Indian Market Outlook:

The Key benchmark indices fell over 6% this week as coronavirus cases continued to spiral and markets awaited an economic stimulus. Last week, we had some encouraging moves in the market and in the process; the Nifty took a leap beyond the 9800 mark. However, with US President Donald Trump threatening China on hiking tariffs over the weekend, spooked market participants across the globe. As a result, we had a huge gap down opening on Monday, which was mostly followed by a consolidation throughout the remaining part of the week. Eventually, the Nifty ended the week tad above 9200 by shedding over 6% as compared to the previous weekly close. FIIs were the net buyers for the week, bought equities worth Rs.18589.68 crore with the DIIs were also the net buyers of Rs.917.92 crore. Among the index majors, Reliance is currently playing a critical role in holding the benchmark while the banking pack is under tremendous pressure. Going forward, domestic factors viz. COVID-19 cases and disappointing earnings will continue to weigh on the sentiments ahead. How consumers behave after the lockdown will be the most important data point for the market to decide its way forward. On Marco front Industrial Production (YoY) (Mar) and CPI (YoY) (Apr) will be announced on 12th May 2020.

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Net Inflow (Cr) FII DII
04-May-2020 -1,373.98 -1,661.61
05-May-2020 -323.86 -58.21
06-May-2020 -493.68 322.47
07-May-2020 19,056.49 3,818.41
08-May-2020 1,724.71 -1,503.14
Total 18,589.68 917.92

 

Top Gainers Closing Price Prev Close Chg (%)
Reliance 1561.80 1466.00 6.53
M & M 386.70 366.65 5.47
Bharti Airtel 530.05 514.30 3.06
DRREDDY 3984.00 3936.30 1.21
Sun Pharma 469.00 464.45 0.98

 

Top Losers Closing Price Prev Close Chg (%)
Titan 832.85 970.05 -14.14
Axis Bank 382.05 444.90 -14.13
Vedanta 77.40 89.55 -13.57
UPL 364.60 420.05 -13.20
Maruti Suzuki 4654.15 5358.60 -13.51

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Economic News:

  • India’s services activity suffered a shock collapse in April as the coronavirus lockdown crippled global demand, causing a historic spike in layoffs and reinforcing fears of a deep recession in Asia’s third-largest economy, a private survey showed. The Nikkei/IHS Markit Services Purchasing Managers’ Index plunged to an eye-popping 5.4 in April from March’s 49.3, an unprecedented contraction since the survey first began over 14 years ago. The grim result for the industry, the engine of economic growth and jobs, underlined the pandemic’s sweeping impact across India as authorities extended a nationwide lockdown, in effect since March 28, until May 17.

 

  • Bank credit and deposits grew by 6.74 per cent and 9.82 per cent to Rs 102.69 lakh crore and Rs 137.11 lakh crore in the fortnight ended April 24, latest data from the RBI showed. In the year-ago fortnight, bank loans had stood at Rs 96.20 lakh crore and deposits at Rs 124.83 lakh crore. In the previous fortnight which ended on April 10, 2020, bank credit had grown by 7.20 per cent and deposits by 9.45 per cent. 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.

 Industry News:

  • India’s pharmaceutical exports missed its $22-billion goal in the 2019-2020 fiscal, due to the impact of the ongoing COVID-19 pandemic and lockdown. Exports in this sector grew 7.57 per cent, as against the targeted 15 per cent, to touch $20.58 billion, with shipments dropping nearly 3 per cent in the fourth quarter of the last fiscal, according to a note by the Pharmaceuticals Export Promotion Council (Pharmexcil) on Friday. “Usually, Indian pharma exports during Feb & Mar are quite brisk and are to an extent of 22-23 per cent in the first ten months (Apr-Jan).

 

  • Minister of Road Transport and Highways of India, Nitin Gadkari chaired a crucial meet with India’s top Automobile bosses. Gadkari met Maruti Suzuki’s Kenichi Ayukawa, Mahindra and Mahindra’s Pawan Goenka, Toyota’s Vikram Kirloskar and SIAM’s Rajan Wadhera. Auto top chiefs asked a 1-year moratorium for 11 regulations and the vehicle scrappage policy.

Company News:

 

  • Saudi Arabia’s $320 billion sovereign wealth fund is exploring a potential investment in Reliance Industries Ltd.’s digital unit, according to people with knowledge of the matter. The Public Investment Fund is considering purchasing a minority stake in Jio Platforms, said the people, who asked not to be identified as the information is private. Any new investment into Jio Platforms will add to the $8 billion deal run that billionaire Mukesh Ambani has sealed in the past weeks.

 

  • Shree Cement Ltd. reported a sharp spike in quarterly profit despite the Covid-19 pandemic stalling construction and economic activities across the country. Net profit rose 83.2 percent over last year to Rs 588.2 crore in the quarter ended March, according to an exchange filing. That compares with the Rs 420.7-crore consensus estimate of analysts tracked by Bloomberg. The bottom line was mainly aided by an improved operational performance. The company’s earnings before interest, tax, depreciation and amortisation rose 27.3 percent to Rs 1,079 crore—highest in at least nine quarters. That came as fuel and power expenses fell, while employee cost remained stable.

 

  • India’s Jindal Power Ltd. is counting on favorable government policies and new investors to complete the country’s largest hydropower project, as a generation glut makes the estimated $3.3 billion facility a risky bet for the company to handle, Chief Executive Officer Bharat Rohra said. New Delhi-based Jindal Power, a unit of Jindal Steel & Power Ltd., will consider reaching out to state-run hydropower producers such as NHPC Ltd. to form a special purpose vehicle for the project after it gets all statutory approvals.

Global News:

  • Global share markets rallied on Friday, hitting weekly highs, and oil prices gained as more governments around the world began gradually reopening their economies and Sino-American trade tensions eased. The optimism contrasts with the economic data. U.S. unemployment numbers showed the coronavirus pandemic cost the economy 20.5 million jobs in April, the steepest plunge in payrolls since the Great Depression

  • France is proposing that the European Commission issue bonds to finance a recovery fund for the European Union worth 1-2% of gross national income per year – or 150-300 billion euros – in 2021-23. The proposal, seen by Reuters, comes as the 27-member bloc is debating how to jump-start growth after a slump caused by the coronavirus outbreak.

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

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