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Market LIVE: Sensex back above 49,000, Nifty above 14,650 in rangebound trade; mid-, smallcaps outperform – The Financial Express

Barring Nifty Bank, Nifty Pharma, Nifty Realty, all the sectoral indices were trading in the green. Image: ReutersShare Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading flat on Friday. Sensex was hovering around 48,900 while Nifty 50 reclaimed 14,600. Asian Paints, HCL Tech, HUL, Tech Mahindra, Mahindra & Mahindra, Titan were among top Sensex gainers. ICICI Bank, Axis Bank, Reliance Industries Ltd (RIL), Bajaj Finance, Sun Pharma were among top index laggards. Barring Nifty Bank, Nifty Pharma, Nifty Realty, all the sectoral indices were trading in the green. Nifty IT index jumped over 1 per centWipro posted a 27.7 per cent jump in consolidated net profit at Rs 2,972 crore for the March 2021 quarter, and exuded confidence of sustaining strong growth momentum in the coming quarters. Wipro had registered a net profit (attributable to equity holders) of Rs 2,326.1 crore in the year-ago period, as per Indian Accounting Standards (Ind-AS).

The company’s Board of directors has declared the dividend of Rs 2 which is subject to the approval of shareholders in AGM. We have a positive outlook towards Tinplate India and we expect the company to continue its good performance in upcoming quarters also. Yash Gupta Equity Research Associate, Angel Broking Ltd   

Electric 2W (e-2W) market is still in a nascent stage in India constituting sub 1% of total 2W volumes (c.170k units in FY21). The mainstream OEMs are yet to enter the segment in a meaningful manner and currently testing waters with a single product. The e-2W segment constitutes of multiple players but a handful of popular brands. This note is our first in the series where we have analysed the on ground situation in e-2W space based on our interaction with Ather, Hero Electric and channel partners operating in this segment. Indian e-2W market is classified into three categories with Ather/Bajaj Chetak/TVS as the key players in the high speed category while other brands fall in the city/low speed category. As of today, bulk of the sales is in the city/low speed category prominent in Tier-II cities. JM Financial Services

We remain positive on the tiles and pipes companies, owing to healthy demand outlook. We also expect PVC resins prices to cool off 2QFY22 onwards, which should be positive for demand from the price-sensitive agri segment. We maintain our BUY rating on Kajaria Ceramics (TP INR 1,010, 19x its FY23E consolidated EBITDA) and ADD ratings on Astral Poly Technik (TP INR 1,660, 34x its FY23E consolidated EBITDA) and Supreme Industries (TP INR 2,045, SOTP based – standalone business at 19x FY23E EBITDA and its 30% holding in Supreme Petrochem at a 30% discount to its market capitalisation). HDFC Securities

The rise in the number of COVID-19 cases, fear of the next wave coupled with rising inflation in the US, lower yields, weak US Dollar, and the QE program by the US government has also provided strength to the gold prices. The current situation of rising cases threatens to derail the economic recovery in Q1, create uncertainties. The situation may lead to elevated gold prices in the short term till the situation stabilizes. The retail demand in India has been rising due to festive season buying has also provided support to gold prices. A pick-up in global economic activity will lead to subdued gold prices, but the risk of the second wave, uncertainty remains which may guide gold prices in the longer term. Nish Bhatt, Founder & CEO, Millwood Kane International 

Gold traded higher to a more than one-month peak as U.S. Treasury yields slipped despite better than expected U.S. economic data, pushing investors to bullion as a refuge against possible inflation ahead. Concerns regarding inflation is increasing ahead of massive fiscal aids and ultra-low interest rates across the globe supporting the metal. Gold prices also got a boost after the U.S. government imposed a broad array of sanctions on Russia as punishment for alleged misdeeds, including interfering in the 2020 U.S. election. after a positive retail sales and weekly jobless claims market participants will keep an eye on housing data and inflationary expectation from the U.S. scheduled later in the day. Broader range on COMEX could be between $1745- 1778 and on the domestic front prices could hover in the range of Rs 46,850- 47,450. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services

Rakesh Jhunjhunwala cut his stake in three firms including Titan Company, VIP Industries and Tata Communications in the January-March quarter of 2021. While the ace investor raised his stake in Fortis Healthcare and Multi Commodity Exchange (MCX) in the fourth quarter of FY21, according to the shareholding pattern of the public shareholders. Besides Titan Company, Rakesh Radheshyam Jhunjhunwala’s stake in VIP Industries fell to 32.73 lakh shares or 2.32 per cent in Q4, with only wife Rekha Jhunjhunwala’s name among the key shareholders.

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Among sectoral indices, Bank Nifty, Nifty Financial Services, Nifty PSU Bank, and Nifty Private Bank were the only ones that were down in the red on Friday.   

“Quess corp limited acquired remaining stake in Conneqt Business Solutions Limited from Tata sons. Increase in equity stake in Conneqt Business Solutions Limited from 70.00% to 100.00% by Quess Corp Limited. Conneqt is India’s leading domestic CLM and BPM player with 21+ Delivery centers in India, and 29,000+ employees as on 31st Dec 2021. Its turnover stood at Rs 976 Crores in FY 2019-20. The main object This Investment will provide Quess full and complete ownership over Conneqt, allowing it to better realize synergies between its various divisions, Conneqt and Allsec and It will strengthen Quess’ position to accelerate growth in the IT/ITES space,” said Yash Gupta Equity Research Associate, Angel Broking.

Broader markets were outperforming benchmark indices on Friday. Nifty junior was up 1.42%, Nifty Midcap 50 was up 1.23%, and Nifty Smallcap 50 gained 1.33% while the benchmark Nifty 50 was up 0.45%.

After facing the brunt of the pandemic and resultant lockdown last year, the recovery in corporate profits continues strong. Now, as the second wave of covid-19 wreaks havoc, Dalal Street is expected to witness market volatility and correction, paving the way for investors to add cyclical stocks on dips, said domestic brokerage firm Motilal Oswal in a recent note. “We believe this correction is a buying opportunity and it doesn’t change the medium-term thesis of recovery in corporate earnings led by underlying macro pick-up with focus on investment cycle,” the report said.

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The failure rates of auto-debit transactions on the National Automated Clearing House (NACH) platform, many of which are EMI requests, eased in March, showed data released by the National Payments Corporation of India (NPCI). However, at 32.73% in volume terms, the bounce rate remained well above pre-Covid levels, raising concern about lenders’ asset quality after the lifting of an interim judicial stay on recognition of bad loans after August 31, 2020.

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Business services provider Quess Corp on Friday said it will acquire the remaining 30 per cent equity stake in Conneqt Business Solutions Ltd from Tata Sons for Rs 208 crore. “The administration and investment committee has approved the acquisition of 30 per cent equity shares in Conneqt Business Solutions Ltd in lieu of Rs 208 crore from Tata Sons Pvt Ltd,” Quess Corp said in a regulatory filing

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Wipro share price surged as much as 9.5 per cent to Rs 471.75 apiece, a fresh 52-week high, on BSE on Friday, a day after the IT firm posted the best results in the last 10 years. So far in today’s session, 5.98 crore shares of Wipro have exchanged hands on NSE, while 29.44 lakh shares have been traded on BSE. Wipro was the third IT company to announce fourth quarter earnings this week, following TCS and Infosys. The share prices of TCS and Infosys, respectively, were the top Sensex losers on the very next day of the earnings, as they missed analysts estimates. 

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Gold prices recovered in Indian markets on Friday, after closing above Rs 47,000 per 10 gram for the first time since February 23, 2021, in the previous session. Although MCX gold June futures were trading weak, down Rs 85 or 0.18 per cent at Rs 47,090 per 10 grams, against the previous close of Rs 47,175. MCX silver was trading at Rs 68,407 per kg, down Rs 169 or 0.25 per cent, as compared to a previous close of Rs 68,540 per kg. On April 13, MCX gold hit Rs 47,000 mark in intraday after nearly two months. Last year in August, MCX gold touched a record high of Rs 56,191 per 10 grams.

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Big bull Rakesh Jhunjhunwala has increased his stake in Multi Commodity Exchange during the January-March quarter. Data available on the stock exchanges show that Rakesh Jhunjhunwala bought 5 lakh shares of the company during the previous quarter, taking his stake in the company to 25 lakh equity shares. Earlier, at the end of the October-December quarter, the ace investors had 20 lakh shares of MCX to his name or 3.92% stake, this has now increased to 4.90%.

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Sensex jumped 200 points on Friday to regain 49,000. Asian Paints, Ultratech Cement, and HCL Technologies were the top gainers while ICICI Bank and RIL were the top drags. 

All sectoral indices, except Bank Nifty and Nifty Private Bank index were trading in the positive territory. Bank Nifty was down 0.09% while Nifty Private Bank was down 0.20%.

In the bond market, RBI’s fixing at 6.0317% for G-SAP 1.0 worth INR 25,000 crore sent a signal that RBI is allowing yield to move higher, and hence benchmark yield jumped to 6.12%. On another side, a fall in US bond yield below 1.55% suggests a higher interest rate differential. And hence, the ‘carry trade’ which was seen unwinding heavily over the last two weeks could be seen returning again on rising domestic recovery prospects, weaker US dollar despite strong US data, and RBI’s active intervention to curb volatility. However, rising domestic cases above 2-lac per day, widening India’s trade deficit, and the recent rebound in the crude oil could be a headwind for the Rupee. Overall, the short-term range for the USDINR is likely to be from 74.20-75.50. Amit Pabari, managing director, CR Forex Advisors

Barring Nifty Bank, Nifty Pharma, Nifty Realty, all the sectoral indices were trading in the green. Nifty IT index jumped over 1 per cent

ICICI Bank, Axis Bank, Reliance Industries Ltd (RIL), Bajaj Finance, Sun Pharma were among top index laggards 

Asian Paints, HCL Tech, HUL, Tech Mahindra, Mahindra & Mahindra, Titan were among top Sensex gainers

BSE Sensex gained 50 points to trade at 48,853, while the broader Nifty 50 index reclaimed 14,600 on Friday

BSE Sensex gained 150 points to trade at 48,962, while the broader nifty 50 index reclaimed 14,600 in the pre-opening session

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were steady today. Fuel prices were cut yesterday after having remained unchanged for fifteen consecutive days earlier. Today Petrol price in Delhi is Rs 90.40 per litre, 16 paise cheaper than yesterday, while Diesel prices were at Rs 80.73 per litre, down 14 paise. 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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COMEX gold trades marginally lower near $1763/oz after a 1.8% gain yesterday when it tested seven week high. Gold has benefitted from a decline in the US dollar index and bond yield on the back of Fed’s dovish monetary policy stance. Gold is also supported by rising virus cases and increased geopolitical tensions. However, weighing on price is upbeat US economic data and continuing ETF outflows. Gold has again breached the $1750/oz level indicating positive momentum however mixed factors persist and fresh buying should be only at corrective dips. Ravindra Rao, CMT, VP- Head Commodity Research at Kotak Securities

Inflation measured by wholesale price index (WPI) shot up to 7.39% in March, the highest rate since October 2012, primarily on higher prices of crude oil, but also aided by a low base. Rise in prices of some manufactured goods and food items like pulses and fruits also pushed the index. Retail (CPI) inflation scaled a four-month peak of 5.52% in March.

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Nifty futures were trading at 14,635, up 15.50 points or 0.11 per cent on Singaporean Exchange. BSE Sensex and Nifty 50 may open flat with some positive bias on Friday, after ending over half a per cent up in the previous session. Investors will track COVID-19 cases, fresh restrictions, on-going vaccination drive, stock-specific development, along with oil prices and rupee movement.

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Domestic equity markets continued to inch higher on Thursday, despite witnessing some turbulence along the way. S&P BSE Sensex now sits at 48,803 mark while the Nifty 50 index is up at 14,581. On Friday morning, SGX Nifty was trading in the negative, hinting at a gap-down start for equity markets. Meanwhile, global cues were largely positive.

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Asian peers were seen trading mixed in Friday morning trade with Japan’ Nikkei 225 rising 0.12 per cent while the Topix index fell 0.1 per cent. South Korea’s Kospi was marginally lower. Australia’s ASX 200 declined 0.12 per cent. 

The Dow industrials closed above 34,000 for the first time on Thursday as the blue-chip benchmark and S&P 500 posted fresh record highs on a tech stock rally fueled by falling bond yields and strong March US retail sales, according to Reuters. The Dow Jones Industrial Average 0.9 per cent, the S&P 500 gained 1.11 per cent, and the Nasdaq Composite added 1.31 per cent. 

The benchmark 10-year Treasury yield slipped below 1.6 per cent for the first time since March 25.

Wipro, which gets a bulk of its topline from IT services, said it expects revenues from that unit to be in the range of USD 2,195 to USD 2,238 million in the June 2021 quarter. This translates into a sequential growth of 2-4 per cent.

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