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Market HIGHLIGHTS: Sensex surges over 550 pts, ends above 48,900, Nifty tops 14,650; RIL, SBI gain nearly 3% – The Financial Express

The trend among Nifty sectoral indices was mixed, with Nifty Metal index gaining 1.25 per cent while Nifty Bank index fell 0.16 per cent.Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic benchmark indices BSE Sensex and Nifty 50 ended over one per cent higher on Tuesday, as COVID-19 cases in India declined. BSE Sensex surged 558 or 1.15 per cent to settle at 48,944, while the broader Nifty 50 index jumped 168 points or 1.16 per cent to close at 14,653. Larsen & Toubro (L&T), Bajaj Finance, RIL, IndusInd Bank, State Bank of India (SBI), HDFC Bank, Bharti Airtel, among others were top index gainers. On the flip side, Maruti Suzuki, NTPC, Kotak Mahindra Bank, Nestle India were top Sensex laggards.

The Index has closed within its resistance zone of 14500-14700. We are at a crucial juncture because if we keep above that patch, we will swiftly move towards 15000-15100. If the market decides to turn at this juncture, we will go down to test the previous lows again. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

Domestic equities continued to shrug off rise in COVID-19 cases and benchmark indices recorded strong gain for second consecutive day. A sharp recovery in financials once again supported market rebound. Further, strong buying in Reliance Industries and metal stocks also supported rally. Almost all key sectoral indices ended in green today. In our view, short covering ahead of F&O expiry is also supporting market rally in this week. Notably, lower than expected March quarter performance led selling pressure in Maruti and HDFC Life. However, huge buying was seen in midcap and smallcap stocks today. Hindalco, L&T, Tata Steel and RIL were among top Nifty gainers, while HDFC Life, SBI Life, Kotak Bank and Maruti were laggards. Binod Modi, Head Strategy at Reliance Securities

The Centre has imported 20 cryogenic tankers of 10 MT and 20 MT capacity and allocated them to states to address the shortage of oxygen tankers in the country as it deals with spiralling cases of COVID-19.

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In a show of solidarity, the CEOs of about 40 top American companies have come together to create a first-of-its-kind country-specific global task force to mobilise resources and coordinate efforts to help India fight the battle against COVID-19. A collective initiative of the US-India Business Council of the US Chamber of Commerce, and the US-India Strategic and Partnership Forum and Business Roundtable, the task force during its meeting here on Monday committed to get 20,000 oxygen concentrators to India in the next few weeks, Deloitte CEO Punit Renjen told PTI.

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Since the first train of empty tankers left from Mumbai on April 19 for Vizag, Indian Railways has safely transported more than 302 tonnes of oxygen to various states across the country, while 154 tonnes of oxygen is enroute to regions starved of the gas, according to the national transporter. Earlier today, it was reported that an Oxygen Express train with four tankers of LMO reached Delhi Cantt railway station from Raigarh in the state of Chhattisgarh on Tuesday morning.

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The last one and a half years have been tough for the small and medium-sized businesses due to the pandemic and initial public offerings (IPOs) by SMEs have taken a hit. In the financial year 2021, SME IPOs were at an all-time low with only 28 companies that went public. This represents a decrease of 38 per cent over the previous fiscal, according to data by Prime Database.

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The Modi government came to power in 2014 on the promise of ‘Minimum Government and Maximum Governance’. With this promise, the government assured the country that it had no business to be in business. Its primary task was to create an enabling environment for the smooth running of businesses and enterprises rather than having ownership in them. 

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Banks in India will remain shut for up to 12 days in May 2021, including weekends and festivals. Only the gazetted holidays are observed by banks all over the country. According to the Reserve Bank of India (RBI), banks in most of the states will remain closed on May 14, 2021, on account of Eid-UI-Fitra. In May, banks including the public sector, private sector, foreign banks, cooperative banks and regional banks, will observe holidays on May 1, May 7, May 13, May 14 and May 26 on account of Labour Day, Jumat-ul-Vida, Id-Ul-Fitr, Akshaya Tritiya and Buddha Pournima, respectively.

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Tesla Inc. has reported its earnings for Q1 2021 by reporting total revenue growth of 74 per cent YoY in the first quarter. As per the company press release, this was primarily achieved through substantial growth in vehicle deliveries, as well as growth in other parts of the business. Tesla’s GAAP net income reached $438M, and the non-GAAP net income surpassed $1B for the first time in the company’s history.

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Gold prices fell for the fourth straight day in India on Tuesday ahead of US Federal policy scheduled on Wednesday. MCX gold June futures were trading Rs 34 or 0.07 per cent lower at Rs 47,418 per 10 10 grams as against the previous close Rs 47,462. MCX silver May futures were ruling at Rs 68,630 per kg, down Rs 50 or 0.07 per cent. MCX silver ended at Rs 68,680 per kg in the previous session.

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The markets are within their resistance patch of 14500-14700. If we are successful in crossing this on a closing basis, we should be headed to 15000. If we are unable to, we will be sideways and then head back to the previous lows of 14200. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The trend among Nifty sectoral indices was mixed, with Nifty Metal index gaining 1.25 per cent while Nifty Bank index fell 0.16 per cent

Mumbai has started showing some respite in the daily cases of COVID-19 and the daily cases seem to be falling down. Markets have started to show some strength with the fall in covid number. As seen recently despite the strength shown in the markets – its facing challenges to overcome the small hurdle of 14,500. Overall the flattish global markets indicate a similar beginning here and stock specific action will be seen in the current results season. Mohit Nigam, Head PMS & Advisory, Hem Securities

Axis Bank, Kotak Mahindra Bank, Asian Paints, Housing Development Finance Corporation (HDFC), Maruti Suzuki were among top index laggards.

The Indian Rupee is expected to trade on a mixed to bearish note with an expected intraday range of 74.50-74.90, tracking recent weakness in the US dollar index and a slight recovery in the domestic equity market. The recent halt in the US bond yield and steady inflation expectation is lowering the real yield and thus tapering & rate hikes bets are negating a stronger dollar view. 3-things will be in focus this week from the US front. First, Joe Biden’s tax hike announcement. Secondly, the US fed interest rate decision, which they are expected to keep unchanged but their tone will be in focus. Thirdly, US Q1 advance GDP; which could make a strong come back with expectation of 6.8%. Amit Pabari, managing director, CR Forex Advisors

Tech Mahindra, Bajaj Finance, Reliance Industries Ltd (RIL), Power Grid Corporation of India, HDFC Bank, TCS were among top BSE Sensex gainers.

Sensex jumped 160 points or 0.33 per cent to 48,546, while the broader Nifty 50 index was ruling at 14,535, up 193.5 points or 0.34 per cent.

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COMEX gold trades marginally lower near $1775/oz after a 0.1% gain yesterday. Gold weakened today as the US dollar index tried to recover from the March low set in the previous session as market players positioned for a Fed decision tomorrow. Supporting gold price is rising virus cases, mixed economic data from major economies and a loose monetary policy stance. However, weighing on price is lack of investor buying and general progress on the vaccination front. Gold along with US dollar and bond yields may remain choppy ahead of the Fed decision however general bias remains on the upside amid rising virus cases and hopes of loose monetary policy of major central banks. Ravindra Rao, CMT, EPAT,  VP-Head Commodity Research, Kotak Securities Ltd

In the pre-opening session on Tuesday, BSE Sensex was trading 132 points or 0.27 per cent up at 48,518 level.

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Prices of petrol and diesel were unchanged across the country for the 12th consecutive day on Tuesday, April 27, 2021. The fuel prices were last revised on April 15, when petrol fell by 16 paise per litre and diesel by 14 paise in Delhi. The price of petrol in Delhi was unchanged at Rs 90.40 per litre while diesel was available for Rs 80.73.

The future direction of gold pricing is highly dependent upon two major events set to occur at the beginning of this week. The first major event occurring this week is this month’s FOMC meeting, which begins tomorrow, and concludes on Wednesday. The second major event this week will begin on Wednesday and conclude on Thursday when President Joe Biden will hold his first address to Congress. International spot gold and silver prices have started weaker this Tuesday morning in Asian trade tracking the strengthening of the U.S. Treasury yields and a stronger dollar. Markets will remain range bound ahead of the U.S. Federal Reserve meeting this week. Domestic gold and silver prices could start weaker this Tuesday morning tracking overseas prices. Technically, MCX Gold June supports are at 47350 and 47250. Resistances are at 47600 and 47800. Technically, MCX Silver May resistances are at 69500 and 70300. Supports are at 68000 and 67500. Sriram Iyer, Senior Research Analyst at Reliance Securities

Domestic equities look to be modestly good as of now. A persistent rise in COVID-19 cases across the nation and enhanced economic restrictions have dented investors sentiments over last couple of weeks. However, lower than 3.5 lakhs daily caseload at India level and sharp reduction in fresh caseload in Maharashtra yesterday offer some comfort and a further reversal in caseload should augur well for economy and markets. In our view, government will continue to handle this disaster by maintaining a fair balance between lives and livelihoods. Market is expected to remain volatile until we see a clear reversal in COVID-19 cases. Binod Modi, Head Strategy at Reliance Securities

As many as 28 companies BSE-listed companies including Axis Bank, Bajaj Finance, HDFC AMC, Maruti Suzuki, Britannia Industries, Hindustan Zinc, TVS Motor Company, Syngene International, Sanofi India, and VST Industries, will announce their quarterly results on April 27.

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Tech companies Google and Amazon have come forward to support India in its time of crisis. Google on Monday announced funding of Rs 135 crore ($18 million) for the country. About Rs 20 crore ($2.6 million) of the total amount led by Google’s philanthropic arm has been routed via GiveIndia and UNICEF. 

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In overnight trade on Wall Street, US stock indices ended higher. The Dow Jones Industrial Average fell 0.18 per cent, while the S&P 500 gained 0.18 per cent to end at record high at 4,187.62. The Nasdaq Composite too settled at record high after gaining nearly one per cent.

Asian stock markets were seen trading in red as investors await the Bank of Japan’s interest rate decision. Japan’s Nikkei 225 was down 0.11 per cent while the Topix index shed 0.42 per cent. Shanghai Composite, Shenzhen component and Hong Kong’s Hang Seng index dipped were trading marginally flat.

Global forecasting firm Oxford Economics on Monday revised downwards its India GDP growth forecast for 2021 to 10.2 per cent from 11.8 per cent previously, citing the country’s escalating health burden, faltering vaccination rate and lack of a convincing government strategy to contain the pandemic.

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