Market HIGHLIGHTS: Sensex falls for 2nd day straight, Nifty gives up 14,700; IndusInd Bank, HUL top losers – The Financial Express

Share Market Today, Share Market HIGHLIGHTSNifty Metal index plunged 3 per cent while Nifty Financial Services ended one per cent lower. Image: Reuters

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended one per cent down on Wednesday, a day of weekly options expiry. Stock markets will remain closed on Thursday on account of Eid-ul-Fitr (Ramzan Eid). BSE Sensex fell 471 points or 0.96 per cent to 48,691, while the broader Nifty 50 index settled below 14,700 level. Top BSE Sensex draggers were IndusInd Bank, Hindustan Unilever Ltd (HUL), ICICI Bank, ONGC, Axis Bank, Kotak Mahindra Bank, Mahindra & Mahindra among others. On contrary, gains in Titan Company, Maruti Suzuki, Power Grid Corporation of India, SBI, Dr Reddy’s shares capped the losses in Sensex. Most of the Nifty sectoral indices settled in the red. Nifty Metal index plunged 3 per cent while Nifty Financial Services ended one per cent lower. Nifty PSU Bank index, on the other hand, surged over 3 per cent.

Joe Biden’s first 100 days in office have been among the best witnessed by Wall Street under any newly elected US President in recent history. Dow Jones surged 8.6% since the 46th US President stepped foot in the Oval Office, and S&P 500 index zoomed 8.5% in the same time frame. This has been the best performance recorded by the benchmark indices under any recent US Presidents from Ronald Regan’s first term to Donald Trump, according to data sourced by Refinitiv. Joe Biden took oath on January 20 this year and completed his 100 days in office on April 30.

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BSE Sensex fell 471 points or 0.96 per cent to 48,691, while the broader Nifty 50 index settled below 14,700 level

Domestic equities extended losses as selling pressure in financials (ex- PSU Banks), IT and metals dragged benchmark indices. Further, weak cues from Asian markets weighed on sentiments. Notably, Taiwan market fell sharply over 4% today due to concerns over rising COVID-19 cases and mounting concerns over technology stocks. Notably, PSU Banks, auto and pharma remained resilient. Further, buying was seen in number of quality small cap stocks. Huge profit booking was seen in metal stocks today after witnessing sharp run-up in recent weeks. Tata Motors, UPL, Titan and Cipla were among top Nifty gainers, while Tata Steel, JSW Steel, Hindalco and ONGC were laggards. Binod Modi, Head Strategy at Reliance Securities

During the 4QFY21, Voltas Ltd (VL) reported revenue of ~Rs2,652cr (up ~27% YoY) on back of strong sales growth in segments like Unitary Cooling Products and Electro-Mechanical Projects and Services. Voltas continues to be the market leader and is at No.1 position in ACs with a market share of 25.6% in February 2021 YTD. EBITDA increased by 72% YoY to Rs331cr , while EBITDA margin improved by 328bps YoY to 12.5% due to lower other operating expenditure. Net Profit grew by 50% YoY to Rs239cr mainly due to strong operating performance. Amarjeet Maurya – AVP – Mid Caps, Angel Broking Ltd

Overall, Siemens is expected to further strengthen its leadership position through further penetration of automation and digitisation products & services across segments, particularly in digital industries, smart infrastructure, mobility segments, driving long term growth. We revise our target price to | 2295/share (earlier | 2210) and maintain BUY rating, implying multiple of 50x on FY23E EPS for core business and valuing C&S business at 1.7x on FY23E sales. ICICI Securities

India VIX is sitting just above 20 levels after gaining some ground on Wednesday. The volatility index had been slipping for the past few days. 

Nifty has traded in the negative zone and continued yesterday’s fall in the market. 14700 can act as a support but if it breaks the level we can expect the market to find the next support level near 14500. On the sector front there is no clear direction in the market. Tata Motors and Power Grid are the top gainers while SBILIFE and Hindunilvr are the top losers on Nifty. Gaurav Garg, Head of Research, CapitalVia Global Research

Dr. Reddy’s Laboratories Ltd. announced the launch of Ertapenem for Injection, 1 g/vial, a therapeutic equivalent generic version of INVANZ (ertapenem for injection) for injection, 1 g/vial approved by the U.S. Food and Drug Administration (USFDA). This launch has come up with the strategic partnership with the gland pharma. This is a very important product to market at this point in time. The INVANZ brand and generic market had U.S. sales of approximately $205 million MAT for the most recent twelve months ending in March 2021 according to IQVIA Health. Yash Gupta Equity Research Associate, Angel Broking Ltd 

TRAI’s Feb’21 subscriber data continues to show the strength of MBB additions at the industry level, with Jio regaining the leadership position from Bharti after 8 months. While Jio has already reported its 4QFY21 subscriber addition (15.4mn net subscriber addition in 4QFY21, including an estimated 0.7mn FTTH subscriber addition), the Feb’21 subscriber addition for Jio is better than our expectations, given that the new Jiophone plans were launched only from 1st Mar’21 and we believe that the Feb’21 subscriber addition is comprised entirely of smartphones. JM Financial Services

Zomato and Swiggy have established a duopoly in the food-delivery market in India with a combined ~90% market share. Amazon, which started its food delivery service, Amazon Food, in Bengaluru last year in four zip codes, has expanded to 62 zip codes now. Food delivery is free to its prime members. Even as it is limited to one key market in India, Amazon Food is vigorously trying to undercut competition. Anand Rathi Financial Services

Supply disruption, especially of agricultural products, was the main reason for the spike in inflation in India during the first wave. This is less of a risk now. Higher commodity prices, however, are of greater concern. On balance, we expect Inflation not to be a major concern and policy accommodation would continue. Anand Rathi Financial Services

Higher global commodity prices are likely to keep India’s trade and current account deficit relatively high. Worsening of the near-term growth outlook and narrowing of India’s interest rate differential with high-income countries can reduce the capital account surplus. The combined impact would be continued 3-6% depreciation of the rupee in FY22. Anand Rathi Financial Services

Akshaya Tritiya is considered an auspicious day to buy gold and usually we see buying some demand ahead of it and also on that particular day. Overall, the MCX gold price continues to exhibit a strong solid show after a big blowout of the US Nonfarm payrolls data. After hitting a more than two weeks low of 46462 MCX Gold made a reversal thereafter to currently trade around 47900. The Immediate resistance is at 48250 and then at 48360. So consistent trading above 48400 will open doors for 49000-49700. However, support is located at 47330-47000-46500. Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services

The love for the yellow metal among Indians is no secret, and buying gold on Akshaya Tritiya is considered auspicious. But this time around gold buying may get affected due to the outbreak of the second wave of COVID in cities in India. It is advisable for investors and gold buyers to not venture out during these times and opt for digital/paper gold instead of physical gold. Gold prices are on an up move, helped by the weak jobs data, softness in the USD, a broader view that the interest rates will be low in the US for a long time. Gold prices are trading near a 3-month high in international markets, domestically gold prices are hovering near the Rs 48,000/10 gm level. The vaccination drive, control over the number of cases, and lockdowns internationally coupled with the movement of the USD will drive prices of gold moving forward. Nish Bhatt, CEO & founder, Millwood Kane International

The recent uptick in the Indian Rupee against USD will definitely help traders to adjust their valuation after considering inflation expectation. Further, RBI is letting Rupee to appreciate in a given environment to calm down the pessimistic sentiment. However, probability of odds of converging global and domestic sentiment is higher and hence it seems that Rupee doesn’t have much room to appreciate from the current levels.  In the near term, one could see USD-INR pair bottoming out near 73.20-30 zone and resume its upside rally again towards 74-74.50 levels. As mentioned, all eyes will be on US and India CPI data. Amit Pabari, manging director, CR Forex Advisors

Godrej Consumer Products share price zoomed 25 per cent to a fresh 52-week high of Rs 894 apiece intraday on BSE, a day after the company posted a 59 per cent on-year rise in consolidated net profit to Rs 365.84 crore in the fourth quarter of FY21. The company also informed that Sudhir Sitapati will join the company as managing director and chief executive officer effective October 18. 

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Yesterday gold prices down by 0.66% and closed at 47633 levels however in international market it is hovering at $1830 levels. Appreciation in Rupee pressurized the domestic gold. Yesterday gold prices down by 0.66% and closed at 47633 levels however in international market it is hovering at $1830 levels. Appreciation in Rupee pressurized the domestic gold. Gold declined after Federal Reserve policy makers said the U.S. economy is on the road to recovery despite still facing risks, while traders await consumer price data later Wednesday amid jitters over inflation. Weakness in dollar support the gold prices. Long term trend of gold is positive. In domestic market it is expected to increase the demand of gold on this Akshaya tritiya. In the long term we are expecting that gold may test Rs 53,000-55,000 levels till the year end. Anuj Gupta, VP – Commodity and Currencies Research, IIFL Securities

COMEX gold trades modestly lower near $1828/oz after a 0.1% decline yesterday. Gold weakened as the US dollar index stabilized after setting Feb. low yesterday. Also weighing on price is concerns about India’s consumer demand amid rising virus cases. However, supporting price is dovish stance of most Fed officials. Gold’s upward momentum halted just short of $1850/oz level and we may see choppiness unless there is more clarity about Fed’s monetary policy however general bias is still on the upside. Ravindra Rao,CMT, EPAT, VP- Head Commodity Research at Kotak Securities

Global indices provider MSCI (Morgan Stanley Capital International) will add six stocks to its India index, including Adani Enterprises and SBI Cards and Payment Services, and will remove Zee Entertainment Enterprises from the index, it said. The changes are part of its May 2021 semi-annual index review. Investors across the globe follow MSCIs indices, and international funds often construct their portfolios based on MSCI’s global indices. Earlier this year, MSCI tweaked its methodology for picking stocks that may be added to its indices.

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The Nifty is keeping above the 14700 level – we will threaten the current uptrend if we close below 14700. The situation would need to be reviewed then. Until then the trend continues to remain up and traders can strategically find ways to enter the market on dips. The markets can scale higher to 15200-15250. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

Gold prices were trading lower in India on Wednesday, taking cues from international rates as a rise in US Treasury yields and a strong dollar dented the metal’s safe-haven appeal. On Multi Commodity Exchange, gold June futures were trading Rs 136 or 0.29 per cent down at 47,497 per 10 gram, as compared to a previous close of Rs 47,633 per 10 gram. Silver July futures were ruling at Rs 71,324 per kg, down Rs 605 or 0.84 per cent.

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Trends on Nifty sectoral indices were mixed. Nifty Bank and Nifty IT indices fell over half a per cent, while Nifty Financial Services was down nearly one per cent. The nifty Metal index gained 0.7 per cent.

NTPC, Power Grid Corporation of India, ONGC, Sun Pharma, State Bank of India, Asian Paints, Dr. Reddy’s, ITC were among top index gainers

Housing Development Finance Corporation (HDFC), Mahindra & Mahindra, Hindustan Unilever Ltd, HDFC Bank, Tech Mahindra, Kotak Mahindra Bank, TCS were among top Sensex losers

BSE Sensex was down over 200 points or half a per cent at 48,936, while the Nifty 50 index was down  50 points or 0.33 per cent at 14,801 

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Benchmark Indices are expected to open on a cautious note. Asian markets were down and & Dow Jones fell 500 points as speculations of rising inflation pressure prompting interest rate hikes rose. Key companies announcing their quarterly results today include Asian paints, Lupin, UPL, Apollo Tyres, Tata Power, Borosil Renewables, Happiest Minds, Sagar Cements etc. Immediate support and resistance for Nifty 50 are 14,800 and 15,000 respectively. Nifty should close above 15,000 to continue the bullish trend. Mohit Nigam, Head, PMS, Hem Securities

US indices, Dow and S&P 500, ended sharply lower mainly due to mounting concerns over inflation. Notably, recent sharp rise in commodity prices globally has already created apprehension among investors, which started weighing on global equities. With reopening of USA economy in a large way and expectation of sharp rise in pent up demand, concern of elevated inflation has mounted and therefore cyclical stocks also fell sharply yesterday. However, the speeches of Federal Officials remain favourable and continued to advocate dovish monetary policy of Federal Reserve. CPI print for April, which is to be published today, will be in focus. Binod Modi, Head Strategy at Reliance Securities

BSE Sensex gained 200 points while the broader Nifty 50 index was trading near 14,850 level in the pre-opening session on Wednesday.

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After a sharp pullback rally from 14415/48720, benchmark indices hovering in the range of 14750 to 14950/ 49600-49000. Currently, the Nifty is trading near its previous resistance level and on the intraday chart it has formed lower top formation which suggests temporary weakness. However, the larger texture of the market is still bullish and likely to continue in the medium term.

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were increased for the third consecutive day today. Petrol in Delhi today costs Rs 92.05 per litre, up 25 paise since yesterday. Diesel in Delhi costs Rs 82.61 litre, an increase of 25 paise. Prices were hiked for four consecutive days last week. 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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Lupin, Jindal Steel & Power, UPL Ltd, Asian Paints, Pidilite Industries, Tata Power Company, Voltas, Apollo Tyres, Happiest Minds Technologies, Mahindra Lifespace Developers, HG Infra Engineering, Sagar Cements, and Birla Corporation are some of the companies that will report their quarterly results today.

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After lagging behind Bharti Airtel for the last six months, Reliance Jio has returned to adding maximum wireless subscribers. In February, Jio added 4.26 million wireless customers followed by 3.73 million by Bharti Airtel. The company had launched a JioPhone offer on February 26, primarily targeting the 300 feature phone subscribers in the country.

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Domestic benchmark indices snapped their four-day gaining streak on Tuesday to end in the red. S&P BSE Sensex now sits at 49,161 while the Nifty 50 index is at 14,850. SGX Nifty was down 17 points during the early hours of Tuesday, hinting at a flat start for domestic markets. Cues from global peers were negative with Wall Street closing in the negative once again. Although benchmark indices closed in the red, there were some positives to be drawn.

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Global rating agency Moody’s on Tuesday sharply trimmed its India growth forecast for FY22 to 9.3% from 13.7% estimated in February, stating that the severe second wave of coronavirus infections will “slow the near-term economic recovery and could weigh on longer-term growth dynamics”.

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