Stock market updates: Breaking away from two-straight sessions of bear hammering, bulls were back in action on Dalal Street. Parked near the day's high, the benchmark indices ended Friday's session with over one per cent gains amid healthy buying in metal, financial, and auto stocks.
The Nifty Metal index ended nearly 4 per cent higher, while the Nifty Financial Services, FMCG, and Auto indices ended with around 2 per cent gains. Realty, bank, pharma and IT indices, meanwhile, advanced up to 1.5 per cent.
Among the benchmark indices, the frontline S&P BSE Sensex closed with gains of 568 points, or 1.17 per cent, at 49,008 level. The broader Nifty, on the other hand, reclaimed the 14,500-mark on a closing basis and settled at 14,507 level, up 182.4 points or 1.27 per cent.
Bajaj Finserv, Asian Paints, HUL, Titan Company, Bajaj Auto, and HDFC were leading the list of gainers on the Sensex, up between 2.7 per cent and 4.4 per cent. Tata Steel, Tata Motors, Bharti Airtel, and Adani Ports were the additional gainers on the Nifty with up to 6 per cent returns today.
On the downside, PowerGrid, IndusInd Bank, ITC, Maruti Suzuki, UPL, and TCS declined the most on the benchmark indices, down up to 2 per cent.
Debuting at the bourses, shares of Kalyan Jewellers listed at at Rs 73.90, 15 per cent below its issue price of Rs 87 per share on the BSE today. The stock, however, reversed losses and hit a high of Rs 81 in the intra-day trade before closing at Rs 74.4.
Those of Suryoday Small Finance Bank listed at a 4 per cent discount, at Rs 292 on the BSE, as against an issue price of Rs 305. The stock hit an intra-day low of Rs 271 but ended at Rs 272.
Recently listed Laxmi Organic, however, jumped 18 per cent to Rs 194 in intra-day trade after foreign portfolio investors bought over three million equity shares worth about Rs 50 crore of the company via the open market. On Thursday, Goldman Sachs India Fund Limited and Plutus Wealth Management LLP purchased a combined 3.17 million equity shares of Laxmi Organic Industries for Rs 49 crore. The FPIs purchased these shares at an average price of Rs 155.60 per share on the NSE.
Overall, the S&P BSE MidCap index ended 1.66 per cent higher, while the SmallCap counterpart closed with a per cent gain.
Asian stocks recovered from a three-month low on Friday, as investors focused more on optimism about the global economic recovery than rising tensions between the West and China.
MSCI’s ex-Japan Asia index rose 1.43 per cent, as the Shanghai Composite Index gained 1.53 per cent, snapping a three-day losing streak. Japan’s Nikkei also rose 1.47 per cent.
In Europe, the pan-European STOXX 600 index rose 0.8 per cent. S&P 500 and Nasdaq Futures, meanwhile, were trading with 0.25 per cent gain each.
MARKET OUTLOOK :: Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities
The Nifty-50 Index lost 1.6% this week due to turmoil in global equity markets and the sharp rise in Covid-19 cases in India. The Nifty Small Cap 100 Index declined by 2.7% this week as expiry was weak and fiscal year end phenomenon could also be at play. Investors would like to take fresh view at the start of the next fiscal year. On the economy front, weekly activity indicators such as e-way bills remained strong with total e-way bills generated over March 1, 2021-March 21, 2021 increasing 4% versus the comparable period in February 2021. On one hand the number of Covid cases are going up on the other hand the pace of vaccination is also accelerating. With fresh restrictions and faster vaccination we can expect sentiment to remain positive at the start of the new fiscal year. The earnings season will also kick in from the second week of April which could turn out to be the driver for stocks. Expect markets to remain volatile as the Nifty-50 has closed below the 50 DMA this week which works to 14,765 levels. Logically, markets should see some uptick from the first week of April. If this does not materialize at the start of April then we could see Nifty-50 drifting towards 13,500-13,600 levels.
TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities
Index closed a week at 14520 with loss of one and a half percent and formed bearish candle for a second consecutive week. The index has stiff resistance near 14600 zone any decisive move above 14600 zone can active good traction and then we may see quick move-in index towards 14800-15000 zone in the near term, good support is coming near 14300 zone if index saved mentioned levels then we may see sort of consolidation move in the range of 14300-15000 zone
MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services
Equity market has been consolidating under fear of losing its traction of economic growth recovery. Positive US job data and climb in fourth-quarter US GDP to 4.3% helped to reduce the gravity of the contraction. On the domestic front, high-frequency data suggests good economic activity in Q4FY21 and results will be announced from April. The second wave of Covid and high valuation will maintain volatility in the near term
IPO Alert :: Barbeque Nation subscribed 5.6x till 3:40 PM on Day 3 of the issue
NEW STOCK ON THE BLOCK ::Suryoday SFB ends at Rs 276 vs issue price of Rs 305
NEW STOCK ON THE BLOCK :: Kalyan Jewellers ends at Rs 75 vs issue price of Rs 87
Broader market :: S&P BSE SmallCap end 1% up
Broader market wrap :: Concor, ABFRL, SAIL settle up to 7% higher
Stocks that supported the Sensex today
Sectoral trends on the NSE at Close
Sensex Heatmap at Close
The frontline S&P BSE Sensex closed with gains of 568 points, or 1.17 per cent, at 49,008 level. The broader Nifty, on the other hand, reclaimed the 14,500-mark on a closing basis and settled at 14,507 level, up 182.4 points or 1.27 per cent.
GameStop soars to erase $4-billion hole as meme stocks roar
The video-game retailer rallied 53% to $183.75, recouping all of its $4.3 billion drop after quarterly earnings failed to answer Wall Street’s most pressing questions on the company’s turnaround. Fellow retail darlings like movie theater company AMC Entertainment Holdings Inc. and headphone maker Koss Corp. followed GameStop higher on Thursday. READ MORE
Godrej Properties sells 275 flats worth Rs 475 crore in a day in Noida
In a regulatory filing, Godrej Properties informed that the company has "sold over 275 residences worth Rs 475 crore within one day at the launch of its project, Godrej Woods, in Noida".
The project is located in Sector 43, Noida, Uttar Pradesh. READ MORE
MARKET VIEW | CapitalVia Global Research on Suryoday SFB listing
Suryoday Small Finance Bank got listed today and is trading at almost 7% discount to the issue price. If we talk about Small Finance Banks (SFBs), the year has been tough for them because of the pandemic. If we talk about valuations, the IPO seemed reasonably priced as the company has very strong fundamentals. It has one of the highest Net Interest Margins (NIMs), RoA, and a strong deposit growth. The performance of IPO on the listing day can also be attributed to the recent selling pressure in the financial services sector. Investors with long-term outlook in the company can continue to hold on to their shares as the company seems to be appropriately placed among its peers.
Steel stocks in focus; JSW Steel hits record high, SAIL nears 52-week high
Steel companies were in focus on Friday as shares of select firms rallied up to 7 per cent on the BSE in intra-day trade on expectation of further improvement in operating margins driven by healthy export order and higher realisations. While Tata Steel, Steel Authority of India (SAIL), Tata Steel Bsl and Jindal Steel & Power surged between 6 per cent and 7 per cent on the BSE, JSW Steel hit a record high of Rs 452.30, up 3 per cent in the intra-day trade, surpassing its previous high of Rs 448.80 touched on March 22. READ MORE
MARKET UPDATE:: Nifty MidCap index outperforms; India VIX dips 8%
MARKET UPDATE | HDFC twins among top contributors to Sensex's 600-pts gain today
Sensex Heatmap at this hour
Welspun India spurts 10% on rating upgrades by India Ratings
Shares of Welspun India (WIL) advanced 10 per cent to Rs 84.65 on the BSE in intra-day trade on Friday after rating agency India Ratings & Research, a Fitch Group firm, upgraded the long-term credit rating of the company from IND AA- to IND AA with a stable outlook. The stock of the textiles company was trading close to its 52-week high of Rs 87.60 touched on March 15. READ MORE
Commodity gains push European stocks to 1-week high
European stocks rose on Friday, helped by gains in commodity-linked companies as investors balanced worries about surging coronavirus cases with the prospect of a strong US economic recovery.
The pan-European STOXX 600 index rose 0.8%, hitting a one-week high. The benchmark was on course for its fourth straight weekly rise.
M&M names Anish Shah as MD & CEO from April 2; Pawan Goenka to step down as MD
NEWS ALERT :: Shriram City Union declares interim dividend of Rs 10 per share
> Fixes April 7 as record date for the payment of aforesaid dividend
Corporate Action :: RVNL declares interim dividend of Rs 1.14/share for FY21
>> The Record date i.e. Friday, 9th April, 2021 for determining eligibility of shareholders for payment of Interim Dividend has been fixed for the said purpose.
>> Interim Dividend payment will be completed on or before 24.04.2021.
NEWS ALERT :: Parag Milk board to consider fund-raising on April 1
Parag Milk Foods' Board of Directors are scheduled to meet on April 1 to consider fund raising by way of preferential issue of equity shares, Foreign Currency Convertible Bonds (FCCB)
Improved outlook, vaccine progress lift emerging east Asian bond markets
An improving global economic outlook and progress on coronavirus disease (Covid-19) vaccinations have pushed up bond yields in emerging east Asia. Local currency bond markets in the region expanded to 20.1 trillion dollars by the end of 2020, according to the latest issue of Asian Development Bank's (ADB's) bond monitor. Investor sentiment and financial conditions also improved. READ MORE
BOJ forms panel to help guide central bank digital currency experiment
Set to begin experimenting in how to operate a central bank digital currency, the Bank of Japan said on Friday that it has formed a committee bringing together policymakers and lobbyists from the banking and finance sector to help with the project.
"While there is no change in the BOJ's stance it currently has no plan to issue a central bank digital currency, we believe that initiating experiments at this stage is a necessary step," BOJ Executive Director Shinichi Uchida said in opening remarks at the first meeting of the committee held on Friday.READ MORE
NEWS FLASH :: M&M board approves consolidation of Mahindra Electric Mobility into the company
> Jindal Saw said it raised Rs 500 crore through allotment of non-convertible debentures on a private placement basis to LIC of India.
Does Tata-Mistry ruling change outlook for Tata Group cos? Here's what experts say
Tata group stocks reacted positively to the outcome of the Supreme Court (SC) verdict that set aside the NCLAT (National Company Law Appellate Tribunal) order, which had re-instated Mistry on Tata Sons board and had termed current Chairman N Chandrasekaran as 'illegal'. The apex court has also rejected Mistry’s group’s plea against the conversion of Tata Sons into a private company. READ MORE
Tata Group shares rally as Supreme Court rules in favour of Tata Sons
Shares of Tata Group companies, on Friday, rallied up to 6 per cent in intra-day trade on the BSE after the Supreme Court pronounced its verdict in favour of the Tata Group in the high-profile Tata vs Mistry fued. The judgment on the five-year long protracted legal battle sets a precedent on various important matters in the courtroom battles. READ MORE
IPO Alert :: Barbeque Nation subscribed 2.4x till 12:40 PM on Day 3 of the issue
Hinduja flagship firm Ashok Leyland on Friday launched its 4-axle, 14-wheeler truck - AVTR 4120 - with capacity of 40.5 tonne gross vehicle weight. The new truck offers an additional 5-tonne payload compared to standard trucks of comparable configuration, Ashok Leyland said in a statement.
GoAir plans Rs 2,500-cr IPO early FY22; may file preliminary papers in Apr
Wadia group-owned GoAir plans to come out with a Rs 2,500 crore-initial share sale early next fiscal, according to sources. The no-frills airline has been working on expansion plans and an Initial Public Offer (IPO) will help in raising funds.
In recent months, many companies have hit the capital market with their IPOs amid business activities slowly normalising after the pandemic blow. READ MORE
Suez blockage sets shipping rates racing, oil and gas tankers diverted away
Reeling from the blockage in the Suez Canal, shipping rates for oil product tankers have nearly doubled this week, and several vessels were diverted away from the vital waterway as a giant container ship remained wedged between both banks. The 400-metres long Ever Given has been stuck in the canal since Tuesday and efforts are under way to free the vessel although the process may take weeks amid bad weather. READ MORE
Sensex Heatmap | Top gainers & losers as index jumps nearly 700 points
Asia Pacific banks to face portfolio valuation losses as yields rise: Fitch
A rise in yields for long-dated sovereign bonds will result in near-term losses for the Asia Pacific (A-Pac) banks as they recognise valuation changes on their available-for-sale (AFS) bond portfolios, according to Fitch Ratings. But the capital impact should be manageable for most rated banks, it added. READ MORE
Tata-Mistry battle: Here's how to trade Tata group stocks post the verdict
The Supreme Court on Friday pronounced its verdict in favour of the Tata Group in the high-profile Tata vs Mistry fued. The judgment on the five-year long protracted legal battle sets a precedent on various important matters in the courtroom battles. Here's how to trade Tata Group stocks. READ MORE
Market Check :: Sensex jumps 650 points, at day's high
SC Verdict :: Tata-Mistry case
> SC leaves it to Tata Sons, Mistry to take legal route to resolve issue of shares
Tata vs Mistry :: Tata Group stocks rally as SC rules in favour of Tata Sons
SC Verdict :: Tata-Mistry case
- Leaves issue of valuation of Tata Sons' shares open
- Value of Tata Sons shares depends on equity
NEWS ALERT :: SC rules in favour of Tata Group
> Junks Cyrus Mistry plea
NEWS ALERT | CJI-led bench assembles in SC
-- Supreme Court pronounces the judgment, says all questions are to be answered in favour of Tata sons
NATCO Pharma to acquire 0.96% stake in NATCO Pharma (Canada) Inc
NATCO Pharma to acquire 0.96% stake in NATCO Pharma (Canada) Inc., after this acquisition NATCO Pharma (Canada) Inc., become wholly owned subsidiary company of NATCO Pharma Ltd.
NEWS ALERT | CJI-led bench will assemble shortly to pronounce judgement in Tata-Mistry case
Analysts positive on telecom service providers despite delay in tariff hike
A delay in tariff hike by telecom services providers Bharti Airtel, Vodafone Idea (Vi), and Reliance Jio (subsidiary of Reliance Industries) – as expected earlier – has not yet turned analysts cautious on the sector. On the contrary, the underperformance of Bharti Airtel and Vi at the bourses, relative to the benchmark S&P BSE Sensex and S&P BSE Telecom indices on a year-to-date (YTD) basis, can be used as an opportunity to enter these stocks from a long-term perspective, they say. READ MORE
Pierer Mobility and Bajaj Auto strengthen e-Mobility cooperation
Pierer Mobility AG and Bajaj Auto are strenghtening their strategic cooperation in the development of electric products in the two-wheeler sector to meet the growing demand for innovative e-mobility concepts.
Suryoday Small Finance Bank lists at 4% discount over issue price
The initial public offer (IPO) of Suryoday SFB had managed to get good response from the retail investors and qualified institutional buyers (QIBs). The issue was subscribed 2.37 times as the retail individual investors’ portion was subscribed 3.09 times and of the qualified institutional buyers (QIBs) portion by 2.18 times. The non-institutional investors’ portion was subscribed by 1.31 times, according to exchange data. READ MORE
Investors turn bearish on Asian currencies for 1st time in a year: Report
Investors were bearish on all Asian currencies for the first time in a year, and also turned short on the Chinese yuan after a strong run since last summer, a Reuters poll showed, as U.S. economic outperformance and new lockdowns elsewhere muddy the outlook for risk assets. READ MORE
MARKET CHECK :: Sensex trades near day's high
Kalyan Jewellers makes weak debut; lists 15% below the issue price
Shares of Kalyan Jewellers India made a weak debut at the bourses, listing at Rs 73.90, 15 per cent below its issue price of Rs 87 per share on the BSE on Friday. Meanwhile, the stock opened at Rs 73.95 on the National Stock Exchange (NSE). At 10:01 am, Kalyan Jewellers India was trading at Rs 77.10, 11 per cent lower against its issue price. READ MORE
Laxmi Organic surges 13% as FPIs buy stake via open market
Shares of Laxmi Organic Industries surged 13 per cent to Rs 185.40 on the National Stock Exchange (NSE) in intra-day trade on Friday after foreign portfolio investors (FPIs) bought over three million equity shares worth about Rs 50 crore of the company via the open market. On Thursday, March 26, Goldman Sachs India Fund Limited (1.67 million) and Plutus Wealth Management LLP (1.5 million) purchased a combined 3.17 million equity shares of Laxmi Organic Industries for Rs 49 crore. READ MORE
Rupee opens higher at 72.52/$ vs Thursday's close of 72.62 against the US dollar
NEW LISTING:: Kalyan Jewellers lists at 15% discount
MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Underperformance of the Indian market during the last many days is striking. The prime mover of this downtrend in the market is the FII selling ( Rs 3384 cr yesterday), which, in turn, has been triggered by concerns surrounding the impact of the second wave of Covid attack. Now, we don't have clarity on the intensity of the second wave. It is largely confined to some districts with rural India unaffected. The second wave is unlikely to have a major impact on growth and corporate earnings. But the jury is still out on this. This exceedingly volatile phase of the market is turning out to be difficult terrain for traders. But, for long-term investors dips will provide opportunities to buy quality stocks. IT, financials, cement, chemicals are good bets.
Wabco India hits 20% upper circuit on strong response for OFS
Shares of Wabco India were locked in upper circuit of 20 per cent at Rs 6,777.60 on the BSE in Friday's session after the promoter received a strong response for its offer-for-sale (OFS). The company informed the stock exchanges that it will exercise oversubscription option to the extent of 686,955 shares in addition to the base offer size. READ MORE
NEW LISTING :: Suryoday SFB likely to list at Rs 293 on the BSE
Issue price: Rs 305
NEW LISTING :: Kalyan Jewellers eyeing weak debut
Issue price was Rs 87 per share
Use any market correction to stock up on cyclicals, says Chris Wood
The over 7 per cent fall in the markets (S&P BSE Sensex) from its 52-week high hit in mid-February has not shaken the confidence of Christopher Wood, global head of equity strategy at Jefferies. On the contrary, he suggested in his weekly note, GREED & fear, that investors use the dip to increase allocation to cyclical sectors. READ MORE
Goldman Sachs India Fund acquired 16.75 lakh equity shares in Laxmi Organic at Rs 155.71 per share and Plutus Wealth Management LLP bought 15 lakh shares at Rs 155.5 per share on the NSE, the bulk deals data showed.
CG Power slips 2% on nod to liquidate subsidiary
CG Power and Industrial Solutions on Thursday said its board has approved a proposal to liquidate its step down subsidiary CG Sales Network Malaysia Sdn Bhd, Malaysia.
Bank of Maharashtra advances 2% after bank opens new branches
The company opened six new branches, expanding its network to 1,949 branches. Out of these six branches, which are in Kolkata Zone, one branch is in Port Blair and other five are in West Bengal, BoM said in a statement.
Mahindra Lifespace up around 1%
Realty firm Mahindra Lifespace Developers said it has acquired 10.3 acre land in Mumbai Metropolitan Region (MMR). The company will develop a new residential project in Kalyan.
Hathway Cable slumps 5% on stake sale by promoters via OFS
Promoters Jio Content Distribution Holdings, Jio Internet Distribution Holdings and Jio Cable and Broadband Holdings to sell up to 33.79 crore equity shares, representing 19.09% of the total equity share capital of Hathway Cable, through an Offer for Sale. The OFS opens for non-retail investors today and for retail investors on March 30.
Den Networks slides over 3% as promoters offload stake
Promoters Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings and Jio Television Distribution Holdings to sell up to 5.54 crore equity shares, representing 11.63% of the total equity share capital of Den Networks, through an Offer for Sale. The OFS opens for non-retail investors today and for retail investors on March 30.
Sectoral trends :: Splash of green on the NSE
Sensex Heatmap :: Only 1 counter trades in the red in early deals
FIRST TRADE :: Nifty attempts to hit 14,500
FIRST TRADE :: Sensex gains over 400 pts
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 :: Sensex gains over half a per cent
Top stocks to watch today
New Listings: Shares of Kalyan Jewellers and Suryoday Small Finance Bank will list at the bourses today. The IPO of Suryoday SFB was subscribed 2.37 times while that of Kalyan Jewellers was subscribed 2.61 times.
Somany Home Innovation: French company Groupe Atlantic would invest Rs 68.3 crore in Somany Home Innovation Limited (SHIL) for 50 per cent stake in its water heater business, as per a regulatory filing. READ MORE
Oil prices rebound on fears Suez Canal blockage may last weeks
>> Oil prices bounced back on Friday from a plunge a day earlier on concerns that a large container ship that ran aground in the Suez Canal may block the vital shipping lane for weeks, squeezing supply.
>> Prices, however, were still headed for a third consecutive weekly loss.
>> Brent crude was higher by 43 cents, or 0.7%, at $62.38 a barrel, after dropping 3.8% on Thursday. US West Texas Intermediate (WTI) crude was down49 cents, or 0.8%, at $59.05 a barrel, having tumbled 4.3% a day earlier.
Gap up start on cards
>> At 8:29 am, SGX Nifty index was ruling 135 points higher at 14,566 levels
Wall Street stocks
In the overnight session, the US market ended higher as investors bought stocks likely to do well in the recovery after US President Joe Biden doubled his target for administering Covid-19 vaccines.
The Dow Jones Industrial Average rose 0.62%, the S&P 500 gained 0.52% and the Nasdaq Composite added 0.12%.
Asian markets trade higher
Asian stocks followed their US peers higher and were trading on an upbeat note with Japan’s Nikkei 225 Index up 1.7% and Australia’s S&P/ASX 200 Index up 0.6%. S&P500 and Nasdaq futures also traded higher by 0.30% each.
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