Volatility inched lower on Friday morning. (Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets began the day’s trade in the negative territory. S&P BSE Sensex was down over 100 points on opening while the Nifty 50 index was below 14,850. Banking and finance stocks were the laggards on Dalal Street with ICICI Bank, Kotak Mahindra Bank, and Bajaj Finance the top index drags. HUL, Power grid, Sun Pharma were the top gainers on Sensex. Volatility surged nearly 3%, helping India VIX near 21 levels. Bank Nifty and Nifty Private Bank index were down 1.2% each.
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Highlights
As India advances towards the post-pandemic world, the economic growth story is unfolding and getting stronger. This has led analysts at global brokerage and research firm Morgan Stanley, to go overweight on cyclicals over defensive sectors in India. Although the second wave of the coronavirus pandemic continues to surge, the case fatality ratio in the country is cumulatively at 1.3% and remains below the global averages and should not pose a threat to the economic recovery unless there are widespread lockdowns, Morgan Stanley analysts led by Ridham Desai said earlier this week.
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India's second wave of Covid-19 infections poses increased risks for India's fragile economic recovery and its banks, says Fitch Ratings. Fitch already expects a moderately worse environment for the Indian banking sector in 2021, but headwinds would intensify should rising infections and follow-up measures to contain the virus further affect business and economic activity. India's active Covid-19 infections have been increasing at a rapid pace; new infections exceeded 100,000 a day in early April 2021, against 9,300 in mid-February 2021. Fitch forecasts India's real GDP growth at 12.8% for the financial year ending March 2022 (FY22). This incorporates expectations of a slowdown in 2Q21 due to the flareup in new coronavirus cases but the rising pace of infections poses renewed risks to the forecast.
~ Fitch Ratings
Nifty Metal index was top sectoral loser, down 1.72 per cent dragged down by Vedanta Ltd, Hindustan Zinc, Tata Steel, SAIL, Jindal Steel and Power
Top contributors to today's fall were Reliance Industries Ltd (RIL), HDFC Bank, ICICI Bank, Bajaj Finance and Axis Bank among others.
Sensex fell over 200 points or 0.47 per cent to 49,514, while the broader Nifty 50 index was ruling at 14,800, down 70 points or 0.47 per cent
The net direct tax collection for the fiscal ended March 31 stood at Rs 9.45 lakh crore, an increase of 5 per cent over the revised estimates in the Union Budget. Central Board of Direct Taxes (CBDT) Chairman P C Mody on Friday said the income tax department has exceeded the revised estimates despite issuing substantial refunds in 2020-21 fiscal.
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In wake of the new restrictions announced to curb the spread of COVID-19 infections in Maharashtra, Westlife Development Ltd owned – McDonald’s restaurants will operate 24/7 for contactless McDelivery from select stores in Mumbai. The brand will further be doubling down on its convenience channels of McDelivery, takeaway and On the Go as the state has announced new set of restrictions to arrest the mounting COVID-19 infections.
For those Indian investors looking to invest in small-cap stocks available in US stock market, the go-to index is the Russell 2000. Away from the limelight that FAANG stocks and the Nasdaq dominated stocks get, the small-cap shares also had a tremendous run over the last 12 months. The Russell 2000 index is up by nearly 100 per cent over the 1-year period. If you are looking to make some big bucks from the gains in the small-cap companies, the Russell 2000 Index is for you.
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Rakesh Jhunjhunwala-backed Barbeque-Nation Hospitality share price surged 20 per cent again on Friday to Rs 839 apiece. The stock hit the 20 per cent upper circuit for the third straight day since listing. The newly-listed casual dining company’s shares made a weak listing earlier this week at Rs 492 per share, as against the IPO price of Rs 500 per share. However, the shares surged to hit a 20 per cent upper circuit on the listing day in the noon deals. As the stock has rallied 68 per cent from the IPO price, analysts have advised investors to sell the Barbeque-Nation Hospitality stock.
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April has been the best month of the entire year for the US stocks, consistently for the last 30 years. On the other hand, May through September have generally seen lower, below-average returns, said Andrew Sheets, Chief Cross-Asset strategist for Morgan Stanley. Even in 2020, just after the sharp sell-off witnessed in March, stock markets skyrocketed in the month of April. NASDAQ zoomed 14%, S&P 500 jumped 12%, and the Dow Jones soared 13% in the same time period. Sheets added that April has the tendency to outperform other months but, will 2021 be the same?
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Structurally, we believe the index has been forming a strong support base in the vicinity of 14400. Hence, any cool off from here on should be capitalised on as incremental buying opportunity in quality large cap and midcap stocks ahead of the upcoming Q4FY21 result season. Level of 14400 would act as key support as it is 61.8% retracement of the post Budget rally (13662-15432), at 14338.
~ ICICI Direct
The second wave of the coronavirus pandemic might not result in significant correction for Sensex and Nifty unless it lasts for a couple of months, said Amit Jain, Co-Founder and CEO, Ashika Wealth Advisors in an interview with Kshitij Bhargava of Financial Express Online. Amit Jain, the market experts with nearly two decades of experience, believes IT, Pharma, and FMCG are some of the sectors where investors could focus on, expecting robust bottom-line numbers. Further, Jan believes that in the post-pandemic world India could become the manufacturing hub for the world. Here are the edited excerpts.
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TCS and Infosys share prices hit fresh 52-week highs on Friday, ahead of January-March quarter earnings of IT companies that would start from next week. BSE IT index scaled a fresh record high of 28,161.97, rising nearly a per cent. Meanwhile, L&T Technology Services, MindTree and Persistent Systems shares hit all-time highs on Friday. In the year so far, the BSE IT index has rallied 15% as compared to a 4.3 per cent rise in BSE Sensex.
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In past session, rupee traded on a weaker note majorly on account of 1.00 lac cr of bond-buying announced by RBI, unwinding of carry trades, perception of full lockdown due to rising cases and panic buying by importers. Adding further fuel, an outrage in Reuters turned forex rates volatile with USDINR being quoted at a high of 74.96. However, with prevailing dollar weakness and pipeline of upcoming IPO’s shall attract some inflows that could cap losses in rupee close to 75.20 levels. Technically, USD-INR holds next resistance near 75.00 levels while support is at 74.20 levels over the short-term keeping overall range between 74.00-75.20 levels. Amit Pabari, managing director, CR Forex Advisors
"Since last twelve trading sessions, we were unable to go beyond the sturdy wall of 14900. Yesterday, at the opening we managed to conquer it and for the major part of the day, we maintained a good positive posture to extend gains at the mid-session. However, we were a bit sceptical of this up move during the day and did not get carried away by this. This strategy played out well as we witnessed a sudden correction in the last hour to refuse the daily close above 14900. 14900–15000 remains to be a key resistance zone and till the time we do not confirm a convincing close above it, we would avoid aggressive bets on the long side, especially in sensitive names. On the downside, 14800 followed by 14750 would be seen as immediate supports," said Sameet Chavan Chief Analyst-Technical and Derivatives, Angel Broking.
The Serum Institute of India has fully refunded South Africa for the 500,000 doses of the COVID-19 vaccine, which were not delivered to the country after it decided not to use the vaccine because it was not effective against a new variant of the virus. A million doses from the institute, which had already been delivered, have been sold on to other countries in the African Union.
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Sensex and Nifty were up from their lows and attempting to move higher as the day progressed. Benchmark indices opened in the negative.
"The resistance of 14950 has worked accurately for the Nifty; we failed to close above it. We need to get past 14950-15000 for an up move to commence. Thereafter it should be a bullish market which can take the index to 15300-15400. If we break 14500, we can tumble to 14200-14300. It is a situation that requires patience and discipline. Traders need to be cautious," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
Gold and silver prices fell in Indian markets on Friday, amid weak global cues. Gold June futures were ruling at Rs 46,759 per 10 gram, down Rs 79 or 0.17 per cent as against the previous close of Rs 46,838. Silver May futures were also trading weak at Rs 67,235 per kg, down Rs 266 or 0.39 per cent, as compared to a previous close of Rs 67,501 on the Multi Commodity Exchange.
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Broader markets were outperforming benchmark indices on Friday morning. Midcap and Smallcap indices on NSE and BSE were up with gains while Nifty and Sensex slipped.
"Surging Covid cases have become an area of serious concern with an increasing number of cities & towns declaring night curfews. Unless this second wave peaks soon & subside, economic activity will be impacted and the market assumptions of above 10% GDP growth and above 30% earnings growth will be challenged. This big uncertainty will weigh on market sentiments for some time. The market is climbing all walls of worry. Activity has now moved to mid-small-caps. Nifty Mid-cap & Nifty Small-cap indices are up by 17.4% and 20% respectively for the year against a 6.4% gain for the Nifty. Bulls are chasing value in these segments. The sharp depreciation in INR following the announcement of G-SAP by the RBI will benefit exporters, particularly IT. US bond yields & dollar index cooling off is EM positive. That's why FIIs are not selling in spite of negative news," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Sensex began trading in the negative on Friday morning while Nifty was below 14,850 mark. Bank stocks were among the top index drags.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel remain unchanged for the tenth 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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Sensex and Nifty were trading flat with a positive bias in the pre-open session on Friday morning.
Sensex was nearing 50,000 during the pre-open session while Nifty 50 gave up its initial position above 14,900 and began trading flat.
SBI Life Insurance Company, a promoter of SBI Cards and Payment Services sold shares of the company on April 7. SBI Life Insurance sold 4,298 shares of SBI Cards. At the end of the October-December quarter, SBI Life held 75,569 equity shares of SBI Cards.
Nifty Futures on Singapore Exchange were down 50 points ahead of the pre-open session. The sharp downward move hints at a negative start for Dalal Street.
BSE Sensex and Nifty 50 were likely to open subdued on Friday, taking cues from their Asian peers. The Indian rupee has fallen for the fourth straight day against US dollar, which may trigger foreign outflows from domestic equities. In the previous session, equity indices gained for the third consecutive day, which is the longest such streak in a month, however, weekly F&O related volatility dragged the indices lower from their intraday highs, an analyst said.
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"The short term trend of Nifty is still positive, but the market seems to have has started to show lack of strength to witness upside breakout of 14,900. If Nifty fails to move/sustain above 14,950 in the next 1-2 session, then one may expect the beginning of another round of downward correction from the highs. Immediate support is placed at 14,780," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a flat start on Friday, as suggested by trends on SGX Nifty. Nifty futures were trading 13.50 points or 0.09 per cent down at 14932.50 on Singaporean Exchange. In the previous session, the 30-share Sensex gained 84 points while Nifty added 56 points. According to analysts, Indian markets are likely to track global cues along with the earnings season which would kick start from next week and would keep markets volatile.
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"Indian markets are likely to track global cues along with the earnings season which would kick start from next week and would keep markets volatile. A lot of stock-specific action is likely to be witnessed due to this. We expect Q4 to be another strong quarter, aided by a deflated base of 4QFY20 and healthy demand recovery for the large part of 4QFY21 – as attested by high-frequency indicators. Performance is expected to be healthy despite headwinds of commodity cost inflation in various sectors. However, concerns over the fast-spreading 2nd wave of Covid in India continues to remain," Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
All through the year, the markets were not too much enthused by government policies as the series of announcements made under Atmanirbhar Bharat campaign drew an indifferent response. The same was with the Union Budget. Therefore, there seems to be more faith put in the private sector and animal spirits than the policies of the government.
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Finance minister Nirmala Sitharaman has pitched for an extension of the Debt Service Suspension Initiative (DSSI) by six months through December 2021 to continue support to vulnerable economies in the wake of the Covid-19 crisis.
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Today is the final day to bid for the IPO of Macrotech Developers. So dar the issue has been subscribed 35% with QIBs bidding share being the largest.