Stock Market Live: Sensex at day’s high; Nifty around 14,850 as metals, IT, pharma stocks boost gains

Oil slips as Suez opens, focus turns to OPEC+ output cuts

Oil prices fell on Tuesday as the Suez Canal reopened to traffic, while focus turned to an OPEC+ meeting this week that is likely to agree an extension to supply curbs amid disappointing demand prospects, Reuters reported. Brent crude was down 50 cents, or 0.8 percent, at $64.48 a barrel. US oil was off by 58 cents, or 0.9 percent, at $60.98 barrel. With concerns about a shortage of physical supplies abating, the market is turning its focus to Thursday’s meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+.

Constructive on markets; positive on financials, IT services, healthcare: Bernstein’s Venugopal Garre

Venugopal Garre, Managing Director at Bernstein is constructive on markets. “We are okay with the consolidation phase and at the same time we will be constructive on the markets from a 12-month view,” he said in an interview with CNBC-TV18. Once these COVID issues, which is becoming a challenge will subside you will see a broader normal economy coming back. Supply side also will get enough time to respond to the changes, he added. From a sectoral standpoint, he is positive on financials, industrials. Watch here.

Market Update | The Indian benchmark equity indices rallied more than 2 percent Tuesday afternoon with the Sensex reclaiming 50,000 level and the Nifty trading above 14,850 boosted by robust gains in IT, metals, pharma and financial stocks. Broader markets, smallcap and midcap indices traded over 0.7 percent higher.

FTSE puts India on watchlist for possible inclusion in global debt index

In a move that may usher inflow of billions of dollars into rupee securities, FTSE Russell, the world’s leading provider of index benchmark, has placed the Indian government bonds on the watchlist for possible inclusion in one of its major global debt indexes, as per reports. This was announced during the FTSE’s semi-annual country classification review, released on Monday. Read more.

Market Watch: Ashish Kyal of Waves Strategy Advisors

First trade is going to buy on Cummins India because that stock has given a very strong positive move on the upside. One can initiate buy on Cummins India keeping a stop loss of Rs 870 and expecting a target of Rs 966 over short term.

The next buy is going to be on Gujarat Gas. One can clearly see again Gujarat Gas formed a flag kind of a pattern and now giving a positive attempt, the overall sector is supporting so there can be a possibility this stock can start to go up, expect a target of Rs 567 and one can maintain a stop loss of Rs 510 over here.

HDFC Bank’s internet banking services suffer outage

India’s largest private lender, HDFC Bank’s internet banking services suffered an outage again on Tuesday as some customers reported issues in accessing its Net Banking and Mobile Banking services. The bank is currently working on resolving the issue. “Some customers are facing intermittent issues accessing our NetBanking/MobileBanking App. We are looking into it on priority for resolution. We apologize for the inconvenience and request you to try again after sometime,” HDFC Bank said in a statement.

Larsen & Toubro | L&T Construction has won orders in the range of Rs 1,000-2,500 crore for its various businesses.

Asia shares higher as investors overlook US hedge fund default

Asian share markets strengthened Tuesday as investors remained focused on the global vaccination program and shook off worries about a hedge fund default that hit international banking stocks overnight, said a Reuters report. European stocks look set to open higher with Euro Stoxx futures up 0.35 percent and Britain’s FTSE futures 0.33 percent higher. Sentiment among Asian investors was mixed early but turned positive later in the session with most of the region’s major markets trading higher. The MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.6 percent higher, while mainland China’s CSI300 index rose 1 percent.

Buzzing | Tata Steel, JSW Steel shares at 52-week high as analysts raise estimates on better realisations

Shares of steel companies rallied on Tuesday with the Nifty Metal index gaining over 3 percent as analysts expect a further rise in steel prices going ahead. The stock price of Tata Steel and JSW Steel rallied over 5 percent to hit a fresh 52-week high, while SAIL gained more than 4 percent. Brokerage firm CLSA said after the significant outperformance of steel stocks over the past year, it saw a further upside in the steel stocks as risk-reward remains favourable. Read more.

Tata Power Company | The company has received a Letter of Award from Gujarat Urja Vikas Nigam Ltd (GUVNL) to develop a 60 MW solar project in the state of Gujarat. The energy will be supplied to GUVNL under a Power Purchase Agreement (PPA), valid for a period of 25 years from scheduled commercial operation date, the company said in a regulatory filing.

Dilip Buildcon | The company has received a letter of acceptance (LoA) from the National Highways Authority of India (NHAI) for four laning of Sannur to Bikarnakette section of NH-169 under Bharatmala Pariyojana on a hybrid annuity basis in the state of Karnataka. The project cost is Rs 1,137 crore and to be completed in 24 months.

Goldiam International | The company has received confirmed export orders worth Rs 80 crore from its international clients for the manufacturing of diamond-studded designed gold jewellery. The aforesaid order will be delivered within the coming 3 months.

Wipro appoints Subha Tatavarti as Chief Technology Officer

Indian IT services giant Wipro appointed Subha Tatavarti as the new Chief Technology Officer, sources told CNBC-TV18 on Tuesday. Tatavarti was previously with Walmart and PayPal.

India petitioned Dutch Court of Appeal to set aside Arbitration Award: Cairn Energy

Cairn Energy Plc says it got notice of the Indian government’s petition to the Dutch Court of Appeal to set aside the arbitration award. On March 24, CNBC-TV18 had reported that India has filed an appeal against the arbitration award on the grounds of the sovereign right to tax.

Gold rate today: Yellow metal trades lower as strong dollar weighs

Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Tuesday following weakness in international spot prices amid strength in US dollar, analysts said. At 10:45 am, gold futures for June delivery fell 0.35 percent to Rs 44,542 per 10 grams as against the previous close of Rs 44,698 and the opening price of Rs 44,590 on the MCX. Silver futures traded 0.46 percent lower at Rs 63,880 per kg. The prices opened at Rs 63,976 as compared to the previous close of Rs 64,174 per kg. More here

Adani Transmission shares jump 6% to hit new high on acquisition of Warora-Kurnool Transmission

Shares of Adani Transmission rose over 6 percent to hit a new high on Tuesday after the firm acquired Warora-Kurnool Transmission Limited (WKTL) from Essel Infraprojects for Rs 3,370 crore. The stock rose as much as 6.3 percent to its all-time high of Rs 924.40 per share on the BSE. In the past three months, the stock of Adani Transmission has rallied 113 percent as against a 5 percent rise in Sensex. The acquisition is expected to be completed in one month, subject to all necessary regulatory approvals and other consents. As per the agreement, WKTL will develop, operate, and maintain transmission lines aggregating to around 1,750 ckt km.

Prosperity of every company depends on government, says Rakesh Jhunjhunwala

Market veteran Rakesh Jhunjhunwala of Rare Enterprises and Akash Prakash of Amansa Capital while speaking at an event discussed the various reforms taken by the government and the impact on equity markets. First up, talking about government reforms and the market, Jhunjhunwala said, “The government is important for general economic growth. If India doesn’t have growth, Titan will not be able to sell jewelry and watches. Asian Paints will not be able to sell paints. So, the government may not be important for specific companies but they are extremely important for the general economic growth on which the prosperity of every company in this country depends.” More here

Positive on PSU banks; advises to have long-term view on Nazara Tech: Dipan Mehta

Dipan Mehta, Director at Elixir Equities, is very positive on public sector undertaking (PSU) banks. “Next 12 months would be a golden period as far as PSU banks are concerned in terms of stock price returns. They may deliver appreciation even higher than their private sector peer group, so very positive on PSU stocks,” he said in an interview with CNBC-TV18. He believes that PSU banks are going to be big beneficiaries of non-performing assets (NPAs) resolution as and when they do take place. He also talked about Nazara Technologies. “Good pedigree, great track record and if you want to play this very exciting investment theme of gaming and increase time and money spent on gaming and related App, then Nazara is the only stock which is available for you to bet on at this point of time,” he stated. More here

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

The Nifty is currently trading around a resistance patch which is 14,700-14,800. 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 15,200-15,300. If we collapse from the current levels and break 14,500 on a closing basis, there is every possibility we go down to retest the recent lows.

New Listing | Nazara Technologies makes a strong debut; lists with 80.7% premium at Rs 1,990 per share on NSE

Nazara Technologies made a strong debut on the stock exchanges Tuesday as the shares got listed at Rs 1,990 apiece on the NSE, a premium of 80.74 percent to the issue price of Rs 1,101. On BSE, the shares were listed with 79.02 percent premium at Rs 1,971.

The initial public offering (IPO) of Nazara Technologies was subscribed 175.5 times during March 17-19. The offer has received bids for 51.25 crore shares against the IPO size of 29.20 lakh equity shares. Read more.

New SEBI rule on spoofing will disable errant traders for 15 minutes and more from Apr 5

To curb instances of ‘spoofing’ in the stock market, commodities and capital market regulator Securities & Exchange Board of India (Sebi) has announced a set of measures to be effective April 5. From that date, traders who repeatedly modify their orders without those trades getting executed will have their accounts disabled for a duration depending on the extent of violations. Spoofing is an algorithmic trading activity designed to influence prices by creating an illusion of demand or supply. Spoofers place a large number of buy or sell orders, with an intent to cancel before those orders can be executed. A large number of such orders creates an illusion of a sudden increase in demand or supply, which in turn prompts a reaction from other traders, and causes prices to swing sharply. More here