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Indices drift lower on negative Asian stocks
(09:26, 29 May 2020)

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Local-stocks-are-trading-lower-in-early-trade-on-negative-Asian-stocks.-At-9:23-IST,-the-barometer-index,-the-S&P-BSE-Sensex,-was-down-213.71-points-or-0.66%-at-31,986.88.-The-Nifty-50-index-was-down-62.20-points-or-0.66%-at-9,427.90.-

The-S&P-BSE-Mid-Cap-index-was-up-0.17%.-The-S&P-BSE-Small-Cap-index-was-up-0.49%.-

The-market-breadth,-indicating-the-overall-health-of-the-market,-was-positive.-On-the-BSE,-655-shares-rose-and-488-shares-fell.-A-total-of-63-shares-were-unchanged.

Cues-to-watch:-

India's-Q4-gross-domestic-product-(GDP)-data-will-be-announced-by-the-National-Statistical-Office-(NSO)-today,-29-May-2020.

The-Centre-is-expected-to-put-out-details-of-a-possible-lockdown-extension-soon.-The-nationwide-lockdown-was-first-announced-by-Prime-Minister-Narendra-Modi-on-March-24-for-21-days-in-a-bid-to-combat-the-coronavirus-pandemic.-It-was-first-extended-till-May-3-and-again-till-May-17.-The-fourth-phase-of-the-lockdown-ends-on-May-31.-

On-the-global-front,-investor-focus-will-likely-be-on-U.S.-President-Donald-Trump's-upcoming-press-conference,-expected-later-in-global-day.

On-the-macro-front,-foreign-direct-investment-(FDI)-in-India-grew-by-13%-to-a-record-of-$49.97-billion-in-the-2019-20-financial-year,-data-showed.-The-country-had-received-FDI-of-$44.36-billion-during-April-March-2018-19.

Stocks-in-news:-

Lupin-dropped-2.96%.-Lupin's-consolidated-net-profit-rose-34.56%-to-₹-389.63-crore-on-3.42%-rise-in-total-income-to-₹-4,138.42-crore-in-Q4-March-2020-over-Q4-March-2019.

HCL-Technologies-shed-0.31%.-HCL-Technologies-yesterday-announced-an-expansion-of-the-preferred-services-partnership-signed-in-2018-with-Broadcom-Inc.,-a-global-technology-leader-that-designs,-develops,-and-supplies-semiconductor-and-infrastructure-software-solutions.-HCL-will-broaden-its-professional-services-offerings-to-include-Symantec-Enterprise-Division-(SED)-consulting-services,-which-was-part-of-Broadcom's-enterprise-security-solutions.

Cadila-Healthcare-gained-2.93%.-Cadila-Healthcare-informed-that-the-company's-formulations-manufacturing-facility-located-at-Baddi-has-received-an-Establishment-Inspection-Report-(EIR).-The-EIR-report-stated-that-the-classification-of-the-facility-is-'No-Action-Indicated-(NAI)'.-The-USFDA-had-conducted-an-inspection-at-the-facility-from-2nd-to-9th-March,-2020.-The-audit-had-ended-with-nil-observations.

Pidilite-Industries-rose-1.1%.-Pidilite-Industries-said-that-the-company-has-on-28th-May-2020-completed-the-acquisition-of-70%-equity-shares-of-Tenax-India-Stone-Products.

Vodafone-Idea-jumped-9.97%-after-media-reports-indicated-that-tech-giant-Google-is-now-looking-to-enter-India's-telecom-market-with-a-5%-stake-purchase-in-Vodafone-Idea.

CEAT-advanced-4.97%.-CEAT-consolidated-net-profit-fell-19.25%-to-₹-51.88-crore-on-11.98%-fall-in-total-income-to-₹-1,579.44-crore-in-Q4-March-2020-over-Q4-March-2019.

HeidelbergCement-India-gained-2.82%.-The-company's-net-profit-rose-8.85%-to-₹-66.29-crore-on-5.06%-fall-in-total-income-to-₹-526.79-crore-in-Q4-March-2020-over-Q4-March-2019.

Global-Markets:

Overseas,-Asian-stocks-are-trading-lower-on-Friday-as-investors-watch-for-market-reaction-to-China's-controversial-national-security-law-for-Hong-Kong-that-was-approved-on-Thursday.

The-U.S.,-Australia,-Canada-and-the-U.K.-governments-issued-a-joint-statement-Thursday-reiterating-their-deep-concern-regarding-Beijing's-decision-to-impose-a-national-security-law-on-Hong-Kong,-after-China's-parliament,-the-National-People's-Congress-passed-legislation-Thursday-that-could-greatly-curtail-democratic-freedoms.

On-the-economic-data-front,-Japan's-retail-sales-fell-13.7%-year-on-year-in-April,-according-to-data-released-today-showed.

In-US,-Wall-Street-ended-lower-on-Thursday-following-a-late-session-reversal,-with-Facebook-weighing-on-the-market-after-President-Donald-Trump-said-he-would-sign-an-executive-order-related-to-social-media-companies-and-would-hold-a-news-conference-on-China-on-Friday.

On-the-economic-front,-GDP-contracted-at-an-annual-5%-pace-in-the-first-quarter-instead-of-4.8%,-revised-government-data-showed.

Back-home,-the-market-ended-with-robust-gains-on-Thursday,-backed-by-rally-in-banks-and-auto-shares.-The-buying-was-supported-by-hopes-of-further-opening-up-of-the-economy-and-more-stimulus-measures-by-the-government.-The-barometer-S&P-BSE-Sensex-jumped-595.37-points-or-1.88%-at-32,200.59.-The-Nifty-50-index-gained-175.15-points-or-1.88%-at-9,490.10.

Foreign-portfolio-investors-(FPIs)-bought-shares-worth-₹-2,354.14-crore,-while-domestic-institutional-investors-(DIIs),-were-net-buyers-to-the-tune-of-₹-144.83-crore-in-the-Indian-equity-market-on-28-May,-provisional-data-showed.

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Local-stocks-are-trading-lower-in-early-trade-on-negative-Asian-stocks.-At-9:23-IST,-the-barometer-index,-the-S&P-BSE-Sensex,-was-down-213.71-points-or-0.66%-at-31,986.88.-The-Nifty-50-index-was-down-62.20-points-or-0.66%-at-9,427.90.-

The-S&P-BSE-Mid-Cap-index-was-up-0.17%.-The-S&P-BSE-Small-Cap-index-was-up-0.49%.-

The-market-breadth,-indicating-the-overall-health-of-the-market,-was-positive.-On-the-BSE,-655-shares-rose-and-488-shares-fell.-A-total-of-63-shares-were-unchanged.

Cues-to-watch:-

India's-Q4-gross-domestic-product-(GDP)-data-will-be-announced-by-the-National-Statistical-Office-(NSO)-today,-29-May-2020.

The-Centre-is-expected-to-put-out-details-of-a-possible-lockdown-extension-soon.-The-nationwide-lockdown-was-first-announced-by-Prime-Minister-Narendra-Modi-on-March-24-for-21-days-in-a-bid-to-combat-the-coronavirus-pandemic.-It-was-first-extended-till-May-3-and-again-till-May-17.-The-fourth-phase-of-the-lockdown-ends-on-May-31.-

On-the-global-front,-investor-focus-will-likely-be-on-U.S.-President-Donald-Trump's-upcoming-press-conference,-expected-later-in-global-day.

On-the-macro-front,-foreign-direct-investment-(FDI)-in-India-grew-by-13%-to-a-record-of-$49.97-billion-in-the-2019-20-financial-year,-data-showed.-The-country-had-received-FDI-of-$44.36-billion-during-April-March-2018-19.

Stocks-in-news:-

Lupin-dropped-2.96%.-Lupin's-consolidated-net-profit-rose-34.56%-to-₹-389.63-crore-on-3.42%-rise-in-total-income-to-₹-4,138.42-crore-in-Q4-March-2020-over-Q4-March-2019.

HCL-Technologies-shed-0.31%.-HCL-Technologies-yesterday-announced-an-expansion-of-the-preferred-services-partnership-signed-in-2018-with-Broadcom-Inc.,-a-global-technology-leader-that-designs,-develops,-and-supplies-semiconductor-and-infrastructure-software-solutions.-HCL-will-broaden-its-professional-services-offerings-to-include-Symantec-Enterprise-Division-(SED)-consulting-services,-which-was-part-of-Broadcom's-enterprise-security-solutions.

Cadila-Healthcare-gained-2.93%.-Cadila-Healthcare-informed-that-the-company's-formulations-manufacturing-facility-located-at-Baddi-has-received-an-Establishment-Inspection-Report-(EIR).-The-EIR-report-stated-that-the-classification-of-the-facility-is-'No-Action-Indicated-(NAI)'.-The-USFDA-had-conducted-an-inspection-at-the-facility-from-2nd-to-9th-March,-2020.-The-audit-had-ended-with-nil-observations.

Pidilite-Industries-rose-1.1%.-Pidilite-Industries-said-that-the-company-has-on-28th-May-2020-completed-the-acquisition-of-70%-equity-shares-of-Tenax-India-Stone-Products.

Vodafone-Idea-jumped-9.97%-after-media-reports-indicated-that-tech-giant-Google-is-now-looking-to-enter-India's-telecom-market-with-a-5%-stake-purchase-in-Vodafone-Idea.

CEAT-advanced-4.97%.-CEAT-consolidated-net-profit-fell-19.25%-to-₹-51.88-crore-on-11.98%-fall-in-total-income-to-₹-1,579.44-crore-in-Q4-March-2020-over-Q4-March-2019.

HeidelbergCement-India-gained-2.82%.-The-company's-net-profit-rose-8.85%-to-₹-66.29-crore-on-5.06%-fall-in-total-income-to-₹-526.79-crore-in-Q4-March-2020-over-Q4-March-2019.

Global-Markets:

Overseas,-Asian-stocks-are-trading-lower-on-Friday-as-investors-watch-for-market-reaction-to-China's-controversial-national-security-law-for-Hong-Kong-that-was-approved-on-Thursday.

The-U.S.,-Australia,-Canada-and-the-U.K.-governments-issued-a-joint-statement-Thursday-reiterating-their-deep-concern-regarding-Beijing's-decision-to-impose-a-national-security-law-on-Hong-Kong,-after-China's-parliament,-the-National-People's-Congress-passed-legislation-Thursday-that-could-greatly-curtail-democratic-freedoms.

On-the-economic-data-front,-Japan's-retail-sales-fell-13.7%-year-on-year-in-April,-according-to-data-released-today-showed.

In-US,-Wall-Street-ended-lower-on-Thursday-following-a-late-session-reversal,-with-Facebook-weighing-on-the-market-after-President-Donald-Trump-said-he-would-sign-an-executive-order-related-to-social-media-companies-and-would-hold-a-news-conference-on-China-on-Friday.

On-the-economic-front,-GDP-contracted-at-an-annual-5%-pace-in-the-first-quarter-instead-of-4.8%,-revised-government-data-showed.

Back-home,-the-market-ended-with-robust-gains-on-Thursday,-backed-by-rally-in-banks-and-auto-shares.-The-buying-was-supported-by-hopes-of-further-opening-up-of-the-economy-and-more-stimulus-measures-by-the-government.-The-barometer-S&P-BSE-Sensex-jumped-595.37-points-or-1.88%-at-32,200.59.-The-Nifty-50-index-gained-175.15-points-or-1.88%-at-9,490.10.

Foreign-portfolio-investors-(FPIs)-bought-shares-worth-₹-2,354.14-crore,-while-domestic-institutional-investors-(DIIs),-were-net-buyers-to-the-tune-of-₹-144.83-crore-in-the-Indian-equity-market-on-28-May,-provisional-data-showed.

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