Stock Market Latest Updates: Sensex gains over 800 points, Nifty above 9,800-mark; Bajaj Finance top gainer, jumps over 10%

No data breach in BHIM App, says NPCI

NPCI said in a statement: “We have come across some news reports which suggest data breach at BHIM App. We would like to clarify that there has been no data compromise at BHIM App and request everyone to not fall prey to such speculations. NPCI follows high level of security and an integrated approach to protect its infrastructure and continue to provide a robust payments ecosystem”.

Aadhar Housing Finance launches Covid Warriors Griha Loans

Aadhar Housing Finance, housing finance company, has announced the launch of Covid Warriors Griha Loans – a home loan scheme dedicated to the housing loan requirements of those who are on the frontline of the country’s battle against the COVID-19 pandemic.

Lower rate of interest, complimentary health insurance for one year, are some of the hallmarks of this scheme, according to a press statement.

Covid frontline workers can now look forward to buy a home, to construct, to renovate or take a loan against property withAadhar Housing Finance’s Covid Warriors Griha Loans.

Deo Shankar Tripathi, MD & CEO, Aadhar Housing Finance said, “ The COVID-19 pandemic has deeply impacted livelihoods and income, through this product, we intend to provide a financial cushion that will enable them to own their dream home”

BMW India resumes operations post-temporary suspension due to lockdown

German luxury carmaker BMW on Monday said it has resumed operations in accordance with the government guidelines.

Consumers can once again safely explore and experience the complete range of BMW, MINI and BMW Motorrad products at company dealerships, BMW Group India said in a statement.

Production at Chennai plant has resumed with less than 50 percent of the regular workforce catering to the production demand in the country, it added.

Jindal Global launches online LLM in corporate, financial law

Jindal Global Law School (JGLS) on Monday introduced Online LLM (Master of Laws) degree in Corporate & Financial Law in partnership in collaboration with upGrad.

The course is “tailor-made” for corporate lawyers interested in pursuing higher studies to specialise in one of the many areas of corporate and financial law, said C Raj Kumar, Founding Vice Chancellor of the O P Jindal Global University & Founding Dean, JGLS.

The programme will foster teaching and research to meet the challenges of the global economy, and to familiarise learners with the practice and procedures of the corporate legal world, Kumar said.

JK Tyre establishes marketing arm in US

JK Tyre & Industries on Monday said it has come up with a marketing arm in the US to focus on sales, service and network expansion.

The company has set up a new entity -Western Tires INC – based at Houston, Texas, thereby, embarking upon an aggressive plan to take the global business to the next level, JK Tyre & Industries said in a statement.

The company has been exporting to the US for over two decades through a network of local partners and with the acquisition of JK Tornel and enhancement of capacity at JK Tyre India, there has been a steady growth in the global markets including the US, it said.

With the formation of the Western Tires INC, the company now has its own marketing arm for the US that will focus on sales, service and network expansion, it added.

Air India to give full refund to passengers 

Air India to provide full refund to passengers for flights between March 23 and May 31https://t.co/uuU840Mswf

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

Biocon partner Mylan wins favourable ruling from US patent authority

Biotechnology major Biocon on Monday said the US patent authority has ruled in favour of its partner Mylan for four device patents of Sanofi’s Lantus SoloSTAR.

The favourable ruling in inter-parts review proceedings by the Patent and Trademark Appeal Board (PTAB) would pave the way for launch of insulin product Glargine in the US, Biocon said in a filing to BSE.

“We are extremely pleased with the US PTAB’s ruling in favour of our partner Mylan for four device patents of Sanofi’’s Lantus SoloSTAR. This strengthens our resolve to provide a high quality affordable Insulin Glargine to diabetic patients in the US and generate savings for their healthcare system,” Biocon Biologics CEO and MD Christiane Hamacher said.

M&M tractor sales fall 1% in May, exports slump 72%

Mahindra & Mahindra on Monday reported 1 percent decline in total tractor sales at 24,341 units in May.

The company had sold 24,704 units of tractor in the same month last year, Mahindra & Mahindra said in a statement.

Domestic tractor sales stood at 24,017 units last month as compared to 23,539 units in May 2019, it added.

Exports, however, were down 72 percent at 324 units as against 1,165 units in May last year.

Kia Motors drives in modified SUV Seltos; prices start at Rs 9.89 lakh

Kia Motors India on Monday launched a refreshed version of its popular SUV Seltos with price starting at Rs 9.89 lakh (ex-showroom, Delhi).

The refreshed Seltos now comes equipped with ten new features related to safety, convenience, connectivity and design, over and above other key enhancements, the company said in a statement.

Moreover, many existing features in higher variants such as sunroof are now available in lower variants too, the statement added.

OPPO ties up with T-Hub for startups

OPPO, Chinese smartphone brand and T-Hub, a state government initiative for startups on Monday announced their partnership to support the startup ecosystem in India.

The collaboration will bring in scale up opportunities for some of the most innovative startups in the areas of Artificial Intelligence, 5G, Battery, Camera and Image Processing, Gaming, and System performance, a press release form the T-Hub said.

The selected startups will receive incubation support from OPPO along with technical mentorship and access to new markets while T-Hub will bring its vast experience and expertise in running various programs and will provide the startups with the right mentorship and exposure to the domestic and global incubation and innovation ecosystems.

BSE introduces SIP pause facility on its MF distribution platform

In the wake of the COVID-19 pandemic and the ongoing lockdown, the BSE on Monday said it has introduced the SIP pause facility on its mutual fund distribution platform.

The option will allow members to pause their clients’’ systematic investment plans (SIPs) for a certain period and then continue with their SIPs after the pause period, the exchange said in a notice.

Pause registrations under this facility will be accepted as per the terms and conditions laid down by respective asset management companies (AMCs), it added.

Gold futures rise on spot demand, global cues

Gold prices on Monday rose by Rs 226 to Rs 46,880 per 10 gram in futures trade as speculators created fresh positions on firm spot demand.

On the Multi Commodity Exchange, gold contracts for June traded higher by Rs 226, or 0.48 percent, to Rs 46,880 per 10 gram in a business turnover of 789 lots.

The yellow metal for August delivery edged up by Rs 91, or 0.19 percent, to Rs 47,195 per 10 gram in a business turnover of 15,535 lots.

Fresh positions built up by participants mainly led to the rise in gold prices, analysts said.

Gold prices traded higher by 0.08 percent at $1,753.10 per ounce in New York.

DGCA to airlines: Keep middle seats vacant to extent possible

The Directorate General of Civil Aviation (DGCA) on Monday asked airlines to allot seats in flights in such a manner that middle seats are kept vacant to the extent possible.

However, if a flyer has been allotted the middle seat due to a high passenger load ’then additional protective equipment like wrap-around gown of the Ministry of Textile approved standards’ must be provided to that passenger in addition to three-layered face mask and face shield, said the DGCA order, which has been accessed by PTI.

India resumed its domestic passenger flights from May 25 after a gap of two months due to the coronavirus-triggered lockdown. International commercial passenger flights continue to remain suspended in the country. 

#Breaking | @DGCAIndia issues directions to airlines on expert committee recommendations after Supreme Court order. Here's more.#airlines #aviation #airports pic.twitter.com/dOSOxpsmZ0

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

Over 1,000 non-swadeshi products junked from CAPF canteens

Over 1,000 products manufactured by firms like Dabur, VIP industries, Eureka Forbes, Jaguar, HUL (foods), Nestle India will not be sold at CAPF canteens anymore from Monday as they are not ‘‘swadeshi’’ or are prepared from purely imported products, a government order said.

The Ministry of Home Affairs on May 13 declared that this nationwide network of over 1,700 Central Police Canteens (CPCs) or Central Armed Police Forces (CAPF)canteens will only sell indigenous or “swadeshi” products from 1 June in a bid to give fillip to domestic industries.

The order said all those items which are made from “purely imported products’ are being de-listed from Kendriya Police Kalyan Bhandar or CAPF canteens from Monday.

Publis sector banks gain 

#CNBCTV18Market | PSU banks move sharply higher in the last few minutes pic.twitter.com/qR77DUwSmA

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

Sensex surges over 1,000, Nifty above 9,850-mark 

Indices staged a recovery as Sensex zoomed 1047.05 points or 3.23 percent to 33,471.15 while the Nifty was up 290.85 points or 3.04 percent at 9,871.15 at around 2.30 pm.

On the BSE, Bajaj Finance was the top gainer followed by Titan, Tata Steel, SBI, M&M, HDFC, IndusInd Bank and TCS.

All the Nifty sectoral indices were in the green, led by Nifty PSU Bank index, up nearly 4 percent.

India’s fuel demand recovery gathers pace in May

India’s fuel demand recovery gathered momentum in May as easing of lockdown restrictions helped nearly double the sales when compared with the previous month, according to preliminary data available from state-owned fuel retailers.

The demand is set to rise further as more curbs on transport and industrial activities have been lifted in the fifth phase of the nationwide lockdown imposed to curb the spread of coronavirus. Lockdown 5.0 begins from June 1.

Petrol sales in May declined by 36.5 percent to 1.59 million tonne as compared to the year-ago period, but were up from 9,73,000 tonne sold in April. In April, petrol sales declined 61 percent.

Diesel sales fell by 31 percent to 4.81 million tonne in May from a year earlier. In April, they had fallen by 56.5 percent at 3.25 million tonne.

Power Exchange India starts real-time market for electricity transactions

Power Exchange India Ltd (PXIL) on Monday said it has kick-started Real Time Market (RTM) for electricity transactions.

The RTM enables consumers, including distribution companies (discoms) and captive users, to buy power on exchanges just an hour before delivery.

“The first trade conducted on PXIL’s platform were from clients of Kreate Energy Private Ltd and PTC India Ltd. The initial auction sessions also saw participation from distribution utilities of Telangana, Meghalaya, Manipur, Sikkim and Jharkhand,” a PXIL statement.

Commenting on the launch, Prabhajit Kumar Sarkar, MD & CEO of PXIL said that the RTM is a major evolutionary change in the dynamics of the power market in our country.

Rupee rises 7 paise to Rs 75.54 at close

#Rupee ends mildly stronger compared to Friday's close pic.twitter.com/N15sHslNph

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

Palestinian economy could shrink by 11%: World Bank

The Palestinian economy could shrink by as much as 11 percent in the coming year as the coronavirus pandemic inflicts yet another blow to the Palestinian Authority’s already shaky finances, the World Bank said Monday.

The economic deterioration comes as tensions with Israel soar ahead of Israel’’s plans to annex large parts of the occupied West Bank, which would make it virtually impossible to create a viable Palestinian state.

In a separate report, the UN’s Mideast envoy warned that unilateral actions by either side — such as Israeli annexation and Palestinian withdrawal from past agreements — would “most likely trigger conflict and instability” in the region.

The reports were both released ahead of a meeting this week of international donor nations that support the Palestinian Authority, the internationally recognized entity that governs autonomous areas of the West Bank.

Mahindra sales dip 79% in May, exports fall 80%

Auto major Mahindra & Mahindra (M&M) on Monday reported a steep 79 percent decline in total sales at 9,560 units in May.

The company had sold 45,521 units in the same month last year, M&M said in a statement.

In the domestic market, sales were down 79 percent to 9,076 units last month compared to 43,056 units in May 2019.

Exports during the period under consideration dropped by 80 percent to 484 units as against 2,365 units in the year-ago month.

Indices trim gains, Sensex up 905 points, Nifty at 9,832-mark 

Indices trimmed the gains as Sensex was trading 904.94 points or 2.79 percent higher at 33,329.04 while the Nifty was up 252.10 points or 2.63 percent at 9,832.40 at around 2 pm.

Bajaj Finance, Titan, Tata Steel, M&M, SBI, HDFC and IndusInd Bank were among the major gainers.

BSE Midcap and Smallcap indices rose over 3 percent.

Power generation drops over 14% in May

Provisional Govt data says total electricity generation falls 14.3% in May.

Coal-fired electricity generation falls 22% while electricity generated From Renewable Energy sources rises 4.6% pic.twitter.com/s9B6xawJue

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

ATF prices hiked in major cities

Price of ATF (aviation turbine fuel) in the national capital has been raised by Rs 11,030.62 to 33,575.37 per kilolitre, according to data on the Indian Oil Corp’s website.

Similarly, that in Kolkata, Mumbai and Chennai has been raised to Rs 38,543.48, Rs 3,070.56 and Rs 34,569.30 respectively per kilolitre.

A kilolitre of jet fuel in June will cost airlines Rs 33,575 in comparison to Rs 22,544 in May — an increase of Rs 11,031 per kilolitre. The price of a kilolitre of ATF will cost Rs 33,575 in Delhi while the cost will rise to Rs 38,543 in Kolkata.

In Mumbai, a kilolitre of ATF will now cost Rs 33,070.

Lakhs of power sector workers protest against Electricity Amendment Bill 2020: AIPEF

Lakhs of power sector employees and engineers are protesting against the Electricity Amendment Bill 2020 and the government’s move to privatise power distribution companies in union territories, according to a statement by AIPEF.

Last month, Finance Minister Nirmala Sitharaman had announced the government’s plan to privatise power distribution utilities in union territories. The power ministry also circulated a draft Electricity Amendment Bill 2020 on 17 April 2020.

“Lakhs of electricity employees and engineers across the country today joined hands to observe a protest demonstration maintaining social distance against the Electricity Amendment Bill 2020 and move to privatise the power distribution in Union Territories,” All India Power Engineers Federation (AIPEF) spokesperson VK Gupta said in the statement.

Lockdown extension to have deep impact on economy: Report

The extension of the lockdown by the government will have a deep impact on the economic activity, a foreign brokerage said, sharply cutting India’s GDP forecast for this financial year to a contraction of 2 percent.

The estimate has been arrived at with the assumption that the lockdown will extend till mid-July and a restart of the economy will get stretched to August, analysts at Bank of America Securities said.

It can be noted that the RBI also expects the economy to contract in FY21 (2020-2021), but has not given a level to it. Some analysts have pegged the contraction as high as 5 percent.

SpiceJet adds Kyrgyzstan, Egypt to international cargo network

SpiceJet, air cargo operator, has added Kyrgyzstan and Egypt to its international cargo network as it operated its maiden cargo flights from Delhi to Bishkek and Mumbai to Cairo via Ras Al-Khaimah.

SpiceJet, which is operating 38 cargo flights today, carried 13 tonnes of medical supplies from Hong Kong to Kolkata.
 

The airline deployed its Boeing 737 freighter aircraft to carry 17 tonnes of cargo supplies to Bishkek, 17 tonnes of pharma to Cairo and 13 tonnes of pharma from Hong Kong.
 
Ajay Singh, Chairman & Managing Director, SpiceJet, said, “Egypt and Kyrgyzstan are significant additions to our fast expanding cargo network. We are now actively using our Ras Al-Khaimah hub for cargo flights to African and CIS countries and this partnership will continue to grow in the times to come.” 
 

India improves ease of doing business rank to 63 in 2019: Piyush Goyal

Under PM @NarendraModi ji's #ReformAndPerformSarkar, India has scaled new heights by increasing Ease of Doing Business ranking to 63.

Transformational measures have fostered economic growth, boosted exports & spurred job creation.

Know More: https://t.co/OqRecEkqvp pic.twitter.com/BOSCSps6Li

— Piyush Goyal (@PiyushGoyal) June 1, 2020

Markets march ahead smartly at half-time

Indian markets at half time is smartly marching ahead building on to its gains following a 150 points GAP up opening, said Aditya Agarwala, Senior Technical Analyst, YES Securities. 

Further, Nifty has broken out crossing the recent pivot high of 9,880 making a higher high and recently it also made a higher low of 8,800 clearly indicating a short term trend reversal favoring the bulls, he said.

“A sustained trade beyond 9880 will extend the gains to levels of 10,150. On the flip side if it breaks below the support of 9,880 even on an intraday basis profit booking can be triggered dragging the Index lower to levels of 9,760-9,720,” said Agarwala.

On shorter time frame chart negative divergences are visible suggesting that the uptrend is losing momentum which can lead to minor profit booking.  All sectoral indices are trading in green with gains between 4-5 percent. European markets have also opened in the green with handsome gains, he said.

Sensex above 33,500, Nifty holds 9,900-mark 

Indices remained in the green zone as Sensex was trading 1126.39 points or 3.47 percent higher at 33,550.49 while the Nifty was up 320.35 points or 3.34 percent at 9,900.65 at around 1.25 pm.

Bajaj Finance was the top gainer in the Sensex pack surging over 10 percent. 

Other gainers included Titan (9.40 percent), M&M (7.62 percent), Tata Steel (6.96 percent), SBI (6.36 percent) and HDFC (6.20 percent).

Govt rejects Flipkart’s application for food retail licence  

The government has rejected Flipkart's application for a food retail licence, and the company said it intends to reapply after evaluation, @MugdhaCNBCTV18 writeshttps://t.co/NPHTeguGyR

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

Adani Ports raises Rs 100 cr through NCDs

Adani Ports and Special Economic Zone (APSEZ) on Monday said it has raised Rs 100 crore through allotment of NCDs on a private placement basis.

The 1,000 non convertible debentures (NCDs) allotted were of the face value of Rs 10 lakh each, it said in a BSE filing.

“The company has raised Rs 100 crore today by allotment of 1,000 Rated, Listed, Secured, Redeemable NCDs of the face value of Rs 10,00,000 each on private placement basis,” the company said.

It said the NCDs will be listed on the Wholesale Debt Market segment of BSE.

Hyundai sales decline 79% in May

Hyundai Motor India Ltd (HMIL) on Monday reported a 78.7 percent decline in total sales at 12,583 units in May.

The company had reported sales of 59,102 units in May 2019.

Domestic sales during the last month were down 83.8 per cent to 6,883 units as against 42,502 units in May 2019.

The company said it exported 5,700 units during the last month as compared to 16,600 units in May last year.

STL records highest-ever revenue at Rs 5,154 cr

STL (Sterlite Technologies Ltd), an industry integrator of data networks, has announced the consolidated financial results for its fourth quarter and financial year ending 31 March, 2020.

The Company reported Rs. 5,154 crore in revenue and an order book of Rs. 10,037 crore, backed by large deal wins globally, according to a press statement.

Though the global environment witnessed uncertainty and sluggish growth, followed by a lockdown due to COVID-19, STL continued to perform and grow its revenue by delivering end-to-end data network solutions, the press release said. 

“In the current times, we have focused on keeping our employees and communities safe, while continuing critical operations and deepening customer relationships”, said  Anand Agarwal, Group CEO, STL.

“As we start FY21, we have a more robust business. We are seeing an accelerated shift towards digitalisation and data network investments from all our customer segments. The next generation of networks are shifting towards network densification, edge compute, open source and virtualization,” Agarwal said.

Axis Bank reduces savings account deposit rates by 25 bps

Axis Bank cuts savings account deposit rates by 25 bps pic.twitter.com/KaSlDcz2IV

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

L&T arm converts govt healthcare units into COVID-19 facilities

Larsen & Toubro (L&T) on Monday said that its construction arm has transformed established or under-construction government healthcare units into COVID-19 patient-care facilities across the country.

The company said it has the capability to construct 300 bed hospitals in record three to four months.

It is capable of quickly turning around existing or under-construction medical infrastructure into COVID-19 related facilities and transform large establishments like marriage halls, schools and hotel rooms quickly into isolation wards.

“The construction arm of Larsen & Toubro (L&T)… turned around large-scale healthcare infrastructure into COVID-19 care facilities in New Delhi, Champaran and Madhepura in Bihar, Puducherry, Diamond Harbour in West Bengal and Gorakhpur in Uttar Pradesh,” the company said in a filing to BSE.

Hotel stocks rally up to 19% as govt lifts curbs on operations from 8 June

Hotel stocks on Monday zoomed up to 19 percent after the government said opening of hotels, restaurants and other hospitality services and shopping malls will start from 8 June.

Chalet Hotels jumped 19.16 percent, EIH Associated Hotels 13.96 percent, Indian Hotels Company Limited 11.38 percent, EIH 9.93 percent and Taj GVK Hotels & Resorts soared 8.38 percent on the BSE.

Lemon Tree Hotels also jumped 4.74 percent to Rs 18.80 — its upper circuit limit.

India’s May jobless rate at 23.48%: CMIE

India’s unemployment rate in May rose to 23.48 percent, marginally lower from 23.52 percent in April, according to data released by the Centre for Monitoring Indian Economy (CMIE) on Monday, reflecting the impact of coronavirus pandemic.

India has reported 190,535 coronavirus cases, with 5,394 deaths.

India’s infrastructure output, contributing nearly 40 percent in industrial production, contracted 38.1 percent in April from a year earlier, the worst performance in years, government data showed on Friday.

India’s manufacturing output falls further in May, rate of job cuts accelerates: PMI survey

The country’s manufacturing sector activity recorded another sharp deterioration in business conditions during May as new orders placed with producers continued to fall after April’s record contraction, leading firms to cut jobs at the quickest pace on record, a monthly survey said on Monday.

The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 30.8 in May, up from 27.4 in April, pointing to another substantial decline in the health of the country’s manufacturing sector, albeit one that was slightly softer than recorded in April.

Sensex soars over 1,100 points, Nifty reclaims 9,900-mark 

Indices extended the rally as Sensex zoomed 1162.64 points or 3.59 percent to 33,586.74 while the Nifty was up 326.80 points or 3.41 percent at 9,907.10 at around 12.20 pm.

On the BSE, Bajaj Finance, Titan, Tata Steel, SBI, M&M, Axis Bank, HDFC and Reliance were among the top gainers.

Strong sales likey this year; cash flow may pose challenges: Godrej Properties

Buoyed by record sales bookings of Rs 5,915 crore last fiscal, realty firm Godrej Properties expects to repeat its strong performance on sales front this year despite coronavirus pandemic, but sees cash flow as a challenge due to slow construction activities.

In an interview with PTI, Godrej Properties Executive Chairman Pirojsha Godrej said there will be a slowdown in the industry but people who want to buy properties during this time will certainly prefer real estate companies with strong financial capabilities to execute projects.

“Our sales bookings in the first two months of this fiscal have grown over the last year. Even during the last 10-15 days in March, we had quite a lot of sales,” he said.

GDP likely to be negative this year: Rakesh Jhunjhunwala

India's stock market may not be as impacted by the economic contraction, Rakesh Jhunjhunwala tells CNBC-TV18#RestartingIndia #COVID19 #CNBCTV18Exclusive pic.twitter.com/lZjijpJLE0

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

FarEye increases manpower by over 12%

FarEye, the logistics SaaS platform for predictive visibility, has expanded its manpower with remote hiring by over 12 percent amidst the COVID-19 outbreak.

The recruitment is fuelled by the surge in usage of FarEye’s platform for delivering essential goods amid the lockdown. With this manpower expansion, FarEye’s strength crosses the mark of 400, the company said in a press release.  

“With technology changing the dynamics of logistics space, we are presently focusing on hiring niche talent to further strengthen our offerings and cater to emerging business needs," said Kushal Nahata, CEO & Co-founder, FarEye.

BharatPe appoints ex-Walmart Labs Ankur Jain as CPO 
 
 

BharatPe, merchant payment and lending network company, has announced the appointment of Ankur Jain as Chief Product Officer (CPO).

Jain will be responsible for the complete product lifecycle and innovation at BharatPe.  Prior to BharatPe, Ankur was CEO and Co-Founder of Instalocate.

Ashneer Grover, Co-Founder & CEO, BharatPe said, “We are at an interesting point in our growth phase that requires constant innovation and fast delivery of products for the rapidly evolving digital and financial needs of Indian shopkeepers. We are methodically getting the right people in the right positions to meet these requirements. Talent will be our biggest differentiator.”

501 domestic flights carrying 44,593 passengers operated on Sunday: Hardeep Singh Puri

A total of 501 domestic flights carrying 44,593 passengers operated in the country on 31 May, Civil Aviation Minister Hardeep Singh Puri said on Monday.

Domestic services were suspended in India due to the coronavirus-induced lockdown and resumed after a gap of two months on 25 May.

Indian carriers operated a total of 3,370 flights till 31 May — 428 on 25 May, 445 on 26 May, 460 on May 27, 494 on 28 May, 513 on 29 May and 529 on 30 May.

“Domestic operations on 31 May 2020 (Day 7) till 2359 hrs. Departures 501. 44,593 passengers handled. Arrivals 502. 44,678 passengers handled,” Puri tweeted on Monday.

A departure is counted as a flight during the day.

ICICI Bank slashes lending rates by 5 bps across all tenures

ICICI Bank cuts lending rates by 5 bps across all tenures pic.twitter.com/R45PO15cSM

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

Dell Technologies launches commercial PC with built-in AI

Dell Technologies in India has announced the availability of its premium commercial PC – the Latitude 9510.

The new Latitude 9510 delivers on what enterprise users seek- the longest battery life of any 15-inch business PC with a target of up to 34 hours2, 5G-ready design, powerful audio features, and intelligent solutions that increase productivity, the company said in a press release.
 

Indrajit Belgundi, Senior Director & General Manager, Client Solutions Group, Dell Technologies, India said, “As we navigate towards digitally driven and connected times, our customers are looking at end-user computing that gives their employees an easy, ready-to-work experience, and in doing so, also empowers IT with automated, open and intelligent management solutions to easily deploy, secure and manage.”

Union Cabinet may approve proposal to change MSME definition

#CNBCAwaazExclusive | Cabinet likely to formalise announcements made by FM on agriculture, MSMEs. APMC Act may be replaced by a new Act via an ordinance: Sources to @RoyLakshman pic.twitter.com/02BVUBrYYJ

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

Sensex surges over 1,000 points, Nifty close to 9,900-mark 

Indices extended the gains as Sensex zoomed 1034.32 points or 3.19 percent to 33,458.42 while the Nifty was up 290.10 points or 3.03 percent at 9,870.40 at around 11.30 am.

All the sectoral indices were trading in the positive zone.

Bajaj Finance was the major gainer on the Sensex pack surging over 8 percent. Other gainers included Titan, Tata Steel, Axis Bank, M&M, HDFC and SBI.

Desmania launches first-ever full face mask

Desmania-co-founded by Anuj Prasad and Sandhya Raman in 1993, as a multi-disciplinary design studio-has announced it has made AARMR, the full face mask. It is an ‘affordable mask that has 3 times efficacy of the normal mask’, the company claims in a press statement.

The mask covers the entire face so there is no risk of touching your eyes, nose or mouth. Secondly, it is re-usable and durable and provides clear vision to the wearer because of the low refractive index of acrylic, the company said in its statement.

“AARMR is being tested with the doctors, work force, delivery boys and has also been tried with the police force. We plan to ramp up the production by the end of June, 2020 to meet the massive requirements from across the globe” said Anuj Prasad, Co-founder & CEO of Desmania.

IIT Roorkee announces completion plan of Spring Semester 2019-20

The Indian Institute of Technology (IIT) Roorkee has announced its semester completion plan.

For smooth and timely completion of the 2019-20 Spring Semester, the institute has reworked the plan which is now available at http://acad.iitr.ac.in/notification/SCP_2019-20.pdf.

The new plan is a one-time special provision given the unprecedented circumstances due to the COVID-19 pandemic and will override several existing clauses.

According to the plan, the performance of the students in Spring Semester 2019- 2020 would not be counted for academic performance-based termination of programs, slow pace programs, and towards any other such clauses.

Paytm Mall moves operations to Bengaluru, appoints Abhishek Rajan as COO

Paytm Mall (owned by Paytm Ecommerce Private Limited), announced the appointment of Abhishek Rajan as the new Chief Operating Officer (COO) of the company.

It  is also moving its operations from Noida (Uttar Pradesh) to Bengaluru and plans to hire over 300 new members for product and technology roles aiming expansion across its business categories.

The existing workforce has the flexibility to either shift to Bengaluru or continue working from their current location in various roles. Additionally, Srinivas Mothey has been elevated to Senior Vice President Merchants Solutions at Paytm. He would be working on innovative retail solutions for merchants in his new role.

In his new role, Abhishek will set the vision for Mall and oversee the operations across categories, products, technology, supply chain, marketing and finance.

Businesses facing fash flow problems: Edelweiss Fin’s Rashesh Shah

Consumption & tax cuts over the next few months will aid the economy, Rashesh Shah of @EdelweissFin tells CNBC-TV18 pic.twitter.com/92gBAuopW6

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

Acer launches first laptop with AMD Ryzen

Acer India, the PC brand, today announced the latest addition to its thin and light notebook series with the arrival of new Acer Swift 3, which is now available up to AMD Ryzen 5 4500U Processor with Radeo Graphics.

Acer Swift 3 is India’s first AMD Ryzen 4000 series mobile processor-powered laptop in the market for mobile computing needs.
 
 

Chandrahas Panigrahi, CMO & Consumer Business Head, Acer India said, “The AMD Ryze 4000 series processor is specially designed for mobile working. The fact that Swift 3 weighs only 1.2 kg making it super portable, ideal for slipping in a bag and working on the go.”
 
 

Vinay Sinha, Managing Director, Sales, AMD India Pvt Ltd, said “Consumers today want superior performance and battery life for work, play and entertainment in a portable and stylish device. The new Swift 3 enables consumers to push their boundaries in an ultra-thin form factor, led by AMD’s innovative 7nm technology and Zen2 core architecture.”

S Korea’s K-Startup Grand Challenge 2020 to accept applications till 25 June

The Korean government’s K-Startup Grand Challenge supported by the Ministry of SMEs and Startups (MSS) and National IT Industry Promotion Agency (NIPA), is now accepting applications for the programme till 25 June, 2020. 

An all-expenses paid and the first of its kind in Asia with grand prizes for top five teams, the best winning team will get $120,000 and further assistance to develop business in South Korea.

K-Startup Grand Challenge is a startup accelerator program conducted and financed by the Korean government. The program is an initiative to support foreign startups that want to enter the Korean market and further explore the international markets. 

The selected startup teams get many benefits with the 3-month program from networking opportunities, learning from experts, financial support to business development. 

In 2019, the program had received applications from 1,677 teams from 95 countries. Thirty-eight teams from Europe, Asia, and America had been selected for the accelerating program. Out of that 20 teams were selected on final demo day, and they received further follow–up support from January to April 2020.

Fullerton India raises Rs 750 cr equity capital

Fullerton India, a non-banking finance, has announced it has raised capital of Rs 750 crores from its parent company Fullerton Financial Holdings.

This additional capital will enable Fullerton India to further reach out to individuals and small businesses (MSMEs) by providing credit-based solutions to customers’ needs. 

“This capital infusion reflects confidence in Fullerton India’s business model, management and prospects. As an NBFC focused on lending to individuals and small business (MSME), Fullerton India is poised to benefit from the various Government initiatives recently announced. This infusion will act as an additional capital buffer currently and convert to growth capital as we gradually reopen business,” said Rajashree Nambiar, MD and CEO, Fullerton India

CONCOR stock zooms over 5%

#CNBCTV18Market | CONCOR approaches Rs 400/sh, trades with a gain of 6% pic.twitter.com/lVRmAxDFA5

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

Maruti records 86% slump in May sales at 18,539 units

The country’s largest carmaker Maruti Suzuki India (MSI) on Monday reported a 86.23 percent decline in total sales at 18,539 units in May.

The company had sold 1,34,641 units in May last year, MSI said in a statement.

Domestic sales declined by 88.93 percent to 13,888 units last month, as against 1,25,552 units in May 2019, it added.

The company exported 4,651 units last month, down 48.82 percent from 9,089 units in May 2019, MSI said.

Rupee jumps 32 paise to 75.30 in early trade

The rupee appreciated 32 paise to 75.30 against the US dollar in opening trade on Monday supported by the government’s reopening plan for the domestic economy.

Forex traders said foreign fund inflows, weak American currency and positive opening of domestic equities also boosted investor confidence.

The rupee opened at 75.32 at the interbank forex market and then gained further ground to touch 75.30, up 32 paise over its last close.

It had settled at 75.62 against the US dollar on Friday.

BSE Banex, IT, consumer durables major sectoral gainers

Sensex soars 900 points, Nifty above 9,800-mark

Indices continued the rally as Sensex soared 900.23 points or 2.78 percent to 33,324.33 while the Nifty was up 258.35 points or 2.7 percent at 9,838.65 at around 10.30 am.

All the sectoral indices were trading in the green.

Tata Steel was the top gainers in the Sensex pack jumping 7 percent. Other gainers included Bajaj Finance, Axis Bank, Titan, M&M, HDFC Bank and SBI.

Nifty Bank Index rose nearly 4 percent led by the IDFC First Bank, RBL Bank and PNB.

Rupee jumps 27 paise to two-week high of Rs 75.35

#Rupee opens at a 2-week high against the US Dollar pic.twitter.com/07ht5ilHlZ

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

Tata Group retain most valuable brand in India, LIC grabs second spot: Brand Finance report

Tata Group continues to be the top brand in the country and achieved $20 billion brand value mark for the first time after a 2.3 percent growth. Tata’s luxury hotel chain Taj was adjudged the strongest brank in the country, said a news report citing.

According to the report, state-run Life Insurance Corporation of India (LIC) is the second most valuable brand in the country with a valuation of $8.1 billion clocking 10.7 percent growth. Reliance Industries rose to the third spot with a 25.2 percent growth in brand value at $7.9 billion, said a report in Moneycontrol citing Brand Finance report.

The country’s 100 most valuable companies are expected to lose $25 billion of brand value in the wake of COVID-19 outbreak, the report said.

Nifty Bank jumps nearly 4% 

#CNBCTV18Market | Nifty Bank trades above 20,000 for the 1st time since May 13 pic.twitter.com/HRrzQNgDc4

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

Mumbai’s Worry Index highest, Delhi lowest: Report

TRA Research, a consumer insights and brand analytics company, released their second consumer insights whitepaper titled TRA’s Coronavirus Consumer Insights – 2, based on a research across 16 cities across 902 citizens. 

Speaking about the findings in the whitepaper, N Chandramouli, CEO, TRA Research, said, “Weariness grows with time, and good decisions can seem bad in extreme cases like this lockdown. However, contrarily, barring a few cities, the general consensus about the decision effectiveness from lockdown 1.0 to Lockdown 3.0 only seems to have risen. The few cities which had a poorer perception of the decision effectiveness in Lockdown 3.0 are Hyderabad and Coimbatore."

“When considering the Lockdown implementation effectiveness difference between Lockdown 1.0 and Lockdown 3.0, nine of the sixteen cities had a significant lowering on the Effectiveness Index. The only cities which showed any significant increase on the Implementation Effectiveness were Chennai (up 28 percent), Cochin (up 22 percent) and Nagpur (up 17 percent)”, added Chandramouli.

CCEA meet today

The Cabinet Committee on Economic Affairs (CCEA) meeting will be held on Monday at the Prime Minister’s residence at 7 Lok Kalyan Marg in New Delhi.

This meeting assumes significance as the Ministry of Home Affairs (MHA) has issued new guidelines for phased re-opening of “all activities outside containment zones for the next one month beginning June 1”.

NCC makes further gains

#CNBCTV18Market | NCC extends gains in trade; management confident of receivables not reducing in the future pic.twitter.com/rjYStLMYcm

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

Delta, Union working to avoid furloughs of 2,300 pilots

Delta Air Lines Inc and its pilots union said on Sunday they are working to avoid furloughs of roughly 2,300 pilots following a reshuffling process meant to match staffing to summer 2021 flying.

Delta said this month that it would have more pilots than needed as it reduces its network and fleet due to a drop in demand from the COVID-19 pandemic, but is working to avoid involuntary furloughs.

Following the results on Sunday of a so-called “surplus” bid in which employees were asked to petition available positions at one of Delta’s seven U.S. pilot bases, the airline will be shifting around 7,000 pilots to different locations or aircraft types, while 2,327 have not been assigned to any category, Delta’s Master Executive Council (MEC) of the Air Line Pilots Association (ALPA) said in a statement.

US lawmakers to unveil bill banning investment in firms tied to China’s military

A group of Republican lawmakers plans to unveil legislation this week to keep Americans from investing in foreign defense companies with ties to China’s military, according to a document seen by Reuters, the latest in a string of measures aimed at curbing U.S. funding for China-based firms.Representatives Mike Gallagher, Jim Banks and Doug LaMalfa plan to introduce the bill, which would require Treasury Secretary Steve Mnuchin to submit a report to Congress listing foreign defense companies that have “substantial contracts with, ties to, or support from” the Chinese military.

Six months after the report is issued, American companies and citizens would be required to divest from those firms and would be banned from making new investments in them.

“On one hand, Congress is asking taxpayers to help grow our military so we can compete with China. On the other hand, large U.S. investment funds are dumping U.S. dollars into China’s military industrial base,” Banks said in a statement. “We need to end our cognitive dissonance and stop funding the rise of our chief global adversary.”

Maruti auto sales down

May #AutoSales | @Maruti_Corp reports total sales of 18,539 units Vs Nomura's expectation of 30,600 units

Domestic sales come in at 13,865 units & exports at 4,651 units pic.twitter.com/OwpE2TPKak

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

GoAir, IndiGo given 3 more months to change old engines

Directorate General of Civil Aviation (DGCA) grants 3 more months to IndiGo and GoAir to replace old engines with new series engines on their airbus 320 Neo (P&W) aircraft. The deadline to replace these engines expired yesterday. Total 60 engines are to be replaced. pic.twitter.com/VswFvy72I3

— ANI (@ANI) June 1, 2020

COVID-19 drug shows drop in viral load in animal testing’

South Korea’s Celltrion Inc said on Monday its experimental treatment of COVID-19 demonstrated a 100-fold reduction in viral load of the disease in animal testing.

Drugmakers worldwide are rushing to develop treatments and vaccines for the illness that has caused more than 371,000 deaths globally.The pre-clinical study of the drug showed improved recovery in runny nose, cough and body aches after the first day of treatment, and clearing of lung inflammation within six days, the company said in a statement.

Celltrion has research experience with other types of coronavirus conditions such as Middle East Respiratory Syndrome (MERS). It hopes to commence first in-human clinical trials for the COVID-19 treatment in July, said Kwon Ki-Sung, head of the firm’s research and development unit.

Pandemic set to shrink Australian economy in first quarter

Australia’s economy is expected to have shrunk in the first quarter as the global coronavirus pandemic is set to tip the country into its first recession in three decades.

A Reuters poll of 15 economists forecast the A$2 trillion economy to contract by 0.3% in the three months to March – the first quarterly decline in nine years.

Annual growth likely slowed to 1.4% from 2.2% in 2019, the survey showed. If the economy contracts in both the March and June quarters it would be Australia’s first technical recession since the early 1990s.

The economic fallout deepened in Australia as the number of local coronavirus cases surged from less than 100 in early March to more than 7,000 now, forcing the government to shut borders and restrict large gatherings.

Gold climbs as US riots spark safe-haven rush

Gold prices rose on Monday as riots in major US cities rattled investors already reeling from strained Sino-U.S. relations and boosted demand for the safe-haven metal, with a weaker dollar lending further support.Spot gold gained 0.8% to $1,739.75 per ounce by 0242 GMT. U.S. gold futures ticked up 0.1% to $1,752.60.

“Concerns about the unrest in the United States at the moment appear to be weighing on market sentiment,” said Michael McCarthy, chief strategist at CMC Markets, adding that rising tensions between the world’s top two economies provided further support to gold.

Protesters have flooded the streets in the United States over the death of George Floyd in police custody, in a wave of outrage sweeping a politically and racially divided nation.

Asia’s factory pain worsens as China’s recovery fails to lift demand

Asia’s factory pain deepened in May as the slump in global trade caused by the coronavirus pandemic worsened, with export powerhouses Japan and South Korea suffering the sharpest declines in business activity in more than a decade.A series of manufacturing surveys released on Monday suggest any rebound in businesses will be some time off, even though China’s factory activity unexpectedly returned to growth in May.

China’s Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) hit 50.7 last month, marking the highest reading since January as easing of lockdowns allowed companies to get back to work and clear outstanding orders. But with many of China’s trading partners still restricted, its new export orders remained in contraction, the private business survey showed on Monday. China’s official PMI survey on Sunday showed the recovery in the world’s second-largest economy intact but fragile.

Asia stocks reach three-month peaks, resilient to US riots

Asian shares pushed to three-month highs on Monday as progress on opening up economies helped offset jitters over riots in U.S. cities and unease over Washington’s power struggle with Beijing.There was also relief that while President Donald Trump began the process of ending special U.S. treatment for Hong Kong to punish China, he left their trade deal intact.

“With specific and verifiable measures against China appearing to be weak, markets may draw hollow consolation that the U.S. is treading carefully,” said analysts at Mizuho in a note.

After a cautious start Asian markets were led higher by China on signs parts of the domestic economy were picking up. Hong Kong .HSI managed to rally 3.6%, while Chinese blue chips .CSI300 put on 2.2%.

An official business survey from China showed its factory activity grew at a slower pace in May but momentum in the services and construction sectors quickened.

First special train leaves from Mumbai today

Maharashtra: Mahanagari Express, the first train among 200 special trains to start today, departs from Mumbai's Chhatrapati Shivaji Maharaj Terminus for Varanasi in Uttar Pradesh. pic.twitter.com/NWBnJHjFQ9

— ANI (@ANI) May 31, 2020

Flower business in Imphal hit due to COVID-19, lockdown

Manipur: Florists in Imphal West say their businesses are hit due to COVID-19 induced lockdown. A florist in Kamong village says, "I was hoping to earn Rs 80,000 by selling flowers in March&April but could only sell flowers worth Rs 20,000, the amount I invested in seeds". (31.5) pic.twitter.com/cuxpZea9Vj

— ANI (@ANI) May 31, 2020

Voltas shares up

Shares of Voltas share rose 9 percent after company posted 12.5 percent jump in its consolidated Q4FY20 net profit at Rs 159.5 crore against Rs 141.74 crore in a year-ago period.

Will people start going on holidays? Not sure, says MakeMyTrip

.@makemytrip said that it was unclear as to when traveling will become a way of life, as it was in the pre-COVID period.https://t.co/NJOr1REXoV

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

Escorts Y-O-Y sales down

#JustIn | Escorts reports a 3.4% drop in year-on-year sales for the month of May, at 6.594 units Vs 6,827 units (YoY) #AutosSales pic.twitter.com/zeR3QvrN9f

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

Benchmark indices up

The benchmark indices opened on strong note on 1 June with Nifty above 9,750 level.

At 09:16 IST, the Sensex was up 634.86 points or 1.96% at 33058.96, and the Nifty was up 188.10 points or 1.96% at 9768.40. About 757 shares have advanced, 97 shares declined, and 42 shares are unchanged.

JSW, Tata Steel rally

#CNBCTV18Market | 48 of 50 #Nifty stocks trade in the green pic.twitter.com/rmL524AIZC

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

Markets open in green

#CNBCTV18Market | Market trades with healthy gains, led by banks. #Sensex & #Nifty up over 2% each, Nifty Bank up 4% pic.twitter.com/iNR1mp92Z1

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

MakeMyTrip to lay off 300 employees

#JustIn | @makemytrip to lay-off 350 employees amid the #COVID19India outbreak.

MakeMyTrip says have tried to offer support to the impacted employees including Mediclaim coverage for individuals and their families till the end of the year, leave encashment, gratuity, amid others pic.twitter.com/xTt6RxN4ZP

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

Crude falls as wary traders eye upcoming OPEC Plus meeting

Oil prices fell nearly 1 percent on Monday as traders hedged bets with the Organization of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June.

Brent crude LCOc1 fell 34 cents to $37.50 a barrel, in the first day of trading in the contract with August as the front month.

West Texas Intermediate (WTI) crude futures CLc1 for July delivery were at $35.17 a barrel, down 32 cents, by 0123 GMT.

The price falls come after front-month Brent and WTI prices posted their strongest monthly gains in years in May. Gains were boosted by OPEC crude production dropping to its lowest in two decades with demand is expected to recover as more nations emerge from coronavirus lockdowns.

Markets at pre-open

Benchmark indices are trading higher in the pre-opening session with Nifty above 9750.

At 09:01 hrs IST, the Sensex is up 298.93 points or 0.92% at 32723.03, and the Nifty up 188.80 points or 1.97% at 9769.10.

IEX introduces real-time trading

IEX launches real-time electricity market on its platform

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

Stocks to watch out for today

#StocksToWatch | Here's the list of stocks that are in focus going into trade today pic.twitter.com/06YGuwC2Cd

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

‘RBI should allow one-time restructuring of accounts’

Amitabh Chaudhry of @AxisBank says @RBI should allow one-time restructuring of accounts. Extension of moratorium is merely kicking the can down the road pic.twitter.com/orJIaPh5EK

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

Markets expected to be positive

Aditya Agarwala, Senior Technical Analyst, YES Securities, said, “The Indian markets are expected to continue its rising streak with an another significant GAP up opening of 150 points as indicated by the trend in the SGX Nifty. The entire Asian pack is also trading in the green with gains in excess of 1%. HANGSENG is leading the charge which is trading higher by 3.30% followed by SHANGHAI, TAIWAN, STRAIT and NIKKEI. the Dow Jones Futures is trading in the green with gains of 0.25%.   

“The Nifty ended the previous trading week on a strong note with smart gains of 6% for the entire week. Following a GAP up opening of 150 points in today’s session it will comfortably cross its immediate hurdle of 9600. However, Index kay face minor resistance at 9732 which happens to be the previous GAP down area, a sustained trade beyond this resistance of 9732 will extend the gains to levels of 9890. On the flip side failure to breakout of the GAP resistance of 9732 may lead to minor profit booking dragging the Index lower to levels of 9600-9580. On the shorter time frame Index has reached overbought zone and following this GAP up it is likely to get extended, therefore traders should be cautious of any late selloff in headline Indices,” Agarwala said.

US indices gain

#CNBCTV18Market | An update on what markets around the world are doing or have done overnight; US oil claws its way back to $35/bbl mark in May but remains more than 45% below its January high pic.twitter.com/YfEgvTVQCV

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

LPG cylinder price hiked

Non-Subsidised #LPG cylinder's price increased by Rs 11.50/cylinder to Rs 593 from Rs 581.50 for 14.2 kg cylinder in Delhi pic.twitter.com/czb1pjJzX0

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

Jet fuel price up

Jet Fuel (ATF) price hiked by Rs 11,030.62 to Rs 33,575.37/kL in Delhi pic.twitter.com/7vYwgGOIND

— CNBC-TV18 (@CNBCTV18Live) June 1, 2020

Economy on course for full-year contraction this fiscal

The Indian economy is on course for a full-year contraction this fiscal, as recovery prospects from COVID-19 related disruptions remain “clouded”, according to DBS Bank India economist Radhika Rao.

The comments came amid the release of key data that showed India’s GDP growth tumbling to 3.1 percent in the March quarter–the slowest pace since the global financial crisis more than a decade back. In 2019-20, the Indian economy grew by 4.2 percent, the slowest in 11 years.

Commenting on the GDP data, Rao said, “Headline growth was firmer than consensus, but was constrained by data collection issues, including unavailability of earnings for many sectors. This keeps the door open for downward revision to this growth rate”.

Stating that the 2Q20 (April-June) will provide a clearer picture of the economic slump during the lockdown, Rao said, adding “recovery prospects in FY21 remain clouded and the economy is on course for a full-year contraction this year”.

According to DBS, consumer discretionary sectors, production and services are likely to take longer to recover.

Markets likely to open high

Deepak Jasani, Head Retail Research, HDFC securities, said, “The markets could open higher following cues from Asian markets as Trump’s action against China was more bark than bite. The Indian markets could open higher today in line with most other Asian markets today and following mixed US indices on Friday.

“US stock indexes ended mostly higher Friday and booked sharp gains for the week and month, after a news conference from President Donald Trump on China turned out to be not as disruptive to trade and finance as had been feared. I think the market anticipating something more stringent than what was announced. WTI crude for July delivery rose $1.78, or 5.3%, to settle at $35.49 a barrel on the NYME. Front-month U.S. benchmark WTI futures rose 88.4% for May, for its best month on record, based on data going back to 1983, according to Dow Jones Market Data. August gold rose $23.40, or about 1.4%, to end the week at $1,751.70 an ounce. Gold tacked on 3.4% for the month.

“The US trade deficit in goods increased by 7.2% in April, according to the Commerce Department’s advanced estimate. The May Chicago Purchasing Managers Index fell to 32.3 in May from 35.4 in April. A final May reading on the University of Michigan’s consumer confidence index rose to 72.3 from an April level of 71.8. April consumer spending slumped 13.6% but personal income soared by 10.5%,

“The final Japan Manufacturing Purchasing Managers’ Index (PMI) fell to a seasonally adjusted 38.4 from 41.9 in March, its lowest since March 2009 while South Korea’s IHS Markit purchasing managers’ index (PMI) edged down to 41.3 in May, the lowest since January 2009 and below 41.6 in April. The Chinese Caixin/Markit manufacturing PMI for May came in at 50.7.

“India’s fiscal deficit for FY20 widened to 4.59 percent of the gross domestic product (GDP) overshooting government target of 3.8 percent by nearly 80 basis points. This is an area of concern as the deficit in FY21 will be even more given the poor revenue collections and extra spend to revive the economic growth.   Lockdown in India has been extended to June 30 albeit with a lot of relaxations in non-containment zones. This could bring in some positivity in markets.

“Stocks in Asia Pacific were higher in Monday morning trade as a Chinese data release over the weekend showed the country’s factory activity expanding in May. With specific and verifiable measures against China appearing to be weak, markets may draw hollow consolation that the US is treading carefully. China’s factory activity rose for a third straight month in May as companies got back to business after strict measures to contain the coronavirus, but worldwide lockdowns and weak demand are likely to weigh on the economy’s recovery. The official manufacturing Purchasing Manager’s Index (PMI) eased to 50.6 in May from 50.8 in April

“The benchmark indices ended higher for the third consecutive day on the first day of June F&O series with Nifty closing 90.2 points or 0.95% higher at 9580.30 on Friday. For the week, the Sensex posted gains of 5.7 percent while the Nifty advanced 5.9%. Technically Nifty has closed at the highest ion almost a month. Following the week-on-week gains, Nifty could rise further towards 9753, while 9440-9511 could provide support,” Jasani said..