Sensex, Nifty End Near Day’s Low; Banks, I.T. Stocks Drag

• Benchmark indices end near the day's low
• Nifty ends 1.2% lower at 10,046
• Sensex ends 1.2% lower at 33,956
• Nifty Bank ends 2.2% lower at 20,724
• Nifty Midcap Index ends 0.4% lower
• Nifty Smallcap Index ends 1.4% lower
• India Volatility Index ends 2.1% higher at 30.26
• Nifty Media Index ends as the top sectoral laggard; down 3.3%
• Nifty Pharma ends as the top sectoral gainer; up 1.8%
• Nifty I.T., Metal and PSU Bank Indices end over 1% lower
• Dr Reddy's Laboratories ends as the top Nifty gainer; up 3.8%
• ICICI Bank ends as the top Nifty laggard; down 3.7%
• 749 stocks on the NSE ended with gains while 1,084 declined

Indian equity markets paused their winning run in eight out of the last 10 sessions, ending today's session near the lowest point of the day.

Both the S&P BSE Sensex and the NSE Nifty 50 index ended 1.2% lower at 33,956 and 10,046 respectively.

For the day, both Sensex and Nifty fell over 850 and 250 points from their day's high respectively.

Markets across Europe have extended their losses while futures on the Dow Jones are trading lower by nearly 350 points.

Among sectoral indices, the Nifty Media index ended as the top laggard with cuts of 3.5%. The Nifty Bank and the PSU Banking index ended 2.2% and 1.8% lower respectively.

The Nifty Pharma index outperformed in today's session, ending with gains of 1.6%.

Market breadth turned adverse in the second half of trade. 1,084 stocks on the NSE ended with losses while 784 managed to post gains.

• Up for the 10th straight day
• Longest winning streak since January 2017
• Trades at the highest level in three months
• Gains as much as 5% to Rs 82.25 in today's session
• Has gained 46% in the last 10 trading sessions
• Today's gains are on volumes that are 2.3 times higher than its 30-day average
• Trades in overbought territory with Relative Strength Index (RSI) at 74
• Has gained 49% from its 52-week low of Rs 55 on May 22, 2020
• Three out of the five analysts tracking the stock have a buy recommendation
• The stock trades 8.3% higher than its 12-month consensus price target of Rs 73, implying a negative return potential

• Standalone pharmacy revenue and business performance not impacted during the lockdown.
• Substantial reduction in inpatient case loands.
• Current embargo on international travel has impacted patient flows to hospital units located in major metros.
• Continue to evaluate the full impact of the pandemic on the business.
• Well positioned to continue to address the demand for high quality tertiary care across the country over the long-term.
• Do not anticipate any risks to recoverability of receivables or supply chain related bottlenecks.

Shares are off the day's high and trade little changed.

• Currently working at a reduced labour strength of 20%.
• Witnessing constraint on material availability.
• Likely to see adverse impact on sales and profitability during H1FY21.
• Hope to have 70-80% labour strength back on projects by June-end.
• Will have to manage with limited cash.
• Cost of operations will rise going forward.
• Have sufficient cash in the form of fixed deposits and partially unutilised fund-based credit facilities to meet short-term financial shortfalls.
• Seen delay in recovery of some trade receivables during the lockdown.

Shares are off the day's high after gaining as much as 6.5% in early trade.

The software services company has informed the exchanges that it has extended its partnership with global mining group Rio Tinto for another five years.

The deal will enable NIIT to continue providing a full range of managed learning services, consultancy, on-site support which will aid Rio Tinto's business imperatives across the globe.

Shares gained as much as 4.1% to Rs 94.40 post the announcement. The stock is up for the third straight day.

• Locked in an upper circuit of 5% at Rs 63.75
• Third straight day of upper circuit
• Has been in an upper circuit in eight out of the last nine trading sessions
• Gains in 11 out of the last 12 trading sessions
• Has gained 55% in the last 12 trading sessions
• Volumes are 4.1 times higher than its 30-day average
• Trading near its 100-Day Moving Average of 66.9
• Stock trades in overbought zone with Relative Strength Index (RSI) at 72
• Has nearly doubled from its 52-week low of Rs 34.3 on March 26, 2020
• All six analysts tracking the stock have a buy recommendation
• Return potential for the stock as per Bloomberg data is 17.6%

• Benchmark indices fall to the day's low
• Nifty down 0.6% at 10,108
• Sensex down 0.6% at 34,174
• Nifty Bank down 1.3% at 20,922
• Nifty Midcap Index trades little changed
• Nifty Smallcap Index down 0.6%
• India Volatility Index up 1.1% to 30
• Nifty Media is the top sectoral laggard; down 2.4%
• Nifty Pharma is the top sectoral gainer; up 2.4%
• Nifty Auto, Nifty I.T., Nifty Metal give up gains to trade with losses
• Dr Reddy's Laboratories remains the top Nifty gainer; up 3.9%
• GAIL and BPCL are the top Nifty laggards; down 3% each
• 818 stocks on the NSE trade with gains while 958 decline

The Indian currency ended little changed for the second straight day, tracking volatility in the equity markets.

The currency ended at 75.61 against the U.S. Dollar as compared to Monday's close of 75.54.

The rupee has not managed to outperform despite the U.S. Dollar declining for the ninth straight day - its longest losing streak in a decade.

Four other currencies managed to underperform the rupee in today's session - Malaysian Ringgit, Chinese Renminbi and its offshore version along with the Singapore Dollar.

Yield on the 10-year government bond ended at 5.776% as compared to the opening level of 5.789%.

The company has informed the exchanges that it has successfully commissioned a 270 MW thermal unit at the Bhadradri Thermal Power Project in Telangana.

The said unit is the first one to be commissioned at the project and work on the other three units is also in its advanced stage, the company said in an exchange notification.

This is the second unit commissioned under the MoU signed between the company and Telangana State Power Generation Corporation.

Shares gained as much as 8.6% to Rs 30.3 and are up for the third straight day.

• Reliance Industries' 1,600 Call: Premium falls 22% to Rs 33.9. The contract has added 1.93 lakh shares in Open Interest.
• RBL Bank's 150 Call: Premium up 57.4% to Rs 10. The contract has shed 3.52 lakh shares in Open Interest.
• Sun Pharma's 510 Call: Premium up 38% to Rs 20.7. The contract has added 18,750 shares in Open Interest.

• Net profit down 94% from the previous year to Rs 2.5 crore
• Revenue down 60% from the previous year to Rs 550 crore
• Operations affected in March due to factory shutdown on account of Covid-19
• Sales and profitability were impacted due to the lockdown. Quantum for the same cannot be assessed.
• Do not expect any impact of Covid-19 on company's ability to continue as a going concern.

Shares fell as much as 4.1% to Rs 205.3, post the announcement, snapping a three-day gaining streak.

• Among the top performers on the Nifty 500 index
• Gains as much as 8.9% to Rs 1,435
• Up for the ninth straight session
• Longest winning streak since March 2019
• Has gained 41% in the last nine trading sessions
• Today's volumes are 1.8 times higher than its 30-day average
• Stock in overbought territory with Relative Strength Index (RSI) at 75
• Has gained 70% from its 52-week low of Rs 845.75 on March 25, 2020
• 4 out of the 7 analysts tracking the stock have a buy recommendation; 2 sell calls
• Stock trades 16.4% above its 12-month consensus price target of Rs 1,164, implying a negative return potential

• Top performer on the Nifty Midcap Index
• Gains as much as 14.4% to Rs 151.6
• Biggest single-day gain since September 2019
• Trades at the highest level in over two months
• Has gained in 8 out of the last 11 trading sessions
• Up 33% in the last 11 trading sessions
• Today's volumes are 2.7 times higher than its 30-day average
• Trading above its 50-Day Moving Average of 124
• Has gained over 40% from its 52-week low of Rs 101.55 on April 22, 2020
• 19 out of the 30 analysts tracking the stock have a buy recommendation; 7 sell calls
• Return potential of the stock as per Bloomberg data is 19.1%

Markets across Europe are taking a breather, opening little changed despite overnight gains in the U.S.

The Stoxx 600 has opened 0.1% higher with gains led by oil and travel stocks. Banking and insurance stocks are the top laggards.

Barring Japan, most markets in Asia have gained while futures on the Dow Jones are little changed as well.

Brent Crude for the August contract rose 0.7% to $41.08 per barrel while Gold fell 0.2% to $1,695.6/Oz.

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

• Euro Stoxx 50 up 0.3% at 3,376
• DAX up 0.3% at 12,856
• CAC up 0.5% at 5,199
• FTSE 100 down 0.2% at 6,460
• IBEX 35 unchanged at 7,900

• Revenue seen 22% lower at Rs 6,130 crore
• Net profit seen 22% lower at Rs 569 crore
• Ebitda seen 34% lower at Rs 708 crore
• Ebitda margin may narrow to 11.6% from 13.6%
• All estimates are standalone and compared on a year-on-year basis

Key Factors At Play For Hero MotoCorp:

• Lower volumes to impact topline
• Volumes declined 25% compared to the previous year in the March quarter
• Margins may decline due to higher operating expense
• Realisations likely to be higher due to BS-VI transition
• Demand outlook in rural areas a key factor to watch

The stock trades 1.3% higher at Rs 2,415 and is up for the fourth straight day ahead of its earnings.

India's gold imports fell 99% for the month of May led largely by the lockdown due to Covid-19, Bloomberg News reports, citing people familiar with the data.

Shipments to the world's second-largest gold consumer fell to 1.3 tonnes in May from 105.8 tonnes in the same period last year.

Shipments had plunged to 60 kg in April, the lowest in at least a decade.

Data compiled by Bloomberg shows that imports by India have slumped more than 80% during the first five months of the year to 75.46 tonnes.

Spokesperson from the Finance Ministry was unavailable for commenting on the Bloomberg story.

• Trades at an all-time high
• Gains as much as 1.8% to Rs 4,350
• Up for the eighth straight day
• Longest winning streak since November 2004
• Has gained 20% in the last eight trading sessions
• Today's volumes are 25% below its 20-day average
• Stock trades in overbought territory with Relative Strength Index (RSI) at 76
• Has nearly quadrupled from its 52-week low of Rs 1,150 on August 2, 2019
• 1 out of the 4 analysts tracking the stock has a buy recommendation; 1 sell call
• The stock trades 22% higher than its 12-month consensus price target, implying a negative return potential

• Benchmark indices surge to the day's high
• Nifty up 1.2% at 10,288
• Sensex up 1.24% at 34,790
• Nifty Bank up 1.6% at 21,530
• Nifty Midcap Index up 1.4%
• Nifty Smallcap Index up 0.6%
• India Volatility Index unchanged at 29.64
• Nifty Media is the only sectoral index; down 0.2%
• Nifty Pharma remains the top sectoral gainer; up 2.8%
• Nifty Realty, Nifty FMCG and Nifty PSU Bank gain over 2% each
• IndusInd Bank is the top Nifty gainer; up 5.3%
• GAIL is the top Nifty laggard; down 2.5%
• 1,092 stocks on the NSE trade with gains while 643 decline

• Trades at an all-time high
• Gains as much as 5.8% to Rs 967.5
• Biggest single-day jump in nearly two months
• Has gained in eight out of the last 10 trading sessions
• Up 20% in the last 10 trading sessions
• Today's volumes are 1 times higher than its 30-day average
• Stock trades in overbought territory with Relative Strength Index (RSI) at 74
• Has doubled from its 52-week low of Rs 476.8 on March 24, 2020
• 11 out of the 12 analysts tracking the stock have a buy recommendation; 0 sell calls
• The stock trades 9.1% higher than its 12-month consensus price target, implying a negative return potential

• Glass manufacturing plant in Hyderabad and Bhongir continued to operate at lower capacity utilisation due to various factors like low demand from customers, constrained availability of labour, trucks for shipments etc.
• Continued to incur fixed costs relating to its plants and businesses during the lockdown, despite lower level of sales.
• Will gradually ramp-up production levels and dispatches as lockdown eases.
• Have adequate financial resources to cover its commitments for the near future.
• Sales and profits have been adversely impacted during the lockdown.
• Have not opted for the moratorium and paid all financial commitments to lenders on time.
• Have sufficient level of finishied goods inventories to cater to current demand from its customers.
• Not in a position to quantify the future impact as external environment remains uncertain and challenging.

Shares gained as much as 3.36% to Rs 55.30. The stock is up for the ninth straight day - its longest gaining streak since November 2017.

• Second best performer on the Nifty Smallcap Index
• Gains as much as 9.44% to Rs 277
• Biggest single-day jump in nearly four months
• Trades at the highest level in two months
• Has gained in eight out of the last 10 trading sessions
• Snapped a five-day winning streak on Monday
• The last 10 sessions has seen gains of 20.5%
• Today's volumes are 5.6 times higher than its 30-day average
• Breaks past its 100 and 200-Day Moving Average of 267 and 265 respectively
• Has recovered 83.5% from its 52-week low of Rs 146 on March 24, 2020

The jewellery, watches and eyewear maker reported a 5.2% decline in its revenue compared to the previous year. However, it was ahead of consensus estimates.

Higher-than-expected revenue along with lower corporate taxes aided the 21% growth in the company's net profit.

Low raw material costs led to a 280 basis points expansion in the company's gross margins.

While the jewellery segment revenue declined 5.8%, revenue in the watches segment grew 5%.

Shares fell as much as 3.2% to Rs 992 and are the second worst performer on the Nifty 50 index.

The Gujarat High Court has barred Franklin Templeton from liquidating the debt funds it abruptly shut in April, until it disclosed the findings of its forensic audit amid allegations of fraud, Bloomberg News reports.

The decision now prolongs the wait of the unit holders to recoup a sum worth Rs 20,000 crore.

The court barred the fund house from conducting e-voting to seek approval from investors to wind up the six schemes. The voting was suspended post the court order.

A spokesperson from the fund house did not offer a comment on this Bloomberg story.

• Nifty June futures add 5% and 5.3 lakh shares in Open Interest.
• Nifty Bank June futures add 18.2% and 2.8 lakh shares in Open Interest.

Nifty: June 11 Expiry

• 10,300 Call: Premium up 36% to Rs 78.4. The contract has added 2 lakh shares in Open Interest.
• 10,200 Call: Premium up 34.3% to Rs 128.6. The contract has added 94,725 shares in Open Interest.
• 10,000 Put: Premium down 39% to Rs 29.6. The contract has added 7.54 lakh shares in Open Interest.

Nifty Bank: June 11 Expiry

• 22,000 Call: Premium up 7.9% to Rs 190. The contract has added 2.03 lakh shares in Open Interest.
• 20,500 Put: Premium down 37% to Rs 128.9. The contract has added 2.11 lakh shares in Open Interest.
• 20,000 Put: Premium down 41.8% to Rs 62. The contract has added 2.15 lakh shares in Open Interest.

Maruti Suzuki India has informed the exchanges that it has partnered with M&M Financial to ease finance availability for customers seeking personal mobility.

The partnership involves various steps including a moratorium of two months, quarterly EMIs for agricultural customers and low down payment schemes, India's largest passenger car maker said in an exchange filing.

Over one-third of Maruti Suzuki's total sales come from rural India, according to the company.

Shares of Maruti Suzuki are off the day's low and trade little changed, while those of Mahindra Finance are up for the third straight day, gaining 2.8% to Rs 163.10.

• Benchmark indices gain after sluggish start
• Nifty up 0.94% at 10,258
• Sensex up 0.9% at 34,688
• Nifty Bank up 1% at 21,410
• Nifty Midcap Index up 0.8%
• Nifty Smallcap Index down 0.2%
• India Volatility Index up 0.2% to 29.7
• Nifty Pharma is the top sectoral gainer; up 2.6%
• Nifty FMCG, Nifty Metal and Nifty Realty gain between 1-1.5%
• Dr Reddy's Laboratories is the top Nifty gainer; up 3.6%
• Titan is the top Nifty laggard; down 2.1%
• 967 stocks on the NSE trade with gains while 699 decline

The company has informed the exchanges that it has been awarded a PPA capacity of 8 GW solar generation projects by the Solar Energy Corporation of India.

The project is linked with setting up 2GW Solar PV Cell and module manufacturing capacity.

The project is expected to be commissioned progressively over a period of 60 months, the company said in an exchange filing.

This order win takes the company's total capacity to 15 GW - including those under operation, construction or contract. It has set itself a target of 25 GW renewable power by 2025.

Shares are locked in an upper circuit of 5% at Rs 312.75. The stock is up for the 15th straight day and is trading at an all-time high.

The currency continued to remain flat, opening little changed in today's trading session. The rupee opened at 75.52 against the U.S. Dollar as against Monday's close of 75.54.

The rupee had snapped a three-day losing streak on Monday.

In the bond markets, traders will look forward to the sale of state government debt worth Rs 16,000 crore.

The company through its subsidiaries announced the signing of definitive agreements to acquire full control of Singapore-based Appnext.

The deal will allow Affle to acquire 100% of Appnext app discovery and recommendation platform with immediate effect.

The company will initially acquire a 66% stake for $17.25 million, post which, the rest of the stake can be acquired upon attainment of mutually agreed growth targets.

Shares gained as much as 5% to Rs 1,555.55 post the announcement. The stock has gained only twice in the last seven trading sessions.

39 lakh shares of India's largest private bank exchanged hands on the National Stock Exchange in two large trades.

The first trade saw 27.6 lakh shares exchange hands while 11.44 lakh shares exchanged hands in the second large trade, according to Bloomberg data.

Buyers and sellers of the trade remained unknown.

Shares fell as much as 1.1% to Rs 1,005 down for the second straight day.

The movie exhibitor reported a loss of Rs 82.2 crore in the quarter gone by, due to changes in taxation norms and the lockdown imposed on account of Covid-19.

It had an impact of Rs 69.9 crore due to deferred tax measurement on account of change in tax rates.

The 22.4% drop in the company's revenue was attributed to the Covid-19 lockdown. The resultant economic impact also led to advertising revenue growth remaining flat at 1%.

Ebitda rose 13.9% while margins expanded to 29.6% from 20.2% due to IND-AS 116.

Shares fell as much as 7.7% to Rs 261.3 post the announcement, down for the second straight day. The stock snapped a five-day winning streak on Monday.

Indian equity markets opened little changed, in-line with its Asian peers who gave up gains after a strong start. Futures on the Dow Jones too are little changed.

The S&P BSE Sensex opened 0.44% higher at 34,520, while the NSE Nifty 50 index opened 0.1% higher at 10,181. Both benchmarks ended 0.25% higher on Monday.

Sectoral indices too had a subdued start with the Nifty Bank, Nifty Auto and Nifty Realty opening with gains of 0.5%. Nifty I.T. and Nifty Media opened with a negative bias.

Market breadth on open stood in favour of the gainers. 1,286 stocks on the National Stock Exchange opened with gains while 604 opened with losses.

• Total global cases cross the 7 million mark
• Death toll crosses 4.05 lakh
• New York's positive test rate falls to a new low
• Indonesia eases restrictions on airlines
• 38 new cases reported in South Korea
• Mexico adds 3,000 new cases, taking the total past 1.2 lakh
• Wages in Japan drop for the first time in four months
• Total virus cases in the U.S. rise 1.2% to 1.95 million
• World Health Organisation says asymptomatic transmission is very rare

• Titan: Higher than expected revenue and lower taxes aid 21% growth in net profit. IND-AS impact on depreciation and finance costs aid margins. Raw Material costs fell 16.3%, aiding the 280 basis points expansion in gross margins. Jewellery sales declined 5.8% compared to last year.
• Inox Leisure: Reports net loss of Rs 82.2 crore as compared to a net profit of Rs 48.1 crore last year. Lockdown due to Covid-19 impacts topline numbers. IND AS-116 and change in taxation impacts Ebitda and bottomline. Margins rose on account of invocation of force majeure clause under respective lease agreements.
• PVR: Reports net loss of Rs 74.5 crore from net profit of Rs 46.9 crore. Movie ticket sales fell 27% while F&B sales were down 25% year-on-year.
• State Bank of India: Reduces MCLR and base rate by 25 and 75 basis points respectively, across various tenors from June 10. One-year MCLR now at 7% and base rate now stands at 7.4%. External benchmark linked lending rate reduced to 6.65% from 7.05% from July 1. Repo-linked lending rate also reduced to 6.25% from 6.65% from June 1.
• Affle India: To acquire full control in Appnext. The initial acquisition will be of 66.6% for $17.5 million, with a clear path to acquire the rest of the stake on attainment of mutually agreed growth targets. Appnext is a Singapore-based online platform that recommends content to online users.
• DCB Bank: Board to consider raising capital via issue of securities on June 11.
• PNB Housing Finance: To consider raising funds up to $750 million via external commercial borrowings and non-convertible debentures on June 13.
• Non-Nifty Earnings Today: Bombay Dyeing, eClerx Services, Teamlease Services, Graphite India, Gujarat Pipavav Port, KRBL, MRPL, PSP Projects, Tata Steel Long Products.

For companies sharing Covid-19 updates, earnings reported after market hours and other trading cues, click here.

• Benchmark indices end with strong gains
• S&P 500 erases losses for the year; ends at a 15-month high
• S&P 500 has surged nearly 45% from the lows in March
• Nasdaq rose to a record high while gains on the Dow Jones were led by Boeing
• U.S. Dollar posts its longest slide in a decade
• Federal Reserve meet to begin on Tuesday
• Yield on the 10-year treasury fell two basis points to 0.87%
• West Texas Intermediate crude fell 3.4% to $38.21 per barrel

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

Good Morning!

Indian equity markets ended higher for the eighth day in the last 10 trading sessions on Monday, not before giving up most of the gains as volatility increased.

The Indian economy is unlocking after a near three-month lockdown due to Covid-19, at a time when the country is adding close to 10,000 new cases per day.

The rally in global equities continues unabated with the S&P 500 wiping out losses for the year and the Nasdaq making a new high.

The Singapore-traded SGX Nifty, an early indicator of the NIfty 50 index's performance in India, rose 0.7% to 10,233 as of 7:45 a.m.

Asian markets have turned mixed after opening higher in today's trade. Australian benchmarks are outperforming post a holiday while those in South Korea fell after reports of North Korea planning to shut contact with its neighbours.

The U.S. Dollar declined for the ninth straight day - longest losing streak in over a decade while treasuries were steady.

Oil reversed losses to gain 1.5% despite Saudi Arabia saying that it will not extend its planned additional production cuts beyond June.

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