In the broader market, the S&P BSE Mid-Cap index declined 2.76% while the S&P BSE Small-Cap index was down 2.68%. The decline in both these indices was lower than the decline in the Sensex.
There were more sellers then buyers. On the BSE, 632 shares rose and 1526 shares fell. A total of 147 shares were unchanged. In Nifty 50 index, only 7 stocks advanced while 43 stocks declined.
Trading sentiment was dented after US oil futures for May plunged below zero as storage for crude runs close to full amid a worldwide glut as demand collapses due to the virus pandemic. A rapidly rising number of Covid-19 infections in India and the resultant deaths also put pressure on bourses. India reported over 14,759 cases of COVID-19 infection and over 590 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 3.62% to 45.03. The Nifty April 2020 futures were trading at 9,012.60, a discount of 12.8 points compared with the spot at 8,999.80.
On the options front, the Nifty option chain for 30 April 2020 expiry showed maximum call open interest (OI) of 20.18 lakh contracts at the 10,000 strike price. Maximum put OI of 23.99 lakh contracts was seen at 8,000 strike price.
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Buzzing Index:
The Nifty Auto index tanked 4.91% to 5,316.55, extending its losing run to second consecutive trading session. The index has slumped 6.22% in just two trading sessions from its previous closing high of 5668.90 hit on 17 April 2020.
Mahindra & Mahindra (down 7.45%), Ashok Leyland (down 7.09%), Tata Motors (down 7.08%), Maruti Suzuki India (down 6.08%), Eicher Motors (down 4.85%), Bajaj Auto (down 3.32%), Escorts (down 3.32%), TVS Motor (down 1.41%) and Hero MotoCorp (down 0.79%) tumbled.
Q4 Results Today:
ACC (down 1.63%), CRISIL (down 2.69%), ICICI Prudential Life Insurance (down 3.91%), GTPL Hathway (down 9.24%), Den Network (up 4.56%) and Tejas Networks (up 3.77%) will announce their Q4 March 2020 results today.
Earnings Impact:
Tata Elxsi rose 1.95% after the company announced decent number for Q4 March 2020 after market hours yesterday. Net profit rose 8.9% to Rs 82.08 crore on 3.65% rise in net sales to Rs 438.89 crore in Q4 March 2020 over Q3 December 2019. The company has also declared a final dividend of Rs 16.50 per share.
Profit before tax (PBT) rose 2.8% year-on-year (YoY) to Rs 109.76 crore, due to higher total expenditure (up 7.7% YoY). Tax expenses fell 25.6% to Rs 25.79 crore in Q4 March 2020 over Q4 March 2019.
Linde India fell 3.32% to Rs 520.05. Linde's consolidated net profit rose 9.7% to Rs 39.03 crore in Q1 March 2020 over Q1 March 2019. Net sales, however, declined 14.5% to Rs 377.26 crore during the period under review. The company's profit before tax (PBT) rose 8.7% year-on-year (YoY) to Rs 56.59 crore in Q1 March 2020, due to lower total expenditure (down 11.6% YoY) and lower interest payments (down 87.2% YoY). In view of the unprecedented COVID-19 pandemic and economic forecasts, the management has evaluated the impact on its financial results for the current quarter and made appropriate adjustment to revenue, debtors provisioning and actuarial assumptions.
IT major Infosys fell 1.82% and continued to remain under selling pressure after the company announced Q4 March 2020 result yesterday, 20 April 2020. On a consolidated basis, net profit (after minority interest) fell 3.1% to Rs 4,321 crore on 0.8% rise in revenues to Rs 23,267 crore in Q4 March 2020 over Q3 December 2019. Operating profit fell 2.7% to 4,927 crore in Q4 March 2020 over Q3 December 2019.
Infosys said that considering the business uncertainty emanating from COVID-19 it is unable to provide guidance on revenues and margins for FY 21 at this stage. The company will provide guidance after visibility improves.
Infosys' consolidated net profit (after minority interest) rose 7.7% to Rs 16,594 crore on 9.8% rise in revenues to Rs 90,791 crore in the year ended March 2020 (FY20) over the year ended March 2019 (FY19). Operating margin stood at 21.3% in FY20, lower than 22.8% in FY19. Infosys announced final dividend of Rs 9.50 per share.
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