Sensex gains 879 pts as lockdown measures ease, Nifty PSU Bank jumps 7.6%

All that happened in the markets today

11:03 AM

BROKERAGE VIEW:: ICICI Securities on Wipro

Rating: Buy | Target price: Rs 250

While we await details on the strategic direction that Thierry wants to set for Wipro and his capital allocation priorities, Wipro has all the key ingredients for a turnaround. Wipro has strong full services capabilities across applications, Infra, BPS and engineering which should help the company as integrated deals gain prominence. It has a strong balance sheet (~Rs250bn net cash) to craft more complex deal structures and partake in captive buyout opportunities and has durable client relationships to benefit on vendor consolidation. Cloud is a ~$2bn practice for the company with Digital being 41% of revenues having grown 20% YoY in Q4FY20. The task is cut out though as multiple other organisations have seen leadership changes recently as well (IBM, Cognizant, DXC Technology) with the sole imperative being to accelerate growth. As is typical, there will be some leadership flux as well in the near-term before the organisation settles into a new rhythm. 

10:57 AM

MARKET UPDATE:: Sensex extends gains, up 1,000 points now

10:50 AM

MARKET UPDATE:: HDFC twins and Reliance Industries top contributors to Sensex's rally today

10:43 AM

Escorts nears record high on May tractor sales nos, soars 32% in one month

The stock of Escorts was trading higher for the fourth straight day. In the past one month, the stock has rallied 32 per cent, as compared to a 1.3 per cent fall in the S&P BSE Sensex. It was trading close to its record high level of Rs 1,019, touched on May 2, 2018.

 

“Escorts Agri Machinery Segment (EAM) in May 2020 sold 6,594 tractors against 6,827 tractors sold in May 2019. Export for the month of May 2020 at 140 tractors as against 339 tractors sold in May 2019,” Escorts said in a press release. READ MORE

10:35 AM

NEWS ALERT | India's May Manufacturing PMI comes in at 30.8 vs 27.4 in April

-- At 30.8 in May, the seasonally adjusted IHS Markit India Manufacturing PMI rose from 27.4 in April

-- The latest reading pointed to another substantial decline in the health of the Indian manufacturing sector, albeit one that was slightly softer than recorded in April

10:28 AM

Nomura sees Nifty at 10,200 in Mar'21; financials to drag earnings

The headroom for markets seems to be limited with Nomura expecting the Nifty50 to scale up to 10,200 levels by March 2021 – a modest gain of around 5 per cent from the current levels. While at the global level, equity markets are likely to be supported by strong liquidity, growth stimulus with investors willing to look past near-term earnings declines hoping for a revival in FY22, for India the expectations, according to Nomura, are likely to be relatively muted. READ MORE

10:23 AM

Unlock 1.0: Hotel stks rally up to 19% as operations to resume from June 8

Indian Hotels, Chalet Hotels, EIH, TajGVK Hotels & Resorts, EIH Associated Hotels and Shopper Stop were up in the range of 10 per cent to 19 per cent on the BSE in the intra-day trade. In comparison, the S&P BSE Sensex was up 2.3 per cent at 33,163 level at 9:25 am READ MORE

10:15 AM

Consumer durable stocks rally; Voltas jumps 10%, Symphony up 7% post-Q4 nos

For the quarter under review, Voltas reported a 12.52 per cent year-on-year (YoY) increase in its consolidated net profit at Rs 159.50 crore while its revenue from operations grew over 1 per cent at Rs 2,089.63 crore, against Rs 2,062.84 crore in the year-ago period. READ MORE

10:07 AM

IDBI Bank turns profitable after 13 straight quarters of loss; stock up 20%

While the lender's net profit for period under review stood at Rs 135.39 crore compared to a net loss of Rs 4,918.44 crore in Q4FY19, its net loss for Q4FY20 fell to Rs 12,887.34 crore from Rs 15,116.30 crore in FY19. READ MORE

9:59 AM

May Auto Sales | Maruti Suzuki posted total sales of 18,539 units

>> Domestic sales at 13,865 units

>> Exports at 4,651 units

>> Says, the Company resumed its manufacturing operations post lock down strictly in accordance with the Government regulations and guidelines, from May 12th at its Manesar facility and from May 18th at its Gurugram facility.

9:48 AM

BUZZING STOCK:: Bajaj Finance surges 6%; top Sensex gainer at this hour

9:37 AM

PSBs jump; Nifty PSU Bank index rallies 4%

9:35 AM

Adani Power jumps 8% as Board to consider delisting on June 3

9:33 AM

Fertiliser stocks gain as Monsoon sees normal progress, likely to hit Kerala today

COMPANY NAME	LATEST	HIGH	LOW	CHG (rs)	CHG(%)	VALUE (rs CR)
R C F	44.90	46.10	44.55	4.90	12.25	1.56
G N F C	138.25	140.70	135.50	7.60	5.82	1.72
NATL.FERTILIZER	26.90	27.80	26.85	1.55	6.11	0.17
CHAMBAL FERT.	134.95	137.50	134.40	5.15	3.97	0.57
MANGALORE CHEM.	38.70	40.00	38.70	1.05	2.79	0.15
G S F C	42.90	43.45	42.10	1.50	3.62	0.16

9:31 AM

IDBI Bank surges 19% after reporting profit after 13 quarters