MEMBER'S LOGINX
| Invalid Username / Password | ||||||||
| Invalid Captcha | ||||||||
|
||||||||
| Sign Up | Forgot Password? | ||||||||
Investment in securities market are subject to market risks. Read all the related documents carefully before investing
Grab Our Small Cap Recommendation
Service at a 60% Discount
- Home
- Todays Market
- Indian Stock Market News May 29, 2020
Sensex Trades Marginally Lower; Axis Bank & Infosys Top Losers Fri, 29 May 12:30 pm
Share markets in India are presently trading on a cautious note, ahead of the release of domestic GDP data.
Reportedly, GDP data is expected to show India's economy grew at its slowest pace in at least two years in the March quarter as the coronavirus pandemic weakened already declining consumer demand and private investment.
Further, heightened US-China tensions weakened sentiment.
The BSE Sensex is trading down by 142 points while the NSE Nifty is trading down by 26 points.
The BSE Mid Cap index is trading up by 1%, while the BSE Small Cap index is trading up by 1.2%.
Sectoral indices are trading on a mixed note with stocks in the banking sector and IT sector witnessing selling pressure, while healthcare stocks are trading in green.
Gold prices are trading up by 0.3% at Rs 46,550 per 10 grams.
The rupee is trading at 75.63 against the US$.
Market participants are tracking 3M India share price, Voltas share price and Jubilant Life Science share price as these companies are scheduled to announce their March quarter results (Q4FY20) later today.
Apart from the above, market participants are also tracking Wipro share price as the company appointed Thierry Delaporte as its chief executive officer and managing director.
In news from the automobile sector, shares of TVS Motor Company slipped over 3% in early trade today after the company reported a 43.3% decline in its consolidated net profit to Rs 818.5 million for Q4FY20.
The two-wheeler major's total income declined 16.9% to Rs 41.3 billion.
The company reported profit before tax of Rs 1,148.3 million as compared to Rs 2,171.9 million during Q4FY19.
The company reported total sales of 32.63 lakh units in 2019-20 as against 39.14 lakh units in 2018-19.
During the fourth quarter, the company's overall two-wheeler and three-wheeler sales, including exports, stood at 6.33 lakh units as compared with 9.07 lakh units registered in the quarter ended March 2019.
In a regulatory filing, the company said that it had successfully transitioned to BS-VI and almost 85% of the vehicles it dispatched during the quarter were BS VI products.
In other news, Ceat share price is witnessing buying interest today.
Shares of the company gained 6% after the tyre manufacturer's standalone operating performance improved during the March quarter despite subdued demand amid Covid-19 outbreak.
Ceat reported a 19.6% decline in its consolidated net profit at Rs 517.2 million for Q4FY20, as against a net profit of Rs 643.2 million in the year ago period.
The company's revenue from operations declined to Rs 15.7 billion during the quarter under review.
For the financial year FY19-20, revenue declined to Rs 67.8 billion as against Rs 69.8 billion in 2018-19.
On consolidated basis, the company's EBITDA for FY20 was Rs 7.4 billion, up 12% compared to previous fiscal, while EBITDA margin expanded by 340 bps YoY to 12.9%.
Buying interest is also seen as the company on May 27 said that it has partially resumed operation at various plants in Mumbai.
To know more about the company, you can read Ceat's latest result analysis on our website.
Moving on to news from the commodity space, crude oil prices edged lower today after US inventory data showed lacklustre fuel demand in the world's largest oil consumer while worsening US-China tensions weighed on global financial markets.
Thursday's data from the Energy Information Administration (EIA) showed that US crude oil and distillate inventories rose sharply last week.
Reports state that fuel demand remained slack even as various states lifted travel restrictions they had imposed to curb the coronavirus pandemic.
At the time of writing, Brent crude was trading down by 1% at US$ 34.93 a barrel. Meanwhile, US West Texas Intermediate crude was trading down by 1.5% at US$ 33.20 a barrel.
Despite today's loss, both contracts are set for a fifth weekly gain, helped by production cuts and optimism about demand recovery in other countries.
Oil traders are now focusing on the outcome of talks on output cuts between members of OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, in the second week of June.
As per reports, Saudi Arabia and some OPEC members are considering extending record production cuts of 9.7 million barrels per day beyond June but have yet to win support from Russia.
Note that crude oil prices have rebounded in recent weeks on anticipation of improved demand, after the coronavirus pandemic sapped worldwide consumption by roughly 30%.
Speaking of crude oil, on a year-to-date (YTD) basis, crude oil prices are down about 42%.
Crude Oil Prices Fall Sharply
Crude oil witnessed selling during the start of the year due to oversupply concerns amid subdued demand.
Prices crashed further in March in what was the worst price dip since the 1991 Gulf War with Brent prices plunging to US$ 31 per barrel.
In April, crude oil futures crashed and briefly went to negative prices, implying that investors would need to pay buyers to take delivery of crude oil amid dwindling storage space.
What effects crude oil prices have on Indian stocks markets and the Indian economy remains to be seen. Meanwhile we will keep you updated on the latest developments from this space.
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
ABOUT EQUITYMASTER
Since 1996, Equitymaster has been the source for honest and credible opinions on investing in India. With solid research and in-depth analysis Equitymaster is dedicated towards making its readers- smarter, more confident and richer every day. Here's why hundreds of thousands of readers spread across more than 70 countries Trust Equitymaster.
PREMIUM PRODUCTS
QUICK LINKS
POPULAR TOPICS
- Multibagger Penny Stocks
- Basics of Value Investing
- Benjamin Graham
- How to Invest in Gold
- How to Invest in Silver
- Best Stocks to Buy Today
- Best Small-cap Stocks to Buy
- Best Bluechip Stocks to Buy
- Guide to Penny Stocks
- How to Invest in the Share Market
- Warren Buffett - The Value Investor
- Pick the Best Multibagger Stocks
TRENDING TOPICS
Copyright © Equitymaster Research Private Limited (formerly Equitymaster Agora Research Private Limited).
Whitelist | Refer | Terms | Privacy | Contact | About | Sitemap
Equitymaster Research Private Limited (formerly Equitymaster Agora Research Private Limited) (Research Analyst)
SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.
103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India.
Telephone: +91-22-61434055. Email: info@equitymaster.com. Website: www.equitymaster.com.
CIN:U74999MH2007PTC175407
Name of the Compliance & Grievance Officer: Ms Sonal Ramachandran
Telephone: +91-22-61434003 | Email: compliance@equitymaster.com
LEGAL DISCLAIMER:
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement.
Equitymaster Research Private Limited (formerly Equitymaster Agora Research Private Limited) (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.
Equitymaster requests your view! Post a comment on "Sensex Trades Marginally Lower; Axis Bank & Infosys Top Losers". Click here!
Comments are moderated by Equitymaster, in accordance with the Terms of Use, and may not appear
on this article until they have been reviewed and deemed appropriate for posting.
In the meantime, you may want to share this article with your friends!