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Indian Indices Crash, HUL March Quarter Results, FPI Selling Spree, and Top Cues in Focus Today
Tue, 5 May Pre-Open | Monish Vora, TM Team

Indian share markets ended on a negative note yesterday, tracking weak global cues after the latest flare up in US-China tensions. US President Donald Trump suggested he could lump new tariffs on China.

Trump and US Secretary of State Mike Pompeo blamed China for creating the new coronavirus in a Chinese laboratory.

Selling pressure was also seen as the Modi government extended the nationwide lockdown till 17 May 2020 during the weekend.

Apart from the extension of the lockdown, weak company results, and weak economic data led to further sell-off.

Many bluechip stocks including Reliance Industries, Hindustan Unilever, and Tech Mahindra reported weak March quarterly results.

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Meanwhile, India's March eight core industries growth came in at a fall of 6.5% as compared to 7.1% on a monthly basis.

April Manufacturing PMI stood at 27.4 against 51.8 on a month-on-month basis, pointing to the sharpest deterioration in business conditions across the sector since data collection began 15 years ago.

At the closing bell yesterday, the BSE Sensex stood lower by 2,002 points (down 5.9%) and the NSE Nifty closed down by 566 points (down 5.7%).

The BSE Mid Cap index and the BSE Small Cap index ended the day down by 4.3% and 3.1%, respectively.

Barring healthcare stocks, all sectoral indices ended on a negative note, with stocks in the metal sector, banking sector and finance sector, leading the losses.

Speaking of Indian share markets, the coronavirus impact has shaken markets worldwide. Indian stock markets have felt the full impact too.

For the BSE Sensex, FY20 was the second worst year post FY08, the year of the global financial crisis.

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HUL March Quarter Result: Lowest Revenue in Nine Quarters

FMCG major Hindustan Unilever reported its lowest revenue in nine quarters as the coronavirus pandemic and nationwide lockdown dented demand and disrupted supplies.

The country's largest consumer goods company reported a 7% decline in volumes for Q4FY20.

The company's profit before tax fell 10.6% to Rs 19.9 billion, while net profit declined 1.2% year-on-year (YoY) to Rs 15.2 billion.

HUL's revenue was down 9.4% to Rs 90.1 billion.

"The spread of COVID-19 impacted the business from mid-March, which culminated into scaling down of operations post the national lockdown. Domestic consumer growth declined by 9% with a decline of 7% in underlying volume growth," HUL said in its BSE filing.

The company's board proposed a final dividend of Rs 14 per share, subject to shareholders' approval. The company said that the total dividend for financial year 2019-20 amounted to Rs 25 per share.

The company said it is currently operating at about 70% of normative levels and is hopeful to improve this in the coming days.

To know more about the company, you can read HUL's Q4FY20 result analysis on our website.

Foreign Portfolio Investors Continue Selling Spree

Foreign portfolio investors (FPIs) continued their selling spree for the second straight month, withdrawing a net Rs 154 billion from the Indian capital markets in April amid the coronavirus crisis.

As per the reports, FPIs pulled out a net sum of Rs 68.8 billion from equities and a net Rs 85.2 billion from the debt segment between April 1-30.

The total net outflow during the month stood at Rs 154 billion.

In March, FPIs had withdrawn a record Rs 1.1 trillion on a net basis from the Indian capital markets (both equity and debt).

With selective relaxation in the lockdown and gradual opening up of economic activity in the country, foreign investors will be closely watching the developments on this front.

They would also start looking at the domestic economic indicators as well to see how the country manages its deficits, the reports noted.

How the above numbers pan out in May remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

From the Banking Sector...

In news from the banking sector, the Reserve Bank of India (RBI) on Saturday, cancelled the license of CKP Co-operative Bank citing the bank's weak financial position and said that the bank was not in a position to pay its present and future depositors due to its financial instability.

The RBI also said there was no concrete revival plan or proposal for merger with another bank and that credible commitment towards revival from the management was not visible. The bank failed to meet the regulatory requirement of maintaining a minimum capital adequacy ratio of 9% and reserves.

However, the RBI assured depositors that more than 99% of them will get full payment of the deposits back from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

RBI's chief general manager, Yogesh Dayal tweeted, "CKP Co-op Bank, Mumbai, has been under the all-inclusive directions of the RBI since 2014. As there was no scope for revival of the bank, its licence has been cancelled. Out of 132,170 depositors of the bank, about 99.2% will get full payment of their deposits from their DICGC."

Banking stocks were under pressure yesterday on the back of above news. Shares of State Bank of India (SBI), ICICI Bank, IndusInd Bank and HDFC Bank witnessed huge selling.

Apart from the RBI's directive, selling pressure was also seen amid fears of rising non-performing assets (NPA) due to the nationwide lockdown that has brought the economic activity to a grinding halt.

According to a Reuters report, the government expects bad debts to double owing to the coronavirus crisis.

According to the report, a fresh surge in bad debt could hit credit growth and delay India's recovery from the coronavirus pandemic.

How the above developments pan out remains to be seen. Stay tuned for more updates from this space.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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BEML Share Price Up by 12%; BSE CAPITAL GOODS Index Up 1.4% (Today's Market)

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