Domestic shares witnessed bargain hunting after recent steep losses. The Sensex and the Nifty lost about 6% in the past three session. Domestic shares also mirrored global peers which surged on optimism about a potential vaccine for the coronavirus. However, gains were capped amid rising coronavirus cases in India.
In the broader market, the S&P BSE Mid-Cap index rose 1.02% while the S&P BSE Small-Cap index rose only 0.32%. Both these indices underperformed the benchmark Sensex.
The market breadth was positive. On the BSE, 1109 shares rose and 935 shares fell. A total of 149 shares were unchanged. In the Nifty 50 index, 41 shares advanced while 9 shares declined.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 48,04,167 far with 3,18,527 deaths. India reported 58,802 active cases of COVID-19 infection and 3,163 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
In a bid to contain the spread of the novel coronavirus pandemic, the Centre on 17 May 2020 extended the nationwide lockdown till 31 May 2020.
Gainers & Losers:
ONGC (up 6.17%), Adani Ports & SEZ (up 5.52%), UltraTech Cement (up 4.94%) and JSW Steel (up 4.81%) were top gainers in Nifty 50 index.
UPL (down 6%), Vedanta (down 1.41%), Hindustan Unilever (down 1.36%) and IndusInd Bank (down 0.56%) were top losers in Nifty 50 index.
Q4 Results Today:
Bajaj Finance (up 1.48%), Apollo Tyres (up 3.16%), Gabriel India (up 0.71%), Nesco (up 0.94%), Sanofi India (up 1.04%), Tata Power Co. (down 0.32%) and Ujjivan Small Finance Bank (up 1.72%) are some of the companies that will announce their quarterly results today.
Earnings Impact:
Bharti Airtel jumped 9.34% to Rs 588.40. The telecom major reported a consolidated net loss of Rs 5327 crore in Q4 March 2020 (Q4 FY20) as against net profit of Rs 107.20 crore in Q4 March 2019 (Q4 FY19). The company took a hit due to an exceptional item of Rs 7,004 crore in the quarter, which comprises mainly of a charge on account of reassessment of regulatory cost based on a recent judgment on one-time spectrum charge (OTSC) related matter.
Net sales jumped 15.1% to Rs 23,722.70 crore during the period under review. EBITDA rose 51.7% to Rs 10,326 crore in Q4 FY20 over Q4 FY19. EBITDA margin stood at 43.5% as on 31 March 2020 as compared to 33% as on 31 March 2019.
The company said its average revenue per user (ARPU) rose 25.20% to Rs 154 in Q4 FY20 from Rs 123 in Q4 FY19. Growth was broad based and all segments registered healthy underlying growth, the company said. The company total customer base increased by 4.9% to 42.3 crore customers in Q4 March 2020 from 40.3 crore customers in Q4 March 2019.
Astrazeneca Pharma India slumped 7.27% to Rs 2830 after net profit declined 2.4% to Rs 9.58 crore on 2.4% increase in net sales to Rs 194.90 crore in Q4 March 2020 over Q4 March 2019. Profit before tax stood at Rs 13.35 crore in Q4 March 2020, rising 57.6% year on year from Rs 8.47 crore in Q4 March 2019. The result was announced after market hours yesterday, 18 May 2020.
Torrent Power rose 1.7% at Rs 302.05. The company reported consolidated net loss of Rs 273.94 crore in Q4 March 2020 compared with net profit of Rs 24.80 crore in Q4 March 2019. The company has provided impairment loss of Rs 1,000 crore as exceptional item during the quarter towards carrying cost of DGEN plant (Dahej, Gujarat). Net sales rose 2% to Rs 2,983.50 crore in Q4 March 2020 over Q4 March 2019. EBITDA grew 15% to Rs 864 crore in Q4 March 2020 as compared to Rs 750 crore in Q4 March 2019.
Global Markets:
European markets declined at opening bell while Asian stocks continued trading higher on Tuesday as hopes rise on a potential coronavirus vaccine after a positive development from a Moderna trial.
Moderna reported 'positive' phase one results for a potential coronavirus vaccine. The company said that after two doses all 45 trial participants had developed coronavirus antibodies.
Meanwhile, Chinese President Xi Jinping said Monday that his country will provide $2 billion over two years to help other countries combat the impact of the coronavirus pandemic.
US stocks rose sharply on Monday on optimism that the American economy might be percolating again, while the medical community works toward a potential COVID-19 vaccine.
Stock-market bulls also gained confidence following remarks by the U.S. central bank chief Powell on Sunday and Monday that the Fed would continue to support the economy and financial markets through the viral outbreak.
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