India VIX jumped 5% on Monday. (Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices ended the day deep in the negative territory. S&P BSE Sensex nosedived 870 points during the day while the Nifty 50 index gave up 14,650. Infosys, Tech Mahindra, and HCL Technologies were the top gainers on Sensex, followed by Bharti Airtel. Bajaj Finance and IndusInd Bank were the top drags, falling over 5% each, followed by SBI. India VIX, the volatility gauge surged as much a 16% to breach 23 levels again, however, the gauge cooled off before the closing bell to end at 21. Among sectoral indices, Nifty IT and Nifty metal were the only indices to record gains.
With India witnessing the second wave of the coronavirus pandemic, the growth outlook for the economy still remains intact. Nomura said that its baseline projection for FY22 GDP growth is 13.5% on-year, up from an estimated -7.4% in FY21. Nomura said that the second wave is hitting the high-frequency data such as mobility and traffic, especially in the worst-affected state of Maharashtra. “In our view, since the second wave started only towards the end of March, and as the economy normalised rapidly in January and February, the second wave is unlikely to have a major impact on Q1 GDP growth, and our estimate of 1.0% on-year appears reasonable,” the report said. However, a prolonged second wave with increased restrictions, according to Nomura, could have an impact on Q2 numbers.
Highlights
Fear of a bumpy economic recovery as Maharashtra starts its partial lockdown amid growing coronavirus cases pulled the indices lower on Monday. S&P BSE Sensex ended 870 points lower at 49,159 points while the benchmark 50-stock NSE Nifty closed at 14,637. Only IT stocks and Bharti Airtel closed with gains among Sensex constituents while banking and finance sectors stocks fared the worst. Volatility spiked to breach 23 levels during the day but cooled off before the closing bell to sit at 21.22.
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Sensex and Nifty ended the day deep in the red. Sensex tanked 870 points but managed to hold above 49,100. Nifty 50, meanwhile slipped below 14,650.
Over the past year of the Coronavirus pandemic, more than 10 million new investors have joined the bandwagon of stock investing. Amidst extreme stock market volatility, which brought most bellwether and blue-chip stocks within the “affordable” price range, millennials were seeing lapping up the heavyweights like never before, along with other smaller stocks with strong fundamentals and antecedents.
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India VIX has come significantly down as we near the closing bell. After having jumped 16% to breach 23 levels during the day, the volatility index is now at 21.16 levels, up 5.84%.
Bajaj Finance and IndusInd Bank have continued to remain the worst Sensex performers throughout the day. These are followed by State Bank of India, Mahindra & Mahindra, Bajaj Auto, Axis Bank, and ICICI Bank.
Smallcap and Midcap indices outperform the benchmark BSE Sensex. BSE Midcap was down 1.19% while the BSE Smallcap index was down 1.1% on Monday, minutes ahead of the closing bell. Meanwhile, S&P BSE Sensex was down 1.74%.
Benchmark indices were seen once again falling as they inched closer to the closing bell for today. Sensex was down over 900 points while Nifty 50 was below 14,650.
Bank Nifty is now down 3.5% at 32,672 points, up from its intra-day low. IndusInd Bank, IDFC First Bank, and State Bank of India are the worst performers among the constituents.
Sensex was now above 49,200 while the Nifty 50 index crossed 14,650 mark with less than half an hours left for the day's trade. Only IT stocks and Bharti Airtel were trading with gains on Sensex.
Mukesh Ambani’s plan to reorganise RIL’s oil-to-chemical business could pave the way for the business unit’s IPO, along with a possible 20% stake sale to Saudi Aramco, as the market improves, said global brokerage and research firm Bernstein in a recent report. RIL has already filed for approval for the reorganisation plan with the NCLT. A decision is expected by the end of September this year. “The demerger will help facilitate self-funding growth and alignment with potential strategic investors into the O2C business. We believe the separation is also a move towards a potential IPO which will further unlock value for RIL shareholders,” the report said.
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Barbeque Nation Hospitality’s Rs 453-crore IPO, which was subscribed nearly 6 times, is likely to make its stock market debut on Wednesday, April 7, 2021. This would be the first IPO listing in the new financial year 2021-22. The casual dining chain Barbeque-Nation Hospitality has finalised the share allotment last week. The issue was sold in the range of Rs 498-500 per share, and received bids for 2.99 crore shares against 49.99 lakh shares on offer.
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Yes Bank on Monday said its loans and advances grew by a marginal 0.8 per cent on a year-on-year basis to Rs 1,72,850 crore at the end of March 2021. However, the figures are provisional and are being released ahead of the official announcement of the financial results for the quarter ended March 31, 2021, Yes Bank said in a regulatory filing.
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ICICI Bank, HDFC Bank, Housing Development Finance Corporation (HDFC), Reliance Industries Ltd (RIL) among others, contributed the most to today's fall.
BSE Sensex was trading 857 points or 1.71 per cent down at 49,172, while Nifty 50 was ruling at 14,633, down 232 points or 1.56 per cent.
Trade deficit widens. Growth for exports and imports registered a sharp increase due to the low base of March 2020. Compared to March 2019, growth rates are soberer, indicating that recovery remains incomplete. Positive global risk sentiments are likely to keep BOP comfortably in surplus in FY2022 even as the current account moves back into deficit. We estimate CAD/GDP at 0.9% (+0.8% in FY2021E) and BOP surplus of US$47.8 bn in FY2022E. We expect USD-INR to be at 72-74 in the near term.: Kotak Institutional Equities
India VIX, the volatility gauge was now up only 8%, sitting below 22 levels as the benchmark indices recouped some losses.
Benchmark indices recouped some losses and seem to be holding firm. Sensex has now crossed 49,100 while the Nifty 50 was above 14,600.
Sensex has once again crossed 49,000 mark today. IT stocks along with Bharti Airtel are the only gainers on the index.
Nifty Pharma index was down in the red just like other sectoral indices. However, the index was down merely 0.88%. Alkem, Biocon, and Dr Reddy's were the top index drags. Aurobindo Pharma was the top index gainer.
Sensex saw selling pressure after regaining 49,000 mark, pulling the index back. Nifty 50 moved below 14,550.
Sensex has regained 49,000 and currently seems to be hovering around those levels. Nifty 50 is still below 14,600.
On BSE Midcap index, Adani Transmission was the top gainer surging over 6% during the day. This was followed by Adani Power and Future Retail along with SAIL.
The basic problem between India and Pakistan is the excessive verbosity displayed even when a small step is taken either to normalise the relations or to curtail them. This is exactly what happened when Pakistan earlier decided to allow the imports of Indian Sugar, Cotton and cotton yarn through land and sea borders after these were suspended in 2019 due to the bilateral relationship hitting the bottom. But days later the decision of the ECC, which may not have decided without PM Imran Khan approving the import deal, was overturned in the Cabinet meeting, which he himself presided over. It is evident that while the earlier decision was taken on the ground of economic necessity the latter followed as an afterthought since it seemed to have given an imaginary PR edge to the arch-rival India.
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Sensex was nearing 49,000 as the index seemed to be recouping some losses. Nifty 50 has regained 14,500.
Bank Nifty was still deep in red but above from its intra-day low. The index fell 3.47% to sit at 32,684 points up from its lows of 32,330.Nifty media and Nifty PSU Bank remained the worst-performing indices.
Volatility was trimming some gains and moving down from its highs as benchmark indices recouped some losses. India VIX was still up 13% but were now below 23 levels.
HDFC remains one of our preferred picks in the sector. We like HDFC’s ability to gain profitable market share despite significant competitive pressures. Additionally, contrary to initial expectations, the Real Estate market has seen a swift turnaround. With incremental cost of funds from the capital markets at ~5.5%, the company would be able to manage spreads despite the sharp cut in home loan yield. HDFC has built in large provision buffers to help it sustain any spike in NPLs in the coming quarters. We expect the company to deliver core RoE of 12–14% over the medium term.
~ Motilal Oswal Financial Services
IndusInd Bank was down 6.1% on Monday, trimming some losses from earlier when the stock had tanked over 7%.
HCL Technologies share price soared further while the index saw deep in red. HCL Tech was up 2.3% at 1,025.9 per share. HCL Tech was followed by TCS and Infosys -- the only Sensex stocks to sit in green.
Bank of America (BofA) said that it does not see any immediate change in the RBI's monetary policy. "We expect the RBI MPC to come up with another dovish pause on Wednesday, especially with Covid 10 cases rising. The RBI's focus will remain on funding the rising fiscal deficit without pushing up yields to the point it hurts recovery," they said. BofA added that the RBI will likely try to fund the fisc without adding to surplus liquidity/M3 growth, and deflecting banks' MTM risks.
Even though global cues are positive with the S&P 500 breaching the 4000 mark, the deteriorating Covid situation in India has led to a sharp fall in the major indices today. Technically, 48240 remains strong support for the BSE Sensex, below which 46450 could be possible. Nifty will have strong support at 14414-14350. 14750 will act as a strong resistance for this week: AR Ramachandran, Co-founder & Trainer, Tips2Trades
PVR, Inox Leisure shares, along with other multiplex operator stocks, tumbled up to 8 per cent on Monday after the Maharashtra government imposed a complete weekend lockdown and shut cinema halls amid COVID-19 cases surge. The Maharashtra government on Sunday announced a weekend lockdown and night curfew during weekdays.
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Broader markets were largely mirroring the fall in benchmark indices. BSE Midcap index was down 1.98% while the Smallcao index was down 1.87%. Meanwhile, the benchmark Sensex was down 2.4%. On NSE, the Nifty 50 was down 2.3%. nifty Midcap 50 was down 3% and Nifty Smallcap 50 was down 2.13%.
"Nifty opened lower and plunged 2% or ~300 points amid worries over rapidly rising Covid cases in India. Over the weekend the (coronavirus) cases crossed 1 lakh mark in the nation. Of this, ~80% cases are in Maharashtra where a 2nd lockdown has been put in place till April 30, though it’s not a complete lockdown. Market over the next few days would monitor as to how the situation pans out in Maharashtra and also in other states especially 8-10 other states where the covid cases is rising rampantly. Apart from this, the Q4 numbers would start pouring in from mid-April with Infosys and Wipro being among the first ones to declare," said Hemang Jani, Head Equity Strategy, Broking & Distribution, Motilal Oswal Financial Services.
Technology stocks witnessed a cheerful week as the NASDAQ 100 index zoomed 4% last week. The index has recouped smartly after having turned year-to-date negative earlier in March. Pulling the index were the names such as Facebook, Apple, Amazon, Netflix, and Google -- collectively called the FAANG stocks. In the previous week, all FAANG stocks recorded gains as the United States geared up for another round of stimulus in the wake of the pandemic.
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Recouping some losses, Nifty 50 regained 14,500 levels on Monday. Sensex on the other hand, was down 1,200 points.
Future Consumer was the top-performing stock on BSE on Monday, jumping 8%. This was followed by Lal Path Labs, Future Retail, and Adani Power.
India’s manufacturing PMI (seasonally adjusted) was 55.4 in March, down from the 57.5 registered in February. India’s economic recovery continues to gather steam despite the recent surge in COVID cases. At INR1.24trn, GST collections in March were the highest on record. Electricity consumption remains high, and auto sales continue to improve. After expansion of the eligibility criteria, India’s vaccination drive is also picking up, with over 79mn shots being distributed. The run rate is close to 3.5mn/day in April so far. Still with cases rising, several state governments have started implementing circuit breakers on mobility, though the hit to the economy will likely be minimal for now, in our view. We continue to forecast Q4 FY20-21 GDP growth at 2.7% y/y, and FY21-22 at 11.0% y/y, with balanced risks.
~ Barclays India
Nifty Media index was down 4.87% on Monday, making it the second-worst performing sectoral index on NSE, just behind Nifty PSU Bank index.
Bears have erased investor's wealth worth Rs 4.45 lakh crore today. The market capitalisation of all BSE listed firms stood at Rs 207 lakh crore on April 1, the previous trading session. Today the same is down at Rs 202 lakh crore.