Fag-end buying lifts Sensex 260 pts, Nifty tops 14,550; Infosys dips 2.5%

Topics MARKET WRAP | Markets | Infosys

Stock market updates: A smart recovery in the fag-end of the session, aided by gains in private banks, metals, and pharma stocks, helped the benchmark indices reverse losses and end near day's high on Thursday. Among the headline indices, the BSE barometer Sensex ended 259.6 points, or 0.5 per cent, higher at 48,803.7 levels while the NSE's Nifty50 settled at 14,581 levels, up 76.6 points or 0.5 per cent supported by gains in heavyweights like HDFC Bank, ICICI Bank, TCS, HDFC, Reliance Industries, ONGC, and Axis Bank. These stocks gained in the range of 1 per cent to 4 per cent.

Earlier in the day, the benchmark Sensex and Nifty hit a low of 48,010 and 14,353, respectively as a record spike of 200,739 cases in daily Covid-19 cases, weekend curfew in Delhi, and WPI inflation at an 8-year high of 7 per cent made investors jittery, nudging them to take profits off the table on concerns of a delay in economic recovery. 

Investors were quick to off-load shares of auto and PSU banks. That apart, profit booking was also seen in select FMCG and IT stocks such as Nestle India, Britannia, Infosys and Tech M.

Overall, the Nifty Bank, Pharma, Metal, IT, Financial Services, and Private Bank indices ended up to 1.4 per cent higher while the Nifty Auto, Realty, PSU Bank, and FMCG slipped between 0.04 per cent and 1.5 per cent.

In the broader markets, the S&P BSE MidCap and SmallCap indices ended 0.1 per cent and 0.03 per cent lower at 19,923 and 20,799.7 levels, respectively. In the intra-day deals, the indices had hit a low of 19,641 and 20,555, respectively.

The sudden rise in Covid cases and the micro-lockdowns imposed across key economic hubs in India have also made foreign brokerages trim their return expectation from Indian equities over the next 12 months.

After Nomura, that recently cut its March 2022 Nifty50 target to 15,340 (earlier target: 14,680 by December 2021), analysts at Goldman Sachs have now tempered their expectation, albeit modestly. They now see the Nifty at 16,300 levels in 12 months (16,500 earlier). However, they have retained their ‘overweight’ stance on India for now. READ MORE

Global markets
Asian shares slipped on Thursday dragged down by Chinese stocks as recent upbeat economic data raised fears of monetary policy tightening. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 per cent while New Zealand's benchmark index fell 0.9 per cent. Japan's Nikkei, however,finished 0.07 per cent higher.

Chinese shares stumbled with the blue-chip CSI300 index down 0.9 per cent and Hong Kong's Hang Seng index dropping 0.8 per cent.

On the other hand, European shares hit record peak on rising commodity prices. The pan-European STOXX 600 index and UK’s commodity-heavy FTSE 100 gained 0.3 per cent each.


LIVE UPDATES

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

Market is becoming more cautious as states are increasing restrictions due to the havoc created by the virus. Growth-oriented sectors & stocks are losing momentum while defensives like Pharma, FMCG & IT are gaining. However, states will not opt for a complete lockdown like last year, but high valuation will lead to a phase of short-term consolidation

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

One more positive session witnessed today as the index closed a day at 14581 with gains of more than half per cent and formed a bullish candle for the second consecutive day. The index has formed a good base near 14460-14350 zone if managed to sustain the above-said levels we may see northward move towards 14700-14800 zone which is an immediate and strong hurdle on the higher side. The overall range for nifty is coming in between 14250 on the downside and 15k on the higher side

STOCK OF THE DAY :: Dabur ends 3% higher, m-cap hits Rs 1.01 trillion


STOCK OF THE DAY :: Infosys ends 2.6% down


Broader market :: BSE MidCap index fails to turn positive


Stocks that helped Sensex recoup losses


Sectoral trends on the NSE :: Auto, PSB indices down 1.3% each


Sensex Heatmap at Close


Sensex closes nearly 800 pts higher from day's low


CLOSING BELL

Among the headline indices, the BSE barometer Sensex ended 259.6 points, or 0.5 per cent, higher at 48,803.7 levels while the NSE's Nifty50 settled at 14,581 levels, up 76.6 points or 0.5 per cent supported by gains in heavyweights like TCS, HDFC Bank, ICICI Bank, TCS, HDFC, Reliance Industries, ONGC, and Axis Bank. These stocks gained in the range of 1 per cent to 4 per cent.

Here are the top gainers on the S&P BSE Sensex at this hour


Sharp upswing in markets; Sensex at day's high


Sharp rebound! Sensex trades at day's high


This information technology stock has zoomed 134% in 6 weeks

Shares of Aurionpro Solutions hit a 31-month high of Rs 192.45 after rallying 17 per cent on the BSE in intra-day trade on Thursday on the back of heavy volumes. The trading volumes on the counter jumped nearly three-fold with a combined 470,000 equity shares changing hands on the NSE and BSE, till 02:10 pm. READ MORE


Coinbase shares jump 10% day after Nasdaq debut

Coinbase Global Inc shares jumped 10% in early trades on Thursday, a day after the cryptocurrency exchange went public in a high-profile debut on the Nasdaq that briefly valued it at more than $100 billion.
 
The debut marks another milestone for bitcoin and other digital assets and comes amid a surge in the value of cryptocurrencies that has lured a clutch of mainstream, top-tier firms.
 
Cathie Wood’s Ark funds bought $246 million worth of Coinbase shares in the debut on Wednesday, according to the firm’s daily trade summary.
 
(Source: Reuters)

MARKET UPDATE:: Sensex turns green


Oil prices register one-month highs as IEA and OPEC raise forecasts

Oil prices rose on Thursday to the highest level in nearly a month, after jumping 5% in the previous session, driven by increased demand forecasts from the International Energy Agency (IEA) and OPEC as major economies recover from the pandemic. Brent crude was up by 16 cents at $66.74 a barrel by 0659 GMT, after reaching $66.94 earlier, the highest since March 18, and gaining 4.6% on Wednesday. READ MORE
 

Jhunjhunwalas trim stake in Titan, 2 others in Q4; buy Fortis Healthcare

During the March quarter of the financial year 2020-21 (Q4FY21), Jhunjhunwala offloaded a 0.26 percentage point stake, or 2.25 million shares, in Titan Company, bringing down his holding to 3.97 per cent from 4.23 per cent at the end of December quarter following underperformance in the stock vis-a-vis BSE Sensex. The stock dipped nearly 1 per cent as against a 4 per cent rise in the benchmark during the March quarter. READ MORE

BOJ's Kuroda warns of lingering Covid pandemic pain for economy

Japan's economy is picking up steam but any recovery is likely to be modest due to lingering caution over the coronavirus pandemic, Bank of Japan Governor Haruhiko Kuroda warned on Thursday.
 
The central bank offered a bleaker assessment than three months ago for two of Japan's nine regions and maintained its view on the remaining areas, signalling cautious optimism on the outlook for the fragile recovery. READ MORE

IL&FS raises aggregate debt recovery target to Rs 61,000 crore

The new board and management of IL&FS as part of its quarterly update process on the progress of ongoing group resolution process on Thursday shared that it has addressed aggregate debt of Rs 43,000 crore till date. The group has further enhanced its estimates of aggregate debt recovery to Rs 61,000 crore - an increase of Rs 5,000 crore over its earlier estimate of Rs 56,000 crore. READ MORE


Eicher Motors shares skid 4%, hit over 3-month low

Shares of Eicher Motors, on Thursday, slipped 4 per cent to an over three-month low of Rs 2,384 on the National Stock Exchange (NSE) in intra-day trade as analysts remain cautious about the company's prospects, going ahead, both on the volume front as well as the margin performance on account of slowing demand momentum, commodity price impact and increasing competition in the premium motorcycle segment. READ MORE

Foreign brokerages temper return expectation from Indian equities

The sudden rise in Covid cases and the micro-lockdowns imposed across key economic hubs in India has seen foreign brokerages trim their return expectation from Indian equities over the next 12 months.
 
After Nomura that recently cut its March 2022 Nifty50 target to 15,340 (earlier target: 14,680 by December 2021), analysts at Goldman Sachs, too, have tempered their expectation, albeit modestly. They now see the Nifty at 16,300 levels in 12 months (16,500 earlier). However, they have retained their ‘overweight’ stance on India for now. READ MORE

MARKET CHECK :: Sensex off lows, now down 100 pts


Low base, recovery in demand to drive up auto firms' Q4 earnings

Aided by a lower base because of last year’s lockdown and recovery across segments, auto companies are expected to post average revenue growth upwards of 35 per cent year-on-year (YoY) in the March quarter (Q4). Though wholesale numbers declined, compared with the festive season sales, factory dispatches remained strong despite multiple price hikes and lower discounts. READ MORE

WPI inflation spikes to over 8-year high of 7.39% in March

The wholesale price-based inflation shot up to over 8-year high of 7.39 per cent in March on rising crude oil and metal prices.
 
Also, the low base of March last year, when the data was computed with a low response rate due to the nationwide lockdown, contributed to a spike in inflation in March 2021. READ MORE

NEWS ALERT :: Multiplexes to operate at 30% capacity in Delhi, says Arvind Kejriwal


NEWS ALERT :: Weekend curfew imposed in Delhi

Gautam Adani may win three more slots on MSCI India Index as shares double

Billionaire Gautam Adani is likely to see three more companies from his coal mining-to-data centers conglomerate join the MSCI India Index after shares in each one of them more than doubled this year, according to analysts. READ MORE


Half the PMS schemes trail Nifty 50 in FY21, clutchful offer 100% returns

Companies providing portfolio management services (PMS) had a tough time beating the benchmark index in the last financial year, with more than half of the schemes underperforming the Nifty 50 index.
 
Fifty five per cent, or 117 out of 213 PMS schemes, underperformed the benchmark, which gained nearly 71 per cent in FY21, data from industry tracker PMS Bazaar shows.  READ MORE

From best to worst: Rupee tumbles in 2 weeks on Covid, poised for more loss

The mayhem is also weighing on dollar bonds from the nation’s issuers, which have under-performed Asian peers this month, as India overtook Brazil as the second-worst-hit Covid nation in the world. Stricter restrictions on movement across the country are reviving memories of last year when extended lockdowns squeezed demand and pushed the economy into its worst contraction in nearly seven decades. READ MORE

Dabur India hits fresh record high; m-cap crosses Rs 1-trillion mark

Dabur India, the personal products company, joined the elite club of companies with Rs 1-trillion market capitalization (market-cap) on the BSE, after its share price rose 1.6 per cent to a fresh high of Rs 569.20 in intra-day trade on Thursday in an otherwise weak market. The stock surpassed its previous high of Rs 566, touched on April 9, 2021. READ MORE

 

ITC, HUL: Is it time to bet on FMCG stocks in an uncertain market?

As per media reports, Kirana stores and supermarkets have seen a 25 per cent spike in weekday grocery shopping volumes, while online grocer Grofers has seen a 30 per cent spike in weekly demand in the markets that have been affected by the second wave, particularly for packaged foods categories. FMCG firms such as ITC, Parle Products, Marico, Emami and CG Corp Global, on their part, have assured uninterrupted supply of their products based on the learnings from the previous year's lockdown. READ MORE

Q4 results: Metals & mining firms riding high on the commodity price rally

Metal companies are expected to post a stellar performance in the March quarter (Q4FY21) on the back of higher realisations and strong volumes. “We expect Q4 to be a blockbuster for ferrous with never-seen-before profitability with an uptick in realisation of Rs 5,500-6,000 per tonne and possibility of deleveraging to sustain along with higher mix of exports,” analysts at Edelweiss Research said in a report. READ MORE

NEWS ALERT | March WPI zooms to 7.39% from 4.17% in February

Hindustan Copper raises Rs 500 cr via QIP issue

State-owned Hindustan Copper (HCL) on Thursday said it has raised Rs 500 crore through issuance of shares to institutional investors. "The qualified institutions placement (QIP) of Rs 500 crore has been fully subscribed," the PSU said in a statement. The funds from the QIP are proposed to be used to fund the ongoing capex/expansion plan of the company. 

(Text Source: PTI)

Nifty sectoral indices at this hour


Finolex Industries turns ex-date for 1:5 stock split, hits 52-week high

Shares of Finolex Industries rose 4 per cent to hit a 52-week high of Rs 145 on the BSE in intra-day trade on Thursday after they turned ex-date for stock split in the ratio of 1:5. The company has fixed Friday, April 16 as the record date for the sub-division (split) of one equity share of the face value of Rs 10 into five equity shares of the face value of Rs 2 each. READ MORE

NEWS ALERT | ICRA upgrades JSPL's long-term rating to 'A' from 'BBB+'; outlook stable


How to gauge market sentiment using technical analysis techniques

Sentiment is the overall view of market participants about a particular stock or the market as a whole. It is an integral part of the stock market, and a clarity about sentiments helps investors build a broad view of the possible future trend: positive sentiment suggests a bullish outlook, while negative sentiment points at a bearish one. Whenever majority favours a particular sentiment, it is said that the trend and direction are highly robust. READ MORE

The big, easy 'buy' story in Asia over; remain underweight on India: HSBC

Substantial US stimulus is likely to create an overheating threat to emerging markets (EM) equities, said analysts at HSBC in an April 15 note. The only silver lining for EMs, they feel, is a dip in bond yields that can trigger an upside. The research and brokerage house has maintained an ‘underweight’ rating on India, Taiwan and Pakistan. Hong Kong, Singapore, Thailand and Indonesia is where HSBC remains 'overweight', while remaining 'neutral' on Mainland China, Japan, Philippines, Malaysia and Korea. READ MORE

Revenue miss, yet brokerages bullish on Infosys post Q4 numbers; here's why

Despite the miss on sequential revenue growth, analysts remain bullish on Infosys as they believe underlying metrics such as headcount addition, fresher hiring along with deal win momentum seen through FY21, should continue to aid the company's growth leadership in FY22 as well. But they believe the near-term correction in the prices is likely. READ MORE

Sugar shares rally in a weak market; Balrampur Chini surges 9%

Shares of sugar companies, on Thursday, rallied up to 9 per cent on the BSE in intra-day trade in an otherwise weak market on expectation of improved earnings growth in the March quarter (Q4FY21). The improvement is expected to come on the back of the subsidy announced in December 2020 and a strong momentum in exports. READ MORE

NEWS ALERT :: CCI approves acquisition of DHFL by Piramal Capital & Housing Finance

>> Piramal's acquisition of DHFL will not have any appreciable adverse imapct on competition

Alert: Piramal Group's bid for DHFL was approved by Committee of Creditors in January 2021.
         DHFL was put under insolvency in 2019.

Source: TV reports

NEWS ALERT

Ebit margin drop, BFSI boost: Analysts' expectation from Wipro's Q4 nos

Amid expectations of a strong performance by the information technology (IT) services sector in the fourth quarter of the financial year 2020-2021 (Q4FY21), analysts expect Wipro to post steady growth, driven by a ramp-up in deals and continued momentum in Consumer, Technology and Healthcare verticals. However, margins are likely to contract sequentially largely due to wage inflation. READ MORE

Top losers on BSE at this hour

Company PRICE(rs) CHG(%)
I O B 16.75 -7.20
Bank Of Maha 25.40 -5.93
Sobha 497.55 -5.88
Sunteck Realty 278.80 -4.93
Central Bank 17.25 -4.43
» More on Top Losers

India records highest ever single-day spike with 200,739 Covid-19 cases

The number of new coronavirus cases in India hit a record daily high with over 200,000 infections being reported in a day, while the active cases surpassed the 14- lakh mark,according to the Union Health Ministry data updated on Thursday. With the new cases, the total tally of Covid-19 cases in the country rose to 14,074,564. READ MORE

MARKET CHECK :: Sensex tumbles 400 pts


5paisa Capital to raise Rs 251 crore at Rs 500 per share; stock zooms 20%

Shares of 5paisa Capital were locked at the 20 per cent-upper circuit at Rs 350.40 on the National Stock Exchange (NSE) on Thursday after the firm's board approved fund raising of Rs 251 crore at Rs 500 per share on preferential basis to marquee investors and Promoters and Promoter Group. The preferential issue price is at 70 per cent premium over Tuesday’s closing price of Rs 292 per share on the NSE. READ MORE

Q4 results preview: Quick economic recovery to aid banks' profits

Lenders, including non-banking finance companies (NBFCs), are proving to be one of the strongest anchors of March quarter (Q4FY21) earnings. Aided by last year’s low base, better-than-expected economic recovery, and prudent provisioning in the first nine months of 2020-21 (9MFY21), net profit, on average, analysts estimate a sharp surge while loan book may expand in the high single digits. However, headwinds in terms of mark-to-market losses from rising bond yields and likely increase in slippages may restrict bottom line. READ MORE

Rupee opening

-- Rupee opens at a 9-month low against US dollar at 75.18 vs Tuesday's close of 75.06/$

NEWS ALERT | L&T Heavy Engg bags orders in the range of Rs 1,000 cr-2,500 cr


Infosys shares dip 6% on profit booking post March quarter results

With today’s intra-day decline, the stock of the information technology (IT) giant has slipped 11 per cent from its all-time high level of Rs 1,480 touched on Monday, April 12. Prior to that, since March, Infosys has outperformed the market and rallied 15 per cent as compared to a 1 per cent rise in the S&P BSE Sensex till Friday, April 9. READ MORE

Broader markets check :: Nifty MidCap index slips 1%


Indices fail to hold gains; Sensex down 200 pts


Most active stocks by volume

Company PRICE(rs) CHG(%) VOLUME
S A I L 93.30 2.87 177124
St Bk Of India 345.00 1.19 84595
Natl. Aluminium 57.25 2.42 74901
IDFC First Bank 53.95 -0.19 73072
L&T Fin.Holdings 94.30 -0.47 56679
» More on Most Active Volume

Sector watch :: PSU Banks underperform


Metal stocks shine in a volatile market; SAIL, Hindalco gain 4% each


Result reaction :: Tata Metaliks dips over 1%

>> The company on Wednesday posted Rs 74.99 crore net profit for the quarter ended March 31, 2021, a fall of 2.66 per cent YoY from Rs 77.04 crore posted in the same period last year.


Tata Motors up 1%

>> The company on Wednesday said its group's global wholesales, including Jaguar Land Rover, increased 43 per cent YoY to 3,30,125 units in the fourth quarter of 2020-21 fiscal.


Aditya Birla Capital zooms 5% on IPO plans for arm

>> The board of Aditya Birla Capital has approved an initial public offer of its asset management business, Aditya Birla Sun Life AMC, according to a filing with stock exchanges.


HDFC Bank gains 1% on fund raising plan

>> The private sector lender said it is planning to raise up to Rs 50,000 crore during the next 12 months through issuing bonds.


D Street gives thumbs down to Infosys Q4 result

The company posted a 17.5 per cent jump in net profit for the March quarter on YoY basis, even though it was down 2.3 per cent sequentially. Infosys’s board also approved a share buyback of up to Rs 9,200 crore. The buyback will be done from the open market and the price per share will not exceed Rs 1,750.


Sensex reverses losses, turns positive


Sectoral trends on the NSE :: Nifty IT declines over 1.5%


Opening Bell


Sensex Heatmap :: IT, select financials slip


Opening Bell :: Sensex slips 100 pts


Markets at Pre-open


Markets at Pre-open


Top stocks to watch today

Infosys: The company posted a 17.5 per cent jump in net profit for the March quarter on YoY basis, even though it was down 2.3 per cent sequentially. Infosys’s board also approved a share buyback of up to Rs 9,200 crore. The buyback will be done from the open market and the price per share will not exceed Rs 1,750. 
 
Aditya Bitla Capital: The board of Aditya Birla Capital has approved an initial public offer of its asset management business, Aditya Birla Sun Life AMC, according to a filing with stock exchanges.
 
HDFC Bank: The private sector lender said it is planning to raise up to Rs 50,000 crore during the next 12 months through issuing bonds. READ MORE

Top trading calls by Ajit Mishra of Religare Broking

Marico Limited

Recommendation: Buy
 
Target: 450
 
Stop loss: 405
 
We’re seeing select FMCG counters doing well despite the prevailing volatility across the board. Among the stocks, Marico is trading in a range around its record high and currently hovering around the upper band of the same. Indications are in the favor of a breakout in near future. Traders can consider fresh buying in the mentioned zone. READ MORE

'Nifty pullback can extend till 14,700'

On April 13, 2021, Nifty formed inside bar or bullish “Harami” candlestick pattern on the daily chart, where the open and close remained within the range of the previous trading session .The implication of this pattern turns bullish when next session’s opening remains in green. On the upside, Nifty has got strong resistance in the zone of 14,652-14,785, which happens to be the unfilled gap formed on April 12, 2021. Longs should be protected with the stoploss of 14,275 in Nifty. READ MORE

SGX Nifty alert

>> At 8:50 am, the index was trading at 14,664, 100 points above Tuesday's close for Nifty at 14,505

Bulk deals on the BSE as on Tuesday

Bulk deals on the NSE as on Tuesday

FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee check

Source: Bloomberg


Oil holds near one-month highs as demand forecasts raised

Oil prices were lower on Thursday though holding near one-month highs after futures jumped in the previous as the International Energy Agency (IEA) and others upgraded forecasts for oil demand as major economies recover from the pandemic.

Brent crude was down by 21 cents, or 0.3%, at $66.37 a barrel, after gaining 4.6% on Wednesday and closing at the highest since March 17.
 
U.S. West Texas Intermediate futures dropped 25 cents, or 0.4%, to $62.9 a barrel, having risen 4.9% in the previous session.

(Source: Reuters)

Asian markets check

Asian equities were mixed in early deals on Thursday. Japan's Nikkei ticked up 0.2 per cent, while Australia's ASX200 was flat, and Hong Kong's Hang Seng fell 0.7 per cent.

Wall Street update

Wall Street indexes closed mixed on Wednesday, with the Nasdaq Composite and S&P 500 falling  as a sharp sell-off in the largest bitcoin exchange Coinbase hit tech shares. Overall, the Dow Jones rose 0.16 per cent; the S&P 500 lost 0.4 per cent, and the Nasdaq dropped 0.99 per cent.
 

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