Localised lockdowns weigh; Sensex declines 244 points amid volatility

Topics MARKET WRAP | Markets | Sensex

Stock market updates: A sharp sell-off in the fag-end of the session engulfed markets on Tuesday as incidents of localised lockdowns increased in the country. The economically important state of Maharashtra tightened Covid-19-related curbs, allowing shops to stay open only between 7 AM and 11 AM, while eastern state of Jharkhand announced a complete lockdown for a week, starting Wednesday.

Amid this, the BSE barometer Sensex dropped over 1,000 points from day's high to hit a low of 47,438 in the intra-day trade as investors dumped IT, financials, and heavyweights like Reliance Industries, HUL, and Ultratech Cement.

The index, however, staged a mild recovery to eventually close at 47,706 levels, down 244 points or 0.5 per cent, with Ultratech Cement, HCL Tech, HDFC, Tech M, HUL, ITC, and HDFC Bank leading the list of losers. All these stocks declined between 1 per cent and 5 per cent.

On the NSE, the 50-share index hit an intra-day low of 14,207 before settling at 14,296 levels, down 63 points or 0.44 per cent. About 27 of the 50 constituents ended the day in the red. Bucking the trend were players like Dr Reddy's Labs, Bajaj twins, HDFC Life, Bajaj Auto, M&M, Maruti Suzuki, and Tata Consumer Products, rising up to 3.5 per cent.

The broader markets, however, managed to duck the bear onslaught and supported the overall market breadth. The S&P BSE MidCap and SmallCap indices gained 0.5 per cent each. Overall market breadth was tilted towards bulls with 1,654 stocks advancing on the BSE as against 1,228 stocks that declined.

Sectorally, the Nifty IT index, down 1.4 per cent, faced the hardest knock amid weakness in global tech stocks. That apart, the Nifty FMCG and Bank indices ended 0.64 per cent and 0.35 per cent lower, respectively. 

On the upside, the Nifty Pharma index ended 1.3 per cent higher at 13,427 after hitting record high of 13,522 (up 2 per cent) in the intra-day trade. Individually, Cipla, Gland Pharma, JB Chemicals and Pharmaceuticals, Max Healthcare, Neuland Laboratories and Apollo Hospital Enterprises hit their respective record highs today while Sun Pharmaceutical Industries, Cadila Healthcare, Glenmark Pharmaceuticals, Panacea Biotech and RPG Lifesicenes hit 52-week highs in the intra-day trade as the Indian government will open up vaccination to anyone over 18 years of age starting May 1. READ MORE

Note: Domestic markets shall remain shut on Wednesday, April 21, on account of Ram Navami holiday

Global markets
Global shares edged further back from record highs on Tuesday as lofty sovereign bond yields and rising global COVID-19 cases had investors questioning high equity valuations. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.2 per cent but Japan’s Nikkei dropped 2 per cent on worries that the possible reintroduction of Covid-19 emergency measures in the country’s biggest cities would slow the economic recovery.

In Europe, the UK’s blue-chip FTSE 100 fell 0.4 per cent, Germany’s DAX was down 0.1 per cent and France’s CAC 40 declined 0.7 per cent. The pan-regional STOXX 600 index dropped 0.5 per cent.

   

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

The lack of strength to sustain the highs continued in the market and the Nifty is now placed at the crucial support juncture of around 14200-14150. The chances of downside breakout seems higher. A decisive below the support is likely to drag Nifty down to 13500 levels in a quick period of time. Any upside bounce from here could find strong resistance around 14370.

MARKET CLOSING COMMENT :: Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel Broking

Market is struggling at higher levels and today’s session is a clear indication of this as it failed to sustain despite a strong start. Today’s high precisely coincided around the mentioned resistance zone of 14500 – 14550 and the way it dropped towards 14200 in the latter half, things do not bode well for the bulls. Although we did manage to hold this key support today, the possibility of sliding below it, has increased now.  Below 14200, it opens up the downside zone of 14000 – 13700 and hence, we continue to remain cautious and advise against creating aggressive longs for a while. Today barring Pharma,  most of other sectors looked weak in the latter half. Thus one need to be very watchful while picking up a stock specific trade

MARKET CLOSING COMMENT :: Mohit Nigam, Head, PMS & Advisory at Hem Securities

Markets opened higher this morning on positive news about mass vaccination drive from May 1 onwards. However, it failed to sustain the higher levels in the second half due to weak Europe & US markets. Moreover, the continuous negative developments related to Covid from different parts of the country is acting as the single most dominant factor leading to the decline. Strong positive momentum is seen in the pharma space since the past few days & we can look in this space for short term opportunities. A withdrawal of Rs.5,000crs by FIIs in the month of April might indicate changing sentiments of foreign funds coming into India in the current scenario. 14200 levels continue to remain a support & if the market breaches that, then we can see a 500–700 points dip in Nifty quickly

MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Sec

The market registered an extremely volatile session, the nifty/ Sensex closed 63/243   points lower. Post yesterday sharp fall today, the Nifty/ Sensex opened with over 150/ 500 points gap up but after a strong opening, it failed to sustain above 14500/48400  resistance mark and due to consistent selling pressure at higher levels along with  tepid global cues the benchmark index corrected sharply . Among sectors, profit booking was seen in IT stocks whereas, Auto, Pharma and selective Media stocks witnessed  buying interest. We are of the view that, currently the nifty / Sensex hovering in the range of 14600 to 14400/ 47500-49000  price range and the texture of the pattern suggest narrow range activity likely to continue in the near future. Technically, the index has formed a lower top formation which is broadly negative for the market. The intraday chart suggest correction wave likely to continue if the nifty/ succeed to trade below 14400/48100 below the same the correction wave will continue up to 14200-1413/ 47350-47000 On the flip side, above 14400/48100 we can expect quick pullback rally till 14475-14525/ 48300-48500

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

Indian Benchmark equity indices extended their decline to a second session even as Maharastra added to lockdown-like curbs amid rampant Covid cases. The Nifty opened higher and kept falling through the day with the downfall accelerating post 1415 Hrs. At close, the Nifty was down 63.10 points or 0.44% at 14,296.40. The broader markets did better with the S&P BSE MidCap and S&P BSE SmallCap indices both ending 0.5% higher.
 
Volumes on the NSE were in line with recent averages. Among sectors, Pharma and Auto gained the most, while IT and Materials indices fell the most.
 
Nifty once again failed to hold on to higher levels facing selling pressure. However the broader market did well on April 20. It took support again from 14207. However repeated testing of 14200 is not a good sign. 14200-14505 is the new band for the Nifty for the near term. A breach of 14200 again could result in accelerated selling. 

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

Technically, the Nifty index has formed Bearish Marubozu Candlestick on the daily chart, which indicates more bearishness in the index for the near term. Moreover, the Nifty index has been hovering below 50 days EMA from the last couple of days and also trading below the neckline of Double Top pattern, which suggests more downside move below the levels of 14200. At present, the Nifty index may find immediate support at 14000 levels, while on the upside, 14500 would be the resistance zone.

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

Index opened a day with a strong gap but profit booking from highs led the index to close in the negative note at 14294 with loss of half per cent and formed a strong bearish candle on the daily chart. The index has base around 14200-14250 zone if managed to sustain then some pullback possible if not saved then we may see next leg of a move towards 14000 marks which is another strong support on the downside, on the higher side 14400-14500 will be stiff hurdle also can be considered as initial profit booking levels

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

Indian markets witnessed a bounce-back in its opening trade, however, failed to hold onto its early gains due to weak global cues and the possibility of a stricter lockdown in Maharashtra. Despite the vaccine drive kindling hopes of recovery, the trend in the market will depend on positive developments like decreasing covid cases and lifting restrictions. IT and FMCG were the sectoral laggards while mid and small-caps outperformed

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

In a volatile session today with news flow on the virus as well as the vaccine playing in the minds of investors we witnessed yet another day when Pharma stocks ruled high. Cement stocks came under a bout of profit booking today while the broader markets witnessed keen investor appetite for Insurers

BSE Snapshot :: Market breadth favours advances despite weakness in benchmarks


Volatility Alert

>> India VIX ended 0.26% down at 22.42 level

Broader market :: S&P BSE SmallCap adds 0.5%


Broader market :: S&P BSE MidCap index outperforms benchmarks


Index laggards :: HDFC duo biggest contributors towards Sensex's fall


Sectoral trends on the NSE :: Pharma index ends near record high, IT stocks drag


Sensex Heatmap at Close

>> Dr Reddy's Labs, Bajaj Group stocks steal the show

>> IT, HDFC twins, Ultratech Cement top laggards

CLOSING BELL

The BSE barometer Sensex dropped over 1,000 points from day's high to hit a low of 47,438 in the intra-day trade as investors dumped IT, financials, and heavyweights like Reliance Industries, HUL, and Ultratech Cement.
 
The index, however, staged a mild recovery to eventually close at 47,706 levels, down 244 points or 0.5 per cent, with Ultratech Cement, HCL Tech, HDFC, Tech M, HUL, ITC, and HDFC Bank leading the list of losers. All these stocks declined between 1 per cent and 5 per cent.
 
On the NSE, the 50-share index hit an intra-day low of 14,207 before settling at 14,296 levels, down 63 points or 0.44 per cent. About 27 of the 50 constituents ended the day in the red. Bucking the trend were players like Dr Reddy's Labs, Bajaj twins, HDFC Life, Bajaj Auto, M&M, Maruti Suzuki, and Tata Consumer Products, rising up to 3.5 per cent.

Localised lockdowns already hitting economic activities: Report

With the pandemic caseload remaining over 2.5 lakh for the second day, a report has warned of the grim economic scenario as with even limited restrictions on people's movement and some businesses, power consumption and e-way GST bill collections are already down.
 
The report has also called for speeding up the vaccination drive that of late has been on the decline on a weekly basis. READ MORE

Macrotech Developers trades above issue price; up 22% from debut day's low

MDL had made a weak debut on the bourses on Monday as the stock listed at Rs 439, a 10 per cent discount from its issue price of Rs 486 per share. It had ended at Rs 463.15, 5 per cent lower against its issue price, after hitting an intra-day low of Rs 421.15. With today’s gain, the stock has recovered 22 per cent from its Monday’s low on the BSE. READ MORE

MARKET CHECK :: Sensex witnesses sharp recovery


Oil prices rise to one-month high on weak dollar, fall in US inventory

Oil prices rose to over one-month highs on Tuesday as a weaker U.S. dollar supported commodities and on expectations that crude inventories fell in the United States, the world's biggest oil user, though rising coronavirus cases in Asia capped gains. Brent crude futures for June delivery had risen by 66 cents, or 1%, to $67.71 a barrel as at 0642 GMT after earlier hitting a session high of $67.97. READ MORE


NEWS ALERT | Jharkhand govt announces complete lockdown: TV reports

>> Complete lockdown in the state from April 22-27.

NEWS ALERT :: Maharashtra govt announces stricter Covid curbs till May 1

J&J seeks DCGI nod for clinical trial of single-dose Covid vaccine in India

Global healthcare major Johnson & Johnson on Tuesday said it has sought an approval from the India's drug regulator to conduct a bridging clinical trial of its single-dose Covid-19 vaccine in the country. The US Food and Drug Administration (USFDA) had in February approved Johnson & Johnson's Covid-19 vaccine that works with just one dose for emergency use. READ MORE

Pharma index hits record high as govt launches phase 3 of Covid vaccination

Individually, Cipla, Gland Pharma, JB Chemicals and Pharmaceuticals, Max Healthcare, Neuland Laboratories and Apollo Hospital Enterprises hit their respective record highs today. Menawhile, Sun Pharmaceutical Industries, Cadila Healthcare, Glenmark Pharmaceuticals, Panacea Biotech and RPG Lifesicenes are among those that hit 52-week highs in the intra-day trade today. READ MORE

Unsure whether vaccines are effective against Indian Covid-19 variant: UK

British Health Secretary Matt Hancock has said he cannot give any assurances that the current vaccines the UK has against Covid-19 will be as effective against the new variant of the virus that originated in India.
 
Replying to a question asked by India-origin Labour MP Tanmanjeet Singh Dhesi in Parliament to the Secretary of State for Health and Social Care on Monday, the UK government confirmed they do not know whether the UK's vaccination programme will be effective against the Indian Covid-19 variant. READ MORE

Covid second wave unlikely to dent FY22 earnings, say analysts

Despite the sharp rise in Covid cases and the ensuing lockdown imposed across key cities across India that can dent the economic momentum, analysts remain optimistic on the earnings trajectory of India Inc and have not yet downgraded / cut projections for fiscal 2021-22 (FY22). “Corporate earnings are yet to come back to their pre-Covid levels in realistic terms even though they may look optically higher due to the low base effect of the last year. READ MORE

BUZZING STOCK | Macrotech Developers surges nearly 11%, hits 52-week high of Rs 514


Everest Kanto Cylinder zooms 44% in 2 days; stock hits over 10-year high

Shares of Everest Kanto Cylinder hit an over 10-year high of Rs 110.70, soaring 20 per cent on the BSE in the intra-day trade on Tuesday. The stock of one of India's leading manufacturer of seamless steel gas cylinders was trading higher for the fifth straight day, having rallied 44 per cent alone in the past two trading days, on expectation of strong earnings growth. It was quoting at its highest level since July 2010. READ MORE

 

STOCK ALERT | LIC increases stake in Marico by 0.45% in Q4

>> LIC held 5.29% stake in Marico at the end of March quarter vs 4.84% held at the end of December quarter

Sensex Heatmap | Top gainers & losers in afternoon session


Jubilant Pharmova gains 3% as Rakesh Jhunjhunwala increases stake in the co in Q4

>> Ace investor Rakesh Jhunjhunwala increased his stake in the co by 0.57% to 6.8%
 

NEWS ALERT | Weekend curfew imposed in Uttar Pradesh: TV reports

>> Night curfew to be imposed across the state from 8 PM to 7 AM

MARKET VOICE :: Fresh, tailor made stimulus package needed to fight second Covid wave

In order to tide over the second wave, the stimulus has to be tailor made for people and businesses impacted the most. As of now, Maharashtra (14 per cent of India’s GDP) and Delhi (4 per cent) have imposed stringent restrictions on movement of people. Mobility data shows a 34 per cent reduction in workplace activity in Maharashtra from baseline. Compared with this, there is a 17 per cent reduction in Tamil Nadu and 19 per cent reduction in Gujarat. These three states account for nearly 45 per cent of employment in MSMEs and 41 per cent of overall MSME credit. READ MORE

NEWS ALERT :: Supreme Court stays Allahabad HC’s order imposing lockdown in 5 cities in Uttar Pradesh

MID-MARKET VIEW | Gaurav Garg, Head of Research, CapitalVia Global Research

Market opened with a positive upbeat in the market. Sentiments were positive with the announcement that the government has liberalized and made an aggressive move to make the vaccines available for all above 18 years of age from May 1. We expect this can be a good move and can keep the sentiments high in the market though the sentiment in the long run depends on the success of the move that can only be determined after some time. We expect the Indian market to continue trading in a small range between 14200-14600 for a short term period. If the market breaks the level of 14200, we expect the market to correct till the level of 13600. 
 

Competition Commission paper on blockchain tech spells regulatory risk

Major financial bodies are looking more seriously at blockchain, the underlying technology of cryptocurrencies like bitcoin. The Competition Commission of India (CCI), in collaboration with EY, recently came out with a discussion paper on blockchain and its legal ramifications. The 50-page document, which has been reviewed by Business Standard, retains the government’s stand to allow innovation in blockchain but points to regulatory risks as this technology proliferates. READ MORE


MARKET CHECK


How GIC's ownership problem is keeping insurance biz from growing up

Like the rest of the insurance industry, General Insurance Corporation of India, or GIC Re, had a diffic­ult FY21. At the worst of the tro­ugh in the first quarter of FY21, the solvency ratio, a key indicator showing how far as­sets cover commitments to fut­ure payments, went down to 1.52 in June 2020, just above the in­s­urance regulator’s man­d­ated 1.5. READ MORE

Subex surges 32% in 2 days ahead of new product launch

Shares of Subex moved higher by 14 per cent to Rs 59.90 on the BSE in intra-day trade on Tuesday, up 32 per cent in the past two trading days, ahead of the new product launch on Thursday, April 22. The stock of the information technology (IT) software products company was trading at its fresh 52-week high level. In the past one month, it has rallied 65 per cent as compared to a 3.5 per cent decline in the S&P BSE Sensex. READ MORE


Q&A | Correction may not be deep or extended: Kotak Institutional Equities CEO

The markets are already pricing in this spike in cases and also of more states imposing Maharashtra-style restrictions. In addition, there is hope that vaccination will be ramped up, which will reduce risks. There is also a lot of global liquidity sloshing around and many local investors missed the earlier rally – many want to buy on dips. Other markets like Brazil (5,000+ daily deaths) and France (one-month lockdown) have rallied despite the negative news. Hence, any correction in India is also unlikely to be deep or long lasting. The risk to this view is if the situation results in a nationwide lockdown, but that appears unlikely. READ FULL INTERVIEW HERE
Pratik Gupta

NEWS ALERT :: UP govt moves SC challenging Allahabad HC order on imposing lockdown in 5 cities

This specialty steel stock hits 13-year high, rallies 113% in 4 weeks

The company has received nearly Rs 1,510 crore through these transactions during FY2021 and reduced debt to a major extent which is also expected to reduce the interest burden. Acuité believes that the monetisation transactions will not only strengthen the overall capital structure and the liquidity position of the company but also lead to an uptick in net profitability levels going forward. Further, there is a significant likelihood of the completion of a second phase of the monetisation plans in FY2022 which should reduce the debt further and support the working capital requirement of the company, the rating agency added. READ MORE

US respiratory portfolio to drive medium term sales growth for Cipla

Near-term gains from the increased demand for Covid-related drugs, medium-term traction from the chronics portfolio, and fresh launches in the US are expected to sustain the revenue and earnings growth trajectory for Cipla. These triggers, coupled with a preference for pharma and defensive stocks amid the second wave of Covid in India, saw Cipla gain nearly 25 per cent over the past month. READ MORE

IPO boom prompts ICICI Bank to make hiring push in investment banking

India’s second largest private lender ICICI Bank Ltd. is making its biggest hiring push in investment banking and institutional equities in four years, as it anticipates a rise in companies going public. The Mumbai-based firm plans to add five mid-to-senior level hires in each of the two units, which currently have 130 bankers in total, according to Ajay Saraf, head of investment banking and institutional equities at ICICI Securities Ltd. READ MORE


Gland Pharma hits new high; stock zooms 92% over issue price

Shares of Gland Pharma hit a new high of Rs 2,879 on the BSE, up 4 per cent, in intra-day trade on Tuesday, taking its winning run to the fourth straight day. During this period, the shares have rallied 16 per cent. The stock is quoting at the highest level since its listing on the bourses on November 20, 2020.
 
With the past four days' surge, Gland Pharma is now trading 92 per cent higher over its initial public offer (IPO) issue price of Rs 1,500 per share. READ MORE

Three risks that the equity markets may not be fully pricing in

The Reserve Bank of India (RBI) has embarked on Quantitative Easing (QE) with the Government Securities Acquis­ition Programme (GSAP). This commits the central bank to buy Rs 1 trillion of government bonds off the secondary market in the first quarter (Q1) of financial year 2021-22 (FY22).
 
If it runs at the same rate through the fiscal, this will significantly exceed RBI purchases of Rs 3.1 trillion in FY21. In addition, RBI is holding policy rates low, and conducting open market operations such as “Operation Twist”.  READ MORE

India's m-cap declines 2.5%, only top-15 nation to see erosion in April

India is the only nation in the top-15 to see an erosion in its market capitalisation this month. Record daily coronavirus infections, poor healthcare infrastructure, and stringent restrictions across the country on movement of people prompted investors to prune their bullish bets on the country. READ MORE

 

Top Sensex drags at this hour


Top gainers on the BSE at this hour

Company PRICE(rs) CHG(%)
ICICI Pru Life 492.65 8.93
Sobha 517.20 6.88
Lemon Tree Hotel 30.45 6.47
Piramal Enterp. 1755.30 5.55
Indian Hotels Co 99.45 5.02
» More on Top Gainers

ICICI Prudential surges 10% on strong performance in March quarter

Shares of ICICI Prudential Life Insurance Company (ICICI Pru) surged 10 per cent to Rs 495 on the BSE in intra-day trade on Tuesday after the company posted a 23 per cent year-on-year (YoY) growth in new business premium during the January-March quarter (Q4FY21), led by steady traction in both regular and single premium business. READ MORE

Rupee opening

Rupee opens stronger at 74.65 per US dollar vs Monday's close of 74.88/$

Most active stocks by volume

Company PRICE(rs) CHG(%) VOLUME
Vodafone Idea 8.58 1.18 5161143
Punjab Natl.Bank 34.05 2.71 758259
S A I L 91.70 2.80 527525
St Bk Of India 337.80 1.98 468286
Suzlon Energy 4.56 2.47 402913
» More on Most Active Volume

MARKET COMMENT :: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The government's decision to open up vaccination for all above 18 from May 1st and announcement of measures to incentivise vaccine manufacturers are steps in the right direction. This is positive from the market perspective. The market is likely to ignore the stress in the healthcare system and the pains from the second wave. There is a big difference between the first wave & the second wave. During the first wave, the market was responding to the "unknown unknown". Now, the market is responding to the "known unknown." The vaccines give us a clear idea of the end game and the market which always discounts the future is likely to respond positively

Aditya Birla Sun Life AMC files DRHP with Sebi

Aditya Birla Capital on Tuesday said its material subsidiary Aditya Birla Sun Life AMC (ABSLAMC) has filed preliminary papers for an initial public offer (IPO) with market regulator Securities and Exchange Board of India (Sebi).
 
Aditya Birla Sun Life AMC filed a draft red herring prospectus (DRHP), dated April 19, 2021, with Sebi for an IPO by way of an offer for sale (OFS) of the shares of the company. READ MORE
 

Nifty IT index slips into the red; 8 of the 10 constituents trade with losses


Volatility Alert

India VIX cools off nearly 3%, trades at 21.8 levels

Buzzing :: Snowman Logistics skyrockets 12%

>> Logistics shares are in focus as the government has launched a massive vaccination drive for all above the age of 18 years.

>> In another development, Crisil has affirmed Snowman Logistics' long term rating at 'A/Stable'


Caplin Point rises 4% as Ashish Kacholia ups stake

>> Ace investor Ashish Kacholia increased stake in Caplin Point from 1.08 per cent as of December 2020, to 1.16 per cent as of March 2021.


Result Reaction :: ICICI Prudential jumps 9%


Result Reaction :: ACC advances over 3%

>> Cement maker ACC reported a 74.17 per cent YoY increase in consolidated net profit to Rs 562.59 crore for the first quarter ended March 2021, helped by an increase in sales and cost-efficiency. It had posted a profit of Rs 323.02 crore in the corresponding quarter a year ago.


Vaccine for all adults :: AstraZeneca Pharma rallies over 5%


Vaccine for all adults :: Dr Reddy's Labs gains 3%

>> Government has approved Covid-19 vaccination for all above the age of 18 years from May 1


Sectoral trends on the NSE :: IT, FMCG stocks underperform


Sensex Heatmap :: 29 of the 30 constituents trade in the green


Opening Bell :: Nifty tests 14,500 in early deals


Opening Bell :: Sensex starts on a firm footing


Commodity prices in early deals


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


Pre-open session :: Nifty above 14,500


Pre-open session :: Sensex starts higher


Result today :: Nestle's Q1 PAT may rise up to 14% YoY, say analysts

Increased in home-consumption, better demand from rural and urban India, sustainable growth in Maggi noodles and new products launches are some of the factors that analysts believe will drive growth for the fast-moving consumer goods (FMCG) maker Nestle India in the January - March quarter of 2021.

Shares of the firm have declined over 6 per cent on a year-to-date basis. During the three months-ended March 2021, they shed over 6.5 per cent as against a rise of 4 per cent in the BSE Sensex and 2 per cent in BSE FMCG index. READ MORE

Top stocks to watch today

Tech Mahindra: The company said it has acquired a 100 per cent stake in DigitalOnUS, a hybrid cloud and DevOps services provider, for $120 million (about Rs 898 crore) to augment hybrid-cloud offerings for enterprise customers globally.
 
ACC: Cement maker ACC reported a 74.17 per cent YoY increase in consolidated net profit to Rs 562.59 crore for the first quarter ended March 2021, helped by an increase in sales and cost-efficiency. It had posted a profit of Rs 323.02 crore in the corresponding quarter a year ago. READ MORE

Top trading recommendations by Anand Rathi

BUY BATAINDIA | TARGET: Rs 1,420 | STOP LOSS: Rs 1,200
 
The stock BATAINDIA has corrected from the top of over 1600 to the recent bottom below 1300-mark. This has brought the stock under oversold zone in smaller time frame. At this juncture, the stock is trading near the potential reversal zone of a couple of harmonic patterns called CYPHER and a SHARK. For a medium-term trader, this could be a perfect price to go long with a time frame of 1 – 2 months. Thus; traders are advised to buy the stock in the range of 1290 - 1270 with a stop loss of 1200 for the upside potential target of 1420 in 3 – 5 weeks. READ MORE

Bulk deals on the BSE as on Monday

Bulk deals on the NSE as on Monday

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


Rupee check

Source: Bloomberg


Oil prices rise on weaker dollar, likely drawdown in US stocks

>> Oil prices rose on Tuesday as a weaker U.S. dollar supported commodities and on expectations that crude inventories fell in the United States, the world's biggest oil user, though rising coronavirus cases in Asia capped gains.
 
>> Brent crude futures for June delivery rose by 29 cents, or 0.4%, to $67.33 a barrel. US West Texas Intermediate (WTI) crude futures for May delivery, which expire on Tuesday, were up 19 cents, or 0.3%, to $63.57 barrel. The more-active June contract was at $63.71, up 0.4%, or 28 cents.

(Source: Reuters)

SGX Nifty

>> At 8:25 am, the index was at 14,447 levels, up 58 points.

Wall Street check

On Wall Street, indexes fell, with the Nasdaq being the biggest decliner as investors looked for earnings to justify the high valuations in equities. The Dow Jones fell 0.36 per cent, the S&P 500 lost 0.53 per cent, and the Nasdaq Composite dropped 0.98 per cent.

Asian markets check

The trend was weak in Asia early Tuesday. Japan's Nikkei slipped 1.8 per cent, Australia's ASX200 fell 0.4 per cent, and Hong Kong's Hang Seng was down 0.3 per cent.

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