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Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic stock markets closed in the red for the second day straight on Thursday. On yesterday’s closing bell, S&P BSE Sensex was at 49,564 while the Nifty 50 ended at 14,906. Entering the last trading session of the week, SGX Nifty was trading with gains, sitting more than 100 points higher. Global cues were positive after Wall Street equity indices closed with gains. NASDAQ was up 1.77%, followed by S&P 500’s 1.06% jump, while Dow Jones gained 0.56%. Asian peers were mirroring the up-move, with Hang Seng, TOPIX, Nikkei 225, KOSPI, and KOSDAQ surging higher.
In the aftermath of the second wave of the covid-19 pandemic, gauging its impact on the economy and consumer sentiment, Swiss brokerage Credit Suisse has lowered its nominal GDP growth forecast by 150-300 bps to 13-14% but expects a stronger recovery in the second half as it sees the lockdowns having limited impact on tax collections. “Our macro strategy team expects the overall impact on the pandemic restrictions on GDP to be about 150 bps in base case scenario. Even if we assume a 300 bps impact if statewide restrictions prolonged, nominal GDP growth in FY22 can still be around 13-14 per cent,” Jitendra Gohil and Premal Kamdar, equity analysts at Credit Suisse Wealth Management India said in a note on Thursday.
Sensex gained 269 points during the pre-open session while Nifty jumped 81 points. Sensex settled at 49,833 and Nifty at 14,987.
Sensex and Nifty are up with gains during Friday’s pre-open session. Nifty was still below 14,950 while Sensex was near 49,800.
On Thursday., Foreign Institutional Investors (FII) were net buyers of domestic securities, pumping in Rs 71.04 crore. Meanwhile, Domestic Institutional Investors (DII) were net sellers, pulling out Rs 876 crore.
Nifty futures on the Singapore Exchange were up 79 points with minutes left before the pre-open session.
State-run Hindustan Petroleum Corporation (HPCL) reported a net profit of Rs 10,663.9 crore on a standalone basis for the fiscal ended March 31, which is 304% higher than the profit posted a year ago. This is the highest annual profit ever reported by the oil refining and marketing company.
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S&P BSE Metal index saw some profit booking on Thursday after having jumped 3 times in the last 1 year. “We have seen a one-sided rally in the metal index from lows of 6145 in May 2020 to highs of 20429 in May 2021. We may see some health corrections of 10%-15% from highs in metal index as well as in stocks. Stocks like Tata Steel and Jindal steel leading the metal index, down by 4% each, while VEDL and JSW steel down by 1.5% each. Fundamentals also look stretched on the higher side despite above expectation results from metal companies in this quarter and several companies are focusing on deleveraging their balance sheet by paying off the debt within the next 1 year. We expect this correction in the metal index can be 10%-15% and from there stock will rebound, we suggest investors to be invested in metal stock and expect very good returns in the next couple of years,” said Yash Gupta Equity Research Associate, Angel Broking.
The pace of new formal job creation fell yet again in 2020-21. While it declined by 21% in 2019-20 over the previous year, the 2020-21 fiscal also saw a 22.56% decline in the number of new subscribers joining in the retirement scheme run by the Employees’ Provident Fund Organisation (EPFO) over 2019-20.
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The Reserve Bank of India (RBI) has mandated that all prepaid payment instruments (PPIs) or wallets that are fully KYC-compliant be made interoperable by March 31, 2022. The central bank announced this through a notification issued late on Wednesday.
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Some Asian stock markets gave up initial gains and slipped into the red. Shanghai Composite, Hang Seng, KOSPI, and KOSDAQ were down in the negative territory now. Japanese equity markets were still in the green.
The Centre on Thursday slashed subsidy on sugar exports from Rs 6,000 per tonne to Rs 4,000 per tonne with immediate effect in view of firm global prices. For the ongoing 2020-21 marketing year (October-September), the government had fixed a subsidy of Rs 6,000 per tonne to facilitate exports, thereby improving the liquidity of mills and enabling them to clear cane price dues to farmers. Sugar mills were mandated to export 6 million tonne of sugar in the current year. So far, 5.7 million tonne of the sweetener has been contracted for export.
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China’s latest salvo against cryptocurrencies has driven a brutal selloff in bitcoin markets but retail traders, miners and even crypto finance firms reckon Beijing’s bark is louder than its bite. China’s announcement on Tuesday of a tougher ban on banks and payment companies offering crypto-related services furthered a selloff that briefly wiped $1 trillion off crypto market capitalisation.
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Gland Pharma delivered revenue/EBITDA/PAT growth of 40%/37%/34% in 4QFY21, largely in line with our estimates with RoW driving strong revenue growth. We expect the company to leverage its broad product portfolio to expand in other geographies while the addition of biologics capabilities will further enhance addressable market opportunity. At 30X FY2023E EPS, positives are largely priced in. ‘Reduce’.
Medium-term growth priced in: We increase our FY2022-23E EPS estimates by 3-4% each to factor in higher supplies of Covid-related drugs and increasing market share in certain key products. Revise fair value to Rs 2,550 based on 28X FY2023E EPS with higher multiple factoring in an increase in addressable market opportunity through vaccines and biologics CMO.
~ Kotak Securities
“Technically, the nifty index has failed to sustain above the Falling Trendline and closed below the 15000 marks. Moreover, the index has also faced immediate resistance at the Upper Band of Bollinger formation that suggests a bearish move for the near term. In addition, the index has also confirmed Shooting Star candlestick pattern breakdown, which is a sign of further correction. An oscillator Stochastic showed a negative crossover on the daily chart, which indicates some correction for the upcoming trading session. At present, the Nifty is holding support at 14,750 while an upside resistance seems to be at 15,150,” said Sumeet Bagadia Executive Director Choice Broking.
Today, State Bank of India, Container Corporation, Crompton Greaves, Dhanuka Agritech, Dr Lal Path Labs, Godrej Industries, Hindalco Industries, JSW Steel, Shree Cement, and United Spirits will announce their quarterly results.
SGX Nifty has given up some gains but is still sitting in the green, surging 66 points higher.
“Technically, Nifty formed a Bearish candle on daily scale and absence of follow up has again taken it back to broader trading zones. Now, it has to hold above 14,900 zones to witness an up move towards 15,050 then 15,200 zones while on the downside support exists at 14,800 and 14,700 zones. Going ahead, the market is likely to continue with its consolidation till the inflation fear looms. Domestically too, though the fresh daily covid cases have started declining but the daily death numbers continue to be record high – thus worrying the market,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
SGX Nifty was up 127 points on Friday morning. Global cues were positive with Asian stock markets mirroring Wall Stree’s gains.
Citing the impact of the second wave of the pandemic over the economy and consumer sentiment, Swiss brokerage Credit Suisse has lowered its nominal GDP growth forecast by 150-300 bps to 13-14 per cent, but expects a stronger recovery in the second half as it sees the lockdowns having limited impact on tax collections.
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