Stock market updates: The benchmark indices witnessed a see-saw trade on Friday as markets failed to breach crucial resistance zones at the higher levels. As per technical charts, if the frontline S&P BSE Sensex and the Nifty surpass their psychological levels of 50,000 and 15,000 levels, respectively, then the indices may log a 4-per cent rally in the short-term.
However, with the Covid-19 situation in the country getting grimmer day by day, market participants have stayed on the sidelines. During Friday's session, the Sensex index dropped 250 points from day's high of 49,089 to settle 28 points, or 0.06 per cent higher at 48,832.
The NSE's Nifty50, on the other hand, ended at 14,618 levels, up 36 points or 0.25 per cent. The index had reached an intra-day high of 14,698.
Wipro, which jumped 10 per cent in the intra-day trade and hit a record high of Rs 474 on the NSE, ended as the top gainer (up 9 per cent) on the Nifty after clocking its best performance in the March quarter in a decade. ICICI Securities said that the key highlights of the quarter were healthy deal wins, up 16.7 per cent QoQ, to $1.4 billion, healthy net addition of 7,404 employees, higher offshore up 180 bps to 54.5 per cent. READ MORE
That apart, Hindalco, Asian Paints, Cipla, BPCL, HCL Tech, and UltraTech Cement were the other best performing stocks on the Nifty, up in the range of 2 per cent to 4 per cent. On the downside, Tata Steel, L&T, ICICI Bank, SBI, Bajaj Finance, and JSW Steel slipped up to 2 per cent to end as top drags on the index.
Investor participation in the broader markets, however, remained strong with the S&P BSE MidCap and SmallCap indices settling 1.2 per cent and 1.05 per cent higher, respectively.
Sectorally, the Nifty Pharma index ended 2 per cent higher while the Nifty Auto, IT, Metal, and FMCG indices gained between 0.6 per cent and 1.2 per cent. On the downside, the Nifty Bank, PSU Bank, and Realty indices slipped up to 0.6 per cent.
Shares of SBI Cards and Payment Services were trading higher for the third straight day, advancing 8 per cent to Rs 976 on the BSE in the intra-day trade on Friday, on the back of heavy volumes. In the past three days, the stock has gained 10 per cent after correcting 22 per cent from its record high level of Rs 1,149 touched on February 24, 2021. According to reports, global lender Citi's exit from retail banking business in India is likely to pave the way for consolidation in the Indian financial sector, eying for an increased market share across business verticals, say analysts. SBI Cards, they believe, could be another beneficiary. READ MORE
Shares of multiplex operators like PVR and Inox Leisure continued to remain under pressure, hitting seven-month lows on the BSE in intra-day trade on Friday after Delhi Chief Minister Arvind Kejriwal announced sweeping restrictions in a bid to break the chain of Covid-19 infections in the city. Among individual stocks, PVR slipped 3 per cent to Rs 1,030, while Inox Leisure dipped 2.5 per cent to Rs 248.45 on the BSE in intra-day trade today. Both these stocks are trading at their lowest level since September 2020. READ MORE
Shares of DCM Shriram moved higher by 20 per cent to hit an all-time high of Rs 663.89 on the National Stock Exchange (NSE), in the intra-day trade on Friday, on the back of heavy volumes. The stock has surpassed its previous high of Rs 637, touched on May 23, 2019. READ MORE
World stocks hit a record high on Friday and oil climbed after strong US and Chinese economic data bolstered expectations of a solid global recovery from the coronavirus-induced slump. MSCI's broadest gauge of world stocks edged 0.1 per cent higher, led by Britain's FTSE 100, up 0.5 per cent.
In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan was last up 0.5 per cent, with Shanghai shares adding 0.8 per cent and Japan’s Nikkei up 0.1 per cent.
TECH VIEW :: Nagaraj Shetti, Technical Research Analyst at HDFC Securities
The short term trend of Nifty continues to be positive. But, the strength of up move seems to be lacking near the crucial overhead resistance around 14700-14800 levels. A sustainable move only above 14800 could open any meaningful upside from here and any failure could bring bears back into action.
TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research
The market witnessed a positive trend in today's activity. The breakout on Thursday, 15th April above the resistance level of the Nifty50 Index level of 14500 is positive from a short-term perspective. Sustaining above 14500 levels, the market to gain momentum, lead to an upside projection till the 14900 levels. The momentum indicators like RSI and MACD support the upside move indicate the continuation of the short-term uptrend is more likely.
MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities
Despite US markets hitting new highs, Indices here remained in a range today as FII figures for the first half of the month were not very encouraging but we did see plenty of action in the broader market with Pharma & Metals witnessing investor appetite. Despite a normal monsoon forecast today by the met dept, investors remained circumspect on account of rising coronavirus cases
Markets this week
>> S&P BSE Sensex slipped 1.5 per cent
>> Nifty50 dipped 1.4 per cent
>> Adani Ports (8.2%), IndusInd Bank (6.6%), and Infosys (6%) were the top Nifty losers
>> Cipla (6.2%), Wipro (4.3%), M&M (3.6%) were the top Nifty gainers
TECH VIEW :: Rohit Singre, senior technical analyst at LKP Securities
The Nifty has taken strong resistance from 14,700 levels, which will be an immediate hurdle for the coming week. Support is still placed at 14500-14400 levels. If the index is able to hold this, there are chances it may move up further going ahead.
Nifty ends 36 points higher
Volume toppers :: Sensex
Sensex heat map
ICICI Bank, Bajaj Finance among top losers
During Friday's session, the Sensex index dropped 250 points from day's high of 49,089 to settle 28 points, or 0.06 per cent higher at 48,832.
The NSE's Nifty50, on the other hand, ended at 14,618 levels, up 36 points or 0.25 per cent. The index had reached an intra-day high of 14,698.
Citigroup's retreat highlights global banks' struggle in China, India
Increased rivalry from domestic lenders, especially in consumer financing, and fierce competition for top talent contributed to the challenges that overseas banks have often struggled to overcome. High capital and regulatory requirements also proved onerous.
Citigroup Chief Executive Officer Jane Fraser said Thursday that the bank had decided it didn’t have the scale it needed to compete in China, India and 11 other markets. Overall, international banks had a 1.2% share of assets in 2020 in Asia’s largest economy, compared to 1.8% in 2010, McKinsey & Co. data showed. In India, that number slipped to 6.8% last year, down from 7.2% a decade ago, according to the data. READ MORE
MARKET CHECK :: Sensex pares gains
Jindal Steel exits Oman biz via balance 51% stake sale to Vulcan Steel
Moving towards the completion of its Oman unit divestment, Naveen Jindal-led Jindal Steel & Power (JSPL) arm Jindal Steel & Power (Mauritius) Limited has sold its balance stake to Vulcan Steel in the second and final tranche.
In a BSE filing, the Delhi-based primary steel producer today informed that the balance stake sold represented 51 percent of the share capital of Jindal Shadeed Iron and Steel LLC, Oman was sold to the private limited company, in accordance with shareholder approval secured at the extraordinary general meeting held in July last year. READ MORE
Result tomorrow | HDFC Bank Q4: Analysts see 25% YoY jump in PAT; guidance key monitorable
Analysts at Kotak Institutional Equities would focus on near-term growth recovery and segments that would be drive this growth. They are factoring-in a 6 per cent quarter-on-quarter (QoQ) decline in net profit, at Rs 8,218.6 crore, on the back of a 0.3 per cent dip in operating profit at Rs 15,135.7 crore. Both the parameters, however, would be 18.6 per cent and 16.8 per cent higher, respectively on a year-on-year (YoY) due to low base effect. READ MORE
Latest Covid-19 wave deadlier in Brazil than India: No one knows why
When it comes to the scale of infections, the two nations are similarly matched, with cases hovering around 14 million and hospitals from Mumbai to Sao Paulo under increasing pressure as admissions continue to rise. But it’s the divergence in fatalities that has scientists puzzled. Brazil, home to almost 214 million, has seen more than 365,000 people die from Covid-19, more than double the number of deaths in India, which has a far greater population of 1.4 billion. READ MORE
>> Co reports profit of Rs 56.9 crore vs loss of Rs 13.6 crore YoY in Q4FY21
Gold prices hover near seven-week peak as US bond yields decline
Gold prices held steady near their highest since late-February on Friday, en route to their second straight weekly gain, boosted by a drop in U.S. Treasury yields and a weaker dollar.
Spot gold was flat at $1,762.70 per ounce by 0740 GMT, after hitting its highest since Feb. 26 at $1,769.37 on Thursday. Bullion is up more than 1% so far this week. READ MORE
Real estate gets pvt equity investments of $3.2 bn in Q1: Report
The Indian real estate attracted private equity (debt and equity) investments of 3.24 billion dollars across 19 deals during January to March (Q1 2021), up 16 times compared to 199 million dollars in Q1 2020, according to Knight Frank India.
The investments in Q1 2021 in value terms were 80 per cent of that witnessed in full year 2020 and 48 per cent of full year 2019, it said in its latest research report. READ MORE
NEWS ALERT :: Ashok Leyland delivers Light Bullet Proof Vehicles to Indian Air Force
>>Ashok Leyland has delivered first of its kind “Light Bullet proof Vehicles” to the Indian Air force.
>> Ashok Leyland delivered first lot of these modern vehicles on April 13th.
>> LBPV is an adopted version of Lockheed Martin’s (LM) CVNG (Common Vehicle Next Gen) and has been developed under TOT from LM to Ashok Leyland. It is completely indigenized and developed in India
NEWS ALERT :: Sunday lockdown announced in UP
UP government announces Sunday lockdown amid rising COVID-19 cases:Official statement
Infosys: Analysts keep the faith despite the disappointing Q4 show
A miss on the March quarter performance and valuations weighed on the Infosys stock which shed about 3 per cent trade on Thursday. The disappointment was largely due to the high expectations built in into estimates after the consistent outperformance on growth and deal wins over the previous quarters.
While constant current growth of 2 per cent in the quarter fell short of the 3-4 per cent estimate, the growth guidance of 12-14 per cent for FY22 too was a shade below what analysts had forecasted. READ MORE
SBI Card trades higher for third straight day; stock up 8% on heavy volumes
Shares of SBI Cards and Payment Services were trading higher for the third straight day, advancing 8 per cent to Rs 976 on the BSE in the intra-day trade on Friday, on the back of heavy volumes. In the past three days, the stock has gained 10 per cent after correcting 22 per cent from its record high level of Rs 1,149 touched on February 24, 2021. READ MORE
MARKET UPDATE:: S&P BSE MidCap index at day's high, up 1.5 per cent
Price hike hit :: Maruti Suzuki to increase prices of select models owing to increase in various input costs
>> The weighted average price increase in Ex-Showroom Prices (Delhi) across models is 1.6%.
>> The new prices are effective from today i.e. 16th April, 2021.
DCM Shriram rallies 20% on heavy volumes, stock hit all-time high
Shares of DCM Shriram moved higher by 20 per cent to hit an all-time high of Rs 663.89 on the National Stock Exchange (NSE), in the intra-day trade on Friday, on the back of heavy volumes. The stock has surpassed its previous high of Rs 637, touched on May 23, 2019. At 12:39 pm, it was trading 17 per cent higher at Rs 651 compared to a 0.46 per cent rise in the Nifty50 index. Trading volumes on the counter jumped nearly four-fold with a combined 2.8 million equity shares changing hands on the NSE and BSE. READ MORE
BUZZING STOCK:: JSW Energy zooms 8%
Covid, ATF prices to push airlines into Rs 10,000 cr loss in FY22: Crisil
The second wave of Covid-19 pandemic has already resulted in slowdown in air traffic. Airlines are clubbing flights as booking volumes have slumped around 40 per cent. On Tuesday domestic air traffic fell to 183,331 (first time under 200,000 since last November). On Thursday the Mumbai airport announced consolidation of all operations at terminal 2 (T2) barely a month after shifting a few flights to T1. All domestic and international flights in Mumbai will now operate from T2 from April 21. READ MORE
Fall from intra-day high in BSE500 stocks in today's session
Monsoon to be normal this year in India, says IMD in good news for economy
India will probably experience normal monsoon rainfall this year as La Nina or El Nino weather conditions, which impact rain patterns, are likely to be absent, according to according to state-run forecaster India Meteorological Department. Skymet, a private weather forecasting agency, had said on Tuesday the southwest monsoon in 2021 starting June is likely to be ‘normal’ at 103 per cent of the Long Period Average (LPA). READ MORE
Bond markets ignore RBI's G-Sap largesse on rising inflation; yields soar
Bond yields shot up more than 10 basis points after the first auction under the much-publicised G-sec Acquisition Programme (G-SAP 1.0), casting doubts about its effectiveness at a the time when the pandemic upsurge is threatening to halt economic revival in the country. The G-SAP, on the contrary, was supposed to keep liquidity in the markets. READ MORE
Should you sell on a rally or buy on dips? Here's what charts say
The index has shown a rebound around the 100-days moving average (DMA). This momentum, however, needs to see follow-up buying in coming days to regain strength. Once that happens, the index may conquer 50,000 levels. A breakout above this level may build a bullish sentiment in the index, taking it towards 51,500 to 52,200 levels, as per the daily chart. On the downside, if the crucial support of 47,500 gets broken, the resultant sell-off may aggravate the build-up of short positions. READ MORE
MARKET UPDATE:: Sensex off day's high
Ashoka Buildcon soars 11% on order win from Gujarat Rail Infrastructure
Shares of Ashoka Buildcon jumped 11 per cent to Rs 98.50 on the BSE in intra-day trade on Friday, after the company received a letter of award (LOA) from Gujarat Rail Infrastructure Development Corp (G-RIDE). "The LOA is for the project 'Gauge conversion of Bechraji (63.83 KM) - Ranuj (101.983 KM) Section, total length of 38.1 km metre gauge to broad gauge with 25 KV AC electrification in Ahmedabad. The accepted project cost is Rs 333.625 crore," Ashoka Buildcon said in a exchange filing. READ MORE
Praj Industries extends rally after it wins order to set up ethanol plant
Shares of Praj Industries surged 7.5 per cent to Rs 226.90 on the BSE in the intra-day trade on Friday, gaining 18 per cent in the past three trading days, after the company bagged an order to set up India's largest capacity syrup-based ethanol plant from a Godavari Biorefineries Ltd (GBL) in Karnataka. The company, however, did not disclose the value of the contract. READ MORE
Citi's exit from retail banking an opportunity for Indian banks: Analysts
Citi’s exit from retail banking business in India is likely to pave the way for consolidation in the Indian financial sector with smaller private players, including SBI Cards, ICICI Bank, Axis Bank, vying for an increased market share across business verticals, say analysts. Those at Jefferies, for instance, suggest opportunities could open up either to acquire the existing stock of Citibank's clients and / or gain market share in segments like credit cards, deposits and retail loans. READ MORE
India reports highest-ever single-day spike with 2,17,353 Covid-19 cases
A record single-day rise of 2,17,353new coronavirus infections took India's total tally of COVID-19 cases to1,42,91,917,while active cases surpassed the 15-lakh mark,according to the Union Health Ministry data updated on Friday. The death toll increased to1,74,308 with 1,185 new fatalities,the highest since September 19, 2020,the data updated at 8 am showed. READ MORE
PVR, Inox Leisure hit seven-month low; tank up to 28% in a month
As per new guidelines by the Delhi government to curb the spread of Covid-19, cinema halls are allowed to operate at 30 per cent occupancy compared to 50 per cent earlier. During the Covid-19 curfew in Delhi over the weekend, shopping malls, auditoriums, restaurants, gyms and spas will remain shut till further orders, while cinema theatres will be allowed to screen movies with 30 per cent of their seating capacities on weekdays. READ MORE
Taper tantrum, inflation surpass Covid as top market risk: BofA survey
“A year ago, Covid-19 was named a global pandemic on March 11. Now in April 2021, a mere 15 per cent cite COVID-19 risk as the biggest tail risk, lower than even "higher taxes" at 15 per cent. Taper Tantrum is now first at 32 per cent, followed by inflation at 27 per cent,” said the brokerage in a note.
The BofA Survey was conducted between April 6 and 12 with over 200 panelists with $553 billion in assets under management participating. READ MORE
MARKET UPDATE:: Broader indices outperform benchmarks
Century Plyboards rallies 24% in 3 days; stock nears record high
At 09:46 am, Century Plyboards was trading 6 per cent higher at Rs 352, as compared to 0.42 per cent rise in the S&P BSE Sensex. The trading volumes on the counter nearly doubled as compared to two-week average volumes. A combined around 715,000 equity shares had changed hands on the counter in first 30 minutes of trade on the NSE and BSE. READ MORE
Rupee opens stronger at 74.77 per US dollar vs Thursday's close of 74.92/$
Wipro surges 6%, nears record high on healthy March quarter results
Shares of Wipro rallied 6 per cent to Rs 456 on the BSE in intra-day trade on Friday after the company reported a healthy IT services revenue growth and margins in the March quarter (Q4FY21). The stock hit its record high of Rs 467, in intra-day trade on January 13. READ MORE
NEWS ALERT :: L&T Construction wins order in the range of Rs 1,000-2,500 cr
Broader markets outperform
Large Trade :: Wipro extends gains, now up over 6% on heavy volume
>> A combined 23.63 million shares have changed hands on the counter on the NSE and BSE
MARKET CHECK :: Sensex extremely volatile in morning deals
ISGEC Heavy Engg advances over 2.5% as Goldman Sachs ups stake
>> Goldman Sachs increased stake in the company to 1.88 per cent at the end of March quarter 2021, from 1.33 per cent in December quarter 2020.
Sadbhav Infrastructure Project gains over 3% on fund raising
>> Sadbhav Infrastructure Project has raised Rs 550 crore by allotment of unlisted, secured NCDs of the face value of Rs 1 lakh each on a private placement basis.
Ashoka Buildcon skyrockets 10% on new project win
>> Ashoka Buildcon has received a Letter of Award from Gujarat Rail Infrastructure Development Corporation for a gauge conversion project. The accepted project cost is Rs 333.625 crore.
National Fertilisers rallies 2%
>> Government has issued a request for proposals to engage legal advisors, merchant bankers and selling brokers to sell a 20 per cent stake in the company via OFS.
Ahead of results :: Mindtree gains nearly 1%
>> Mindtree is scheduled to report its Q4 numbers later today
Result Reaction :: Wipro surges 4% as Q4 PAT rises 28% YoY
>> Wipro, on Thursday, reported consolidated net profit of Rs 2,970 crore in the quarter ended March 31, 2021, an increase of 27.8 per cent year-on-year (YoY) and a 0.1 per cent rise sequentially. Total revenue for the quarter grew 3.4 per cent YoY at Rs 16,250 crore. The company expects dollar revenue in Q1FY22 in the range of $2,195-2,238 million.
Sectoral trends on the NSE :: Pharma stocks underperform
Sensex Heatmap :: RIL, Infy among top drags
Opening Bell :: Nifty tops 14,600
Opening Bell :: Sensex advances nearly 200 pts
Commodity prices in early deals
Pre-open trade :: Nifty settles flat
Pre-open trade :: Sensex up 100 pts
Top stocks to watch today
Earnings Today: Mindtree, Den Networks, GTPL Hathway, MMTC, and AAR Commercial Company are scheduled to release quarterly numbers on Friday.
Wipro, on Thursday, reported consolidated net profit of Rs 2,970 crore in the quarter ended March 31, 2021, an increase of 27.8 per cent year-on-year (YoY) and a 0.1 per cent rise sequentially. Total revenue for the quarter grew 3.4 per cent YoY at Rs 16,250 crore. The company expects dollar revenue in Q1FY22 in the range of $2,195-2,238 million. READ MORE
ADANIENT is in a secular uptrend, trading in a cycle of higher highs and higher bottoms, indicating inherent strength in the overall counter. On the daily time frame, the stock has rebounded from its 21-DEMA, and sustaining above this, is expected to march with the same tandem. Also, the mean of the Bollinger band has historically proven strong support for the counter making it a favourable risk-reward ratio for a short-term duration. READ MORE
Quess Corp in focus
>> Quess Corp acquires remaining 30% stake in Conneqt Business Solutions from Tata Sons for Rs 208 crore
>> Conneqt has performed exceedingly well during this period achieving a pre-COVID revenue CAGR of around 15%, growing NPS from 14% to 45%, and reducing concentration from its top 10 customers, from 74% to 59% of revenues.
Bull Spread Strategy on ICICI Bank
Long build up is seen in the ICICI Bank Futures’ where we have seen 6 per cent (Prov) rise in the Open Interest with price rising by 2 per cent
The stock price has given bullish breakout from the downward slopping trendline adjoining the highs of 12-March-2021 and 01-Apr-2021 READ MORE
FII/FPI & DII trading activity on NSE, BSE and MSEI
Oil prices held firm after hitting a four-week highs on Thursday following positive US economic data and higher demand forecasts from the International Energy Agency (IEA) and OPEC.
Brent futures stood flat at $66.93 per barrel, while U.S. crude was also little changed at $63.42 per barrel, both on course for their first substantial weekly gains in six.
SGX Nifty alert
At 8:20 AM, the SGX Nifty traded 19 points up at 14,638
Asian markets check
Asian stocks fluctuated in early trade Friday. Hang Seng was last up 0.36 per cent, and Japan's Nikkei rose 0.2 per cent, while Australia's ASX200 was down 0.1 per cent
Wall Street update
On Wall Street, surprisingly robust economic data helped propel US indexes to records. US retail sales rebounded 9.8 per cent in March, the largest increase since May 2020, while the Labor Department said initial claims for state unemployment benefits fell to the lowest level since mid-March 2020.
Consequently, the Dow Jones rose 0.9 per cent and the S&P 500 advanced 1.11 per cent. The Nasdaq added 1.31 per cent.
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