Share Market Highlights: Sensex ends at 49,661, Nifty above 14,800; SBI, ICICI Bank among top gainers

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Updated: April 7, 2021 4:26:32 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices ended the day with gains, helped by MPC's decision to keep rates unchanged.

Share Market Today, Share Market LiveIndia VIX closed in the negative. (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices began the day’s trade flat, but helped by the RBI’s MPC, Sensex and Nifty surged higher and closed with gains. S&P BSE Sensex ended at 49,661 while Nifty 50 closed at 14,819. SBI, Mahindra & Mahindra, Nestle India, IndusInd Bank, and ICICI Bank were the top gainers on Sensex while Titan, NTPC, HUL, and Bajaj Finserv were the only drags. India VIX ended in the red, but still above 20 levels. All sectoral indices on NSE closed with gains, led by Nifty PSU Bank and Bank Nifty.

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Highlights

    16:25 (IST)07 Apr 2021
    Sensex, Nifty gain for second consecutive trading session; check key support, resistance levels 

    Domestic equity markets ended in the green on Wednesday, helped by the Reserve Bank of India’s first MPC meet of the current fiscal year. S&P BSE Sensex ended 460 points higher at 49,661 while the broader Nifty 50 closed at 14,819. State Bank of India, ICICI Bank, Nestle, and IndusInd Bank were the top gainers, surging over 2% each. Titan, NTPC, and HUL were the only drags on Sensex. Bank Nifty ended 1.51% higher, Nifty PSU Bank index gained 1.95%. Volatility inched lower but still remained above 20 levels.

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    15:44 (IST)07 Apr 2021
    RBI commited to maintain liquidity surplus

    "The restart of the long-term repo operations is going to anchor overnight rates, reduce the arbitrage in the on-shore offshore rates, and slowly create ground for the eventual narrowing of the repo corridor. At the same time, the G-SAP 1.0 program combined with ongoing OMOs clearly puts on paper the commitment of RBI to both support the Govt Borrowing program and anchor yield expectations. What’s also important to note is the RBI’s commitment to maintain liquidity surplus even after meeting the requirements of all financial market segments (read Govt Borrowing) and the productive sectors of the economy (read credit growth)," said Amit Triphati,CIO- Fixed Income, Nippon India Mutual Fund.

    15:34 (IST)07 Apr 2021
    Closing Bell

    Sensex, Nifty end with gains. Nifty was above 14,800 while Sensex managed to close at 49,661. 

    15:26 (IST)07 Apr 2021
    Only 4 Sensex stocks down in red

    Only 4 of the 30 Sensex constituents were down in the negative ahead of the closing bell. NTPC was the worst performer, down 0.61%. Titan witnessed profit-booking and slipped down 0.5% after surging 2% earlier in the day. HUL and Sun Pharma were the other two drags.

    15:20 (IST)07 Apr 2021
    Nifty still below 14,900

    Although Nifty 50 is up 137 points or 0.93%, it has still failed to regain 14,900 -- a crucial resistance zone according to technical analysts. Charts indicate that bulls would resume only after Nifty has breached the said levels. 

    15:14 (IST)07 Apr 2021
    Sectoral indices in green

    All Sectoral indices on the NSE were sitting with gains ahead of the closing bell. Nifty PSU Bank index was the top gainer up 1.97%, followed by the Nifty Private Bank, Nifty Auto, and Bank Nifty. 

    15:07 (IST)07 Apr 2021
    Sensex, Nifty look set to end with gains

    Sensex is up 500 points sitting above 49,700 while the 50-stock NSE Nifty was holding above 14,800 with minutes left till the closing bell. SBI, M&M, Bajaj Auto, and Nestle India were the top gainers all jumping over 2% each.

    14:57 (IST)07 Apr 2021
    Midcap monitor

    On BSW the BSE Midcap index was up 0.82%, just behind the 0.90% jump recorded by Sensex. Among the top gainers on the index were Aditya Birla Capital, up 7.17%, followed by Chola Investment and Finance, Crisil, and Future Retail.

    14:53 (IST)07 Apr 2021
    GSAP a big positive

    “While a status quo in terms of policy rates was factored in, the big positive has come in terms of the transparency of the OMO calendar through the G-sec acquisition programme (GSAP), which is likely to support and stabilize long term yields. In this regard, RBI has announced GSAP of Rs. 1 lakh cr in 1Q FY22, of which Rs. 25,000 cr would be conducted on 15th April’21. This has provided some relief to the 10-year g-sec yield," said Nitin Shanbhag, Head - Investment Products, Motilal Oswal Private Wealth Management.

    14:49 (IST)07 Apr 2021
    Midcap, Smallcap indices outperform

    On NSE, the Nifty 50 was up 0.88% while the Nifty Midcap 50 gained 1.3%, followed by a 1.5% jump in Nifty Smallcap 50 index. 

    14:47 (IST)07 Apr 2021
    Volatility down 3%

    India VIX, the volatility gauge, slipped 3%, nearing 20 just ahead of the closing bell on Wednesday. Benchmark indices were up with gains. 

    13:51 (IST)07 Apr 2021
    Rakesh Jhunjhunwala’s favourite stock gains as consumer sentiment improves, business growth continues 

    Titan share price jumped on Wednesday to hit a high of Rs 1,561 per share after the company informed stock exchanged that it continued to witness strong growth in the previous quarter. Titan said that business was firm as consumer sentiment strengthened and the impact of the coronavirus pandemic continued to fade away. The share price was up 2% earlier in the day before witnessing some profit booking and scaling down from highs. Titan is often touted as ace investors Rakesh Jhunjhunwala’s favourite stock. The ace investors, along with his wife owns a 5.32% stake in the company.

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    13:32 (IST)07 Apr 2021
    G-SAP -- a masterstroke by the RBI?

    “The RBI MPC voted for a status quo in line with our and market expectations. The move to introduce G-SAP – secondary market GSec acquisition program is a masterstroke by the RBI. This would reign in a sharp spike in GSec bond yields. The introduction of long term VRRR (variable-rate reverse repo) is an extension towards normalising liquidity. Liquidity surplus however will and likely continue. We expect yield curve to flatten from the current levels with the longer end of the yield curve compressing faster than the short end," said Lakshmi Iyer, CIO (Debt) & Head Products, Kotak Mutual Fund.

    13:15 (IST)07 Apr 2021
    Nifty nears crucial resistance levels

    Nifty is inching closer to 14,900 -- a crucial resistance level for the index. Technical analysts have maintained that if Nifty breaches 14,900 it may attract bulls back out and help the index further cross 15,000. 

    13:14 (IST)07 Apr 2021
    Yields may inch up gradually and orderly

    "We reckon even as yields may inch up gradually and orderly, the curve will likely flatten ahead. We see net OMO + GSAP purchases to the tune of Rs5tn in FY22 amid elevated supply, some natural normalization of liquidity in FY22 and shifting out of banks SLR demand," said Madhavi Arora Lead – Economist, Emkay Global.

    13:09 (IST)07 Apr 2021
    Barbeque Nation jumps

    After a weak debut, shares of Barbeque Nation Hospitality jumped 20% to hit the upper circuit at Rs 590 per share.

    12:54 (IST)07 Apr 2021
    GSec Acquisition Programme

    "The GSec Acquisition Programme of Rs 1 Lakh Cr for this quarter was the clincher in the entire speech, however, there was only little the MPC could do given the uncertainty on the rising number of cases and vaccination drive. While their attempts to flatten the yield curve and enable sufficient liquidity through bond purchases in the system have worked in the economy’s favour so far, it will have to be seen how prompt the RBI remains if the condition worsens given the renewed lockdowns in a few states in India. The policy lagged aggressiveness and was more balanced this time, nevertheless the efforts do seem positive for the time being," said Jimeet Modi, Founder & CEO, Samco Group.

    12:49 (IST)07 Apr 2021
    Top gainers

    State Bank of India, Power Grid, Bharti Airtel, and Dr Reddy's were the top gainers at this hour on Sensex. The index was up 550 points at 49,747.

    12:10 (IST)07 Apr 2021
    Bank Nifty inches higher

    Bank Nifty was up 1.68%, breaching 33,000 mark as RBI maintained status quo on repo rate and kept policy stance accomadative.

    12:01 (IST)07 Apr 2021
    10-year yields may inch higher

    "RBI governor expressed the need for orderly evolution of yields and will initiate 1 trillion of OMOs during Q1 FY22 to combat extreme volatility. RBI’s liquidity support will certainly help in assuaging market apprehensions given that supply of G-Sec paper will remain elevated on the back of frontloading of market borrowing. For FY22 as a whole, OMO operations are expected to be above INR 3 trillion, similar to FY21 level. The possibility of the inclusion of Indian G-secs in the global bond indices will also absorb the supply. Nevertheless, we expect 10year yields to inch higher, possibly trade in the range of 6.2-6.25% in the near term, as there are concerns over stubborn core inflation, resurgent COVID infections, renewed localized lockdowns and relatively higher sovereign yields in US," said Amar Ambani Senior President & Research Head YES Securities.

    11:59 (IST)07 Apr 2021
    Overall an extremely Dovish and Pragmatic Policy

    “Overall an extremely Dovish and Pragmatic Policy focused on Growth. MPC has stayed on course despite a tight ropewalk of balancing ‘the Incumbent Growth and inflation dynamics’, especially at a time when the spectre of surging Covid 19 cases and the resultant uncertainty had clouded the markets. A shot in the arm was given the antidote to the bond markets in the form of an announcement of an explicit OMO - GSEC purchase calendar, which should put to rest the mounted apprehensions of demand-supply mismatch in the bond markets. MPC has rightly continued to stay cautious and vigilant and not react to the incumbent global and domestic pressures beckoning for manoeuvring of the monetary policy," said Niraj Kumar, Chief Investment Officer, Future Generali India Life Insurance.

    11:40 (IST)07 Apr 2021
    Dalal Street marches higher

    Sensex zoomed 600 points while Nifty was above 14,850 as Dalal Street cheered RBI's MPC decision to keep rates unchanged policy stnace accomadative.

    11:26 (IST)07 Apr 2021
    Unchanged policy rates will help address economic growth concerns and contain inflationary pressures

    "RBI’s accommodative stance signifies a period of caution amidst COVID-19. The country is already battling the resurge in COVID-19 cases and trying to maintain a status quo if the situation gets any worse. Elevated fuel prices have already contributed to retail inflation. Changing repo and reverse repo rate in this instance may affect the consumer’s EMI rates, which might lead to a disruption in the market liquidity. Therefore, having policy rates unchanged will not only address the economic growth concerns but also contain the inflationary pressures," said Kaushlendra Singh Sengar Founder & CEO at INVEST19.

    11:25 (IST)07 Apr 2021
    RBI remains growth supportive

    "The RBI’s decisions reinforce the wait-and-watch policy with regards to policy rates as uncertainties remain on the growth outlook. The GSec acquisition program (GSAP) will provide a calendar for OMOs (through the secondary market) which markets have been demanding for some time. This should be positive for the bond market in the near term and push the yield curve to be flatter. Overall, the RBI remains growth supportive and steadfast in keeping yields under check," said Suvodeep Rakshit, Vice President & Senior Economist at Kotak Institutional Equities.

    11:24 (IST)07 Apr 2021
    RBI raises Paytm, wallet accounts limit to Rs 2 lakh; allows RTGS, NEFT connectivity to payment operators

    The Reserve Bank of India would now allow RTGS and NEFT connectivity with non-bank payment system operators, paving way for UPI interoperability, and potentially benefiting users of payment wallets such as Paytm, PhonePe, and others. Along with this, the RBI also increased the prepaid payment instrument account limit to Rs 2 lakh per individual from Rs 1 lakh earlier. “This facility is expected to minimise settlement risk in the financial system and enhance the reach of digital financial services to all user segments,” Shaktikanta Das said.

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    10:29 (IST)07 Apr 2021
    RBI ready to nurture Indian economy

    RBI Governor today said that the Central Bank will maintain its accommodative stance and ensure ample liquidity in the market to nurture the recovering economic condition of the country.

    10:06 (IST)07 Apr 2021
    Nifty testing patience

    "The markets are still trading in a tight range between 14450 and 14900. Until we do not get past this range, we will not see a meaningful move in either direction. If we can get past 14900, we should be headed higher to 15300 and if we break 14450, there is every possibility we crack more and go down to test 14200. The Nifty is testing our patience but it will be worth the wait once one side of the range is taken out," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

    10:05 (IST)07 Apr 2021
    Bumper food grain production to help prices

    Shaktikant Das said that the bumper food grain production in 2021 should result in softening cereal prices going forward. he added that mitigation of price pressure on key food items would depend on supply-side measures.

    10:02 (IST)07 Apr 2021
    RBI's MPC keeps rates unchanged

    RBI Governor Shaktikanta Das today said that the MPC has voted unanimously to leave the repo rate unchanged and to keep the accommodative stance unchanged to mitigate the impact of covid-19 on the economy.

    09:51 (IST)07 Apr 2021
    Barbeque Nation share price slips on listing; trading begins 1.6% down from IPO price

    Rakesh Jhunjhunwala backed Barbeque Nation Hospitality made a weak listing on the stock exchanges today. Shares of the firm began trading at Rs 492 per share, down 1.6% from the issue price of Rs 500 apiece. Barbeque Nation is the eighteenth stock to list on the bourses this year and the first to debut in the new financial year. On debut, Barbeque Nation Hospitality shares had a market capitalization of Rs 1,847 crore. Ace investor Rakesh Jhunjhunwala’s Alchemy Capital owns a stake in Barbeque Nation Hospitality.

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    09:36 (IST)07 Apr 2021
    Reliance Industries zooms

    Mukesh Ambani's Reliance Industries Ltd was the top Sensex gainer on Wednesday morning. The stock was up 1.85% at Rs 2020 apiece. Reliance's Jio has acquired 800 MHz spectrum from Bharti Airtel in 3 circles. 

    09:33 (IST)07 Apr 2021
    Invest systematically in quality stocks, mutual funds

    "These days there is a combination of good & bad news exerting push & pull effects on markets. The steady decline in US 10- year bond yield to 1.66% from above 1.75% and dollar index to 92.3 from above 93 are clear positives. And now the IMF has projected GDP growth of 12.5 % for FY22 for India. FDI is rising smartly. But these positives are being countered by the big negative, which is the rising Covid cases in parts of the country. What investors should do during times of uncertainty & volatility like these is to invest systematically in quality stocks & mutual funds. Fortunately, this is happening as reflected in the mutual fund AUM numbers which have risen 19% in the March quarter," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

    09:30 (IST)07 Apr 2021
    Dr Reddy shares jump

    Dr Reddy's shares were up among the top Sensex gainers on the opening bell on Wednesday. The company has got USFDA approval for Kuvan drug, which has US sales worth $500 million. 

    09:18 (IST)07 Apr 2021
    Opening Bell

    Sensex opened flat, dancing between gains and losses while the Nifty 50 index neared 14,700. Reliance Industries and Bharti Airtel were among the top gainers.

    09:08 (IST)07 Apr 2021
    Pre-open session takes Sensex, Nifty marginally higher

    Sensex was up 76 points while Nifty was holding above 14,700 during the pre-open session on Wednesday. 

    09:02 (IST)07 Apr 2021
    Sensex, Nifty gains

    Sensex was above 49,400 while Nifty was inching closer to 14,800 during the pre-open session on Wednesday.

    08:49 (IST)07 Apr 2021
    SGX Nifty slips into red

    SGX Nifty slipped into the negative territory, falling 28 points just ahead of the pre-open session on Dalal Street.

    08:43 (IST)07 Apr 2021
    Evidence of normalisation of economic activity in India: IMF chief economist Gita Gopinath

    There is evidence of normalisation of economic activities in India, chief economist of the International Monetary Fund has said. On Tuesday, the IMF predicted a projected an impressive 12.5 per cent growth rate for India in 2021, stronger than that of China, the only major economy to have a positive growth rate last year during the COVID-19 pandemic.

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    08:16 (IST)07 Apr 2021
    Second wave escalates recovery risks

    "We grow even more concerned that rising Covid-19 cases pose a risk to our still shallow recovery. Covid-19 cases have jumped 6x+ to 103,558 a day from 16,838 a day a month ago. While 5% of the total population has received the first dose, 0.8% have received both doses of the Covid-19 vaccine. It remains to be seen if the cases subside with the Maharashtra-type local lockdowns," said analysts at BofA Global Research.

    08:10 (IST)07 Apr 2021
    RBI's MPC expected to maintain status quo

    "The RBI is expected to uphold the status quo. The emphasis may also be on how much liquidity is needed to achieve equilibrium between optimal and monetary transmission. As such we do not expect a significant impact in the market," said Ashis Biswas, Head of Technical Research at CapitalVia Global Research. He added that traders should refrain from building a fresh buying position until we witness a correction to the 14,450 level or a breakout above 14,900. 

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