Market HIGHLIGHTS: Sensex ends near day’s high, reclaims 50k, Nifty above 14,850, ICICI Bank top contributor

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Updated: April 1, 2021 4:30:41 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended over one per cent higher on the first day of the new fiscal.

Share Market Today, Share Market Livethe Nifty Metal index zoomed 5.33 per cent led by gains in National Aluminum Company, JSW Steel, Jindal Steel and Power Ltd. Image: Reuters

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled over one per cent higher on Thursday, primarily driven by buying metal and PSU Bank counters. BSE Sensex ended 521 points or 1.05 per cent higher at 50,030, while the broader Nifty 50 index settled at 14,867, up 177 points or 1.2 per cent. IndusInd Bank was the top BSE Sensex gainer, up over 4 per cent, followed by Kotak Mahindra Bank, UltraTech Cement, Axis Bank, Sun Pharma, and ICICI Bank among others. On the contrary, HUL was the worst-performing stock on BSE Sensex. Nestle India, HDFC Bank and Tata Consultancy Services (TCS) were the other laggards on the index. Sectorally, the Nifty Metal index zoomed 5.33 per cent led by gains in National Aluminium Company, JSW Steel, Jindal Steel and Power Ltd.

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Highlights

    16:00 (IST)01 Apr 2021
    If Nifty tops 14,950, it may resume the uptrend and head towards 15,300

    Once again the Index has nudged closer to the important level of 14,950. Due to a trading holiday tomorrow, we would need to evaluate this next week. If we can cross 14,950, we should be able to resume the uptrend and head towards 15300. If we resist and take a U-turn again, we will be sideways and if we break 14,500, we will revisit the recent lows of 14,200-14,250. Hence, we are at a crucial juncture from where a trading opportunity on the upside or downside may emerge.: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:40 (IST)01 Apr 2021
    Rise in COVID cases, localized restrictions have not led to major disruption in economic activity

    Covid cases in India continue to rise although Maharashtra remains the epicentre accounting for 60% of the cases in India. So far there have been sporadic announcements limiting mobility and commercial activities in Maharashtra and other states such as Rajasthan, Punjab, and Madhya Pradesh among others. However, so far the rise in cases and localized restrictions has not led to any major disruption in economic activity. The power consumption so far in 2021 has remained buoyant and above the level recorded in last three years.: Hemant Kanawala, Head – Equity, Kotak Mahindra Life Insurance Co. Ltd

    15:37 (IST)01 Apr 2021
    Sensex soars over 500 pts, ends above 50,000

    BSE Sensex ended 521 points or 1.05 per cent higher at 50,030, while the broader Nifty 50 index settled at 14,867, up 177 points or 1.2 per cent.

    15:10 (IST)01 Apr 2021
    Rising US bond yields spook Sensex, Nifty; Dalal Street bracing for massive foreign fund outflows?

    A continued rise in the US Treasury yields might force India’s share market into a further correction. Of late, rising US Treasury yields have brought stock market bull run to a screeching halt, and have forced BSE Sensex and NSE Nifty 50 into sideways movement. Recently, yields climbed to breach January 2020 highs, after staying near zero for most of the last year, now forcing share markets into consolidation.

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    15:10 (IST)01 Apr 2021
    EXPLAINED: Why US yields are rising and how it makes government borrowing expensive

    With optimism around recovery from the pandemic growing, and vaccination drive picking up pace with multiple vaccines now being offered, the economic outlook is improving rapidly. This comes with risks — rise in inflation and expectations of a change in the US Fed’s policy stance. As a result, yields have soared as bond investors seek compensation for inflation risk.

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    14:56 (IST)01 Apr 2021
    Technology stocks seeing more correction due to rising bond yields

    This calendar year to date the US 10-year bond yield has appreciated by 81%  (from 0.91% to 1.72%). In the same period, India’s 10-year bond yield has gone up by only 5.1% (from 5.86% to 6.17%). Also, bond yields on year to date basis has gone up by 64% in UK and 13% to 30% in parts of Eurozone. Expectation of inflation acceleration and strong US economic growth has led to rise in bond yields. Globally rising bond yields are putting pressure on richly valued sectors and companies. Technology stocks are seeing more correction on account of the rising bond yields whereas they are acting in favour of economy and commodity driven businesses. Naturally, the rise in yields has also weighed on gold, which offers no fixed return.: Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities

    14:50 (IST)01 Apr 2021
    GST revenue at record high of Rs 1.23 lakh cr in March; tops Rs 1 lakh cr for 6 months in a row

    GST collections grew to a record high of Rs 1.23 lakh crore in March 2021, crossing the Rs 1 lakh crore-mark for the sixth month straight, indicating rapid economic recovery post-pandemic, the finance ministry said on Thursday. Ministry of Finance said that closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, Income-tax and Customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue over the last few months.

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    14:10 (IST)01 Apr 2021
    GST collection in March 2021 at record high of Rs 1.23 lakh crore

    GST Revenue collection for March’ 21 sets a new record. The gross GST revenue collected in the month of March 2021 is at a record of Rs 1.23 lakh crore. Out of which CGST is Rs 22,973 crore, SGST is Rs 29,329 crore, IGST is Rs 62,842 crore (including Rs 31,097 crore collected on import of goods) and Cess is Rs 8,757 crore (including Rs 935 crore collected on import of goods). (PIB)

    13:42 (IST)01 Apr 2021
    RBI MPC may maintain status quo

    The upcoming policy is against a backdrop of nascent recovery and fears of our country seeing resurgence of the pandemic. The MPC members will yet another time have to do the tight rope walk in such a scenario, being mindful of stretching the elastic too wide. We are therefore of the view that the case for status quo and extended pause remains. The last thing the central banker would want to do is tweak policy amid uncertainty. The case for maintaining adequate liquidity and gradual normalising over time remains.: Lakshmi Iyer, CIO (Debt) & Head Products, Kotak Mutual Fund

    13:01 (IST)01 Apr 2021
    Maruti sales nearly double in March 2021

    In the month of March 21, Maruti Suzuki India reported overall auto number sales growth of ~99% yoy to 1,67,014 units (Include Passenger Vehicle and Light Commercial Vehicle). On the domestic front, Maruti reported growth of ~97% yoy to 155,417 units and exports front reported ~146% yoy growth to 11,597 units. Considering overall growth and prospects we are positive stock.: Amarjeet Maurya - AVP - Mid Caps, Angel Broking Ltd

    12:56 (IST)01 Apr 2021
    Nifty may hit 15,500 in Apr-Jun quarter, charts show strong support; watch these levels in FY22

    Domestic equity market benchmarks BSE Sensex and NSE Nifty rallied over 70 per cent in the financial year 2020-21, despite uncertainties due to COVID-19-led disruptions. The 30-share Sensex zoomed 68 per cent while the Nifty 50 index soared 71 per cent on strong foreign portfolio investment inflows. In absolute terms, Sensex gained over 20,000 points and Nifty 6,100 points. 

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    11:41 (IST)01 Apr 2021
    Jana Small Finance Bank files IPO papers with SEBI

    After Suryoday Small Finance Bank, another SFB has filed IPO papers with capital market regulator SEBI. Jana Small Finance Bank is planning to launch initial public offer. 

    11:23 (IST)01 Apr 2021
    NSE reduces market lot size for Nifty 50 derivative contracts

    The National Stock Exchange (NSE) has slashed the market lot size for derivative contracts on Nifty 50, a move that will reduce the burden of excessive upfront margins for retail traders. The lot size has been reduced to 50 from the existing 75, NSE said in a circular on Wednesday. The reduction in the lot size for NIFTY will reduce the margin requirements for futures trading by one-third, stockbroking firm FYERS CEO Tejas Khoday said. Currently, traders need approximately Rs 1.73 lakh to trade one lot, he said.

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    10:39 (IST)01 Apr 2021
    Lodha Developers group company Macrotech IPO opens Apr 7; check issue size, price band, bid details

    Mumbai-based Macrotech Developers Ltd, erstwhile Lodha Developers, will open its IPO on April 7, in the price band of Rs 483-486 per share of the face value of Rs 10, each. The Rs 2,500-crore issue will close for subscription on April 9, 2021. This is the third time when the developer has come up with its IPO. 

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    10:23 (IST)01 Apr 2021
    Jet fuel price cut by 3%

    In the first reduction in rate in two months, jet fuel or ATF price on Thursday was cut by 3 per cent in line with softening international crude oil prices. Aviation turbine fuel (ATF) price was reduced by Rs 1,887 per kilolitre, or 3 per cent, to Rs 58,374.16 per kl in the national capital, according to a price notification of state-owned fuel retailers. This is the first reduction in rates after four rounds of increase since February.

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    09:49 (IST)01 Apr 2021
    Once Nifty gets past 14,950, it will touch 15,300

    The Index is struggling to keep above 14800 which was yesterday's high. We need to get past 14950 for an upward directional move to commence. If we can do that, we should achieve 15300 as the next target. If we break 14500, the markets will drift southwards and retest the recent lows of 14200. Until either levels are not taken out, the Nifty will be sideways. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    09:38 (IST)01 Apr 2021
    Currency market closed on April 1

    The currency market will remain closed on April 1, 2021, on account of annual bank closing.

    09:36 (IST)01 Apr 2021
    Wipro to acquire Ampion, leading Australian provider of cyber security

    Wipro today announced that it has signed an agreement to acquire Ampion, an Australia-based provider of cyber security, DevOps and quality engineering services. Ampion was formed through the merger of IT services providers ‘Revolution IT’ and ‘Shelde’. Revolution IT was an IT services company in Australia founded in 2004 and Shelde was a digital IT security company founded in 2010 in Australia. The merged entity, Ampion is headquartered in Melbourne, with offices in Sydney, Brisbane, and a zone 3 facility in Canberra.

    09:31 (IST)01 Apr 2021
    Nifty IT index top sectoral gainer

    Barring the Nifty Realty index, all the sectoral indices were trading with gains, led by Nifty IT, Nifty PSU Bank and Nifty Auto.

    09:29 (IST)01 Apr 2021
    Sharp rise in gold is unlikely until US dollar corrects

    COMEX gold trades marginally lower near $1711/oz after a 1.8% gain in the previous session. Weighing on the gold price is US economic optimism, vaccine progress, higher yields and lack of ETF buying. Supporting gold is a retreat in the US dollar index from recent highs, mixed US economic data, rising virus cases and dovish central bank stance. Gold has bounced back after managing to hold above $1670/oz however a sharp rise is unlikely until US dollar corrects sharply.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

    09:28 (IST)01 Apr 2021
    HDFC Bank, Nestle India top Sensex losers

    The stocks of Nestle India and HDFC Bank were trading in the negative territory on the first day of the new financial year (FY22).

    09:27 (IST)01 Apr 2021
    RIL, HCL Tech, Maruti top Sensex gainers

    Top BSE Sensex gainers were HCL Tech, Maruti Suzuki, NTPC, Bajaj-Auto, Titan Company, IndusInd Bank, Infosys and Reliance Industries Ltd (RIL) among others.

    09:24 (IST)01 Apr 2021
    Two stocks to buy for next one month, charts show strong support; Nifty may move higher in upcoming sessions

    Markets have bounced back smartly in the last few sessions after the correction seen in the Nifty from Mid February. On the daily chart, the Nifty has bounced back from an upward sloping trend line, thereby indicating that the intermediate uptrend is intact.

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    09:20 (IST)01 Apr 2021
    Sensex jumps 400 points, Nifty reclaims 14,800

    BSE Sensex was trading 400 points or 0.80 per cent higher at 49,910, while the broader Nifty 50 index was ruling at 14,801, up 117 points or 0.77 per cent on Thursday.

    Check live Sensex, Nifty levels

    09:05 (IST)01 Apr 2021
    Sensex zooms 650 points, reclaims 50,000

    BSE Sensex was trading 650 points or 1.31 per cent higher at 50,158, while the broader Nifty 50 index was ruling at 14,747, up 56 points or 0.38 per cent in the pre-opening session on Thursday.

    Check live Sensex, Nifty levels

    08:57 (IST)01 Apr 2021
    Gas price for ONGC remains at decade low of $1.79, falls 11% for Reliance-BP

    The government on Wednesday left the price of natural gas produced by companies such as ONGC unchanged at a decade-low rate of USD 1.79 while the same for difficult fields like the one operated by Reliance-BP was cut by 11 per cent. The Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC) announced the bi-annual revision in the price of gas, which is used to generate electricity, make fertiliser and convert into CNG for automobiles and cooking gas for households. 

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    08:55 (IST)01 Apr 2021
    Moody’s upgrades outlook on Tata Steel to stable from negative

    Rating agency Moody’s Investors Services on Wednesday revised the outlook on Tata Steel from negative to stable and also affirmed the company’s Ba2 corporate family rating (CFR). The stable outlook reflects Moody’s view that a benign operating environment will help to sustain its improving performance such that debt/Ebitda leverage trends below 4x over the next 12 months, indicating levels supportive of a Ba2 CFR.

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    08:53 (IST)01 Apr 2021
    Stocks in focus: Indian Overseas Bank, Future Enterprises, Central Bank, UCO Bank, Axis Bank, Adani Green, HAL

    Indian Overseas Bank in its BSE filing said it has received a capital infusion of Rs 4,100 crore from the government.The bank in a BSE filling informed that Government of India has infused capital of Rs 3,000 crore in Bank of India.Axis Bank has entered into a share purchase agreement on 31st March 2021 for sale of 100% stake in its subsidiary.

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    08:16 (IST)01 Apr 2021
    Investors’ wealth rises massively by over Rs 90.82 lakh cr in FY21

    Investors’ wealth grew massively by Rs 90,82,057.95 crore in 2020-21 driven by an extraordinary rally in the equity market, where the benchmark Sensex jumped 68 per cent. In an unprecedented rally, the 30-share BSE Sensex jumped 20,040.66 points or 68 per cent this fiscal year, braving many uncertainties due to COVID-19-led disruptions.

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    08:15 (IST)01 Apr 2021
    Govt to infuse Rs 14,500 crore in 4 PSU banks through recapitalisation bonds

    The Finance Ministry on Wednesday notified that government will infuse Rs 14,500 crore through recapitalisation bonds in four public sector banks. The notification issued by the finance ministry said that government would infuse capital by issuing non-interest-bearing bonds to banks.

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    08:14 (IST)01 Apr 2021
    Nifty futures lot size cut to 50 from 75, effective from July contracts

    All monthly expiry contracts starting from the July expiry contract will have a lot size of 50. July contracts will start trading from April 30, 2021. However, according to a SEBI circular, the April, May, and June contracts will continue to have a lot size of 75. The circular also stated that the lot size of all existing Nifty long term options contracts (having expiry greater than 3 months) shall be revised from 75 to 50 after the expiry of June 2021 contracts (i.e. June 25, 2021).

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