MARKET WRAP: Sensex surges 1,266 pts, Nifty ends at 9,112; auto stocks jump

All that happened in the markets today.

9:37 AM

BROKERAGE VIEW | Manufacturing, construction, and trade likely to get badly hit by the lockdown: ICICI Securities

We expect manufacturing and construction activity to get badly affected by the lockdown. After the restrictions on movement are gradually lifted, these two sectors could see U-shaped recovery. This is because, restarting manufacturing plants and bringing them to pre-shutdown levels could take some time. Also, monsoon season in Q2 could keep construction activity muted. Trade segment is also likely to be badly affected although panic buying/hoarding and exclusion of essential

items from the lockdown could keep some of the activity alive.

9:30 AM

Marico trades marginally higher post Q4 biz update

In its March quarter update, the company said early signs of improvement across categories seen until early March were more than offset by disruptions in the last 12 days, due to lockdowns in some states. With COVID-19 assuming the nature of a pandemic, the International businesses were also affected. Revenue decline (both in India and International business), coupled with an unfavourable mix in the India business, will translate into a modest decline in EBITDA in this quarter vs the corresponding quarter last year, the statement added.

9:28 AM

BROKERAGE VIEW:: Prabhudas Lilladher on PVR, Inox

We cut our FY21E Ind-AS adjusted EBITDA estimates by ~30% each, for both PVR and Inox as we expect ~10% YoY decline in footfalls led by COVID-19 induced nationwide lockdown. We expect ZERO revenues for ~2 months (impact will be beyond the lockdown timeline) as entertainment is discretionary in nature and safety/health will take precedence in the initial days (footfall stabilization will be a gradual process). During lockdown, PVR/Inoxs’ fixed monthly opex outgo is expected to be in the region of Rs400- 450mn/Rs250-Rs300mn respectively resulting in significant downgrade in earnings. While there are near term headwinds due to COVID-19 we expect bounce back to be equally sharp due to pent up demand (movies delayed in 4QFY20 & 1QFY21 will get released in 2HFY21) and strong movie pipeline. We continue to maintain our POSITIVE stance on the sector as valuations have turned attractive amid ~40-50% correction in stock prices over the last few months. PVR/Inox trade at EV/EBITDA multiple of 6.7x/6.1x our revised FY22E EBITDA estimates. We upgrade PVR to BUY with a TP of Rs1,518 and retain BUY on Inox with a TP of Rs344. Prefer Inox over PVR given low leverage and attractive valuations.

9:28 AM

Cipla freezes in 15% upper circuit

>> Cipla has received US Food and Drug Administration (USFDA) approval for the first generic Proventil HFA (albuterol sulfate) Metered Dose Inhaler, 90 mcg/Inhalation.

9:26 AM

HDFC Bank surges 3%

9:24 AM

Titan Company trades over 2% higher

>> Titan's jewellery revenue for the division declined by 5 per cent in the January-March period due to lost sales in March in spite of 16.5 per cent sales growth in the preceding months of January and February.

>> Titan's jewellery revenue for the division declined by 5 per cent in the January-March period due to lost sales in March in spite of 16.5 per cent sales growth in the preceding months of January and February, 

9:20 AM

Key Sectoral Indices on NSE at Open

9:19 AM

Sensex Heatmap at Open

9:19 AM

OPENING BELL

9:18 AM

OPENING BELL

9:10 AM

WEB EXCLUSIVE :: Brent can jump to $40 by 2020-end; India should stockpile crude oil now

The timing is close to perfect. There is a consensus among analysts that oil prices will remain under pressure. S&P Global Platts Analytics sees Brent crude trading below $20/barrel (bbl) over the next couple of months before rebounding to $40/barrel by the year-end. Even the recovery price is low by recent standards and depends on the shape and timing of the recovery from coronavirus as people return to their cars. READ MORE

9:03 AM

Top gainers and losers at S&P BSE Sensex during Pre-Open

9:02 AM

Market at Pre-Open

9:02 AM

Market at Pre-Open

8:55 AM

Stocks to watch: Titan, Marico, IDBI Bank, HDFC Bank, Cipla, Future Group

Here's a look at the top stocks that may remain in focus today -

 

Titan Co: With shopping malls shut and weddings postponed, Titan's jewellery revenue for the division declined by 5 per cent in the January-March period due to lost sales in March in spite of 16.5 per cent sales growth in the preceding months of January and February, according to a quarterly update by the company.

 

HDFC Bank: The private lender informed that the Reserve Bank of India (RBI) has asked the bank to wait until a new CEO is in place before promoting them to board level. On November 28, 2019, HDFC Bank had intimated the appointment of Mr Sashidhar Jagdishan and Mr Bhavesh Zaveri by the Board of Directors each as an Additional Director and Executive Director (Whole-Time Director) of the Bank. READ MORE