MARKET WRAP: Financials propel Sensex 996 points up; Nifty reclaims 9,300

All that happened in the markets today

10:52 AM

Birla Tyres, Alok Ind: 41 penny stocks zoom over 100% from March lows

Given the run-up seen since March, analysts have now become cautious on the small-cap segment and suggest investors use the rally to book profit. Instead, they suggest taking exposure to companies that have a strong balance-sheet and are not sitting on a large debt pile. READ MORE

10:43 AM

Share sales in listed firms at record high of $4.4 billion this month

A $3.3-billion sell-down of GlaxoSmithKline’s stake in Unilever’s Indian unit, Hindustan Unilever, and a $1.1-billion placement of Bharti Airtel shares by its parent take May’s total follow-on offerings in the country to $4.4 billion, the most for a month on record, data compiled by Bloomberg shows. READ MORE

10:35 AM

BUZZING STOCK:: Sharp surge in Axis Bank; stock up over 3%

10:24 AM

Titan dips 2% as Co gives biz update, defers launch of jewellery collection

Sharing its business update amid the Covid-19 pandemic, the jewellery-to-watches maker said that increase in mark-to-market cash outflow on gold hedge due to rising gold prices and committed costs being incurred also contributed to the negative cash flow. However, it expects this cash outflow to be recovered when sale of jewellery restarts. “Thus, the Covid-19 situation is expected to adversely affect the profitability during the first half of this year,” Titan said. READ MORE

10:20 AM

Rupee Opening

Rupee opens little changed at 75.67 per US dollar vs Tuesday's close of 75.66/$

10:17 AM

IPO market forecast remains moribund despite market regulator's concessions

The initial public offering (IPO) market is expected to remain moribund even as share sales in large listed firms rake in billions of dollars. Investment bankers say the IPO market freeze could extend till the end of this year despite several concessions given by market regulator Securities and Exchange Board of India (Sebi). On the other hand, there is healthy appetite for shares in listed companies with leadership position in their respective sectors, they add. READ MORE  

10:13 AM

JP Morgan chief economist forecasts 'strong rebound' in Indian markets

"India is going to be going through a very difficult first half of the year. We have GDP down in the second quarter, 35 per cent annualised pace but we have a very strong rebound in the second half of the year, but one that still doesn't get you back to where you were," said Bruce Kasman, chief economist at JP Morgan, news agency IANS reported. READ MORE

10:09 AM

SECTOR ALERT :: Nifty Auto index slides 0.8%

10:04 AM

Deepak Nitrite rises over 5% on strong March quarter nos, pares gains later

Shares of Deepak Nitrite gained as much as 5.49 per cent to Rs 528.70 apiece on the BSE on Wednesday, a day after the company reported an 88 per cent jump in its consolidated net profit at Rs 172.30 crore for the quarter ended March 2020. The company had logged profit of Rs 91.46 crore in the year-ago period. READ MORE

9:57 AM

Coronavirus to trigger fresh consolidation across sectors, says BofA

BofA Securities analysed 1,125 listed companies across sectors such as consumer, financials, real estate, communication services and energy. Broadly, the top five players in each sector accounted for less than 60 per cent market share before 2016. Currently, the share of the top five players has increased to 62 per cent, and is expected to rise further as Covid-19 triggers a fresh round of disruption. READ MORE

9:49 AM

Coromandel Int'l rallies 8%, hits 52-week high on strong Q4 results

Shares of Coromondel International rallied 8 per cent to hit a 52-week high of Rs 700 on the BSE on Wednesday after the company’s consolidated profit before depreciation, interest, taxes and exceptional item (EBITDA) for the quarter ended March 31, 2020 (Q4FY20) increased by 51 per cent to Rs 391 crore as against Rs 259 crore clocked during the corresponding quarter last year. EBITDA margins expanded 380 basis points to 13.6 per cent from 9.8 per cent in Q4FY19. READ MORE

9:43 AM

Broader market check :: Midcaps take deeper cut

9:38 AM

MARKET CHECK :: Sensex erases morning gains

9:36 AM

Result Impact | Coromandel International hits 52-week high

>> Co posted consolidated net profit at Rs 234 crore, up 112% YoY from Rs 110 crore in Q4FY19

9:33 AM

Hindalco gains 3%