(Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices began the day’s trade with heightened volatility dancing between gains and losses. S&P BSE Sensex regained 49,400 while Nifty was above 14,700. ONGC, Kotak Mahindra Bank, HDFC Bank, and ICICI Bank were the top index laggard while NTPC, Mahindra & Mahindra, and HUL were the top gainers on Sensex. Broader markets were outperforming with marginal gains. Volatility surged during the initial minutes of trade. While the coronavirus continues to wreak havoc across the country as cases rise amid the second wave of the pandemic, it is yet to cast a shadow on the hiring momentum. The count of active jobs, refreshed and accepting applicants reached the 2.9-lakh mark, against 2.6 lakh in February 2021. Data collected by Xpheno, a Bengaluru-based specialist staffing firm that tracks the data, showed that job openings in March 2021 were 18% higher compared with the closing figures of March 2020. However, in the second half of March, there was a marginal slowdown in the hiring activity.
Macrotech Developers Ltd’s, erstwhile Lodha Developers, Rs 2,500-crore IPO will open for subscription on April 7, 2021. The company has fixed the price band of Rs 483-486 per share. Realty major Macrotech Developers will reduce net debt by 24 per cent to Rs 12,700 crore post its initial public offer.
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S&P Global Ratings today took the rating actions listed above. “Strong cash flows and management’s commitment to lower debt should help Tata Steel to materially deleverage over the next two years. We estimate our adjusted debt levels for Tata Steel will decline by about 30% by March 2023 from about Rs 1.1 lakh crore in March 2020. About half of this decline is expected to have been delivered in fiscal 2021 (year ended March 2021). Tata Steel has committed to reducing absolute debt levels by at least US$1 billion per year from fiscal 2022,” they said.
HDFC Bank’s share price was trading flat with a positive bias on Tuesday morning, a day after the largest private sector lender informed the bourses of its quarterly performance. HDFC Bank said that its advances grew 13.9% on-year basis in the previous quarter, while deposits grew 16.3% over the same period. The bank has reported strong quarterly numbers despite facing sanctions by the Reserve Bank of India (RBI), for repeated IT failures. Leading domestic brokerage firms see the quarterly business update as a positive for HDFC Bank. The private sector bank currently trades at Rs 1,448 apiece.
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Nifty Metal, Nifty Realty, and Nifty Pharma are the top sectoral indices on NSE at this hour. Bank Nifty is up 0.40% at 32,809 points. Nifty Media was the only sectoral index to sit in the red.
Asian Paints is the top Sensex gainer at this hour, surging 3%. Power Grid, Bharti Airtel, Sun Pharma, and Dr Reddy’s followed close behind.
Sensex trimmed gains and was trading flat with a positive bias while Nifty was still above 14,600. India VIX was seen inching higher.
Gold prices edged higher on Tuesday in Indian markets amid positive global cues. On MCX, gold June futures were trading Rs 181 or 0.40 per cent up at Rs 45,530 per 10 grams as against the previous close of Rs 45,349. Silver May futures were ruling at Rs 65,031 per kg, up Rs 469 or 0.73 per cent, as compared to a previous close of Rs 64,562 on the Multi Commodity Exchange. Gold on MCX hit an all-time of Rs 56,191 per 10 grams last year in August.
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“The markets respected the 14500 and took good support at this level yesterday. Today we are trading well over that price. 14950 is the key level to watch out for. If we can get past that we could resume the macro uptrend and scale higher to 15300. If the Nifty fails to move up and breaks yesterday’s lows, we will go back to the recent lows of 14200. It is a wait-and-watch situation,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
After having surged over 3% earlier in the day, India VIX slipped 0.15% as indices recouped losses.
“A significant fundamental factor from the market perspective is that US & China are leading the global economic recovery. This will translate into earnings growth particularly in emerging markets like India. An important market trend in India is the outperformance of small-mid cap indices. While Nifty is up 4.7% YTD the small and midcap indices are up by 14% and 15% respectively. This outperformance is likely to continue since there is more value in this segment. Sectorally, IT has been outperforming on the back of clear earnings visibility. IT index is likely to come under selling pressure after Q4 results since there has been significant speculative buying anticipating good results. While rising Covid cases is a matter of concern, it is unlikely to have a major economic impact,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
After having tanked during the initial few minutes of trade, Sensex and Nifty were back in the positive territory. All sectoral indices were trading with gains, except Nifty Media index.
Domestic markets started the day with gains, recouping some of yesterday’s losses but failed to hold the gains as bears took control over. Sensex was below 49,000 while Nifty slipped below 14,600.
Sensex continued to move higher in the pre-open session and breached 49,400. Nifty was comfortably above 14,700.
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 has been the same for a week now after falling across major cities on March 30, 2021. 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 crossed 14,700 in pre-open session on Tuesday morning while Sensex was near 49,300.
BSE Sensex and Nifty 50 were likely to open flat on Tuesday, amid a surge in COVID-19 cases and mixed global cues. Investors will closely watch the trends in rising coronavirus cases, ongoing vaccination drive, stock-specific development and foreign fund inflow. Also, Indian markets will track global cues after the recent announcement of infra investment plan by US president.
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Two months is not a long time, but no one could have predicted April would see India in such trouble. The ferocious second wave of Covid-19 infections threatens to slow a promising recovery, and inflation remains stubbornly elevated even though growth is losing momentum. Amid this uncertainty Reserve Bank of India (RBI) Governor Shaktikanta Das has the unenviable task of keeping liquidity just sufficient to rein in yields, prevent the currency from appreciating and inflation from going up. Very challenging at a time when the developed markets are unleashing large fiscal stimuli, US treasury yields are rising and commodity prices are running away. And when the government wants to borrow a mammoth Rs 12.05 lakh crore over the next 12 months.
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“Nifty finds support around 14,459 while 14,859 will act as resistance on the upside. Bank Nifty finds support around 32,350 while 33,500 will act as resistance,” said IIFL Securities.
SGX Nifty was up 17 points with less than an hour to go before the pre-open session on Dalal Street.
Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a negative opening on Tuesday, as suggested by the trends on SGX Nifty. Nifty futures were trading 26.50 points or 0.18 per cent down at 14,696 on Singaporean Exchange. Markets are likely to remain volatile amid ongoing RBI’s MPC deliberation, which started Monday.
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Piramal Enterprises’ (PEL) wholly owned pharma subsidiary Piramal Pharma (PPL) has announced the acquisition of Hemmo Pharma for an upfront cash consideration of Rs 7.75 billion and additional milestone linked payments. PPL believes that Hemmo’s forte in peptide API manufacturing will not only complement the existing CDMO business but also provide additional growth opportunity as well as provide vertical integration led benefits. In our assumption, the deal is valued at 7.0xFY21E sales and 20.0xFY21E EV/EBITDA.
Target – Rs 2,278 per share
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The US Treasury Secretary Janet Yellen on Monday said that she is working with other countries to agree on a global minimum corporate tax rate to end a “30-year race to the bottom on corporate tax rates”, Reuters reported. The move comes as US President Joe Biden looks to increase US Corporate Tax rate to 28%.
Strong economic data in the United States has helped lift indices near-record levels on Wall Street. On Monday NASDAQ zoomed 1.67% while S&P 500 was up 1.44% and Dow Jones climbed 1.13%.
The second wave of the Covid-19 pandemic failed to cast a shadow on the hiring momentum in March as the count of active jobs, refreshed and accepting applicants reached the 2.9-lakh mark, against 2.6 lakh in February 2021. The good news is the job openings in March 2021 were 18% higher compared with the closing figures of March 2020. According to Xpheno, a Bengaluru-based specialist staffing firm that tracks the data, with a slight moderation of pace in the second half of the month, the overall figure was set on a trajectory for a record-setting of 3 lakh openings.
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