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SGX Nifty Trades Lower, India's Manufacturing Activity in May, March Quarter Results, and Top Cues in Focus Today
Tue, 2 Jun Pre-Open | Monish Vora, TM Team

Extending gains to the fourth consecutive day, Indian stock markets ended on a strong note yesterday.

Benchmark indices surged over 3% yesterday as investors cheered opening of the country's economy after months-long lockdown.

As part of its exit strategy, the Indian government has outlined a plan to reopen nearly all activities outside of containment zones.

At the closing bell yesterday, the BSE Sensex stood higher by 879 points (up 2.7%).

The NSE Nifty closed higher by 246 points (up 2.6%).

The BSE Mid Cap index ended up by 2.7%, while the BSE Small Cap index ended up by 3%.

SGX Nifty is currently trading down by 15 points, or 0.16% lower at 9,818 levels. Indian share markets are headed for a flat to negative start today following the negative trend on SGX Nifty.

Asian stock markets ended on a positive note yesterday as US President Donald Trump's threats against China over new security laws for Hong Kong were less threatening than feared.

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The rally was led by short covering as some investors had worried Trump could ditch his trade deal with China or call an immediate end to privileges to Hong Kong after the Chinese parliament passed new security legislation for the semi-autonomous city last week. The Nikkei rose to a three-month high and gained 0.8% to 22,062.39, its highest close since February 26.

Speaking of the current stock market scenario, 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.

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Top Stocks in Focus Today

Market participants will be tracking Adani Power share price as the company said that its board will meet on June 3, to consider the proposal for voluntary delisting of the equity shares of the company received from Adani Properties Private ltd.

Yes Bank share price will be in focus today as the lender has acquired 24.2% in Dish TV, making it the second-largest shareholder in the direct-to-home (DTH) company.

The bank's move to pick up a stake in Dish TV comes following an invocation of pledged shares to the tune of 445.3 million in the firm.

The promoter family now owns 30.4% in Dish TV.

This is the sixth such transaction by Yes Bank in a year in various companies. Last year, Yes Bank had invoked pledged shares of CG Power, Cox & Kings, and Reliance Infrastructure.

While earlier this year, it had invoked pledged shares of Reliance Power and Sical Logistics, as investor pressure to reduce its exposure to debt-laden firms grows.

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India's Manufacturing Activity Shrinks in May

India's manufacturing activity contracted in May due to weak demand and logistic challenges, said the monthly IHS Markit India Manufacturing Purchasing Managers' Index (PMI) survey.

Reportedly, the fall was slightly slower than April's historic contraction.

Manufacturing PMI stood at just 30.8 in May, marginally up from April's 27.4.

A nationwide lockdown in April had led to conditions across sectors falling by the biggest margin ever and new businesses collapsing at a record pace.

Last month, jobs were hit the most. Jobs were again cut and at a quicker pace than April's 15-year high, the survey said.

However, the PMI survey showed that manufacturers remained optimistic towards the one-year business outlook in May.

We will keep you updated on how these numbers pan out in the coming months. Stay tuned.

Q4 Results: Voltas and Symphony See Rise in Profits

In news from the consumer durables sector, shares of Voltas and Symphony witnessed huge buying interest yesterday post-their result announcements.

Voltas reported a 12.5% year-on-year (YoY) increase in its consolidated net profit at Rs 1.6 billion while its revenue from operations grew over 1% at Rs 20.9 billion against Rs 20.6 billion in the year-ago period.

The company's profit before tax (PBT) came in at Rs 2.2 billion, up 30.7% from the year-ago quarter.

For the financial year ending on March 31, 2020, the company's total income grew 8%, at Rs 78.9 billion as compared to Rs 73.1 billion last year.

The company said that due to lockdown, substantial business in unitary cooling products segment was lost in March 2020, which is the beginning of the peak season and year-end billings were adversely impacted.

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

Meanwhile, Symphony reported a consolidated net profit of Rs 450 million for Q4FY20.

For the full year, the company's net profit rose 84.2% to Rs 1.9 billion and sales rose 36.6% to Rs 7.2 billion.

From the banking sector, IDBI Bank reported profit in Q4FY20 after reporting losses for 13 straight quarters.

IDBI Bank The lender posted a profit before tax (PBT) of Rs 2,896.6 million for Q4FY20 on a healthy rise in net interest income and a sharp drop in provisions and contingencies. It had posted a loss of Rs 71,369 million in Q4FY19.

Shares of IDBI Bank ended 20% higher yesterday on back of the above news.

To know more, you can read IDBI Bank's latest result analysis on our website.

Apart from the above, market participants will also be tracking V-Guard Industries share price and Birla Cable share price as these companies also announced their March quarter results (Q4FY20).

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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Stock Market Updates

NBCC (INDIA) LTD Share Price Up by 10%; BSE REALTY Index Down 0.4% (Today's Market)

Jul 7, 2020 02:24 PM

NBCC (INDIA) LTD share price is trading up by 10% and its current market price is Rs 28. The BSE REALTY is down by 0.4%. The top gainers in the BSE REALTY Index is NBCC (INDIA) LTD (up 10.1%). The top losers are DLF (down 0.9%) and OBEROI REALTY (down 0.9%).

RAIN INDUSTRIES Share Price Up by 12%; BSE 500 Index Up 0.1% (Today's Market)

Jul 7, 2020 01:48 PM

RAIN INDUSTRIES share price is trading up by 12% and its current market price is Rs 92. The BSE 500 is up by 0.1%. The top gainers in the BSE 500 Index are RAIN INDUSTRIES (up 12.4%) and BOSCH (up 12.0%). The top losers are SONATA SOFTWARE and V GUARD INDUSTRIES .

BOSCH Share Price Up by 11%; BSE 500 Index Up 0.3% (Today's Market)

Jul 7, 2020 01:38 PM

BOSCH share price is trading up by 11% and its current market price is Rs 13,556. The BSE 500 is up by 0.3%. The top gainers in the BSE 500 Index are BOSCH (up 11.3%) and MAH. SCOOTERS (up 14.1%). The top losers are JUBILANT LIFE SCIENCES and BLUE STAR .

TATA METALIK Share Price Up by 5%; BSE METAL Index Down 1.3% (Today's Market)

Jul 7, 2020 12:58 PM

TATA METALIK share price is trading up by 5% and its current market price is Rs 518. The BSE METAL is down by 1.3%. The top gainers in the BSE METAL Index is TATA METALIK (up 5.1%). The top losers are HINDALCO (down 0.6%) and NALCO (down 0.9%).

AU SMALL FINANCE BANK Share Price Up by 5%; BSE BANKEX Index Up 0.6% (Today's Market)

Jul 7, 2020 12:32 PM

AU SMALL FINANCE BANK share price is trading up by 5% and its current market price is Rs 625. The BSE BANKEX is up by 0.6%. The top gainers in the BSE BANKEX Index is AU SMALL FINANCE BANK (up 5.0%). The top losers are KOTAK MAHINDRA BANK (down 0.7%) and FEDERAL BANK (down 1.0%).

Sensex Trades on a Volatile Note; Power Grid & ITC Top Losers (Today's Market)

Jul 7, 2020 12:30 pm

The BSE Sensex is trading down by 129 points, while the NSE Nifty is trading down by 45 points.

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