Shares trade with modest losses; RIL jumps over 6%

The equity barometers traded with modest losses in afternoon trade amid weak global stocks. At 13:29 IST, the barometer index, the S&P BSE Sensex, was down 135.05 points or 0.42% at 31,728.03. The Nifty 50 index was down 46.60 points or 0.50% at 9,267.30.

The broader market continued trading lower. The S&P BSE Mid-Cap index was down 0.83% while the S&P BSE Small-Cap index was down 0.71%.

The market breadth was negative. On the BSE, 773 shares rose and 1369 shares fell. A total of 141 shares were unchanged. In Nifty 50 index, 16 stocks advanced while 34 stocks declined.

 

Domestic trading sentiment was also impacted by Franklin Templeton Mutual Fund's decision to close six debt schemes citing lack of liquidity in the debt market and unprecedented redemption in these yield-oriented schemes.

Stocks in Spotlight:

Index major Reliance Industries was up 6.46% to Rs 1460.10, boosting gains in benchmark indices.

Britannia Industries (up 4.30%), Sun Pharmaceutical Industries (up 3.26%), Hero MotoCorp (up 3.25%) and ONGC (up 2.52%) were other major gainers.

ICICI Bank (down 3.84%), HDFC (down 3.74%), Infosys (down 2.63%) and TCS (down 3.11%) tumbled, putting pressure on the benchmarks.

Larsen & Toubro (L&T) rose 0.76% to Rs 847 after the construction major bagged a significant contract from Kyosan Electric Manufacturing Co. (Japan) and Eastern Dedicated Freight Corridor (EDFC). As per the L&T's classification, the valuation of the 'significant' order stands between Rs 1,000 crore and 2,500 crore. The news was disclosed during market hours today, 24 April 2020.

Bharti Infratel fell 7.82% to Rs 153.15 after consolidated net profit rose 7% to Rs 649.50 crore on a 1% increase in revenue to Rs 3624.40 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax fell 14% to 866.20 crore during the period under review. EBITDA rose 12% to Rs 1,721 crore in Q4 March 2020 over Q4 March 2019.

The company said there is no significant impact of COVID-19 pandemic on the financial position and performance of the Group. Further, the Group is not expecting any significant changes in estimates as of now as the company is running its business and operations as usual without any major disruptions.

Axis Bank lost 3.42% to Rs 415. The bank said its board will consider borrowing/raising funds in Indian Currency/Foreign Currency by issue of debt instruments including but not limited to Bonds and Non-Convertible Debentures on 28 April 2020.

Mahindra & Mahindra (M&M) shed 2.30% to Rs 339.55. M&M said that the Loans & Investment Committee has approved issuance and offer of 6.78%, 10,000 nos. of Rated, Listed, Unsecured, Redeemable Non-convertible Debentures of Rs 10 lakh each aggregating Rs 1,000 crore for cash at par, (NCDs) on private placement basis.

Global Markets:

Stocks in Europe and Asia fell across the board on Friday after an overnight report raised doubt regarding Gilead drug over a potential coronavirus treatment. Media reports cited documents suggesting that Gilead Sciences' drug remdesivir did not improve coronavirus patients' condition.

That news bears significance as the coronavirus continues to spread globally, with more than 2.7 million people infected worldwide and at least 190,303 lives lost, according to data compiled by John Hopkins University.

Meanwhile, retail sales across the UK have fallen at a record pace under the lockdown, but demand for alcohol has soared. The latest retail sales figures, just released, show that monthly retail sales volume fell by 5.1% in March. That's the largest monthly fall since the series began, and shows the impact of shutting non-essential stores last month.

In US, markets ended near flat line on Thursday after a report that an experimental antiviral drug for the coronavirus flopped in its first randomized clinical trial.

The US House of Representatives overwhelmingly approved a $484 billion coronavirus relief bill on Thursday, funding small businesses and hospitals and pushing the total spending response to the crisis to an unprecedented near $3 trillion. The measure passed the Democratic-led House by a vote of 388-5, with one member voting present. House members were meeting for the first time in weeks because of the coronavirus pandemic.

The IHS Market flash purchasing managers index for the service sector fell to a record low in April, while the manufacturing PMI weakened to the lowest level in 11 years, as business activity has slumped due to the lockdowns to combat the coronavirus pandemic.

The flash services PMI fell to 27 from 39.8 in March while the manufacturing PMI dropped to 36.9 from 48.5.

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