MARKET WRAP: Sensex slips 1,189 pts from day's high; financials, autos fall

All that happened in the markets today

1:09 PM

NEWS ALERT :: India to have normal southeast monsoon this year: IMD

12:58 PM

Cement, paint, pipes: Will construction relaxation aid these sectors?

Even as India prepares for an extended lockdown to fight the coronavirus (Covid-19) pandemic, construction and allied sector stares at a long and a dull period. In doldrums since early 2018, country’s building-material segment could see further compression with the real estate, its key demand driver, taking longer-than-expected to get its momentum back, analysts say. READ MORE

12:52 PM

Top gainers on BSE today

COMPANY	PRICE(rs)	CHG(%)
TRIDENT	5.37	17.51
MOTHERSON SUMI	74.00	17.18
R C F	39.85	15.34
IRB INFRA.DEVL.	75.35	14.34
MAX FINANCIAL	399.80	13.95

12:40 PM

NEWS ALERT | Tata Communications' board approves raising up to Rs 650 cr via NCDs

12:36 PM

Titan shareholding | Rakesh Jhunjhunwala cuts stake to 5.53% from 6.69% in March quarter: BSE filing

12:34 PM

Covid-19: What govt's partial lifting of restrictions may mean for economy

While agriculture can be justified, allowing other activity like construction in rural areas or IT related activity along with certain conditions being imposed can be interpreted as an experiment to see how it plays out. The spread of the virus is still quite prodigious in our country and one can still not be sure if the number of new cases has peaked out or whether it is going to be higher. This being the case, any relaxation has to be calibrated, which is the approach taken. Given the data on the spread of the pandemic it does appear that the higher cases have emanated in states and districts where there have been more testing which can also mean that regions with nil cases could be because of the absence of testing. Therefore, it needs to be seen how this works out. READ MORE

12:23 PM

Muthoot Finance slips 7% as Moody's downgrades outlook to 'negative'

Shares of Muthoot Finance slipped 7 per cent to Rs 692 on the BSE in an otherwise firm market on Wednesday after global rating agency Moody’s downgraded the gold finance company's outlook to 'negative' from 'stable'. In comparison, the S&P BSE Sensex was up 2.2 per cent at 31,369 at 12:00 pm. “Moody's Investor Service has affirmed Muthoot Finance's 'Ba2' Corporate Family Rating and its outlook changed to negative from stable,” the agency said in a rating action on Monday. READ MORE

 

12:21 PM

EXPERT COMMENT :: Binod Modi, senior research analyst at Reliance Sec

While opening up of various industries from April 20 bodes well at current scenario to kickstart economic activities, demand is going to be a concern. Infrastructure, cement, agro, automobile stocks gained momentum today but the rally could be short lived if the government does not come up with fiscal relief packages. Market is hopeful about stimulus package from governments’ side in the next few days. 

12:14 PM

NEWS ALERT | WPI inflation falls to 1% in March, from 2.26% in February: PTI reports

12:12 PM

Road construction relaxation not enough to buy related stocks, say analysts

As Prime Minister Narendra Modi announced the extension of the nationwide lockdown till May 3 to stem the spread of coronavirus (Covid-19) pandemic, the halt in construction of national highways had entered an uncertain territory. Most analysts now find it hard to chalk-out a timeline for normalisation of operations, thus making them pessimistic on the near-term outlook for road developers. While the government has allowed construction of roads, availability of labour could still be an issue, analysts say. READ MORE

 

12:05 PM

MARKET UPDATE:: Nifty holds 9,200

11:48 AM

Agri-related stocks in focus; UPL, RCF, Escorts rally up to 17%

Shares of agri-related companies rallied up to 17 per cent on the BSE on Wednesday after the government, in its detailed guidelines, allowed activities like agricultural, horticultural, farming, procurement of agri products and 'mandis' after April 20. The agrochemicals and fertilsers companies like UPL, Rashtriya Chemicals & Fertilizers (RCF), Deepak Fertilisers & Petrochemicals Corporation, Chambal Fertilisers & Chemicals and tractor manufacturer Escorts were up between 10 per cent and 17 per cent on the BSE. READ MORE

11:42 AM

Covid-19 lockdown to hit consumer durable firms; FY21 earnings estimate cut

The current situation, analysts say, is unlike the past disruptions such as Global Financial Crisis (GFC) and demonetisation, with the present set of challenges being multi-fold and enduring.

 

Analysts at Edelweiss Securities, for instance, say the past two events had hit the industry when the fundamentals (discretionary demand, infra momentum) were sound, and hence, the recovery was swift. “However, Covid-19 challenges are different as the economy is struggling with a much deeper and broad-based discretionary demand slowdown, supply-chain consolidation, and weaker new construction cycle,” the brokerage observed. READ MORE

11:36 AM

Realty, capital goods stocks gain; Indiabulls, Oberoi ReaIty rise 5%

Shares of real estate companies, capital goods players and select industrial stocks rose after the government unveiled revised set of guidelines on the nationwide lockdown to arrest the spread of coronavirus (Covid-19) impact. It must be noted that the Prime Minister Narendra Modi Tuesday announced the extension of lockdown until May 3. READ MORE

11:22 AM

STOCK UPDATE:: HUL, GSK Consumer up 5% ahead of ex-date for amalgamation on Thursday, April 16