Bank Nifty was down in the negative while India VIX surged higher.
(Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices danced between gains and losses for a good part of the day but managed to close in the positive. S&P BSE Sensex added 42 points to close at 49,201 points while the 50-stock NSE Nifty ended above 14,650. Asian Paints was the top Sensex gainer, followed by Sun Pharma and Dr Reddy’s. Power Grid, Ultratech Cement, IndusInd Bank, Axis Bank, and SBI were the worst-performing stocks on Sensex. Broader markets outperformed while India VIX slipped to give up 21 levels. Among sectoral indices Bank Nifty ended in the red, followed by Nifty Media, Nifty PSU Bank, and Nifty Private bank index while others closed with gains.
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Highlights
After moving between gains and losses for most of the day, domestic benchmark indices managed to close the day’s trade in the positive territory. S&P BSE Sensex ended 42 points higher at 49,201 while the 50-stock NSE Nifty ended at 14,683. Asian Paints was the top-performing Sensex constituent, followed by Sun Pharmaceuticals, HUL, and Dr Reddy’s. Among the laggards were top banking stocks such as ICICI Bank, Axis Bank, and SBI. Bank Nifty closed in the red yet again while broader markers outperformed even the benchmarks. India VIX, the volatility index slipped 1.76% to settle at 20.84.
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Sensex closed flat with a positive bias while Nifty managed to hold above 14,650 on Tuesday. Broader markets outperformed benchmark indices. Asian Paints was the top Sensex gainer.
Nifty breached 14,700 minutes ahead of the closing bell as benchmark indices looked poised to end the volatile trading day with gains.
Nifty was inching closer to 14,700 mark just ahead of the closing bell on Tuesday. Sensex, meanwhile, was trading flat with a positive bias.
IndusInd Bank, ICICI Bank, Axis Bank, and State Bank of India were among the worst-performing stocks on Sensex ahead of the closing bell. Bank Nifty was down 0.60%.
Sensex move back into the positive territory with moderate gains just ahead of the closing bell. Nifty 50 was above 14,670.
Panacea Biotech, HEG ltd, Sobha Limited, and Ashiana Housing are the top smallcap gainers on the BSE Smallcap index with minutes left before the closing bell.
Sensex is down 20 points while NIfty 50 is up 21 points as both the benchmark indices move in opposite directions as we near the closing bell.
Credit and Finance for MSMEs: Small business lender Lendingkart, which offers business loans and working capital loans, has raised $15 million debt for its NBFC arm Lendingkart Finance from the Netherlands-based entrepreneurial development bank FMO that manages funds for the Ministries of Foreign Affairs and Economic Affairs of the Dutch government. The investment has been raised via non-convertible debentures and has taken the company’s cumulative exposure to $19 million with this deal. “With the new funding, Lendingkart has targeted to reach out to over 5,000 new MSMEs with a focus on women entrepreneurs and small businesses. The new normal is about sustainability and stable business for which Lendingkart has raised this debt to empower MSMEs realise their plans and achieve the Bharat financial inclusion goal,” Harshvardhan Lunia, Co-founder and CEO, Lendingkart told Financial Express Online.
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As Sensex and Nifty traded flat, nearing the end of the day's trade, India VIX was down 1.33%. The volatility index slipped below 21 levels.
Broader markets are outperforming benchmark indices. Nifty 500 is up 0.37% while Nifty next 50 is up 0.97%. Nifty Midcap 50 gained 0.59% and the Smallcap 50 index jumped 1.47%. Meanwhile, the Nifty 50 was up 0.18%.
Bank Nifty, Nifty Financial Services, Nifty Media, Nifty PSU Bank, and Nifty Private Bank indices were down in the red on Tuesday while all other sectoral indices zoomed.
Bank Nifty currently finds support around 32,375 while 34,220 should act as resistance for the April Month Future Contract, according to Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited.
Sensex is dancing between gains and losses with little over an hour left in the day's trade. Nifty was still holding strongly above 14,650.
"The market failed to show resilience to stay above the Nifty 50 Index level of 14800. Our research suggests that technical factors are aligned to support a short-term consolidation in the near future, followed by an attempt of a breakout above the 14900, sometimes mid of the month. As the immediate support is visible at level 14440, we expect any corrective wave-down to find support around 14400- 14450. As such, we advise the traders to refrain from building a fresh buying position until we witness a correction to the 14450 level or a breakout above 14900," said Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited.
Small business lender Lendingkart, which offers business loans and working capital loans, has raised $15 million debt for its NBFC arm Lendingkart Finance from the Netherlands-based entrepreneurial development bank FMO that manages funds for the Ministries of Foreign Affairs and Economic Affairs of the Dutch government.
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While Sensex trades flat and dances between gains and losses, Asian Paints share price up 4% as the top index gainer. This is followed by Dr Reddy's, Sun Pharma, and Hindustan Unilever.
Nifty could fall at least 3-4%, said Vishal Wagh, Head of Research, Bonanza Portfolios. He added that a correction much worse than this can not be ruled out.
"Currently, due to the RBI MPC, stock markets may move sideways and then we might see a downward trend," Vishal Wagh, Head of Research, Bonanza Portfolio told Financial Express Online. He added that for bulls to rally again, Nifty needs to cross 14,950 levels. "Downward targets can be 14,250-14,300, if this gets broken a brutal sell-off could be in the offing," he added.
After sinking more than midcap and largecap indices during the March 2020 sell-off, the Russell Microcap Index has turned the tables and has outperformed other equity segments since the beginning of this year, thanks to the retail investors and the Reddit frenzy. In a recent blog, Catherine Yoshimoto, director, product management at FTSE Russell, highlighted that the Microcap index, which constitutes the smallest stocks in the Russell 3000E Index, has not only zoomed in 2021 to give the most year-to-date returns but has reversed earlier losses and is now the best performing index on a 1-year total return basis.
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Sensex is now up 5 points while Nifty is hovering around 14,650 mark as Dalal Street trims gains.
Sensex once again trimmed gains to trade flat with a positive bias while Nifty was still holding 14,650.
While driving a Tesla car on Indian roads may still be a few years away, owning Elon Musk’s Tesla stock from the comfort of your home or office is possible even now. Yes, you heard it right. Similar to buying a Reliance share or the shares of HDFC Bank or for that matter any stock listed on the Indian stock exchanges, buying the US stocks is almost the same.
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Macrotech Developers Ltd’s, erstwhile Lodha Developers, Rs 2,500-crore IPO will open for subscription on April 7, 2021. The company has fixed the price band of Rs 483-486 per share. Realty major Macrotech Developers will reduce net debt by 24 per cent to Rs 12,700 crore post its initial public offer.
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S&P Global Ratings today took the rating actions listed above. "Strong cash flows and management's commitment to lower debt should help Tata Steel to materially deleverage over the next two years. We estimate our adjusted debt levels for Tata Steel will decline by about 30% by March 2023 from about Rs 1.1 lakh crore in March 2020. About half of this decline is expected to have been delivered in fiscal 2021 (year ended March 2021). Tata Steel has committed to reducing absolute debt levels by at least US$1 billion per year from fiscal 2022," they said.
HDFC Bank’s share price was trading flat with a positive bias on Tuesday morning, a day after the largest private sector lender informed the bourses of its quarterly performance. HDFC Bank said that its advances grew 13.9% on-year basis in the previous quarter, while deposits grew 16.3% over the same period. The bank has reported strong quarterly numbers despite facing sanctions by the Reserve Bank of India (RBI), for repeated IT failures. Leading domestic brokerage firms see the quarterly business update as a positive for HDFC Bank. The private sector bank currently trades at Rs 1,448 apiece.
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Nifty Metal, Nifty Realty, and Nifty Pharma are the top sectoral indices on NSE at this hour. Bank Nifty is up 0.40% at 32,809 points. Nifty Media was the only sectoral index to sit in the red.
Asian Paints is the top Sensex gainer at this hour, surging 3%. Power Grid, Bharti Airtel, Sun Pharma, and Dr Reddy's followed close behind.
Sensex trimmed gains and was trading flat with a positive bias while Nifty was still above 14,600. India VIX was seen inching higher.
Gold prices edged higher on Tuesday in Indian markets amid positive global cues. On MCX, gold June futures were trading Rs 181 or 0.40 per cent up at Rs 45,530 per 10 grams as against the previous close of Rs 45,349. Silver May futures were ruling at Rs 65,031 per kg, up Rs 469 or 0.73 per cent, as compared to a previous close of Rs 64,562 on the Multi Commodity Exchange. Gold on MCX hit an all-time of Rs 56,191 per 10 grams last year in August.
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"The markets respected the 14500 and took good support at this level yesterday. Today we are trading well over that price. 14950 is the key level to watch out for. If we can get past that we could resume the macro uptrend and scale higher to 15300. If the Nifty fails to move up and breaks yesterday's lows, we will go back to the recent lows of 14200. It is a wait-and-watch situation," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
After having surged over 3% earlier in the day, India VIX slipped 0.15% as indices recouped losses.
"A significant fundamental factor from the market perspective is that US & China are leading the global economic recovery. This will translate into earnings growth particularly in emerging markets like India. An important market trend in India is the outperformance of small-mid cap indices. While Nifty is up 4.7% YTD the small and midcap indices are up by 14% and 15% respectively. This outperformance is likely to continue since there is more value in this segment. Sectorally, IT has been outperforming on the back of clear earnings visibility. IT index is likely to come under selling pressure after Q4 results since there has been significant speculative buying anticipating good results. While rising Covid cases is a matter of concern, it is unlikely to have a major economic impact," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
After having tanked during the initial few minutes of trade, Sensex and Nifty were back in the positive territory. All sectoral indices were trading with gains, except Nifty Media index.
Domestic markets started the day with gains, recouping some of yesterday’s losses but failed to hold the gains as bears took control over. Sensex was below 49,000 while Nifty slipped below 14,600.
Sensex continued to move higher in the pre-open session and breached 49,400. Nifty was comfortably above 14,700.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were unchanged today. The price of petrol and diesel has been the same for a week now after falling across major cities on March 30, 2021. Nation Capital Delhi was quoting a petrol price of Rs 90.56 per litre, diesel in the city was priced at Rs 80.87 per litre. 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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Nifty crossed 14,700 in pre-open session on Tuesday morning while Sensex was near 49,300.
BSE Sensex and Nifty 50 were likely to open flat on Tuesday, amid a surge in COVID-19 cases and mixed global cues. Investors will closely watch the trends in rising coronavirus cases, ongoing vaccination drive, stock-specific development and foreign fund inflow. Also, Indian markets will track global cues after the recent announcement of infra investment plan by US president.
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Two months is not a long time, but no one could have predicted April would see India in such trouble. The ferocious second wave of Covid-19 infections threatens to slow a promising recovery, and inflation remains stubbornly elevated even though growth is losing momentum. Amid this uncertainty Reserve Bank of India (RBI) Governor Shaktikanta Das has the unenviable task of keeping liquidity just sufficient to rein in yields, prevent the currency from appreciating and inflation from going up. Very challenging at a time when the developed markets are unleashing large fiscal stimuli, US treasury yields are rising and commodity prices are running away. And when the government wants to borrow a mammoth Rs 12.05 lakh crore over the next 12 months.
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