10-day return since June 2000
• The stock has gained today on strong volumes
• Volumes are 3 times higher than its 30-day average
• 11 out of the 13 analysts tracking the stock have a buy recommendation
• The stock is trading 3.4 percent higher than its 12-month Bloomberg Consensus target of Rs 7,536

Shares of the pipe company are locked in a five percent upper circuit to Rs 71.45 after it informed the exchanges that it has resumed operations at its plant in Anjar, Gujarat.

The press release also stated that the company has resumed pipe operations and partially the coating operations at Dammam in Saudi Arabia.

This is the third upper circuit for the stock in the last six trading sessions.

Shares of the manufacturer and distributor of automotive parts surged as much as 18.5 percent to Rs 74.80. This is the biggest one-day gain for the stock since February 13, 2009.

The company in a press release stated that its production levels in China have risen to Pre-Covid-19 levels and it has also reduced its net debt to Rs 7,150 crore, which is the lowest in 11 quarters. It added that it has no major maturities of debt in the next 12 months.

To further enhance liquidity levels, the company's Board of Directors have given an in-principle approval to raise up to Rs 1,000 crore.

The stock is the top gainer on the Nifty Auto index.

The smallcap private lender surged as much as 5.8 percent to Rs 87.40 after it updated the exchanges of its March quarter business performance.

The bank's gross advances remained flat on a sequential basis at Rs 25,677 crore while its deposits saw a 2 percent growth. CASA deposits fell 6 percent. Liquidity Coverage Ratio of the bank stood at over 130 percent.

The press release also stated that its top-20 depositors concentration ratio has now fallen to 9.3 percent from 12 percent of total deposits, due to its focus on retail deposits.

22 out of the 30 analysts tracking the stock have a buy recommendation. Return potential of the stock as per Bloomberg data is 118 percent.

The gold financier has snapped a five-day gaining streak in today's trading session, falling as much as 7.34 percent to Rs 691.25.

Ratings agency Moody's has revised the company's outlook to negative from stable, citing Covid-19 and deteriorating global economic outlook as some of the factors.

The stock has declined on strong volumes today. Volumes on the stock are two times higher than its 30-day average. It is also the worst performer on the Nifty Midcap Index.

• State Bank Of India’s 200 Call: Premium rises 26.2 percent to Rs 9.85. The contract has added 12.2 lakh shares in Open Interest.
• ICICI Bank’s 360 Call: Premium rises 51.78 percent to Rs 19.20. The contract has added 6.1 lakh shares in Open Interest.
• Sun Pharma’s 500 Call: Premium rises 33.8 percent to Rs 28.70. The contract has shed 91,250 shares in Open Interest.

• Nifty April futures add 4.8 percent in Open Interest and 4.66 lakh shares
• Nifty Bank April futures add 11.3 percent in Open Interest and 1.22 lakh shares

Nifty: April 16 Expiry

• 9,000 Put: Premium falls 72 percent to Rs 52. The contract has added 8.6 lakh shares in Open Interest.
• 9,500 Call: Premium up 10 percent to Rs 34.3. The contract has added 3.8 lakh shares in Open Interest.
• 9,200 Call: Premium up 52.2 percent to Rs 147. The contract has added 3.51 lakh shares in Open Interest.

Nifty Bank: April 16 Expiry

• 21,000 Call: Premium falls 4.5 percent to Rs 100.45. The contract has added 2.23 lakh shares in Open Interest.
• 19,000 Put: Premium falls 75 percent to Rs 91.75. The contract has added 2.8 lakh shares in Open Interest.
• 20,500 Call: Premium up 21.2 percent to Rs 240.2. The contract has added 1.85 lakh shares in Open Interest.

The company in a press release on Tuesday informed that its plants across the world continue to remain operational, following enhanced internal safety guidelines.

It also stated that its contingency and continuity plan to deal with the impact of Covid-19 is ongoing since the situation currently is ‘extremely fluid.’

The stock is the top gainer on the Nifty 50 index, gaining as much as 13.7 percent to Rs 369.60. This is the biggest one-day gain seen by the stock since July 23, 2018.

• Benchmark indices surge to the day's high
• Nifty up 2.5 percent at 9,215
• Nifty futures trade at a premium of 35 points
• Sensex up 2.5 percent at 31,428
• Nifty Bank up 2.9 percent at 20,053
• Nifty Midcap Index up 2.6 percent
• Nifty Smallcap Index up 3 percent
• India Volatility Index down 4.8 percent to 49
• All sectoral indices trade with gains
• Nifty FMCG, Pharma, Metal and PSU Bank indices gain 3 percent each
• Nifty Auto, I.T. and Realty indices gain 2 percent each
• UPL is the top Nifty gainer; up 11.6 percent
• Zee Entertainment is the only Nifty laggard; down 2.2 percent
• 1,372 stocks are advancing while 274 stocks trade with losses

The Indian currency opened stronger after a holiday on Tuesday and a flat close on Monday.

The rupee opened at 75.97 against the U.S. Dollar as compared to Monday's close of 76.28. Trade data for the month of March will be reported this evening. The country's trade deficit is expected to have fallen to $7 billion from $9.85 billion in the previous month.

Yield on the 10-year government treasury opened at 6.4710 versus Monday's close of 6.4950. Focus today will be on the Wholesale Price data which is expected to decline 1.4 percent, as per a Bloomberg survey.

The company has informed the exchanges that its Heavy Civil Infrastructure business has secured two contracts from the National Capital Region Transport Corporation (NCRTC) in Uttar Pradesh.

The contracts are to build Regional Rapid Transit System (RRTS) - a dedicated, high speed, high capacity rail system in the Delhi-Ghaziabad-Meerut corridor. The design speed for the project is 180 KMPH with an average operational speed of 100 KMPH, the company said.

The order falls under the ‘significant’ category, implying that the value of the said order ranges between Rs 1,000 - 2,500 crore.

Shares gained as much as 5.3 percent to Rs 911.90 and are up for the sixth day in a row.

Pharma major Lupin's Mandideep Unit-II facility received an Establishment Inspection Report after closure of the U.S. FDA inspection.

The U.S. FDA had inspected the facility between November 26 and December 4, 2018. The Mandideep Unit-II is a cardiovascular API manufacturing facility of the company.

Shares gained as much as 3.4 percent to Rs 854 and are up for the sixth day in a row. The stock has gained 45 percent during this period.

Shares of the iron ore and steel producer and supplier gained as much as 3.44 percent to Rs 94.80 before cooling off.

The company has informed the exchanges that it has won an export order to supply 12,000 tonnes of special grade Rail Blooms to France. The value of this order is estimated at around Rs 50 crore.

The company in its press release further stated that it has seen Expression of Interest from Britain as well as Australia for its products.

JSPL had also recently won a 2,308-ton supply order from Rail Vikas Nigam for development of the Kolkata Metro Corporation.

Shares are holding on to gains of 1 percent and are up for the fifth straight day.

Shares of the diagnostic player fell as much as 13.8 percent to Rs 1,152.

65 lakh shares of the company changed hands in four large trades on the Bombay Stock Exchange. Buyers and sellers of the trade were not immediately known, as per Bloomberg data.

Carlyle was looking to sell 65.5 lakh shares of the company with the Floor price set at a 17 percent discount to Monday's closing price of Rs 1,342.

Among other news surrounding the stock, the Supreme Court also clarified that free testing by private players of Covid-19 will only be for the poor and that they will be allowed to charge a fee.

Shares are down for the second straight day after snapping a three-day gaining streak on Monday.

Indian equity markets resumed on a positive note after Tuesday's holiday, erasing all the losses made during Monday's trading session.

The S&P BSE Sensex opened 1.9 percent higher at 31,277, while the NSE Nifty 50 index opened at 9,196, up by 2.25 percent. HDFC Twins, HUL and Infosys contributed to gains on the index.

Among sectoral indices, all of them opened with gains, led by the Nifty Bank, which opened 3.1 percent higher.

Market breadth was in favour of the gainers with 1,184 stocks opening trade with gains while 253 opened with losses.

• Buy Bharti Airtel for target of Rs 540 and stop loss of Rs 495
• Buy Lupin for target of Rs 870 and stop loss of Rs 800

• Buy CESC for target of Rs 520 and stop loss of Rs 494
• Buy HDFC Life for target of Rs 500 and stop loss of Rs 470

• Metropolis Healthcare: Carlyle looks to sell 65.5 lakh shares via a block deal. The floor price is set at a 17 percent discount to Monday's closing price.
• Hindalco: Completes acquisition of Aleris at an enterprise value of $2.8 billion which higher than the previously guided sum of $2.58 billion. EV is higher on account of higher debt assumed.
• Aviation Stocks: Interglobe Aviation and SpiceJet in focus after DGCA suspends all domestic and international flights till May 3.
• IRCTC: Railways Ministry said that cancellation of passenger trains services has been extended to May 3. For the cancelled trains, full refund of fares shall be arranged to passengers.
• Motherson Sumi: Production levels in China back to Pre-Covid-19 levels. Net debt at Rs 7,150 crore lowest in last 11 quarters.
• DCB Bank: The lender in its quarterly update has reported a two percent growth on a sequential basis during the March quarter. While CASA deposits declined six percent, gross advances remained flat at Rs 25,677 crore. As of March 31, the Liquidity Coverage Ratio of the bank is over 130 percent.
• JSW Steel: Moody's reviews the rating for a downgrade. Outlook has been revised to ratings under review from stable.

Find out all that you need to know going into today’s trading session here.

• Benchmark indices surged higher on Tuesday on some signs that the Coronavirus outbreak is easing or levelling off.
• The S&P 500 ended 3 percent higher to end at a one-month high
• Tech stocks pushed the Nasdaq beyond its 50, 100 and 200-day moving average
• The U.S. dollar retreated against its major peers
• Yields on the 10-year treasury fell two basis points to 0.75 percent
• West Texas Intermediate crude fell 7.7 percent to $20.68 per barrel. The commodity trades with gains today.

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.1 percent to 9,205 as of 6:50 a.m.

Asian stocks are mixed on Wednesday morning as investors look at earnings to gauge the economic impact of the Covid-19 outbreak. The dollar has held its losses while the Yen has edged higher.

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