Closing Bell

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03-Jul-2020   17:05 Hrs IST Equity indices end higher amid volatile trade <P align=justify>Indian equity benchmarks settled on a positive note with gains of over half percent on Friday after a largely volatile trade session, boosted by rupee's gain against the US dollar as well as positive leads from Asian markets. Key indices took gaining streak to third straight session, recapturing their crucial 10,600 (Nifty) and 36,000 (Sensex) bastions. Markets made positive start, as traders took encouragement with union finance and revenue secretary Ajay Bhushan Pandey's statement that that the GST information technology (IT) system is quite robust as more than 46 crore tax returns have been filed through the system in last three years, which has helped in making the historical indirect tax reform a success. Some support also came as Prime Minister Narendra Modi and Russian President Vladimir Putin discussed the coronavirus crisis and resolved to strengthen the Indo-Russia ties for jointly addressing the challenges of the post-Covid world.<P align=justify>Barometer gauges extended their gains in late morning deals, as traders remained enthusiastic with the World Bank's statement that it will provide a $750 million budget support to 15 lakh MSMEs to increase liquidity access for viable small businesses impacted by COVID-19. The $750 million support is in addition to the $2 billion funding the World Bank has already announced for the social and health sector. Sentiments remained positive with reports that India's first indigenous Covid-19 vaccine (BBV152 COVID vaccine) may be launched by August 15. The Indian Council of Medical Research (ICMR) has written to select medical institutions and hospitals to fast-track clinical trial approvals for the vaccine. However, markets pared some gains in late trade as a private sector survey showed India's crippled services industry, the lifeblood of economic growth and jobs, contracted sharply in June as an extended lockdown imposed to stop the spread of the coronavirus stalled business activity. Although the pace of decline moderated from May - the Nikkei/IHS Markit Services Purchasing Managers' Index jumped to 33.7 in June from May's 12.6 - it remained a long way from the 50-mark separating growth from contraction.&nbsp; <P align=justify>On the global front, Asian markets ended higher on Friday, following the gains on Wall Street after a report by the U.S. Labor Department showed another record spike in employment in the month of June and added to optimism about an economic recovery. Data showing that China's service sector expanded strongly in June also boosted sentiment. Nevertheless, worries about the surge in coronavirus cases in the U.S. and other parts of the world weighed on the markets. However, European markets were trading in red even as the latest data indicated that the worst phase of the service sector downturn has passed. The U.K. Service sector Purchasing Managers' Index for June rose to 47.1 from 29.0 in May. The latest reading was better than the ‘flash' estimate of 47.0. Separately, a flash survey conducted by the market research group GfK revealed that U.K. consumer sentiment improved at the end of June. The corresponding index rose three points to -27 over the last two weeks of June.&nbsp; <P align=justify>Back home, select aviation stocks ended higher as Airports Authority of India chairman Arvind Singh said that India is in advanced level discussions with the United States, Canada and the Middle East to restart scheduled commercial international flights. Stocks related to telecom sector were in limelight as Trai Chairman R S Sharma called for accelerating the implementation of the National Digital Communications Policy (NCDP), approved by the cabinet two years ago. Sharma said the coronavirus pandemic has shown the importance of communication infrastructure, and the telecom sector has played a central role during the crisis. <P align=justify>Finally, the BSE Sensex gained 177.72 points or 0.50% to 36,021.42, while the CNX Nifty was up by 55.65 points or 0.53% to 10,607.35.&nbsp; <P align=justify>The BSE Sensex touched high and low of 36,110.21 and 35,872.38, respectively and there were 20 stocks advancing against 10 stocks declining on the index. <P align=justify>The broader indices ended in green; the BSE Mid cap index rose 0.56%, while Small cap index was up by 0.47%.<P align=justify>The top gaining sectoral indices on the BSE were Telecom up by 3.45%, Power up by 1.73%, Capital Goods up by 1.66%, TECK up by 1.62% and Energy up by 1.36%, while Metal down by 0.51%, Bankex down by 0.39%, Finance down by 0.36% and Basic Materials down by 0.04% were the few losing indices on BSE.<P align=justify>The top gainers on the Sensex were Bharti Airtel up by 4.05%, Bajaj Auto up by 2.52%, TCS up by 1.88%, Titan Company up by 1.69% and HCL Technologies up by 1.61%. On the flip side, Indusind Bank down by 1.50%, Tata Steel down by 1.49%, HDFC Bank down by 1.42%, Bajaj Finance down by 1.24% and Bajaj Finserv down by 0.63% were the top losers.<P align=justify>Meanwhile, Care Ratings in its latest report has revised India's Gross Domestic Product (GDP) growth forecast for the current financial year (FY21) to (-) 6.4 percent as economic activity continues to be under restriction due to the lockdown on account of the Covid-19 pandemic. In May, it had projected a decline in GDP growth of 1.5-1.6 percent in FY21. It said the sharper fall in real GDP also means that the nominal GDP for the year will also decline assuming inflation of 5 percent which in turn will affect the projected fiscal deficit number of the central government which will be in the region of 8 percent for FY21. <P align=justify>The report said given that the nation is into a lockdown for July too with several restrictions on resumption of services in particular as well as movement of people, the cutoff date for normalcy will spread into the latter part of the third quarter and more likely to the fourth quarter. In FY20, the country's economy grew at an estimated 4.2 per cent, almost a decade low. It, however, said the positive growth will come from only agriculture and the government sector. <P align=justify>According to the report, services like hospitality, tourism, entertainment, travel would take a much longer time pan India to resume anywhere close to normal with interstate restrictions being the norm for the next quarter or so. It also said the restriction on movement of people translates into fall in demand for goods and services and further exacerbates the low consumption growth syndrome that pervaded for three years now. Job losses and pay cuts will add to the stickiness in spending even during the festival time. It is assumed that good rural income cannot compensate for this loss of purchasing power which is topped with uncertainty.<P align=justify>The CNX Nifty traded in a range of 10,631.30 and 10,562.65 and there were 31 stocks advancing against 18 stocks declining, while 1 stock remian unchanged on the index.&nbsp;&nbsp; <P align=justify>The top gainers on Nifty were Eicher Motors up by 4.18%, Adani Ports &amp;SEZ up by 4.12%, Bharti Airtel up by 4.08%, Hero MotoCorp up by 2.64% and NTPC up by 1.98%. On the flip side, JSW Steel down by 1.77%, Tata Steel down by 1.76%, Indusind Bank down by 1.48%, Zee Entertainment down by 1.35% and HDFC Bank down by 1.28% were the top losers.<P align=justify>European markets were trading in red; UK's FTSE 100 decreased 55.32 points or 0.89% to 6,185.04, France's CAC decreased 37.97 points or 0.75% to 5,011.41 and Germany's DAX decreased 33.62 points or 0.27% to 12,574.84.<P align=justify>Asian markets ended higher as upbeat economic reports from major economies, including the United States fueled fresh optimism about global economic recovery from impact of corona virus pandemic. A private survey showed that China's services sector showed it growing at its fastest pace in over a decade in June, with the Caixin/Markit services Purchasing Managers Index (PMI) coming in at 58.4 for the month. The Labor Department's monthly jobs report showed US employers added some 4.8 million back to payrolls in June and pushed the unemployment rate down to 11.1%. Japanese shares closed higher, despite worries about a spike in corona virus cases in the Japanese capital Tokyo with its highest daily tally of confirmed cases in two months. Meanwhile, Japan's chief cabinet secretary said there was no need to reintroduce a state of emergency.<DIV align=justify><TABLE border=1 cellSpacing=1 cellPadding=1 width="100%"><TBODY><TR><TD><P align=justify><STRONG>Asian</STRONG> <STRONG>Indices</STRONG></TD><TD><P align=justify><STRONG>Last Trade&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </STRONG></TD><TD><P align=justify><STRONG>Change in Points</STRONG></TD><TD><P align=justify><STRONG>Change in %</STRONG></TD></TR><TR><TD><P align=justify>Shanghai Composite</TD><TD><DIV>3,152.81</DIV></TD><TD><DIV>62.24</DIV></TD><TD><DIV>2.01</DIV></TD></TR><TR><TD><P align=justify>Hang Seng</TD><TD><DIV>25,373.12</DIV></TD><TD><DIV>248.93</DIV></TD><TD><DIV>0.99</DIV></TD></TR><TR><TD><P align=justify>Jakarta Composite</TD><TD><DIV>4,973.79</DIV></TD><TD><DIV>7.01</DIV></TD><TD><DIV>0.14</DIV></TD></TR><TR><TD><P align=justify>KLSE Composite</TD><TD><P align=justify>1,552.65</TD><TD><P align=justify>16.37</TD><TD><P align=justify>1.07</TD></TR><TR><TD><P align=justify>Nikkei 225</TD><TD><DIV>22,306.48</DIV></TD><TD><DIV>160.52</DIV></TD><TD><DIV>0.72</DIV></TD></TR><TR><TD><P align=justify>Straits Times</TD><TD><DIV>2,652.94</DIV></TD><TD><DIV>16.25</DIV></TD><TD><DIV>0.62</DIV></TD></TR><TR><TD><P align=justify>KOSPI&nbsp;Composite</TD><TD><DIV>2,152.41</DIV></TD><TD><DIV>17.04</DIV></TD><TD><DIV>0.80</DIV></TD></TR><TR><TD><P align=justify>Taiwan Weighted</TD><TD><DIV>11,909.16</DIV></TD><TD><DIV>104.02</DIV></TD><TD><DIV>0.88</DIV></TD></TR></TBODY></TABLE></DIV><P align=justify><BR><BR>
03-Jul-2020   16:04 Hrs IST Post Session: Quick Review <div align="justify">Indian equity benchmarks ended the last trading day of the week on a higher note. After a positive start, indices traded in green for the whole trading day, supported with union finance and revenue secretary Ajay Bhushan Pandey's statement that the GST information technology (IT) system is quite robust as more than 46 crore tax returns have been filed through the system in last three years, which has helped in making the historical indirect tax reform a success. Some support also came with the Reserve Bank of India's (RBI) report that bank credit and deposits grew 6.18 percent and 11 percent to Rs 102.45 lakh crore and Rs 138.67 lakh crore, respectively, in the fortnight ended June 19.</div><div align="justify"><br></div><div align="justify">However, Indian markets witnessed some volatility during the trading session, as India's services sector activity remained in deep downturn in June as the COVID-19 pandemic curtailed intakes of new work orders and disrupted business operations. The IHS Markit India Services Business Activity Index was at 33.7 in June, up from 12.6 recorded in May. Besides, Care Ratings in its latest report has revised India's Gross Domestic Product (GDP) growth forecast for the current financial year (FY21) to (-) 6.4 percent as economic activity continues to be under restriction due to the lockdown on account of the Covid-19 pandemic. In May, it had projected a decline in GDP growth of 1.5-1.6 percent in FY21.</div><div align="justify"><br></div><div align="justify">On the global front, European markets were trading mostly in red, as spike in U.S. coronavirus infections tempered optimism. Asian markets ended higher, as China's service sector expanded at the fastest pace in more than a decade in June, driven by strong orders as measures related to the coronavirus pandemic were relaxed. The survey data from IHS Markit showed that the Caixin services Purchasing Managers' Index rose to 58.4 in June from 55.0 in May. The rate of expansion was the fastest since April 2010. A score above 50 indicates expansion in the sector.<br></div><div align="justify"></div><div align="justify"><br></div><div align="justify">The BSE Sensex ended at 36021.42, up by 177.72 points or 0.50% after trading in a range of 35872.38 and 36110.21. There were 19 stocks advancing against 11 stocks declining on the index. (Provisional)</div><div align="justify"><br></div><div align="justify">The broader indices ended in green; the BSE Mid cap index was up by 0.56%, while Small cap index was up by 0.47%. (Provisional)</div><div align="justify"><br></div><div align="justify">The top gaining sectoral indices on the BSE were Telecom up by 3.45%, Power up by 1.73%, Capital Goods up by 1.66%, TECK up by 1.62% and Energy up by 1.36%, while Metal down by 0.51%, Bankex down by 0.39% and Basic Materials down by 0.04% were the few losing indices on BSE. (Provisional)</div><div align="justify"><br></div><div align="justify">The top gainers on the Sensex were Bharti Airtel up by 4.05%, Bajaj Auto up by 2.52%, TCS up by 1.88%, Titan Co up by 1.69% and HCL Tech. up by 1.61%. On the flip side, Indusind Bank down by 1.50%, Tata Steel down by 1.49%, HDFC Bank down by 1.26%, Bajaj Finance down by 1.24% and Bajaj Finserv down by 0.63% were the top losers. (Provisional)</div><div align="justify"><br></div><div align="justify">Meanwhile, India's service sector remained weak in the month of June, as activity fell at another substantial month-on-month rate amid the ongoing economic disruption caused by the coronavirus disease 2019 (COVID-19) pandemic. As per the survey report, the seasonally adjusted Nikkei Services Business Activity Index was at 33.7 in June from 12.6 in May. Further, the Nikkei India Composite PMI Output Index -- which measures both manufacturing and services - was at 37.8 in June from 14.8 in May.</div><div align="justify"><br></div><div align="justify">The report also noted that although the downturn lost further momentum in June, it remained excessively strong as the COVID-19 pandemic curtailed intakes of new work and disrupted business operations. The slower rate of decline was reflective of some stabilisation in activity levels, with around 59% of firms reporting no change in output since May. Meanwhile, only 4% registered growth, while 37% recorded a reduction.<br>&nbsp;</div><div align="justify">On the price front, Indian service providers reported a reduction to their input costs in June. Where a decrease was reported, firms attributed that this general reduction in running costs due to lower activity levels at their units. Although the rate of deflation eased considerably, it was historically marked. Lower expenses were passed through to clients via discounts in June. Selling charges fell modestly and at a similar rate to that seen in May.</div><div align="justify"><br></div><div align="justify">The CNX Nifty ended at 10607.35, up by 55.65 points or 0.53% after trading in a range of 10562.65 and 10631.30. There were 34 stocks advancing against 16 stocks declining on the index. (Provisional)</div><div align="justify"><br></div><div align="justify">The top gainers on Nifty were Bharti Airtel up by 4.12%, Adani Ports &amp; SEZ up by 3.92%, Eicher Motors up by 3.43%, Hero MotoCorp up by 2.50% and TCS up by 1.97%. On the flip side, JSW Steel down by 1.80%, Indusind Bank down by 1.54%, Tata Steel down by 1.49%, HDFC Bank down by 1.42% and Zee Entertainment down by 1.23% were the top losers. (Provisional)</div><div align="justify"><br></div><div align="justify">European markets were trading mostly in red, UK's FTSE 100 decreased 24.04 points or 0.39% to 6,216.32, France's CAC decreased 15.04 points or 0.3% to 5,034.34. On the flip side, Germany's DAX was up by 4.50 points or 0.04% to 12,612.96.</div><div align="justify"><br></div><div align="justify">Asian markets ended higher as upbeat economic reports from major economies, including the United States fueled fresh optimism about global economic recovery from impact of corona virus pandemic. A private survey showed that China's services sector showed it growing at its fastest pace in over a decade in June, with the Caixin/Markit services Purchasing Managers Index (PMI) coming in at 58.4 for the month. The Labor Department's monthly jobs report showed US employers added some 4.8 million back to payrolls in June and pushed the unemployment rate down to 11.1%. Japanese shares closed higher, despite worries about a spike in corona virus cases in the Japanese capital Tokyo with its highest daily tally of confirmed cases in two months. Meanwhile, Japan's chief cabinet secretary said there was no need to reintroduce a state of emergency.</div><div align="justify"><br></div><div align="justify"><table width="100%"><tbody><tr><td><p align="justify"><strong>Asian</strong> <strong>Indices</strong></p></td><td><p align="justify"><strong>Last Trade&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </strong></p></td><td><p align="justify"><strong>Change in Points</strong></p></td><td><p align="justify"><strong>Change in %</strong></p></td></tr><tr><td><p align="justify">Shanghai Composite</p></td><td><div>3,152.81</div></td><td><div>62.24</div></td><td><div>2.01</div></td></tr><tr><td><p align="justify">Hang Seng</p></td><td><div>25,373.12</div></td><td><div>248.93</div></td><td><div>0.99</div></td></tr><tr><td><p align="justify">Jakarta Composite</p></td><td><div>4,973.79</div></td><td><div>7.01</div></td><td><div>0.14</div></td></tr><tr><td><p align="justify">KLSE Composite</p></td><td><p align="justify">1,552.65</p></td><td><p align="justify">16.37</p></td><td><p align="justify">1.07</p></td></tr><tr><td><p align="justify">Nikkei 225</p></td><td><div>22,306.48</div></td><td><div>160.52</div></td><td><div>0.72</div></td></tr><tr><td><p align="justify">Straits Times</p></td><td><div>2,652.94</div></td><td><div>16.25</div></td><td><div>0.62</div></td></tr><tr><td><p align="justify">KOSPI&nbsp;Composite</p></td><td><div>2,152.41</div></td><td><div>17.04</div></td><td><div>0.80</div></td></tr><tr><td><p align="justify">Taiwan Weighted</p></td><td><div>11,909.16</div></td><td><div>104.02</div></td><td><div>0.88</div></td></tr></tbody></table></div>
02-Jul-2020   16:59 Hrs IST Markets extend gains for second straight session
02-Jul-2020   16:05 Hrs IST Post Session: Quick Review
01-Jul-2020   17:06 Hrs IST Indian bourses end near day's high; Nifty tops 10,400 level
01-Jul-2020   16:04 Hrs IST Post Session: Quick Review
30-Jun-2020   17:09 Hrs IST Indian benchmarks erase gains; end flat with negative bias
30-Jun-2020   16:05 Hrs IST Post Session: Quick Review
29-Jun-2020   17:05 Hrs IST Markets end on lower note; Nifty drifts below 10,350 mark
29-Jun-2020   16:01 Hrs IST Post Session: Quick Review