Sensex, Nifty End Lower Led By Private Banks, I.T.

• Benchmark indices end with cuts of 3 percent each
• Nifty ends 3 percent lower at 8,981
• Sensex ends 3.2 percent lower at 30,636
• Nifty Bank ends 5.4 percent lower at 19,409
• Nifty Midcap index ends 3.1 percent lower
• Nifty Smallcap index ends 3.8 percent lower
• India Volatility Index up 4.35 percent to 45.34
• Nifty Pharma (Up 2.5 percent) the only sectoral gainer
• Nifty Bank (Down 5.4 percent), Nifty Auto (Down 5.3 percent), Nifty Media (Down 5.1 percent) and Nifty Metal (Down 5.1 percent) fall over 5 percent each
• Nifty PSU Bank and Nifty I.T. index fall over 3 percent each
• Dr. Reddy's Laboratories ends as top Nifty gainer; up 4.4 percent
• IndusInd Bank ends as top Nifty loser, down 12.2 percent
• 1,311 stocks ends the day with losses while 495 gain

Indian equity markets mirrored weak global cues and ended lower on Tuesday after a subdued session on Monday.

The S&P BSE Sensex ended 3.2 percent lower at 30,636 while the NSE Nifty 50 index ended below the 9,000 mark at 8,981, down 3 percent. The Sensex ended over 1,000 points lower while the Nifty shed 280 points. Private Banks and I.T. were the principal laggards in today's trading session.

Among sectoral indices, barring Nifty Pharma (Up 2.2 percent), all indices ended with losses. The Nifty Bank, Nifty Auto, Nifty Metal and Nifty Media ended with cuts of over 5 percent while the Nifty PSU Bank and Nifty I.T. index fell over 3.5 percent each.

1,318 stocks ended the session with losses while 488 managed to end with gains.

Mumbai-based private lender ICICI Bank, in a notice to the exchanges confirmed media reports that it has exposure to the Singapore-based Hin Leong group after it suffered huge financial losses owing to the crash in oil prices.

The latest report from Bloomberg states that the Singapore police has started probing the company, which owes more than $3.85 billion dollars to 20 banks. Hin Leong also revealed in court filings that it hid about $800 milion in losses.

The stock currently trades 8.9 percent lower at Rs 329 and is the top contributor to the Nifty downside.

• Revenue seen 11.3 percent lower at Rs 3,475.8 crore
• Ebitda seen 11.4 percent lower at Rs 528.45 crore
• Ebitda Margin seen flat at 15.2 percent
• Net profit seen 17.4 percent lower at Rs 279.61 crore
• Volumes seen 4 percent lower at 7.2 MT
• All numbers are standalone and compared on a year-on-year basis.

The stock trades 3.1 percent lower ahead of its earnings at Rs 1,138.95, snapping a six-day gaining streak.

The company has informed the exchanges that it has resumed manufacturing operations at Plant V in Jharkhand which was temporarily suspended due to the Covid-19 pandemic.

The company is also engaged with government authorities in order to seek the necessary approval to resume operations at its other sites as well.

Shares are locked in a 5 percent lower circuit at Rs 194.65. The stock snapped an eight-day gaining streak on Monday.

Bull Call Spread On The Nifty

• Buy 1 lot of 8,900 Call at Rs 160
• Sell 1 lot of 9,100 Call at Rs 68
• Net spread of Rs 92 for target of Rs 135 and stop loss of Rs 65

• Buy Berger Paints around Rs 522 for target of Rs 535 and stop loss of Rs 510
• Sell TCS around Rs 1,750 for target of Rs 1,650 and stop loss of Rs 1,782

• Buy Nifty futures at 8,940 - 8,950 for target of 9,116 and stop loss of 8,885
• Buy HDFC at Rs 1,675 for target of Rs 1,732 and stop loss of Rs 1,650
• Buy Infosys at Rs 638 for target of Rs 665 and stop loss of Rs 623

• Reliance Industries' 1,200 Call: Premium falls 37.3 percent to Rs 49. The contract has added 4.53 lakh shares in Open Interest.
• Aurobindo Pharma's 700 Call: Premium rises 620 percent to Rs 21.25. The contract has added 2.71 lakh shares in Open Interest.
• IndusInd Bank's 400 Put: Premium rises 86 percent to Rs 32.65. The contract has added 13,200 shares in Open Interest.

• Benchmark indices extend losses; fall to the day's low
• Nifty down 3.5 percent to 8,938
• Sensex down 3.7 percent to 30,492
• Nifty Bank down 5.8 percent to 19,333
• Nifty Midcap Index down 3.3 percent
• Nifty Smallcap Index down 4 percent
• India Volatility Index up 4.3 percent to 45.32
• Nifty Pharma (Up 3.1 percent) is the only sectoral gainer
• Nifty Auto, Nifty Media, Nifty Metal fall over 5 percent each
• Nifty I.T., Nifty Realty fall over 3 percent
• Dr. Reddy's remains the top Nifty gainer; up 4.4 percent
• IndusInd Bank remains the top Nifty laggard; down 12.2 percent
• 441 stocks are trading with gains while 1,344 are declining

The rupee ended lower for the second straight day, ending near its all-time low of 76.86 against the U.S. Dollar.

The local currency weakened to 76.83 against the greenback, as compared to Monday's close of 76.55. The currency hit a day's high of 76.60 towards noon before depreciating again.

Yield on the 10-year government bond ended at 6.20 percent as compared to 6.21 percent on Monday.

• Trades at an all-time low
• Falls as much as 9 percent to Rs 108.8
• Among the worst performers on the Nifty Midcap Index
• Down for the second day in a row
• Down 15 percent in the last two sessions
• Today's volumes are 1.1 times higher than its 30-day average
• The bank is slated to report its earnings on April 24
• 20 out of the 29 analysts tracking the stock have a buy recommendation; 6 sell calls
• Return potential of the stock as per Bloomberg data is 177 percent

Stock markets across Europe have opened with losses tracking negative cues from Asia and the U.S. Futures. Futures on the Dow Jones are down over 100 points after surrendering early gains.

Sentiment is cautious after reports suggested that the U.S. is monitoring stories about the health of North Korean dictator Kim Jong Un.

Here's a look at how benchmark indices across Europe are faring at the start of trade:

• Euro Stoxx 50 down 1.5 percent to 2,866
• DAX down 1.5 percent to 10,515
• CAC down 1.3 percent to 4,468
• FTSE 100 down 1.2 percent to 5,741
• IBEX 35 down 1.3 percent to 6,744

Shares of the integrated pharma and lifesciences company rose as much as 5 percent to Rs 352 on the National Stock Exchange.

Veteran investor Rakesh Jhunjhunwala increased his stake in the company to 4.41 percent from 3.45 percent, as per the company's latest shareholding pattern.

The stock has rebounded 53 percent from its 52-week low of Rs 230 on March 25, 2020.

• Best performer on the Nifty Midcap Index
• Locked in an upper circuit of 5 percent at Rs 217.35
• Gains for the 16th straight session
• 12th successive upper circuit of 5 percent
• Longest winning streak for the stock since listing
• Stock has jumped 104 percent in the last 16 sessions
• Today's volumes are 1.6 times higher than its 30-day average
• The stock has more than doubled from its 52-week low of Rs 103 on March 25,2020
• 3 out of the 5 analysts tracking the stock have a buy recommendation
• Return potential of the stock as per Bloomberg data is 11 percent

• Benchmark indices remain near the day's low with no signs of recovery
• Nifty down 2.7 percent at 9,011
• Nifty futures trade at a premium of 11 points
• Sensex down 2.8 percent at 30,751
• Nifty Bank down 4.4 percent to 19,614
• Nifty Midcap Index down 3 percent
• Nifty Smallcap Index down 3.2 percent
• India Volatility Index up 4 percent to 45.18
• Nifty Pharma (Up 3.5 percent) is the only sectoral gainer but off the day's high
• Nifty Auto and Nifty Media fall over 4.5 percent each
• Nifty I.T., Nifty PSU Bank Index fall over 2 percent each
• Dr. Reddy's Laboratories remains the top Nifty gainer; up 4 percent
• Top three Nifty 50 gainers are pharma stocks
• IndusInd Bank is the top Nifty laggard; down 11.1 percent
• 486 stocks are trading with gains while 1,251 are declining

• Among the worst performers on the Nifty 500 index
• Down for the second straight day
• Fell as much as 14 percent to Rs 589.35
• Down 25 percent in the last two sessions
• Worst two-day returns in a month
• Today's volumes are double than its 30-day average
• Brokerage firm UBS maintained its buy rating on the stock but cut its price target to Rs 1,000 from Rs 1,650
• 33 out of the 39 analysts tracking the stock have a buy call; 3 sell calls
• Return potential of the stock as per Bloomberg data is 80.7 percent

The company has informed the exchanges that its manufacturing plants located in Guwahati have resumed operations in-line with the terms and conditions of the Government of Assam. The plants were temporarily shut due to the spread of Covid-19.

Shares are currently fluctuating between gains and losses after falling as much as 6.7 percent to Rs 471.95. The stock surged 8.4 percent in trade on Monday after Smallcap World Fund sold 2.44 lakh shares or 1.04 percent stake in the company on Friday in a large trade.

• Reliance Industries' 1,300 Call: Premium falls 41.9 percent to Rs 17.75. The contract has added 2.95 lakh shares in Open Interest.
• Sun Pharma's 500 Call: Premium rises 71.4 percent to Rs 21. The contract has added 2.2 lakh shares in Open Interest.
• Aurobindo Pharma's 600 Call: Premium rises 312 percent to Rs 52.5. The contract has added 2.08 lakh shares in Open Interest.

• Nifty April futures add 7.7 percent in Open Interest and 7.23 lakh shares
• Nifty Bank April futures add 18.1 percent in Open Interest and 2.05 lakh shares

Nifty: April 23 Expiry

• 9,000 Put: Premium up 96.7 percent to Rs 131.2. The contract has added 89,175 shares in Open Interest.
• 9,200 Call: Premium falls 69.3 percent to Rs 53.5. The contract has added 9.15 lakh shares in Open Interest.
• 8,800 Call: Premium up 98.5 percent to Rs 59.75. The contract has added 2.02 lakh shares in Open Interest.

Nifty Bank: April 23 Expiry

• 19,000 Put: Premium up 88.3 percent to Rs 230. The contract has added 59,340 shares in Open Interest.
• 21,000 Call: Premium falls 74.5 percent to Rs 82.45. The contract has added 2.35 lakh shares in Open Interest.
• 20,500 Call: Premium falls 70.45 percent to Rs 155.1. The contract has added 2.24 lakh shares in Open Interest.

Shares of the Delhi-based pharma company are locked in a 10 percent upper circuit at Rs 16.

The company got the license to manufacture Hydroxychloroquine (HCQ) from the State Drug Controller in Himachal Pradesh. The drug will be manufactured at its Baddi unit.

The company is also in the process of manufacturing Infrared Thermometers, alcohol-based hand sanitisers, hand wash, hand rubs and face masks.

Shares of the company with a market capitalisation of Rs 719.2 crore snapped a two-day losing streak in today's trading session.

• Benchmark indices trade near the day's low
• Nifty down 2.7 percent to 9,012
• Nifty futures trade at a premium of 12 points
• Sensex down 2.7 percent to 30,774
• Nifty Bank down 4 percent to 19,692
• Nifty Midcap Index down 2.3 percent
• Nifty Smallcap Index down 2.5 percent
• India Volatility Index up 3.5 percent to 45
• Nifty Metal is the top sectoral laggard; down 5.1 percent
• Nifty Auto (Down 4.6 percent), Nifty I.T. (Down 3.3 percent), Nifty Media (Down 3.5 percent) are among the other sectoral laggards
• Nifty Pharma (Up 2.5 percent) and NIfty FMCG (Up 0.4 percent) are outperforming
• Dr Reddy's Laboratories is the top Nifty gainer; up 2.7 percent
• Hindalco is the top Nifty loser; down 8.9 percent
• 473 stocks are advancing while 1,176 trade with losses

The currency opened on a weak note in today's trading session. The rupee opened at 76.73, compared to Monday's close of 76.55 against the U.S. Dollar. This is the second straight day of losses for the local currency.

Yield on the 10-year bond too opened at 6.19 percent after cooling off on Monday to end at 6.21 percent.

The company has informed the exchanges that its Unit-IV, an injectable manufacturing formulation facility has received a VAI status from the U.S. FDA. The inspection was conducted between November 4-13, 2019.

The U.S. FDA had earlier revoked the compliance letter after granting it in February leading to sharp swings in the stock.

Shares rose as much as 14.1 percent to Rs 617.60 and are the top gainer on the Nifty Pharma index.

The construction arm of the company has secured 'significant' contracts for its various businesses, as per its press release.

The company's Metallurgy and Material Handling Business has won an order from BHEL to manufacture and supply heavy material handling equipment with high end automation for its Thermal Power Plant in Telangana.

It has also won an EPC order from Birla Copper, a unit of Hindalco to revamp its Copper smelter at Dahej.

The Smart World & Communication business has won a smart-city project in Uttar Pradesh while the GeoStructure business has won an order from the State Project Management Unit in West Bengal.

Shares fell as much as 3.85 percent to Rs 880.35 and are down for the second day in a row. The stock snapped an eight-day winning streak on Monday.

The stock is among the top laggards on the Nifty 50 index in today's trading session. Shares fell as much as 8.1 percent to Rs 2,120.

Brokerage firm UBS downgraded the stock to sell from neutral and also cut its price target sharply to Rs 1,600 from the earlier Rs 4,600.

UBS believes that risks to Bajaj Finance's asset quality are high owing to its exposure to the self-employed, two-wheeler, unsecured personal loans and SME segments.

The revision in price target implies at 30 percent downside from the current levels and and that risks are tilted towards a slower economic recovery, according to UBS.

Shares of the company rose 4.2 percent to Rs 760 after its fourth quarter earnings. It is the only gainer on the 10-stock Nifty I.T. index.

The company saw an 8.3 percent growth in its topline compared to last year while Ebitda rose 6.5 percent. Higher taxes were offset by low other expenses which aided the company's bottomline, which rose 15.1 percent.

The company also declared a dividend of Rs 16.5 per share. Shares are up for the second day in today's trading session.

Indian equity markets opened Tuesday's trading session on a weak note, tracking negative cues from the Asia Pacific as well as those from the U.S. overnight.

The S&P BSE Sensex opened 2.57 percent lower at 30,836 after it managed to eke out minor gains on Monday. The NSE Nifty 50 index opened at 9,016, lower by 2.64 percent.

All sectoral indices opened with losses with the Nifty Bank being the top laggard, opening with losses of 3.5 percent. Nifty Auto, Nifty Metal, Nifty Media and Nifty I.T. opened with cuts of over 2 percent.

1,139 stocks opened the trading with gains while 716 opened with losses.

• Buy Nifty futures for target of 9,600 and stop loss of 8,900
• Buy RIL futures above Rs 1,230 for target of Rs 1,450 and stop loss of Rs 1,140
• Buy BPCL futures above Rs 367 for target of Rs 400 and stop loss of Rs 353

• Buy HPCL for target of Rs 232 - Rs 240 and stop loss below Rs 224
• Sell Hindalco for target of Rs 112 - Rs 110 and stop loss above Rs 119.10

• Reliance Industries: Bloomberg News reports that the European Union has cleared the deal with British Petroleum.
• Morepen Laboratories: Gets license to manufacture Hydroxychloroquine from the State Drug Controller last week for its Baddi plant in Himachal Pradesh and is working to commercialize the production of HCQ in both API as well as tablets form. Company is also making infrared thermometers, hand sanitizers, hand wash and face masks.
• TCS: Enters into a strategic partnership with Amway to transform Amway’s global technology operations.
• JK Lakshmi Cement: Integrated plants at Rajasthan and Chhattisgarh have become operational and have resumed cement dispatches.
• Amara Raja Batteries: Andhra Pradesh plant has resumed operation on a limited scale and most of the operations still stand suspended due to restrictions. However, the Company is fully prepared to scale up the operations based on the requirements and needs of the customers as said in the press release.
• KEC International: Factories in Brazil and Mexico, identified as an Essential Sector in the respective geographies have been operational throughout. Company has commenced operations at some of its T&D/Railways/Civil sites after receiving the requisite approvals.
• Heidelberg Cement: Resumed partial operations in some of its manufacturing units and is in the process of doing so for other units.
• Shriram Transport Finance: Board to seek shareholders nod to raise up to Rs 35,000 crore.
• Excel Industries: Manufacturing operations have restarted and will be ramped up gradually.
• HUDCO: To consider raising Rs 1,500 crore via bonds on April 24.
• L&T: Allotted NCDs worth Rs 1,250 crore which will mature in April 2023.

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

• Benchmark indices fall from a six-week high
• S&P 500 halts a two-day advance while the Dow Jones ends over 2 percent lower
• West Texas Oil futures expiring today turned negative for the first time
• U.S. lawmakers close to a deal to top up funds for small businesses
• MSCI All-Country World Index fell 1.2 percent
• Bloomberg dollar-spot index rose 0.4 percent

Find out all the action on the Asian markets here.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 1.33 percent to 9,131 as of 8:00 a.m.

Asian markets are declining for the second day in a row after an overnight slump on wall street. Markets in Japan, Australia, Hong Kong and Shanghai are seeing modest losses. South Korean markets as well as the Won have slid after CNN reported that North Korean dictator Kim Jong Un is in grave danger after surgery.

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