Sensex dips 155 pts as record Covid cases weigh on indices; pharma stks up

Topics MARKET WRAP | Markets | SGX Nifty

Stock market updates:Snapping their 3-day winning streak, domestic equity markets traded range-bound in the negative territory on Friday, with a few episodes of gains. Amid mixed global cues and record Covid-19 cases back home, coupled with reports of vaccine supply crunch, the benchmark indices dropped 0.3 per cent today.

Among headline indices, the S&P BSE Sensex ended the day at 49,591 level, down 155 points. 50 per cent of the constituents ended the day in the red with Bajaj Finance (down 3 per cent), Ultratech Cement, NTPC, ICICI Bank, Axis Bank, IndusInd Bank, and Reliance Industries leading the list of losers. On the upside, Sun Pharma, HUL, Tech Mahindra, Titan Company, Dr Reddy's Labs, and HCL Tech were the top gainers on the index, up in the range of 1 per cent to 3.5 per cent.

On the NSE, the 50-share barometer settled at 14,835 levels, down 39 points dragged down by UPL, Tata Steel, Coal India, and Axis Bank.

Trends in the broader markets were mixed as the S&P BSE SmallCap index closed 0.7 per cent higher while the S&P BSE MidCap index dipped 0.07 per cent.

The SmallCap index hit fresh record peak of 21,667, for second day in a row on the back of gains in Srei Infra, Butterfly Gandhimathi, Kilitch Drugs, Subex, Bank of Maharashtra, Aarti Surfactants, Vimta Labs, and Sasken Technologies.  

Among individual stocks, shares of Srei Infrastructure Finance Limited hit 20 per cent upper circuit at Rs 7.02 on the BSE after its subsidiary Srei Equipment Finance Limited said it has received expression of interest for up to $250 million capital infusion in the company from international private equity (PE) funds. READ MORE

Those of Khadim India, meanwhile, extended their winning run to the fourth day in a row and jumped over 7 per cent in the intra-day trade to hit a high of Rs 159 on the BSE following a change in the credit rating of the company by rating agency ICRA. The agency has revised long term credit rating on the company's overall borrowings of Rs 204 crore to BBB- from BBB, although, it tweaked the outlook to 'Stable' from 'Negative'. READ MORE

Shares of Zensar Technologies too extended gains to the third straight day on Friday and climbed nearly 6 per cent after the company announced a strategic partnership with US-based Claimatic. Following this development, the stock of Zensar Technologies jumped 5.70 per cent on the BSE in intra-day trade to touch a high of Rs 290. READ MORE

Sectorally, investors appeared to be defensive with the Nifty Pharma index ending over 3 per cent up. The Nifty IT and FMCG indices, meanwhile, settled 0.8 per cent higher each. 

Shares of PSU Banks too outperformed at the bourses with Bank of Maharashtra skyrocketing 15 per cent on the National Stock Exchange (NSE) in the intra-day trade while Indian Overseas Bank surged 12 per cent, and Central Bank of India jumped 10 per cent after a Buisness Standard report said senior officials of the Niti Aayog, the Reserve Bank of India (RBI), and the finance ministry’s financial services and economic affairs departments are set to meet on April 14 (Wednesday) to discuss the potential candidates for privatisation. The index closed 2 per cent higher today after ralling 5 per cent in the early morning deals.

On the downside, the Nifty Bank, Private Bank, and Auto indices slipped up to 1 per cent.

Global markets
MSCI’s broadest gauge of world stocks set a record high in Asian trading, though it was down 0.1 per cent by close. In Asia, Japan’s Topix gained 0.6 per cent and Australian stocks hovered near a 13-month high, while South Korea’s Kospi touched the highest intraday level since mid-February.

Chinese shares, however, slid 1.5 per cent, as robust domestic inflation data raised worries over policy tightening.

European stocks were subdued on Friday, but on course for their longest weekly winning streak since November 2019. The pan-European STOXX 600 index was flat after hitting an all-time high at the open, while UK’s blue-chip FTSE 100 and Germany’s DAX slipped 0.4 per cent and 0.2 per cent, respectively.




LIVE UPDATES

TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed a lackluster trend to continue and an attempt to overcome the resistance level around the Nifty 50 Index level of 14900. While a breakout above 14900 is the key factor from a short-term perspective, Anything above this level market to gain momentum, that could lead to an upside projection till 15300 levels. The momentum indicators like RSI, MACD to further strengthen in favor of a positive outlook and advise the traders to consider a breakout above 14900 as an opportunity to build fresh long.

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Retail Research at HDFC Securities

Indian benchmark equity indices ended the final trading session of the week on April 09 on a negative note after a three-day gaining streak. Nifty made an intra day high at 1005 hours and gradually fell during the day though in a narrow range. At close the NSE Nifty 50 index, shed 0.26% or 38.9 points to end at 14,834.9. For the week, the Nifty closed 0.2% lower
 
Volumes on the NSE were in line with recent averages. Among sectors, Pharma, Media and FMCG rose the most, while Banks and Metals fell the most. The Nifty Midcap index gained 0.2% while the Smallcap index rose 0.5% at the close of trade.
 
Nifty has formed a mild bearish engulfing pattern on daily charts after a doji. This suggests hesitation on the part of traders to go all out on long side at these levels. However the broader market continues to perform well and sectoral rotation gives traders enough opportunities to trade. On upmoves, 14984-15050 continues to be a resistance while 14687-14737 on the downside could provide support.

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

Domestic markets traded in a mild negative territory following weak global cues and increasing covid cases. Fall in the market was led by the private banks as concerns on the bank's asset quality spiked with increasing restrictions across states. Buying interest was seen in PSU Banks in hopes of finalisation of potential privatisation candidates.  On the sectoral front, pharma stocks were the top gainers while broader markets continued to perform well

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

Index witnessed a strong volatile week and closed a week at 14837 with minimal loss on weekly front & formed a Doji candle pattern on weekly chart which represents indecision in the markets. The index failed to sustain above 14900 zone which means on the immediate basis index has good resistance at 14900-15000 zone and trading below said levels may show some pressure from every rise, good support is still placed at 14700-14600 zone

MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities

Yet again today we witnessed a day when all the action were in the broader market with Pharmaceuticals doing well. Provisional data on direct tax collections for the last fiscal kept sentiments buoyant in select FMCG stocks

BSE Snapshot


Sector of the day :: PSU Bank stocks buck the falling trend in financial space


Sector of the day :: Nifty Pharma index soars 3%


Broader market check :: SmallCap index outperforms headline indices


Index contributors :: Financials, RIL, L&T drag indices


Sectoral trends on the NSE :: Financials, metal stocks weigh on indices


Sensex Heatmap at Close


Sensex trades range-bound through the day


CLOSING BELL

Among headline indices, the S&P BSE Sensex ended the day at 49,591 level, down 155 points. 50 per cent of the constituents ended the day in the red with Bajaj Finance (down 3 per cent), Ultratech Cement, NTPC, ICICI Bank, Axis Bank, IndusInd Bank, and Reliance Industries leading the list of losers. On the upside, Sun Pharma, HUL, Tech Mahindra, Titan Company, Dr Reddy's Labs, and HCL Tech were the top gainers on the index, up in the range of 1 per cent to 3.5 per cent.
 
On the NSE, the 50-share barometer settled at 14,835 levels, down 39 points dragged down by UPL, Tata Steel, Coal India, and Axis Bank.

BUZZING :: Gujarat Alkalies zooms 20%


J&J says in talks with Indian govt for trial of single-dose vaccine

Johnson & Johnson is in talks with India's government to begin a clinical trial of its single-dose COVID-19 vaccine in the country, the company said on Friday.
The U.S. drugs and healthcare giant's vaccine is currently approved for use in the United States, the European Union and other nations including Thailand and South Africa. READ MORE

Fall from intra-day high in BSE500 stocks in today's session

COMPANY DAY'S HIGH(RS) DAY'S LOW(RS) LATEST(RS) FALL(%)
HEG 2564.00 2175.00 2314.60 -9.73
MAS FINANC SER 886.95 803.50 811.75 -8.48
Graphite India 729.00 646.15 676.00 -7.27
AU Small Finance 1261.50 1175.30 1178.10 -6.61
Click here for the full list

Global markets :: European stocks on longest weekly winning streak since November 2019

>> European stocks were subdued on Friday, but on course for their longest weekly winning streak since November 2019 as hopes of a rapid recovery in economic growth offset doubts over the euro zone’s COVID-19 vaccination programme.

>> The pan-European STOXX 600 index was flat after hitting an all-time high at the open, while UK’s blue-chip FTSE 100 and Germany’s DAX slipped 0.4% and 0.2%, respectively.

(Source: Reuters)

Buzzing Stock | Barbeque Nation shares retreat after over 18% jump in early trade


Second Covid-19 wave heightens risks for Indian banks, says Fitch

Rating agency Fitch today said the second wave of Covid-19 infections poses increased risks for India's fragile economic recovery and its banks. Fitch already expects a moderately worse environment for the Indian banking sector in 2021. But, headwinds would intensify should rising infections and follow-up measures to contain the virus further affect business and economic activity. India's active Covid-19 infections have been increasing at a rapid pace; new infections exceeded 100,000 a day in early April 2021, against 9,300 in mid-February 2021. READ MORE

IPO Alert :: Macrotech Developers issue sail through on final day


NEWS ALERT | Suraj Prakash resigns as Director (Finance) of BEML

Shri Suraj Prakashceased to be the Director (Finance) on the Board of BEML Limited with effect from April 9 consequent to his relieving from the services on April 8.

Sector Watch | Nifty Pharma index best sectoral performer, up 3%

> All constituents from the index trade in the green

NEWS ALERT :: There won't be any increase in fertiliser prices, says Mansukh Mandaviya, MoS Chemicals


NEWS ALERT | L&T secures major order to establish solar PV plants

The Renewables arm of Larsen & Toubro’s Power Transmission & Distribution Business has secured a turnkey EPC Contract, from the consortium of ACWA Power and the Water and Electricity Holding Company (a subsidiary of the Public Investments Fund of Saudi Arabia (PIF)), for Sudair Solar PV Project of 1.5GW capacity. This project is considered the largest Solar Plant in Saudi Arabia with PPA signed. It is also one of the largest such plants in the world.
 
> The order is within the range of Rs 5,000-7,000 crore

(Source: BSE filing)
 

SBI drags feet on loan to Adani firm for controversial Australian coal mine

Two senior State Bank of India executives, who asked not to be identified, said the bank was dragging its feet on extending part of a funding line of as much as $1 billion to Adani Enterprises Ltd., which plans to use the money for the controversial Carmichael mine. The bank’s executive committee, which will make the final decision, hasn’t had discussions about the loan this year, the officials said. READ MORE


As Sensex drops 200 points, here are the top drags from the index


Will TCS maintain lead over IT peers? Here's what to expect from its Q4 nos

As the information technology (IT) services sector looks poised to continue with its trailblazing journey in the March quarter of the financial year 2020-2021 (Q4FY21), analysts expect the Tata Group crown jewel Tata Consultancy Services (TCS) to maintain its leadership position in the space in terms of revenue growth and margin expansion. READ MORE

MARKET CHECK :: Sharp downtick in Sensex


Economic Pulse :: Net direct tax mop up exceeds revised estimates at Rs 9.45 trn in FY21

The net direct tax collection for the fiscal ended March 31 stood at Rs 9.45 lakh crore, an increase of 5 per cent over the revised estimates in the Union Budget.
 
Central Board of Direct Taxes (CBDT) Chairman P C Mody on Friday said the income tax department has exceeded the revised estimates despite issuing substantial refunds in the 2020-21 fiscal. READ MORE

Pharma shares outperform in a weak market; Cadila Health advances 6%


Stocks that hit 52-week high on BSE today in an otherwise rangebound market

Company PRICE(rs) 52 WK HIGH CHG(%)
ACC 1967.60 2022.75 -0.59
Ambuja Cements 317.25 329.90 -1.31
Bajaj Consumer 286.90 298.30 6.38
Balrampur Chini 236.75 247.90 1.13
Birla Corpn. 989.60 1014.20 1.33
» More on 52 Week High

IPO Update | Macrotech Developers IPO subscribed 43% so far on Day 3

> The issue closes for subscription today

MARKET UPDATE:: Broader indices outperform benchmarks


Sector Watch | Nifty Metal worst performing sector in afternoon session


BUZZING STOCK:: JSW Energy surges as high as 11% in intra-day trade


SECTOR WATCH:: Pharma stocks gain in an otherwise rangebound market

Company LATEST(rs) CHG(%)
Cadila Health. 500.05 6.24
Sun Pharma.Inds. 639.45 4.09
Glenmark Pharma. 525.40 4.11
Cipla 869.85 3.34
IOL Chemicals 622.30 2.14
» More

Chart check: How to position yourself ahead of Q4FY21 results season

India Inc is geared up to report its March quarter earnings from next week onwards with IT bellwether Tata Consultancy Services (TCS) scheduled to kick start the results season from Monday, April 12. Thereafter, Infosys, Wipro and Mindtree will report Q4 numbers on April 14, 15 and 16, respectively. Led by a surge in prices of metals and energy and a continued better show by lenders, India Inc is expected to report high double-digit growth in revenue and one of the highest quarterly profits in the fourth quarter of 2020-21. READ MORE

GameStop's strong stock performance triggered board director's exit

Hestia Capital Partners LP managing director Kurt Wolf joined GameStop Corp's board to make the U.S. video game retailer more valuable. Then it became too valuable for him to stay on.
 
The hedge fund manager resigned his directorship this week because his investors fretted the bet on the company, which scored a paper gain of 3,500%, had become too large and risky, three people familiar with the matter said on Thursday. READ MORE

India's retail inflation likely rose in March but stayed within target

India's retail inflation edged up to a four-month high in March, led by an increase in food and fuel prices, but remained within the Reserve Bank of India's target range, a Reuters poll predicted. The April 5-8 poll of more than 50 economists showed retail inflation rose to 5.40% in March from a year earlier as opposed to 5.03% in February. Forecasts ranged from 4.60% to 6.11%. READ MORE

 

Heatmap: S&P BSE Sensex gainers and losers at this hour


Top losers on BSE at this hour

Company PRICE(rs) CHG(%)
HEG 2266.20 -4.27
Meghmani Organ. 131.50 -3.91
Future Retail 48.40 -3.59
Graphite India 668.40 -3.54
Prism Johnson 134.60 -3.20
» More on Top Losers

Economic activity rebounds globally even as Covid-19 cases rise: Moody's

Moody's Investors Service has said that high-frequency alternative data indicates a strong rebound in economic activity even as infection rates rise and restrictive measures remain in place across many countries. New infections are spiking again across 13 of the G-20 countries. Nevertheless, the number of fatalities has decreased in recent weeks as vaccinations gather pace. READ MORE


Khadim India rises for fourth day, jumps 7% on credit rating tweak

Khadim India shares extended their winning run to the fourth day in a row and jumped over 7 per cent in intra-day trade on Friday to hit a high of Rs 159 on the BSE following a change in the credit rating of the company by rating agency ICRA. ICRA has revised long term credit rating on the company's overall borrowings of Rs 204 crore to BBB- from BBB, although, it tweaked the outlook to 'Stable' from 'Negative'. The short term rating on the company's borrowings was revised to A3 from A3+ by ICRA, said the company in its BSE filing. READ MORE

PSU Bank stocks rally on report govt may soon approve privatisation roadmap

Shares of public sector banks (PSBs) were on a roll in Friday's session after a Buisness Standard report said senior officials of the Niti Aayog, the Reserve Bank of India (RBI), and the finance ministry’s financial services and economic affairs departments are set to meet on April 14 (Wednesday) to discuss the potential candidates for privatisation. READ MORE

Sebi frowns at MF industry's incorrect yield depiction of debt schemes

India’s market regulator has "informally expressed its displeasure" at mutual fund companies depicting the portfolio yield of debt schemes while leaving out the yields on cash and cash equivalents in marketing schemes, said sources. A portfolio yield is usually calculated by taking the weighted average yield of all the securities in the portfolio, including cash and cash equivalents. Excluding the cash portion while calculating the yield of a debt scheme can jack up overall fields of a debt scheme. Alternatively, a fund house could market a scheme by only showcasing returns that come from securities other than cash. READ MORE

Fluctuating bond yields key risk for banks' profitability, NIMs in FY22

Post Wednesday’s monetary policy, 10-year bond yield once again softened to 6.0313 per cent on Thursday. While this is a sign of relief, given that it comes after a near 40-basis-point increase in rates seen in recent times, the Street is beginning to take note of the vast fluctuations in the bond yields. READ MORE



SECTOR WATCH:: Nifty PSU Bank index gains over 3%


Siemens gains 4% on signing MoU with Ashok Leyland for E-Mobility solutions

Shares of Siemens surged as much as 3.8 per cent and hit an intra-day high of Rs 1,912 on the BSE on Friday after the firm signed a memorandum of understanding (MoU) with Ashok Leyland's Switch Mobility Automotive to address need of electric commercial vehicle customers and execute EMobility Projects in India. READ MORE

Sector Watch :: Metal stocks slip on profit booking


Zensar Tech climbs 6% on entering into a partnership with Claimatic

Shares of Zensar Technologies extended gains to the third straight day on Friday and climbed nearly 6 per cent after the company announced a strategic partnership with US-based Claimatic. Following this development, the stock of Zensar Technologies jumped 5.70 per cent on the BSE in intra-day trade to touch a high of Rs 290. However, the scrip pared some gains and was trading 2.73 per cent up at Rs 281.85 around 9.55 am. At the same time, the BSE barometer Sensex was down 67.6 points or 0.14 per cent at 49,678. READ MORE

Srei Infra zooms 20% as arm receives EoI for $250 mn capital infusion

Shares of Srei Infrastructure Finance Limited, on Friday, hit 20 per cent upper circuit at Rs 7.02 on the BSE after its subsidiary Srei Equipment Finance Limited (SEFL) said it has received expression of interest for up to $250 million capital infusion in the company from international private equity (PE) funds, US-based Arena Investors LP and Singapore's Makara Capital Partners. READ MORE

Bond Market Alert

> 10-year benchmark bond yield opens at 5.99% vs previous close of 6.03%

> 10-year benchmark bond yield falls to lowest level since February 12

Sector Watch :: Cement stocks rally on reports of price hike in Andhra, Telengana

>> According to media reports, cement manufacturers are eyeing price hike worth Rs 15-20/bag in the two states


Most active stocks by volume

Company PRICE(rs) CHG(%) VOLUME
Vodafone Idea 9.56 1.38 9137074
Central Bank 18.15 10.00 2314893
Bank Of Maha 23.65 11.56 1835212
Punjab Natl.Bank 38.40 2.54 1467932
S A I L 96.70 1.10 1252980
» More on Most Active Volume

Cyclical stocks to lead India Inc's earnings growth in fourth quarter

Led by a surge in prices of metals and energy and a continued better show by lenders, India Inc is expected to report high double-digit growth in revenue and one of the highest quarterly profits in the fourth quarter of 2020-21. Year-on-year growth, however, will be amplified by the low base in Q4FY20 due to Covid-19 lockdown. READ MORE

MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Surging Covid cases have become an area of serious concern with an increasing number of cities & towns declaring night curfews. Unless this second wave peaks soon & subside, economic activity will be impacted and the market assumptions of above 10% GDP growth and above 30% earnings growth will be challenged. This big uncertainty will weigh on market sentiments for some time. The market is climbing all walls of worry. Activity has now moved to mid-small-caps. Nifty Mid-cap & Nifty Small-cap indices are up by 17.4% and 20% respectively for the year against a 6.4% gain for the Nifty. Bulls are chasing value in these segments. The sharp depreciation in INR following the announcement of G-SAP by the RBI will benefit exporters, particularly IT. US bond yields & dollar index cooling off is EM positive. That's why FIIs are not selling in spite of negative news.

MARKET CHECK :: Sensex wipes off losses, turns positive


Infosys cools off after hitting fresh 52-week high

>> The IT major said ArcelorMittal has chosen it to help accelerate the companys digital transformation journey and enable next- generation application management and business process management (BPM) services for ArcelorMittal Europe.


Siemens rises 3% on signing MoU with Ashok Leyland

>> Switch Mobility Automotive, a unit of Ashok Leyland, and Siemens have entered into a Memorandum of Understanding (MOU) towards building a co-operative technological partnership in electric commercial mobility segment and execute e-mobility projects in India.


Thyrocare Technologies gains over 4% as Covid-cases flare


Zensar Technologies rises 3% on partnership with Claimatic

>> The company has entered into a global strategic partnership with US-based Claimatic. This new, innovative partnership leverages the respective strengths of Claimatic and Zensar to create compelling value for both companies and their mutual clients, the company in its BSE filing said.


Srei Infra zooms 20%

>> Its subsidiary Srei Equipment Finance said it had received an expression of interest for up to $250 million capital infusion in the company from international PE funds.


Bharti Airtel slips 1% on fresh AGR dues' concerns

>> Department of Telecom (DoT) in an SC affidavit said it is planning to slap Videocon Telecommunications Ltd's adjusted gross revenue (AGR) dues of Rs 1,376 crore on Bharti Airtel. However, Airtel has questioned the legal validity of the demand.


ALERT :: Sensex extends decline


Sectoral trends on the NSE :: Banks and financials extend decline


Sensex Heatmap :: Advance to decline ratio nearly 1:1


Opening Bell :: Nifty below 14,850


Opening Bell :: Sensex starts in the red


Commodity prices in early deals


Top gainers and losers on the S&P BSE Sensex in Pre-open


Markets at Pre-open


Markets at Pre-open


Top stocks to watch today

Bharti Airtel: Department of Telecom (DoT) in an SC affidavit said it is planning to slap Videocon Telecommunications Ltd's adjusted gross revenue (AGR) dues of Rs 1,376 crore on Bharti Airtel. However, Airtel has questioned the legal validity of the demand.
 
Srei Infrastructure Finance: Its subsidiary Srei Equipment Finance said it had received an expression of interest for up to $250 million capital infusion in the company from international PE funds. READ MORE

Stocks picks by Anand Rathi

BUY Avenue Supermarts Limited | TARGET: Rs 3,180 | STOP LOSS: Rs 2,775
 
DMART has witnessed consolidation range breakout on the back of notable increase in trading volumes in the last session and settled near the cluster of short and medium-term exponential moving averages on the daily chart. Even the stock has rebounded from its 100 DEMA and on the oscillator front, has witnessed a golden crossover on the 14-period RSI indicating the bullishness to remain intact for the near future. READ MORE

Bull Spread Strategy on Glenmark Pharma by HDFC Securities

Bull spread Strategy on GLENMARK
 
Buy GLENMARK APRIL 510 CALL at Rs 19 & simultaneously sell 540 CALL at Rs 9
 
Lot Size 1150
 
Cost of the strategy Rs 10 (Rs 11,500 per strategy)
 
Maximum profit Rs 23000 If GLENMARK closes at or above 540 on 29 April expiry.
 
Breakeven Point Rs 520 READ MORE

Bulk deals on the BSE as on Thursday

Bulk deals on the NSE as on Thursday

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


Rupee check

Source: Bloomberg


Oil edges up on weak dollar; investors weigh rising supplies, demand outlook

>>Oil prices edged up in early Asian trade on Friday, supported by a weaker dollar, as investors weighed rising supplies and the impact on fuel demand from the COVID-19 pandemic.

>> Brent crude futures for June climbed 7 cents, or 0.1%, to $63.27 a barrel while U.S. West Texas Intermediate (WTI) crude for May was at $59.77 a barrel, up 17 cents, or 0.3%.

(Source: Reuters)

SGX Nifty alert

>> At 8:24 am, the index was quoting at 14,909 levels, down 37 points.

Wall Street update

On Wall Street, the Dow Jones Industrial Average rose 0.17 per cent, the S&P 500 gained 0.42 per cent, and the Nasdaq added 1.03 per cent.
 
US Federal Reserve Chairman Jerome Powell signaled on Thursday the central bank is nowhere near reducing its support for the US economy, saying at an International Monetary Fund event that while the economic reopening could result in a momentary surge in prices, he expects it to be temporary and it will not constitute inflation.

Asian markets check

Asian equities were mixed in early trading on Friday. Australian ASX 200 fell 0.3 per cent, while Hong Kong’s Hang Seng index fell half a per cent. Meanwhile, Japan’s Nikkei was up 0.45 per cent.

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