MARKET WRAP: Sensex recovers 1,433 pts from day's low, ends 243 pts higher

All that happened in the markets today

It was a topsy-turvy session for the domestic equity market on Friday. After tumbling over 3.5 per cent in the early deals, the benchmark indices made a sharp comeback to end 0.7 per cent higher. 

The S&P BSE Sensex witnessed 1,508-point swing during the day before settling at 33,781 points, up 243 points or 0.72 per cent. Of 30 constituents, 17 advanced and 13 declined. 

NSE's Nifty ended at 9,973, up 71 points or 0.72 per cent. 

On a weekly basis, Sensex slipped 1.47 per cent while Nifty shed 1.66 per cent. 

Volatility index, India VIX, jumped nearly 4 per cent to 30.82 levels.

Among individual stocks, Mahindra & Mahindra (M&M) ended over 7 per cent higher at Rs 508.70 apiece on the BSE after the company reported a consolidated loss of Rs 3,255 crore for the March quarter of 2019-20 (Q4FY20) , which it attributed to "impairment provision for certain long-term investments". READ MORE

Financial stocks bounced back 13 per cent from the day’s low on the BSE after the Supreme Court gave three days to Finance Ministry, Reserve Bank of India (RBI) to decide on moratorium period interest. READ MORE

Reliance Industries (RIL) ended over 3 per cent higher at Rs 1,588.80. Its partly paid-up rights shares are set to debut on the bourses on Monday, June 15.

On the sectoral front, barring IT and media stocks, all the other sectoral indices on the NSE ended in the green. The Nifty IT index declined nearly 1.5 per cent to 14,403 levels after media reports said the US President Donald Trump is considering suspending a number of employment visas including the H-1B, most sought-after among Indian IT professionals, in view of the massive unemployment in America due to the coronavirus pandemic. 

In the broader market, the Nifty SmallCap 100 index ended at 4,393.50, down 0.11 per cent and the Nifty Midcap 100 index rallied over a per cent to 14,339.35 points. 

Global markets

A slump in global shares extended to its fourth day running on Friday and oil tumbled over growing concerns that a resurgence of coronavirus infections could stunt the pace of recovery from lockdowns. 

MSCI’s 49-country index of world stocks slipped 0.5 per cent to an 11-day low, while MSCI’s broadest index of Asia-Pacific shares outside Japan sank 1.3 per cent.

In Europe, the STOXX 600 Index swung between gains and losses after opening and was last down 0.6 per cent, extending a run of losses to five days in a row.

US stock futures, the S&P 500 e-minis, rose 1.0 per cent, but that did little to help sentiment.

In commodities, oil futures slumped for a second consecutive trading session due to worries about weak global energy demand. 

(With inputs from Reuters)

4:08 PM

MARKET COMMENT:: Vinod Nair, Head of Research at Geojit Financial Services

"A volatile day came to an end with the Nifty recovering around 300 pts from the day’s low. The major contributor to this gain was Reliance Industries which was also supported by technical bullishness. Markets tracked the positive opening in the European markets, post the sell-off seen yesterday. Except for IT, which was impacted by H-1B visa news, all the other sectors traded positive. Broader markets also participated in today’s gains. Currently, Markets seem to be driven by global cues and stock-specific action will be the norm."

3:45 PM

SECTOR WATCH:: Nifty IT index slips nearly 1.5%

3:44 PM

MARKET AT CLOSE:: Top gainers and losers on the S&P BSE Sensex

3:35 PM

CLOSING BELL

The S&P BSE Sensex rallied 243 points or 0.72 per cent higher at 33,781 while NSE's Nifty ended at 9,973, up 71 points or 0.72 per cent.

3:27 PM

MARKET UPDATE:: Top 5 gainers on the BSE at this hour

3:17 PM

BUZZING STOCK:: M&M jumps 7% post Q4 nos

3:04 PM

BUZZING STOCK:: Bajaj Finance recovers 10% from day's low

3:03 PM

Tata Power sells shipping assets for $212.76 mn as it seeks to pare debt

The company said, sale of these assets, is part of the company’s long-term plan to reduce debt and raise funds for future growth plans. Tata Power’s net debt as of March 2020 was at Rs 43,578 crore.

 

“Trust Energy Resources (TERPL), a wholly-owned subsidiary of Tata Power has completed signing of definitive agreements on June 11, 2020 with Oldendorff Carriers GmbH & Co KG, Germany,” the company said in its statement to BSE. READ MORE

2:56 PM

ALERT :: Markets stage sharp recovery; Sensex up 200 pts

2:51 PM

RIL recovers 6% from day's low; rights shares to list on June 15

The company achieved successful closure of India’s largest-ever rights issue of Rs 53,124.20 crore. It was subscribed approximately 1.59 times, cumulating to an overall commitment of over Rs 84,000 crore.

 

“The rights issue saw a huge investor interest, including from lakhs of small investors and thousands of institutional investors, both Indian and foreign. The public portion of the Rights issue was subscribed 1.22 times,” RIL said in a press release on June 3. READ MORE

2:47 PM

NEWS ALERT :: Rumours of p'ship with Moderna Inc for Covid-19 drug false, baseless, clarifies Marksans Pharma

2:41 PM

Netflix in talks with RIL; to source Indian content from Viacom18: Report

Under the partnership, Network18 affiliates - which include its joint venture with ViacomCBS, Viacom18 - would create shows for Netflix to help the US firm expand offerings in India, where it competes against the video streaming services of Amazon.com Inc and Walt Disney Co. READ MORE

2:36 PM

STOCK ALERT :: M&M erases losses, up 3% post Q4 result

2:25 PM

MARKET CHECK :: Nifty tops 9,900-mark after hitting intra-day low of 9,544.35

2:24 PM

MARKET CHECK :: Indices turn positive