Sensex and Nifty opened lower on Friday dragged by banks and on weak Asian cues. Asian markets were weak on Friday even as US shared closed higher on Thursday following strong US economic data and the Federal Reserve’s commitment to continue supporting the economy.
Nifty Bank down 1.2%,
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Rupee up
The Indian rupee rose 7 paise to 74 per US dollar in early trade
Embassy REIT sees near-term headwinds due to new covid wave
Embassy Office Parks REIT expects leasing sentiment to remain muted for another 2-3 quarters before picking up sometime in the latter half of 2021-22, with the the second wave of covid-19 cases.(Read more)
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments on markets
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.
Wipro gains 3%
Post completion of Capco acquisition on 29 April, Wipro has raised its flagship IT services revenue growth guidance for the June quarter to 8-10% sequentially in the range of $2.32 billion-$2.36 billion. This excludes revenue from the acquisition of Ampion, an Australia-based cyber security and engineering services firm it agreed to buy for $117 million.
During the March quarter earnings, Wipro said it expects revenue from its IT services business for the quarter to grow 2-4% in the range of $2.19 billion to $2.23 billion, backed by a strong demand environment and robust pipeline of digital deals.
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Covid update: India reports record high of 3.86 lakh new cases in 24 hours
As many as 386,829 people tested positive for covid-19 in the last 24 hours, taking the cumulative cases to 1,87,62,976, the Union health ministry said on Friday morning.
Maharashtra continues to be the worst-affected state as it logged 66,159 new cases on Thursday, taking the active tally to 6,70,301.
Karnataka has jumped to the second position after an alarming increase of 39,047 fresh cases, overtaking Uttar Pradesh.
Daily fatalities have dipped marginally with 3,498 more people succumbing to the disease in the last 24 hours. The number stood at 3,645 on Thursday. The cumulative death toll now stands at 2,08,330.
Markets slip as covid cases hit new high, weak Asian cues
“Domestic equities do not look to be encouraging at the moment. Benchmark indices have clearly defied ongoing concerns of rapid rise in COVID-19 cases and threat to earnings recovery. We note that absence of nationwide lockdown and high chances of reversal in cases by the end of May or mid of June’21 offered comfort”, said Binod Modi, Head Strategy at Reliance Securities.
Nifty players at open
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Nifty Bank down 2%; all sectors in the red barring IT and Pharma
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Sensex at open: HDFC twins, ICICI Bank drag index
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Sensex, Nifty open down 1%
Wipro raises Q1 revenue growth guidance to 8-10% post Capco acquisition
Post completion of Capco acquisition on 29 April, Wipro has raised its flagship IT services revenue growth guidance for the June quarter to 8-10% sequentially in the range of $2.32 billion-$2.36 billion. This excludes revenue from the acquisition of Ampion, an Australia-based cyber security and engineering services firm it agreed to buy for $117 million.
During the March quarter earnings, Wipro said it expects revenue from its IT services business for the quarter to grow 2-4% in the range of $2.19 billion to $2.23 billion, backed by a strong demand environment and robust pipeline of digital deals.
Markets in the red at pre-open
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LIC books record profit of ₹37,000 cr from share sale
Life Insurance Corp of India booked a record ₹37,000 crore profit from share sales in 2020-21, the highest in its 65-year history, as the stock market reached record highs. The latest profit is a 44.4% jump against its ₹25,625 crore profit from stock sales in fiscal 2020.
During the fiscal year, India’s largest institutional investor purchased shares amounting to ₹94,000 crore, also its highest ever.
Exit polls see tight race in WB, edge for Mamata
Exit polls on Thursday forecast a tight contest between the incumbent Trinamool Congress and the BJP in the high-profile West Bengal assembly polls, while the ruling Left combine was projected to retain power in Kerala and so was the case for BJP in Assam.
However, exit polls projected DMK-led opposition alliance as a winner in Tamil Nadu, while the Congress-led alliance was seen losing the neighbouring Puducherry by some pollsters. (Full story)
Oil slips
Oil prices slipped on Friday, taking a breather after touching their highest in six weeks as economic recovery and bullish summer fuel demand outlook outweighed concerns of wider lockdowns in India and Brazil to curb covid-19 pandemic.
Brent crude fell 26 cents, or 0.4%, to $68.30 a barrel by 0041 GMT, the last day’s trading for the front-month June contract. U.S. West Texas Intermediate crude for June was at $64.73 a barrel, down 28 cents, or 0.4%.
Markets likely to be volatile
Indian equity markets are likely to be volatile on Friday, while trends in SGX Nifty suggest a weak opening for domestic benchmark indices. On Thursday, the BSE Sensex ended at 49,765.94, up 32.10 points or 0.06%. The Nifty closed at 14,894.90, up 30.35 points or 0.20%.
Stocks to Watch: Reliance, Titan, L&T Finance, Indusind Bank
Reliance Industries and IndusInd Bank are among stocks that will be in focus today as they will report their March quarter earnings today. Ajanta Pharma, Atul, Indian Hotels, Marico, will also announce their results today
Asia stocks dip
Asian stocks slipped Friday as China’s crackdown on technology firms dented sentiment despite another all-time record for the U.S. market overnight amid solid economic growth data.
Japan’s Nikkei was down 0.5%
Shanghai Composite Index fell 0.6%
Hang Seng Index slid 1.2%
South Korea’s Kospi shed 0.6%
Australia’s S&P/ASX 200 Index slipped 0.6%
Wall Street ends firm
Strong US economic data and the Federal Reserve’s commitment to continue supporting the economy fueled confidence in a recovery and lifted US stocks overnight. The Dow Jones Industrial Average rose 239.98 points, or 0.71%, to 34,060.36, the S&P 500 gained 28.29 points, or 0.68%, to 4,211.47 and the Nasdaq Composite added 31.52 points, or 0.22%, to 14,082.55.
