Domestic equity benchmarks failed to shrug off selling pressure in auto, pharma, consumer goods and select financial stocks on Friday as surging coronavirus infections in the country continued to daunt the bulls on Dalal Street. Total Covid-19 cases in the country increased by another record on Friday as hospitals struggled to arrange oxygen supplies and intensive care beds for patients. Analysts said the surging infections triggered fears about stricter restrictions, which may dent business activity, hurting the sentiment on Dalal Street. Among heavyweights, ICICI Bank, Infosys, Hindustan Unilever (HUL) and Dr Reddy’s were the biggest drags, whereas Axis Bank, Power Grid, NTPC and Housing Development Finance Corporation (HDFC) were the top supports.
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Deepinedr Goyal, the founder of Zomato, in a tweet said the news was “incorrect”.
Dishman Carbogen, Dalmia Bharat, Bajaj Electricals, BEML, Century Ply worst hit among some 265 laggards in BSE 500 universe
Price as on 23 Apr, 2021 02:53 PM, Click on company names for their live prices.
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ICICI Bank, HDFC Bank, SBI, PNB fall; Nifty Bank index down 0.7%
Price as on 23 Apr, 2021 02:47 PM, Click on company names for their live prices.
The Nifty expected to sustain the level of 14,200 and continue to rise till 14,500-14,550. The market could trade in a range between 14,200-14,550 as uncertainty looms… On the sectoral front, the market has been mixed with no clear direction, though the power sector has gained some momentum and helped it stay positive.
– Likhita Chepa, CapitalVia Global Research
Look for deep contra bets in financials: Ashwini Agarwal
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Pandemic-induced market selloff may find bottom soon: UBS
How to spot multibaggers? Vijay Kedia gives away his own secret formula
Nazara Technologies clocks 84% jump in revenue in FY21
Axis Bank, Power Grid, NTPC, IndusInd Bank, Bajaj Finserv top boosts for Nifty
Fear gauge VIX eases over 1%
NSE’s India VIX index — which gauges the expectation of volatility in the near term — quoted 1.21% lower at 22.75, having eased to as low as 20.21 earlier on Friday as against its previous close of 23.03.
Market breadth favours gains with advance-decline ratio of 2:1
Overall market breadth remained in favour of gains, as 1,198 stocks rose on NSE against 638 that fell. On BSE, 1,732 scrips advanced at the time while 1,088 declined.
Ind Ra revises down India’s FY22 GDP growth forecast to 10.1%
India Ratings and Research on Friday revised down India’s FY22 real GDP growth forecast to 10.1 per cent, from earlier projection of 10.4 per cent, citing the second wave of COVID-19 infections and slower pace of vaccination. At a time when large parts of the country are experiencing tremendous pressure on medical infrastructure, the agency said it expects the second wave to start subsiding by mid-May.
Fidelity, Invesco look to buy into India’s virus-led stock slump
Even as traders in India fret over how much more pain the nation’s uncontrolled coronavirus surge will inflict on local stocks, some seasoned investors are getting ready to dip their toes back into the market. (Bloomberg)
Caplin Point Laboratories arm gets USFDA nod for nausea control drug
Caplin Point Laboratories on Thursday said its subsidiary has received approval from the US health regulator for Prochlorperazine Edisylate Injection which is indicated to control severe nausea and vomiting. The approved a generic therapeutic equivalent version of Compazine Injection of SmithKlineBeecham Corporation, USA.
Indiabulls Housing Finance to change its avatar, become originator of loans
Indiabulls Housing Finance, once the country’s third-largest home-financier, no longer wants to be a lender. Instead, it will now be an originator of loans for the industry leader – and India’s mortgage pioneer – Housing Development Finance Corp (HDFC). Managing director Gagan Banga said the company has taken a conscious decision to no longer expand its balance sheet but instead earn income by originating loans for HDFC.
Go for Tata Motors as EV play; Maruti & Eicher as revival bets: Dipan Mehta
Rakesh Jhunjhunwala sold off 4 stocks in Q4, cut stakes in many others
Among the stocks Jhunjhunwala exited was Ion Exchange, where he had held 5.3 per cent stake in the past six quarters. The Big Bull, who had been a key shareholder in Ion Exchange at least since December quarter of 2015, was not among its top shareholders at the end of the March quarter, BSE shareholding data showed.
Crude oil pares weekly loss
West Texas Intermediate gained 0.7% on Friday but remains on course for a weekly drop of around 2%, extending April’s pattern of alternating between weekly gains and losses as investors respond to the complex mosaic of signals. Among the latest were evidence of rising U.S. and U.K. gasoline demand, but also a virus wave in India that’s set a global record for daily infections.
Nifty Pharma weak; AstraZeneca zooms 11%
Price as on 23 Apr, 2021 11:59 AM, Click on company names for their live prices.
Pandemic-induced market sell-off may find bottom soon: UBS
News flow around COVID case counts and lockdowns has worsened over the past couple of weeks but the pandemic-induced sell off could find a bottom soon, said financial services company UBS.
Alembic Pharma gets USFDA nod for depression treatment drug
Drug firm Alembic Pharmaceuticals on Friday said it has received approval from the US health regulator for Doxepin Hydrochloride Capsules, used to treat depression and anxiety. The approved product is therapeutically equivalent to the reference listed drug product (RLD) Sinequan Capsules of Pfizer Inc.
59 stocks hit 52-week highs on NSE
Among the stocks that touched their 52-week highs on NSE were: Tata Elxsi, Amrutanjan Healthcare, JSW Steel, Greenlam Industries, Pritish Nandy Communications, Suven Life Sciences, Vinati Organics, Poly Medicure, Jindal Steel & Power and Balrampur Chini.
Nifty Metal up 1%
Price as on 23 Apr, 2021 11:27 AM, Click on company names for their live prices.
7 stocks hit 52-week lows on NSE
Among the stocks that touched their 52-week lows on NSE were: The Investment Trust Of India, AKG Exim, Archies, Jump Network, Suvidhaa Infoserve, Mittal Lifestyle and LCC Infotech.
China shares rise, led by green, healthcare stocks; HK also up
China stocks edged up on Friday, as President Xi Jinping’s renewed green pledge bolstered clean energy stocks while a flare-up of coronavirus cases in some Asian countries helped boost healthcare shares. Hong Kong shares also gained, helped by a sharp rebound in tech stocks.
Zydus Cadila gets USFDA nod to market anti-arrhythmic drug
Drug firm Zydus Cadila on Friday said it has received final approval from the US health regulator to market anti-arrhythmic drug Propafenone Hydrochloride extended release tablets. Propafenone is known as an anti-arrhythmic drug. It works by blocking the activity of certain electrical signals in the heart that can cause an irregular heartbeat. Zydus Cadila has received final approval from the USFDA to market Propafenone Hydrochloride extended release capsules USP in strengths 225 mg, 325 mg, and 425 mg, Zydus Cadila, part of Cadila Healthcare group, said in a BSE filing.
Rupee falls 12 paise to 75.06 against US dollar in early trade
The Indian rupee slumped 12 paise to 75.06 against the US dollar in opening trade on Friday as muted domestic equities and concerns over rising COVID-19 cases kept investors on edge. Besides, foreign fund outflows also weighed on investors’ sentiment, forex traders said.
Nifty PSU Bank index up 1%
Price as on 23 Apr, 2021 10:30 AM, Click on company names for their live prices.
Tata Elxsi climbs 9% after reporting 40% rise in Q4 profit
Shares of Tata Elxsi climbed 9 per cent in Friday’s trade after the IT firm reported a solid 40.30 per cent rise in March quarter profit.
CLSA bullish on Tata Steel
CLSA sees upside risk to its estimates on Tata Steel and on consensus estimates after the company’s subsidiary Bhushan Steel reported higher-than-expected earnings before interest, taxes, depreciation, and amortisation per tonne.
There is a portfolio churn away from banks in favour of IT, metals and pharma. If this persists, it will present buying opportunities in the leading private sector banks. Since equity investors are sitting on big profits, partial profit booking and moving money to fixed income may be considered even though fixed income returns are low. Heightened uncertainty warrants partial switching to fixed income.
– VK Vijayakumar, Geojit Financial Services
ICICI Bank, HUL, HDFC twins, Bajaj Finance decline up to 2%
On the other hand, Power grid, Asian Paints and titan were the top performers among 12 gainers in the S&P BSE Sensex universe.
OPENING BELL | Sensex sheds 200 points, Nifty below 14,350
Power Grid jumps 3%, ICICI Bank drops 1%
Pre-open session: Sensex drops 100 points, Nifty flat
Q4 results today
HCL Tech, M&M Financial, Indiabulls Real Estate, Shiva Cement, GNA Axles and Oriental Hotels are some of the companies which will announce their March quarter results today.
SGX Nifty signals negative start
Nifty futures on the Singapore Exchange traded 82 points, or 0.57 per cent, higher at 14,320 in signs that Dalal Street was headed for a negative start on Friday.
Tech View: Nifty forms Piercing Line pattern
Nifty50 closed above the 14,400 level on Thursday and formed a Reversal Piercing Line pattern on the daily chart. Analysts said the index recovered despite breaking below its crucial support at 14,250 level in the opening trade, which suggests it was a false breakout. They expect some further recovery in the coming days.
Asian markets rise in early trade
Asian markets were trading mostly higher in Friday’s trade. Hong Kong’s Hang Seng advanced 0.74; Korea’s Kospi edged 0.11 per cent higher while China’s Shanghai Composite index added 0.13 per cent. Bucking the trend, Japan’s Nikkei fell 0.71 per cent to 28,981.54.
US stocks settled lower
In overnight trade, the Dow Jones Industrial Average index fell 321.41 points, or 0.94 per cent, to 33,815.9, the S&P500 index lost 38.44 points, or 0.92 per cent, to 4,134.98 and the Nasdaq Composite index dropped 131.81 points, or 0.94 per cent, to 13,818.41.
Biden set to float historic tax increase
President Joe Biden will roll out a plan to raise taxes on the wealthiest Americans, including the largest-ever increase in levies on investment gains, to fund about $1 trillion in childcare, universal pre-kindergarten education and paid leave for workers, sources familiar with the proposal told Reuters. The proposal calls for increasing the top marginal income tax rate to 39.6 per cent from 37 per cent, the sources said this week.
DIIs buy Rs 850 crore worth stocks
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 909.56 crore, data available with NSE suggested. DIIs were net buyers to the tune of Rs 849.98 crore, data suggests.
Sensex, Nifty on Thursday
Equity benchmarks darted up on Thursday after two sessions of losses as investors piled into banking and finance stocks even as the deteriorating COVID-19 situation remained a concern. After skidding 501 points in the opening session, the 30-share BSE Sensex pared all losses to end 374.87 points or 0.79 per cent higher at 48,080.67.Similarly, the broader NSE Nifty jumped 109.75 points or 0.77 per cent to finish at 14,406.15.