Indices decline for 3rd straight week; Sensex slips 202 pts, ends below 48K

Stock market update: Benchmark indices oscillated between gains and losses on Friday as concerns over the second wave of Covid-19 in the country and nervousness in the global markets overpowered the risk appetite of bargain hunters.

After starting gap-down, the benchmark S&P BSE Sensex recouped all the losses and jumped nearly 200 points to hit a high of 48,265 in the intra-day deals. However, bears roared back on Street and sent the index down 600 points from the day's high to a low of 47,669. It eventually nursed losses of 202 points, or 0.42 per cent, to end the day at 47,878.45 levels.

On the NSE, the broader Nifty50 closed at 14,341 levels, down 65 points or 0.45 per cent. The index hit a high and low of 14,461 and 14,273 in the intra-day deals.

Over 30 constituents in the Nifty ended the session in the red including Britannia (down 2.6 per cent), Dr Reddy's Labs, M&M, Wipro, Grasim, Hindalco, and Tech Mahindra. On the Sensex, HUL, ICICI Bank, Bharti Airtel, and Infosys closed as top laggards.

On the upside, NTPC (up 4 per cent), Power Grid, HDFC Life, SBI Life, BPCL, Coal India, and HDFC outperformed the benchmark indices.

The overall market breadth remained in the favour of the bulls, courtesy rally in the broader markets. The S&P BSE MidCap index gained 0.2 per cent today while the S&P BSE SmallCap index added 0.5 per cent riding on the back of gains in Confidence Petroleum India, HFCL, MTNL, Panacea Biotech, Indian Bank, Indian Hotel, Muthoot Finance, and Varroc Engineering.

The overall advances on the BSE were 1,566 while 1,357 were the declines. About 170 counters remained unchanged.

Global markets
European stocks were on track for their first weekly loss in eight on Friday as a surge in global coronavirus cases offset optimism about a strong earnings season. The pan-European STOXX 600 slipped 0.2 per cent.

In Asia, Japan's Nikkei ended 0.57 per cent, while South Korea's Kospi gained 0.27 per cent. 

 

LIVE UPDATES

TECH VIEW :: Sumeet Bagadia, Executive Director at Choice Broking

Technically, the nifty index has been finding resistance at Middle Bollinger Band & 50 days Exponential Moving Averages. However, in the prior session, the Nifty has formed a Piercing Candlestick pattern, which shows reversal in the counter. Moreover, an oscillator stochastic is also trading near its oversold zone. At present, the Nifty index has a support at 14,150 levels while an upside resistance comes at 14,500 levels.

TECH VIEW :: Nagaraj Shetti, Technical Research Analyst at HDFC Securities

The short term trend of Nifty remains dicey. The inability to show any meaningful upside bounce or failing to sustain the highs post upside bounce could be a cause of concern and this may not be a good sign for bulls. Normally, this action could eventually result in a decisive downside breakout of the support/range in the near term. Any upmove from here is expected to find strong resistance around 14,450-14,500 levels by next week. A sharp decline below 14,200-14,150 is likely to open the next lows of 13,600 in a quick period of time.

What should investors expect from markets next week?

>> A sharp pullback rally is not ruled out if the Bank-Nifty succeeds to trade above 30,800. Technically, on daily and weekly charts the index has formed lower top formation, and the non-directional intraday activity clearly indicates indecisiveness between bulls and bears which will continue in the short run. 

>> We are of the view that, 14,250/ 47,450 would be the immediate support level for the bulls. Below the same, we can expect one more leg of correction up to 14,150/47,115. Further, downside may also be possible which could drag the index till 14,000-13,900/46,500-46,000. On the flip side,14,500/ 48,300 would be the immediate hurdle for the Nifty/ Sensex, above the same uptrend structure will continue up to 14,700/49,100.

>> Ahead of monthly F&O expiry, the sectors which would be in focus are banking, metal and pharma.

Views by: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities


Markets this week :: Top gainers

>> Tata Steel (3.9%)

>> Dr Reddy Labs (2.5%)

>> JSW Steel (2.4%)

>> BPCL (1.1%)

>> Wipro (2.2%)

Markets this week :: Top losers

>> Ultratech Cement (9.6%)

>> Shree Cement (8.8%)

>> HUL (6.1%)

>> Tech M (5.9%)

>> Titan (5.6%)

Markets this week

>> Market slips for 3 weeks in a row for the 1st time in last 11 months.

>> Sensex & Nifty slip 2% each

>> Midcap Index & Nifty Bank down 1% each.

>> PSU Bank, FMCG & IT top losing indices this week

Currency Outlook

Next week, the focus will be on Fed policy, we expect Fed to reiterate the dovish tone and dollar to stay subdued. However, the second wave of COVID-19 in India is keeping market risk sentiment very light and the USDINR spot is afloat. So the USDINR bulls will continue to be on driver's seat, but we will  only have to look for RBI intervention. We expect a broader USDINR range to be 74.50-75.50

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

The market failed to show resilience to stay above the Nifty 50 Index level of 14400. While it is subject to further price action evolution, The technical factors are aligned to support a lackluster market movement going forward. Any corrective wave down should find support around 14180-14200. The traders refrain from building a fresh buying position until we witness a correction till 14180-14200 level Or else a breakout above the 14400. It has observed volatility to expand in today’s trading session indicating profit booking and lack of trendiness in the market.

MARKET CLOSING COMMENT :: Anand James, Chief Market Strategist at Geojit Financial Services

While Fitch affirming BBB- rating stated the obvious, Indian markets also sought to ignore a potential hike in US capital gains tax to nearly 43% for wealthy individuals. The result was a bounce from opening lows, but the optimism as such could not sustain and profit booking emerged as Nifty approached the 10day EMA. Obviously, traders seemed reluctant to carry overnight gains into the weekend, amidst rising Covid numbers

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

Index again closed a week on a negative note at 14333 with loss of nearly two per cent on weekly basis and formed a Doji candle for third consecutive week hinting uncertainty in the markets. The index has created a good base near 14250-14200 zone holding above said levels structure will be positive any close below said levels can drag index to much lower levels and on the higher side stiff hurdle is 14450-14500 zone fresh strength above 14500 zone

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

Following weakness in the US market, domestic market continued to be under the grip of bears. Reports of a possible increase in capital gains tax in the US took a toll on the global equities. Increasing covid cases & lockdown also fueled a downward trend in the domestic market. All major sectors were in negative territory while Pharma and mid & small-caps outperformed the broad market

BSE Snapshot


Laurus Labs hits record high in intra-day trade


Cadila Healthcare jumps over 3% Zydus gets approval for Covid-19 medicine


ICICI Bank declines 1.5% ahead of Q4 results tomorrow


HCL Tech ends 0.56% down ahead of Q4 results


Volatility Alert

India VIX ends 1.4 per cent down at 22.69 levels.

Broader market :: S&P BSE SmallCap index ends half a per cent higher


Infosys, ICICI Bank, HUL :: Stocks that dragged the Sensex lower today


Sectoral trends on the NSE :: Media, PSBs outperform in a weak market


Sensex Heatmap at Close

Top gainers: PowerGrid, NTPC, IndusInd Bank

Top losers: M&M, Dr Reddy's Labs, ICICI Bank


CLOSING BELL

After starting gap-down, the benchmark S&P BSE Sensex recouped all the losses and jumped nearly 200 points to hit a high of 48,265 in the intra-day deals. However, bears roared back on Street and sent the index down 600 points from the day's high to a low of 47,669. It eventually nursed losses of 202 points, or 0.42 per cent, to end the day at 47,878.45 levels.
 
On the NSE, the broader Nifty50 closed at 14,341 levels, down 65 points or 0.45 per cent. The index hit a high and low of 14,461 and 14,273 in the intra-day deals.

Ensure no oxygen tanker, meant for any state, is stopped: PM Modi asks CMs

In the wake of coronavirus surge in the country, Prime Minister Narendra Modi on Friday asked state governments to be strict with hoarding and black marketing of essential medicines and injections.
 
He was speaking while chairing a high-level meeting on Covid-19 situation with Chief Ministers of 11 states and Union Territories, which have reported maximum number of Covid cases recently. READ MORE

Gold heads for weekly rise on subdued US Treasury yields, dollar

Gold was little changed on Friday but was set to post a third straight weekly gain after U.S. President Joe Biden's proposal to hike capital gains tax weighed on U.S. Treasury yields, while a weaker dollar also supported.
 
Spot gold was steady at $1,783.24 per ounce by 0723 GMT. The metal jumped to its highest since Feb. 25 at $1,797.67 on Thursday, and has added about 0.4% so far this week. READ MORE

NEWS ALERT :: Govt to provide free foodgrains under PM Garib Kalyan Ann Yojana for May & June 2021

NEWS ALERT :: India to import mobile oxygen generation plants from Germany

NEWS ALERT :: Cadila health in focus

>> Zydus Cadila today announced that the company has received Restricted Emergency Use Approval from the Drug Controller General of India for the use of ‘Virafin’, Pegylated Interferon alpha-2b (PegIFN) in treating moderate COVID-19 infection in adults.

Click here for detail


Rain Industries gains 9%, hits 52-week high on the back of heavy volumes

Trading volumes on the counter jumped two-fold with a combined 15.6 million equity shares, representing 4.7 per cent of total equity of the company, changing hands on the NSE and BSE till 02:15 pm, exchange data shows. In the past three months, the stock has rallied 33 per cent as against a 2 per cent fall in the benchmark index READ MORE

MARKET CHECK :: Indices skid again; Sensex down over 200 pts


Oil demand to buckle in India as Coronavirus resurgence wreaks havoc

The combined consumption of diesel and gasoline in April is poised to plunge by as much as 20% from a month earlier due to renewed restrictions, including a week-long lockdown in the capital New Delhi, according to officials from top refiners and fuel retailers. While major oil processors were still buying crude recently, there are signs starting to emerge that refining operations will likely need to be scaled back to adjust for plummeting demand. READ MORE

Nazara Technologies clocks 84% jump in FY'21 revenue at Rs 454.2 crore

Nazara Technologies has clocked 84 per cent jump in consolidated revenue at Rs 454.2 crore for financial year 2020-21, over the previous fiscal, driven by strong growth momentum in segments like gamified learning and e-sports. The gaming company expressed confidence that it will continue to drive profitable growth. Nazara Technologies delivered consolidated revenue of Rs 454.2 crore (unaudited) in FY21, 84 per cent rise over FY20, when it stood at Rs 247.5 crore, Nazara said in a regulatory filing late on Thursday. READ MORE


Shree Cement trades lower for fourth straight day; stock down 9% in a week

Shares of Shree Cement were trading lower for the fourth straight day, down 2 per cent at Rs 27,926 on the on the National Stock Exchange (NSE) in intra-day trade on Friday. The stock has slipped 5 per cent in two days alone, amid reports that the company’s listed holding company - NBI Industrial Finance Company - sold shares of several unlisted companies in its books around five years ago to promoter entities for only Rs 89 crore, though their fair value was Rs 3,077 crore, InGovern has alleged. READ MORE

Result tomorrow | ICICI Bank's Q4 PAT may rise over 300%; asset quality key

Brokerage house Motilal Oswal Financial Services, for instance, presumes a 322 per cent YoY expansion in profit after tax (PAT) at Rs 5,160 crore for the quarter under study compared with a PAT of Rs 1,221.4 crore in the year-ago period (Q4FY20). Sequentially, this would mean a 4.4 per cent growth over December quarter’s (Q3FY21’s) profit of Rs 4,939.6 crore. READ MORE


Laurus Labs hits new high in subdued market, surges 30% in a month

Laurus Labs on Thursday announced that the board of directors of the company are scheduled to meet on April 29, 2021, to consider and approve the audited financial results of the company for the financial year ended March 31, 2021. The company said the board will also consider the proposal for payment of a third interim dividend for FY 2020-21 and fixation of record date for determining the eligibility of shareholders (if approved). READ MORE

NEWS ALERT | Covid-19 second wave, slow pace of vaccination to shave off 30bp from FY22 GDP: India Ratings

>> Ind-Ra has revised its GDP growth forecast for FY22 to 10.1% from earlier forecasted 10.4%. The revision assumes the second wave of COVID-19 to start subsiding mid-May 2021 onwards.

>> India Ratings and Research (Ind-Ra) believes the second wave of COVID-19 infections will be less disruptive than the first wave, despite the case load per day reaching more than 3.0x of the peak level attained during the first wave.

>> This is because the administrative response is likely to be confined to .the regional/local lockdowns and containment zones. Moreover, unlike the first wave, the administrative response is not abrupt, and is unfolding gradually in a graded manner. 

>> Also, households. businesses and other economic agents are better prepared and there is a significant amount of learning by doing, which can help them withstand and navigate through the second wave of COVID-19 crisis.

>> According to Ind-Ra’s estimate, vccination to all above 18 years of age would require 1,768 million vaccine doses (including 5% wastage), which will cost the union government 0.12% of GDP and state governments 0.24% of GDP. Both vaccination production and the pace of vaccination are key in controlling the pandemic as well as for growth recovery.
 
 

Biden tax fears leave Bitcoin, Ether groggy

Cryptocurrency Ether pulled back sharply from a record high and rival Bitcoin also fell on Friday amid speculation that U.S. President Joe Biden's plan to raise capital gains taxes will curb investment in digital assets. Ether plunged more than 10% to as low as $2,140, a day after climbing a record $2,645.97. It last traded down 6.55% at $2,242.90. Bitcoin also weakened, falling 3.44% to $49,903.71. 

(Source: Reuters)


Cloud on banking stocks on NPA concerns amid second wave of pandemic

The second wave of the Covid pandemic in India is threatening to bring back woes for banking stocks, owing to the possibility of a rise in non-performing assets and projections of lower economic growth. The Nifty Bank index has come off 15 per cent from its peak in February, underperforming the benchmark Nifty which is down 6 per cent.
 
There can be a sharper sell-off, especially by institutional inve­stors, if the current Covid-19 situation continues for the next month or two. READ MORE

NEWS ALERT :: Dr Lal Path Labs refutes reports saying it has stopped RT-PCR testing

MARKET CHECK | Sensex erases gains, slips into the red


Go long to make the most of strong run in the small-cap fund category

The small-cap fund category has yielded average returns of 88.9 per cent over the past year. After a six-year bull run (2012-2017), this category’s performance peaked in January 2018.
 
Thereafter, it languished for two years. Both new investors, who wish to take exposure because of the FOMO (fear of missing out) factor, and existing investors, who are wondering if the rally has any steam left, must take a close look before diving in.  READ MORE

Covid second wave: Insurance stocks may provide cover in a falling market

With Covid-19 infections rising at an alarming rate in the country, hospitalisations have gone up substantially. This, in turn, has resulted in a spurt in demand for health insurance products recently. Given the pertaining health crisis, the health insurance portfolio of general and standalone health insurers has seen considerable growth last fiscal year, driven by huge demand for retail health products. In FY21, the retail health segment saw 38 per cent growth to Rs 26,258.39 crore from Rs 19,013.97 crore. READ MORE


This Kacholia-owned medical equipment stock has rallied 113% in 3 months

Shares of Poly Medicure hit a new high of Rs 1,083.90 after rallying 9 per cent on the BSE in intra-day trade on Friday. The stock of the medical equipment company, which has zoomed 22 per cent in two trading days, surpassed its previous high of Rs 1,044 touched on Thursday. In the past three months, it has soared 113 per cent as compared to a 1.7 per cent decline in the S&P BSE Sensex. Meanwhile, ace investor Ashish Kacholia held 1.70 million equity shares or a 1.77 per cent stake in Poly Medicure at the end of the March 2021 quarter. READ MORE


NEWS ALERT | Supreme Court starts hearing suo moto congnisance case on Covid-19 crisis

> Will also examine the judicial power of HCs to impose lockdown

Market Check | Sensex jumps 150 points, trades at day's high


Economic cost of mobility curbs, lockdowns at Rs 1.5 trillion: SBI report

The stringent mobility curbs and lockdowns put across key Indian cities will dent the economic momentum and will result in an economic loss of Rs 1.5 trillion, suggests a report by the economic wing of State Bank of India (SBI). “Total loss is estimated at Rs 1.5 trillion, of which Maharashtra, Madhya Pradesh and Rajasthan account for 80 per cent. Maharashtra alone accounts for 54 per cent,” wrote Dr. Soumya Kanti Ghosh, group chief economic adviser at SBI in an April23 note. READ MORE


Result today :: HCL Tech's Q4 PAT may drop 26-31% QoQ on one-time bonus impact

Leading brokerages expect the company to post a 6.2-6.5 per cent year-on-year (YoY) rise in revenue for the fourth quarter of the financial year 2020-21 (Q4FY21) when it announces its numbers on April 23.
 
However, on account of a one-time bonus impact, the IT company's March quarter profit after tax (PAT) is expected to plummet between 26-31 per cent quarter-on-quarter (QoQ), analysts say. The figure, according to consensus estimates, could contract by 6.5-13 per cent on a yearly basis. READ MORE

India gas maker shares jump amid shortage of life-saving oxygen

An acute shortage of medical oxygen in India, amid a deadly wave of coronavirus infections, has triggered a surge in stocks seen linked to industrial gases. Supplies of medical oxygen, essential in many cases to treat seriously ill patients, have been depleted as hospitals around India have been overwhelmed by Covid-19 cases. READ MORE


Alkyl Amines rallies 11% in two days on fixing record date for stock split

Shares of Alkyl Amines Chemicals jumped 8 per cent to Rs 6,386 on the BSE in intra-day trade on Friday, up 11 per cent in the two trading days, after the company fixed May 12 as the record date for the subdivision of face value of equity shares from Rs 5 to Rs 2. The stock will turn ex-date for the stock split on May 11.
 
The stock of the specialty chemicals maker surpassed its previous high of Rs 6,299 touched on April 8. At 10:08 am, it was trading 6 per cent higher at Rs 6,314 as compared to a 0.31 per cent decline in the S&P BSE Sensex. READ MORE

Market Check | Sensex wipes off losses, trades flat


NEWS ALERT :: Alembic Pharma receives USFDA approval for Doxepin Hydrochloride Capsules

>> Alembic Pharmaceuticals Limited (Alembic) today announced it has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Doxepin Hydrochloride Capsules USP, 10 mg, 25 mg, 50 mg, 75 mg and 100 mg

>> Doxepin Hydrochloride Capsules are recommended for the treatment of: i) Psychoneurotic patients with depression and/or anxiety, ii) Depression and/or anxiety associated with alcoholism, iii) Depression and/or anxiety associated with organic disease, iv) Psychotic depressive disorders with associated anxiety including involutional depression and manic-depressive disorders.

>> Doxepin Hydrochloride Capsules USP, 10 mg, 25 mg, 50 mg, 75 mg, and 100 mg have an estimated market size of US$ 41 million for twelve months ending December 2020 according to IQVIA.


Rupee opening

Rupee opens weaker at 75.02 per US dollar vs Thursday's close of 74.95/$

NEWS ALERT | PowerGrid Infrastructure Investment Trust files for IPO

(Source: TV Reports, Agencies)

Wipro pips HCL Tech in m-cap to become third most-valued Indian IT firm

IT major Wipro, on Friday, regained the position as India's third most-valued information technology (IT) company, surpassing HCL Technologies in terms of market capitalisation (market-cap). At 09:37 am, Wipro stood at number 12 in the overall m-cap ranking with an m-cap of Rs 2.65 trillion. HCL Technologies, meanwhile, slipped to number 13 with an m-cap of Rs 2.62 trillion, BSE data shows. READ MORE


Tata Elxsi surges 9%, hits new high on healthy March quarter results

Shares of Tata Elxsi surged 9 per cent to hit a new high of Rs 3,310 on the BSE in intra-day trade on Friday after the company reported a healthy set of March quarter (Q4FY21) numbers. The Tata Group-owned information technology (IT) company also announced a final dividend of Rs 24 per share for the year 2020-21 along with a one-time special dividend of Rs 24 per share, subject to tax. READ MORE


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

The resilience of the market (Nifty down only 1.9% in April, so far) in spite of the health crisis and worrisome news relating to bed & oxygen shortages and travel bans announced by many countries, would appear surprising. But it is important to appreciate the fact this bad news will not impact the earnings of companies in sectors that are doing well like IT, metals & pharma. FIIs continuing in the sell mode is a worry for markets in the short run. 
 
The underperformance of the bank index (down 4.5% in April, so far) emanates from the potential hit to GDP from the second wave, which the market had not factored in last month. Also, there is portfolio churn away from banks in favour of IT, metals & pharma. If this persists, it will present buying opportunities in the leading private sector banks.
 
Since equity investors are sitting on big profits, partial profit booking and moving money to fixed income may be considered even though fixed income returns are low. Heightened uncertainty warrants partial switching to fixed income.

Torrent to set up 300 MW solar project in Gujarat; stock rises 1.5%


Gland Pharma gains 2% as firm gets USFDA nod for generic Foscarnet Sodium injection

The company said it has received approval from the US health regulator for its generic Foscarnet Sodium injection indicated for treatment of cytomegalovirus retinitis in patients with AIDS

Result Reaction | Cyient trades higher post March quarter results

IT firm Cyient on Thursday said its net profit has grown by 46.8 per cent YoY to Rs 110.7 crore for the March 2021 quarter. The Hyderabad-based company had posted a net profit (normalised) of Rs 75.4 crore in the year-ago period. 

 
 

NEWS ALERT :: RBI approves appointment of Atanu Chakraborty as Part-Time Chairman of HDFC Bank

>> The appointment is for a period of 3 years w.e.f. May 5, 2021 or the date of his taking charge, whichever is later.


Result Impact | Tata Elxsi jumps 7% as Q4 PAT rises 40% YoY

The company said its net profit has increased 40.3 per cent YoY to Rs 115.16 crore in the March 2021 quarter. The company had registered a net profit of Rs 82.08 crore in the year-ago period, Tata Elxsi said in a regulatory filing. 

HCL Tech trades higher ahead of Q4 results

Contribution from DWS Limited - a leading Australian IT, business and management consulting firm that HCL Tech acquired recently - demand in areas of digital foundation projects and improving traction in ER&D segment should aid HCL Technologies' (HCL Tech's) March quarter performance. READ MORE

 
 

Sector Watch | Financials under pressure, metals shine


Sensex Heatmap | Top gainers & losers in opening session


Nifty slips below 14,400 in opening trade


Opening Bell


Commodity prices in early deals


Pre-open session :: Nifty above 14,300


Pre-open session :: Sensex starts in the red


Top stocks to watch today

Future Retail, Future Enterprises: A BS report stated that lenders to Kishore Biyani's Future Group will withdraw the just-approved debt recast plan that offered easier repayment options, if the troubled retailer's Rs 24,713 crore asset sale to Reliance Industries Ltd (RIL) goes through in a reasonable time frame. READ HERE
 
Rallis India: The company on Thursday reported a consolidated profit after tax (after exceptional items) of Rs 8.12 crore for the March quarter. The company's consolidated PAT stood at Rs 68 lakh during the corresponding period of 2019-20. READ MORE

Top trading ideas by Anand Rathi

BUY BAJAJ FINANCE | TARGET: Rs 5,150 | STOP LOSS: Rs 4,325
 
The recent correction in the markets dragged Bajaj Finance's from the high of Rs 5,800 towards Rs 4,400-mark, resulting in almost 25 per cent erosion in stock price from the top. Post this fall, the stock has found support at the placement of its 200-day exponential moving average (200 DEMA) which could be its demand zone. Also, we are witnessing a ‘Bullish Island Reversal’ candlestick pattern on the daily chart which is a very rare and strong pattern. Hence, traders are advised to buy the stock in the range of Rs 4,650-4,600 with a stop loss of Rs 4,325 for the upside potential target of Rs 5,150 in 3-5 weeks. READ MORE

Bull Spread Strategy on DLF

Bull spread Strategy on DLF
 
Buy DLF APRIL 245 CALL at Rs 8.10 & simultaneously sell 255 CALL at Rs 3.8
 
Lot Size 3300
 
Cost of the strategy Rs 4.3 (Rs 14190 per strategy)
 
Maximum profit Rs 18810 If DLF closes at or above 255 on 29 April expiry.
 
Breakeven Point Rs 249.3 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


US: Joe Biden to float historic tax increase on investment gains for rich

President Joe Biden will roll out a plan to raise taxes on the wealthiest Americans, including the largest-ever increase in levies on investment gains, to fund about $1 trillion in childcare, universal pre-kindergarten education and paid leave for workers, sources familiar with the proposal said. READ MORE

Rupee check

Source: Bloomberg


Oil check

US crude rose 0.6% to $61.80 a barrel and global benchmark Brent crude added 0.47% to $65.71 per barrel

SGX Nifty alert

>> At 8:10 AM, the index was at 14,354, down 48 points.

Asian markets check

The sombre mood was visible in Asian markets too with Japan's Nikkie trading 0.76% down. Meanwhile, South Korea's Kospi was flat, up 0.02% and Australia's S&P/ASX 200 shed 0.04%.

Wall Street update

US stocks dived on Thursday on reports President Joe Biden planned to almost double the capital gains tax. The Dow Jones Industrial Average fell 0.94%, the S&P 500 lost 0.92% and the Nasdaq Composite dropped 0.94%.

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