Indian Market Outlook:

The Key benchmark indices rose over 5% over the week with the FMCG, Auto, Pharma and Metal stocks tracked massive buying with Banking sector. The Nifty ending the week 6 percent higher at 9580 points while Sensex ended 5.71 percent higher at 32424 points. The BSE Midcap index ended 5 percent higher, while the BSE Small cap index rose 3.50 percent, during the course of the week. Foreign Institutional Investors invested a considerable amount during the week; bought equities worth Rs.8916.24 crore while the DIIs were also the net buyers of Rs.6362.20 crore.  India’s economic growth slumped to 3.1% in the March quarter, the slowest pace in 11 years, even as fresh data suggested the economy may be headed for a major shock in the June quarter. Also Tensions between India and China and China and the US remain a concern for the markets. The lockdown 4.0 is coming to an end on May 31; hence focus would be on further announcements from the government over lockdown extension along with easing of restrictions. Auto monthly sales data for the month of May will start coming from Monday which would reflect consumer sentiment. On Marco Front Nikkei Markit Manufacturing PMI would be announcing on 1st June, 2020. Key Results to watch upcoming week are Britannia Industries, Granules India., Indigo, BPCL, Larsen & Turbo, State Bank of India.

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Net Inflow (Cr) FII DII
26-May-2020 4,716.13 2,841.09
27-May-2020 -334.74 2,408.85
28-May-2020 2,354.14 144.83
29-May-2020 1,460.71 967.43
Total 8,196.24 6,362.20

 

Top Gainers Closing Price Prev Close Chg (%)
Zee Ent. 183.55 153.95 19.23
Eicher Motors 16548.45 14087.60 17.47
L & T   932.25 820.50 13.62
Indusind Bank 393.65 346.80 13.51
Coal India 141.30 124.50 13.49

 

Top Losers Closing Price Prev Close Chg (%)
Bharti Airtel 552.60 594.95 -7.06
Bajaj Finserv 4404.9 4539.20 -2.96
Bajaj Finance 1953.65 1990.20 -1.84
TCS 1972.35 1991.20 -0.95
Power Grid 157.55 158.90 -0.85

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Economic News:

  • India’s gross domestic product (GDP) grew at a dismal but better than expected rate of 3.1% in the March quarter (Q4) of last fiscal, the National Statistical Office (NSO) said on Friday, giving some credence to the government’s claim that had the Covid-19 pandemic not devastated the economy, the several-quarters-long growth slump could have bottomed out. The NSO undertook significant downward revisions of the expansion rates of the first three quarters of last fiscal and announced GDP growth for the fiscal year 2019-20 was 4.2%, the lowest since 2008-09 that witnessed the global financial meltdown. The Q4FY20 growth rate was, of course, the lowest in 44 quarters.

 

  • India’s core sector output contracted 38.1% in the month of April, reflecting how India’s economy has taken a toll as the country fights the coronavirus pandemic with a nationwide-lockdown. The core sector had expanded by 5.2% in the same period a year ago while it shrank 9% in the previous month. “In view of nationwide lockdown during April 2020 due to COVID-19 pandemic, various industries viz. Coal, Cement, Steel, Natural Gas, Refinery, Crude Oil, etc experienced a substantial loss of production,” the official release said. This is the biggest ever fall in the core sector data ever recorded.

 

 Industry News:

  • More than 100 scientists and clinicians have questioned the authenticity of a massive hospital database that was the basis for an influential study published last week that concluded that treating people who have COVID-19 with chloroquine and hydroxychloroquine did not help and might have increased the risk of abnormal heart rhythms and death.

 

  • The Indian automobile industry had been under tremendous stress even before COVID-19 hit the industry this year. Auto volumes across passenger vehicles (PV) and commercial vehicles (CV) are at decade lows. The situation warrants stimulus to regain growth momentum and there could not be a better time to introduce a scrappage scheme to provide a much-needed stimulus to the industry and also maintain the reduced pollution levels currently, HSBC said in a report.

 Company News:

  • Hindustan Unilever Ltd, India’s top consumer goods maker, expects a revival in economic activity and demand to start by the end of this year or early next year though the next few quarters could be tough for the country, said Sanjiv Mehta, chairman and managing director.In a consumption-driven economy like India, the government would need to come out with a bigger package to help stimulate demand, Mehta said in an interview with analysts at Jefferies Equity Research, which was released on Friday.

 

  • Sun Pharmaceutical Industries Ltd has received approval from the Drugs Controller General of India (DCGI) to initiate a clinical trial with Nafamostat Mesilate in COVID-19 patients. Nafamostat is approved in Japan for the improvement of acute symptoms of pancreatitis and treatment of Disseminated Intravascular Coagulation (DIC). The approval came after a group of scientists from the University of Tokyo, Japan, and Leibniz Institute for Primate Research, Germany, recently demonstrated that Nafamostat, at very low concentrations, suppresses a protein that COVID-19 virus uses to enter human lung cells.

 

  • The Adani group wants to delist Adani Power, whose board will meet on June 3 to consider the proposal. If approved, this will be the first time billionaire Gautam Adani will de-list a business. Adani Power on Friday informed the exchanges it had received a delisting proposal from Adani Properties, which is a member of the promoter and promoter group. In the letter Adani Properties expressed the intention “to either by itself or together with other members of the promoter group acquire all the equity shares of the company”.

Global News:

  • Gilead American drugmaker Pfizer has claimed that a COVID-19 vaccine could be ready by October-end this year. The pharmaceutical company is conducting clinical trials with German firm BioNTech on several probable vaccines in Europe and the United States. “If things go well, and the stars are aligned, we will have enough evidence of safety and efficacy so that we can have a vaccine around the end of October,” Pfizer CEO Albert Bourla was reported by the Times of Israel as saying.

 

  • The President Donald Trump said the U.S. will terminate its relationship with the World Health Organization, which he has accused of being too deferential to China and of failing to provide accurate information about the spread of the coronavirus.

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

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