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Strong market breadth; Nifty above 9450
(14:23, 28 May 2020)

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Key-barometers-came-off-day's-high-in-mid-afternoon-trade.-Auto,-banks-and-metal-stocks-rallied-while-pharma-stocks-lagged.-The-Nifty-held-above-9450-level-ahead-of-the-F&O-expiry.-At-14:24-IST,-the-barometer-index,-the-S&P-BSE-Sensex-jumped-454.32-points-or-1.44%-at-32,059.09.-The-Nifty-50-index-rallied-143.85-points-or-1.54%-at-9,458.80.

The-broader-market-was-upbeat.-The-S&P-BSE-Mid-Cap-index-gained-1.14%-while-the-S&P-BSE-Small-Cap-index-rose-1.16%.

The-market-breadth-was-strong.-On-the-BSE,-shares-1474-rose-and-767-shares-fell.-A-total-of-142-shares-were-unchanged.-In-Nifty-50-index,-42-stocks-advanced-while-8-stocks-declined.-

The-media-reported-that-India's-GST-Council-is-likely-to-meet-in-the-second-week-of-June-to-discuss-the-impact-of-the-coronavirus-pandemic-on-the-economy-of-states,-among-other-things.

Foreign-portfolio-investors-(FPIs)-sold-shares-worth-₹-334.74-crore,-while-domestic-institutional-investors-(DIIs),-were-net-buyers-to-the-tune-of-₹-2,408.85-crore-in-the-Indian-equity-market-on-27-May,-provisional-data-showed.

Numbers-to-Track:

The-yield-on-10-year-benchmark-federal-paper-rose-to-5.990%-compared-with-previous-closing-of-5.984%-in-the-previous-trading-session.

In-the-foreign-exchange-market,-the-partially-convertible-rupee-edged-higher-to-75.76-compared-with-its-previous-closing-of-75.7125.

In-the-commodities-market,-Brent-crude-for-July-2020-settlement-was-down-99-cents-to-$33.75-a-barrel.-The-contract-declined-3.95%-to-settle-at-$34.74-a-barrel-in-the-previous-trading-session.

MCX-Gold-futures-for-5-June-2020-settlement-rose-0.24%-to-₹-46,644.

Stocks-in-Spotlight:

Vedanta-rose-1.94%.-India-Ratings-and-Research-downgraded-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.

Granules-India-fell-0.49%.-The-pharmaceutical-company-said-that-the-US-drug-regulator-did-not-detect-cancer-causing-N-Nitrosodimethylamine-(NDMA)-in-the-company's-API-and-finished-dosage-tablets.-USFDA-tested-samples-from-a-few-lots-of-the-company's-API-(active-pharmaceutical-ingredient)-and-finished-dosage-tablets-and-it-did-not-detect-NDMA.-NDMA-is-classified-as-a-probable-human-carcinogen-(a-substance-that-could-cause-cancer).-It-is-a-known-environmental-contaminant-typically-found-in-water-and-foods,-including-meats,-dairy-products-and-vegetables.

Steel-Strips-Wheels-on-Thursday-(28-May)-announced-that-it-bagged-exports-orders-for-over-25,000-wheels-for-EU-caravan-trailer-&-US-mobile-home-market-to-be-executed-within-July-from-its-Chennai-plant.-Additional-orders-are-expected-in-coming-weeks-from-several-other-regular-customers-as-the-market-begins-to-recover.-SSWL-expects-to-have-5%-year-on-year-growth-in-June-2020-in-its-exports-numbers-from-Chennai-plant,-the-company-said.-Shares-of-Steel-Strips-Wheels-were-trading-2.75%-higher-at-₹-342.15-on-BSE.

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Key-barometers-came-off-day's-high-in-mid-afternoon-trade.-Auto,-banks-and-metal-stocks-rallied-while-pharma-stocks-lagged.-The-Nifty-held-above-9450-level-ahead-of-the-F&O-expiry.-At-14:24-IST,-the-barometer-index,-the-S&P-BSE-Sensex-jumped-454.32-points-or-1.44%-at-32,059.09.-The-Nifty-50-index-rallied-143.85-points-or-1.54%-at-9,458.80.

The-broader-market-was-upbeat.-The-S&P-BSE-Mid-Cap-index-gained-1.14%-while-the-S&P-BSE-Small-Cap-index-rose-1.16%.

The-market-breadth-was-strong.-On-the-BSE,-shares-1474-rose-and-767-shares-fell.-A-total-of-142-shares-were-unchanged.-In-Nifty-50-index,-42-stocks-advanced-while-8-stocks-declined.-

The-media-reported-that-India's-GST-Council-is-likely-to-meet-in-the-second-week-of-June-to-discuss-the-impact-of-the-coronavirus-pandemic-on-the-economy-of-states,-among-other-things.

Foreign-portfolio-investors-(FPIs)-sold-shares-worth-₹-334.74-crore,-while-domestic-institutional-investors-(DIIs),-were-net-buyers-to-the-tune-of-₹-2,408.85-crore-in-the-Indian-equity-market-on-27-May,-provisional-data-showed.

Numbers-to-Track:

The-yield-on-10-year-benchmark-federal-paper-rose-to-5.990%-compared-with-previous-closing-of-5.984%-in-the-previous-trading-session.

In-the-foreign-exchange-market,-the-partially-convertible-rupee-edged-higher-to-75.76-compared-with-its-previous-closing-of-75.7125.

In-the-commodities-market,-Brent-crude-for-July-2020-settlement-was-down-99-cents-to-$33.75-a-barrel.-The-contract-declined-3.95%-to-settle-at-$34.74-a-barrel-in-the-previous-trading-session.

MCX-Gold-futures-for-5-June-2020-settlement-rose-0.24%-to-₹-46,644.

Stocks-in-Spotlight:

Vedanta-rose-1.94%.-India-Ratings-and-Research-downgraded-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.

Granules-India-fell-0.49%.-The-pharmaceutical-company-said-that-the-US-drug-regulator-did-not-detect-cancer-causing-N-Nitrosodimethylamine-(NDMA)-in-the-company's-API-and-finished-dosage-tablets.-USFDA-tested-samples-from-a-few-lots-of-the-company's-API-(active-pharmaceutical-ingredient)-and-finished-dosage-tablets-and-it-did-not-detect-NDMA.-NDMA-is-classified-as-a-probable-human-carcinogen-(a-substance-that-could-cause-cancer).-It-is-a-known-environmental-contaminant-typically-found-in-water-and-foods,-including-meats,-dairy-products-and-vegetables.

Steel-Strips-Wheels-on-Thursday-(28-May)-announced-that-it-bagged-exports-orders-for-over-25,000-wheels-for-EU-caravan-trailer-&-US-mobile-home-market-to-be-executed-within-July-from-its-Chennai-plant.-Additional-orders-are-expected-in-coming-weeks-from-several-other-regular-customers-as-the-market-begins-to-recover.-SSWL-expects-to-have-5%-year-on-year-growth-in-June-2020-in-its-exports-numbers-from-Chennai-plant,-the-company-said.-Shares-of-Steel-Strips-Wheels-were-trading-2.75%-higher-at-₹-342.15-on-BSE.

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