Stocks in the news-
1. Reserve Bank of India (RBI) has cut repo rate by 40 bps and reverse repo rate cut to 3.35%.
2. Lupin received approval for Trientine Hydrochloride Capsules USP
3. Supreme Industries Q4 net profit down by 5.5% YoY to Rs. 117.3 crore
4. Bosch Q4 net profit slipped by 80.4% YoY to Rs. 81 crore
Indian indices-
Benchmark indices snapped their three-day gaining streak and closed in the red zone dragged by losses in banks and financial heavyweights. The Sensex fell by 0.84% or 260.31 points to 30,672.59. The Nifty dipped by 0.74% or 67 points to 9,039.25.
The broader market BSE Midcap and Smallcap indices closed by 0.83% and 0.23% down, respectively. The market breadth was in favour of declines with an advance-decline ration of 2:3.The Reserve Bank of India slashed repo rate by 40 basis points to 4%. The reverse repo rate has been reduced to 3.35%. The central bank extended the moratorium period for the repayment of loans by another three months till August 31, 2020.
Buzzing stocks on BSE-
1. Hawkins Cookers tumbled by 6.93% to Rs. 4,229.40, after net profit slumped by 30.6% to Rs. 9.36 crore in Q4
March 2020.
2. Infosys rose by 3.01% to Rs. 692.25, after a class action lawsuit filed against the IT major and some of its
employees in the United States District Court stand dismissed.
3. Bandhan Bank fell by 3.53% to Rs. 203.30, after the bank said that that the business of around 65,000 of micro
banking borrowers, amounting to exposure of approximately Rs. 260 crore, could be impacted due to the Amphan
cyclone.
4. Quick Heal Technologies slumped by 10.50% to Rs. 103.55, after consolidated net profit declined by 71.2% to
Rs. 7.99 crore in Q4 March 2020.
Global Signals- European stocks traded lower on May 22, as ties between the US and China come under further strain, potentially threatening the “Phase One” trade deal signed earlier this year.
Asian stock markets fell on May 22, as rising tensions between the US and China weighed on investor sentiment
Benchmark indices continued to trade lower on May 22. Majority of index heavyweights were trading lower. At 12.56 pm, Sensex fell by 1.13% or 352 points to 30,582. The Nifty dipped by 1.10% or 95 points to 9,012.
European stocks opened lower on May 22, as ties between the US and China come under further strain, potentially threatening the “Phase One” trade deal signed earlier this year.
Stocks in Asia Pacific fell on May 22 as tensions between the US and China rise.
Indian stock markets continued to trade in red on May 22, after RBI’s MPC cut repo rate by 40 bps to 4%. At 10.21 am, Sensex fell by 0.41% or 121 points to 30,816. The Nifty slipped by 0.39% or 36 points to 9,071.
Metals and financials saw the biggest slip in-trade. Growing US-China tensions has also curbed investor’s risk appetite and caused global equity markets to stumble.
Indian rupee opened 13 paise lower at 75.73 per dollar on Friday against previous close of 75.60.
Asian stock markets fell on May 22, as tensions between the US and China rose.
The benchmark indices opened on negative note on May 22 due to rising tensions between US and China along with India adding the highest number of Covid-19 cases in a single day. At 9.22 am, Sensex down by 0.28% or 91 points to 30,836. The Nifty fell by 0.41% or 37 points to 9,069.
Reserve Bank of India (RBI) governor Shaktikanta Das will address a press conference today at 10 am. This will be third presser of the governor in the context of COVID-19 related measures in last two months. The first one was on March 27 and the second on April 17.
Stocks in Asia Pacific fell on May 22, as tensions between the US and China rise.
Benchmark indices continued to trade in green led by index heavyweights. At 12.52 pm, Sensex rose by 0.87% or 261 points to 30,458. The Nifty up by 0.93% or 83 points to 8,961.
Majority of the sectors were trading in green.
Asian stock markets were mixed on May 20, as China’s benchmark lending rate was left unchanged.
European stocks edged into negative territory on May 20, as positive global market sentiment falters.