Market Highlights: Nifty breaches 14,700 on closing, Sensex just shy of 49,000; Bajaj Auto, HDFC top index gainers – The Financial Express

Share Market Today, Share Market LiveBroader markets mirrored the up-move.
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Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets closed with gains on the weekly expiry. S&P BSE Sensex gained 272 points to close at 48,949 while the Nifty 50 index zoomed 106 points to breach 14,700. Bajaj Auto and HDFC were the top gainers on Sensex, both gaining more than 2% each. On the other hand, Power Grid, ONGC, and Asian Paints were the top laggards. Broader markets mirrored the up-move and so did India VIX, the volatility gauge. Bank Nifty ended with gains but the Nifty PSU Bank index recorded some profit booking. 

Dalal Street moved higher on the weekly expiry session. S&P BSE Sensex jumped 272 points and closed at 48,949 while the Nifty 50 index gained 106 points to breach 14,700. Bajaj Auto and HDFC were the top gainers on Sensex, both surging more than 2% each. On the other hand, Power Grid, ONGC, and Asian Paints were the top laggards. India VIX traded in the negative for most of the day but closed with marginal gains. Among sectoral indices, only Nifty Pharma, Nifty PSU Bank, and Nifty Private Bank indices closed in the red.

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Sensex and Nifty surged to end with gains on Thursday. Nifty breached the resistance level of 14,700 while Sensex was just below 49,000. 

Wall Street continues to remain in the firm control of bulls, with Dow Jones hitting a fresh all-time high on Wednesday after S&P 500 achieved the same feat last week. Global equity market strategist Chris Wood believes that bulls could continue to assert control on Wall Street, helped by the US Fed and a cyclical economic recovery. “The combination of an easy Fed and cyclical recovery continues to be bullish for equities despite the selling pressure triggered by talk of a significant increase in the capital gains tax,” the global head (equity strategy) at Jefferies wrote in his weekly GREED & fear newsletter.

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Summer Sell Seasonality for Rupee: Historically, we have seen that May remains a depreciating month for the rupee in over the last decade; where the Rupee has depreciated 9 out of 10 times in the month of May. Hence seasonality effect can play its role to trigger more depreciation

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Sensex was just shy fo 49,000 with minutes left ahead of the closing bell on Thursday. Nifty was already above 14,700.

Nifty was trading above 14,700 with minutes left ahead of the closing bell. Chartists believe a close above 14,700 could lure the bulls out and take Nifty above 15,000.

Tata steel limited reported a very good set of numbers, Tata steel limited reported total revenue from operations at Rs 21,202 cr up by 49.2% as compared to Rs 14,211 crores in Q4FY20. The company reported PAT of Rs 7162 crore as compared to loss of Rs1615 crores in Q4FY20 along with this company net debt has decreased by Rs 29,390 crores to Rs 75,389 crores during the quarter. The company has announced that the Kalinganagar unit is under construction, overall 5 MTPA capacity expansion. Company achieved its highest ever quarterly crude steel production of 4.75 mn tons registered a growth of 3% QoQ. Steel deliveries grew by 16% to 4.67 mn tones in Q4FY21 on back of very strong demand. We have a neutral view on the stock as stock has already delivered very good returns after the covid 19 fall in March 2020. Yash Gupta Equity Research Associate, Angel Broking Ltd

RBI, in its key announcements on May 5, 2021, on Covid measures, has decided to extend the scope of Video based Customer identification process (V-CIP) known as Video KYC.  It has advised inclusion of additional categories of the customers as well as periodic updating of KYC records through Video KYC, as a customer friendly measure. As a response, IDBI Bank has launched the facility of periodic KYC updation through the V-CIP.

Nifty breached 14,700 on Thursday while Sensex zoomed 200 points. The benchmark indices scaled higher after remaining in tight range since the opening bell.

Bank Nifty was up 0.04% on Thursday. The index recovered from down in the red to turn positive as bank stocks recovered. 

JM Financial reported a net profit of Rs 173 crore in the January-March quarter. The company reported a marginal growth in total income but net profit saw a 35% growth.

Escorts is a prominent tractor player domestically with market share in excess of 11%. With rural India relatively less impacted due to Covid-19, record food-grain procurement by government agencies as well as better than expected Kharif crop in 2020, we expect the tractor industry will continue to outperform the larger automobile space in FY21. The company has also reported a strong growth of 25.7% YoY in Q3FY21 which is expected to continue  into the fourth quarter driven by strong demand.

Target price – 1,573

Upside – 40%

~ Angel Broking

Indian share market benchmarks BSE Sensex and Nifty 50 have been witnessing volatility amid the second COVID-19 wave. Due to this, foreign institutional investors (FIIs) turned net sellers in the month of April, after being net buyers for six consecutive months. Sanjiv Bhasin, Director, IIFL Securities Ltd, told Surbhi Jain of Financial Express Online in an interview that the US and other developed markets outperformed in the previous month, which encouraged near term shift of money.

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IDBI Bank share price surged 15 per cent to Rs 43.50 apiece in intraday on BSE on Thursday, after the Cabinet Committee on Economic Affairs gave its in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank. On the back of heavy volumes, IDBI Bank stock was trading 8 per cent higher at Rs 40.90 apiece in late morning deals. Round 76.04 shares of IDBI Bank exchanged hands on BSE, while a total of 8.3 crore IDBI Bank stocks have traded on NSE so far in the session.

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Brookfield Real Estate Investment Trust (REIT) unit price has been surging higher and higher after hitting a bottom at the end of March. Brookfield India REIT has gained 15% since 26 March. With this, domestic brokerage and research firm IIFL Securities has initiated coverage of the REIT with a ‘Buy’ rating. Analysts at IIFL see Brookfield REIT as an attractive dividend play with a high-quality portfolio and visible growth pipeline. Currently, Brookfield India REIT trades at Rs 253 apiece, still below its IPO price.

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The momentum in the job market seems to have slowed in April, impacted by the ferocious second wave of the coronavirus infections. The closing figures for April registered a fairly steep fall of 31% over March and emerged the lowest closing count for 2021.

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After registering profits for two consecutive days, Nifty PSU Bank index and the Bank Nifty index were down in the red on Thursday morning. Bank Nifty fell 0.33% while Nifty PSU Bank index was down 1.14%.

On Wednesday, RBI announced a slew of measures to tackle the second Covid-19 wave in the country. It was “RBI’s financial vaccine” to the healthcare providers, key medical suppliers, small borrowers MSMEs and businesses. However, the announcement of the upcoming third wave of the Covid variant in Maharashtra surely leaves doubt over the reopening of the business activity. Further, recovery in DXY could pressurize on emerging market currencies ahead of Friday’s official US job report. Overall, we expect the USDINR pair to form a base near 73.70-80 and rebound sharply above 74.80-75.00 levels. Today, the focus will be on BoE policy and the Scotland election. Amit Pabari, managing director, CR Forex Advisors

“The trend of positive news alternating with negative news continues. President Biden’s decision to back waiving intellectual property rights on vaccines is a big positive. This will quicken the vaccination process enabling countries like India to come out of the pandemic faster. But data on daily infections indicate a rise, though mild, after 5 days of decline. Also, lockdowns & restrictions on mobility are increasing, impacting the economic recovery. Now there are two broad views regarding the peaking of the second wave: One, peaking by mid-May; two, peaking by July. If the first scenario plays out, the hit to economic growth will be a marginal, say, 1% decline from the estimates of 11% growth in FY22. In the second scenario, the hit will be worse. It remains to be seen which scenario will play out. Investors may wait & watch. IT, pharma, metals & telecom are likely to remain resilient even under difficult times,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

Gold prices were trading higher in India on Thursday, due to a weaker US dollar. MCX gold June futures were trading Rs 77 or 0.16 per cent higher at Rs 47,077 per 10 gram, as against the previous close of Rs 47,000. Silver July futures were ruling at Rs 69,677 per kg, up Rs 58 on Multi Commodity Exchange. Silver futures ended at Rs 69,619 per kg in the previous session.

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“The markets are slowly treading towards 14700. It is imperative it closes and sustains above this level. That will be a bullish signal which will lead the Nifty to 15100-15200. If we break 14400, we will slide down to 14000-14100,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

The National Stock Exchange resolved issue with its website that led investors to complain about data not being updated on the website.   

Investors took to Twitter to voice their displeasure as the NSE website failed to load option chain data on weekly expiry day.

NSE was facing glitches on its website early Thursday morning on weekly expiry. However, no issue in placing trade orders has so far been reported.  

The National Stock Exchange (NSE) website was facing glitches early Thursday morning. Investors were unable to tract data as NSE website showed ‘No Record’ error. 

Sensex is up 37 points, minutes after the opening bell. The index trimmed almost all opening gains while Nifty was nearing 14,600. 

Sensex opened above 48,800 mark on Thursday morning, while Nifty 50 was still below 14,700. ONGC was the top index gainer followed by Bajaj Finance. 

Sensex was still in the green during the pre-open session but down from its highs. Nifty gave up 14,700 mark.

Sensex zoomed past 49,000 mark in the pre-open session on Thursday morning while Nifty was above 14,700. 

‘Benchmark Indices are expected to open on a positive note as indicated by trends on SGX Nifty. US Indices closed with gains as Dow Jones hits a fresh new all-time high and Asian markets also opened stronger with Nikkei trading 2% higher. Key companies announcing their quarterly results today include Adani Power, Coforge, Hero MotoCorp, Adani Transmission, P&G Health, Bluestar, Praj Industries and Tata Consumer. Immediate support and resistance for Nifty 50 are 14,500 and 14,800 respectively,’ said Mohit Nigam, Head – PMS, Hem Securities.

While the Nifty has corrected from the high of 15,044, the index continues to hold above a rising trend line that has held the important lows of the last few months. This implies that the index remains in an intermediate uptrend. With the strong bounce-back seen on Wednesday, traders will need to watch if the Nifty can now hold above the crucial supports of 14,506-14,461 in the very near term. Further upsides are likely once the immediate resistances of 14,723 are taken out.

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Nifty futures on Singaporean Exchange were trading 34 points or 0.23 per cent up at 14,724.50 on Singaporean Exchange, indicating a positive start for BSE Sensex and Nifty 50 on Thursday. S&P BSE Sensex sits at 48,677.55, while NSE’s Nifty index closed at 14,617. Asian stock markets were seen trading higher in early trade on Thursday. Investors will closely watch rising COVID-19 cases, as India added another 4.12 lakh fresh cases in the last 24 hours. 

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were hiked for the third day running on Thursday. Petrol in Delhi now costs Rs 90.99 per litre, an increase of 25 paise since yesterday. Diesel price was increased by 30 paise to Rs 81.42 per litre. Prices were first changed on Tuesday after an 18 hiatus. 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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BSE Sensex and Nifty 50 were staring at a positive start on Thursday, after surging nearly one per cent higher in the previous session. S&P BSE Sensex sits at 48,677.55, while NSE’s Nifty index closed at 14,617. Trends on SGX Nifty were positive with Nifty futures up 57 points or 0.39 per cent at 14,757.50. Technical analysts believe that Nifty May series might trade with a positive bias.

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The Reserve Bank of India (RBI) on Wednesday announced immediate liquidity of Rs 50,000 crore for banks for enabling them to extend Covid loans to healthcare entities. This liquidity window available at the repo will remain open till March 31, 2022. Under this scheme, banks can provide fresh lending support to vaccine manufacturers, hospitals and also patients for treatment, among others.

The Reserve Bank of India (RBI) on Wednesday allowed lenders to carry out a fresh round of restructuring of small borrower accounts which had not availed of the benefit of the recast scheme for Covid-related stress last year.

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