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Budget News

  • Barometers slide for 4th session; Nifty breaks 11,200
  • September 22,2020  16:47
  • The benchmark indices extended losses for the fourth session on Tuesday. Investors sentiment was dented as rising coronavirus cases led to the possibility of fresh lockdowns in some European countries, which could further slowdown the pace of global economic recovery.

    The barometer index, the S&P BSE Sensex, tumbled 300.06 points or 0.79% at 37,734.08. The Nifty 50 index lost 96.90 points or 0.86% at 11,153.65. The 50-unit index has fallen 3.89% in four sessions.

    Among index majors, Reliance Industries and HDFC fell 1.95% each while Larsen & Toubro declined 2.82%.

    The broader market witnessed steep sell-off. The BSE Mid-Cap index declined 1.70% and the BSE Small-Cap index lost 1.61%.

    The mid-cap index has corrected 5.07% in two sessions while the small-cap index has fallen 5.97% in four sessions.

    Sellers outweighed buyers. On the BSE, 748 shares rose and 1879 shares fell. A total of 164 shares were unchanged.

    Economy:

    The government on Monday hiked the minimum support prices (MSPs) for all mandated Rabi crops for marketing season 2021-22. The highest increase in MSP has been announced for lentil (Rs 300 per quintal) followed by gram and rapeseed & mustard (Rs 225 per quintal each) and safflower (Rs 112 per quintal). For barley and wheat, an increase of Rs 75 per quintal and Rs 50 per quintal respectively has been announced.

    The move came a day after Parliament approved two agriculture sector-reform bills which have been bitterly opposed by the opposition parties over doubts that the new legislations might end MSP-based procurement by the government.

    COVID-19 Update:

    Total COVID-19 confirmed cases worldwide stood at 3,13,22,314 with 9,64,765 deaths. India reported 9,75,861 active cases of COVID-19 infection and 88,935 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

    Numbers to Watch:

    The yield on 10-year benchmark federal paper fell to 6.010% as compared with 6.016% 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 73.585, compared with its close of 73.3850 during the previous trading session.

    In the commodities market, Brent crude for November 2020 settlement rose 50 cents at $41.94 a barrel. The contract fell $1.71, or 3.96% to settle at $41.44 a barrel in the previous trading session.

    Foreign Markets:

    European markets advanced while most Asian shares declined on Tuesday as concerns over coronavirus induced lockdowns resurfaced.

    Shares of HSBC and Standard Chartered continued to see drops on Tuesday, following sharp declines on Monday on the back of reports that they allegedly moved large sums of suspicious funds.

    European countries are likely to impose more restrictions on public life in the coming days. France reported 10,569 new cases Sunday while the U.K., reported almost 4,000 new cases. Italy saw close to 1,000 new infections and Germany reported 1,345 new cases Sunday, and a further 922 cases Monday.

    The US stocks declined for fourth straight session on Monday, 21 September 2020, with the major averages finished deeply into negative territory, amid concerns over potential worsening of the coronavirus pandemic. Meanwhile, uncertainty on further U.S. fiscal stimulus and tensions between the U.S. and China nudged investors away from risk assets.

    In addition to coronavirus news, the death of Supreme Court Justice Ruth Bader Ginsburg also appeared to be weighing on the markets as it is feared a fight over the nomination of her replacement could lead to further delays in the passage of another coronavirus relief bill. Republicans and Democrats have been in a stalemate since July after provisions from the previous stimulus bill expired.

    Shares of banks and financials declined after a report found that a number of global banks moved allegedly illicit funds.

    Buzzing Indian Index:

    The Nifty Bank index slipped 1.07% to 21,139.10. The index has declined 6.35% in four sessions.

    Bandhan Bank (down 3.5%), IndusInd Bank (down 2.79%), Axis Bank (down 2.59%), IDFC First Bank (down 2.55%), Kotak Mahindra Bank (down 1.41%), HDFC Bank (down 1.21%), Bank of Baroda (down 1.17%), RBL Bank (down 1.15%) and Federal Bank (down 1.11%) declined. ICICI Bank, however, rose 1.04%.

    SBI rose 0.19%. The state-run lender on Monday said it has raised Rs 7,000 crore by issuing Basel III compliant bonds.

    Punjab National Bank (PNB) skid 1.79%. The financial regulator of Kazakhstan has revoked the license of Tengri Bank on account of failure to observe prudential standards and other mandatory norms and limits. PNB holds 41.64% stake in the lender.

    Banks stocks came under heavy selling pressure amid media reports that almost all Indian banks were involved in a number of suspicious transactions between 2010 and 2017. The International Consortium of Investigative Journalism (ICIJ) obtained a top-secret Suspicious Activity Reports (SARs) prepared by Treasury Department's Financial Crimes Enforcement Network (FinCEN), which mentions these transactions.

    Reports suggested that between 2010 and 2017, a number of Indian banks (public, private and foreign) helped facilitate transactions red-flagged by the US Treasury Department's Financial Crimes Enforcement Network (FinCEN) for suspected money laundering, terrorism, drug dealing and financial fraud. Indian banks reportedly received $482,181,226 from outside the country and transferred from India $406,278,962. These transactions were red flagged to the US authorities.

    Separately, the media reported that Indian public sector banks (PSBs) reported frauds worth over Rs 19,964 crore in total 2,867 cases during the April-June quarter of the ongoing fiscal year.

    Stocks in Spotlight:

    GMM Pfaudler hit a lower circuit of 10% at Rs 4717 after the company kicked off an offer for sale (OFS) by the promoters at a floor price of Rs 3,500 per share. The OFS floor price is at steep discount of 33.22% compared to GMM's Monday closing price of Rs 5241.10 per share.

    Through the OFS, the company's promoters proposes to sell over 25.71 lakh equity shares and additional 15.21 lakh equity shares in the case of oversubscription. The promoters held 1.09 crore shares or 75% stake in the company as on 30 June 2020.

    As on 15:30 IST, the OFS received subscription for 27,58,133 shares or 119.18% against the base non-retail offer size of 23.14 lakh shares.

    TCS rose 2.39% after the IT major announced the expansion of its partnership with Morrisons, a supermarket chain in the UK, through a five-year contract for application management services, data services and cybersecurity services.

    Aarti Drugs rose 2.02% to Rs 2900.55 after the company said its board has fixed 1 October 2020 as the record date to determine the eligible shareholders entitled to receive bonus shares. The company will issue three bonus equity shares for each share held (3:1).

    HSIL jumped 8.96% to Rs 77.80 after the company's board approved a proposal to buyback shares worth up to Rs 70 crore at a maximum buyback price of Rs 105 per equity share.

    Sun Pharma Advanced Research Company (SPARC) rose 2.31% after the company said it licensed commercialization rights of Elepsiatm XR to US-based Tripoint Therapeutics. The drug is indicated as adjunctive therapy for the treatment of partial onset seizures in patients 12 years of age and older.

    Under terms of the license agreement, SPARC will be eligible to receive tiered royalties ranging from 15% to 50% on net sales. Tripoint will be responsible for all US regulatory submissions and payment of annual PDUFA fees for Elepsia XR 1000 mg and Elepsia XR 1500 mg. The initial term of the agreement shall be 5 years and may be further extended as per mutual agreement between the parties.

    Jindal Steel & Power (JSPL) fell 2.99%, following reports that Deutsche Bank Trust Company Americas filed Suspicious Activity Reports on fund transfers by the company for two consecutive years. The media reports were based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the US Department of Treasury's Financial Crimes Enforcement Network (FinCen). According to reports, SARs showed that JSPL received $2.48 million in 2015 and $16.8 million in 2016. During the period, the company sent money to firms based in Mauritius, Germany, and the UK and received funds from firms in Dubai and Switzerland.

    Alkyl Amines Chemicals tumbled 3.46% after the company's chief financial officer (CFO) Rahul Mehta tendered his resignation on 21 September 2020. “He has been relieved from his duties with effect from the said date,” the company said.

    Deepak Nitrite added 4.36% to Rs 848.50. On Monday (21 September), Vanguard Group Inc A/C Vanguard Emerging Markets Stock Index Fund A Series of V I E I F bought 12,02,981 equity shares (0.88% stake) of Deepak Nitrite at Rs 839.18 each via bulk deal on the NSE. Earlier on 18 September 2020, the Vanguard fund bought 10,81,688 shares (0.79%) in the chemicals maker at Rs 861.54 each via bulk deal on the NSE.

    Blue Dart Express rose 2.47% after the company announced general price increase from 1 January 2021.

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