Indian stock markets were trading lower in early trade, extending yesterday's steep losses. At 9:19 IST, the barometer index, the S&P BSE Sensex, was down 176.31 points or 0.57% at 30,946.58. The Nifty 50 index was down 54.10 points or 0.59% at 9,088.65.
The S&P BSE Mid-Cap index was off 0.02%. The S&P BSE Small-Cap index was up 0.04%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 490 shares rose and 514 shares fell. A total of 61 shares were unchanged.
Finance minister announces measures:
Finance minister Nirmala Sitharaman on Thursday announced measures to give relief to the poor including migrant workers, farmers, street vendors and members of tribal community.
In a big move, the government extended the credit linked subsidy scheme (CLSS) till March 2021 for middle income group people (annual income of Rs 6-18 lakhs). 2.5 lakh people will benefit from this scheme. This will lead to investment of over Rs 70,000 crore in housing and will stimulate demand for steel, cement, transport and other construction materials.
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Domestic shares slumped on Thursday, tracking weak global cues. The barometer S&P BSE Sensex tumbled 885.72 points or 2.77% at 31,122.89. The Nifty 50 index lost 240.80 points or 2.57% at 9,142.75. A weak economic outlook by the US Fed and worries about a second wave of coronavirus infections weighed on domestic and global markets.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,152.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 802.36 crore in the Indian equity market on 14 May, provisional data showed.
Stocks in news:
Biocon fell 1.27%. Biocon reported 42.26% fall in consolidated net profit to Rs 123.40 crore on 5.59% rise in total income to Rs 1,644.10 crore in Q4 March 2020 over Q4 March 2019.
Unichem Laboratories gained 7.58% after the company received the Establishment Inspection Report (EIR) from United Stated Food and Drug Administration (USFDA) for Active Pharmaceutical Ingredients (APIs) facility at Roha.
Indian Energy Exchange advanced 3.89% after the company reported 20.53% rise in consolidated net profit to Rs 45.62 crore on 17.33% rise in total income to Rs 79.60 crore in Q4 March 2020 over Q4 March 2019.
AAVAS Financiers gained 1.57%. The company reported 9.94% rise in consolidated net profit to Rs 59.73 crore on 14.53% rise in total income to Rs 235.08 crore in Q4 March 2020 over Q4 March 2019.
Manappuram Finance surged 3.86% after reporting 43.68% rise in consolidated net profit to Rs 394.97 crore on 38.72% rise in total income to Rs 1,618.15 crore in Q4 March 2020 over Q4 March 2019.
Ircon International rose 1.51%. Ircon International has signed a Memorandum of Understanding with RZD International LLC, a subsidiary of state-owned Russian Railways Company to explore opportunities for joint development of railways and other infrastructure projects in Asia, Africa and Latin America.
Global Markets:
Overseas, Asian stocks are trading little changed Friday, ahead of the release of Chinese economic data.
On the economic data front, China's industrial production and fixed asset investment for April is set to be out later in the day
In US, stocks closed higher on Thursday. A rebound in large financial stocks helped to turn stocks around in afternoon action, as investor skittishness abated with signs of recovering demand as some U.S. states reopen their economies.
The reversal for stocks came after the U.S. Labor Department released its weekly initial jobless claims report. Another 2.981 million Americans filed for unemployment benefits in the week ending May 9. The prior week's figure was revised higher to 3.18 million from the previously reported 3.17 million jobless claims.
Minneapolis Federal Reserve President Neel Kashkari said that a V-shaped recovery is off the table. Kashkari said on Thursday the recovery would likely be long and drawn out. While there will be a bounce after the worst GDP contraction in the April-June quarter in history, the economy will be nowhere near back to where it was in December 2019, he said.
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