Business Standard Podcast

Markets ended flat on Friday dragged by uncertainty over announcement of any revival package by the government and weak global cues. Indices remained lacklustre for better part of the day, only to turn volatile in the afternoon trading session. The benchmark S&P BSE Sensex settled with gains of 39 points, or 0.10 per cent, at 37,350 levels led by banking and automobile stocks. The gains were, however, capped by losses in the technology and metal scrips. Power Grid, Maruti Suzuki, YES Bank, and IndusInd Bank were the top gainers at the 30-share index, while TCS, Vedanta, HCL Tech, and HDFC were the top laggards. The broader Nifty50, too, closed at 11,048-mark, up 18 points or 0.17 per cent. The Sensex and Nifty, each, slipped 0.6 per cent during the week, while Nifty Bank and mid-cap indices shed 1 per cent each during the period. Sectorally, public sector banks gained the most, with the Nifty PSU Bank index closing 1.5 per cent higher. This was followed by Nifty auto index, up 1.15 per cent. Nifty IT and pharma indices ended with cuts of 0.65 per cent and 0.77 per cent, respectively. In the intra-day trade, the Sensex and Nifty50 slumped to lows of 36,974 and 10,924 levels, down 337 points and 105 points respectively. In the broader market, S&P BSE mid-cap ended the day at 13,491 level, up 14 points or 0.10 per cent. Further, S&P BSE small-cap settled at 12,585 level, up 14 points, or 0.11 per cent.  BUZZING STOCKS Shares of Aarti Industries slipped 8 per cent to Rs 1,595 on the BSE in the intra-day trade on Friday. The stock fell 9 per cent from its early morning high on profit-booking after the management lowered FY20 revenue/profit guidance considering slowdown in end-use industries. The stock closed at Rs 1591, down 8 per cent.    Shares of Apollo Hospitals Enterprises rallied 7 per cent intra-day to Rs 1,454 apiece on the BSE on Friday, also its 52-week high, on strong June quarter results for FY20 (Q1FY20). The stock has surged 10 per cent at the bourses since Tuesday, when it reported more than double consolidated net profit at Rs 49 crore. The company had a profit of Rs 23 crore in the year-ago quarter. The stock is 6 per cent away from its all-time high level of Rs 1,544 touched on March 2, 2016. It ended at Rs 1471, up 8 per cent. 

In a landmark military reform, Prime Minister Narendra Modi on Thursday announced that the country will now have a chief of defence staff (CDS) as head of the tri-services, a proposal pending since the Kargil conflict in 1999. In his Independence Day address from the ramparts of the Red Fort, the prime minister asserted that time has come to enhance synergy among the Army, Navy and the Indian Air Force to deal with security challenges facing India. Listen to this podcast for more

Global cues, corporate earnings, and report of a possible stimulus package by the government to counter the economic slowdown are likely to dominate Dalal Street proceedings on Friday. As per reports, the government might soon provide a broad stimulus package or a sector-specific booster dose. This comes after Prime Minister Narendra Modi's meet with Finance Minister Nirmala Sitharaman and officials of her ministry on Thursday. There might also be some relief to foreign portfolio investors from the super-rich surcharge.  That apart, market participants will react to the June quarter earnings announced on Thursday and after market hours on Wednesday. Progress in monsoon, foreign fund flow, rupee's trajectory, and oil price movement are the important factors investors will keep an eye on.  On Wednesday, the benchmark S&P BSE Sensex settled at 37,311 levels, up 0.96 per cent, while the broader Nifty50 climbed 0.95 per cent to end at 11,029 levels. In the currency market, the rupee rose 12 paise to end at 71.27 against the dollar on Wednesday. The US indices were lifted by upbeat retail sales data on Thursday. The Dow rose 0.39 per cent to 25,579, the S&P 500 gained 0.25 per cent to 2,848, and the Nasdaq dropped 0.09 per cent to 7,767. Asian shares were heading for weekly losses on Friday amid conflicting messages on the Sino-US trade war. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.17 per cent. Japan's Nikkei fell 0.5 per cent, while Australia was heading for a weekly drubbing of 2.7 per cent. At 07:50 am, Nifty futures on the Singapore Exchange were trading 53.50 points or 0.49 per cent higher at 10,950.50, indicating a positive start for the Indian market today.  And, before we wrap, here's a look at the top headlines for the day -  >> Reliance Industries may buy more cable companies to aid JioFiber plans;  >> UN Security Council to meet on Friday on India's moves in Kashmir; >> NBFCs will be in goodwill hunting mode for some time to come, day experts. 

·         Markets make a strong comeback, Sensex surges 353 points while Nifty reclaims 11,000-mark to end at 11,029, up 104             points on across-the-board buying; ·         Nifty Pharma index hits 5-year low; Glenmark at 7-year low post Q1 results; ·         HDFC Life Insurance slumped 7% post block deal, but recovered later Benchmark indices ended nearly a per cent higher on Wednesday amid across-the-board buying and positive global cues. Investor sentiment got a major boost as the US President Donald Trump's decision to delay imposition of additional tariff on Chinese imports doused trade-war concerns. Further, benign inflation back home, opened room for more rate cuts by the Reserve Bank of India (RBI). The benchmark S&P BSE Sensex settled at 37,311 levels, up 353 points or 0.96 per cent, lifted by Reliance Industries, Infosys, ICICI Bank, and HDFC. Vedanta, Tata Steel, YES Bank, and Tech Mahindra were the top gainers on the index, while Sun Pharma, ONGC, Tata Motors, and Asian Paints emerged as the top laggards. The broader Nifty50 added 104 points, or 0.95 per cent, to end at 11,029. On the sectoral front, all the sectors, except pharmaceuticals, ended the day with gains. Nifty Pharma index shed 4 per cent in the intra-day trade to hit a 5-year low on BSE. The index ended 1.4 per cent lower. On the contrary, Nifty metal was the top gainer, up over 2 per cent, followed by Nifty public sector bank index, up over 1 per cent. In the broader market, S&P BSE mid-cap settled at 13,487 level, up 124 points or 0.93 per cent. The S&P BSE small-cap, on the other hand, closed at 12,580 levels, up 61 points or 0.48 per cent. Among individual stocks, shares of HDFC Life Insurance Company slumped as much as 7.5 per cent to Rs 490 apiece on the BSE in the early trade on Wednesday after reports said co-promoter Standard Life sold more than 3 per cent stake in the company via block deal. The stock, however, pared losses to end at Rs 515.20, down just 0.75 per cent. On the other hand, Dixon Technologies surged 19 per cent in the intra-day trade on the back of strong June quarter results before settling at Rs 2,347, up over 18 per cent. That's all we have for you in today's post-market podcast. For the latest news on business, markets, and more, please log on to Business-Standard.com

Global cues, rupee trajectory and the next leg of corporate earnings are expected to sway markets on Wednesday.  US President Donald Trump yesterday backed off his September 1 deadline for 10 per cent tariffs on remaining Chinese imports. On the other hand, political unrest in Hong Kong and market rout in Argentina continues. Back home, the government yesterday announced a scheme for providing a one-time credit guarantee to public sector banks for purchase of pooled assets of non-banking financial companies (NBFCs) at fair value.  That apart, the downward spiral continued for Indian automakers in July as sales fell by 18 per cent over the same month last year. Sales of passenger vehicles declined by 30.98 per cent, the steepest fall in two decades, and industry executives are now counting on a good monsoon to revive them in the festive season. On the macro-economic front, The wholesale price index (WPI) inflation data for July, which will be out today, will also be on investors' radar who will continue to track the progress in monsoon, foreign fund flow, and oil price. They will also follow the rupee's movement after it tumbled 0.85 per cent on Tuesday and closed at a six-month low of 71.40 a dollar. Yesterday, the Sensex fell 624 points to end at 36,958, while the Nifty 50 index dropped 184 points to close at 10,926. In the results corner, over 1,000 companies, including Grasim Industries, Indiabulls Real Estate, IDBI Bank, and Wockhardt are scheduled to announce their June quarter earnings today. And, now let's take a look at top trading ideas from HDFC Securities. The brokerage recommends buying Marico for a traget price of Rs 415 and stop loss of Rs 375. It also recommends buying Sun Pharma with the target price of Rs 470 and keeping stop loss at Rs 420. And now, here's an update from global markets.  Wall Street stocks jumped overnight after Trump delayed the China tariffs. The Dow rose 1.44 per cent to 26,280, the S&P 500 gained 1.47 per cent to 2,926 and the Nasdaq added 1.95 per cent to 8,016. Asian shares joined the rally on Wednesday. MSCI’s broadest index of Asia-Pacific shares outside Japan rose by 0.4 per cent. Australian stocks gained 0.4 per cent, and Japan’s Nikkei rose 0.8 per cent. And before we wrap up, let's take a quick look at top headlines for the day -  >> Tata Sons Chairman N Chandrasekaran gets Rs 65.25-crore remuneration for FY19; >> It will take 1-2 years to come out of economic slowdown, says former RBI Guv Bimal Jalan; >> ETF assets nearly triple in 2 yrs on back of steady inflow from EPFO, provident funds.

This January, after a decade-long tie-up with superluxury manufacturer Rolls-Royce Motor Cars, dealer group Navnit Motors called it a day. A distinguished Rolls-Royce showroom in the Atria Mall in Worli is gone, replaced by a Reliance Digital boutique. Sharad Kachalia, Navnit Motors’ director, points to declining sales. He even shut down the Rolls-Royce Ahmedabad showroom he opened in 2014 and Prime Minister Narendra Modi once visited it. But the gloom is in no way a reflection of the number of the wealthy. Listen to this podcast for more

Indices remained buoyed on Friday, ahead of the government's meeting with foreign portfolio investors (FPIs) and representatives from the financial sector, which was scheduled later in the day. Sentiment was further strengthened on reports that government could approach the Goods and Services Tax (GST) Council to relieve the auto-industry from tax payment for three-six months along with measures to relieve real estate sector.  The benchmark S&P BSE Sensex soared 480 points intra-day to 37,807.5 level, while the Nifty50 zoomed 149 points to 11,181 mark. At close, the Sensex settled 255 points, or 0.68 per cent, higher at 37,582 levels lifted by gains in auto and banking counters. Maruti Suzuki, Vedanta, Bajaj Finance, and HDFC Bank were the top gainers while YES Bank, Tech Mahindra, Tata Steel, and ITC were the top laggards. The broader Nifty50, too, ended at 11,110 mark, up 77 points, or 0.7 per cent. Sectorally, metal, information technology (IT), pharma and public sector bank (PSBs) indices ended in the red while auto, private bank, realty, and FMCG scrips ended with gains. Nifty auto index was the top gainers, up 2 per cent, while Nifty metal index slipped 0.68 per cent.  In the broader market, the S&P BSE mid-cap index ended 104 points, or 0.77 per cent, higher at 13,670 level. The S&P BSE small-cap index, on the other hand, settled 125 points, or 1 per cent, higher at 12,699 level. NBCC (India) shares tumbled 14 per cent to Rs 34 apiece, trading near the stock's five-year low price on the BSE on Friday on weak June quarter results. The state-owned construction & engineering company reported a 38 per cent drop in its consolidated net profit at Rs 51 crore in the June quarter (Q1FY20), due to poor performance by real estate segment. It had a profit of Rs 83 crore in the same quarter year ago. Shares of Page Industries hit an over two-year low of Rs 17,438, down 6 per cent intra-day on the BSE on Friday, after the company reported drop in net profit for the second quarter in a row, due to lower volume growth during April-June quarter (Q1FY20). The stock was trading at its lowest level since February 6, 2018.

In today's session, investors may react to reports that the government may exempt foreign portfolio investors from additional surcharge. Overseas investors have pulled out nearly Rs 22,000 crore from domestic equities since the surcharge decision was introduced in the Union Budget on July 5. Moreover, Finance minister Nirmala Sitharaman will today meet market participants including senior officials of foreign portfolio investors and mutual funds to ascertain views on current issues relating to financial markets. Investors will continue to react to June quarter earnings, first the ones declared yesterday after market hours and the 249 others scheduled to be announced today that includes Spicejet, Britannia Industries, MRF, BHEL, and Cadila Healthcare, among others. Analysts expect SpiceJet to post robust growth in net profit and earnings before interest, tax, depreciation, amortization and restructuring and rent cost (EBITDAR) margin in its Q1FY20 results. You can read our full preview on what analysts expect from SpiceJet's result on our website.  Apart from this, investors will also track global cues, any progress in monsoon, foreign fund flow, rupee's trajectory, and oil price movement. They will also look out for the industrial production data for June which is set to be declared later today. The Sensex rose 1.74 per cent to end at 37,327, while the Nifty50 index gained 1.63 per cent to settle at 11,032 on Thursday. Now, let's take a look at the global markets.  The US equities continued to rebound on Thursday. The S&P 500 registered its largest one-day percentage gain in about two months, with the Dow and the Nasdaq also climbing more than 1 per cent each. Asian shares caught the tail of a Wall Street rally on Friday. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent but was on track to lose 2.3 per cent for the week. Japan’s Nikkei average advanced 0.6 per cent, while Australian stocks stood flat and South Korean stocks gained 1 per cent. Nifty futures on Singapore Exchange (SGX) were trading 19 points or 0.17 per cent higher at 11,090 levels, indicating a positive start for the Indian market.  And, before we wrap up, here're the top headlines for the day -  >> The Coffee Day Enterprises board has appointed EY for forensic audit DHFL has informed the stock exchanges that it may not be able to repay due in the near future The Ministry of Corporate Affairs has said it would only look at whether the allegations of governance lapses were a management dispute or volation of companies law The board of Reliance Capital has denied all allegations raised by the erstwhile auditor PricewaterhouseCoopers (PwC) in its letter to the Ministry of Corporate Affairs.

The bulls on Dalal Street made a strong comeback in the last hour of the session on Thursday after reports said the government was looking to roll-back the recently imposed higher tax on the foreign portfolio investors (FPIs).  The S&P BSE Sensex jumped 637 points or 1.74 per cent to settle at 37,327 levels with HCL Tech being the top gainer and Tata Steel the biggest laggard. Out of 30 constituents, 27 ended in the green and just 3 in the red. The broader Nifty50 index of the National Stock Exchange (NSE) reclaimed the crucial level of 11,000 to end at 11,032.45, up 177 points or 1.63 per cent. The Centre is likely to exempt foreign portfolio investors from an increase in taxes that was part of the Union Budget approved by Parliament but heavily criticised, a government official said on Thursday, Reuters reported.    Sectorally, all indices on the NSE settled in the positive territory. Auto stocks rallied the most, followed by IT and PSU bank counters. The Nifty Auto index ended 6,998.45, up 3 per cent.  In the broader market, the S&P BSE Midcap index gained 57 points or 0.42 per cent to settle at 13,566 while the S&P BSE SmallCap index ended at 12,574.25, up 92 points or 0.74 per cent. BUZZING STOCKS Shares of HCL Technologies gained 7 per cent to Rs 1,094 apiece on the BSE after the company posted double-digit revenue growth in the first quarter of the financial year 2019-20 (Q1FY20). In constant currency (CC) terms, the company’s revenue grew 17 per cent year-on-year (YoY) and 7.7 per cent on sequential basis. Shares of Affle India made a strong debut on the bourses and were listed at Rs 930 on the BSE, a premium of 25 per cent against the issue price of Rs 745. On the National Stock Exchange (NSE), the stock opened at Rs 926, a 24 per cent increase against the issue price. The stock, however, pared its early gains to settle at Rs 875 apiece on the BSE. 

Pakistan announced on Wednesday that it is expelling the Indian High Commissioner and suspending bilateral trade with its nuclear-armed neighbour, days after New Delhi revoked the special status of Jammu and Kashmir. "We will call back our ambassador from Delhi and send back their" envoy, foreign minister Shah Mehmood Qureshi announced in televised comments, while a government statement declared that Pakistan will suspend trade in a downgrading of diplomatic ties between the arch rivals. Listen to this podcast for more.

Corporate earnings and global cues will be the biggest factors giving direction to the markets today. As many as 175 companies, including Page Industries and Ultratech Cement, are scheduled to announce their June quarter earnings today. Market participants will continue to track the Kashmir situation, the progress in monsoon, foreign fund flow, rupee's trajectory, and oil price movement. They will also react to the results announced yesterday post the market hours. HCL Technologies posted an 8.2 per cent year-on-year (YoY) decline in its June quarter net profit at Rs 2,230 crore while revenue rose 18.4 per cent rise YoY to Rs 16,425 crore. Tata Steel reported a lower-than-expected consolidated net profit of Rs 702 crore. This was down 64 per cent for the same period last year, even as its India operations took a hit. Yesterday, the Sensex fell 0.8 per cent to end at 36,690 while the Nifty50 index dropped 0.9 per cent to close at 10,856 as the RBI reduced the annual growth forecast for the economy and cut interest rate to help revive demand. The rupee edged lower by 8 paise and closed at 70.89 against the US dollar. In the primary market, the initial public offer of Sterling & Wilson Solar Limited was subscribed 32 per cent on the second day of bidding on Wednesday. Now, let's take a look at the global markets. The US markets fell on Wednesday as investors rushed into the safety of US government bonds, fearing that the US-China trade war will inflict broad damage on the global economy. The Dow fell 0.09 per cent to 26,007, the S&P 500 gained 0.08 per cent to 2,884 and the Nasdaq Composite added 0.38 per cent to 7,863. Early Thursday, Asian share markets were wobbly. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.03 per cent while Japan's Nikkei inched up 0.1 per cent. In commodity markets, oil prices slipped to near seven-month lows. International benchmark Brent crude futures fell 2.5 per cent to $57.44 a barrel, while US crude dropped 2.5 per cent to $52.31. Nifty futures on Singapore Exchange (SGX) are trading 7.50 points or 0.07 per cent higher at 10,872 levels, indicating a flat to positive start for the Indian market. 

A 35-basis point (bps) rate cut by the Reserve Bank of India (RBI) failed to lift the investor sentiment on Wednesday as the benchmark indices ended in the red. The S&P BSE Sensex lost 286 points or 0.77 per cent to settle at 36,690.50, with HUL being the top gainer and M&M the biggest loser. The broader Nifty50 index ended the session at 10,855.50, down 93 points or 0.85 per cent.  On the sectoral front, rate-sensitive stocks took the biggest knock with Nifty Bank, Nifty Auto and Nifty Realty slipping 1 per cent to 2 per cent.  Volatility gauge, India VIX climbed nearly 5 per cent to 16.88 levels.  The broader market fared better than the benchmark indexes. The S&P BSE MidCap index slipped 60 points, or 0.44 per cent, to 13,509, while the S&P BSE SmallCap index ended at 12,482 level, down 14 points or 0.11 per cent. RBI POLICY The Reserve Bank of India's (RBI's) monetary policy committee (MPC) on Wednesday decided to reduce the repo rate by 35 basis points (bps) to 5.40 per cent to help revive the economy. It was the fourth straight rate cut by the central bank in 2019. The marginal standing facility (MSF) rate and the Bank Rate has been adjusted to 5.65 per cent. Consequently, the reverse repo rate now stands at 5.15 per cent. The six-member committee lowered the FY20 GDP (gross domestic product) growth forecast to 6.9 per cent from 7 per cent, earlier. The central bank maintained its accommodative stanc BUZZING STOCKS Shares of Mahindra & Mahindra (M&M) hit an over five-year low on the BSE in intra-day trade on Wednesday after the company reported a 26 per cent decline in its consolidated net profit before exceptional items at Rs 918 crore for June quarter (Q1FY20). The stock eventually settled at Rs 518.45, down nearly 6 per cent. 

“Thank you Prime Minister. Thank you very much. I was waiting to see this day in my lifetime,” Sushma Swaraj said in her last missive on Twitter on Tuesday. She was referring to Modi government's Kashmir decision.  Just hours after her tweet, she passed away at AIIMS, New Delhi following a cardiac attack.  Sushma Swaraj was 67. Her death has left people across India devasted. A powerful orator and an easily accessible politician, Swaraj was loved by one and all.  She leaves behind a legacy of a leader who helped the diaspora in distress with her revolutionary social media outreach. Sushma Swaraj was admired and respected across party lines. Her sudden death triggered a wave of shock and grief with leaders cutting across political spectrum paying glowing tributes to the astute leader. Listen to the podcast to know the great leader's political journey spanning four decades.

All eyes are set on the Reserve Bank of India’s monetary policy committee today which is widely expected to reduce policy rate further to help revive the economy. As per a survey by Reuters, almost 80 per cent of 66 economists polled expected RBI to cut the repo rate by 25 bps. Besides, Kashmir situation, next leg of corporate earnings, and global cues will continue to sway investor sentiment. They will also react to Indiabulls Housing Finance and other corporate results announced yesterday after market hours as well as keep tabs on the progress in monsoon, foreign fund flow, rupee's trajectory, and oil price movement. The S&P BSE Sensex ended Tuesday's session at 36,977, up 0.75 per cent, and the Nifty50 closed at 10,948.25 levels, up 0.79 per cent. The rupee edged lower by 8 paise and closed at 70.81 against the US dollar. In the results corner, as many as 147 companies, including HCL Tech, Mahindra & Mahindra, Lupin, Voltas, Tata Steel, and Siemens are scheduled to announce their June quarter earnings today. And, now news from the primary market. The IPOs of microfinance lender Spandana Sphoorty Financial as well as Sterling & Wilson Solar were subscribed 30 per cent and 10 per cent, respectively, on Tuesday. Spandana’s Rs 1,200-crore issue closes today and Sterling’s Rs 3,125-crore offering will close tomorrow.   Now, let's take a look at the global markets. US stocks jumped over 1 per cent on Tuesday as China stepped in to stabilize the yuan. Asian shares steadied slightly on Wednesday. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.05 per cent in early trade, while Japan's Nikkei bucked the trend to slip 0.26 per cent. In the commodities market, oil prices weakened, with Brent crude slipping to seven-month lows over worries about weakening world demand. Brent crude futures fell 0.36 per cent to $58.73 a barrel. Nifty futures on Singapore Exchange (SGX) were trading 39.50 points or 0.36 per cent lower at 10,923 levels, indicating a negative start for the Indian market.  And, before we wrap up, here're the top headlines for the day -  >> IndiGo spat resurfaces, Gangwal says he won't vote to expand board;  >> NSE, SGX receive Sebi, Monetary Authority of Singapore's approval for creating trade link at Gift City; >> Govt asks NCLT to freeze assets of IL&FS arm's audit partners Deloitte, BSR;

Shrugging off weak global cues, the domestic equity market ended with decent gains on Tuesday ahead of the Reserve Bank of India (RBI) monetary policy announcement due tomorrow. The S&P BSE Sensex, which hit an intra-day high of 37,242, up 542 points, retreated sharply in the fag-end of the session to settle at 36,977, up 277 points or 0.75 per cent. YES Bank emerged as the top gainer while Reliance Industries (RIL) was the biggest loser on the index. HDFC, Larsen & Toubro (L&T), ICICI Bank, Axis Bank and Bajaj Finance were the major contributors to the index's gains.  On the NSE, the frontline index Nifty50 failed to reclaim the crucial psychological level of 11,000 and ended at 10,948.25 levels, up 86 points or 0.79 per cent. Out of 50 components of the index, 35 ended in the green while 15 declined. As per analysts, market participants are hoping for a rate cut tomorrow which infused some optimism in the market. Additionally, reports that Finance Minister Nirmala  Sitharaman will meet representatives of various sectors over the coming days, following which the Centre will announce sector-specific measures or interventions also boosted investor sentiment. Sitharaman also said the government was ready to hear FPIs' views on any issues.  Sectorally, all the indices on the NSE, barring Nifty Media and Nifty IT, ended with robust gains. Realty stocks advanced the most, followed by banks and auto. In the broader market, the S&P BSE MidCap index ended 193 points or 1.44 per cent higher at 13,569 levels while the S&P BSE SmallCap closed at 12,495, up 211 points or 1.72 per cent.  BUZZING STOCKS DHFL rallied as much as 40 per cent in the intra-day trade after the cash-strapped company finalised and placed a resolution plan to its lenders on Tuesday. The stock, eventually, settled at Rs 55.40 apiece on the BSE, up 32 per cent. CLICK TO READ FULL ARTICLE Shares of Zee Entertainment Enterprises (ZEEL) ended lower for the seventh straight session on Tuesday. The stock slipped 8 per cent to Rs 305 on the BSE in the intra-day trade, before settling at Rs 312.50, down over 5.50 per cent.