Indian Market Outlook:

The Key benchmark indices fell over 1.% this week despite the efforts taken by the Government. The package had more to do with fixing supply-side issues than catering to demand-side issues. In the week ended, the S&P BSE Sensex index fell 544.97 or 1.72 percent to settle at 31907.73, whereas NSE Nifty 50 benchmark fell 114.65 points or 1.24 per cent. So far, the steps announced by the government have focused on MSMEs, PSU banks, agriculture and welfare of the poor, which is the need of the hour. However, there is disconnection between the market and the policy measures. Investors fear that the economic relief package would not be enough to boost the economy’s conditions. Also, increasing cases of Coronavirus that have surpassed China’s tally created tension over the revival efforts taken by the Government. FIIs were the net sellers for the week, sell equities worth Rs.5951.15 crore while the DIIs were the net buyers of Rs.1074.94 crore. Markets are expected to trade volatile in the coming week, as the actual impact of the government announcements made so far and more to come in the weekend, will be deciphered. Greater relaxations and flexibility will be seen in the lockdown 4.0, which will begin on Monday. Bharti Airtel, Bajaj finance, Bajaj- Auto, Dr. Reddy, Ultratech Cement and Bajaj finserv will release their Q4FY20 Earnings in the upcoming week.

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Net Inflow (Cr) FII DII
11-May-2020 534.87 -821.6
12-May-2020 -1,662.03 -364
13-May-2020 -283.43 232.65
14-May-2020 -2,152.52 802.36
15-May-2020 -2,388.04 1,225.53
Total -5951.15 1074.94

 

Top Gainers Closing Price Prev Close Chg (%)
Vedanta 92.95 77.40 20.09
Bharti Infratel 202.50 174.25 16.21
Hero MotoCorp 2193.55 1962.60 11.77
Bajaj Auto 2663.60 2419.05 10.11
Maruti Suzuki 5100.40 4654.15 9.59

 

Top Losers Closing Price Prev Close Chg (%)
Reliance 1459.40 1561.80 -6.56
Dr. Reddy 3735.10 3984.00 -6.25
GAIL   85.80 91.35 -6.08
Indusind Bank 418.70 440.35 -4.92
Tech Mahindra 510.55 536.20 -4.78

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Economic News:

  • Over three consecutive days of interaction with the country’s financial media, FM Nirmala Sitharaman provided the break-up of PM Modi’s Rs 20 lakh crore Covid stimulus for India. Sitharaman’s offers under the first tranche included funding — as well as loan guarantees — small businesses, non-bank lenders, discoms and salaried workers. These will be fully guaranteed by government of India. Day 2 put the focus on migrant workers, small farmers and the poor. Day 3 included steps for framers, and such sectors as food processing and allied activities. One lakh crore fund for strengthening the farm gate infrastructure like cold chains, post-harvest storage infrastructures etc.

 

  • India’s trade basket plummeted to a record low in April as countries sealed their borders to arrest the spread of the coronavirus pandemic. Merchandise exports plunged 60.3% and imports fell 58.7% resulting in a trade deficit of $6.8 billion, data released by the commerce ministry on Friday showed.The sharply weaker performance in April followed a 34.6% drop in India’s merchandise exports in March when imports declined 28.7%.

 Industry News:

  • The US Food and Drug Administration is considering alternative approaches for inspections of manufacturing sites, acting upon requests from several companies, including Indian drug makers, to address the issue. The move has been triggered by the shortage of drugs — most of them supplied by Indian generic drug companies — that the US faces during the Covid-19 pandemic. The Indian Pharmaceutical Alliance has asked the FDA last month to find a solution for inspecting the manufacturing plants of its members.

 

  • Banks are adopting different procedures while releasing pension or seeking certificates from pensioners at different periodicity, the Personnel Ministry has said. The ministry has issued consolidated guidelines to chairman and managing directors (CMDs) of pension disbursing banks to create awareness among Central Pension Processing Centre (CPPC)/ bank branches on updated rules and instructions in this regard.

 Company News:

  • Drugmaker Cipla Ltd.’s profit declined in the March quarter on account of a high base and relatively lower sales amid the coronavirus lockdown. Net profit fell 33 percent over the previous year to Rs 246 crore in the quarter ended March, according to its exchange filing. Analysts’ estimates tracked by Bloomberg had pegged profit at Rs 368 crore. The drugmaker’s revenue fell 1 percent year-on-yea year-on-year to Rs 4,376 crore. That compares with the Rs 4,336-crore consensus estimate by analysts tracked by Bloomberg. Also its board had approved a proposal to raise up to Rs3,000 crore through sale of equity shares or equity linked instruments.

 

  • Reliance Industries on Saturday said its Rs 53,125 crore rights issue will open on May 20 and close on June 3.The stock went ex-rights on Wednesday and Thursday was the record date to determine the shareholders to be eligible for the biggest ever rights issue in India.The oil-to-telecom major said it would offer rights to buy one share for every 15 held by investors at a price of Rs 1,257 apiece.

 

  • Manoj Jain, chairman and managing director of national gas major GAIL, has been appointed as chairman of the city gas distributor Mahanagar Gas Ltd as well. Jain took over as the chairman of Mahanagar Gas Ltd (MGL) on May 6, the company said in a statement on Thursday. Jain, a mechanical engineer and an MBA, has experience of over 34 years with GAIL in various fields such as business development, projects, O&M, petrochemicals, pipeline integrity management and marketing. 

Global News:

  • S. consumer sentiment posted a surprise increase in early May amid widespread virus-relief payments and discounts for big-ticket items, though pessimism deepened about the longer-term outlook for incomes and the economy. The University of Michigan’s preliminary sentiment index rose 1.9 points from an eight-year low to 73.7, according to data Friday. That compared with the median estimate for a decline to 68 in a Bloomberg survey of economists.

 

  • The prospect of negative interest rates in the U.S. was once unthinkable but the coronavirus pandemic has changed that. While the head of the Federal Reserve ruled it out this week, the unprecedented economic fallout from the pandemic has forced markets to consider the potential ramifications of such a dramatic policy shift.

 (Source: Bloomberg Quint, Economic Times, Business Today, Business Standard, Investing, The Indian Express Moneycontrol, livemint)

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