Edelweiss Financial Services Limited, today announced the public issue of Secured Redeemable Non-Convertible Debentures (NCDs) of a face value of Rs 1,000 each, amounting to Rs 2,000 million, with an option to retain over-subscription up to Rs 2,000 million aggregating to a total of Rs 4,000 million. There are 7 Series of NCDs carrying fixed coupon and having tenures ranging from 36 months, 60 months and 120 months with annual, monthly and cumulative interest option. Effective annual yield for NCDs having fixed interest rates ranges from 9.09% to 9.70%.
Mandating businesses with over Rs 50 crore turnover (midsize firms) to generate e-invoices is a welcome move but it might be a problem for micro, and small businesses who don’t invest much in technology and lack digital literacy, according to Animesh Saxena, President, Federation of Indian Micro and Small & Medium Enterprises (FISME). E-invoicing was earlier made mandatory under Goods and Services Tax (GST) law for business-to-business (B2B) transactions by businesses with a turnover of more than Rs 500 crore from October 1, 2020, and over Rs 100 crore from January 1, 2021.
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TVS Motor Company today announced that its two-wheeler exports clocked 100,000 units in March 2021. An increase in motorcycle sales in key markets across the globe has significantly contributed to this achievement. TVS Motor stock was trading over 2 per cent higher in an otherwise weak market.
BSE Sensex was down 537 points or 1.07 per cent to 49,598, and Nifty 50 lost 129 points or 0.87 per cent to rule at 14,715 in the afternoon deals of the last trading day of the financial year 2020-21 (FY21).
Value stocks have outperformed growth stocks in the current financial year after years of underperformance, but still, the gap between value and growth remains at a two-decade high, said ICICI Securities in a recent note. Now with value stocks maintaining their uptrend even amid rising volatility and surging bond yields, the brokerage firm believes value rotation is likely to continue going forward. “In a typical risk-off environment the trend should have reversed as seen earlier short spurts of beta rallies in the past,” the report said.
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Sensex is now down over 500 points while Nifty 50 index was nearing 14,700. Midcap and Smallcap indices were outperforming benchmarks on NSE.
Asian markets are following Wall Street’s lead with the most losing ground, though the Kospi (+0.10%) is the exception to this pattern.
Japanese banks are continuing to underperform however after Mitsubishi UFJ Financial said that it is also impacted by Archegos (more below), and the TOPIX Banks index is down -2.71% this morning.
The weakness in Asian equity gauges came in spite of China posting strong PMI releases for March.
~ Stephen Innes, Chief Global Market Strategist at Axi
The rising number of Covid-19 cases in India and rising 10-year yields of US treasuries were among the reasons for the latest bout of volatility in Indian markets. The defensive tilt of the All-Season portfolio enabled it to outperform the index in March. Low-volatility was the best performing single factor while sentiment underperformed the index.: Kotak Institutional Equities
Indian automobile sector is set to witness strong recovery in the last month of the financial year 2021 following steady demand momentum in passenger vehicles (PVs) and tractors. Analysts also expect a strong rebound in FY2022E, driven by increasing economic activities, improving sentiments of fleet owners, and lower cost of ownership under BS-VI vehicles. Research and brokerage firm Emkay Global Financial Services expects better domestic 2W volume performance on a sequential basis.
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Budget carrier SpiceJet on Wednesday said it has signed an initial pact with New York-based global investment firm Avenue Capital Group for financing, acquisition and sales & lease-back of up to 50 new aircraft to be ordered by the airline.
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Even though cyclical sector stocks have recently corrected from highs on Wall Street, Jefferies’ global head of equity strategy Christopher Wood is not giving up on the trade. In his weekly note Greed & Fear, Chris Wood said that the cyclical trade has seen a “bit of a pullback” as US energy stocks came down 11% last week from the recent peak, and copper stocks slipped 13%. “This, in GREED & fear’s view, is nothing more than profit-taking as the end of the quarter approaches after the big price gains recorded,” the equity strategist said.
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A sharp recovery in US dollar, hints of a strong global economic outlook and a surge in US treasury yields continue to hit the safe investment demand and thus the price of gold. Meanwhile, a possible physical demand recovery from India and China due to low prices may attract fresh buyers in the counter later. Though the trend remains on the weaker side, immediate and stiff support is placed at $1660, which needs to be cleared for triggering further liquidation pressure. Or else we can expect a choppy with mild upside bias for the day.: Hareesh V, Research Head Commodities at Geojit Financial Services
India’s economy has bounced back amazingly from the COVID-19 pandemic and nationwide lockdown over the last one year, but it is not out of the woods yet, according to the World Bank, which in its latest report has predicted that the country’s real GDP growth for fiscal year 21/22 could range from 7.5 to 12.5 per cent.
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BSE Sensex further fell 500 points or 0.96 per cent to 49,653, while the Nifty 50 index lost 125 points or 0.84 per cent to trade at 14,720 in late morning deals.
Bullion prices dropped sharply in the last few weeks, today is an important day, from the data point we can get surprised from ADP Non-Farm Employment Change where the expectation is 552k vs 117k, historically we have seen whenever there is huge expectation generally expectation fails, also tonight an additional $3 trillion to $4 trillion in infrastructure spending from the Biden administration is fueling optimism that the U.S. economy will bounce back much faster than initially expected can also surprise the market as we have seen $1.9 trillion packages taken time of 2-3 months to clear. So, be-alert may be in the evening session we can see a strong movement in the market, the expectation is high for profit-booking in Dollar: Ajay Kedia, Kedia Advisory
Precious metals, particularly gold, are highly influenced by the incidence and intensity of geopolitical instability. That being so, after touching a low in 2016, gold has witnessed a relatively steady run up between 2017 and March 2020 due to a series of geopolitical tensions around the world. These included North Korean threats, the US-China trade war, sanctions on Iran, Brexit and others.
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The markets have reacted from yesterday’s high. 14950 is the key level to watch out for as that is the breakout level for the Nifty. If we can get past that, we should anticipate a target of 15200-15300. If we continue drifting downwards and break 14500, there is a chance we go back into bear grip. It is a crucial juncture and measures to manage risk must be prioritized.: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Shares of Bajaj Finsv, Hindustan Unilever Ltd (HUL), Axis Bank, Sun Pharma, NTPC, UltraTech Cement, ITC, SBI were among BSE Sensex gainers
Top BSE Sensex draggers were HDFC Bank, Housing Development Finance Corporation (HDFC), Power Grid Corporation of India, ICICI Bank, Kotak Mahindra Bank, Tech Mahindra, Infosys, and ONGC among others
BSE Sensex fell 390 points or 0.78 per cent to 49,746, while the broader Nifty 50 index gave up 14,800, to trade at 14,743 on Wednesday.
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The Indian Rupee on Tuesday fell by 1.2% to close at 73.38 against the U.S. dollar- the steepest one-day drop since Feb. 26. The strength in US dollar and rise in US bond yield were also pressurizing on the EM currencies, but Rupee was an outlier with more than 4% rise for FY21 and seen trading near 72.30-40 for quite good time. However, fiscal year-end dollar demand from importers and suspected RBI intervention through PSUs for balance sheet valuation adjustment. Overall, Indian Rupee has started tracking its peer EM FX to compete strongly for exporter’s valuation. The focus shifts to Joe Biden’s announcement of $3 trillion in tax hike to fund his climate friendly infrastructure package. The recent parabolic move in US dollar index, rise in US bond yield and weakening EM fundamentals could drag Rupee further lower towards 73.70-74.00 in the near term. On contrary, it is not expected to appreciate beyond 72.80-73.00.: Amit Pabari, managing director, CR Forex Advisors
COMEX gold trades about 0.4% lower near $1680/oz after a 1.7% decline yesterday. Gold is pressurized by firmness in the US dollar and US bond yields, weaker ETF interest, upbeat Chinese economic data and general progress on the vaccine front. Rising virus cases and Fed’s dovish stance has failed to lend much support. Gold is likely to remain under pressure unless there is a sharp correction in US dollar or bond yields.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
BSE Sensex fell 86 points or 0.17 per cent to 50,050 in the pre-opening session on Wednesday.
BSE Sensex was trading flat with a positive bias, while the broader Nifty 50 index reclaimed 14,900 level in pre-opening session on Wednesday.
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In brief, on Wednesday, a closing of the Nifty above the level of 14930 would be positive for the market. On Tuesday, the strategy should be to buy if Nifty drops between 14750/14700 levels and for that we need to keep a stop loss at 14600. On Wednesday, we would see a rally in bank stocks, mainly because the Bank Nifty closed above the level of 33700. Bank Nifty can go up to 34500/34700 above the levels of 33700. If the Bank Nifty performs, the Nifty could move closer to 14900 and 15050 levels. On the other side, Nifty / Sensex would find major support at 14750 and 14600 levels.
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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were unchanged today. The price of petrol and diesel fell across major cities yesterday after having remained the same for five consecutive days. Nation Capital Delhi was quoting a petrol price of Rs 90.56 per litre, diesel in the city was priced at Rs 80.87 per litre. Fuel prices remain the highest in Mumbai at Rs 96.98 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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Nifty futures were trading 40 points or 0.27 per cent down at 14,889 on Singaporean Exchange, suggesting a gap-down start for Sensex and Nifty on Wednesday. Market participants will continue to track COVID-19 cases, ongoing vaccination drive, movement in prices, rupee trajectory and other global cues. According to a technical analyst, Bank Nifty can go up to 34500/34700.
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Nifty futures were trading 40 points or 0.27 per cent down at 14,889 on Singaporean Exchange, suggesting a gap-down start for Sensex and Nifty on Wednesday
Domestic equity benchmark indices soared for the second day straight on Tuesday and managed to breach some crucial levels. S&P BSE Sensex now sits at 50,136 while the Nifty 50 is at 14,845. Broader markets gained but underperformed the benchmark indices. Volatility has slipped further but still remains above 20 levels. On Wednesday morning, SGX Nifty was flat, hinting at a muted start to the day’s trade. Global cues seemed mixed with Wall Street closing with losses but some Asian peers were seen gaining during the early hours of trade.
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Led by a record number of QIP issues and IPOs, the pandemic-hit FY21 has been the best for fundraising, with companies raising a record Rs 1,88,900 crore in public equity sales during the year, more than double of Rs 91,670 crore in the previous fiscal, according to a report.
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Markets in the outgoing fiscal year (FY21) have seen few losers as stocks rallied sharply from the lows of March 2020. The rally was propelled by several stocks that rose between 179.99% and 691.09%. Only two stocks from Nifty100 declined during the period.
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