Nifty IT index jumped 1.27 per cent while Nifty Bank index fell 1.07 per cent. Image: ReutersShare Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended flat with a negative bias on Tuesday. BSE Sensex ended 31 points or 0.06 per cent down at 50,363.96, while the broader Nifty 50 index settled at 14,910, down 19.05 points or 0.13 per cent. Top BSE Sensex laggards include Larsen & Toubro (L&T), ICICI Bank, State Bank of India (SBI), HDFC Bank, Housing Development Finance Corporation (HDFC), Kotak Mahindra Bank and NTPC. On the flip side, Asian Paints was the top index gainer, up 5 per cent, followed by Dr Reddy’s, HCL Technologies, Hindustan Unilever Ltd (HUL), Tata Consultancy Services (TCS), and ITC, among others. Barring Nifty IT, Nifty FMCG and Nifty Auto, all the sectoral indices settled in the negative territory. Nifty IT index jumped 1.27 per cent while Nifty Bank index fell 1.07 per cent. In the broader market, The S&P BSE MidCap and SmallCap indices each ended 0.4 per cent and 0.32 per cent higher, respectively.
Highlights
BSE Sensex ended 31 points or 0.06 per cent down at 50,363.96, while the broader Nifty 50 index settled at 14,910, down 19.05 points or 0.13 per cent.
Initial capital infusion of Rs 20,000 crore has been approved for the Development Finance Institution (DFI). The institution will get tax benefits.
Finance Minister Nirmala Sitharaman informed that cabinet has cleared setting up of Development Finance Institution (DFI).
Union Finance Nirmala Sitharaman along with Prakash Javadekar to brief press on Cabinet decisions soon.
For Tech Mahindra, HLS is a focus vertical (8-9% of revenue) and the Perigord acquisition will augment its domain capabilities and also expand its BPaaS offerings. Given the size of the acquisition (<0.5% of Tech Mahindra's revenue), we do not expect any meaningful revision to our earnings estimates. We have a Buy rating on the stock with a TP of Rs1,170 at 18x FY23E earnings.: Emkay Global Financial Services
At the higher end of the price band, Kalyan Jewellers is aggressively priced at a P/E ratio of about ~63 times FY20 consolidated EPS (on fully-diluted basis). As the company has reported losses in the Apr-Dec 20 period, it cannot be valued using annualised 9MFY21 price-earnings ratio. The valuation is expensive, considering the company muted financial performance over the last few years. Nearest listed peer Titan Company Ltd has much superior margins and return ratios as compared to Kalyan Jewellers. Given muted topline and bottomline growth, low margins and return ratios and expensive valuations, we remain ‘Neutral’ on the prospects of the issue," INDmoney said in a report. for Kalyan Jewellers.
Bears were asserting control on Dalal Street as benchmark indices slipped and moved down into the red. Nifty gave up 14,900.
HDFC Bank, ICICI Bank, State Bank of India are among the top drags on domestic benchmark indices, pulling them lower. SBI is the worst Sensex performer at this hour.
Nifty moved below yesterday's closing levels to trade with marginal losses. Sensex, however, was still in the green, Nifty Metal index was the worst sectoral performer.
Sensex and Nifty gave up most gains and began trading flat. Nifty was below 15,000 again while Sensex was below 50,500.
BSE IT index was trading near its record high of 27,074 in firm deals on Tuesday. At least 10 stocks including Infosys, Mindtree, L&T Technology Services (LTTS), Sonata Software, Coforge, and Persistent Systems, among others hit their respective highs. BSE IT index jumped 2.38 per cent to 27,000 intraday as against a gain of 0.66 per cent in S&P BSE Sensex. From current levels, the IT index is just 0.27 per cent away from its all-time high.
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Ahead of IPO opening Kalyan Jewellers (KJIL) got a good response from anchor investors which were around ~Rs352cr (~30% of IPO issue size). The name investors are the Government of Singapore, Sundaram Mutual Fund, BNP Paribas, HDFC Life Insurance Company etc. We have a subscriber rating on IPO. In terms of valuations, the pre-issue TTM EV/Sales works out to 1.4 (at the upper end of the issue price band), which is low compared to Titan Company (trading at 7.7x). However, Titan company has a better financial track record compared to KJIL. Going forward, we believe that KJIL would perform better on the back of a strong brand and number of stores in India & internationally.: Amarjeet Maurya - AVP - Mid Caps, Angel Broking Ltd
Tata Communications share price fell as much as 7 per cent to Rs 1,206.30 apiece on BSE on Tuesday, a day after DIPAM Secretary Tuhin Kanta Pandey informed that the government will sell up to 16.12 per cent stake in TCL through an offer-for-sale. The floor price has been fixed at Rs 1,161 per equity share.
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Kalyan Jewellers Initial Public Offering (IPO) opens for subscription today with the company looking to raise Rs 1,175 crore through the public issue. However, shares of Kalyan Jewellers in the grey markets were trading flat, hinting at diminishing interest from investors. The IPO of Kalyan Jewellers follows the likes of Anupam Rasayan, Laxmi Organic Industries, and Craftsman Automation, which attracted investors into their public issues this week. Ahead of the IPO, Kalyan Jewellers has managed to raise Rs 352 crore from anchor investors.
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We are now in a highly volatile phase where the market swings on a daily basis, responding to major triggers. The major trigger now is the US bond yield which has the potential to move huge money. Rising bond yield triggers selling in equity markets and when yields cool down buying resumes. Bear hammering and short covering are making markets excessively volatile. Consecutive 2 days of institutional selling - by both FIIs & DIIs- weakened the Indian market. But this is not a directional trend. Post the FOMC Meet & a possible affirmation of the dovish stance by the Fed, the market may resume its upward move. Presently top quality financials present a buying opportunity: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Gold prices in India were trading firm on Tuesday ahead of the US Federal Reserve meeting decision tomorrow. On MCX, gold April futures were trading Rs 63 or 0.14 per cent up at Rs 44,963 per 10 grams against the previous close of Rs 44900. While silver May futures were ruling at Rs 67,529 per kg, down Rs 140 or 0.21 per cent as compared to the previous close of Rs 67,669.00 per kg on the Multi Commodity Exchange.
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The index managed to close above 14800 yesterday which is good support for the markets. Yesterday's low would now be crucial for the Nifty. If we can keep above 14700, there are chances the markets start moving up again. However, if we were to break that, we could see levels closer to 14400.: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The Indian rupee extended its last two-week gains up-to 72.40 while entering into a fresh week, ignoring higher inflation and weaker than expected IIP data which released on last Friday. Yesterday, the domestic equities were seen continuing its losing streak but reversed some losses in second-half after Maharashtra lock down news eased. The trade deficit narrowed down to $12.62 billion in Feb from $14.54 in Jan. The narrowing trade deficit could news could offset rise in inflationary pressure a bit on Rupee. The PSU's absence could pressurize on USDINR pair as bank-strike continue for second day. Overall, the immediate support lies at previous low of 72.30 and resistance can be seen at 72.70.: Amit Pabari, managing director, CR Forex Advisors
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel remained unchanged for the seventeenth consecutive day across the country. Prices were last revised on February 27 this year, when petrol became costlier by 24 paise and diesel prices moved up by 15 paise. Nation Capital Delhi was quoting petrol price of Rs 91.17 per litre while the cost of 1-litre diesel was at Rs 81.47. Fuel prices were highest in Mumbai a Rs 97.57 per litre for Petrol. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.
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Trends in sectoral indices were largely mixed. Nifty PSU Bank index was down over one per cent while Nifty IT index gained over half a per cent
Bank stocks such as IndusInd Bank, Axis Bank, State Bank of India (SBI), ICICI Bank, Kotak Mahindra Bank were top BSE Sensex draggers, down up to half a per cent.
Titan Company, Bharti Airtel, UltraTech Cement, Asian Paints, Dr Reddy's, Bajaj Finance and Infosys were among Sensex gainers.
BSE Sensex was trading 300 points or 0.60 per cent up at 50,695, while the broader Nifty 50 index was seen ruling above 15,000, rising 77 points or 0.52 per cent on Tuesday.
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Titan Company, Bajaj Finance, Housing Development Finance Corporation (HDFC), IndusInd Bank were among Sensex gainers in pre-opening session.
BSE Sensex was trading 200 points up, while the broader Nifty 50 index was seen ruling at 14,950 in the pre-opening session on Tuesday.
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COMEX gold trades mixed near $1730/oz after a 0.5% gain yesterday. Gold is choppy as support from US stimulus and retreat in US bond yields from recent high is countered by general optimism about the US economy and continuing ETF outflows. Gold may remain choppy ahead of the Fed decision tomorrow however the general bias may be on the upside amid hopes that Fed may maintain a dovish stance.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
Nifty futures were trading 54.50 points or 0.36 per cent up at 15,004.50 on Singaporean Exchange, indicating a positive opening for BSE Sensex and Nifty 50 on Tuesday. In the previous session, headline indices ended at three-day low level. Factors such as lacklustre macroeconomic data, rising COVID-19 cases, US Treasury yields, oil prices, rupee trajectory and other global cues were denting the risk appetite of the investors. According to an analyst, if the Nifty goes into an improper correction, there could be severe short covering above 15100/51000 levels.
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Foreign Institutional Investors were again net sellers of domestic stock markets, pulling away Rs 1,101 crore on Monday. Domestic Institutional Investors (DII) followed FIIs by selling Rs 749 crore worth of securities.
In overnight trade on Wall Street, S&P 500 and Dow Jones Industrial Average closed at a record highs amid optimism over the economic reopening. The Dow Jones Industrial Average rose 0.53 per cent, while the S&P 500 gained 0.65 per cent. The Nasdaq Composite climbed 1.05 per cent.
Asian stock markets were seen trading higher ahead of this week’s US Federal Reserve meeting. Japan’s Nikkei 225 advanced 0.16 per cent while the Topix index gained 0.13 per cent. In South Korea, the Kospi gained 0.34 per cent.
Nifty futures were trading 54.50 points or 0.36 per cent up at 15,004.50 on Singaporean Exchange, indicating a positive opening for BSE Sensex and Nifty 50 on Tuesday.
Equity markets seemed to be in a bear grip on Monday but staged a strong recovery from the lows. S&P BSE Sensex closed at 50,397 points while the Nifty 50 ended just below 15,000 levels. “The market has once again recovered strongly. The market is not ready to give up easily. The uptrend from 14745/49800 stopped directly at 14950/50500 and the Bank Nifty improved by 800 points from the bottom,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities. On Tuesday morning, SGX Nifty was trading 70 points higher, hinting at a gap-up start.
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Kalyan Jewellers India Ltd on Monday raised Rs 352 crore from anchor investors ahead of its initial share-sale, which opens for public subscription on Tuesday. “The company’ IPO committee has decided to allocate 4,04,48,275 shares at Rs 87 per piece to 15 anchor investors. At this price, the firm garnered Rs 351.89 crore,” Kalyan Jewellers informed BSE.
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