Local stocks are trading lower in early trade on negative Asian stocks. At 9:23 IST, the barometer index, the S&P BSE Sensex, was down 213.71 points or 0.66% at 31,986.88. The Nifty 50 index was down 62.20 points or 0.66% at 9,427.90.
The S&P BSE Mid-Cap index was up 0.17%. The S&P BSE Small-Cap index was up 0.49%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 655 shares rose and 488 shares fell. A total of 63 shares were unchanged.
Cues to watch:
India's Q4 gross domestic product (GDP) data will be announced by the National Statistical Office (NSO) today, 29 May 2020.
The Centre is expected to put out details of a possible lockdown extension soon. The nationwide lockdown was first announced by Prime Minister Narendra Modi on March 24 for 21 days in a bid to combat the coronavirus pandemic. It was first extended till May 3 and again till May 17. The fourth phase of the lockdown ends on May 31.
On the global front, investor focus will likely be on U.S. President Donald Trump's upcoming press conference, expected later in global day.
On the macro front, foreign direct investment (FDI) in India grew by 13% to a record of $49.97 billion in the 2019-20 financial year, data showed. The country had received FDI of $44.36 billion during April-March 2018-19.
Stocks in news:
Lupin dropped 2.96%. Lupin's consolidated net profit rose 34.56% to Rs 389.63 crore on 3.42% rise in total income to Rs 4,138.42 crore in Q4 March 2020 over Q4 March 2019.
HCL Technologies shed 0.31%. HCL Technologies yesterday announced an expansion of the preferred services partnership signed in 2018 with Broadcom Inc., a global technology leader that designs, develops, and supplies semiconductor and infrastructure software solutions. HCL will broaden its professional services offerings to include Symantec Enterprise Division (SED) consulting services, which was part of Broadcom's enterprise security solutions.
Cadila Healthcare gained 2.93%. Cadila Healthcare informed that the company's formulations manufacturing facility located at Baddi has received an Establishment Inspection Report (EIR). The EIR report stated that the classification of the facility is 'No Action Indicated (NAI)'. The USFDA had conducted an inspection at the facility from 2nd to 9th March, 2020. The audit had ended with nil observations.
Pidilite Industries rose 1.1%. Pidilite Industries said that the company has on 28th May 2020 completed the acquisition of 70% equity shares of Tenax India Stone Products.
Vodafone Idea jumped 9.97% after media reports indicated that tech giant Google is now looking to enter India's telecom market with a 5% stake purchase in Vodafone Idea.
CEAT advanced 4.97%. CEAT consolidated net profit fell 19.25% to Rs 51.88 crore on 11.98% fall in total income to Rs 1,579.44 crore in Q4 March 2020 over Q4 March 2019.
HeidelbergCement India gained 2.82%. The company's net profit rose 8.85% to Rs 66.29 crore on 5.06% fall in total income to Rs 526.79 crore in Q4 March 2020 over Q4 March 2019.
Global Markets:
Overseas, Asian stocks are trading lower on Friday as investors watch for market reaction to China's controversial national security law for Hong Kong that was approved on Thursday.
The U.S., Australia, Canada and the U.K. governments issued a joint statement Thursday reiterating their deep concern regarding Beijing's decision to impose a national security law on Hong Kong, after China's parliament, the National People's Congress passed legislation Thursday that could greatly curtail democratic freedoms.
On the economic data front, Japan's retail sales fell 13.7% year-on-year in April, according to data released today showed.
In US, Wall Street ended lower on Thursday following a late-session reversal, with Facebook weighing on the market after President Donald Trump said he would sign an executive order related to social media companies and would hold a news conference on China on Friday.
On the economic front, GDP contracted at an annual 5% pace in the first quarter instead of 4.8%, revised government data showed.
Back home, the market ended with robust gains on Thursday, backed by rally in banks and auto shares. The buying was supported by hopes of further opening up of the economy and more stimulus measures by the government. The barometer S&P BSE Sensex jumped 595.37 points or 1.88% at 32,200.59. The Nifty 50 index gained 175.15 points or 1.88% at 9,490.10.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,354.14 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 144.83 crore in the Indian equity market on 28 May, provisional data showed.
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