Tue. Sep 29th, 2020

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Markets likely to be volatile; Yes Bank, M&M, Cipla in focus

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Markets are likely to be volatile on Friday, while trends in the SGX Nifty suggest a flat opening for benchmark indices. On Thursday, the BSE Sensex closed at 38,025.45, up 362.12 points or 0.96% and the 50-share index Nifty was at 11,200.15, up 98.50 points or 0.89%.

Asia shares were mostly lower on Friday, even as global equity markets gained overnight as investors awaited a US non-farm payrolls report.

Yes Bank will be in focus as the lender on Thursday said LIC has acquired close to 5% shareholding in the bank by purchasing shares from the open market. With the fresh acquisition, the hold of LIC has increased from 0.75% to 4.98%, Yes Bank said in a regulatory filing.

According to latest data issued by LIC, the state-run insurer’s gross non-performing asset (NPA) ratio in its debt portfolio jumped to 8.17% at the end of March 2020 from 6.15% in fiscal 2019. On a net basis, the NPA ratio has risen to 0.79% during fiscal 2020, from 0.27% during fiscal 2019.

Major companies which will declare their June quarter earnings on Friday are Balrampur Chini, Bata India, Mahindra & Mahindra, Cipla and Scooters India among others.

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