On Friday, shares of Bandhan Bank slipped 6.5 percent to Rs 197 on the BSE. The private sector lender said its services are impacted in some areas of West Bengal and Odisha thanks to Amphan and therefore the cyclone is probably going to impact business worth Rs 260 crore. The stock has fallen 11 percent within the past two trading days, as compared to a 0.4 percent rise within the S&P BSE Sensex.
The cases of COVID19 globally has increased to 5.41M and death cases to 345K. If we talk about India, the cases are shooting up with a toll of 139K, and death cases rose to 4,021, and people recovering has increased by 18,600. One area of concern remains Mumbai and Maharashtra, which leads the country with the best number of patients at over 44,500 cases. The number could go up sharply as more and more people are tested within the sprawling slums of the town which understandably have poor sanitation conditions and don’t observe social distancing. The frustration of the administration is often seen where they’re unwilling to open Mumbai for traffic, but want the railways to start the local trains in Mumbai.
With the change in Financial Reporting of companies by ICAI and introduction of a new set of Companies (Auditor’s Report) Order, 2020 (CARO 2020) was done to bring more transparency and faith in the financial statement and to help the companies. The repo and reverse repo rates were cut by 40 basis points to 4 percent and 3.35 percent respectively.
The Indian rupee was struggling and lost ₹0.39 or 0.52 percent to shut at ₹75.95 to the US Dollar. Dow Jones ended the week with gains of 779.74 points or 3.29 percent to shut at 24,465.16 points.
The week went by, which began on a very doomy note. On Monday itself, BSE SENSEX lost almost 1,000 points. The rest of the week was spent in attempting to recoup from that point and it was a difficult task with business sectors making some recuperation however insufficient to shut in the positive domain. NIFTY lost 97.60 points or 1.07 percent to close at 9,039.25 points while BSE SENSEX lost 425.14 points or 1.37 percent to close at 30,672.59 points.
Due to Eid al-Fitr the market has a trading holiday on Monday and is therefore only a four-day week. May futures expire on Thursday the 28th of May and currently, bears have the upper hand with the series down 820.65 points or 8.32 percent. The week ahead will keep on being rough and unpredictable with two-sided developments and in such cases the strategy would be to use rallies to sell and sharp dips to buy, but be very patient.
