Indian Market Outlook:

The Key benchmark indices remains consolidated over this week due to rising cases of coronavirus cases along with the hope of second stimulus package. Also Global tech giant Facebook signed a binding agreement to purchase 9.99 per cent equity stake in Jio Platform, boost the market sentiment. In the week ended, the S&P BSE Sensex index fell 261.50 or 0.83 percent to settle at 31327.22, whereas NSE Nifty 50 benchmark fell 112.35 points or 1.21 per cent. BSE Mid Cap Index fell 359.87 points or 3.04 % to settle at 11464.20 while the BSE small Cap index fell 1.55% to settle at 10563.54. Over the week, FIIs were the net sellers for the week, sell equities worth Rs.4009.08 crore with the DIIs also were the net sellers of Rs.649.22 crore. There was also a Panic selling over Franklin Templeton Mutual Fund’s decision to wind up six debt schemes and block redemptions indefinitely due to liquidity issues spread to the asset management industry and the corporate bond market. Going forward, the market is awaiting Round Two of economic stimulus package from the government. Although given the limitations that the government faces with its finances, not much is expected. But at least some sectors (labour-oriented ones) which are in deep trouble should expect some support. Next week we have IndusInd and Axis Bank reporting their results along with HUL.

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Latest Spot Price (in US $)

Precious Metal Current Price Change (%) 3 Month 6 Month       1 Year
Gold 1,745.65 3.01 9.82 15.03 36.86
Silver 15.36 0.07 -15.70 -10.54 0.13
Platinum 781.25 -1.26 -22.19 -11.51 -12.08
USD/INR 76.27 -0.37 6.75 7.70 9.02
Crude 17.19 -5.45 -67.65 -69.67 -73.91

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Global Weekly Events

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Domestic Economy Indicators

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Net Inflow (Cr) FII DII
20-Apr-2020 -265.89 -788.87
21-Apr-2020 -2,095.23 -68.46
22-Apr-2020 -1,326.09 863.82
23-Apr-2020 -114.58 338.27
24-Apr-2020 -207.29 -993.98
Total -4009.08 -649.22

 

Top Gainers Closing Price Prev Close Chg (%)
Reliance 1417.00 1224.00 15.77
Britannia 3062.15 2832.15 8.12
Sun Pharma 485.55 457.10 6.22
Yes Bank 26.60 25.10 5.98
Infosys 658.00 628.75 4.65

 

Top Losers Closing Price Prev Close Chg (%)
Indusind Bank 382.90 474.75 -19.30
Hindalco 103.65 124.15 -16.51
Axis Bank 403.95 478.80 -15.63
Bajaj Finance 1976.25 2308.15 -14.38
JSW Steel 153.25 177.30 -13.56

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Economic News:

  • The Ministry of Home Affairs on Friday evening allowed the reopening of certain shops in rural and urban areas. The ministry said that the norms have been relaxed for registered shops and ones that are outside municipalities from Saturday onwards. However, the government stated that these shops must function only with 50 per cent staff and ensure that social distancing norms and other precautions are followed. The order on Friday night relaxes norms for the sale of non-essential commodities as well, albeit under certain conditions. But, the ministry order excludes cinema halls, malls, shopping complexes, gymnasiums, sports complexes, entertainment parks, theatres, auditoriums, assembly halls and other such places from the relaxations. This means that these places will remain closed till the end of the lockdown.

 

  • Exporters body FIEO on Friday cautioned the government that if the current lockdown will continue for long, it may create problems for exporters. Federation of Indian Export Organisations (FIEO) President Sharad Kumar Saraf said that several countries such as Bangladesh, Dubai and the UK have issued solutions and guidelines for lifting the lockdown, and the federation has shared those suggestions with several states in India. “More than one month have passed since the complete lockdown was imposed and it is creating difficulty for labours and industry. If it will be continued for long, it may create problems for exporters,” Saraf told PTI.

 Industry News:

  • The Reserve Bank of India’s first auction under the targeted long term repo operation 2.0 has elicited a tepid response. The central bank received bids for only 50 percent of the offered amount. The central bank said on April 23 it received 14 bids, amounting to Rs Rs 12,850 crore as against the Rs 25,000 crore offered. The message is clear: Banks have turned more risk-averse and do not want use the cheap funds offered by the central bank to lend to riskier small companies.

 

  • Bank credit and deposits grew by 7.20 per cent and 9.45 per cent to Rs 103.39 lakh crore and Rs 137.14 lakh crore, respectively in the first fortnight, which ended on April 10, of the current fiscal, according to the latest data from the Reserve Bank of India (RBI). In the year-ago fortnight, bank advances had stood at Rs 96.44 lakh crore and deposits at Rs 125.30 lakh crore. In the fiscal ended March 31, 2020, bank loans had decelerated to 6.14 per cent, a near five-decade low, due to slower economic growth, lower demand and as banks remained risk averse Loan growth in FY20 was the slowest since the fiscal ended March 31, 1962, when it had increased by 5.38 per cent.

  Company News:

  • Bank of Baroda, India’s third-largest state-run lender by market value, plans to raise as much as 135 billion rupees ($1.8 billion) over the next 12 months to improve risk buffers and boost lending. The lender, which combined with two smaller rivals last year, plans to raise 90 billion rupees selling shares and the balance through debt including tier-I capital. Bank of Baroda joins private-sector peers including Kotak Mahindra Bank Ltd. and Yes Bank Ltd. in beefing up capital buffers, as Indian lenders brace for a surge in loan defaults due to a lockdown on the economy.

 

  • Mindtree, now a Larsen & Toubro group company, on Friday reported a 16.3 per cent year-on-year (YoY) decline in its net profit at Rs 630.90 crore for the financial year ended March 31, 2020. Going ahead, the company anticipates softness in demand in FY21 due to the unprecedented COVID-19 pandemic. The Bengaluru-headquartered mid-size IT services company had posted net profit of Rs 2,494 crore in the financial year 2018-19. Mindtree’s revenue, however, rose 10.6 per cent to Rs 7,764.3 crore in FY20 as compared to Rs 14,582 in FY19.

 

  • Tata Steel on Friday said its board has approved proposal to raise up to Rs 5,000 crore through issuance of non convertible debentures (NCDs) on private placement basis. The funds will be primarily deployed towards repayment of debt and general corporate purposes. “The Board of Directors at its meeting held today reviewed financing plan of the company and based on the review, approved issue of additional debt securities up to Rs 5,000 crore in the form of NCDs on private placement basis in one or more tranches (Issue),” Tata Steel Limited said in a BSE filing.

Global News:

  • Oil prices rose on Friday, bringing an end to another week of losses that featured the U.S. contract plunging to minus $40 a barrel, as global production cuts could not keep pace with the collapse in demand caused by the coronavirus pandemic. Oil trading was extremely volatile all week, in an extension of the selling that has dominated trading since early March as demand collapsed 30% due to the pandemic.
  • The coronavirus pandemic and its devastating economic impact on developing countries could fuel fresh interest in so-called diaspora bonds that allow migrants to support their countries of origin, experts from the World Bank and other groups say. Dilip Ratha, the World Bank’s lead economist on migration and remittances, told Reuters that diaspora bonds could generate about $50 billion a year in total for developing countries, potentially helping to offset a sharp drop in foreign direct investment that is slated to fall by 37% this year.

(Source: Bloomberg Quint, Economic Times, Business Today,

Business Standard, Investing, Financial Times Moneycontrol, livemint)

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