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Benchmarks extend gains; private banks in demand
(11:30, 28 May 2020)

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The-benchmark-indices-further-extended-gains-in-mid-morning-trade.-The-Nifty-marched-towards-the-9,500-mark.-At-11:29-IST,-the-barometer-index,-the-S&P-BSE-Sensex,-was-up-545.51-points-or-1.73%-at-32,150.73.-The-Nifty-50-index-was-up-159-points-or-1.71%-at-9,473.95.-

The-market-could-remain-volatile-as-traders-roll-over-positions-in-the-F&O-segment-from-the-near-month-May-series-to-June-series.-The-May-2020-F&O-contracts-expire-today,-28-May-2020.

In-the-broader-market,-the-S&P-BSE-Mid-Cap-index-rose-1.09%-while-the-S&P-BSE-Small-Cap-index-gained-1.41%.-

The-market-breadth-was-strong.-On-the-BSE,-1398-shares-rose-and-575-shares-fell.-A-total-of-123-shares-were-unchanged.-In-the-Nifty-50-index,-38-shares-advanced-while-12-stocks-declined.

Buzzing-Index:-

The-Nifty-Private-Bank-index-rose-3.48%-to-10,576.15,-extending-gains-for-third-day.-The-index-has-added-12.3%-in-three-sessions.-

IndusInd-Bank-(up-8.26%),-City-Union-Bank-(up-3.96%),-Axis-Bank-(up-3.78%),-Bandhan-Bank-(up-3.77%),-HDFC-Bank-(up-3.56%),-Federal-Bank-(up-2.56%),-Kotak-Mahindra-Bank-(up-2.51%),-RBL-Bank-(up-2.46%),-ICICI-Bank-(up-2.12%)-and-Yes-Bank-(up-1.81%)-edged-higher.

Stocks-in-Spotlight:-

Adani-Power-slipped-0.68%-to-₹-36.75.-The-company's-subsidiary-Pench-Thermal-Energy-signed-a-power-purchase-agreement-(PPA)-with-MP-Power-Management-Company-(MPPMCL),-is-a-government-of-Madhya-Pradesh-undertaking.-The-PPA-is-for-procurement-of-1230-MW-of-electricity-on-long-term-basis-from-a-new-power-station-of-1320-MW-capacity-to-be-set-up-on-Super-Critical-technology-in-the-State-of-Madhya-Pradesh.--The-power-station-will-be-set-up-on-design,-build,-finance,-own-and-operate-(DBFOO)-basis-by-sourcing-fuel-from-the-allocated-coal-linkage-under-the-'SHAKTI-Policy',-and-the-arrangement-has-been-duly-approved-by-MP-Electricity-Regulatory-Commission.

Vedanta-rose-1.42%-to-₹-89.10.-India-Ratings-and-Research-has-downgraded-the-rating-of-the-company-to-IND-AA--from-previous-rating-of-IND-AA-with-a-negative-outlook.-The-ratings-agency-said-that-the-downgrade-reflects-likely-deterioration-in-Vedanta's-credit-profile-following-a-substantial-decline-in-economic-activity-due-to-the-COVID-19-related-lockdown,-with-the-balance-sheet-leverage-remaining-elevated-in-FY21-and-FY22.-The-negative-outlook-reflects-the-risk-of-a-further-spread-of-the-outbreak,-and-the-resultant-global-demand-shock-leading-to-a-prolonged-subdued-pricing-environment.-Also,-the-outlook-reflects-the-elevated-risk-of-refinancing,-with-material-debt-repayments-coming-due-at-both-Vedanta-and-VRL-in-FY21-against-the-backdrop-of-general-risk-averseness-in-debt-capital-markets-towards-cyclical-sectors.

The-agency-believes-VRL's-proposal-to-de-list-Vedanta-would-lead-to-a-further-increase-in-the-balance-sheet-leverage-in-the-short-run,-but-it-would-be-moderately-credit-positive-for-Vedanta-in-the-medium-term,-as-it-would-reduce-the-group's-structural-subordination-and-improve-the-liquidity.

NTPC-added-0.47%-to-₹-95.25.-As-per-media-reports,-the-company-has-decided-to-foray-in-electricity-distribution-business-by-expressing-interest-to-buy-51%-in-Anil-Dhirubhai-Ambani-Group's-(ADAG)-two-utilities-in-Delhi.

Global-Markets:

Overseas,-Asian-stocks-were-trading-mostly-lower-as-US-China-tension-woes-competed-with-the-hopes-of-an-economic-recovery-from-the-coronavirus-crisis.

Shares-of-Hong-Kong-led-the-losses-after-US-Secretary-of-State-Mike-Pompeo-on-Wednesday-told-Congress-the-Trump-administration-no-longer-regards-Hong-Kong-as-autonomous-from-mainland-China.-consequently,-the-US-could-withdraw-the-preferential-trade-and-financial-status-Hong-Kong-has-held-since-it-reverted-to-Chinese-rule-23-years-ago.-

Meanwhile,-Japanese-Prime-Minister-Shinzo-Abe's-cabinet-approved-a-new-$1.1-trillion-stimulus-package-that-includes-significant-direct-spending,-to-stop-the-coronavirus-pandemic-pushing-the-world's-third-largest-economy-deeper-into-recession.

The-US-equity-market-finished-sharply-higher-on-Wednesday,-27-May-2020,-extending-the-market's-gains-into-a-third-day,-on-optimism-that-economic-activity-is-gathering-steam-and-authorities-may-offer-more-stimulus-to-bolster-the-recovery.-Hopes-for-potential-COVID-19-vaccines-under-development-have-also-helped-propel-stocks.-

The-movements-followed-up-on-strong-gains-in-Europe,-where-authorities-proposed-a-750-billion-euro-($825-billion)-recovery-fund-to-help-carry-the-region-through-the-recession-caused-by-the-response-to-the-coronavirus-pandemic.

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The-benchmark-indices-further-extended-gains-in-mid-morning-trade.-The-Nifty-marched-towards-the-9,500-mark.-At-11:29-IST,-the-barometer-index,-the-S&P-BSE-Sensex,-was-up-545.51-points-or-1.73%-at-32,150.73.-The-Nifty-50-index-was-up-159-points-or-1.71%-at-9,473.95.-

The-market-could-remain-volatile-as-traders-roll-over-positions-in-the-F&O-segment-from-the-near-month-May-series-to-June-series.-The-May-2020-F&O-contracts-expire-today,-28-May-2020.

In-the-broader-market,-the-S&P-BSE-Mid-Cap-index-rose-1.09%-while-the-S&P-BSE-Small-Cap-index-gained-1.41%.-

The-market-breadth-was-strong.-On-the-BSE,-1398-shares-rose-and-575-shares-fell.-A-total-of-123-shares-were-unchanged.-In-the-Nifty-50-index,-38-shares-advanced-while-12-stocks-declined.

Buzzing-Index:-

The-Nifty-Private-Bank-index-rose-3.48%-to-10,576.15,-extending-gains-for-third-day.-The-index-has-added-12.3%-in-three-sessions.-

IndusInd-Bank-(up-8.26%),-City-Union-Bank-(up-3.96%),-Axis-Bank-(up-3.78%),-Bandhan-Bank-(up-3.77%),-HDFC-Bank-(up-3.56%),-Federal-Bank-(up-2.56%),-Kotak-Mahindra-Bank-(up-2.51%),-RBL-Bank-(up-2.46%),-ICICI-Bank-(up-2.12%)-and-Yes-Bank-(up-1.81%)-edged-higher.

Stocks-in-Spotlight:-

Adani-Power-slipped-0.68%-to-₹-36.75.-The-company's-subsidiary-Pench-Thermal-Energy-signed-a-power-purchase-agreement-(PPA)-with-MP-Power-Management-Company-(MPPMCL),-is-a-government-of-Madhya-Pradesh-undertaking.-The-PPA-is-for-procurement-of-1230-MW-of-electricity-on-long-term-basis-from-a-new-power-station-of-1320-MW-capacity-to-be-set-up-on-Super-Critical-technology-in-the-State-of-Madhya-Pradesh.--The-power-station-will-be-set-up-on-design,-build,-finance,-own-and-operate-(DBFOO)-basis-by-sourcing-fuel-from-the-allocated-coal-linkage-under-the-'SHAKTI-Policy',-and-the-arrangement-has-been-duly-approved-by-MP-Electricity-Regulatory-Commission.

Vedanta-rose-1.42%-to-₹-89.10.-India-Ratings-and-Research-has-downgraded-the-rating-of-the-company-to-IND-AA--from-previous-rating-of-IND-AA-with-a-negative-outlook.-The-ratings-agency-said-that-the-downgrade-reflects-likely-deterioration-in-Vedanta's-credit-profile-following-a-substantial-decline-in-economic-activity-due-to-the-COVID-19-related-lockdown,-with-the-balance-sheet-leverage-remaining-elevated-in-FY21-and-FY22.-The-negative-outlook-reflects-the-risk-of-a-further-spread-of-the-outbreak,-and-the-resultant-global-demand-shock-leading-to-a-prolonged-subdued-pricing-environment.-Also,-the-outlook-reflects-the-elevated-risk-of-refinancing,-with-material-debt-repayments-coming-due-at-both-Vedanta-and-VRL-in-FY21-against-the-backdrop-of-general-risk-averseness-in-debt-capital-markets-towards-cyclical-sectors.

The-agency-believes-VRL's-proposal-to-de-list-Vedanta-would-lead-to-a-further-increase-in-the-balance-sheet-leverage-in-the-short-run,-but-it-would-be-moderately-credit-positive-for-Vedanta-in-the-medium-term,-as-it-would-reduce-the-group's-structural-subordination-and-improve-the-liquidity.

NTPC-added-0.47%-to-₹-95.25.-As-per-media-reports,-the-company-has-decided-to-foray-in-electricity-distribution-business-by-expressing-interest-to-buy-51%-in-Anil-Dhirubhai-Ambani-Group's-(ADAG)-two-utilities-in-Delhi.

Global-Markets:

Overseas,-Asian-stocks-were-trading-mostly-lower-as-US-China-tension-woes-competed-with-the-hopes-of-an-economic-recovery-from-the-coronavirus-crisis.

Shares-of-Hong-Kong-led-the-losses-after-US-Secretary-of-State-Mike-Pompeo-on-Wednesday-told-Congress-the-Trump-administration-no-longer-regards-Hong-Kong-as-autonomous-from-mainland-China.-consequently,-the-US-could-withdraw-the-preferential-trade-and-financial-status-Hong-Kong-has-held-since-it-reverted-to-Chinese-rule-23-years-ago.-

Meanwhile,-Japanese-Prime-Minister-Shinzo-Abe's-cabinet-approved-a-new-$1.1-trillion-stimulus-package-that-includes-significant-direct-spending,-to-stop-the-coronavirus-pandemic-pushing-the-world's-third-largest-economy-deeper-into-recession.

The-US-equity-market-finished-sharply-higher-on-Wednesday,-27-May-2020,-extending-the-market's-gains-into-a-third-day,-on-optimism-that-economic-activity-is-gathering-steam-and-authorities-may-offer-more-stimulus-to-bolster-the-recovery.-Hopes-for-potential-COVID-19-vaccines-under-development-have-also-helped-propel-stocks.-

The-movements-followed-up-on-strong-gains-in-Europe,-where-authorities-proposed-a-750-billion-euro-($825-billion)-recovery-fund-to-help-carry-the-region-through-the-recession-caused-by-the-response-to-the-coronavirus-pandemic.

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