Sensex and Nifty closed with gains on Monday.
(Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity benchmark indices closed they’s trade with gains on Monday morning. S&P BSE Sensex soared over 508 points to close at 48,386 points while the 50-stock NSE Nifty was at 14,485 on the closing bell. Axis Bank, Ultratech Cement and ICICI Bank were the top-performing stocks on the BSE Sensex. HCL Technologies, Sun Pharma, HDFC Bank, and Maruti Suzuki India were the top laggards. India VIX inched higher during the day and closed at 23.5.
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Highlights
Benchmark indices got off to a flying start this week, surging higher during Monday’s trading session. S&P BSE Sensex zoomed 508 points to close at 48,386 while the 50-stock NSE Nifty ended just below 14,500 mark. Among sectoral indices, Nifty Realty, Nifty Metal, and the Bank Nifty were the best performers. Axis Bank, Ultratech Cement and ICICI Bank were the top-performing stocks on the BSE Sensex. HCL Technologies, Sun Pharma, HDFC Bank, and Maruti Suzuki India were the top laggards.
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Sensex ended 508 points higher on Monday while the 50-stock NSE Nifty ended the day just shy of 14,500 mark. Nifty Realty index was the top sectoral gainer, Bank Nifty was in green.
Nifty is just shy of 14,500 mark with minutes to go till the closing bell on Monday.
All sectoral indices on the NSE were trading with gains except Nifty Media and Nifty Pharma.
Private sector lender ICICI Bank’s share price soared 5.9% on Monday to hit an intra-day high of Rs 604.9 as investors reacted to the strong quarterly earnings growth. ICICI Bank said its net profit in the January-March quarter jumped 261% on-year basis and reached Rs 4,402 crore, meanwhile, operating profit was up 15.6% from the same period last year. Seeing the stellar rise in earnings, brokerage firms have increased their target prices for ICICI Bank, which leaves room for plenty of upside after today’s rally.
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"A surge in new COVID-19 cases - primarily in emerging markets - are making investors nervous. India reported almost a million new cases in just three days. A sad record that is also stoking concerns about the economic recovery" said Milan Cutkovic, Market Analyst at Axi
The share price of Steel Authority of India Ltd surged 8% on Monday to hit a fresh high of Rs 101 per share. With this, the stock has now surged 376% from its March 2020 lows.
PowerGrid Infrastructure Investment Trust (InvIT) will knock on the doors of capital markets from April 29 to raise Rs 7,734 crore through an initial public offering (IPO) of its units. The public issue will remain open for bids by investors till May 3. With its public issue, PowerGridInvIT will become only the third InvIT to list on domestic stock exchanges, after IRB InvIT and IndiGrid Trust InvIT. Earlier in April, analysts had said that more REITs and InvITs could be expected after the Union Budget sought to make these asset classes more attractive for investors.
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HCL Technologies share price was the worst Sensex performer on Monday, falling more than 2.5%. It was followed by NTPC, Sun Pharma, Tech Mahindra, ITC, and HDFC Bank.
India VIX, the volatility gauge, was inching higher despite the positive momentum on Dalal Street. India VIX breached 23 levels on Monday,
"The Index is venturing closer to its resistance zone which is between 14500-14700. If we are successful in getting past that, we will head closer to 15000. If we turn from these levels, we might drift down to re-test the recent lows of 14150-14200," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
The developments will each utilize the existing hub infrastructure in the KG-D6 block. Reliance is the operator of the block with a 66.67 per cent participating interest and BP holds the remaining 33.33 per cent. The Satellite Cluster is the second of the three developments to come onstream, following the start up of R Cluster in December 2020. It had originally been scheduled to start production in mid-2021.
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Commodity prices traded mixed during the week passed by with most of the commodities in Non-agro segment kept firm trading range except crude oil. Bullion prices kept range-bound trading while base metals traded higher on strong demand outlook over green spending. Crude oil prices traded weak on demand growth worries and higher supplies.
"Covid news is bad but markets are sensible and therefore will discount the positive news like apparent flattening of the curve in states like Maharashtra. Going by the experience of countries that went through the second wave, it is likely that India's second wave will peak soon, but the pain and sufferings in the short run will be highlighted. Since the market is forward-looking, its focus will be the medium to long-term trend. Meanwhile, Q4 results continue to be encouraging. ICICI Bank's results are very good on all parameters. This is good news for Bank Nifty. Even though HCL Tech's Q4 numbers are below expectations, their deal wins are impressive and indicative of the strong outlook for the sector. The sustained selling by FIIs in April, so far, is negative but FII selling is now more than compensated by DII buying. Market's resilience during this health crisis is positive and has to be taken seriously"
Since the past 6-8 trading sessions, the index continues to consolidate within 14,700-14,200 levels representing range bound movement. Hence any either side breakout of the mentioned range may signal further direction. On the daily chart, the index continues to trend lower forming a lower Top and lower Bottom formation indicating short term downtrend. Nifty failed to cross 100 DMA during the week and witnessed selling pressure from higher levels.
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Sensex opened above 48,200 while the Nifty 50 index breached 14,400 once again. ICICI Bank, ONGC and Axis Bank were among the top gainers.
Sensex and Nifty were heading higher during the pre-open session. Sensex breached 48,000 while Nifty soared to cross 14,400.
Reliance Industries Limited (RIL) and bp today announced the start of production from the Satellite Cluster gas field in block KG D6 off the east coast of India. RIL and bp have been developing three deep-water gas developments in block KG D6 – R Cluster, Satellite Cluster and MJ – which together are expected to produce around 30 mmscmd (1 billion cubic feet a day) of natural gas by 2023, meeting up to 15% of India’s gas demand. The developments will each utilize the existing hub infrastructure in the KG D6 block. RIL is the operator of the block with a 66.67% participating interest and bp holds a 33.33% participating interest.
SGX Nifty was trading in the positive territory surging nearly 100 points higher before the opinion bell on Dalal Street, hinting at a gap-up start for domestic markets. However, on the charts, the short term trend is expected to bumpy for Sensex and Nifty. “The inability to show any meaningful upside bounce or failing to sustain the highs post upside bounce could be a cause of concern and this may not be a good sign for bulls. Normally, this action could eventually result in a decisive downside breakout of the support/range in the near term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. Analysts suggest going for stock-specific trades at this juncture.
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SGX Nifty was up 65 points during the early hours of trade on Monday. Domestic markets could open with gains.
Bucking the trend in other infrastructure sectors which suffered on account of the pandemic, 2020-21 turned out to be a stellar year for the highway sector. A record 13,298 km of highways were constructed in the financial year, as against around 10,240 km in FY20, which made for ~30% y-o-y growth and a pace of 36.4 km/day. On the award front, 10,467 km of projects were awarded, up ~17% over 8,948 km in the preceding year. A host of industry-friendly measures taken by the government are said to be behind this performance, with analysts holding that continuation of measures to boost liquidity and relaxation in norms for bidders could see construction pace crossing the 40 km/day mark in the new fiscal.
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Given the revenue constraints and an evolving Covid-19 situation, the Centre has allowed the state governments to borrow 75% of their annual market borrowing limit of 4% of their respective Gross State Domestic Product (GSDP) in the first nine months of the current fiscal, a senior finance ministry official told FE. This compares with the permission given to them to borrow up to 50% of the annual threshold in the year-ago period.
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