Nifty IT was the top sectoral leader, up nearly 3 per cent followed by Nifty Metal and Nifty Pharma indices. Image: ReutersShare Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity indices BSE Sensex and Nifty 50 ended over 2.3 per cent higher on Tuesday. BSE Sensex ended 1,128 points or 2.30 per cent higher at 50,136.58, while the broader Nifty 50 index settled at 14,845, up 338 points or 2.33 per cent. Top BSE Sensex gainers were HCL Technologies, HDFC Bank, Infosys, NTPC, Hindustan Unilever Ltd (HUL), Nestle India, Power Grid Corporation of India, Housing Development Finance Corporation (HDFC), TCS and Titan among others. Just three stocks, Axis Bank, Mahindra & Mahindra and Bharti Airtel were the index laggards. Barring Nifty Realty, all the sectoral indices ended in the positive territory. Nifty IT was the top sectoral leader, up nearly 3 per cent followed by Nifty Metal and Nifty Pharma indices. The newly listed Nazara Technologies shares were locked in 20 per cent lower circuit ended at Rs 1,576.80 apiece.
Highlights
Indian markets have extended their recovery for a second session, boosted by strength across the board. Global cues have been supportive of the rally since Friday, with both US and European markets advancing to life-time highs. Despite the recovery over the past two sessions, Indian markets have been under-performing their global peers for the past few days. For the short-term, in spite of the generally supportive global cues, we could witness bouts of volatility in the domestic markets. The strengthening dollar and rising US yields, in particular, remain the key forces to watch out for as they could act as headwinds to the short-term recovery. : Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS
The Nifty has successfully closed past its resistance zone of 14700-14800. However, I would be more comfortable if we can get past 14950 on a closing basis. That would trigger a rally up to levels closer to 15300. Until we do not get past 14950, there is always a chance we take a U turn from these levels and head southwards to 14400. Extreme caution is advised at the current levels.: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
BSE Sensex ended 1,128 points or 2.30 per cent higher at 50,136.58, while the broader Nifty 50 index settled at 14,845, up 338 points or 2.33 per cent
Knight Frank in their recent Attitudes Survey 2021 observed that 14% of the country’s ultra-high net worth individuals (UHNWIs $30 million +) are from the salaried employee segment. This makes India the 4th highest contributor in the Asia Pacific for salaried employees in the ultra-wealthy club. According to the survey, the vast majority, about 56% of Indian’s, derive most of their wealth through their own businesses. Indians who derive their wealth through salaries or receive dividends from their investment portfolio share the second spot, contributing 14% each to India’s UHNWIs club.
BSE Sensex and Nifty 50 have corrected over 4 per cent from the record highs hit in February this year, driven by Union Budget optimism and foreign portfolio flows. So far this fiscal, the 30-share Sensex and NSE’s Nifty have rallied nearly 80 per cent. Domestic research and brokerage firm ICICI direct Research has recommended to ‘buy’ at least three stocks for 12 months, and sees up to 35 per cent rally.
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The Nifty-50 has again gone above the 50 DMA led by gains in high quality stocks. Except for today’s depreciation the INR has remained quite steady even though the Dollar Index rose. Also when the US 10 Year bond yields has spiked sharply India’s 10 Year Bond Yield has remained quite stable. These two factors could act in India’s favour and help Indian equities outperform its peers in the emerging markets. Recent correction could be due to rising Covid cases and year-end phenomenon wherein retail and HNI investors would have avoided taking any fresh positions. The start of new settlement for FY22 and forthcoming Q4 earnings seasons could be the reasons for fresh investor interest in stocks. US markets, especially the Dow Jones and S&P 500 are showing firm uptrend due to the ongoing stimulus and faster vaccination drive which could also be one of the reasons for our markets to inch upwards.: Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities
We expect a revival in used vehicle demand, backed by the improvement in economic activities, along with clarity regarding the scrappage policy. We had seen a sharp consolidation among financiers with only a few players managing to stay in the business so far. In our coverage universe, Shriram Transport Finance (SHTF) remains the largest player in the used vehicle segment, while Cholamandalam Finance (CIFC) is expanding their presence. We reiterate our preference for CIFC (Buy, TP Rs598) and SHTF (Buy, TP Rs1,595), considering their increasing reach, improving liability franchise and relatively better asset-quality profile.: Emkay Global Financial Services
An unlikely figure helped set the spark for SoftBank Group Corp’s $9 billion deal to take WeWork public. Adam Neumann, WeWork’s co-founder and ousted chief executive, met in November with the head of the special purpose acquisition company (SPAC) that would go on to clinch a deal with WeWork, according to people familiar with the matter.
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Top BSE Sensex gainers at this hour were Power Grid Corporation of India, Infosys, HUL, HCL Technologies, Titan Company, TCS and Nestle India among others
The RBI is slated to announce its first bi-monthly monetary policy of 2021-22 fiscal on April 7, 2021, after a three-day meeting of the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das. If the market closes and sustains the level of 14750 we can expect more positive momentum in the market to continue till the level of 15100. Gaurav Garg, Head of Research at CapitalVia Global Research
Broader markets underperform equity benchmarks BSE Sensex and Nifty 50. S&P BSE Midcap was up 0.53 per cent or 106 points to 20,076. While S&P BSE SmallCap index was ruling at 20,408, up 0.64 per cent or 129 points.
BSE Sensex edged higher in the afternoon deals trade at 49,976, up 950 points or 1.93 per cent. While NSE's Nifty was ruling at 14,791, up 284 or 1.95 per cent
Nazara Technologies shares today listed on the stock exchanges at Rs 1,971 apiece, a strong premium over the IPO price. However, at 1:10 PM today the stock was down 20% to hit the lower circuit at Rs 1,576 per share.
Wall Street could be staring at a major blunder as major brokers including Nomura and Credit Suisse rushed to unwind bets in various stocks as a common client defaulted on margin calls. Although the client name was not revealed by the brokers, media reports claim it to be Archegos Capital Management, a family office run by Bill Hwang. The fire sale of stocks on Friday and Monday included US companies and Chinese companies listed in the US, worth nearly $20 billion, leaving many wondering if there will be more such unwinding in the coming sessions.
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The casual dining chain Barbeque-Nation Hospitality is likely to finalise the basis of the allotment of the IPO later this week on April 1, 2021. The Rs 453-crore public issue was subscribed nearly 6 times and was sold in the range of Rs 498-500 per share. The issue received bids for 2.99 crore shares against 49.99 lakh shares on offer. Barbeque Nation Hospitality owns and operates Barbeque Nation restaurants.
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Nazara, a leading and diversified gaming and sports media platform, made a strong debut today, listing on the exchanges with a 81% premium at Rs1990/share against its issue price of Rs1101/share. The gaming company had raised Rs580 crore through the public issue which was subscribed over 175 times. Nazara has a presence in India and across global markets such as Africa and North America. It is well-diversified across segments with some of the most recognizable IPs under its kitty and enjoys leadership in eSports and sports simulation. Indian mobile gaming market is expected to grow at 40% CAGR over 2020-23. Nazara with its market-first position in India across sports simulation and eSports, is well placed to leverage the opportunity that interactive mobile games, eSports content and gamified early learning apps offer. It is expected to witness strong growth for next 2-3 years given its recent acquisitions and first mover advantage. It currently trades at 8.2x FY21 P/BV and 11.8x FY21 EV/Sales on an annualized and post issue basis. Though the valuation appears higher, in the current scenario market prefers emerging growth stories like mobile gaming.: Hemang Jani, Head Equity Strategy, Broking & Distribution, Motilal Oswal Financial Services
Banks in India will remain closed for over 10 days in April 2021, including weekends and festivals. In the first four days of April, banks will remain shut for three days due to the closing of accounts on April 1, Good Friday on April 2, and Sunday on April 4. Apart from these 10 holidays, there are five more state-specific and region-specific holidays. It may be noted that only gazetted holidays are observed by banks all over the country.
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Investors should consider booking profit on Nazara Technologies. At an issue price of Rs.1101 per share, the company commands a valuation of 12.80 times EV/Sales based on FY 20 sales. The listing gains in Nazara Technologies are pretty good and one needs to consider booking gains keeping in mind the overall sentiments of the primary markets and stretched valuations due to strong listing.: Saurabh Joshi- Research Analyst at Marwadi Shares and Finance Ltd
NSE Nifty 50 has fallen significantly from its all-time high of 15,431 in the month of March. However, the index did not break its 50 days EMA, which has acted as strong support since May last year. Domestic brokerage firm ICICI Direct believes the healthy retracement from February highs now gives investors a fresh entry point, expecting the index to scale back to all-time highs in the coming months. “We expect the index to hold the strong support of 14,400 and gradually retest lifetime highs of 15,430 in coming months,” ICICI Direct said in a report.
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MCX Gold June contract began the holiday-shortened week on the lower side. The weakness in the yellow metal was quite visible via the trend in ETFs. The holding in the SPDR Gold ETF fell to 1,037.5 tonnes as of 29th March from 1,051.78 tonnes as of 19th March. The holding at the biggest gold-backed exchange-traded fund has fallen by 150 tonnes from a year high of 1,187.95 tonnes as of 4th January 2021. The 10-year bond yield has appreciated to 1.7419%. We expect the sentiment to remain bearish only.: Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers
The Nifty is currently trading around a resistance patch which is 14700-14800. We need to get past these levels on a closing basis so that we can summarize that the short term downtrend is over for the time being. If we can keep above this level, we could be headed higher to 15200-15300. If we collapse from the current levels and break 14500 on a closing basis, there is every possibility we go down to retest the recent lows.: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Nazara Technologies shares made a strong debut on the stock exchanges on Tuesday. Rakesh Jhunjhunwala backed- Nazara Technologies stock began trading at Rs 1,971 per share, up Rs 870 or 79.02 per cent from the IPO price of Rs 1,101 per share. The debutant stock had a market capitalization of Rs 6,002.25 crore on listing. The Rs 583-crore IPO of Nazara Technologies was subscribed 176 times by investors.
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All the Nifty sectoral indices were trading in the green, with Nifty Metal index up 2.68 per cent. Nifty FMCG index was up 1.42 per cent and Nifty Pharma index 1.84 per cent.
Shares of Mahindra & Mahindra (M&M), Maruti Suzuki India, Tata Consultancy Services (TCS) and Bajaj-Auto were trading in the red
Titan Company, Hindustan Unilever Ltd (HUL), Nestle India, ONGC, Dr Reddy's Laboratories, NTPC, IndusInd Bank, Power Grid Corporation of India were among top Sensex gainers.
BSE Sensex was trading 395 points or 0.81 per cent higher at 49,403, while the broader Nifty 50 was ruling at 14,632, up 125 points or 0.86 per cent on Tuesday.
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BSE Sensex was trading 400 points higher, while the broader Nifty 50 was ruling near 14,700 in the pre-opening session on Tuesday.
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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel fell after the same for five consecutive days. The price of petrol and diesel fell across major cities. Nation Capital Delhi was quoting a petrol price of Rs 90.56 per litre, down 22 paise from yesterday while Diesel in the city was priced at Rs 80.87 per litre, down 23 paise from yesterday. Fuel prices remain the highest in Mumbai at Rs 96.98 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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COMEX gold trades marginally lower near $1711/oz after a 1.2% decline yesterday. Gold trades weaker weighed down by sharp rise in US bond yields and firmness in US dollar amid increasing optimism about US economy. Also weighing on price is progress on vaccine front and recovery in Chinese equities and weaker investor interest. However, supporting price is rising virus cases and loose monetary policy stance of major central banks. Gold may remain under pressure amid stronger US dollar however a drop below $1700/oz seems less likely amid worsening virus situation.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
Nifty futures were trading 46.50 points or 0.32 per cent higher at 14,797 on Singaporean Exchange, suggesting a gap-up opening of BSE Sensex and NSE’s Nifty on Tuesday. Markets may remain volatile this week, with no major events. Investors would closely watch Brent crude oil movement, rupee trajectory and investment pattern of foreign institutional investors (FIIs). According to an analyst, markets should see some uptick from the first week of April.
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Commodity prices traded mixed during the week passed by with Bullion prices traded lower while crude oil futures witnessed volatile trading on Suez Canal blockage. Base metals witnessed mixed trade keeping the lower trading range on a stronger dollar and China demand.
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Equity markets braved all odds this fiscal and rewarded investors with high returns as the benchmark Sensex surged more than 66 per cent despite COVID-led disruptions and concerns over its impact on the economy. Market analysts termed FY 2020-21 as a roller coaster ride for not only Indian markets but also for equity indices globally due to the pandemic.
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Sensex and Nifty will today open for trade for the first time this week, looking to pick up from where they left off. S&P BSE Sensex now sits just above the 49,000 mark while the Nifty 50 index is just above 14,507. While analysts do expect some bounce back on stock markets after the sharp fall seen earlier this month, the holiday-shortened week is also expected to bring some volatility. India VIX, the volatility gauge, slumped 9% on Friday to close near 20 levels after having surged over 22 during the previous week. SGX Nifty was up 30 points, hinting at a positive start for equities.
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The outgoing financial year has been nothing short of a roller-coaster ride for Indian equities, which rebounded after the market crash late March 2020 on fears over the economic impact of the Covid-19 pandemic.
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Rakesh Jhunjhunwala-backed Nazara Technologies shares will list on stock markets on March 30, 2021, following the recently concluded IPO. The public issue of the mobile gaming leader was subscribed 176 times and was sold in the price range of Rs 1,100-1,101 per share. Ahead of shares listing on bourses, Nazara Technologies shares were seen quoting a strong grey market premium of Rs 690. The shares were ruling at Rs 1,791, up 62.67 per cent in the grey market over the issue price. The strong grey market premium doesn’t always ensure listing gains.
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