Sensex, Nifty End Lacklustre Session With Third Day Of Gains

• Benchmark indices end higher for the third straight day
• Nifty ends 0.44 percent higher at 9,106
• Nifty futures trade at a discount of 40 points
• Sensex ends 0.37 percent higher at 30,932
• Nifty Bank ends 0.6 percent lower at 17,735
• Nifty Midcap index ends 0.8 percent higher
• Nifty Smallcap index ends 0.6 percent higher
• India Volatility Index ends 7.8 percent lower at 33
• Nifty Bank ends as the top sectoral laggard; down 0.6 percent
• Nifty Auto ends as the top sectoral gainer; up 2.6 percent
• ITC ends as the top sectoral gainer; up 7.1 percent
• Bajaj Finserv ends as the top Nifty loser; down 3.6 percent
• 1,066 stocks on the NSE end with gains while 666 end with losses

Indian equity markets ended higher for the third straight day. However, the gains were modest as compared to Tuesday and Wednesday. Investors chose to wait on the sidelines for further cues on opening up of the economy.

European markets continue to trade with losses while futures on the Dow Jones remain lower by 150 points.

The S&P BSE Sensex ended 0.37 percent higher at 30,932 while the Nifty 50 index ended at 9,106, up by 0.44 percent.

Both the benchmarks have nearly erased losses for the week. As of close on Thursday, the Sensex is down 0.6 percent while the Nifty is 0.4 percent lower for the week.

Among sectoral Indices, the Nifty Bank emerged as the primary underperformer, ending 0.6 percent lower. Among the gainers, Nifty Auto and Nifty FMCG ended with gains of 2 percent while Nifty Media and Nifty Metal gained 1.5 percent each.

• Top gainer on the Nifty 50 index
• Gains as much as 8.4 percent to Rs 190.6
• Up for the fifth straight day
• Longest winning streak since March 2019
• Trades at the highest level in over a month
• Up 16 percent in the last 5 trading sessions
• Today's volumes are 1.9 times higher than its 30-day average
• Nearing its 100-Day Moving Average of Rs 196.9

20.2 lakh shares of India's largest lender exchanged hands in a single large trade on the National Stock Exchange.

The deal took place at Rs 152.05, buyers and sellers of which remained unknown as per Bloomberg data.

Shares are trading 1 percent lower at Rs 151.90, their lowest level since February 2016.

• Among the top 10 best performers on the Nifty 500 Index
• Gains as much as 8.5 percent to Rs 459.5
• Up for the second straight day
• Has gained for two successive trading sessions for the first time in a month
• Has advanced only thrice in the last 14 trading sessions
• Up 12.5 percent in the last two sessions
• Today's volumes are 0.9 times higher than its 30-day average
• Made a 52-week low of Rs 362 on exactly the same day, last year (May 21, 2019)
• 12 out of the 15 analysts tracking the stock have a buy recommendation; 0 sell calls
• Return potential of the stock as per Bloomberg data is 21.8 percent

• Buy Hindalco at Rs 128 for target of Rs 135 and stop loss of Rs 124
• Sell ICICI Bank at Rs 304 for target of Rs 292 and stop loss of Rs 314

• Sell Reliance Industries for target of Rs 1,385 and stop loss of Rs 1,475
• Buy ITC for target of Rs 210 and stop loss of Rs 175

The company has informed the exchanges that it has further extended its strategic initiatives with Adobe.

The company now has an Adobe Accredited Partner Solution for Adobe Experience Cloud Application, it said in a statement.

Shares gained as much as 4.65 percent to Rs 88.90, post the announcement

• Net profit fell 33 percent to Rs 1,339 crore
• Revenue down 20 percent to Rs 4,391 crore
• Ebitda down 30 percent to Rs 1,961 crore
• Ebitda margin narrows to 44.7 percent from 50.8 percent
• All numbers are standalone and compared on a year-on-year basis
• Zinc cost of production rose 4 percent to $997
• Lower LME prices and metal premium impacts topline
• Had declared dividend of Rs 16.5 per share on May 12, 2020
• Defers FY21 guidance to end of Q1 due to Covid-19 uncertainty

Shares fell as much as 2.1 percent to Rs 167.1, post the announcement.

• Biggest single-day gain in two months
• Gains as much as 5.8 percent to Rs 649
• Up for the third straight day
• Gains close to 10 percent in the last 3 sessions
• Trades at the highest level in over two-months
• Closing in on its 100-Day Moving Average of Rs 657
• Today's volumes are 1.6 times higher than its 30-day average
• Has gained 67 percent from its 52-week low of Rs 384 on May 23, 2019
• 5 out of the 7 analysts tracking the stock have a buy recommendation; 0 sell calls
• The stock is trading 4 percent above its 12-month consensus price target of Rs 618, implying a negative return potential

• Benchmark indices continue to consolidate
• Nifty up 0.84 percent at 9,143
• Nifty futures trade at a discount of 25 points
• Sensex up 0.9 percent at 31,092
• Nifty Bank up 0.6 percent at 17,949
• Nifty Midcap Index up 1.1 percent
• Nifty Smallcap Index up 1 percent
• India Volatility Index down 8.2 percent to 32.86
• Nifty Auto index is the top sectoral gainer; up 2.7 percent
• Nifty Media and Nifty Metal up over 2 percent each
• Hindalco is the top Nifty gainer; up 6.8 percent
• NTPC is the top Nifty laggard; down 2.9 percent
• 1,112 stocks on the NSE trade with gains while 561 decline

The currency ended with gains in today's trading session, tracking positive cues from the equity markets and reversed Wednesday's losses.

The rupee ended at 75.61 against the U.S. Dollar as compared to Wednesday's close of 75.80.

Today's gains made rupee the best performing currency among its Emerging Peers.

Yield on the 10-year government bond ended at 5.777 percent as compared to the opening level of 5.769 percent.

• Net profit up 1 percent to Rs 204.1 crore
• Revenue down 7.6 percent to Rs 1,062 crore
• Ebitda down 15.3 percent to Rs 263.2 crore
• Ebitda margin narrows to 26.9 percent from 24.6 percent
• Lower corporate tax aids profitability
• Reports volume de-growth of 8 percent during the quarter
• Declares a dividend of Rs 16 per share

Shares fell as much as 2.2 percent to Rs 1,321, post the announcement.

• Reliance Industries' 1,500 Call: Premium falls 12.6 percent to Rs 10.75. The contract has added 73,730 shares in Open Interest.
• InterGlobe Aviation's 1,000 Call: Premium up 120 percent to Rs 32.85. The contract has added 54,000 shares in Open Interest.
• Bajaj Finance's 2,100 Call: Premium falls 40.9 percent to Rs 38. The contract has added 1.13 lakh shares in Open Interest.

• Total income rises to Rs 13,294 crore from Rs 12,995 crore
• Net profit falls to Rs 194 crore from Rs 839 crore
• Lending Assets impairment in the quarter at Rs 1,950 crore from Rs 410 crore last year

Shares trade 1 percent lower at Rs 4,657.5, post the announcement.

The company has informed the exchanges that its board meeting, scheduled to be held today to consider the company's fourth quarter results has been postponed due to inclement weather.

The meeting will now be held on Friday to consider results as well as approve issuance of Non-Convertible Debentures (NCDs) on private placement basis.

The board will also consider any premature redemption or buyback or change in terms of the NCDs whenever required.

Shares trade 4.55 percent higher at Rs 412.75 on the National Stock Exchange.

• Trades at the highest level since August 2018
• Top performer on the Nifty Smallcap Index
• Gains as much as 9.2 percent to Rs 128.5
• Up in four out of the last five trading sessions
• Gains over 24 percent in the last five trading sessions
• Today's volumes are 6.9 times higher than its 30-day average
• Stock in overbought territory with Relative Strength Index at 76
• Stock has nearly doubled from its 52-week low of Rs 67.75 on August 23, 2019
• None out of the 13 analysts tracking the stock have a buy recommendation; 9 sell calls
• The stock is trading 41 percent above its 12-month consensus price target of Rs 74, implying a negative return potential

Benchmark indices across Europe failed to sustain Wednesday's gains after rising tensions between U.S. and China.

The Stoxx 600 index has opened 0.8 percent lower with the auto sector leading the declines. Healthcare along with Food & Beverage continues to outperform.

Most Asian markets ended with a negative bias while futures on the Dow Jones continue to trade lower by 150 points.

Brent Crude for the July contract trades 1.6 percent higher at $36.34 per barrel while Spot Gold is lower by 0.6 percent at $1,737/Oz.

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

• Euro Stoxx 50 down 1.2 percent to 2,907
• DAX down 1.2 percent to 11,085
• CAC down 1.2 percent to 4,443
• FTSE 100 down 0.8 percent to 6,018
• IBEX 35 down 1.55 percent to 6,580

• The government says 1/3rd of the total flights will be allowed on the first day of resumption
• Airlines are mandated to supply protection kits to passengers
• Cabin crew is also mandated to wear PPE kits of WHO standards
• The government has also asked airlines to follow fare limits given by the government

From Bloomberg

• Trades at an all-time high
• Top gainer on the Nifty Midcap index
• Gains as much as 9.1 percent to Rs 382
• Gains the most in a month
• Third straight day of gains
• Up 11.6 percent in the last 3 trading sessions
• Has gained for 7 out of the last 10 trading sessions
• Today's volumes are 5.7 times higher than its 30-day average
• Stock trades in overbought territory with Relative Strength Index (RSI) at 82
• Has gained 80 percent from its 52-week low of Rs 212.55 on March 30, 2020
• 5 out of the 10 analysts tracking the stock have a buy recommendation; 3 sell calls
• The stock trades 6.7 percent higher than its 12-month consensus price target of Rs 348, implying a negative return potential

21.69 lakh shares of the state-run company, exchanged hands in a single large trade. The deal took place at Rs 73.30 per share, as per Bloomberg data.

Buyers and sellers of the trade were not immediately known.

Shares gained as much as 4.5 percent to Rs 74.05 on volumes that are 1.8 times higher than its 30-day average.

• Benchmark indices continue to consolidate
• Nifty up 0.6 percent at 9,121
• Nifty futures trade at a discount of 12 points
• Sensex up 0.57 percent at 31,994
• Nifty Bank up 1 percent at 18,018
• Nifty Midcap Index up 1.5 percent
• Nifty Smallcap Index up 1.3 percent
• India Volatility Index down 6.4 percent to 33.51
• Nifty PSU Bank is the top sectoral gainer; up 2.9 percent
• Nifty Auto and Nifty Media hold on to gains of over 2 percent
• Nifty FMCG, Nifty Realty and Nifty Pharma gain between 0.5-1 percent
• Bajaj Auto remains the top Nifty gainer; up 3.6 percent
• Shree Cement is the top Nifty laggard; down 2.5 percent
• 1,170 stocks on the NSE trade with gains while 462 trade with losses

The company has informed the exchanges that it has won orders for supply of 102 KMT of pipes.

Out of these orders, one 90 KMT order is for its U.S. facility, from a North American customer for a pipeline to be commissioned in the country.

The company's order book now stands at 764 KMT valued at Rs 6,200 crore, the exchange filing said.

Shares trade little changed after gaining as much as 1.67 percent to Rs 58. The stock trades lower for the sixth straight session.

India's NBFCs need to repay a record amount of local bonds due in the month of June, but elevated stress in the credit market may make it tough for some to refinance their debt, Bloomberg News reports.

NBFCs in India need to repay $7.1 billion or Rs 53,900 crore worth of bonds maturing in June, a monthly record, according to data compiled by Bloomberg.

Yield premiums on the three-year rupee bonds of top-rated NBFCs over government debt of similar maturity hit their highest since at least 2012 last Friday.

The company has informed the exchanges that it has signed an agreement with Delaware-based Treeni Sustainability Solutions to acquire up to 24 percent stake in the company.

An investment of $1 million, including cash as well as services is the estimated cost of the acquisition, as per the company's exchange filing.

The deal is likely to be completed within a span of 12-18 months, the company said.

Shares gained as much as 5 percent to Rs 208.4, post the announcement.

Shares of the company gained as much as 14.88 percent, the most since May 2012 after its fourth quarter earnings.

Some of the key highlights of the fourth quarter were:

• 7.5 percent rise in revenue in U.S. Dollar terms to $125.6 million
• 8.9 percent rise in its rupee revenue to Rs 907 crore
• The company signed Total Contract Value (TCV) deals of $125 million
• It has also recommended a final dividend of Re 1 per share
• Net cash on books as of FY20 stood at Rs 666 crore

Shares are trading at the highest level in over two months, up 13.2 percent at Rs 77.60. It is also the best performing stock on the Nifty 500 index.

The drugmaker reported a 32.4 percent rise in its revenue in the fourth quarter compared to last year.

While an other income component of Rs 53 crore, boosted net profit by 45.3 crore, Ebitda margins narrowed to 22.2 percent from 24.7 percent. Higher raw material and employee expenses dented margins.

Exports for the company grew 43 percent to Rs 490 crore while sales in India saw a rise of 11 percent from the previous year.

Shares gained as much as 9.2 percent to Rs 1,572. The stock is trading at the highest level since January 2018.

• Nifty May futures add 5.3 percent in Open Interest and 4.12 lakh shares
• Nifty Bank May futures add 16.5 percent in Open Interest and 2.1 lakh shares

Nifty: Today's Expiry

• 9,200 Call: Premium falls 75.2 percent to Rs 4.2. The contract has added 26.85 lakh shares in Open Interest.
• 9,000 Put: Premium falls 90.3 percent to Rs 3.4. The contract has added 28.9 lakh shares in Open Interest.
• 9,100 Call: Premium falls 28.9 percent to Rs 32.3. The contract has added 11.26 lakh shares in Open Interest.

Nifty Bank: Today's Expiry

• 18,500 Call: Premium falls 71.7 percent to Rs 7.9. The contract has added 12.1 lakh shares in Open Interest.
• 18,000 Put: Premium falls 81.4 percent to Rs 55.45. The contract has added 9.8 lakh shares in Open Interest.
• 17,800 Put: Premium falls 93.6 percent to Rs 12.65. The contract has added 7.25 lakh shares in Open Interest.

The New Delhi-based cement player's net profit more than doubled in the fourth quarter to Rs 100.8 crore. This is higher than the Bloomberg estimate of Rs 65 crore.

Although revenue declined 9.5 percent, ebitda was up 54 percent while Ebitda margin expanded to 19 percent from 11.2 percent

Lower fuel and transportation costs along with softening of petcoke prices were factors behind the rise in margins.

Shares gained as much as 10.6 percent to Rs 220.8 and are up for the third straight session. The stock has gained over 11 percent in the last 3 trading sessions.

• Benchmark indices see modest gains
• Nifty up 0.5 percent at 9,113
• Nifty futures trade at a discount of 11 points
• Sensex up 0.54 percent at 30,988
• Nifty Bank up 1.4 percent at 18,094
• Nifty Midcap Index up 1.5 percent
• Nifty Smallcap Index up 1 percent
• India Volatility Index down 4.1 percent to 34.17
• All sectoral indices trade with gains
• Nifty I.T., Metal and Pharma index are flat
• Nifty Auto and Nifty Media index up 1.8 percent
• Nifty PSU Banking index is the top sectoral gainer; up 2 percent
• Bajaj Auto is the top Nifty gainer; up 4 percent
• NTPC is the top Nifty laggard; down 2.7 percent
• 1,111 stocks on the NSE trade with gains while 449 trade with losses

The currency has opened with gains in today's trading session after ending with losses on Wednesday.

The rupee opened at 75.61 against the U.S. Dollar as compared to Wednesday's close of 75.80.

Kotak Securities believes that robust corporate inflows will keep a check on the rupee's losses.

Fitch Ratings however has said that India is on the path for a rating cut due to high public debt levels and a double-digit fiscal deficit.

Yield on the 10-year government bond opened at 5.77 percent as compared to Wednesday's close of 5.78 percent.

The company has informed the exchanges that the plans to sell its Kamalanga power plant in Odisha has been put on hold due to the Covid-19 pandemic.

The note said that the pithead plant is fully operational and that the deal will be re-visited once the situation normalises.

In its post-earnings press release on Wednesday, JSW Energy too had mentioned that the deal, signed in February is now on hold.

Shares are up for the second straight day, gaining as much as 2.3 percent to Rs 17.7.

The company reported a decline of 71.6 percent in its net profit compared to the previous year. This was mainly due to a one-time provision of Rs 32.3 crore that it made for its Sri Lankan arm, the Covid-19 crisis and for the investments made in the corporate bonds of IL&FS, DHFL & Reliance Capital.

The company's Same-Store-Sales-Growth saw a de-growth of 3.4 percent in the current quarter, while the Ind-AS 116 impact saw its margins expanding to 18.9 percent from 17.1 percent.

Shares gained as much as 6.1 percent to Rs 1,615 post the announcement.

Both airline companies have opened with gains after the Ministry of Civil Aviation informed that domestic flight operations will recommence from May 25 in a phased manner.

Civil Aviation Minister Hardeep Singh Puri also informed that airlines and airports are being informed of the same.

The DGCA will be meeting the Civil Aviation Ministry today to discuss the plans to resume flight operations. More details on the same are awaited.

Shares of InterGlobe Aviation gained as much as 9.9 percent to Rs 1,002, while those of SpiceJet are locked in a 5 percent upper circuit at Rs 42.85, snapping a three-day losing streak.

Indian equity markets have opened on a tepid note, as the country added over 5,000 new Covid-19 cases for the second straight day and mixed global cues.

Most Asian markets are trading flat while futures on the Dow Jones are lower by 135 points.

The S&P BSE Sensex opened 0.3 percent higher at 30,904 while the NSE Nifty 50 index was flat at 9,079. 32 out of the 50 Nifty constituents opened with healthy to modest gains.

Both benchmark indices had ended with gains of over 2 percent on Wednesday.

All sectoral indices have opened flat. The Nifty Bank and the Nifty Metal index have opened with gains of 0.4 percent.

• Buy Nifty on declines towards 9,000 for target of 9,120 and 9,230 keeping a stop loss of 8,900
• Buy Cadila Healthcare for target of Rs 352 and stop loss of Rs 328
• Buy Godrej Consumer for target of Rs 610 and stop loss of Rs 536

• Buy Nifty around 9,020 for target of 9,120-9,180 and stop loss of 8,960
• Buy Torrent Pharma for target of Rs 2,580 and stop loss of Rs 2,420
• Buy Adani Ports for target of Rs 334 and stop loss of Rs 314

• Bajaj Auto: Net profit flat while better realisations help margins expand to 18.4 percent from 16.5 percent. Overall exports rose 7 percent while domestic sales were down 33 percent. Realisations rose 11 percent to Rs 68,711 per unit.
• Reliance Industries: KKR is in talks to invest as much as $1 billion in Jio Platforms, as per an Economic Times report.
• InterGlobe Aviation & SpiceJet: Domestic flight operations will recommence in a calibrated manner from May 25, as per Aviation Minister Hardeep Singh Puri.
• Tata Motors: Board approves offering subscription of NCDs aggregating to Rs 1,000 crore, on a private placement basis.
• Kalpataru Power: Board approves buyback of up to 72.72 lakh shares (4.7 percent of paid up equity capital) at a maximum price of Rs 275 per share, aggregating to Rs 200 crore. Buyback price is at a 43 percent premium to Wednesday’s closing price.
• Deepak Ferilisers & Chemicals: To consider rights issue on May 25.
• Jubilant Foodworks: Same-Store-Sales-Growth sees a contraction of 3.4 percent while net profit fell 71.6 percent to Rs 21 crore. The company has also made a one-time provision of Rs 32.3 crore for its Sri Lankan arm, impact of Covid-19 and for investments made in corporate bonds of DHFL, Reliance Capital & IL&FS.
• Strides Pharma: Reports net loss of Rs 203.9 crore on account of an exceptional loss of Rs 170 crore due to forex loss, inventory write-downs and other expenses due to the withdrawal of Ranitidine.
• Bajaj Finserv: Only Nifty company reporting earnings today.
• Non-Nifty Earnings Today: Hindustan Zinc, Bajaj Holdings, Birla Corp, Colgate Palmolive, Hawkins Cooker, Tata Metaliks, VST Industries, Quickheal Technologies, BSE

• Benchmark indices climb to their highest level in more than 10-weeks
• S&P 500 erased all of Tuesday's losses; ends 1.7 percent higher
• Benchmarks pulled back from their day's high after the senate passed a bill that can bar some Chinese companies from listing on American exchanges
• Minutes of the Federal Open Markets Committee suggested that U.S. central bankers saw the pandemic posing a severe economic threat and were also concerned by the risks to financial stability.
• The Bloomberg Dollar Spot Index fell 0.3 percent
• Yield on the 10-year treasury stood at 0.69 percent
• West Texas Intermediate Crude advanced 3 percent to $33.61 per barrel. The commodity trades flat today.

Get all the live action from global equity markets here.

Good Morning!

Today is the weekly expiry of the options contracts of Nifty and Nifty Bank.

Indian markets are likely to open lower today after closing with gains on Wednesday. The SGX Nifty—an early indicator of NSE Nifty 50 Index’s performance in India—fell 0.7 percent to 9,016 as of 7:50 a.m.

Asian markets are following their Wall Street peers higher Thursday morning as economies continue to gradually re-open after the Covid-19 lockdown.

Futures on the Dow Jones are at the lowest point of the day, trading 172 points down. The benchmark gauge ended 1.5 percent higher on Wednesday.

Treasuries have dipped, while oil prices are flat around the $33-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.