Investors dump FMCG for financials; Sensex gains 375 pts, ends above 48K

Stock market LIVE updates: A steep gap-down opening was quickly bought into as supportive global cues and expectations that the mass vaccination drive would help curtail the raging second Covid-19 wave in the country gave ammunition to the bulls. From the day's low of 47,204, the benchmark S&P BSE Sensex bounced back over 900 points to hit a high of 48,143 on the back of a brisk-buying in financial and metal counters. 

By close, the BSE barometer was at 48,081 levels, up 375 points or 0.79 per cent. The broader Nifty50, on the other hand, gained 255 points higher from the day's low to settle at 14,406, up 110 points or 0.77 per cent. 

About 18 of the 30 constituents on the Sensex and 27 of the 50 constituents on the Nifty ended the day in the green with Wipro, ICICI Bank, JSW Steel, Tata Steel, HDFC, Bajaj Auto, and BPCL topping the charts on the latter. On the Sensex, HDFC Bank, Bajaj Finance, Kotak Mahindra Bank, and SBI were the additional gainers. All these stocks were up in the range of 2 per cent to 3.5 per cent.

On the downside, Shree Cement, Titan, Tata Consumer Products, HUL, Nestle India, Asian Paints, and Ultratech Cement ended the day as top laggards on the Nifty, down up to 3 per cent.

Fund rotation was evident during the last hour of trade as banking counters turned winners from laggards on the NSE. From a low of 30,555 hit earlier in the day, the Nifty Bank index ended at 31,783, up 2.15 per cent. Meanwhile, the Nifty Financial Services, Private Bank, and Metal indices gained 2.2 per cent, 1.8 per cent, and 1.7 per cent, respectively.

On the contrary, pharma and IT stocks pared their gains and ended in the red today. All the three defensive indices -- Nifty IT, FMCG, and Pharma -- slipped up to 0.75 per cent on the NSE. 

The broader markets, however, underperformed at the bourses with the S&P BSE MidCap and SmallCap indices closing 0.28 per cent and 0.59 per cent higher, respectively.

Global markets

Global stocks ground higher while oil ebbed on Thursday as investors diverged over whether to bet on economic recovery in the United States and other developed markets or worry about a surge in Covid-19 cases in India and elsewhere.

MSCI’s broadest global gauge of stocks was up 0.2 per cent in early European deals, while Europe’s top indexes posted stronger gains ahead of the European Central Bank's monetary policy outcome. The broad STOXX Europe 600 was up 0.5 per cent.

In Asia, Japan’s Nikkei 225 rose 2.4 per cent and MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent.


LIVE UPDATES

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

Nifty opened lower and even broke below Tuesday's low bogged down by worries on rising infections. But that the opening cuts were not too deep, encouraged bargain hunters, who also took cues from fall in US Treasury yields as well as strength in the US as well as Asian equity markets. Metals led the gains, with +2% gain by noon, but it was a bounce in the banking stocks that gave strength to the forenoon's upsides

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

The market witnessed some swift recovery from its short-term support around the Nifty50 Index level of 14200.  The expected level should range between 14200 and 14500, and it’s going to be crucial for the short-term market scenario to break the zone. Though technical evidence is not supporting any bullish momentum, the market may hover in this range, eying on the possibilities for improvement in the new COVID-19 infection. The government plans the vaccination to be more inclusive starting from May first week onward

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

Again index showed a good pull back from its strong support and managed to close a day on a positive note at 14400 zone with gains of nearly one percent forming a bullish candle on the daily chart. On the higher side index has stiff hurdle at 14450-14500 zone if managed to sustain above 14500 then we may see the extension in current pullback towards 4700-14900 zone in near term but it failed to hold above 14500 zone then again profit booking can be seen from higher-end towards immediate support zone of 14350-14250 zone

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

Amid increasing covid-19 cases, the domestic market recovered from its early losses backed by positive cues from global markets. The market has been going through a correction phase following increasing covid cases, in spite of the optimism due to vaccination drives. Though earnings outcome is expected to have stock-specific movements in the coming days, broader movement in the market will depend on fall in Covid cases.

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

In a volatile session, Markets ended on a positive note on Thursday despite the country recording its highest daily covid spike as investors focused on broad basing of the vaccination program. In today's trade, the steely resolve displayed by Steel Stocks yet again was the key highlight

BSE Snapshot :: M-cap of all BSE listed firms rises to Rs 202.6 trillion


Sector of the day :: 11 of the 15 Nifty FMCG constituents end in the red

>> Varun Beverages, Godrej Consumer, Emami Ltd, HUL, Tata Consumer Products, and Nestle India ended as top laggards, down up to 4 per cent.
 

Sector of the day :: Here are the top gainers on the Nifty Bank index


BSE snapshot :: Highest volume-based buying


Stocks that helped Sensex recoup losses


Sectoral trends on the NSE :: Investors prefer financials over defensives


Sensex Heatmap :: Over 50% index constituents end the day in the green


CLOSING BELL :: Sensex ends near day's high amid one-way rally


CLOSING BELL

From the day's low of 47,204, the benchmark S&P BSE Sensex bounced back over 900 points to hit a high of 48,143 on the back of a brisk-buying in financial and metal counters. 
 
By close, the BSE barometer was at 48,081 levels, up 375 points or 0.79 per cent. The broader Nifty50, on the other hand, gained 255 points higher from the day's low to settle at 14,406, up 110 points or 0.77 per cent. 

ICICI Bank Q4 preview: Analysts see over 300% YoY PAT rise; asset quality key

A healthy loan growth and leaner provisioning may aid ICICI Bank to report an over 300 per cent year-on-year (YoY) jump in net profit for the March quarter of financial year 2020-21 (Q4FY21), believe analysts. However, the lender’s asset quality may worsen, they fear, on the back of higher slippages as the Supreme Court’s stay on NPA declaration stands vacated. READ MORE


Gold prices nears $1,800 level as US dollar, yields lose ground

Gold prices steadied near a two-month high on Thursday, a whisker away from the key $1,800 threshold as the U.S. dollar faltered with easing Treasury yields, while supply concerns kept palladium anchored near last session's record peak.
 
Spot gold was little changed at $1,792.66 per ounce by 0707 GMT, after hitting its highest since Feb. 25 at $1,797.67. U.S. gold futures were flat at $1,793 per ounce. READ MORE

ICICI Securities advances 8% on healthy March quarter results

Shares of ICICI Securities advanced 8 per cent to Rs 460 on the BSE in the intra-day trade on Thursday after the brokerage reported a strong set of numbers for the quarter ended March 2021 (Q4FY21). The company’s consolidated profit after tax more-than-doubled on year-on-year (YoY) basis to Rs 329 crore on the back of a 54 per cent YoY growth in revenue at Rs 739 crore, coupled with significantly lower cost to income or C/I ratio. READ MORE


Credit Suisse had more than $20 billion exposure to Archegos investments

 Credit Suisse Group had more than $20 billion of exposure to investments related to Archegos Capital Management and struggled to monitor them before the fund had to liquidate many large positions, the Wall Street Journal reported https://on.wsj.com/2PeVhye.
 
Parts of the bank had not fully implemented systems to keep pace with Archegos' fast growth when Archegos bets on a collection of stocks swelled leading up to its March collapse, the report said, citing unidentified people familiar with the matter. READ MORE

Shree Cement holding firm's sales of unlisted shares raise eyebrows

A corporate governance watchdog has flagged dealings at Shree Cement’s listed holding company NBI Industrial Finance Company, which is listed on the National Stock Exchange (NSE).
 
NBI sold shares of several unlisted companies on 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. Although the deal came under the ambit of “related-party transaction”, it was carried out without being put to vote before minority shareholders, it said. READ MORE

Sugar shares in demand; Balrampur, Dalmia Bharat rally over 30% in a month

Shares of sugar companies continued their upward march on Thursday. In the past one month, Balrampur Chini Mills, Dalmia Bharat Sugar and Triveni Engineering have moved up in the range of 30 per cent to 43 per cent on expectation of improved earnings. In comparison, the S&P BSE Sensex was down nearly 4 per cent during the same period. READ MORE


Tata Motors in focus

Reports suggest:

>> Jaguar Land Rover to suspend work at major UK car plants amid computer chip shortage
 
>> UK’s largest carmaker to halt production at Halewood and Castle Bromwich for at least a week to assess supplies
 
>> JLR Confirms reports that facing Semiconductor Shortages in UK
 

NEWS ALERT

Den Networks slips 11% on calling off merger with TV18 Broadcast

Shares of TV18 Broadcast and Network18 Media & Networks surged 16 per cent and 14 per cent, respectively, on the BSE in intra-day trade on Thursday after the merger of Den Networks, TV18 Broadcast, and Hathway Cable & Datacom into Network18 Media was called off by Mukesh Ambani-led Reliance Industries (RIL).
 
The stock of Den Networks slipped 11 per cent to Rs 41.60, while that of Hathway Cable & Datacom declined by 6 per cent to Rs 20.50 on the BSE in intra-day deals today. In comparison, the S&P BSE Sensex was up 0.35 per cent at 47,871 points at 01:04 pm. READ MORE

Market Check | Sensex trades over 200 points up


Bond fund investors must follow these 4 ways to beat inflation

We head into financial year 2021-22 (FY22) in the shadow of the second wave of the Covid-19 pandemic. Nevertheless, we should expect that this year will be post-Covid supported by the vaccination drive. Growth should bounce back, aided by higher government spending and fiscal deficit.
 
This implies a normalisation of monetary policy, i.e. the extraordinarily easy liquidity and low rates should be reversed this year. The Reserve Bank of India (RBI) has maintained an accommodative stance to aid growth. READ MORE
 

Dark cloud covering markets? What you must know about this chart pattern

A fundamental change in a company’s outlook or a reversal in the overall market mood may have a meaningful bearing on the way a particular stock behaves in the market. Technically, any reversal in an uptrend is known as a ‘bearish reversal trend’, which indicates that the trend may reverse and the price may start falling. READ MORE

NEWS ALERT | Covid vaccine registrations for all above 18 to start from April 24

Market Check | Sensex off nearly 700 points from day's low


This healthcare products stock has zoomed 102% thus far in April

Shares of Nureca were locked in the upper circuit for the fourth straight day, up 5 per cent at Rs 1,218.60 on the BSE on Thursday. The stock has zoomed 102 per cent thus far in the month of April as against a decline of 3.7 per cent in the S&P BSE Sensex during the same period. READ MORE

Downward re-rating triggers for infra sector as Covid-19 strikes again

Developers face shortages and logistical problems with getting labour and construction material to sites. There could be bottlenecks caused by drops in steel and cement production, due to oxygen shortage. Financing could also be a problem as the vast government borrowing programme sucks resources out of the bond market. READ MORE

NEWS ALERT :: SC takes suo moto cognisance of Covid-19 situation in the country

>> Supreme Court takes suo motu cognisance on issues related to oxygen supply, drug supply, vaccine policy in related to Covid-19 pandemic.
 
>> CJI Bobde says cases pending in HCs might be withdrawn to SC as different HCs dealing with issues create confusion

>> CJI says notice will be issued during the course of the day and matter w.r.t oxygen supply will be considered tomorrow.

MID-MARKET VIEW | Likhita Chepa, Senior Research Analyst at CapitalVia Global Research

We have seen the recovery in the market from the level of 14200 and we could see the market to range between the levels of 14200-14500. It will be important for the market to sustain the level of 14200 in the short term, if the market does not sustain the level we can see the correction till the level of 13600. 

IIFL on ABB

ABB India’s CY20 Annual Report places emphasis on increasing customer engagement and driving agility towards ensuring sustained growth in India. Greater adoption of robotics & automation and digitalisation offerings, new product introductions, increasing reach, cost optimisation initiatives and improving mix should help ABB India leverage the recovery in capex from the manufacturing and emerging sectors. Expansion in core OPMs and stepping up investments in new factories/product lines should drive RoE expansion with rebound in the capex cycle. ABB is our top pick in the sector.

Elara Capital on ACC

We believe, rising Covid-19 cases across India may lead to erratic lockdowns in many parts of the country going ahead, thus, straining demand, which has been strong for the past few months. However, ACC due to its pan-India presence and brand equity should be able to manage these challenges effectively, in our view. Therefore, we reiterate Accumulate. We raise CY21E and CY22E earnings ~3% and ~1% respectively, factoring in past two months’ price hikes. Our target price stands raised to Rs 2,000 from Rs 1,885 on CY22E EV per tonne of Rs 8,000 (from Rs 7,500).

Top picks of Anand Rathi in infra space

KNR Constructions, PNC Infratech and Ahluwalia Contracts. Strong balance sheets, ample assurance and execution abilities are key common traits that push us to retaining our positive stance.

Jefferies on Tata Steel


HCL Tech Q4 preview: PAT may drop 26-31% QoQ on one-time bonus impact

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. 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. READ MORE


MARKET CHECK :: Nifty climbs over 14,300-mark


Covid-induced market correction to likely continue: Credit Suisse Wealth

The ongoing market correction triggered by a spike in covid-19 infections is likely to extend, says ‎Credit Suisse (CS) Wealth Management. “We believe the equity market could see some further profit booking in coming weeks, but we expect this correction to be very sharp and to not last long,” said strategist Jitendra Gohil and Premal Kamdar at the investment advisory firm in a note. READ MORE


MARKET CHECK | Sensex off day's low


Tata Steel gains 5% on strong operational performance by Tata Steel BSL

Shares of Tata Steel were up 5 per cent at Rs 936.50 on the BSE in intra-day trade on Thursday after Tata Steel BSL, a subsidiary of the company, reported a strong operational performance for the quarter ended March 2021 (Q4FY21). The stock of Tata Steel BSL surged 6 per cent to Rs 61.25 in intra-day trade, quoting close to its 52-week high of Rs 62 touched on April 8. READ MORE

Sensex Heatmap at this hour


Q&A | Unlikely to see the same quantum of correction witnessed in March 2020: Sampath Reddy

The second wave in India is quite large compared to earlier peak seen in September 2020, though the mortality rate has been controlled so far. We could see more partial lockdowns / restrictions in different parts of the country if the case trajectory keeps escalating. This may impact the pace of economic recovery to some extent; although not to the same quantum as seen in April – June 2020 quarter, when a full stringent lockdown was in place. Therefore, we may witness some market volatility in the short term, but are unlikely to see the same quantum of correction witnessed in March 2020. READ MORE


S Naren :: Scope for volatility high, follow dynamic asset allocation approach

The Indian equity market has been under pressure off late with the rampant spread of the coronavirus across the country. Given that this is an evolving situation, the near-term equity market sentiment remains weak.
 
Since we went through a similar situation last year, we believe both the corporate houses and investors are better prepared to face the challenges that could possibly come our way. In some time, we expect to see more focus on vaccination numbers than rising cases as witnessed in the developed world. READ MORE

BUZZING :: AstraZeneca Pharma zooms 14% as India gears up for mass vaccination drive


Sunteck Realty's sales bookings drop 16% in FY21 amid Covid-19 crisis

Sunteck Realty Ltd on Wednesday reported 16 per cent decline in its sales bookings at Rs 1,022 crore during the last fiscal year. The company had clocked sales bookings of Rs 1,221 crore in the previous year. Sunteck achieved lower sales bookings in the first six months of the 2020-21 at Rs 301 crore. The second half of last fiscal contributed Rs 720 crore to the overall sales bookings number. READ MORE

Volatility Alert

India VIX is up over 4% at 23.37 levels

Swaraj Engines surges 8% on strong March quarter results, dividend bounty

The company achieved its best-ever Q4 engine sales of 33,831 units, up 62 per cent year on year (YoY) and 8 per cent quarter on quarter (QoQ). While the net operating revenue grew 74 per cent YoY at Rs 305 crore, earnings before interest, taxes, depreciation, and amortization (Ebitda) jumped 97.5 per cent YoY at Rs 46.20 ctrore and Ebitda margins improved 179 basis points to 15.1 per cent. The margins for the quarter were supported by improvement in gross margins as well as operating leverage benefits. READ MORE

India's 'casino' type midcap rally amid Covid may be poised for a break

The outperformance of India’s midcap stocks over their larger peers since the coronavirus pandemic engulfed global markets may take a breather, according to some investors. Fund managers at Star Health & Allied Insurance Co. and Smartsun Capital Pte said they are currently avoiding midcaps based on global economic cues and valuations. READ MORE


Exiting equities now can be a costly mistake, might miss out good mkt rally

Since the February 15 peak of 15,314.7, the NSE Nifty50 index is down 6.6 per cent. Many sectoral indexes have fared worse. Localised lockdowns have begun to take a toll on economic activity. If you are a do-it-yourself (DIY) investor, here are a few mistakes you must avoid.
 
Logging out of equities The Nifty Bank Index is down 16.6 per cent since the market’s February 15 high. Realty, auto, and media have also fared poorly. In such times, many investors are tempted to exit equities. READ MORE

Rupee opening

Rupee opens at 1-week low of 75.32 per US dollar vs Tuesday's close of 74.88/$

Panacea Biotech stock hits over 12-year high; zooms 83% thus far in April

Thus far in the month of April, the market price of Panacea Biotech has zoomed 83 per cent after the company and the Russian Direct Investment Fund (RDIF) agreed to produce 100 million doses of Sputnik V vaccine in India per year. In comparison, the S&P BSE Sensex has slipped 4.4 per cent so far in the current month. READ MORE


MARKET CHECK


Gland Pharma begins production of Remdesivir for Indian market: Reports


Buzzing Stock | Den Networks tanks 8%

The company said it has decided not to proceed with the composite scheme of arrangement in which TV18 Broadcast, Hathway Cable & Datacom and Den Networks were to merge into Network18 Media & Investments.

NEWS ALERT :: L&T Construction wins order in the range of Rs 1,000-2,500 cr


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

The storm-like resurgence of Covid cases is impacting the economy as well as market sentiments. The localised lockdowns and severe restrictions on movements are sure to take a toll on the expected GDP growth for FY22. There is a downside risk of 1% to GDP growth which may pull down growth from around the expected 10.5% to 9.5%. But these are early days and if the second wave peaks soon  and then starts declining, the damage is likely to be marginal. But uncertainty has impacted sentiments and the sustained selling by FIIs in April is a reflection of this concern. Due to the Covid second wave impact, India has been an underperformer in April. But this has the potential to reverse when the Covid graph peaks & declines. There is safety in IT & pharma stocks which will do well irrespective of the disruptions. 

Wockhardt climbs 3% on fund-raising plans

The company said it will raise up to Rs 150 crore through issue of non-convertible debentures on private placement basis.

Result Reaction | ICICI Securities jumps over 3% post Q4 numbers

The company on Wednesday reported an over two-fold increase in profit after tax (PAT) to Rs 329 crore for the three months ended March 2021 on account of growth in revenue and improvement in margins. In comparison, the company had posted a PAT of Rs 156 crore in the same quarter of the preceding fiscal.

Lupin gains on incorporating unit in US

Drug maker Lupin on Tuesday said it has incorporated a wholly-owned subsidiary in the US. The new unit, Lupin Oncology Inc (LOI), will be engaged in development/co-development and commercialisation of multiple oncology products globally.

Future Enterprises, Retail rise up to 3% as Kamath committee approves debt restructuring

> The Reserve Bank of India (RBI) mandated KV Kamath committee has approved banks' proposal to restructure loans to Future Retail and Future Enterprises the two main arms of the Kishore Biyani-led group, a media report said.

> Future Retail was up 1% at the same time

Hero MotoCorp declines over 2% on halt in operations

The company has decided to halt operations temporarily at all of its manufacturing facilities in the country, including its Global Parts Center (GPC), in view of the unabated spread of Covid-19. Each plant and GPC will remain shut for four days, in a staggered manner between April 22 and May 1, based on the local scenario.

Result Impact | Nestle India slips over 1% post Q1 numbers

The FMCG major on Tuesday reported a 14.6 per cent year-on-year (YoY) growth in its net profit at Rs 602 crore for the quarter ending March 2021. It was Rs 525 crore in the year-ago period.

Sector Watch | Barring Nifty Pharma, Metal, all sectoral indices in the red on NSE


Sensex Heatmap | Top gainers & losers in opening trade


Nifty nears 14,150 at opening tick


OPENING BELL | Sensex tanks 450 points


COMMODITY CHECK


Sensex Heatmap | Top gainers & losers in pre-open trade


Nifty nears 14,200 level in pre-open trade


Pre-open session | Sensex sheds 200 points


Suntech Realty in focus

Sunteck Realty reports highest-ever collections during the quarter-ended March, up 27% QoQ at Rs 321 cr vs Rs 252 cr (QoQ)

Top stocks to watch today

Nestle India: The FMCG major on Tuesday reported a 14.6 per cent year-on-year (YoY) growth in its net profit at Rs 602 crore for the quarter ending March 2021. It was Rs 525 crore in the year-ago period.
 
Future Retail, Future Enterprises: The Reserve Bank of India (RBI) mandated KV Kamath committee has approved banks' proposal to restructure loans to Future Retail and Future Enterprises the two main arms of the Kishore Biyani-led group, a media report said. READ MORE

MARKET AHEAD PODCAST :: Top factors that could guide markets today

The massive second wave of the Covid-19 pandemic vaulted past another grim milestone as India reported nearly 3.16 lakh fresh cases in the last 24 hours, the highest single-day count recorded in any country so far. Deaths from the virus climbed to another high of 2,102 in the past 24 hours. The fast-rising Covid cases along with lockdown-like restrictions imposed by the states could harm India's economic recovery, opine experts, resulting in a correction in the markets. LISTEN TO THE PODCAST HERE

Exit trading longs below 14,190 in Nifty: Vinay Rajani, HDFC Securities

Nifty has been trading in the downward sloping channel on the daily charts. The current level of Nifty is placed very near to the support derived from this channel. Any close below 14,190 would be considered bearish and trading longs in Nifty should be squared off in that case. On the higher side, 14,560 would play a crucial role as resistance. The sustained level below 14,190 could drag Nifty towards 13,600-odd levels. READ MORE

Bulk deals on the NSE as on Tuesday

Bulk deals on the BSE as on Tuesday

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


Rupee check

Source: Bloomberg


Oil check

Brent crude was trading 0.38% down at $65.07 a barrel in early trade after settling 2% down at $65.32 on Wednesday.

SGX Nifty alert

>> At 8:15 am, the index was at 14,195, down 100 points from Tuesday's close of Nifty50

Asian markets check

Japan's Topix index rose 1.4%, Australia’s S&P/ASX 200 Index added 0.1% and the Kospi index rose 0.5%.

Wall Street on Wednesday

Wall Street rebounded in overnight session after a two-day decline in a broad rally as a tilt toward stocks poised to benefit from a recovering economy offset Netflix Inc's sell-off after its disappointing results a day earlier.
 
The Nasdaq Composite added 1.19%, the Dow Jones Industrial Average rose 0.93% while the S&P 500 also gained 0.93%.

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