Barring Nifty Pharma and Nifty IT, all the sectoral indices ended in the positive territory. Image: ReutersShare Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 gained over 1 per cent in the last hour of the trade on Tuesday, primarily driven by buying in financials and RIL stock. Indices recouped nearly half of the losses made in the previous session on Tuesday. The 30-share index jumped 660 points or 1.38 per cent to 48,544.06, while the broader Nifty 50 index surged 194 points or 1.36 per cent to settle at 14,504.80. Top Sensex gainer was Mahindra & Mahindra (M&M) stock, which surged over 8 per cent, followed by Bajaj Finsv, Bajaj Finance, Maruti Suzuki, IndusInd Bank, ICICI Bank and ONGC. While TCS was the worst-performing stock, down 4.2 per cent. Dr.Reddy’s, Tech Mahindra, HCL Tech, Infosys and Nestle India were the top laggards. Barring Nifty Pharma and Nifty IT, all the sectoral indices ended in the positive territory.
Highlights
BSE Sensex and Nifty 50 index surged over one per cent, recouping nearly half of the losses made in the previous session. Market sentiment improved after the Indian government fast-tracked emergency approvals for foreign-produced Covid-19 vaccines on Tuesday. The 30-share index jumped 660 points or 1.38 per cent to 48,544.06, while the broader Nifty 50 index surged 194 points or 1.36 per cent to settle at 14,504.80.
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BSE Sensex recouped nearly half of the losses made in the previous session on Tuesday. The 30-share index jumped 660 points or 1.38 per cent to 48,544.06, while the broader Nifty 50 index surged 194 points or 1.36 per cent to settle at 14,504.80
The net indirect tax collections in 2020-21 grew 12.3 per cent to Rs 10.71 lakh crore as compared to the previous fiscal year, thereby exceeding the target set in revised estimates, the finance ministry said on Tuesday. The mop-up through indirect taxes, which include GST, Customs and excise duties, was Rs 9.54 lakh crore in 2019-20. In the Revised Estimates (RE) for 2020-21, the target was set at Rs 9.89 lakh crore.
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Macrotech Developers Ltd’s, erstwhile Lodha Developers, Rs 2,500-crore IPO, which received a lukewarm response from investors, will finalise the basis of the allotment of the IPO on Friday, April 16, 2021. Once the basis of allotment of funds is done, funds will be unblocked from the ASBA account on April 19 and equity shares will be credited to the demat accounts of allottees on April 20, 2021.
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G R Infraprojects files a draft red heering prospectus with market regulator SEBI on Tuesday of up to 1.15 crore shares. The book running lead managers are HDFC Bank, ICICI Securities, Kotak Mahindra Bank Capital Company Ltd, Motilal Oswal Investment Advisors Ltd, SBI Capital Markets, Equirus Capital Private Ltd.
A few segments of the US stock markets have run up significantly in the last one year, but that is not enough to convince Brett Nelson, Head of Tactical Asset Allocation, Goldman Sachs that Wall Street is in the bubble territory just yet. Brett Nelson said in a recent podcast hosted by Goldman Sachs that equity risk premium is still attractive at this juncture, even though 10-year bond yields have risen, quashing the bubble theory, in his view. In the last one year, NASDAQ has zoomed 69%, while Dow Jones and S&P 500 have surged in the range of 40-45%.
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BSE Sensex soared 639 points or 1.33 per cent to 48,522, while Nifty 50 reclaimed 14,500 after India fast-tracked emergency approvals for foreign-produced Covid-19 vaccines.
Banks will remain closed in most of the states on Wednesday, 14 April 2021, on account of Dr. Babasaheb Ambedkar Jayanti. Only the gazetted holidays are observed by banks all over the country. According to the Reserve Bank of India (RBI), barring 7 states, all the states will observe a holiday on Dr. Babasaheb Ambedkar Jayanti. On this day, some states will celebrate Tamil New Year’s Day, Vishu, Biju Festival, Cheiraoba and Bohag Bihu.
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Higher-than-expected retail inflation and worse-than-expected industrial growth are disappointing and likely to negatively impact financial markets in the near term. Yet, we expect reversal of these trends from next month. Along with the accommodative fiscal policy, monetary and liquidity measures are likely to remain accommodative in FY22. Anand Rathi Financial Services
CY20 was an extraordinary year. As COVID-19 spread across the world in early CY20, policymakers did whatever they could to mitigate its economic impact. In this note, we take stock of the global fiscal stimulus announced in CY20, and how much of that was financed by central banks. Our calculations suggest that global fiscal deficit almost tripled to USD6.5t (or 9.8% of GDP) last year from USD2.2t (or 3.2% of GDP) in CY19. Although fiscal deficit expanded everywhere, the magnitude of response was divergent in advanced economies (AEs) and emerging and developing economies. Motilal Oswal Financial Services
We expect most consumer staple and paint companies under our coverage to report healthy revenue growth of ~25% yoy (ex-ITC) led by 1) Consumers’ sustaining focus on health & hygiene segment in Q4 driven by a preference to necessities as well as trusted brands. In-home consumption trend on a yoy basis shall bode well for packaged food companies. Axis Securities
The Cryptocurrency gold rush is all set to enter Wall Street as soon as tomorrow, with Coinbase slated for its stock market debut. Even with its listing, Coinbase, one of the world’s most popular cryptocurrency trading platforms, is breaking away from the conventional pattern and going for a direct listing instead of the traditional initial public offering (IPO) route. Shares of the company will be listed on the bourses on April 14, under the ticker ‘COIN’. With this Coinbase will become the first such company to list on the bourses. Coinbase’s IPO comes on the back of strong demand in cryptocurrencies seen in 2020 and even so far this year.
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IT stocks such as TCS, Infosys, HCL Technologies and Tech Mahindra were trading up to 3.5 per cent down on BSE on Tuesday. Tata Consultancy Services share price fell as much as 4.36 per cent to Rs 3,100.05 apiece and was the top BSE Sensex dragger on the back of profit-booking a day after it posted a 15 per cent on-year rise in net profit to Rs 9,246 crore in the January-March quarter. Research brokerage firms and analysts have mixed response to TCS Q4 results.
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TCS Ltd revenue stood at Rs 42,015 crs up 4.7% QoQ and 5.4% YoY IN CC terms. Operating profit showed a growth of 11% QoQ at Rs. 12,715cr; operating margin expanded by 60 bps at 26.6% than previous quarter aided by strong execution, higher utilization and lower travel cost. Net profit for Q3 FY21 stood at Rs.8,701 cr reported a growth of 7% YoY. TCS management commentary on the demand scenario is positive in the verticals like BFSI, Hi tech Media, Life Sciences and Communications. We believe growth momentum for TCS to be remain high in the near term. Axis Securities
Gold and silver prices in India gained marginally on Tuesday, due to a weaker rupee against the US dollar. On MCX, gold June futures were trading Rs 14 or 0.03 per cent up at Rs 46,433 per 10 grams as against the previous close of Rs 46,419. Silver May futures were ruling at Rs 66,160 per kg, up Rs 32 or 0.05 per cent, as compared to a previous close of Rs 66,128 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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After having slipper miserably on Monday, broader markets were looking to out-do the benchmark indices on Tuesday. Midcap and smallcao indices on NSE were outperforming Nifty 50.
India VIX, the volatility gauge tanked over 6% on Tuesday morning as stock markets gained. India VIX had soared 15% in the previous session while Sensex and Nifty were gripped by the bears.
"In our coverage universe, we expect Dr Reddy's to import the vaccine doses in the initial stages for distribution in India with its own manufactured doses becoming available later on as it ramps up manufacturing. While we await more clarity, we expect the approval of the third Covid-19 vaccine in India to be more sentimentally positive for Dr Reddy's than for financial parameters," said ICICI Direct.
Gold slipped off on Tuesday in COMEX while in MCX, weak INR gave support to precious metal. Gold slid off this week is on account of firmer US Treasury yields after a successful three-year note auction. Financial markets are shifting their focus to higher inflation risk but gold is yet to reflect that change as it has not been fully priced in. Also, gold is seeing additional support coming from renewed physical demand from Central banks and retail participants. Retail demand in Jan picked up in India and gathered further momentum in Feb mainly on account of reduction in gold import duty and falling gold prices. The Chinese markets also reported boosted gold consumption during the initial two months of the year. Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Barring Nifty IT, all the sectoral indices were trading with gains. Nifty Bank index gained over 1 per cent after falling 5 per cent in the previous session. Nifty Metal index was up 1 per cent
IT stocks were the top index draggers in today's session. TCS, Infosys, Tech Mahindra, HCL Tech were down up to 3.4 per cent.
Power Grid Corporation of India, ONGC, Mahindra & Mahindra, Titan Company, Reliance Industries Ltd (RIL), NTPC, SBI were among top Sensex gainers
BSE Sensex jumped over 150 points to reclaim 48,000 while the Nifty 50 index was trading near 14,400 level, after Monday's bloodbath.
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While the second wave of the pandemic is a cause of concern, it does not warrant a panic reaction in the market. Lockdowns & restrictions will only be localised and unlikely to severely impact economic recovery. The fact that we have vaccines will pre-empt extreme fear and panic. Also, businesses have learned to adapt to the new normal. TCS' results confirm that we are in a multi-year upcycle in IT. So it makes sense to remain invested in top quality IT names along with pharma. Bank Nifty is down 18% from the peak on asset quality concerns arising out of the second wave. Weakness in the Financials segment will give opportunities to investors to buy high-quality names in leading banks, mortgage and fintech companies. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Yesterday MCX Gold slipped as strong US Treasury yields took sheen off the yellow metal, with optimism about a quick economic rebound weighing on prices further. Treasury yields in the United States have stayed higher after a successful three-year note auction and ahead of important data releases this week, including consumer price inflation. Meanwhile, the safe haven investment demand has continuously fallen in April. The holding at the SPDR GOLD ETF fell from 1,037 tonnes as on 31st March to 1,026 tonnes as on 12th April. In the absence of significant fundamental drivers, prospects for an economic boom, which was underpinned by the US Federal Reserve's continued ultra-easy monetary policies and increased vaccine rollouts, dented most of the appetite for havens assets. Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers
COMEX gold trades little changed near $1732/oz after a 0.7% decline in the previous session. Weighing on gold is a pause in the US dollar’s recent slide, general optimism about the US and global economy and continuing investor outflows. However, supporting price is rising virus cases, loose monetary policy stance of major central banks and mixed economic data from major economies. Gold has retreated after failing to sustain above $1750/oz but we may not see extended losses amid Fed's dovish stance and rising virus concerns. Ravindra Rao, VP- Head Commodity Research at Kotak Securities
HCL Tech, State Bank of India (SBI), Tata Steel, Titan Company, Infosys, Power Grid Corporation of India, NTPC, Reliance Industries Ltd (RIL) were among top Sensex gainers in pre-open
BSE Sensex was trading at 47,950, while the broader Nifty 50 index was ruling above 14,300 in the pre-opening session on Tuesday
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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel remain unchanged for the fourteenth consecutive day. The price of petrol and diesel has been the same across major cities since 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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The CPI numbers for March comes at a very difficult moment. If March was already showing a contraction in industrial production, the IIP is expected to further reduce with the second wave of covid across the country now in April. This is likely to have a consequential impact on both, economic recovery as well as employment. In the absence of improvement in the economy, inflation will likely come down because the consumption will come down too. But, this could set a bad trend as the economic recovery was very nascent. Being hit at this stage can have an adverse impact on growth which at the current situation is more important to manage than inflation. Sanjay Kumar, CEO & MD, Elior India
The March CPI inflation at 5.52% (5.03% in Feb) is exactly in line with our expectations, partly led by unfavourable base effect and mild sequential uptick in core inflation. The food inflation is up 4.94% (3.87% in Feb) largely the base effect of last year’s print as March sequential uptick in prices of edible oils, pulses, meat and fish, and fruits were countered by sharper sequential fall in vegetables. Core inflation (ex-food, fuel and intoxicants) was sticky at 5.7% albeit has eased sequentially across most sub-categories. Madhavi Arora, Lead Economist, Emkay Global Financial Services
Economic recovery remains sluggish, as per IP data, which contracted for the second straight month. However, other high frequency data show activity improving in March, and the overall growth recovery remains on track, second COVID-19 wave notwithstanding. Base effects and surging fuel costs have pushed CPI higher. However, March could mark a local maxima for CPI, with inflation likely moderating in the coming months. Rahul Bajoria, Chief India Economist, Barclays
Nifty futures were trading 32 points or 0.22 per cent up at 14,391 on Singaporean Exchange on Tuesday, suggesting a gap-up opening for BSE Sensex and Nifty 50. In the bloodbath on D-Street in the previous session, investors lost Rs 8 lakh crore. Markets will first react to TCS results and macroeconomic data i.e. IIP and CPI inflation in early trade on Tuesday. Analysts suggest maintaining a cautious stance in the near term.
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In overnight trade on Wall Street, the S&P 500 and Dow Jones industrial average ended lower. The Dow Jones Industrial Average fell 0.16 per cent, the S&P 500 lost 0.02 per cent, and the Nasdaq Composite dropped 0.36 per cent.
Asian stock markets were trading mostly higher, with Japan’s Nikkei rising nearly one per cent. Topix index gained over half a per cent and South Korea’s Kospi advanced 0.7 per cent.
TCS on Monday reported a strong set of numbers for the March quarter announcing order wins worth a stupendous $9.2 billion. Revenues in constant currency terms rose 4.2% sequentially to Rs 43,705 crore while margins expanded by 20 basis points to 26.8%, despite wage hikes. The software services major reported an ebit of Rs 11,734 crore ebit while net profits came in at Rs 9,246 crore, slightly lower than estimates. Free cash flows at the end of March stood at Rs 37,968 crore.
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Domestic stock markets witnessed a bloodbath on Monday, as benchmark indices tanked over 3% each. S&P BSE Sensex now sits at 47,883 while the Nifty 50 index settled at 14,310. On Tuesday morning, SGX Nifty was up in the green, hinting at a flat to positive opening as markets might look to recoup some of yesterday’s losses. NASDAQ, Dow Jones, and S&P 500 all closed with losses on Monday but Asian markets were not mirroring that trend on Tuesday morning. On the charts, Nifty has reversed its short-term positive trend with yesterday’s fall.
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Contraction in industrial output widened to 3.6% year-on-year in February from 1.6% in the previous month, while retail inflation in March scaled a four-month peak of 5.52%, according to official data released on Monday. This will add to the woes of policymakers and complicate the task of the central bank at a time when risks to economic growth from a second wave of Covid-19 cases mount, amid fears of further lockdowns in key states like Maharashtra.
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IT major Tata Consultancy Services (TCS) today announced that its Board of Directors has recommended a final dividend of Rs 15 per share, subject to shareholder approval. Earlier the company has handed interim dividends of Rs 5 per share, Rs 12 per share, and Rs 6 per share in the previous three quarters. The total dividend given by TCS in the previous financial year now stands at Rs 38 per share.
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