Nifty Bank index tanked 2.77 per cent, Nifty Financial Services 3.03 per cent while Nifty IT index slipped nearly one per centShare Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended two per cent lower on Friday, on the back of weak Asian cues and rising COVID-19 cases. Sensex tumbled 984 points or 2 per cent down at 48,782, while the broader Nifty 50 index plunged 264 points or 1.77 per cent to 14,631. HDFC Bank, Housing Development Finance Corporation (HDFC), ICICI Bank, Kotak Mahindra Bank, Asian Paints, Mahindra & Mahindra Reliance Industries Ltd (RIL) were among top Sensex losers. In contrast, ONGC, Sun Pharma, Dr Reddy’s and Bajaj-Auto managed to close in green. Barring Nifty Pharma, all the sectoral indices ended in deep sea of red. Nifty Bank index tanked 2.77 per cent, Nifty Financial Services 3.03 per cent while Nifty IT index slipped nearly one per cent.
Highlights
Sensex tumbled 984 points or 2 per cent down at 48,782, while the broader Nifty 50 index plunged 264 points or 1.77 per cent to 14,631
The support of 14400 still holds and the markets have the potential to turn from here and head towards 15100. The risk reward ratio is now skewed in favor of the reward and hence a buy on dips approach will be most appropriate to adopt. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Sensex fell 1,000 pts, while Nifty 50 index gave up the crucial 14,650 level
For many years, the Indian industry wondered what the real impact of India’s demographic dividend was going to be. As a country with one of the largest population of young people, who are usually between the ages of 18 to 35, our future is intertwined with the choices they make. If we go by recent trends, we can ascertain that both millennials and the markets benefited from market deregulations and digitization of various services. Be it capital markets, e-commerce, digital marketing or social media, the sales and branding aspects of a business are increasingly driven by the interests of millennials.
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HUL posted an in-line performance, with revenue/EBITDA clocking growth of 35/43% YoY (HSIE 34/46%). Ex-GSK, revenue grew by 21% YoY (6% 2-year CAGR) with UVG of 16% YoY (4.5% 2-year CAGR). The company saw demand recovery in in discretionary and OOH categories and revenue pressure eased out. Health, Hygiene and Nutrition (80% mix) continued to deliver strong double-digit growth, supported by new launches and price hikes. Market share gains (>80% portfolio gained share) continued, well supported by strong rural and sustained momentum in e-comm (most profitable channel for HUL). Varun Lohchab, Institutional Research Analyst, HDFC Securities, Naveen Trivedi, Institutional Research Analyst, HDFC Securities
PGInVIT, the first Infrastructure Investment Trust from a public sector company, is seen as a low-risk security that could provide superior returns than traditional fixed income products. Many analysts feel that a Government backed sponsor like PGCIL further instills confidence. PG InvIT is AAA rated and at the issue price of Rs. 100 per unit, offers 12.0% yield, trading at a spread of ~600 bps to the 10 year G-sec (6.0%). "Such a spread is very attractive given the high degree of certainty of cash flows & distribution per unit going forward. Investor return in PG Invit which is a quasi-equity instrument will be a combination of quarterly dividend (our expectation of Rs. 3 per unit per quarter) and the unit’s price appreciation (our expectation of 20-30% listing gain),” said Nirmal Bang Securities.
Sensex was trading 770 points or 1.55 per cent down at 48,995, while the broader Nifty 50 index plunged 199 points or 1.34 per cent at 14,696
Indian Railways has expanded their ‘Oxygen Express’ operations to Haryana and Telangana after Maharashtra, Uttar Pradesh, Madhya Pradesh and Delhi to bring relief to the states as India battles the second wave of Covid 19. Presently, four ‘Oxygen Express’ trains are on the run.
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The government has placed orders for import of 4.5 lakh vials of antiviral drug Remdesivir with the first consignment of 75,000 vials expected to reach Indian shores on Friday, Chemicals and Fertilisers Ministry said in a statement.
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Amid a global lockdown, Wall Street saw a massive surge in the so-called ‘stay-at-home’ stocks. These included the likes of Zoom Video, Netflix, and other tech stocks that benefitted from people staying confined to their homes. Zoom Video’s share price soared 450% between March and October of last year, while Shopify surged 200% and Netflix gained 50%. However, now after the successful roll-out of vaccines, United States is closer to the old normal. But, would this shift could also force investors to ditch the ‘stay-at-home’ trade?
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Dr. Reddy’s Laboratories Ltd. along with its subsidiaries together today announced the launch of Albendazole Tablets, USP, a therapeutic equivalent generic version of Albenza Tablets, 200 mg, approved by the U.S. Food and Drug Administration (USFDA). The Albenza brand and generic had U.S. sales of approximately $27 million MAT for the most recent twelve months ending in November 2020 according to IQVIA Health*. Dr. Reddy’s Albendazole Tablets, USP are available in 200 mg tablets in bottle count sizes of two. Albenza is a trademark of Glaxosmithkline. This is a positive development for the company but we don’t expect it to make any huge difference on Drreddy top line as product sales in the USA market was less. Yash Gupta Equity Research Associate, Angel Broking Ltd
Strong earnings run rate in H2FY21 offers visibility of the likely earnings recovery in FY22 on full unlocking. TITAN remains our preferred pick in discretionary, offering a faster growth outlook. Maintain Buy with a revised TP of Rs1,725, rolling forward o Jun'23E EPS.
Wipro on Friday revised upwards its IT services revenue outlook to 8-10 per cent sequential growth in the June 2021 quarter, following the completion of its USD 1.45 billion buyout of Capco. While announcing its March quarter results earlier this month, Wipro had said it expects to log a sequential growth of 2-4 per cent in its IT services revenues in the June 2021 quarter without including revenue from Capco and Ampion acquisitions.
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In Q4FY21, Motilal Oswal Financial Services' consolidated revenues grew by 316% YoY at Rs 1,200 cr, Consolidated PAT grew by 34% QoQ at Rs 448 cr including gains on investments (Rs 264 cr, +25% QoQ). Consolidated revenues in FY21 grew by 69% YoY at Rs 3,923 cr, consolidated profit grew by 579% YoY at Rs 1,245 cr including gains on investments (Rs 779 cr).
IT services major Cognizant on Thursday said it is providing USD 1.5 million (about Rs 10 crore) towards operationalising efforts in the fight against the COVID-19 pandemic in the country. Cognizant, which has about two lakh employees in India, is also providing an additional USD 2 million (about Rs 15 crore) in emergency funding to UNICEF in India to help address acute shortages in oxygen and deploying medical and testing supplies.
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RIL share price was trading flat with a negative bias at Rs 2,021.90 apiece on BSE, ahead of January-March quarter earnings on April 30. Analysts expect double digit revenue growth for RIL in the fourth quarter of FY21. RIL stock has rallied 42 per cent in the past one year, the stock is down 3 per cent so far in April. Oil-to-telecom major will also announce dividend on Friday. Brokerage firm JM Financial sees profit for Reliance Industries Ltd rising 107 per cent to Rs 13,150 crore. Those at Kotak Securities see consolidated profit rising 109 per cent to Rs 13,248 crore as against Rs 6,348 crore in the year-ago quarter.
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While the second wave of covid-19 continues to wreak havoc across the country, Dalal Street has remained resilient. The NSE Nifty-50 index is down just 3.4% since the middle of February while the daily new case count continues to surge higher. Seeing this strength in the market, coupled with other fundamental reasons, Chris Wood, Global Head (equity strategy) at Jefferies has decided to increase India’s weightage in his Asia Pacific ex-Japan relative-return portfolio. Chris Wood had trimmed India’s weightage at the end of the previous quarter when cases started to increase rapidly.
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Gold was trading flat to negative on Friday, mirroring the trend in international spot prices where strong US economic data and elevated Treasury yields dampened the yellow metal’s appeal. On the Multi Commodity Exchange, gold June futures were trading Rs 25 down at Rs 46,701 per 10 gram, as against the previous close of Rs 46,726. Silver July futures were also flat at Rs 68,627 per kg, down from the previous close of Rs 68,637. Analysts say that the trend in dollar has been pretty bearish as the rupee has appreciated in recent sessions.
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The Nifty seems a little lost in its direction this morning. However, the current trend continues to remain bullish and dips like these can be utilized to trickle in buy positions for a higher target of 15100. A strong support lies at 14400 and since that is a steep stop to maintain, a buy on dips approach would be most advisable. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Barring Nifty IT and Nifty Pharma indices, all the sectoral indices were trading in the red. Nifty Bank index fell 2.10 per cent while Nifty Financial Services was also down over 2 per cent
ICICI Bank, Housing Development Finance Corporation (HDFC), HDFC Bank, State Bank of India (SBI), Titan Company, Kotak Mahindra Bank were among top Sensex draggers
The April expiry was favorable for equity but not favorable for Rupee as it depreciated by 1.90%. The partly reasons for recovery in the domestic equity was due to DII’s dominance over FII’s selling and hence equity and FX markets were seen diverging. Yesterday, Powergrid InvIT’s IPO inflow was supporting the equity and hence rupee too, to trade at 74.00 mark. Amit Pabari, managing director, CR FOrex Advisors
Today, the Indian Rupee is expected to trade in the range of 73.90-74.30 with a mixed bias. The strong US growth data helped US treasuries to jump as much as 1.68% and some relief to the US dollar index. The resumption of the bullish trend in yield could support the US dollar index and hence, it could cap bullish momentum in the Emerging market currencies. Amit Pabari, managing director, CR FOrex Advisors
Bajaj-Auto, ONGC, Dr Reddy's, Infosys, Sun Pharma were trading higher in the range of 2-0.6 per cent
RIL shares were trading flat with a negative bias at Rs 2,021.85 apiece on BSE, ahead of its January-March quarter results later in the day
Sensex fell 516 points or 1.04 per cent to 49,249, while the broader Nifty 50 index gave up 14,800 and was ruling at 14,789, down 105 points or 0.70 per cent
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A plea has been filed by NGO Public Policy Advocates before the Supreme Court seeking an exemption for Covid-19 drugs remdesivir, tocilizumab, favipiravir and other drugs with a similar generic composition and related medical equipment from Goods and Service Tax (GST).
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Sensex fell 300 points to 49,400, while the broader Nifty 50 index gave up 14,800 and was ruling below 14,750 in the pre-open
Indian markets might give a gap down opening today taking cues from the weak Asian markets & an absence of respite in daily covid cases domestically. 14650 is an immediate intraday support. The result season has so far been good across different sectors which is likely to prevent a sharp correction. Reliance industries' results will be keenly watched today. Mohit Nigam, Head, PMS, Hem Securities
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel have now remained unchanged for fifteen consecutive days. Fuel prices were last cut on April 15. Today, the Petrol price in Delhi is Rs 90.40 per litre, while Diesel prices were at Rs 80.73 per litre. Fuel prices remain the highest in Mumbai at Rs 96.83 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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On Thursday, foreign institutional investors (FIIs) were net buyers of shares worth Rs 809 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 942 crore in the Indian equity market
Nifty fututres were trading one per cent or 147.5 points down at 14,783.50 on Singaporean Exchange, suggesting a negative opening for BSE Sensex and Nifty 50 on Friday. Investors will continue to watch rising COVID-19 cases, on-going vaccination drive, fresh restrictions and lockdown in some states, oil prices, rupee movement and other global cues. Analysts say Nifty has been forming higher highs – higher lows from the last five trading sessions but formed a Bearish candle on daily scale
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Any manufacturing unit that has availed the benefit under the modified special incentive package scheme (M-SIPS) programme of electronics ministry will not be eligible for the Rs 4,500-crore production-linked incentive (PLI) scheme for solar module manufacturing, as per the Union ministry of new and renewable energy (MNRE).
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Domestic equity markets enter the final trading session of the week on the back of four consecutive days of gains. S&P BSE Sensex now sits at 49,765 while the 50-stock NSE Nifty is at 14,894. On Friday morning, SGX Nifty was sitting deep in the negative territory, hinting at a weak start to the day’s trading session. Global cues were mixed on Friday morning. Investors continue to focus on Q4 earnings on Dalal Street. Volatility has remained firmly above 23 levels for the last few sessions.
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Mukesh Ambani’s Reliance Industries Ltd. (RIL) has seen increased interest from foreign portfolio investors in the last one year. Foreign Portfolio Investor’s (FPI) shareholding in RIL has jumped 1.59% in the January-March quarter, from a year-ago period. Meanwhile, mutual funds have trimmed their stake in the oil-to-telecom conglomerate by 1%, during the same period.
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