Sensex rises 222 points to close at 30,602

Closing bell

Equity benchmark Sensex rose over 222 points on Thursday, buoyed by gains in finance, energy and power stocks despite weak cues from global markets.

After swinging 784 points intra-day, the 30-share index settled 222.80 points or 0.73 per cent higher at 30,602.61.

Similarly, the NSE Nifty ended 67.50 points, or 0.76 per cent, up at 8,992.80.

NTPC was the top gainer in the Sensex pack, rallying nearly 6 per cent, followed by ICICI Bank, Titan, L&T, SBI, Sun Pharma and Nestle India.

On the other hand, HCL Tech, Kotak Bank, Tech Mahindra, Hero MotoCorp and Infosys were among the laggards.

The  domestic market opened on a softer note tracking mixed global cues as virus concerns continued to weigh on sentiment, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

During the afternoon session, market gained positive traction as traders and investors were seen accumulating some large cap stocks, he noted.

Further, with the start of earnings season, the IT sector remained lacklustre during the day as commentary from Wipro failed to provide future clarity on Covid-19 impact while participants eyed TCS results later in the day, Solanki added.

On the currency front, the rupee tanked 43 paise to settle at a fresh all-time low of 76.87 (provisional) against the US dollar.

The death toll due to Covid-19 rose to 414, while the number of cases in the country climbed to 12,380.

Global tally of the infections has crossed 20 lakh, with over 1.37 lakh deaths.

Meanwhile, bourses in Shanghai ended on a positive note, while those in Hong Kong, Seoul and Tokyo closed in the red.

Stock exchanges in Europe were trading on a mixed note.

Brent crude futures, the global oil benchmark, rose 2.28 per cent to USD 28.32 per barrel. - PTI

Dollar consolidates gains before US jobless data's release

The dollar consolidated its gains against other currencies on Thursday before the release of weekly US jobless data, which are likely to provide more evidence of a deep recession in the world's biggest economy.

The dollar edged up 0.1 per cent to 99.774 against a basket of major currencies, after snapping a four-day losing streak the previous day as equity market gains hit a wall.

However, stabilising oil prices and some improvement in risk sentiment on stock markets helped temper the dollar's gains. Click here to read more on the global forex report

Reliance Jio in talks with Facebook to build a ‘super app’

Tech giant Facebook along with the Mukesh Ambani-led Reliance Industries are exploring the possibility of building a multipurpose ‘super app,’ according to a report by the Economic Times .

Facebook and Jio are discussing the possibility of building a super app along the lines of the Chinese app WeChat, by leveraging the Facebook-owned messaging platform, WhatsApp, and its user base in India, the report said. WhatsApp’s worldwide user base topped the two billion mark back in February.

The two companies would pitch in for funding, technical expertise and domain expertise required for the project, the report said.

European shares bounce as airlines pitch recovery

The main European equity benchmark rose 0.6 per cent. File Photo

European shares rose in early trading on Thursday as daily coronavirus death tolls in both Spain and Italy eased, while a defiant statement on the crisis from two of the continent's big budget airlines helped battered travel stocks recover.

The latest numbers from two of Europe's hot spots in the outbreak added to signs the pandemic was plateauing in some countries, and the pan-European STOXX 600 index rose 1.2 per cent by 0703 GMT.

British budget carrier easyJet soared 9 per cent after saying it expected to be able to survive a lengthy fleet grounding due to the steps it had taken to shore up its finances, pulling the wider travel and leisure index up 2.3 per cent.

Bigger rival Ryanair told Reuters on Wednesday it was steeling itself for an airline price war that it expected to win once coronavirus restrictions are lifted and passengers flock back to tourist destinations.

German online fashion retailer Zalando also jumped 8 per cent as it said it was optimistic about the second quarter after sales picked up in April.

Oil edges higher after hitting 18-yr lows but demand outlook weighs

Oil edged higher on Thursday after sharp losses in the previous session, with investors hoping that a big build-up in US inventories may mean producers have little option but to deepen output cuts as the coronavirus pandemic ravages demand.

With official data showing US inventories surging the most on record, WTI fell on Wednesday to its lowest since February 2002, with Brent slumping more than 6 per cent.

Brent crude was up 25 cents, or 0.9 per cent, at $27.94 a barrel by 0643 GMT. US West Texas Intermediate (WTI) was up 14 cents, or 0.7 per cent, at $20.01. Click here to read in full the oil markets report .

Stocks slide, dollar rallies as economic realities bite

Asia's stock markets retreated from their highest levels for a month and the dollar extended gains on Thursday as the damage the coronavirus has wrought on the world economy soured appetite for risk.

Data showed US retail sales fell the most on record last month and manufacturing output fell by the most in 74 years, raising fears of a deep recession. Another sky high figure is expected when US weekly jobless claims land later in the day.

E-mini futures for the S&P 500 fell half a per cent in Asia after a 2.2 per cent drop on the index on Wednesday and European futures were marginally lower. Click here to read more on the global markets .

Nifty call: Buy on dips with stop-loss at 8,990 levels

A security guard walks past the logo of the National Stock Exchange (NSE) inside its building in Mumbai, India, May 28, 2019. REUTERS/Francis Mascarenhas

Taking negative cues from the weak Asian markets, the Sensex and Nifty began the session with a gap-down open. The Nikkei 225 index is down by 1.3 per cent at 19,290, and the Hang Seng index has slipped 0.7 per cent to 23,974 levels in today's session.

After spending the initial hours in negative territory, the Sensex and Nifty have entered positive territory and gained 0.9 per cent and 1 per cent, respectively. Both the indices are testing vital resistances at current levels. The market breadth of the Nifty index is biased towards advances. The India VIX has tumbled 5 per cent to 47 levels. Both the Nifty mid and smallcap indices have gained 1.6 per cent and 1.8 per cent respectively.  Click here to read in full the Nifty call report .

Benchmark indices drop lower

The BSE Sensex and the NSE Nifty edged lower in the afternoon session on Thursday. The Sensex dropped 318 points or 1.05 per cent to quote at 30,704. The Nifty slipped 107 points or 1.20 per cent to quote at 9,032.

The top gainers on the Sensex were Power Grid, L&T, ICICI Bank, NTPC and Sun Pharma, while the laggards were Tech Mahindra, Kotak Bank, HCLTech, HeroMoto Corp and Infosys.

Among the BSE sectoral indices, realty, power, oil and gas, metals, capital goods, utilities and energy gained over 2 per cent each, while the IT and telecom sectors declined.

L&T Heavy Engineering bags international contracts in Q4

The Heavy Engineering arm of Larsen & Toubro has bagged international contracts in Q4 of fiscal 2020. Read more .

Oil shock: Goldman Sachs, Morgan Stanley see Reliance weathering the current storm

Shares of Reliance Industries took a beating since crude oil prices plunged to under $30 a barrel. Marketmen feared that this could affect RIL’s refinery margin and thus, its leveraged balance sheet. Besides, the current shutdown due to Covid-19 could put pressure not only on oil consumption but also on the retail segment. All these took a toll on RIL’s shares.

RIL shares crashed from ₹1,550-level in December-end to ₹875 by March 23. However, they have recovered partly since then. On Thursday, RIL shares jumped 1.3 per cent at ₹1,165.75 on the BSE.

Most analysts now see RIL withstanding the current pressure, thanks to healthy fundamentals. Besides, they feel retail and telecom will add strength to RIL, going forward.  Click here to read more on RIL stock and the oil shock .

IndusInd Bank rallies over four per cent after Goldman Sachs buys shares

The scrip of IndusInd Bank on Thursday went rose over 4 per cent after Goldman Sachs (Singapore) picked up shares worth over Rs 176 crore in the company through an open market transaction.

The scrip gained 4.17 per cent to Rs 441.80 on the BSE. On the NSE, it climbed 4.22 per cent to Rs 442.

According to the bulk deal data on the National Stock Exchange (NSE), Goldman Sachs (Singapore) Pte-ODI bought 14 lakh shares of the private lender, at an average price of Rs 430.3 apiece.

This took the total deal value to Rs 176.42 crore. - PTI

Wipro shares decline 6 per cent post Q4 earnings

Wipro Chairman Azim Premji

Shares of IT major Wipro on Thursday dropped 6 per cent after the company posted 6 per cent decline in net profit for March quarter that was battered by the fallout of Covid-19.

The scrip plunged 6 per cent to Rs 175.30 on the Bombay Stock Exchange (BSE). On the National Stock Exchange (NSE), shares of the company fell 3.51 per cent to Rs 180.

“Wipro’s results were weak along expected lines. The company desisted from its usual practice of providing quarterly revenue guidance,” Emkay Global Financial Services Ltd said in a report.

The IT major did not provide revenue forecast for the current quarter due to business uncertainty caused by the pandemic.

The company, which is the first among its peers to announce financial numbers for the quarter, said it will resume providing revenue guidance after it sees “increased certainty” on demand and supply side factors.

Wipro, which posted a consolidated net profit of Rs 2,345.2 crore in March quarter compared to Rs 2,493.9 crore in the year-ago period, said it expects revenue in June quarter to decline that will put a huge pressure on margins.

The Bengaluru-based company’s revenue increased 4.6 per cent to Rs 15,711 crore in January-March quarter as against Rs 15,006.3 crore in the year-ago period.  - PTI

Sensex, Nifty maintain weak undertone

The BSE Sensex and the Nifty continued to trade in the red at mid-session on Thursday. The Sensex was at 30,541, down 161 points or 0.53 per cent lower, while the Nifty was at 8,985, down 59 points or 0.67 per cent softer.

The top gainers on the Sensex were Larsen & Toubro (up 4.26 per cent) and ICICI Bank, IndusInd Bank, Power Grid and NTPC (up over 2 per cent each). The laggards on the index were Tech Mahinda (down over 4 per cent), Infosys, HCL Tech, HeroMotoCorp and Kotak Bank (down over 2 per cent).

Among the BSE sectoral indices, capital goods index gained over 2 per cent, while realty, metals, industrials and energy gained over 1 per cent. The IT index fell 2 per cent during the session.

According to an agency report quoting traders, a tepid start to the earnings season with weak results from Wipro, hurt domestic market mood.

Daily rupee call: Rupee might weaken further

The rupee (INR) has opened Thursday’s session with a gap-down against the dollar (USD). Consequently, the local currency has registered a fresh lifetime low of 76.81. On the downside, 77 can act as a support. A recovery from current level could be resisted at 76.5 and 76.3.

Yesterday, after opening on the front foot, the domestic unit was unable to capitalise on the positive momentum, and gave up its gains. After a gap-up open at 75.97, the local currency depreciated and closed at 76.44, after making an intra-day low of 76.48. Click here to read more on the rupee call .

Rupee tanks 36 paise to hit all-time low of 76.80 in early trade

The Indian rupee tanked 36 paise to an all-time low of 76.80 against the US dollar in opening trade on Thursday, tracking weak domestic equities and sharp rise in coronavirus cases in the country.

Forex traders said the weakness in the rupee was largely due to strengthening of the US dollar against the basket of currencies as investors fled to safe haven Greenback amid weakening risk appetite in the markets.

The rupee opened weak at 76.75 at the interbank forex market and then fell further to hit an all-time low of 76.80, down 36 paise over its last close. The rupee had settled at 76.44 against the US dollar on Wednesday. Click here to read in full the rupee report .

Oil bounces back as rising stockpiles seen pointing to lower output amid coronavirus

Oil rose on Thursday, with US crude rebounding from near-20-year lows in the previous session on hopes that a big build-up in US inventories may mean producers have little option but to deepen output cuts as the coronavirus pandemic ravages demand.

Brent crude was up 69 cents, or 2.5 per cent, at $28.38 a barrel by 0102 GMT. US West Texas Intermediate (WTI) was up 56 cents, or 2.8 per cent, at $20.43. Click here to read in full the oil markets report .

Dollar stands tall as US retail slump fans flight to safety

A flight to safety bid pushed the dollar higher against its peers on Thursday after dire retail and factory data showed the severity of the collapse in US economic activity caused by the novel coronavirus pandemic.

The dollar's index against a basket of six other major currencies stood at 99.632, maintaining the 0.8 per cent gain from the previous session. The euro backed off to $1.0911 from a two-week high of $1.0980 while the dollar stood at 107.42 yen, having added 0.2 per cent on Wednesday. Click here to read in full the global forex report .

Stocks slide as dire economic outlook weighs

World stock markets fell on Thursday, while bonds and the dollar held on to hefty gains, after a coronavirus-driven plunge in US retail sales and factory production and increasing gloomy economic outlooks for Asia.

US retail sales fell the most on record last month, while manufacturing output fell by the most in 74 years, raising fears of a deep recession.

In Asia, growth will grind to zero for the first time in 60 years in 2020, the International Monetary Fund said on Thursday, as exporters are pounded by slumping demand and anti-virus measures force consumers to stay home and shops to shut down. Click here to read in full the global markets report .

Opening bell

The markets opened Thursday's session on a weak note. The Sensex was down 139 points or 0.46 per cent lower at 30,239 in the opening session.

The NSE was at 8,8888, down 36 points or 0.41 per cent lower.

Day Trading Guide for Thursday, April 16, 2020

₹863 • HDFC Bank

₹639 • Infosys

₹189 • ITC

₹74 • ONGC

₹1150 • Reliance Ind.

₹182 • SBI

₹1734 • TCS

8930 • Nifty 50 Futures

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

Today's Pick: Motherson Sumi Systems (₹71.2): Buy

The stock of Motherson Sumi Systems surged 12.7 per cent accompanied by extraordinary volume on Wednesday, decisively breaking a key resistance level at ₹67. Investors with a short-term view can buy the stock at current levels. Click here to read in full Today's Pick on Motherson Sumi .