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Sensex jumps 995 points, Nifty tops 9,300; Axis Bank rallies 14%

Sensex jumps 995 points, Nifty tops 9,300; Axis Bank rallies 14%
Photo: Mint
Bull run among most Nifty sectoral indices, with the bank index surging 7.2%. Nifty IT advanced 2.8% and FMCG gained 0.4%, while Nifty Pharma declined 0.3%. BSE MidCap, SmallCap up
Welcome to Mint live log. Track this space for latest news and updates on stock markets.

Market closing

Indian equities soared in the second half of today's session after volatile trade in the morning. The rally was largely supported by bank index, where heavyweights Axis Bank, ICICI Bank, HDFC Bank and Kotak Mahindra Bank jumped a sharp 5-14%

Sun Pharma: Q4 earnings

Shares of Sun Pharmaceutical declined 2.5% to 447.50 on the BSE after the company reported its March quarter earnings. The company reported a consolidated profit of 399.8 crore for January-March 2020, against 635.9 crore in the same period last fiscal. Revenue was at 8,184.9 crore during Q4, against 7,163.92 crore in same period last year.

Kotak Mahindra Bank soars nearly 6%

Shares of the private lender was on the rise as the bank announced that it will launch qualified institutional placement (QIP) offering to raise up to 7,500 crore. The bank said it has set a floor price of 1,147.75 per share for the offering. According to the Securities and Exchange Board of India (Sebi) norms, the lender can offer a maximum discount of up to 5% on the floor price to investors. The stock was at 1,218.65, up 5.9% on the BSE.

European stocks firm

European stock markets advanced in early deals as investors shrugged off a downbeat Asian session to focus on easing coronavirus concerns. In initial deals, London's FTSE 100 index trod 1.5% higher, compared with Tuesday's closing level. Germany's DAX rose 1.7%, while France's CAC gained nearly 2%.

Rupee ends marginally down

The Indian rupee ended marginally lower at 75.72 against the US dollar, compared with the previous close of 75.66. The domestic currency had opened flat at 75.65.

Eurozone economy may contract 8-12%

The eurozone economy is likely to shrink between 8% and 12% this year as it struggles to overcome the impact of the coronavirus pandemic, European Central Bank President Christine Lagarde said. The ECB earlier said the economy could shrink by between 5% and 12%, but speaking in a youth dialogue, Lagarde said that the "mild" scenario is already outdated and the actual outcome would be between the "medium and "severe" scenarios.

Eurozone economy may contract 8-12%

The eurozone economy is likely to shrink between 8% and 12% this year as it struggles to overcome the impact of the coronavirus pandemic, European Central Bank President Christine Lagarde said. The ECB earlier said the economy could shrink by between 5% and 12%, but speaking in a youth dialogue, Lagarde said that the "mild" scenario is already outdated and the actual outcome would be between the "medium and "severe" scenarios.

Crude oil update

Oil prices fell after US president Donald Trump said he was working on a strong response to China's proposed security law in Hong Kong. A potential deterioration in relations between the world's two biggest economies could ratchet up the pressure on global businesses and oil demand already weakened by the coronavirus pandemic. Brent crude fell 53 cents, or 1.5%, to $35.64 by 0827 GMT and US West Texas Intermediate (WTI) crude was down 50 cents, or 1.5%, at $33.85.

ITC partners with Star network

The packaged goods-to-hotels conglomerate has collaborated with television broadcaster Star network for a new show, 5 STAR Kitchen ITC Chef’s Special. To be aired every Saturday and Sunday at 11 am, the show will see 12 ITC hotel chefs showcase the rich culinary heritage of India, from Rajasthani to Bengali to Oriental.

Coromandel International hits 52-week high

Shares of the farm input provider soared to 52-week high as the company’s revenues grew 9%, helped by higher rabi crop sowing and recovery in sales of fertilizers. Also, due to lower raw material costs, Coromandel’s earnings grew at a faster pace and its profit after tax more than doubled to 234 crore, up 112% year-on-year. The stock was up 2.5% at 666.50 on the BSE.

India's banks may need $20 billion capital: Credit Suisse

Indian banks may need to raise $20 billion additional capital in the next 12 months as credit quality weakens, resulting in increased provisioning, according to a report by Credit Suisse. The foreign brokerage, in its report on Wednesday, said it estimates private banks will raise $7 billion worth of capital and public-sector lenders may require $13 billion worth of recapitalisation.

Adani Ports raises ₹700 crore

The company has raised 700 crore by allotment of 7,000 rated, listed, secured, redeemable, non-convertible debentures (NCDs) of face value of 10 lakh each, on a private placement basis.

India FY21 GDP to contract 5%: Fitch Ratings

Fitch Ratings has projected India’s GDP to contract 5% in fiscal 2021, in sync with forecasts by Crisil and Goldman Sachs, citing longer-than-expected lockdown in the country that has crippled normal economic activity.

India FY21 GDP to contract 5%: Fitch Ratings

Fitch Ratings has projected India’s GDP to contract 5% in fiscal 2021, in sync with forecasts by Crisil and Goldman Sachs, citing longer-than-expected lockdown in the country that has crippled normal economic activity.

India FY21 GDP to contract 5%: Fitch Ratings

Fitch Ratings has projected India’s GDP to contract 5% in fiscal 2021, in sync with forecasts by Crisil and Goldman Sachs, citing longer-than-expected lockdown in the country that has crippled normal economic activity.

SBI cuts FD rates

State Bank of India (SBI) has slashed its fixed deposits (FD) rates by up to 40 basis points (bps) as systemic liquidity remains in surplus amid sluggish credit growth. This is the bank’s second cut in deposit rates so far in May, with the last one undertaken on 12 May. After the Reserve Bank of India (RBI) lowered its repo rate by 40 bps on 22 May, SBI chairman Rajnish Kumar had said the bank will convene a meeting of its asset liability committee (Alco) - the panel that deliberates on interest rate changes.

Market update

Benchmark indices extended gains after morning volatility. Bank stocks were the biggest driver of the rise. While Sensex 243.96 points, or 0,7%, to 30,853.26, while Nifty 50 moved up 71.25 points, or 0.8%, to 9,100.30.

Torrent Pharma under pressure

Shares of Torrent Pharma declined 4.5% to 2,464.95 on the BSE despite a robust March quarter. The company's net profit of 314 crore for the March quarter, against net loss of 152 crore in the same period last year. The firm had an exceptional loss of 357 crore in Q4FY20. Synergies from acquired Unichem Laboratories portfolio, incremental productivity and cost control aided margins

Glenmark Pharma US gets FDA nod

Glenmark Pharmaceuticals Inc, US has received final approval from the US Food and Drug Administration (FDA) for Chlorzoxazone tablets. This marks Glenmark’s first abbreviated new drug application (ANDA) approval out of their new North American
manufacturing facility based in Monroe, North Carolina.

Rupee opens flat

The Indian rupee opened flat at 75.67 against the US dollar, compared to the previous close of 75.66.

Glenmark Pharma US gets FDA nod

Glenmark Pharmaceuticals Inc, US has received final approval from the US Food and Drug Administration (FDA) for Chlorzoxazone tablets. This marks Glenmark’s first abbreviated new drug application (ANDA) approval out of their new North American
manufacturing facility based in Monroe, North Carolina.

Rupee opens flat

The Indian rupee opened flat at 75.67 against the US dollar, compared to the previous close of 75.66.

IDFC First Bank's CEO to Mint

IDFC First Bank expects consumer durable financing picking up in parts of the country where lockdown curbs have been eased. V Vaidyanathan, managing director and chief executive officer (MD & CEO), however, told Mint the bank continues to focus on quality in these times and will look at lending safely.
"We were prepared for the worst. But when the lockdown was lifted, we saw some pick up in demand and consumption which was pleasant to see. Durable financing in Bangalore lifted. Maybe there is some pent up demand" Vaidyanathan said.

Top Nifty gainers and losers

Hindalco, UPL, Kotak Mahindra Bank, Tata Motors and ICICI Bank were the top gainers on Nifty 50, while Mahindra & Mahindra, Titan Company, UltraTech Cement, Asian Paints and Bajaj Finserve led the losses.

Biocon gets DCGI nod to use CytoSorb

The pharma company announced that its subsidiary, Biocon Biologics has received approval from the Drugs Controller General of India’s (DCGI) approval for an extracorporeal blood purification (EBP) device CytoSorb to reduce pro-inflammatory cytokines levels in confirmed covid-19 patients above 18 years of age. The licence will be valid till the covid-19 outbreak is controlled.

Biocon gets DCGI nod to use CytoSorb

The pharma company announced that its subsidiary, Biocon Biologics has received approval from the Drugs Controller General of India’s (DCGI) approval for an extracorporeal blood purification (EBP) device CytoSorb to reduce pro-inflammatory cytokines levels in confirmed covid-19 patients above 18 years of age. The licence will be valid till the covid-19 outbreak is controlled.

Biocon gets DCGI nod to use CytoSorb

The pharma company announced that its subsidiary, Biocon Biologics has received approval from the Drugs Controller General of India’s (DCGI) approval for an extracorporeal blood purification (EBP) device CytoSorb to reduce pro-inflammatory cytokines levels in confirmed covid-19 patients above 18 years of age. The licence will be valid till the covid-19 outbreak is controlled.


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