Sensex, Nifty Decline For Seventh Straight Week

• Benchmark indices decline for seventh week in a row
• Nifty ends 6.7 percent lower at 8,083
• Sensex ends 7.5 percent lower at 27,590
• Nifty Bank declines 13.6 percent to 17,249; down for sixth straight week - longest since July 2008. All constituents end with losses for the week.
• Nifty Midcap Index down 3.8 percent, down for the sixth straight week
• Nifty Smallcap Index down 2.3 percent, down for sixth straight week - longest since February 2013
• Nifty Auto Index down 8.5 percent; down for 11th straight week - the longest ever losing streak.
• Nifty FMCG (Up 3.1 percent) and Nifty Pharma (Up 8 percent) post weekly gains
• India Volatility Index down 21 percent this week to 55.3, snaps a six-week gaining streak.
• Top Nifty performer this week: GAIL (Up 16.4 percent)
• Top Nifty Laggards this week: IndusInd Bank (Down 24 percent) and Kotak Mahindra Bank (Down 18.5 percent)

Indian equity markets ended the truncated week on a negative note, with no positive cues emerging from Europe or U.S. Futures.

Both the S&P BSE Sensex and the NSE Nifty 50 index reported their seventh consecutive weekly decline. This is the longest weekly decline since July 2008.

After trading for majority of the session in a range, both benchmark indices ended near the lowest point of the day.

The Sensex fell 2.1 percent to end at 27,674 while the Nifty ended at 8,083, down 2.1 percent. For the week, the benchmarks fell 7.4 and 6.7 percent respectively.

All sectoral indices barring Nifty FMCG (Up 0.5 percent) and Nifty Pharma (Up 4.9 percent) ended the day with losses.

Market breadth fluctuated between gainers and losers, but ended in favour of the advances. 961 stocks ended with gains while 816 posted losses for the day.

• Down for three out of the four trading sessions this week
• Headed for eighth straight weekly decline
• Longest weekly fall since February 2019

• Nifty April futures add 11.2 percent in open interest and 10.8 lakh shares
• Nifty Bank April futures add 24 percent in open interest and 2.1 lakh shares

Nifty: April 9 Expiry

• 8,500 Call: Premium falls 64.3 percent to Rs 46.4. The contract has added 7 lakh shares in open interest.
• 8,200 Call: Premium falls 54.6 percent to Rs 125. The contract has added 6.2 lakh shares in open interest.
• 8,000 Put: Premium up 11 percent to Rs 188.7. The contract has added 5.7 lakh shares in open interest.

Nifty Bank: April 9 Expiry

• 19,000 Call: Premium falls 82.5 percent to Rs 55.6. The contract has added 3 lakh shares in open interest.
• 18,000 Call: Premium falls 75 percent to Rs 198.6. The contract has added 2.22 lakh shares in open interest.
• 17,000 Put: Premium rises 29.2 percent to Rs 473.2. The contract has added 1.5 lakh shares in open interest.

• Manufacturer of Internal combustion engine among other components
• Declines for fifth trading session in a row
• Down 20 percent in last five sessions
• Volumes at 2.2x its 30-day average
• Down for eight out of the last nine sessions
• Trades at lowest level since December 2009
• Headed for sixth straight weekly decline
• Longest weekly losing streak since September 2019
• Down 63 percent from 52-week high of Rs 801 made in May 2019
• 14 out of the 34 analysts tracking the stock have a 'buy' recommendation while 8 have a 'sell' rating
• Return potential for the stock as per Bloomberg data now at 91.7 percent

13.4 lakh shares of Cipla and 10 lakh shares of NTPC exchanged hands in a single large trade each.

Buyers and sellers of both the trades were not known immediately, as per Bloomberg data.

Cipla trades 8 percent higher at RS 425 while NTPC trades 1 percent lower at Rs 82.

• Benchmark indices fluctuate from day's low
• Nifty down 1.26 percent at 8,149
• Nifty futures trade at a discount of 14.6 points
• Sensex trades 1.6 percent lower at 27,822
• Nifty Bank trades 4.2 percent lower at 17,424
• Nifty Midcap index off day's low; down 0.4 percent
• Nifty Smallcap index down 0.75 percent
• India Volatility Index down 66. percent at 56.1
• Barring Nifty FMCG (Up 2.2 percent), Nifty Pharma (Up 5 percent) and Nifty Realty (Up 0.8 percent) all sectoral indices trade with losses
• Nifty Metal index off day's low, down 1.6 percent
• Sun Pharma remains top Nifty gainer, up 9.6 percent
• ICICI Bank top Nifty loser, down 6.6 percent
• 1,005 stocks are advancing while 736 stocks trade with losses

Indices across Europe opened with losses, tracking weakness across Asia and the Dow Futures.

The Stoxx Europe 600 opened lower led by energy shares that declined due to fluctuation in crude oil prices post Thursday's 22 percent surge.

Here's a look at how indices across Europe are faring in early trade:

• Euro Stoxx 50 down 0.54 percent at 2,674.77
• DAX down 0.22 percent at 9,550
• CAC down 0.57 percent at 4,196
• FTSE 100 down 1 percent at 5,425
• IBEX 35 down 0.3 percent at 6,557

10 lakh shares of the port operator exchanged hands in a single large trade on the National Stock Exchange.

Buyers and sellers of the trade were not immediately known, as per Bloomberg.

The stock trades 1.5 percent higher at Rs 249 on the National Stock Exchange.

• Up for the third straight day
• Sees biggest one-day gain on record
• Trades at one-month high
• Up 25 percent in last three sessions
• Volumes at 1.2x its 30-day average
• Today was the ex-date for the company's share split
• Shares of face value at Rs 10 are split into face value of Rs 2
• The stock is up nearly 60 percent from its 52-week low of Rs 58.2 on March 24, 2020

Shares gained as much as 15 percent to Rs 665.90 after the company's Aurangabad facility got an Establishment Inspection Report (EIR) from the U.S. FDA with no observations.

The inspection was conducted between February 10-14, 2020, according to the company statement.

The stock is up for three out of the last four trading sessions. It is headed for its biggest weekly advance since May 2008. It is also the top gainer on the Nifty Pharma index.

Shares of the automaker fell as much as 4.6 percent to Rs 64.80. It is also among the worst performers on the Nifty 50 index.

Overall sales for the month of March fell 84 percent to 11,012 units. While CV sales were down 87 percent, Passenger Vehicle sales declined 68 percent compared to last year.

The company has decided to stop reporting wholesale and retail numbers from next month and report them quarterly.

Shares are down for the second day in a row and are headed for their eighth straight weekly loss. This will be the longest weekly losing streak for the company since August 2019.

• Benchmark indices remain near day's low
• Nifty down 1.55 percent at 8,127
• Nifty futures trade at a discount of 5 points
• Sensex down 1.7 percent at 27,792
• Nifty Bank down 3.5 percent at 17,579
• Nifty Midcap index down 0.8 percent
• Nifty Smallcap index down 1.2 percent
• India Volatility Index down 5 percent to 57.12
• All sectoral indices barring Nifty Pharma (Up 4.2 percent) trade with losses
• Nifty Metal, Nifty PSU Bank index down over 3 percent
• Nifty Auto index down 2 percent
• Sun Pharma top Nifty gainer, up 8.6 percent
• IndusInd Bank remains top Nifty loser, down 6.7 percent
• 860 stocks are advancing while 821 stocks trade with losses

• Manufactures and sells carbon material and chemicals
• Up for third straight day
• Top gainer on the Nifty 500 index
• Up 41 percent in the last three sessions
• Gained as much as 20 percent, the most since August 201
• Volumes at 10.1x its 30-day average
• Has rebounded 51 percent from its 52-week low of Rs 27 on March 24, 2020
• Trades at 6.3x estimated forward EPS
• 7 out of the 8 analysts tracking the stock have a 'buy' recommendation as per Bloomberg data
• Return potential for the stock as per Bloomberg data now at 87 percent

• Gains for fourth straight day
• Longest gaining streak since December 2019
• Biggest single-day gain since October 2017
• Among top 3 gainers on the Nifty 500 index
• Up 19 percent in the last four trading sessions
• Volumes at 16.6x its 30-day average
• Rebounded 40 percent from 52-week low of Rs 180 made on March 23

• For Largecap Overweights: Ashok Leyland, Bharti Airtel, Britannia, ICICI Bank, Maruti Suzuki, NMDC, Reliance Industries, Ultratech Cement and United Breweries.
• For Small and Mid-cap Buys: Cholamandalam, City Union Bank, Escorts, Granules India, Inox Leisure, JK Cement, Jubilant Foodworks and Shriram Transport Finance.

The stock is locked in a five percent upper circuit today after its finished dosage formulation facility at Telangana got the EU GMP certification from the Austrian authorities (AGES).

The inspection was held between January 13-17 this year. The renewed EU GMP facilitates continued supply of products to the European Union, the company said.

Shares are up for the third straight day today. They were also locked in a five percent upper circuit on Wednesday.

Sales in the month of March for the company saw a drop of 55.5 percent. The company sold 1.44 lakh units last month as compared to 3.25 lakh units during the year-ago period.

Motorcycle sales stood at 66,673 units as against 1.41 lakh units last year, while scooter sales were at 34,191 units versus 98,477 units last year.

The company managed to export 50,197 units compared to 76,405 units year-on-year while 10,751 three-wheelers were sold compared to 14,438 units in March last year.

Shares fell as much as 7.93 percent to Rs 257 on the National Stock Exchange, its lowest level since May 2015. The stock is set to post its sixth straight weekly loss, the longest such streak since February 2018.

Shares of HPCL Ltd., BPCL Ltd. and IOC Ltd. were trading with losses after they decided to not pass on the cost incurred to produce BS-VI fuel.

The fuel retailers were earlier supposed to take a price hike of Rs 0.5-1 per litre, but given the current circumstances, they have decided to not do so.

The companies have undertaken a capex of Rs 35,000 crore for the BS-VI upgradation.

Shares of HPCL fell as much as 4.3 percent while that of BPCL and IOC fell 5.2 percent and 2.8 percent respectively.

• Nifty April futures add 8.8 percent in open interest and 8.44 lakh shares
• Nifty Bank April futures add 23.5 percent in open interest and 2.1 lakh shares

Nifty: April 9 Expiry

• 8,500 Call: Premium falls 49.8 percent to Rs 65.35. The contract has added 5.55 lakh shares in open interest.
• 8,000 Put: Premium rises 13.6 percent to Rs 193.45. The contract has added 5.64 lakh shares in open interest.
• 7,500 Put: Premium rises 6.3 percent to Rs 60.40. The contract has added 4.23 lakh shares in open interest.

Nifty Bank: April 9 Expiry

• 19,000 Call: Premium falls 62.3 percent to Rs 120. The contract has added 1.7 lakh shares in open interest.
• 18,500 Call: Premium falls 57 percent to Rs 226.75. The contract has added 1.2 lakh shares in open interest.
• 17,000 Put: Premium rises 17 percent to Rs 428. The contract has added 1.23 lakh shares in open interest.

The company in its fourth quarter business updated informed that its gross loan portfolio has grown 38 percent compared to last year to Rs 9,903 crore. It also informed that the number of active borrowers saw a rise of 18 percent year-on year.

The Bangalore-based consumer finance service provider raised Rs 2,818 crore in the fourth quarter. It also completed the purchase of 76.06 percent stake in Madura Microfinance by paying Rs 661 crore in March 2020.

Shares rose as much as 4.82 percent to Rs 354.45. The stock had snapped an eight-day losing streak on Wednesday.

Shares fell after promoters of the company pledged an additional 2.3 percent stake.

On Monday, March 30, Chairman Sajjan Jindal had released 1.09 crore pledged shares worth Rs 165 crore.

Shares fell as much as 5.42 percent to Rs 135.25, the lowest level since May 2016. The stock has traded lower for three out of the four trading days this week.

The mid-sized private sector lender updated about some business parameters during the fourth quarter on Wednesday.

The bank's Net Interest Margin rose to a all-time high while the Net Interest Income too saw a rise. The asset quality was pretty much in-line with what the bank guided during its Q3FY20 earnings.

Shares fell as much as 10 percent to Rs 118.20, which is an all-time low. The stock is down for the fifth straight day and has fallen over 30 percent during this period.

• Benchmark indices fluctuate
• Nifty down 1.2 percent at 8,150
• Nifty futures trade at a 10 point discount
• Sensex down 1.3 percent at 27,901
• Nifty Bank down 2.5 percent at 17,765
• Nifty Midcap index down 0.8 percent
• Nifty Smallcap index down 0.9 percent
• India Volatility Index down 1 percent to 59.41
• Barring Pharma and Realty, all sectoral indices trade with losses
• Nifty Metal and PSU Banking index down 2.5 percent each
• Cipla is the top Nifty gainer, up 5 percent
• IndusInd Bank is the top Nifty loser, down 6 percent
• 713 stocks are advancing while 845 trade with losses

The pharma company announced a successful completion of phase-3 clinical study for the generic version of GSK's Advair Diskus.

As per IMS Health, the said drug had sales of approximately $2.9 billion in the 12-month period ending February 2020.

Brokerage firm Investec in a note said that it expects Cipla to generate annual sales of $80-100 million from Advair in a four-player market. It maintained its buy rating on the stock with a price target of Rs 625.

Shares rose as much as 5.8 percent to Rs 437.75 and are the top gainer on the Nifty 50 index.

The two and three-wheeler manufacturer reported a 38 percent drop in overall sales for the month of March. The company sold 2.42 lakh units compared to 3.93 lakh units during the same period last year.

Two-wheeler exports rose 9 percent in March while those of Commercial Vehicles fell 56 percent. Sales recorded a 8 percent decline for the financial year 2020.

Shares fell as much as 4.22 percent to Rs 1,964.60, snapping a two-day gaining streak.

Shares of the company rose as much as 5.41 percent to Rs 74.40 on the National Stock Exchange.

The iron and steel manufacturer recorded its highest ever production and sale of steel and related products in the domestic and overseas market, it said in an exchange filing.

The company’s domestic production of steel and steel related products rose 13 percent and 12 percent respectively compared to last year, while sales rose 12 percent and 10 percent respectively.

The stock is attempting a rebound after a 14 percent fall in Wednesday’s trading session.

Shares of the pharma company fell as much as 10 percent to Rs 352.95 after the company’s deal to acquire the oral solids and dermatology business of Sandoz was mutually terminated.

The decision was taken due to approvals from the U.S. Federal Trade Commission not being obtained within the anticipated timeline.

The stock is down for the second day in a row, after falling 5 percent in Wednesday’s trading session.

Indian equity markets gave up gains in the initial minutes of trade to turn negative, tracking weakness in the Dow Futures and in Asian equities.

The S&P BSE Sensex turned negative after opening with gains of as much as 1.2 percent. The index fell 1 percent to 27,987 in the initial minutes.

The NSE Nifty 50 index too gave up gains to turn negative, falling as much as 0.7 percent to 8,199.

All sectoral indices barring the FMCG index (up 1 percent) opened with losses, led by the Nifty Bank which opened with cuts of 2.3 percent.

738 stocks opened with gains while 673 stocks saw declines in their opening trades.

The Indian currency opened weak at 75.95 compared to Tuesday's close of 75.54 against the U.S. Dollar. It then weakened past the 76 mark.

The record low for the rupee is 76.27 against the U.S. Dollar. Currency and bond markets have resumed trading after a two-day holiday.

The rupee is set to end the truncated week with losses.

• Sell Tata Consumer for target of Rs 248 and stop loss of Rs 300
• Bull Call Spread on Bajaj Finance: Buy 2,500 call and sell 3,000 call. Total spread of Rs 105 for target of Rs 180 and stop loss of Rs 60

• Sell Nifty for target of 8,050 and stop loss of 8,400
• Sell Nifty Bank for target of 17,500 and stop loss of 18,400
• Sell RBL Bank for target of Rs 105 and stop loss of Rs 137
• Sell LIC Housing Finance for target of Rs 210 and stop loss of Rs 240

• Tata Motors: Domestic sales fell 84 percent to 11,012 units. Commercial Vehicle sales fell 87 percent to 7,123 units. Passenger Vehicle sales fell 68 percent to 5,676 units. The company will henceforth stop reporting monthly wholesale numbers from next month (i.e. April 2020) and instead report quarterly wholesale and retail numbers.
• Eicher Motors: Total Royal Enfield sales fell 41 percent to 35,814 units. Exports rose 33 percent to 3,184 units.
• Hero MotoCorp: Total sales fell 42 percent year-on-year to 3,34,647 units.
• TVS Motor: Total sales fell 55.5 percent year-on-year to 1,44,739 units.
• Atul Auto: Sales down 76 percent to 1,091 units.

• Aurobindo Pharma: The deal to acquire Sandoz's U.S. generic oral solids and dermatology business has been mutually terminated.
• RBL Bank: Q4 update indicates NIMs at all-time high, Liquidity Coverage Ratio of 127 percent and consistent asset quality.
• HUL: To not pay any brand royalty post GSK acquisition. GSK plc to hold 5.7 percent stake in HUL. April 17 set as record date for fresh share issue.
• Reliance Industries: To raise Rs 25,000 crore via NCDs.
• JSW Steel: Promoters pledge an additional 2.3 percent stake
• OMCs: To not pass cost incurred to produce BS-VI fuel. Capex of Rs 35,000 crore was undertaken by them.
• Tata Power: Completes sale of entire 50 percent stake in South African JV for Rs 659.7 crore.
• Cipla: Announced the successful completion of Phase-3 clinical study for a generic version of GSK's Advair Diskus®. According to IQVIA (IMS Health), Advair Diskus® and its generic equivalents had U.S. sales of approximately $2.9 billion for the 12 months through February 2020.

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

• Benchmark indices staged a rally led by energy shares due to a surge in oil prices
• The S&P 500 snapped a three-day losing streak to end 2.3 percent higher.
• Jobless claims in the U.S. doubled from last week to 6.6 million.
• West Texas Intermediate Crude rose 22 percent after President Donald Trump tweeted that he expects Russia and Saudis to cut oil production by as much as 10 million barrels per day. The commodity trades with losses today.
• Yield on the 10-year treasury rose 3 basis points to 0.61 percent

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.77 percent to 8,222 as of 7:00 a.m.

Asian markets are mixed at the start of Friday's trading session while U.S. futures declined after Thursday's surge.

Stocks in Australia and South Korea have reversed early gains but remain higher in Japan.

West Texas Intermediate Crude trades 5.5 percent lower at $23.90 per barrel after a 22 percent surge on Thursday.

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