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BPCL likely to post Q4 loss of around Rs 1,000 crore amid steep fall in oil prices: Oil marketing company Bharat Petroleum Corporation (BPCL) is expected to report loss of around Rs 1,000 crore in quarter ended March 2020 due to inventory loss amid significant fall in crude oil prices. Motilal Oswal expects negative reported gross refining margins-GRMs (with core at $2 a barrel, benefitted by lower fuel and loss expense).
Most active stocks on NSE in terms of volumes
Buzzing Stock: IndusInd Bank share price added 4 percent in the early trade on June 3 despite Moody’s downgrading the banks rating. Moody’s Investors Service (Agency) has downgraded bank’s long-term local and foreign currency deposit ratings to Ba1 from Baa3 and its BCA to ba2 from ba1. However, it kept the rating outlook negative.
India IHS Markit May services PMI was at 12.6 versus 5.4 and Composite PMI was at 14.8 versus 7.2, MoM, reported CNBC-TV18.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:
The Nifty opened with a gap up of over 100 points. We have a stiff resistance around 10140 where the markets might wish to take a breather before resuming its uptrend for a target of 10300. Until then all dips can be bought into.
10-year data show June belongs to bulls; will COVID-19 spoil the party in 2020?
Historically, bulls have controlled the D-Street in the last six out of ten years in the month of June. Of those six instances, Nifty50 jumped 6% in June 2012, 5% in June 2014, and nearly 5% in June…
Nifty reclaimed the 10,000 mark with Bank Nifty up over 2 percent led by Bandhan Bank, ICICI Bank, Axis Bank and HDFC Bank.
Britannia hits record high: Britannia Industries share price jumped 6 percent on June 3 hitting record high of Rs 3,704.55 per share after the company reported a consolidated profit of Rs 374.75 crore for March quarter, registering a 26.1 percent year-on-year growth driven by lower tax cost (down 45 percent YoY).
Rupee opens: Indian rupee gained in the early trade on Wednesday. It opened 33 paise higher at 75.03 per dollar against previous close of 75.36
