(Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices Highlights: Equity indices moved between gains losses for most of the day’s trading session before ending in the negative territory. S&P BSE Sensex closed 202 points lower at 47,878 while the Nifty 50 ended at 14,341. NTPC, Power Grid, and IndusInd Bank were the top index gainers. Mahindra & Mahindra, Dr Reddy’s, and ICICI Bank were among the top laggards. Broader markets were mixed while the volatility index inched lower to close below 23 levels Nifty Bank index was down 0.19% on the closing bell.
Sensex and Nifty ended the week’s last trading session in the red. S&P BSE Sensex closed S&P BSE Sensex closed 202 points lower at 47,878 while the Nifty 50 ended at 14,341. Falling, on three out of four trading sessions this week, Sensex and Nifty closed the week down 2% each. On Friday, NTPC, Power Grid, and IndusInd Bank were the top index gainers. Mahindra & Mahindra, Dr Reddy’s, and ICICI Bank were among the top laggards. Bank Nifty ended in the red while the Nifty PSU Bank index closed with gains.
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Sensex and Nifty ended in the negative on Friday. Benchmark indices danced between gains and losses for most of the day but failed to hold on to marginal gains.
Prices of commodities have surged significantly since last year. Metal prices are up 40-50% and the agri-index is 30% above January 2020 levels, according to domestic brokerage firm JM Financial. “Supply constraints coupled with an earlier-than-anticipated demand revival in the second half of 2020, along with the global fiscal and monetary boost has driven recent commodity price increases,” they said in a recent report. Although the pickup in prices might result in a spike in inflation which could further impact consumption, there are also certain opportunities for investors. Analysts at JM Financial believe some metal stocks along with oil & gas sectors plays could be the beneficiaries of the upcycle.
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Sensex and Nifty were deep in red ahead of the closing bell. Benchmark indices continued to move between gains and losses for most of the day but were threatening to end in the negative territory just ahead of the closing bell.
Billionaire Mukesh Ambani’s Reliance Industries Ltd has bought Britain’s iconic country club and luxury golf resort, Stoke Park, for 57 million pounds (about Rs 592 crore). The acquisition adds to Reliance’s current stake in Oberoi hotels and hotel/managed residences in Mumbai that it’s developing. Over the past four years, Reliance has announced USD 3.3 billion in acquisitions with 14 per cent in retail, 80 per cent in technology, media, and telecom (TMT) sector, and 6 per cent in energy.
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The market opened with a gap down following the negativity in the global markets adding to the already negative sentiments in the domestic market as the rating agency revised its GDP growth after the lockdown in several states in India.US markets have corrected and closed on a negative note. Asian markets were trading mixed following the negative cues from the global market and also increased coronavirus cases in the region. We have seen the recovery in the market from the level of 14200 yesterday and we expect the market to continue to sustain the level and continue the rally till the level of 14500-14550. The market could range in between the levels of 14200-14550 as the uncertainty looms in the market. On the sectoral front the market has been mixed with no clear direction though the Power sector has gained some momentum and has helped the market to stay positive. Likhita Chepa, Senior Research analyst at CapitalVia Global Research
The focus of the investors and nation has shifted to a sudden rise in Covid cases. The central government has said that they don’t intend to announce national lockdown to control the Covid infection and has also advised State governments to use lockdown as last measure. However, many states have announced varied degrees of restriction on movement of people depending on the severity of the situation in their region. This is expected to impact the economy in this quarter and there have been downgrades to India’s growth in FY22 by upto 1%. Central government has also relaxed norms for vaccination by allowing vaccination for all above the age of 18 from 1st May and increasing the supply of vaccines by permitting import and providing financial aid to local manufacturers. The pace of vaccination will be crucial for quicker normalisation of economic activity. The corporate have started announcing results for the March quarter and there are no major disappointments so far. Consensus is expecting sharp increase in net profit due to the Covid-led disruption in the base quarter. It will be important to observe comments of Banking and domestic consumer oriented companies about impact of recent surge in covid infection on their business. Nifty is trading at 21 times 1 year forward EPS, which is close to all time high. Hence upside from valuation rerating is limited and one needs to watch if there are any earnings downgrade due to emerging Covid situation. Hemant Kanawala, Head – Equity, Kotak Mahindra Life Insurance Co. Ltd
While benchmark indices were down in the red, broader markets were inching higher on Friday. Midcap and small-cap indices were zooming up on both BSE and NSE.
Nifty and Sensex were again trading with positive bias as they continued to dance between gains and losses on Friday.
Info Edge share price shot 2.5% higher on Friday to trade at Rs 4,946 apiece after news reports claimed that Zomato planned to file papers for IPO today. After the news was rebuked by Zomato, the share price was seen trimming gains.
ICICI Securities has announced a dividend of Rs 13.5 per share. Earlier last year, the company had paid a dividend of Rs 8 in November and Rs 6.75 in August.
Twenty-five “sickest” COVID-19 patients have died at Sir Ganga Ram Hospital here in the last 24 hours, and the lives of another 60 such patients are at risk, officials said on Friday, amid a serious oxygen crisis unfolding in the national capital. Sources said “low pressure oxygen” could be the likely cause for the deaths. A central government source said the SGRH has “sufficient balance of oxygen and a tanker has reached the hospital, which will fill up the storage capacity”.
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Billionaire Mukesh Ambani’s Reliance Industries Ltd has bought Britain’s iconic country club and luxury golf resort, Stoke Park, for 57 million pounds (about Rs 592 crore). The acquisition adds to Reliance’s current stake in Oberoi hotels and hotel/managed residences in Mumbai that it’s developing. Over the past four years, Reliance has announced USD 3.3 billion in acquisitions with 14 per cent in retail, 80 per cent in technology, media, and telecom (TMT) sector, and 6 per cent in energy.
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Wipro share price hit Rs 486.70 apiece on BSE today, taking the company’s total market capitalisation to Rs 2.65 lakh crore. IT major Wipro has pipped HCL Technologies in terms of market capitalisation and has become the third most valued Indian IT firm. Wipro stood at 12th position in the overall ranking with a market capitalisation of Rs 2.66 lakh crore, as on April 22, according to BSE data.
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Bank Nifty is now up 0.94%. Axis Bank, AU Small Finance Bank, IndusInd Bank, RBL Bank are among the top gainers on the index.
Nifty It, Nifty FMCG, Nifty Realty, and Nifty Pharma were the top sectoral underperformers on Friday.
Jindal Steel and Power share price is up 9% so far this week while benchmark indices continue to remain range-bound. The stock started rallying after the company informed investors that the company had sold its remaining 51% stake in its Oman unit and concluded its 100% divestment. Along with the divestment, the stock is also reaping the benefits of a strong steel upcycle. But, the sharp uptick in the stock price could continue and brokerage firms believe Jindal Steel and Power could head higher from current levels. On Friday, Jindal Steel and Power shares were trading at Rs 438 apiece, down 0.7% amid the weak market sentiment.
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“The broader market has been forming a higher base above 50 days EMA, which has been held since June 2020. The key point to highlight is that the Nifty midcap and small-cap indices have maintained the rhythm of not correcting for more than average 10%, since March 2020, indicating a robust price structure. Currently, both indices have corrected 8% from their 52 weeks high and approached the vicinity of their 50 days EMA, indicating the possibility of couple of percentage correction from here on cannot be ruled out. However, such dip should be used as incremental buying opportunity,” said ICICI Securities
Sensex is trading with marginal gains, rebounding from the lows. Nifty 50 was above 14,400.
Sensex and Nifty have begun trading flat with a negative bias, trimming their opening losses.
Gold prices were trading firm on Friday, following international markets as a softer US dollar, falling Treasury yields and a dip in equities increased yellow metal’s safe-haven appeal. MCX gold June futures were trading Rs 76 or 0.16 per cent up at Rs 47,848 per 10 gram. In the previous session MCX gold settled at Rs 47,772. Similarly, silver May futures were ruling at Rs 69,284 per kg, up Rs 66 or 0.10 per cent, as against the previous close of Rs 69,218 per kg.
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“The markets are still maintaining above the 14200 level. This level is crucial and if we break this on a closing basis, we could slide down to 13800-13900. If those levels don’t hold, the next level would be 13600. Since the upside is capped at 14550-14600, any rally up will be utilized to short the market,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
“The resilience of the market in spite of the health crisis and worrisome news relating to bed and oxygen shortages and travel bans announced by many countries, would appear surprising. But it is important to appreciate the fact this bad news will not impact the earnings of companies in sectors that are doing well like IT, metals & pharma. FIIs continuing in the sell mode is a worry for markets in the short run,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Bank Nifty was down 0.46% on Friday morning. ICICI Bank, HDFC Bank, and SBI were among the top Sensex drags.
Sensex and Nifty began trading with losses on Friday morning. Nifty gave up 14,400 while Sensex was below 48,000.
Sensex slipped 200 points while the nifty 50 index was nearing 14,300 levels ahead of the opening bell.
Sensex was moving between gains and losses during the pre-open session on Friday. Nifty gave up 14,400.
SGX Nifty was trading over half a per cent weak in the early morning trade, hinting at a gap-down start for BSE Sensex and Nifty 50 on Friday. Market participants will take cues from rising COVID-19 cases, oil prices, corporate earnings, rupee movement, and other global cues. Asian peers were also trading weak following Wall Street losses in the overnight trade. US stock indices fell on reports that President Joe Biden has planned to almost double the capital gains tax to 39.6 per cent for people earning more than $1 million.
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Nifty futures on Singapore Exchange were down 90 points on Friday morning.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel remain unchanged today for the eights consecutive day. Fuel prices were last cut on April 15 after having remained unchanged for fifteen consecutive days earlier. 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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“Going ahead, Indian markets are likely to continue with its volatility till COVID-19 cases continue its upward trajectory. Investors would continuously watch out government’s course of action along with progress on vaccination drive. Once the availability and the pace of vaccination picks-up and daily cases start falling, we expect the narrative to gradually shift from Covid-19 and restrictions back to growth/cyclical recovery and rebound corporate earnings. We would recommend investors to take advantage of this volatility as the medium term thesis remains unchanged,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Ahead of today’s trading session, SGX Nifty was down 48 points. With Nifty futures trading with losses, domestic stock markets are likely to open in red.
A total of 16 companies including HCL Technologies, Indiabulls Real Estate, Mahindra & Mahindra Financial Services, Aditya Birla Money, GNA Axles, Integrated Capital Services, Oriental Hotels, and Wendt (India), among others will release their quarter earnings on April 23.
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Fitch Ratings on Thursday affirmed ‘BBB-’ sovereign rating for India, saying that a recent surge in coronavirus cases may delay GDP recovery, but it won’t derail the economy. However, the agency said that the outlook was negative, reflecting lingering uncertainty around the debt trajectory.
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Finance minister Nirmala Sitharaman said on Thursday that despite the fresh challenges to economic management caused by the second, virulent Covid wave, key budgetary proposals including the creation of a state-owned development finance institution (DFI) and an ambitious agenda laid out for privatisation were very much ‘on course’.
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