Bank Nifty slipped to end 0.58% lower (Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices Highlights: Equity benchmark indices ended the day little changed. Slipping from intra-day highs, Sensex managed to add 84 points during the day while Nifty 50 failed to cross the crucial resistance zone of 14,900. Bank stocks slipped later in the day, Bank Nifty, Nifty PSU Bank, and Nifty Financial Services index closed in the red. Volatility inched higher and regained its position above 20 levels, after having dropped initially. Ultratech Cement and Titan Company were the top Sensex gainers, surging over 4% each. ONGC and Power Grid were among the top drags.
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Highlights
Domestic equity benchmarks descended from intra-day highs to end the day on a flat note. S&P BSE Sensex gained 84 points during the day while Nifty added 56 points but failed to hold above 14,900 -- a crucial resistance zone, according to technical analysts. Bank stocks fell in the dying hours of trade with HDFC Bank, Axis Bank, SBI, and ICICI Bank all ending the day in the red. Ultratech Cement and Titan were the top index gainers. Broader markets Nifty IT and Nifty Metal indices gained the most during the day.
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Sensex added 84 points during the day to close at 49,746, down from its intraday high of 50,118. Nifty failed to breach 14,900 -- a crucial resistance zone.
Sensex and Nifty were trading flat with a positive bias just ahead of the closing bell on Thursday.
Active fund managers faced a hard time mirroring the up-move charted by indices in 2020, with 81% of large-cap equity indices failing to outperform the S&P BSE 100 index, data sourced by S&P Dow Jones Indices showed. The underperformance is not just limited to large-cap funds, but a high percentage of ELSS funds, mid-cap, small-cap and even government bond funds have lagged benchmarks over the one year period ending December 2020. Equity markets soared during the period after having nose-dived earlier in the year owing to the coronavirus pandemic.
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India VIX, the volatility gauge of domestic markets inched higher ahead of the closing bell as Sensex and Nifty moved down from day's high.
Sensex rebounded from the negative territory as the index soared back into the green ahead of the closing bell.
Nifty slipped below 14,900 while Sensex was below 49,800 with less than an hour to go before the end of today's trading session.
Indian steel prices are back to January 2021 high and Jefferies India believes that there is more headroom for the prices. The rally in Asian steel prices has not only eased concerns on near-term sustainability of Indian prices but the brokerage firm believes that it now provides room for more upside. Indian HRC (hot-rolled coil) price has corrected from a peak of Rs 57,500 per tonne in January 2021 to Rs 53,500 per tonne in March 2021 but has now recovered. Indian steel prices may rise further on the back of good domestic demand and the option to divert volumes to exports.
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Indian steel prices are back to January 2021 high and Jefferies India believes that there is more headroom for the prices. The rally in Asian steel prices has not only eased concerns on near-term sustainability of Indian prices but the brokerage firm believes that it now provides room for more upside. Indian HRC (hot-rolled coil) price has corrected from a peak of Rs 57,500 per tonne in January 2021 to Rs 53,500 per tonne in March 2021 but has now recovered.
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Auspicious dates always create a positive sentiment and people tend to start something new or make new purchases on such occasions. Gudi Padwa is one such occasion and it usually leads to home buying. We have very attractive festive offers that will make home buying even easier this Gudi Padwa. Customers can enjoy stamp duty of just 3% at our projects in Kanjurmarg and Mulund. At our township in Dombivli, they can enjoy zero stamp duty in addition to zero floor rise costs and assured gifts on bookings. Rajat Rastogi, Executive Director, Runwal
In earlier two attempts Macrotech Developers failed to get its stock listed on exchange, both the times the company took approval from SEBI but did not file RHP, this time things look different. We expect this time the company will be able to get a listing on the stock exchange this time, as there is a good response from anchor investors to the IPO and on Day 1 good response from retail and institutional investors also. We are not expecting retail participation to be a huge one in this IPO as what we have seen in earlier IPOs along with this we expect listing gain also to be very limited. Company has a strong brand in affordable and mid income housing projects, but is not able to deliver the growth in sales and free cash flow in the last couple of years. The company has posted sales degrowth of 68% in 9MFY21 and reported a negative profit after tax of 265 crores. Given weak revenue growth in the past and leverage balance sheet we assign a "NEUTRAL" rating to the IPO. Yash Gupta Equity Research Associate, Angel Broking Ltd
Kalyan Jewellers on Thursday said it has witnessed a robust increase in consumer demand and seen revenue growth of nearly 60 per cent in its India operations in the fourth quarter ended March 31, 2021. In Q4 FY 2021, the company witnessed a robust increase in consumer demand resulting in a revenue growth of approximately 60 per cent for our India operations, as compared to the same quarter in the prior year, Kalyan Jewellers said in a quarterly update.
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Nippon Life India Asset Management, asset manager of Nippon India Mutual Fund, announces that it will provide COVID-19 vaccination for its 1000+ employees and their immediate family members free of cost. The company will reimburse the cost of the two mandated vaccine shots for its employees and their dependent family members. This would also cover employees and their family members who have already taken the first/both doses of the vaccine.
India’s largest retail broker Zerodha will not join the likes of Cred, Groww and other promising startups who recently raised funds from investors. Zerodha’s founder Nithin Kamath took to Twitter to explain why his company is not looking to rope in investors even though funds have been lining up to invest. “Right now, is probably the stupidest time for fintech firms like Zerodha to be raising money. It is quite crazy the number of folks reaching out & the different deals,” Nithin Kamath said.
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On NSE, the Nifty Midcap 50 was up 1.14% and the Nifty Smallcap 50 was up 1.25% on Thursday. Meanwhile, the Benchmark Nifty 50 was up 0.85%.
Federal bank is one of India’s largest old generation private sector banks with total assets of Rs 1.9 lakh crore with deposits of Rs 1.56 lakh crore and a loan book of Rs 1.2 lakh crore in FY21. NPA’s have remained steady for the bank over the past few years with GNPA for Q3FY21 at 3.38% while NNPA ratio stood at 1.14%. PCR at the end of Q3FY21 stood at ~67% which we believe is adequate. Restructuring book is expected to be at Rs 1,500-1,600 crore out of which Rs 1,067 crore has already been restructured. This is against earlier expectations of total restructuring of Rs. 3,000-3,500 crore.
Target price: Rs 110 per share~ Angel Broking
Leading global investment banks Credit Suisse, Nomura and others caught up in the Archegos fallout could face losses adding up to $10 billion, according to JP Morgan. In a recent note, analysts at JP Morgan said that the losses faced by the banks could be very material for a business that is mark-to-market and holds liquid collateral. “We now expect losses well beyond normal unwinding scenario for the industry,” they added. Earlier last month, major investment banks on Wall Street were forced to unwind positions taken by Archegos Capital, after it failed to meet margin requirements, resulting in significant losses to the related banks.
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Gold prices were trading lower in Indian markets on Thursday after surging to a one-month high of Rs 46,400 in the previous session. On MCX, gold June futures were trading Rs 110 or 0.24 per cent down at Rs 46,252 per 10 grams as against the previous close of Rs 46,362. Silver May futures were ruling at Rs 66,400 per kg, down Rs 234 or 0.35 per cent, as compared to a previous close of Rs 66,634 on the Multi Commodity Exchange. MCX gold hit an all-time of Rs 56,191 per 10 grams last year in August. Since then, the yellow metal has been witnessing volatility.
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Tech Mahindra was the top Sensex gainer, surging over 4% on Thursday. It was followed by Titan, TCS, and Bajaj Finserv as the other top Sensex gainers.
IT stocks such as Infosys, Mindtree, Persistent Systems among others were trading higher on Thursday, ahead of quarterly earnings of IT companies that start pouring in from next week. Meanwhile, the BSE IT index climbed over one per cent to a new all-time high of 28,032.87 levels.
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"We are currently trading at an important juncture. 14900-14950 is a resistance zone for the Nifty. If we can keep above this level for a few hours, the markets would break out of its current range-bound movements and scale higher to 15300-15400. If we fail and resist these levels, the index can turn around and head back to 14500-14600," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
There is now a faster global growth driven primarily by the US, China and India, World Bank president David Malpass has said even as he expressed concern over growing inequality due to the COVID-19 pandemic. He said here is also the concern of inequality in terms of vaccinations and median income that’s not going up very fast for some countries.
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"The surge in Covid cases continues to be a concern for the economy & markets. However, the saving grace is that since the lockdowns & restrictions are sporadic, the impact on the economy will be insignificant. Investors can hedge against the uncertainty surrounding the second wave with reduced exposure to economy-facing stocks and higher exposure to IT, pharma & FMCG segments. Rupee depreciation is another tailwind for IT. A distinct trend in the market is the outperformance of mid-small-caps, which is likely to continue. Even though Nifty is up only 0.7% in April so far, many mid-small-caps have appreciated by more than 10 and 20%. This stock-specific action is likely to continue irrespective of the market trend," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Sensex regained 50,000 mark on Thursday morning, minutes after the opening bell. Nifty was above 14,900.
Bank Nifty was up 0.77% on Thursday morning. The index was helped by a 1.19% surge in IndusInd Bank stocks, along with a strong jump in Kotak Mahindra Bank and Bandhan Bank.
Sensex neared 50,000 mark while Nifty crosses 14,900 on Thursday's opening bell. HDFC, Bajaj Finserv, and IndusInd Bank were the top gainers on Sensex.
Sensex was down below 49,900 but still in green while the Nifty 50 was below 14,900 ahead of the opening bell.
Sensex began the pre-open session above 50,000 but soon inched lower, while still remaining in the green. Nifty 50 was hovering around 14,900 -- a crucial resistance zone.
Nifty Futures on the Singapore Exchange were up in the green ahead of the pre-open session. The spike in SGX Nifty hints at a positive start for Dalal Street.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel remain unchanged for the ninth consecutive day. The price of petrol and diesel has been the same across major cities since prices fell 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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BSE Sensex and Nifty were set to open on a positive note on Thursday, a day after the Reserve Bank of India announced Monetary Policy Committee decision. In the previous session, markets cheered the RBI policy as the investor sentiment remained upbeat. The Sensex rose 460.37 points (0.94 per cent) to close at 49,661.76 while the Nifty jumped 135.55 points (0.92 per cent) to close at 14,819.05.
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"On Wednesday, Nifty closed the day positive but Nifty continues to trade below the resistance at 14900. After yesterday’s inside we see a green candle that has closed at the top end of the range. The market breadth saw a great improvement as after a long time we see a ratio of 4:1 on advances to declines. A long green candle closing at the highs of the day suggests that buying interest in emerging back," said Manish Shah, Founder, Niftytriggers. "Nifty needs to break above the resistance at 14900 and once this happens we should see a rally towards 15300 and beyond that to 15450. Nifty faces resistance also due to both the moving averages; the 20 SMA and 50 SMA are very close to each other," he added.
After showing consolidation movement on Tuesday, Nifty witnessed a sustainable upmove on Wednesday and closed the day higher by 135 points. A sustainable upmove has emerged in the market till afternoon, before showing another round of consolidation movement at the highs. A long positive candle was formed on Wednesday on the daily chart with lower and minor upper shadow. Technically, this pattern indicate an upside bounce in the market after one session of sharp weakness on Monday. The crucial overhead resistance of 14,880 levels (resistance as per change in polarity) came into the scene on Wednesday, as Nifty retested the hurdle by forming a day's high of 14,879, before showing minor weakness from the highs.
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Domestic equity benchmarks BSE Sensex and Nifty 50 were likely to open in the positive territory on Thursday. Trends on SGX Nifty indicated a gap-up start for the benchmarks, as Nifty futures were trading 65.50 points or 0.44 per cent up at 14,929. Indian stock markets will take cues from global peers along with corporate earnings which would start from next week and keep the markets volatile.
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The Cabinet on Wednesday approved production-linked incentive (PLI) schemes for white goods and solar modules, which would together cost the government Rs 10,738 crore over five years. Under the scheme for white goods, eligible investors in air conditioners, LED lights and such components will be granted a total incentive of Rs 6,238 crore. The scheme for solar modules promises benefits of Rs 4,500 crore.
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SGX Nifty was up 45 points during the early hours of trade on Thursday, hinting at a gap up start for domestic indices that are on a two-day gaining spree.
The first Monetary Policy Committee (MPC) meeting of the new fiscal year was in line with expectations on all key parameters. The MPC members voted unanimously to keep rates on hold, in line with the market and our expectations. It also reiterated its accommodative stance and moved from time-based guidance to more state-based guidance – this is a welcome move. The Committee noted that it will “continue with the accommodative stance as long as necessary to sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward”.