Sensex and Nifty rising for the third consecutive day. The benchmark indices are at their highest levels in three weeks. Bajaj Finance biggest gainer in Nifty pack. Eicher Motor, Bajaj Auto, Bajaj Finserv, IndusInd Bank, Tata Motors, UPL, SBI, Eicher Motors and M&M also gaining. Hindalco top loser. Other laggards include JSW Steel, Britannia, SBI Life Insurance, Hindalco, Cipla and Tata Steel. Barring Metals, other Nifty sectoral indices in the green. Analysts attributed market optimism to superior Q4 earnings. Besides rising Covid cases, FII outflows remain a worry.
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Nifty Bank index soars 2.8%. Here’s how the pack is performing today
Price as on 28 Apr, 2021 02:04 PM, Click on company names for their live prices.
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We have observed a positive momentum in the market since the important level of 14,500 was breached a few trading sessions ago. We expect this momentum to continue with the Nifty seen trading in a range of 14,500-14,850 in the short term.
– Likhita Chepa, CapitalVia Global Research
Record defaults cloud India’s resilient equities, bonds
Firms have defaulted on at least Rs 5,700 crore of domestic bonds this year, the most on record for a similar period. And traders expect more.
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HDFC twins, ICICI Bank, Bajaj Finance, Kotak Mahindra Bank top Nifty movers
On the other hand, Hindalco, Tata Consultancy Services (TCS) and Tata Steel were the top drags on the 50-scrip benchmark index.
Market breadth remains positive
Overall market breadth remained in favour of gains, though the advance-decline ratio came down to 2:1 in afternoon deals from 3:1 in the first half of the day. On BSE, 1,837 stocks moved higher against 967 that traded lower. On NSE, 1,265 scrips advanced while 558 declined.
Second wave of Covid-19 to peak by June? These signs may allay investor fears
Analysts largely expect Covid cases in Maharashtra to peak by May and in the country by June-end. They believe a pick-up in the vaccination drive and comforting management commentaries in the ongoing results season should allay the worst fears of investors about the second wave in the coming weeks.
IRCTC among 5 stock ideas that may help traders beat the Street
Bajaj Finance shares jump over 7% post Q4 earnings
Shares of Bajaj Finance gained over 7 per cent on Wednesday after the company reported a 42 per cent jump in consolidated net profit for the fourth quarter of the fiscal ended March 2021. It jumped 7 per cent to Rs 5,215.20 on the BSE.
TVS Motor shares zoom over 17 pc after strong Q4 earnings
Shares of TVS Motor Company on Wednesday jumped over 17 per cent after the company posted nearly four-fold increase in its consolidated net profit for the fourth quarter ended March 31, 2021. The stock zoomed 16.74 per cent to its one-year high of Rs 661.10 on BSE. On NSE, it rallied 17.25 per cent to Rs 664 — its 52-week high.
Zomato files draft paper with Sebi, to raise Rs 8,250 crore
Food delivery services provider Zomato has filed a draft red herring prospectus (DRHP) for its upcoming initial public offering (IPO). The company and its shareholders plan to raise Rs 8,250 crore from primary markets.
Smallcap raises eyebrows with 1,440% surge in a year. What’s cooking?
Subex, almost completely owned by retail and high net-worth shareholders, has delivered 1,440 per cent returns since May last year. The stock now trades around Rs 55, up from Rs 3.50 a share last year. This surge came after about 12 years of underperformance.
Morepen Laboratories to raise over Rs 433 cr via issuance of shares on preferential basis
Drug firm Morepen Laboratories on Wednesday said its board has approved raising over Rs 433 crore through issue of shares to Switzerland’s private venture capital firm Corinth Investment Holdings and Liquid Holdings, a promoter group of the company, on preferential basis.
Pharma stocks remain a mixed bag; Sun Pharma top gainer
Price as on 28 Apr, 2021 11:20 AM, Click on company names for their live prices.
Anupam Rasayan bags order worth Rs 1,100 cr for supply of speciality chemicals
Anupam Rasayan on Wednesday said it has bagged an order worth Rs 1,100 crore for supplying life sciences related speciality chemicals.
Rupee surges 22 paise to Rs 74.44 against the US dollar in early trade
The Indian rupee advanced by 22 paise to 74.44 against the US dollar in opening trade on Wednesday, as a positive trend in equity markets lifted investor sentiment. Forex traders said the appreciation in the local unit could be restricted amid a sharp rise coronavirus infections and fatalities in the country and as investors await the US Federal Reserve’s monetary policy outcome.
Axis Bank impresses analysts with Q4 show; price targets rise by up to 47%
CLSA upped its target to Rs 1,025 a share from Rs 1,000, citing strong Q4 on asset quality with slippage. The brokerage expects Axis Bank to deliver 16-17 per cent annual growth in core pre-provision operating profit during FY21-23.
IndusInd Bank among top gainers in the banking pack
Price as on 28 Apr, 2021 10:36 AM, Click on company names for their live prices.
IndiGrid NCD issue opens; chance to lock-in 8.2% yield on ‘safest’ paper
The public issue of non-convertible debt (NCD) securities by IndiaGrid, an infrastructure investment trust that owns a number of assets in the power sector, opened for subscription on Wednesday. The NCD promises up to 8.2 per cent interest per annum, a considerably high yield on a paper with highest rating in a low interest rate environment. This issue has been rated ‘AAA/Stable’ by Crisil and ‘AAA/Stable’ by India Ratings.
Will RIL bounce now? There are signs it’s waking up from slumber
In recent sessions, signs are emerging that RIL NSE 0.71 % may be ready to get out of its slumber and re-join the bull market that has recently hit a roadblock in the wake of the second Covid-19 wave. In the past five sessions, the stock has risen 5 per cent backed by heavy trading and delivery volumes.
Amid world’s worst Covid outbreak, rising inflation risks RBI’s monetary easing
Bajaj Auto, Bajaj Finance, SBI, Bajaj Finserv, IndusInd Bank top Sensex gainers
On the other hand, UltraTech Cement, Axis Bank and Dr Reddy’s were among the six laggards on the 30-scrip index.
Market breadth extremely positive, advance-decline ratio at 3:1
Overall market breadth favoured gains in early deals, as 1,667 scrips traded higher on BSE against 576 that succumbed to the negative territory. On NSE, 1,341 stocks advanced while 392 declined.
OPENING BELL | Sensex reclaims 49,000-mark, up 250 points; Nifty tops 14,700
Bajaj Finance, Axis Bank rise 2% each
Pre-open session: Sensex gains 140 points, Nifty tops 14,700
Q4 results today
Bajaj Finserv, Biocon, Tata Communications, Carborundum Universal, KPR Mill and UTI Asset Management Company, KPIT Tech are among companies which will disclose their quarterly earnings today.
Fed policy outcome today
The Federal Reserve has committed to sustaining stimulus to the US economy until it has recovered from the Covid-19 pandemic, and is expected to remain firm in that stance when it concludes its policy meeting on Wednesday. But as the accelerating vaccination campaign offers hope life can return to normal following the disruptions caused by the pandemic, the Fed has to face down growing concerns that surging economic activity will ignite uncontrolled inflation.
SGX Nifty signals positive start
Nifty futures on the Singapore Exchange traded 46 points, or 0.31 per cent, lower at 14,704.50 in signs that Dalal Street was headed for a negative start on Wednesday.
Tech View: Nifty takes out 20-EMA, next stop at 14,750
Nifty50 on Tuesday breached its 20-day exponential moving average (EMA) on a closing basis. This was the third straight session when the index made a higher high-low formation. On the day scale, the index formed a bullish candle after forming two indecisive charts. Analysts said the daily momentum indicators have turned in favour of the bulls. They believe Nifty may test the 14,750 level in the coming days.
Tokyo stocks open lower ahead of holidays
Tokyo stocks opened lower on Wednesday with profit-taking selling ahead of the Golden Week holidays in Japan weighing on the market. The benchmark Nikkei 225 index was down 0.35 percent, or 102.24 points, at 28,889.65 in early trade, while the broader Topix index slipped 0.09 percent, or 1.75 points, to 1,901.80.
China shares drop in early trade
China’s benchmark Shanghai Composite Index dipped 0.30 percent, or 10.45 points, to 3,432.16, while the Shenzhen Composite Index on China’s second exchange eased 0.24 percent, or 5.47 points, to 2,276.46.
Hong Kong stocks rise at start of trade
Hong Kong stocks opened with gains Wednesday morning with investors keeping a cautious eye on US Treasury yields, which are rising again on fears inflation will surge and lead to possible interest rate hikes. The Hang Seng Index added 0.17 percent, or 50.40 points, to 28,991.94.
US stocks settled flat
US equities were mostly flat on Tuesday while tech shares dropped amid a flurry of quarterly earnings and ahead of the conclusion of the Federal Reserve’s two-day meeting. The benchmark Dow Jones Industrial Average closed essentially unchanged at 33,984.93, as did the broad-based S&P 500, which shed less than a point from Monday’s record to end at 4,186.72. The tech-rich Nasdaq Composite Index fell 0.3 per cent to 14,090.22.
Rupee closes 7 paise up at 74.66 against dollar
The rupee appreciated by 7 paise to close at 74.66 (provisional) against the US dollar on Tuesday on the back of positive domestic equities. At the interbank forex market, the local unit opened at 74.65 against the greenback and witnessed an intra-day high of 74.51 and a low of 74.73.
Sensex, Nifty on Tuesday
Equity benchmark Sensex rallied 558 points on Tuesday, driven by gains in index heavyweights Reliance Industries, HDFC Bank and L&T. The 30-share BSE index ended 557.63 points or 1.15 per cent higher at 48,944.14. Similarly, the broader NSE Nifty surged 168.05 points or 1.16 per cent to 14,653.05.