We had mentioned in last week’s closing report that Nifty and Sensex will move in tandem with global trends. The major indices continued to post major losses on continuing fear of the deadly coronavirus. The trend of the major indices in the course of the week’s trading was:
On Monday, the major indices suffered major losses in line with global trends. On the National Stock Exchange (NSE), there were 702 advances, 1,095 declines and 337 unchanged.
Maruti Suzuki extended the validity period of warranty and service of customer vehicle falling due during the period of lock-down. It has decided that customer vehicles, whose free service, warranty and extended warranty are scheduled to end in the period from 15 March 2020 to 30 April 2020 are now being extended up to 30 June 2020.
Godfrey Phillips India suspended the operations in all its plants and factories in view of the nation-wide lock-down.
The Asian Development Bank (ADB) has signed an agreement to lend up to $60 million in Indian rupee equivalent to Aavas Financiers Limited to improve access to housing finance for lower income borrowers in the country, particularly women.
On Tuesday, the major indices rallied and posted major gains. On the NSE, there were 1,321 advances, 464 declines and 337 unchanged.
Reliance Industries held a meeting on 2nd April in a fund-raising exercise through issuance of non-convertible debentures (NCDs) on private placement basis.
On Wednesday, the major indices tumbled and posted major losses because the US markets fell the previous night and premarket futures indicated further losses. On the NSE, there were 937 advances, 822 declines and 364 unchanged.
Maruti Suzuki India reported sales of only 83,792 vehicles in March due to the COVID-19 outbreak that has dampened economic activity. Accordingly, the company said that March's sales figures cannot be compared on a year-on-year (y-o-y) basis.
The government has postponed strategic disinvestment process of Bharat Petroleum Corporation (BPCL) by over a month in wake of prevailing situation arising out of COVID-19.
Camlin Fine Sciences has resumed partial operations/production at its manufacturing unit situated at Palghar, Maharashtra.
Bharat Electronics posted a turnover in excess of Rs12,500 crore (provisional & unaudited) during the FY19-20. The company had a growth of 6% over the previous year's turnover of Rs11,789 crore. BEL's Order Book as on 1 April 2020 is Rs51,800 crore.
On Thursday, the equity markets were closed on account of Ram Navami.
On Friday, the major indices continued to fall and ended with major losses. On the NSE, there were 956 advances, 825 declines and 344 unchanged.
IndusInd Bank’s promoters have sought Reserve Bank of India's (RBI) approval for increasing their permissible holding to 26%. In a regulatory filing, the Hinduja family-backed lender said that its promoters have a holding of 14.68%. The current regulatory cap for promoters of a bank is at 15%.
IDBI Bank plans for a rupee bond borrowings limit of Rs7,500 crore for FY20-21.
Bajaj Auto reported total sales of 242,575 units in March 2020 as against 393,351 units in March 2019, registering a drop of 38% y-o-y. Exports were down 6% y-o-y to 126,034 in March 2020, as against 134,166 in March 2019.