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Sensex spurts 995 pts, Nifty cross 9300 as banks stocks soar
(17:06, 27 May 2020)

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Key-barometers-witnessed-a-blockbuster-rally-on-Wednesday,-led-by-a-surge-in-banks-shares.-The-Nifty-Bank-index-soared-over-7%-ahead-of-monthly-F&O-expiry-on-Thursday-(28-May).-

The-barometer-S&P-BSE-Sensex-jumped-995.92-points-or-3.25%-at-31,605.22.-The-Nifty-50-index-surged-285.90-points-or-3.17%-at-9,314.95.

The-Nifty-opened-higher-at-9,082.20,-but-soon-pared-gains-in-early-trade.-The-index-took-the-support-at-9,004.25-mark-and-bounced-back-in-mid-morning-session.-Strong-buying-in-banks-shares-pushed-the-index-above-9,300-mark-in-mid-afternoon-trade.

The-sentiment-was-boosted-after-China-on-Wednesday-said-that-the-situation-at-the-border-with-India-is-overall-stable-and-controllable,-and-both-the-countries-have-proper-mechanisms-and-communication-channels-to-resolve-the-issues-through-a-dialogue-and-consultation.

The-comment-from-Foreign-Ministry-spokesman-Zhao-Lijian-came-as-a-big-relief-amid-continuing-standoff-between-the-militaries-of-India-and-China-at-the-Line-of-Actual-Control-(LAC).-Several-areas-along-the-nearly-3,500-km-long-LAC-in-Ladakh-and-North-Sikkim-have-witnessed-major-military-build-up-by-both-the-Indian-and-Chinese-armies-recently.

The-market-breadth-was-positive.-On-the-BSE,-1,378-shares-rose-and-948-shares-fell.-A-total-of-171-shares-were-unchanged.-

The-broader-market-lagged-the-benchmarks.-The-BSE-Mid-Cap-index-rose-0.54%-and-the-BSE-Small-Cap-index-gained-0.27%.

Numbers-to-Watch:

The-yield-on-10-year-benchmark-federal-paper-rose-to-5.987%-as-compared-with-5.975%-at-close-in-the-previous-trading-session.

In-the-foreign-exchange-market,-the-rupee-edged-lower-against-the-dollar.-The-partially-convertible-rupee-was-hovering-at-75.7125,-compared-with-its-close-of-75.66-during-the-previous-trading-session.

In-the-commodities-market,-Brent-crude-for-July-2020-settlement-fell-62-cents-at-$35.55-a-barrel.-The-contract-rose-$1.04,-or-2.96%-to-settle-at-$36.17-a-barrel-in-the-previous-trading-session.

Foreign-Markets:

European-markets-were-trading-with-strong-gains-as-the-region-prepares-itself-to-unleash-a-new-coronavirus-stimulus-package.-European-Commission-President-Ursula-von-der-Leyen-is-set-to-present-her-own-proposal-on-Wednesday,-27-May-2020,-building-on-the-Franco-German-plan-for-an-economic-stimulus.

Asian-markets-closed-on-a-mixed-note-as-investor-concerns-about-rising-tensions-between-the-United-States-and-China-over-Hong-Kong-tempered-optimism-about-a-re-opening-of-the-world-economy.-The-White-House-reportedly-said-a-proposed-national-security-law-might-jeopardize-the-Chinese-territory's-status-as-a-global-financial-center.-The-law-being-considered-for-Hong-Kong-by-the-Chinese-legislature-has-prompted-warnings-it-might-erode-the-independence-of-courts-and-other-elements-that-help-to-make-the-former-British-colony-a-business-center.

As-per-reports,-the-US-was-considering-sanctions-on-Chinese-firms-and-officials-over-the-situation-in-Hong-Kong.-US-President-Donald-Trump-will-reportedly-make-an-announcement-about-the-administration's-response-to-China's-actions-by-the-end-of-this-week.

US-stock-market-finished-sharply-higher-on-Tuesday,-26-May-2020,-as-investors-were-emboldened-by-fresh-coronavirus-vaccine-news-from-Novavax-and-Merck-and-signs-that-global-economies-are-crawling-back-from-the-pandemic-shutdown.-The-S&P-500-exceeded-its-200-day-moving-average-(DMA)-for-the-first-time-since-5-March,-but-failed-to-close-above-the-key-level.-Rising-above-200-DMA-could-signal-a-change-in-long-term-trend-from-bearish-to-bullish.-

Buzzing-Indian-Segments:

The-Nifty-Bank-index-surged-7.28%-to-18,710.55,-extending-gains-for-second-day.-The-index-rose-8.29%-in-two-days.-

ICICI-Bank-(up-8.97%),-Bandhan-Bank-(up-8.44%),-RBL-Bank-(up-6.88%),-Federal-Bank-(up-6.63%),-HDFC-Bank-(up-5.91%),-IndusInd-Bank-(up-5.84%),-State-Bank-of-India-(up-4.76%),-Bank-of-Baroda-(up-3.64%),-IDFC-First-Bank-(up-3.03%)-and-Punjab-National-Bank-(up-3%)-advanced.-

Axis-Bank-jumped-13.46%.-The-media-reported-that-private-equity-major-Carlyle-has-started-talks-with-Axis-Bank-to-pump-in-around-a-billion-dollars-as-growing-systemic-level-stress-and-the-economic-slump-are-pushing-banks-and-shadow-lenders-to-create-provision-cushions-to-deal-with-future-asset-slippages.-The-deal-is-likely-to-be-in-the-form-of-primary-issuance-of-shares-via-a-preferential-allotment-route-that-may-result-in-Carlyle-owning-up-to-8%-stake-in-Axis-Bank.

However,-Axis-Bank-clarified-to-the-bourses-today-that-the-news-item-is-speculative-and-it-has-not-taken-any-decision-in-this-regard.-As-such-no-disclosure-is-required-to-be-made-under-regulation-30-of-the-listing-regulations-and-the-Bank-shall-keep-the-exchange-duly-informed-as-and-when-any-decision-is-taken-by-it-in-this-matter”,-it-said-in-the-BSE-filing.-

Kotak-Mahindra-Bank-gained-5.58%-after-the-bank-announced-the-commencement-of-its-fund-raising-exercise-via-qualified-institutions-placement-(QIP)-issue-of-equity-shares-on-Tuesday,-26-May-2020.-The-bank-has-set-a-floor-price-of-₹-1,147.75-per-equity-share-for-the-QIP-issue.-The-bank-may-offer-a-discount-of-not-more-than-5%-on-the-floor-price.-The-bank-intends-to-use-the-net-proceeds-of-the-issue-to-augment-its-capital-base-and-to-strengthen-its-balance-sheet.-

The-Nifty-IT-index-gained-2.78%-to-13,952.90,-reversing-yesterday's-1.93%-fall.-Depreciation-of-rupee-against-the-dollar-aided-the-rally-in-IT-shares.

Wipro-(up-6.77%),-Infosys-(up-3.70%),-TCS-(up-3.18%),-Oracle-Financial-Services-Software-(up-1.94%),-Mindtree-(up-1.89%),-Persistent-Systems-(up-0.77%),-HCL-Technologies-(up-0.65%),-Tech-Mahindra-(up-0.64%)-and-Hexaware-Technologies-(up-0.63%)-advanced.-

Earnings-Impact:

Sun-Pharmaceutical-Industries-fell-1.85%.-The-drug-major-reported-37.1%-decline-in-consolidated-net-profit-to-₹-399.84-crore-on-14.3%-rise-in-total-revenue-from-operations-to-₹-8,184.94-crore-in-Q4-March-2020-over-Q4-March-2019.--The-company-recorded-a-one-time-expenditure-of-₹-260.64-crore-as-an-exceptional-item-in-the-March-2020-quarter.--

Consolidated-R&D-investment-fell-5.6%-to-₹-536-crore-in-Q4-FY20,-from-₹-567.49-crore-reported-in-Q4-last-year.--EBITDA-stood-at-₹-1,256-crore,-with-resulting-EBITDA-margin-of-15.5%.-Approximately-50%-of-the-EBITDA-margin-decline-versus-Q3-FY20-is-due-to-the-adverse-impact-of-forex-loss-in-Q4-FY20.-

Dabur-India-slipped-1.04%.-The-FMCG-major's-consolidated-net-profit-dropped-24.19%-to-₹-281.60-crore-on-a-12.34%-decrease-in-net-sales-to-₹-1,865.36-crore-in-Q4-March-2020-over-Q4-March-2019.-Profit-before-tax-skid-12.59%-to-₹-340.25-crore-in-Q4-March-2020-as-against-₹-389.27-crore-in-Q4-March-2019.-Current-tax-expenses-jumped-53.78%-to-₹-223.09-crore-in-Q4-March-2020-as-compared-to-₹-145.07-crore-paid-in-Q4-March-2019.-The-Q4-result-was-declared-during-trading-hours-today,-27-May-2020.-

Deepak-Nitrite-fell-0.11%.-The-chemical-maker's-standalone-net-profit-soared-105.6%-to-₹-116.26-crore-on-an-8.1%-rise-in-net-sales-to-₹-525.24-crore-in-Q4-March-2020-over-Q4-March-2019.-PBT-surged-83.5%-to-₹-159.71-crore-in-Q4-March-2020-over-Q4-March-2019.-Total-tax-expenses-rose-42.6%-to-₹-43.45-crore-in-Q4-March-2020.-EBITDA-margin-improved-to-35.2%-in-Q4-March-2020-from-22.7%-reported-in-Q4-March-2019.-Performance-was-led-by-realisation-gains-in-both-fine-&-speciality-chemicals-(FSC)-and-performance-products-(PP)-segment.

Torrent-Pharmaceuticals-tumbled-6.88%.-The-company-reported-consolidated-net-profit-of-₹-314-crore-in-Q4-March-2020-as-against-net-loss-of-₹-152-crore-in-Q4-March-2019.-Net-sales-rose-4.9%-to-₹-1,912-crore-in-Q4-March-2020-over-Q4-March-2019.-The-research-&-development-(R&D)-spend-gained-7%-to-₹-118-crore-in-Q4-March-2020-as-against-₹-139-crore-in-Q4-March-2019.-Pre-tax-profit-stood-at-₹-293-crore-in-Q4-March-2020-as-against-pre-tax-loss-of-₹-150-crore-in-Q4-March-2019.-Current-tax-expenses-fell-22.2%-to-₹-49-crore-in-Q4-March-2020-compared-with-₹-63-crore-in-Q4-March-2019.

Bayer-Cropscience-jumped-6.97%,-rising-for-second-straight-session-after-reporting-turnaround-Q4-numbers.-The-stock-is-up-17.33%-in-two-trading-sessions-from-its-previous-closing-low-of-₹-4449.65-on-22-May-2020.-The-counter-hit-a-record-high-of-₹-5,245-on-BSE-during-intraday-trade-today.-Bayer-Cropscience-reported-a-net-profit-of-₹-31.50-crore-in-Q4-March-2020-as-against-a-net-loss-of-₹-57.1-crore-in-Q4-March-2019.-Net-sales-for-quarter-ending-March-2020-stood-at-₹-459-crore,-up-82%-from-₹-252.20-crore-in-the-same-period-last-year.-The-company-reported-pre-tax-profit-of-₹-25.7-crore-in-Q4-March-2020-as-against-a-pre-tax-loss-of-₹-95-crore-in-Q4-March-2019.-The-result-was-announced-after-market-hours-on-Friday,-22-May-2020.-

Coromandel-International-rose-1.30%-after-after-consolidated-net-profit-surged-112.2%-to-₹-234.20-crore-on-8.8%-increase-in-net-sales-to-₹-2,869.32-crore-in-Q4-March-2020-over-Q4-March-2019.-Profit-before-tax-(PBT)-soared-91.9%-to-₹-314.16-crore-in-Q4-March-2020-as-against-₹-163.71-crore-in-Q4-March-2019.-Current-tax-expenses-jumped-61.70%-to-₹-91.64-crore-in-Q4-March-2020-as-against-₹-56.68-crore-in-Q4-March-2019.-

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Key-barometers-witnessed-a-blockbuster-rally-on-Wednesday,-led-by-a-surge-in-banks-shares.-The-Nifty-Bank-index-soared-over-7%-ahead-of-monthly-F&O-expiry-on-Thursday-(28-May).-

The-barometer-S&P-BSE-Sensex-jumped-995.92-points-or-3.25%-at-31,605.22.-The-Nifty-50-index-surged-285.90-points-or-3.17%-at-9,314.95.

The-Nifty-opened-higher-at-9,082.20,-but-soon-pared-gains-in-early-trade.-The-index-took-the-support-at-9,004.25-mark-and-bounced-back-in-mid-morning-session.-Strong-buying-in-banks-shares-pushed-the-index-above-9,300-mark-in-mid-afternoon-trade.

The-sentiment-was-boosted-after-China-on-Wednesday-said-that-the-situation-at-the-border-with-India-is-overall-stable-and-controllable,-and-both-the-countries-have-proper-mechanisms-and-communication-channels-to-resolve-the-issues-through-a-dialogue-and-consultation.

The-comment-from-Foreign-Ministry-spokesman-Zhao-Lijian-came-as-a-big-relief-amid-continuing-standoff-between-the-militaries-of-India-and-China-at-the-Line-of-Actual-Control-(LAC).-Several-areas-along-the-nearly-3,500-km-long-LAC-in-Ladakh-and-North-Sikkim-have-witnessed-major-military-build-up-by-both-the-Indian-and-Chinese-armies-recently.

The-market-breadth-was-positive.-On-the-BSE,-1,378-shares-rose-and-948-shares-fell.-A-total-of-171-shares-were-unchanged.-

The-broader-market-lagged-the-benchmarks.-The-BSE-Mid-Cap-index-rose-0.54%-and-the-BSE-Small-Cap-index-gained-0.27%.

Numbers-to-Watch:

The-yield-on-10-year-benchmark-federal-paper-rose-to-5.987%-as-compared-with-5.975%-at-close-in-the-previous-trading-session.

In-the-foreign-exchange-market,-the-rupee-edged-lower-against-the-dollar.-The-partially-convertible-rupee-was-hovering-at-75.7125,-compared-with-its-close-of-75.66-during-the-previous-trading-session.

In-the-commodities-market,-Brent-crude-for-July-2020-settlement-fell-62-cents-at-$35.55-a-barrel.-The-contract-rose-$1.04,-or-2.96%-to-settle-at-$36.17-a-barrel-in-the-previous-trading-session.

Foreign-Markets:

European-markets-were-trading-with-strong-gains-as-the-region-prepares-itself-to-unleash-a-new-coronavirus-stimulus-package.-European-Commission-President-Ursula-von-der-Leyen-is-set-to-present-her-own-proposal-on-Wednesday,-27-May-2020,-building-on-the-Franco-German-plan-for-an-economic-stimulus.

Asian-markets-closed-on-a-mixed-note-as-investor-concerns-about-rising-tensions-between-the-United-States-and-China-over-Hong-Kong-tempered-optimism-about-a-re-opening-of-the-world-economy.-The-White-House-reportedly-said-a-proposed-national-security-law-might-jeopardize-the-Chinese-territory's-status-as-a-global-financial-center.-The-law-being-considered-for-Hong-Kong-by-the-Chinese-legislature-has-prompted-warnings-it-might-erode-the-independence-of-courts-and-other-elements-that-help-to-make-the-former-British-colony-a-business-center.

As-per-reports,-the-US-was-considering-sanctions-on-Chinese-firms-and-officials-over-the-situation-in-Hong-Kong.-US-President-Donald-Trump-will-reportedly-make-an-announcement-about-the-administration's-response-to-China's-actions-by-the-end-of-this-week.

US-stock-market-finished-sharply-higher-on-Tuesday,-26-May-2020,-as-investors-were-emboldened-by-fresh-coronavirus-vaccine-news-from-Novavax-and-Merck-and-signs-that-global-economies-are-crawling-back-from-the-pandemic-shutdown.-The-S&P-500-exceeded-its-200-day-moving-average-(DMA)-for-the-first-time-since-5-March,-but-failed-to-close-above-the-key-level.-Rising-above-200-DMA-could-signal-a-change-in-long-term-trend-from-bearish-to-bullish.-

Buzzing-Indian-Segments:

The-Nifty-Bank-index-surged-7.28%-to-18,710.55,-extending-gains-for-second-day.-The-index-rose-8.29%-in-two-days.-

ICICI-Bank-(up-8.97%),-Bandhan-Bank-(up-8.44%),-RBL-Bank-(up-6.88%),-Federal-Bank-(up-6.63%),-HDFC-Bank-(up-5.91%),-IndusInd-Bank-(up-5.84%),-State-Bank-of-India-(up-4.76%),-Bank-of-Baroda-(up-3.64%),-IDFC-First-Bank-(up-3.03%)-and-Punjab-National-Bank-(up-3%)-advanced.-

Axis-Bank-jumped-13.46%.-The-media-reported-that-private-equity-major-Carlyle-has-started-talks-with-Axis-Bank-to-pump-in-around-a-billion-dollars-as-growing-systemic-level-stress-and-the-economic-slump-are-pushing-banks-and-shadow-lenders-to-create-provision-cushions-to-deal-with-future-asset-slippages.-The-deal-is-likely-to-be-in-the-form-of-primary-issuance-of-shares-via-a-preferential-allotment-route-that-may-result-in-Carlyle-owning-up-to-8%-stake-in-Axis-Bank.

However,-Axis-Bank-clarified-to-the-bourses-today-that-the-news-item-is-speculative-and-it-has-not-taken-any-decision-in-this-regard.-As-such-no-disclosure-is-required-to-be-made-under-regulation-30-of-the-listing-regulations-and-the-Bank-shall-keep-the-exchange-duly-informed-as-and-when-any-decision-is-taken-by-it-in-this-matter”,-it-said-in-the-BSE-filing.-

Kotak-Mahindra-Bank-gained-5.58%-after-the-bank-announced-the-commencement-of-its-fund-raising-exercise-via-qualified-institutions-placement-(QIP)-issue-of-equity-shares-on-Tuesday,-26-May-2020.-The-bank-has-set-a-floor-price-of-₹-1,147.75-per-equity-share-for-the-QIP-issue.-The-bank-may-offer-a-discount-of-not-more-than-5%-on-the-floor-price.-The-bank-intends-to-use-the-net-proceeds-of-the-issue-to-augment-its-capital-base-and-to-strengthen-its-balance-sheet.-

The-Nifty-IT-index-gained-2.78%-to-13,952.90,-reversing-yesterday's-1.93%-fall.-Depreciation-of-rupee-against-the-dollar-aided-the-rally-in-IT-shares.

Wipro-(up-6.77%),-Infosys-(up-3.70%),-TCS-(up-3.18%),-Oracle-Financial-Services-Software-(up-1.94%),-Mindtree-(up-1.89%),-Persistent-Systems-(up-0.77%),-HCL-Technologies-(up-0.65%),-Tech-Mahindra-(up-0.64%)-and-Hexaware-Technologies-(up-0.63%)-advanced.-

Earnings-Impact:

Sun-Pharmaceutical-Industries-fell-1.85%.-The-drug-major-reported-37.1%-decline-in-consolidated-net-profit-to-₹-399.84-crore-on-14.3%-rise-in-total-revenue-from-operations-to-₹-8,184.94-crore-in-Q4-March-2020-over-Q4-March-2019.--The-company-recorded-a-one-time-expenditure-of-₹-260.64-crore-as-an-exceptional-item-in-the-March-2020-quarter.--

Consolidated-R&D-investment-fell-5.6%-to-₹-536-crore-in-Q4-FY20,-from-₹-567.49-crore-reported-in-Q4-last-year.--EBITDA-stood-at-₹-1,256-crore,-with-resulting-EBITDA-margin-of-15.5%.-Approximately-50%-of-the-EBITDA-margin-decline-versus-Q3-FY20-is-due-to-the-adverse-impact-of-forex-loss-in-Q4-FY20.-

Dabur-India-slipped-1.04%.-The-FMCG-major's-consolidated-net-profit-dropped-24.19%-to-₹-281.60-crore-on-a-12.34%-decrease-in-net-sales-to-₹-1,865.36-crore-in-Q4-March-2020-over-Q4-March-2019.-Profit-before-tax-skid-12.59%-to-₹-340.25-crore-in-Q4-March-2020-as-against-₹-389.27-crore-in-Q4-March-2019.-Current-tax-expenses-jumped-53.78%-to-₹-223.09-crore-in-Q4-March-2020-as-compared-to-₹-145.07-crore-paid-in-Q4-March-2019.-The-Q4-result-was-declared-during-trading-hours-today,-27-May-2020.-

Deepak-Nitrite-fell-0.11%.-The-chemical-maker's-standalone-net-profit-soared-105.6%-to-₹-116.26-crore-on-an-8.1%-rise-in-net-sales-to-₹-525.24-crore-in-Q4-March-2020-over-Q4-March-2019.-PBT-surged-83.5%-to-₹-159.71-crore-in-Q4-March-2020-over-Q4-March-2019.-Total-tax-expenses-rose-42.6%-to-₹-43.45-crore-in-Q4-March-2020.-EBITDA-margin-improved-to-35.2%-in-Q4-March-2020-from-22.7%-reported-in-Q4-March-2019.-Performance-was-led-by-realisation-gains-in-both-fine-&-speciality-chemicals-(FSC)-and-performance-products-(PP)-segment.

Torrent-Pharmaceuticals-tumbled-6.88%.-The-company-reported-consolidated-net-profit-of-₹-314-crore-in-Q4-March-2020-as-against-net-loss-of-₹-152-crore-in-Q4-March-2019.-Net-sales-rose-4.9%-to-₹-1,912-crore-in-Q4-March-2020-over-Q4-March-2019.-The-research-&-development-(R&D)-spend-gained-7%-to-₹-118-crore-in-Q4-March-2020-as-against-₹-139-crore-in-Q4-March-2019.-Pre-tax-profit-stood-at-₹-293-crore-in-Q4-March-2020-as-against-pre-tax-loss-of-₹-150-crore-in-Q4-March-2019.-Current-tax-expenses-fell-22.2%-to-₹-49-crore-in-Q4-March-2020-compared-with-₹-63-crore-in-Q4-March-2019.

Bayer-Cropscience-jumped-6.97%,-rising-for-second-straight-session-after-reporting-turnaround-Q4-numbers.-The-stock-is-up-17.33%-in-two-trading-sessions-from-its-previous-closing-low-of-₹-4449.65-on-22-May-2020.-The-counter-hit-a-record-high-of-₹-5,245-on-BSE-during-intraday-trade-today.-Bayer-Cropscience-reported-a-net-profit-of-₹-31.50-crore-in-Q4-March-2020-as-against-a-net-loss-of-₹-57.1-crore-in-Q4-March-2019.-Net-sales-for-quarter-ending-March-2020-stood-at-₹-459-crore,-up-82%-from-₹-252.20-crore-in-the-same-period-last-year.-The-company-reported-pre-tax-profit-of-₹-25.7-crore-in-Q4-March-2020-as-against-a-pre-tax-loss-of-₹-95-crore-in-Q4-March-2019.-The-result-was-announced-after-market-hours-on-Friday,-22-May-2020.-

Coromandel-International-rose-1.30%-after-after-consolidated-net-profit-surged-112.2%-to-₹-234.20-crore-on-8.8%-increase-in-net-sales-to-₹-2,869.32-crore-in-Q4-March-2020-over-Q4-March-2019.-Profit-before-tax-(PBT)-soared-91.9%-to-₹-314.16-crore-in-Q4-March-2020-as-against-₹-163.71-crore-in-Q4-March-2019.-Current-tax-expenses-jumped-61.70%-to-₹-91.64-crore-in-Q4-March-2020-as-against-₹-56.68-crore-in-Q4-March-2019.-

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