The market was trading in a range with small losses in afternoon trade. The Nifty hovered near the decisive 9500 mark. Investors remained cautious ahead of India's Q4 GDP numbers.
At 13:32 IST, the barometer index, the S&P BSE Sensex fell 74.45 points or 0.26% at 32,108.83. The Nifty 50 index was down only 1.1 point near the flat line at 9,489.
The broader market traded with strong gains. The S&P BSE Mid-Cap index surged 1.44% while the S&P BSE Small-Cap index gained 1.35%.
Buyers outpaced sellers. On the BSE, shares 1,349 rose and 800 shares fell. A total of 139 shares were unchanged. In Nifty 50 index, 35 stocks advanced while 15 stocks declined.
The Centre is expected to put out details of a possible lockdown extension soon. The nationwide lockdown was first announced by Prime Minister Narendra Modi on March 24 for 21 days in a bid to combat the coronavirus pandemic. It was first extended till May 3 and again till May 17. The fourth phase of the lockdown ends on May 31.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 58,14,885 far with 3,60,412 deaths. India reported 89,987 active cases of COVID-19 infection and 4,706 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Q4 Results Today:
Voltas (up 0.37%), Metropolis Healthcare (down 0.03%), 3M India (up 2.43%), Procter & Gamble Health (up 0.55%), Shipping Corporation of India (down 0.93%) and Sundaram Finance (down 0.20%) are some of the companies that will announce their quarterly earnings today.
Gainers & Losers:
UPL (up 5.64%), Bharti Infratel (up 5.12%), BPCL (up 3.63%), Bajaj Auto (up 3.46%) and Indian Oil Corp (up 3.28%) were top gainers in Nifty 50 index.
Bharti Airtel (down 2.93%), Axis Bank (down 2.70%), Adani Ports & SEZ (down 2.65%), Titan Company (down 2.55%) and Tata Motors (down 2.30%) were top losers in Nifty 50 index.
Economy:
India's Q4 gross domestic product (GDP) data will be announced by the National Statistical Office (NSO) today, 29 May 2020. The Indian economy expanded 4.7% YoY in Q3 December 2019.
On the macro front, foreign direct investment (FDI) in India grew by 13% to a record of $49.97 billion in the 2019-20 financial year, data showed. The country had received FDI of $44.36 billion during April-March 2018-19.
Earnings Impact:
TVS Motor Company advanced 1.04%. The automaker's consolidated net profit fell 47% to Rs 74.04 crore on 17.2% decline in net sales to Rs 4,104.71 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax (PBT) stood at Rs 114.83 crore in Q4 March 2020, declining 47% from Rs 217.19 crore in Q4 March 2019. During March 2020, the company incurred Rs 40.33 crore towards COVID-19 related expenses and reported as an exceptional item in the above financials. The company has provided Rs 22 crore towards onetime additional discount to liquidate BSIV vehicles during end March 2020 and the same is netted of against the revenue reported in the current quarter.
The overall two-wheeler and three-wheeler sales including exports registered 6.33 lakh units in Q4 March 2020, lower than 9.07 lakh units in Q4 March 2019. Motorcycle sales registered 2.80 lakh units in Q4 March 2020, lower than 3.75 lakh units in Q4 March 2019. Scooter sales for Q4 March 2020 is 1.67 lakh units, lower than the sales of 2.71 lakh units in the fourth quarter of 2018-19. Total export of two-wheelers and three-wheelers is 2.04 lakh units in the quarter under review as against 1.96 lakh units in Q4 March 2019 registering a growth of 4.2%. Three-wheeler sales for the quarter under review is 0.43 lakh units as against 0.42 lakh units during fourth quarter of 2018-19.
CEAT advanced 3.77%. The company's consolidated net profit declined 19.6% to Rs 51.72 crore on 10.6% fall in net sales to Rs 1573.41 crore in Q4 March 2020 over Q4 March 2019. Consolidated EBITDA stood at Rs 203 crore in Q4 March 2020, rising 22.29% from Rs 166 crore in the same period last year. EBITDA margin rose to 12.9% in Q4 March 2020 from 9.4% in Q4 March 2019. The company said it has made provisions for unusable semi finished inventory and raw materials aggregating to Rs 13.27 crore due to abrupt stoppage of production facilities. The company further said it has not capitalized further borrowing cost due to temporary suspension related to ongoing capital project, contract manpower cost and export detention aggregating to Rs 2.67 crore. These costs have been disclosed as exception items.
HeidelbergCement India gained 2.63% to Rs 161.80 after standalone net profit grew 9% to Rs 66.29 crore on 4.7% decline in net sales to Rs 509.29 crore in Q4 March 2020 over Q4 March 2019. Sales volume for Q4 March 2020 1090 kilotonne (KT), declining 10% from 1211 KT in Q4 March 2019. EBITDA rose 1.9% to to Rs 127.3 crore in quarter ending March 2020 as against Rs 124.9 crore posted in the same period last year. EBITDA margin grew by 164 basis points to 25% in Q4 March 2020 from 23.4% in Q4 March 2019. EBITDA per tonne jumped 13.2% to Rs 1,168 in Q4 March 2020 from Rs 1032 in Q4 March 2019.
LT Foods spurted 7.60% after consolidated net profit surged 167.10% to Rs 58.34 crore on 18.8% jump in net sales to Rs 1,197.95 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax soared 149.80% to Rs 82.50 crore in Q4 March 2020 as against Rs 33.03 crore in Q4 March 2019. Current tax expenses stood at Rs 29.35 crore in Q4 March 2020 as compared to Rs 5.24 crore paid in Q4 March 2019. EBITDA grew 54% to Rs 150 crore in Q4 March 2020 from Rs 98 crore in Q4 March 2019. EBITDA margin improved to 12.3% in Q4 FY 2020 as against 9.6% in Q4 FY 2019, aided by operational efficiencies. The result was declared after market hours yesterday, 28 May 2020.
Global Markets:
European markets opened lower on Friday, snapping their winning streak on account of re-escalating US-China tensions. Reports say that Washington D.C. has piled up pressure on Beijing accusing China for the coronavirus outbreak and, more recently, a new security law for Hong Kong that threatens the special administrative region's autonomy, according to Secretary of State Mike Pompeo.
Meanwhile, France is set to enter its second phase of its coronavirus lockdown easing with restaurants, bars and cafes to reopen from 2 June 2020. In the U.K., groups of six people from different households will be allowed to meet in gardens as well as parks from Monday onwards, provided households remain 2 meters apart.
French automaker Renault has launched talks with unions over a mass restructure of its French factory operations, which would see manufacturing cease at several plants as the automaker plans to downsize 15,000 jobs worldwide in a bid to cater to a plunge in its sales.
Most Asian stocks traded higher on Friday as investors watch for market reaction to China's controversial national security law for Hong Kong that was approved on Thursday.
The U.S., Australia, Canada and the U.K. governments issued a joint statement Thursday reiterating their deep concern regarding Beijing's decision to impose a national security law on Hong Kong, after China's parliament, the National People's Congress passed legislation Thursday that could greatly curtail democratic freedoms.
On the economic data front, Japan's retail sales fell 13.7% year-on-year in April, according to data released today showed.
In US, Wall Street ended lower on Thursday following a late-session reversal, with Facebook weighing on the market after President Donald Trump said he would sign an executive order related to social media companies and would hold a news conference on China on Friday.
On the economic front, US GDP contracted at an annual 5% pace in the first quarter instead of 4.8%, revised government data showed.
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