Sensex Zooms 595 Points; Capital Goods, Automobile and Banking Stocks Rally

Thu, 28 May Closing

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Indian share markets continued their momentum during closing hours today and ended on a strong note.

Benchmark indices edged higher today, tracking mixed cues from global markets, backed by buying pressure in banking and finance stocks.

At the closing bell, the BSE Sensex stood higher by 595 points (up 1.9%) and the NSE Nifty closed higher by 175 points (up 1.9%).

The SGX Nifty was trading at 9,429, up by 119 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended their day up by 1.3% and 1.4%, respectively.

On the sectoral front, gains were largely seen in the capital goods sector, automobile sector and banking sector.

Asian stock markets ended on a mixed note. As of the most recent closing prices, the Nikkei jumped over 2%, while the Hang Seng declined 0.7%. The Shanghai Composite ended higher by 0.3%.

European share markets rose for the fourth straight session today as businesses returning to work and a 750 billion euro EU stimulus plan outweighed rising US-China tensions.

Gold prices are trading up by 0.3% at Rs 46,691 per 10 grams.

The rupee is trading at 75.75 against the US$.

Note that the coronavirus impact has shaken markets worldwide. After all, 2020 has already seen one of the worst market crashes in history.

Will the 2020 Market Crash Be Worse than 2009?

Naturally, there is an atmosphere of fear all round.

Is it time to sell stocks now? Will the correction get worse?

History has shown that after years like the one we had just now, the next 3 years are good for the markets. In fact, these corrections are the rare times when you find businesses with solid fundamentals at reasonable valuations.

If you can find good businesses that can survive the current crisis, you will do well in the long run.

Moving on, market participants were tracking UFlex share price as the company announced that it has developed a Personal Protective Equipment (PPE) Coverall 'Flex Protect' in joint collaboration with lIT-Delhi and INMAS, DRDO, Delhi.

The company's management said that amid the rising cases of coronavirus and scarcity of PPE Coverall, UFlex and IIT-Delhi recognized the opportunity towards playing a vital part in battle against Covid-19.

Apart from UFlex, market participants were also tracking Ceat share price, Lupin share price, and TVS Motor Company share price as these companies announced their March quarter results (Q4FY20) today.

In news from commodity space, crude oil prices fell today after US industry data showed a surprise steep build in crude oil inventories, dampening hopes of a smooth recovery in demand as some countries begin to ease their way out of coronavirus lockdowns.

The decline in oil benchmarks extended losses from Wednesday over uncertainty about Russia's commitment to deep output cuts ahead of a June 9 meeting of the Organization of the Petroleum Exporting Countries and its allies.

At the time of writing, US West Texas Intermediate (WTI) crude futures were down 3% at US$ 31.83 a barrel. Meanwhile, US futures slipped as much as 5% to a low of US$ 31.14.

Brent crude futures were down 2%, or 71 cents at US$ 34.03 per barrel, after dropping to as low as US$ 33.63.

Data from industry group API showed US crude stocks rose by 8.7 million barrels in the week to May 22, compared with analysts' expectations for a draw of 1.9 million barrels.

Speaking of crude oil, on a year-to-date (YTD) basis, crude oil prices are down about 42%.

Crude oil witnessed selling during the start of the year due to oversupply concerns amid subdued demand.

Prices crashed further in March in what was the worst price dip since the 1991 Gulf War with Brent prices plunging to US$ 31 per barrel.

In April, crude oil futures crashed and briefly went to negative prices, implying that investors would need to pay buyers to take delivery of crude oil amid dwindling storage space.

What effects crude oil prices have on Indian stocks markets and the Indian economy remains to be seen. Meanwhile we will keep you updated on the latest developments from this space.

Moving on to news from the pharma sector, Sun Pharma share price was in focus today.

India's largest drug maker on Wednesday reported a 17% year-on-year (YoY) decline in its consolidated profit before tax (PBT) at Rs 5.8 billion for the March quarter.

Reportedly, the fall was caused by multiple one-offs and lower other income. The one-offs pertained to an anti-trust litigation, a central excise refund, and a settlement reached by its US subsidiary Dusa Pharmaceuticals.

The company's net profit declined by 37% YoY to Rs 4 billion.

Sun Pharma's consolidated revenue increased 14.7% to Rs 80.8 billion, led by the domestic business, global specialty, and rest-of-the-world business.

The India business reported sales of Rs 23.7 billion, up 8% YoY adjusted for the distribution charge.

The company's US sales declined 15% year-on-year to US$ 375 million, but this was primarily due to a one-time benefit it had received in the corresponding period of last year.

The company's board recommended a dividend of Rs 1 per equity share for the year ended March 31, 2020.

Meanwhile, the company departed from its practice of providing sales guidance for 2020-21 as it expects near-term uncertainties due to covid-19.

In an investor conference call, the company's managing director Dilip Shanghvi said, "I wish we could give you a guidance. However, given the uncertainties in near term, we are breaking from our normal practice. We will revisit this stance in the next quarter."

To know more about the company, you can read Sun Pharma's latest result analysis on our website.

Speaking of the pharma sector, in December 2019, co-head of Research at Equitymaster, Tanushree Banerjee had predicted that pharma could be the sector to see a big rebound in 2020.

And rightly so, most pharma companies have re-emerged as the safer bets for investors in the ongoing market turmoil. Last month, the Indian rupee touched a new record low of Rs 76.92 against the US dollar. Most pharma companies generate their revenues through exports. Hence, a depreciating rupee is a positive development for them.

As per Tanushree, in a post Covid-19 world, healthcare expenditures globally will see a big rejig.

Tanushree has her eyes on an exciting tech stock. The company in question is developing its medical division. It's focusing on telemedicine, which Tanushree believes will be a huge growth driver in a post Corona world.

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!

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