Indian Market Outlook:

The Key benchmark indices rallied over 7% this week on the back of encouraging data from coronavirus drug trials in the US. Gilead’s antiviral remdesivir in early clinical trials seemed to show it helped speed recovery in coronavirus patients. This gives hope when the worldwide death count from the virus has surpassed 2,25,000. In the week ended, the S&P BSE Sensex index rose 2390.40 or 7.63 percent to settle at 33717.62, whereas NSE Nifty 50 benchmark rose 705.50 points or 7.71 per cent. BSE Mid Cap Index rose 549.25 points or 4.79 % to settle at 12013.45 while the BSE small Cap index rose 4.40% to settle at 11101.84. FIIs were the net buyers for the week, bought equities worth Rs.1652.31 crore with the DIIs were aslo the net buyers of Rs.2896.40 crore. U.S. market took a nosedive on Friday on fears that the world’s two largest economies could resume a trade war. A threat by President Donald Trump to impose new tariffs on China in retaliation for its handling of the novel coronavirus outbreak soured investor sentiment. The Same impact could be seen on Indian market in Upcoming trading session. Meanwhile the Indian government has extended the world’s biggest coronavirus lockdown by two weeks starting May 4, but with some easing of restrictions. On the Marco front Nikkei Markit Manufacturing PMI and Nikkei Services PMI (Apr) would announced on 4th May and 6th May respectively.

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Net Inflow (Cr) FII DII
27-Apr-2020 -916.42 1,141.97
28-Apr-2020 -122.15 389
29-Apr-2020 722.08 786.4
30-Apr-2020 1968.8 579.03
Total 1652.31 2,896.40

 

Top Gainers Closing Price Prev Close Chg (%)
Tata Motors 93.25 75.65 23.27
UPL 420.05 348.90 20.39
ONGC 79.90 67.35 18.63
Hindalco 130.20 111.25 17.03
Hero Motocorp 2166.70 1865.00 16.18

 

Top Losers Closing Price Prev Close Chg (%)
Hindustan Unilever 2195.00 2317.50 -5.29
Asian Paints 1758.70 1821.65 -3.46
Sun Pharma 464.45 477.45 -2.72
Dr. Reddy. 3936.30 4027.10 -2.25
Yes Bank 27.90 28.30 -1.41

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Economic News:

  • India’s core sector output contracted 6.5% in March, marking the worst performance by the key infrastructure areas going back to 2005, as the nationwide lockdown to combat the spread of Covid-19 stalled the economy.The contraction is a sharp reversal from 7.2% growth in February, an 11-month high, data released by the commerce department on Thursday showed. For the full year, infrastructure industries grew 0.6% against 4.4% last year. The contraction is a sharp reversal from 7.2% growth in February, an 11-month high, data released by the commerce department on Thursday showed. For the full year, infrastructure industries grew 0.6% against 4.4% last year. “The core sector contraction in March represents the worst performance in the current series, even though it is surprisingly not as deep as we had feared,” said Aditi Nayar, principal economist, ICRA Ltd.

 

  • Centre After over five weeks of coronavirus lockdown, India’s unemployment rate shot up 14.8% to reach 23.5% in the month of April, much higher than 8.7% reported in the previous month, according to data released by think-tank Centre for Monitoring Indian Economy (CMIE) on Friday. The CMIE survey was started in 2016 and since then the April’s unemployment rate of 23.5% is the highest ever. The unemployment rate in urban India stood at 24.95%, while in rural India it was 22.89%. State wise unemployment rate differed widely. Highest unemployment rate of 75.8% was recorded in Puducherry followed by 49.8% in Tamil Nadu 47.1% in Jharkhand 46.6% in Bihar and 43.2% in Haryana.

 Industry News:

  • With the entire industry reporting zero sales in April, the domestic automobile sector has written to the government seeking relaxation from the lockdown to ensure full resumption of operations to the entire value chain. The government on Friday extended the period of lockdown by another two weeks till May 17 but has provided a number of caveats to ensure resumption of economic activity in the country. The automotive industry however wants the entire value chain, which includes factories of all component makers, vehicle and two-wheeler manufacturers as well as dealerships, across the country to be allowed to open in one go for the industry to become functional again.

 

  • India has shipped 50 million tablets of hydroxychloroquine to the United States, an Indian source with direct knowledge of the exports said, although U.S. regulators warned the anti-malarial drug may have harmful side effects in the treatment of COVID-19. The trade, India’s biggest export of the drug to any country, follows a request by U.S. President Donald Trump for New Delhi to release supplies of hydroxychloroquine as a possible treatment for the respiratory disease.

   Company News:

  • HUL expects technology adoption in distribution channel, including neighbourhood stores besides e-commerce, to speed up as a result of consumers’ experience during the coronavirus pandemic. According to Hindustan Unilever (HUL) CMD Sanjiv Mehta, the company will be ready to serve its consumers through any channel that they would prefer to shop, be it big format stores, kirana stores or online. “Different channels have different shopping missions. People go to a big format store on certain occasion, they go to a neighbourhood store on certain occasion but yes this crisis will habituate and I believe that it would give a fillip to e-commerce, there is no question about that,” he said in a conference call on the company’s quarterly earnings on Thursday.

 

  • Asian Paints Ltd. on Friday made its foray into the hand sanitiser and surface segment by launching Viroprotek range of products. The entry into the segment is aimed at supporting the government in its various measures towards Covid-19 relief and address the huge need of hand and surface sanitisation in these testing times, Asian Paints said in a statement. “The product is being manufactured at company’s existing plant at Ankleshwar, Gujarat, after obtaining all the necessary statutory approvals and permissions,” it added.

 

  • Reliance Industries Ltd. will raise close to Rs 53,125 crore via a rights issue, the biggest ever, as India’s most valued company looks to strengthen its balance sheet. The owner of the world’s largest oil refinery will issue more than 41 crore equity shares at Rs 1,257 apiece, according to an exchange filing. The rights issue—shares offered at a special price to existing shareholders in proportion to their ownership of old shares—is priced at a discount of 14.3 percent to closing price on April 30 and will lead to an equity dilution of 6 percent on the expanded equity base. The total equity base will increase to 675 crore.

Global News:

  • Gilead Sciences Inc.’s antiviral drug remdesivir was cleared by U.S. regulators for emergency use in Covid-19 patients, becoming the first medication backed by early clinical data to be made available to fight the novel coronavirus. Remdesivir reduced the time it took hospitalized Covid-19 patients to recover in an interim analysis of an ongoing study.

  • Wall Street took a nosedive on Friday on fears that the world’s two largest economies could resume a trade war, dragging down a global stocks index on a day that many financial markets were closed for a holiday. A threat by President Donald Trump to impose new tariffs on China in retaliation for its handling of the novel coronavirus outbreak soured investor sentiment.

 (Source: Bloomberg Quint, Economic Times, Business Today, Business Standard, Investing, Financial Times Moneycontrol, livemint)

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