Market HIGHLIGHTS: Sensex surges 790 pts, ends above 49,700; Nifty tops 14,850; HDFC Bank top contributor

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Updated: April 28, 2021 4:22:59 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: BSE Sensex and Nifty 50 ended over 1.6 per cent higher on Wednesday

Share Market Today, Share Market LiveThe knowledge one can gain from the financial markets is infinite, and even experienced traders and retail investors find it challenging to keep track of all the developments and get every trade right. Image: Reuters

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended higher on Wednesday ahead of the monthly expiry of the F&O contracts of April due tomorrow. BSE Sensex surged 790 points or 1.61 per cent to 49,734, while the Nifty 50 index zoomed 211 points or 1.44 per cent to 14,864. Bajaj Finance was the top Sensex gainer, up 8.32 per cent, followed by IndusInd Bank, Bajaj Finsv, ICICI Bank, Kotak Mahindra Bank, State Bank of India (SBI), Bajaj-Auto, HDFC Bank and Bharti Airtel among others. On the flip side, Nestle India, HCL Tech, Larsen & Toubro (L&T), Tata Consultancy Services (TCS), ITC were among the top Sensex laggards. Barring Nifty Metal and Nifty Pharma, all the sectoral indices ended in the green. Nifty Bank index soared over 3 per cent while Nifty Financial Services gained 1.68 per cent.

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Highlights

    15:51 (IST)28 Apr 2021
    Valuations of shipping stocks still inexpensive; Jefferies bullish on these Wall Street shares

    After being bruised and beaten in the previous year owing to the pandemic and a global lockdown, the shipping industry is recovering steadily. Last week, the Baltic Dry Index hit an 11-year high of 2,788, up 300% on-year basis from April 2020 and the highest since October 2010, global investment bank Jefferies said in a recent report. Owing to the improvement in the shipping industry, Jefferies said it has increase NAV estimates and raised price targets for all dry bulk companies under its coverage. 

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    15:41 (IST)28 Apr 2021
    Nifty will now head to 15,100

    The markets have successfully closed above the 14700 level and this is a positive signal. We should now be headed to 15100. The index has a good support at 14300-14400 and as long as that holds, we could use any intra day correction or dip to buy into this market for higher targets. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:38 (IST)28 Apr 2021
    Sensex zooms 790 pts, Nifty tops 14,850

    BSE Sensex surged 790 points or 1.61 per cent to 49,734, while the Nifty 50 index zoomed 211 points or 1.44 per cent to 14,864

    15:00 (IST)28 Apr 2021
    Brokerage view on Britannia Industries

    Demand for essentials and in-home categories remained benign in 2HFY21 as consumer buying saw a shift from essentials to non- essentials. EBITDA margin expansion of 30bps YoY saw a sharper moderation after clocking a robust 400bps YoY expansion in 9MFY21. Commodity inflation and resumption of other variable costs (particularly marketing spend) impacted margins. EBITDA grew by 11% (HSIE 25%). Amidst COVID- led localised lockdown, there can be near-term acceleration in packaged food category but it will be unlike that in the previous year. We maintain our EPS estimate for FY22/23. High debt, inter group transactions, and modest FY22 earnings growth will keep the valuation in check. We value Britannia at 40x P/E on Mar-23 EPS to derive a target price of INR 3,589. Maintain REDUCE. HDFC Securities

    14:36 (IST)28 Apr 2021
    SBI board approves to raise $2 bn through bonds in FY22

    To examine the status and decide on long term fundraising in single/multiple tranches up to US$ 2 Billion (US$ Two Billion) under Reg-S/144A, through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2021 -22. (BSE filing)

    14:23 (IST)28 Apr 2021
    Sensex continues to soar high

    BSE Sensex surged 839 points or 1.72 per cent to 49,784, day's high level. While the Nifty 50 index zoomed 233 points or 1.6 per cent to 14,886

    14:21 (IST)28 Apr 2021
    Motilal Oswal upgrades Bajaj Finance to 'buy'

    4QFY21 was a healthy quarter for BAF. Disbursements have exceeded 90% of YoY levels across most segments. The initial asset quality performance of incremental disbursements is in line with or marginally better than pre-COVID levels. This bodes well for asset quality in the medium term. In the near term, we do not foresee any major asset quality disruption, unless the impact of the second wave is worse than expected. Margins are likely to see a sharp improvement in FY22 on a) lower cost of funds, b) a reduction in liquidity, and c) a favorable base due to interest reversals. Given the positive outlook, we upgrade our Neutral rating to BUY, with TP of INR5,865 per share. Motilal Oswal Institutional Equities

    13:52 (IST)28 Apr 2021
    Second COVID wave poses downside risks to India's economic growth: S&P

    S&P Global Ratings on Wednesday said the second wave of COVID infections poses downside risks to India’s GDP and heightens the possibility of business disruptions. The second wave brings in uncertainty and a drawn-out COVID outbreak will impede India’s recovery, it said.

    13:12 (IST)28 Apr 2021
    RBI’s CEO tenure cap: Here’s how it will impact Uday Kotak; HDFC Bank, ICICI Bank, Axis Bank safe

    The Reserve Bank of India’s (RBI) final guidelines on the tenure of bank MD, CEOs, or Whole Time Director (WTD) will apply to private lenders, small finance banks (SFBs), and wholly-owned subsidiaries of foreign banks. Under the new guidelines, the post of MD and CEO of a private bank cannot be held by the same individual for more than 15 years in one go. While, in the case of a promoter MD/CEO, the tenure will be capped at 12 years.

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    13:03 (IST)28 Apr 2021
    PowerGrid InvIT IPO opens tomorrow: Stable financials, healthy payouts; should you subscribe

    PowerGrid Infrastructure Investment Trust (InvIT) IPO will open for subscription tomorrow, making it the first InvIT to be sponsored by a state-run firm. PowerGrid InvIT is looking to raise Rs 7,735 crore through the issue which will include a fresh issue as well as an offer for sale (OFS) of existing units. PowerGrid InvIT would become only the third InvIT to be listed on the bourses after IndiaGrid Trust and IRB InvIT, both trading on BSE and NSE since 2017. 

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    12:54 (IST)28 Apr 2021
    Nifty to trade in range of 14500-148500 in short term

    The market opened with a gap up as the global markets are keeping the positive sentiments intact in the market and the hope that Covid cases will decrease and the situation will be controlled although rating agencies all around the globe have started to revise their GDP estimates after the second covid wave in the country. We expect the market to trade in a range. US markets have closed flat. Asian markets were trading lower following mixed cues overnight from Wall Street, as traders are taking a cautious stance before the Federal Reserve’s monetary policy decision. We have observed a positive momentum in the market since the important level of 14500 was breached a few trading sessions ago. We expect this momentum is likely to continue and we expect the market to trade in the range of 14500-148500 in the short term. On the sector front most of the major sectors have shown positivity led by the Auto sector. Bajaj Finance and Bajaj Finserv are the top gainers while JSW Steel and Hindalco are the top losers on Nifty. Likhita Chepa, Senior Research Analyst, CapitalVia Global Research Limited

    12:21 (IST)28 Apr 2021
    Brokerage report on Britannia Industries

    We cut earnings by 8-9%. Valuations at 40x FY23E EPS appear reasonable and should restrict short-term downside potential. Retain Buy with a revised TP of Rs4,250 (Rs4,500 earlier), rolling forward to Jun-23E. Emkay Global Financial Services

    11:24 (IST)28 Apr 2021
    Zomato to be first food delivery company to be listed on Indian stock exchanges

    Info edge India ltd has filed for the IPO of its subsidiary company Zomato Ltd. It will going to be first food delivery company to be listed on Indian stock exchanges, Zomato has seen exceptional growth in Indian in last couple of year but at this point in time business has come down due to as several states are in lockdown or several restrictions in many states due to covid19 2nd wave in India. Info edge has proposed an IPO of Zomato Ltd comprising a fresh issue as well as offer for sale from parent company Info edge India ltd. Board has approved the offer for sale of Rs 7,500 crores in Zomato Ltd. This will be a very positive development for the Info Edge: Yash Gupta Equity Research Associate, Angel Broking Ltd  

    11:03 (IST)28 Apr 2021
    Zomato Rs 8,250-cr IPO set to hit D-street; Naukri.com parent to sell Rs 750-cr shares via OFS

    Online food delivery platform Zomato is looking to raise a massive Rs 8,250 crore through its much-awaited initial public offering (IPO). In its DRHP, filed with the capital markets regulator Securities and Exchange Board of India (SEBI) today, Zomato said its IPO will be an amalgamation of fresh issue of equity shares and an Offer For Sale (OFS) by existing shareholder Info Edge Ltd -- the parent firm of Naukri.com. With this, Zomato has begun the proceedings of one of the most awaited public issues on Dalal Street in recent years. Zomato’s IPO could be the largest to hit Dalal Street since SBI Cards and Payment Services in March 2020.

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    10:45 (IST)28 Apr 2021
    Volatility slips

    India VIX, the volatility gauge slipped further on Wednesday morning. India VIX was below 23 levels, falling over 2%. The index has surged higher in the last few weeks.  

    10:17 (IST)28 Apr 2021
    Nifty might claim 14,850 in the coming days

    "The markets are still looking strong over 14,650 and can be seen at levels of 14,850 in the coming days. The market seems to open on a flattish note, with holding levels of 14,650. The vaccine optimism & the Q4 results are repeatedly giving strength to the market momentum. Axis Bank posting a profit of 2,677 crores in Q4 with improved asset quality and Bajaj Finance Net profits rising by 42% YoY basis are just a few examples," said Mohit Nigam Head PMS, Hem Securities.

    10:07 (IST)28 Apr 2021
    Nifty may soon touch 15,100

    The Index has crossed its resistance patch of 14500-14700 and is trading above 14700 since the opening. If we can keep above this level on a closing basis as well, we should be headed to 15000-15100 levels. A closing past 14700 will signal a shift in the trend from sideways to bullish and thereafter dips or intra day corrections can be utilized to buy into this market. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    10:06 (IST)28 Apr 2021
    Gold prices fall for 5th straight day ahead of US Fed decision; check MCX gold support, resistance levels

    Gold prices fell for the fifth straight day on Wednesday, following international trends as investors awaited the US Federal Reserve policy decision. MCX gold June futures were trading Rs 208 or 0.44 per cent down at Rs 47,095 per 10 gram against the previous close of Rs 47,303. Similarly, MCX May futures plunged Rs 812 or 1.18 per cent to Rs 68,146 per kg. In the previous session, silver futures ended at Rs 68,958 per kg. While no major policy changes are expected from the Fed’s two-day policy meeting ending on Wednesday, investors are likely to pay close attention to Chair Jerome Powell’s comments after the meeting.

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    09:26 (IST)28 Apr 2021
    Nifty Auto index top sectoral gainer

    Barring Nifty Metal and Nifty Realty indices, all the sectoral indices were trading in the positive territory. Nifty Auto index was up 1.5 per cent and Nifty Bank index gained 0.72 per cent.

    09:24 (IST)28 Apr 2021
    Bajaj group stocks lead the gains in Sensex

    Bajaj Finance, Bajaj-Auto, Bajaj Finserv, Mahindra & Mahindra, IndusInd Bank, Bharti Airtel, SBI were among top Sensex gainers

    09:21 (IST)28 Apr 2021
    Rupee likely to trade in the range of 74.45-74.80

    Today, the Indian Rupee is likely to open on a mixed note and expected to trade in the range of 74.45-74.80. The recent recovery in the domestic equities along with weakness in the US dollar index below 91 mark helped Rupee to appreciate upto 74.50 against USD. The US market was mixed and now Asian markets are also trading in a choppy range, just ahead of FOMC's monetary policy decision. The Fed is likely to keep interest rates unchanged and stance accommodative, but their tone will remain in focus. If the Fed reiterates that they will hold off on reacting until inflation remains well above 2% for an unspecified time then the US Dollar index could continue its weakness. But If fed consider expected inflation (10-year Breakeven inflation at 8 years high) along with recent upbeat economic data and signals that the current recovery is in full swing to achieve targeted growth to taper then the US dollar index will recover the ground. Amit Pabari, managing director, CR Forex Advisors

    09:19 (IST)28 Apr 2021
    Sensex rules above 49,200, Nifty tops 14,700

    Sensex jumped 264 points or 0.54 per cent to trade at 49,208 while the broader Nifty 50 index was ruling above 14,700, up 78 points or 0.54 per cent on Wednesday.

    Check live Sensex, Nifty levels

    09:10 (IST)28 Apr 2021
    Gold may remain choppy ahead of US Federal Reserve decision

    COMEX gold trades about 0.5% lower near $1769/oz after a 0.1% decline yesterday. Gold weakened today as the US dollar and bond yields inched up ahead of the Fed decision later today. Also weighing on price is weaker investor interest and concerns about consumer demand in India. However, supporting price is rising virus cases and loose monetary policy stance of major central banks. Gold may remain choppy ahead of Fed decision however we do not expect a sustained decline as Fed is most likely to reaffirm its dovish stance. Ravindra Rao, CMT, EPAT,  VP- Head Commodity Research at Kotak Securities

    09:08 (IST)28 Apr 2021
    Nifty may hold 14,650 in intraday deals

    The markets are still looking strong over 14,650 and can be seen at levels of 14,850 in the coming days. The market seems to open on a flattish note, with holding levels of 14,650. The vaccine optimism & the Q4 results are repeatedly giving strength to the market momentum. Axis Bank posting a profit of 2,677 crores in Q4 with improved asset quality and Bajaj Finance net profits rising by 42% YoY basis are just a few examples. Mohit Nigam, Head PMS, Hem Securities

    09:05 (IST)28 Apr 2021
    Sensex reclaims 49,000, Nifty tops 14,800

    Sensex jumped 200 points to reclaim 49,000 while the broader Nifty 50 index was ruling above 14,800 in the pre-opening session on Wednesday.

    Check live Sensex, Nifty levels

    09:03 (IST)28 Apr 2021
    Petrol and diesel price today 28 April 2021: Fuel cost steady for 13th day; check prices in Mumbai, Delhi here

    Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel remain unchanged today for the thirteenth consecutive day. Fuel prices were last cut on April 15 after having remained unchanged for fifteen days straight earlier. Today, the Petrol price in Delhi is Rs 90.40 per litre, while Diesel prices were at Rs 80.73 per litre. Fuel prices remain the highest in Mumbai at Rs 96.83 per litre for Petrol. 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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    08:50 (IST)28 Apr 2021
    SBI, BPCL, Hero MotoCorp among stocks to buy, technical charts suggest Nifty may ride towards 14,800

    Technically, the Nifty has held a level of 14550/48600 which suggests bulls are in total control and would like to take this ride towards 14750-14800/ 49300-49800 levels. Above 14550/ 48600 levels, we may see a pullback rally to continue up to 14700-14750/49100-49300. 

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    08:32 (IST)28 Apr 2021
    Info Edge, Maruti, Axis Bank, Tata Comm, PNB Housing, Vedanta, JSPL, Bajaj Finance, HDFC AMC stocks in focus

    Nifty futures were trading flat with a negative bias at 14,656.50 on Singaporean Exchange, hinting a flat start for BSE Sensex and Nifty 50 on Wednesday. Headline indices have been on a gaining spree for consecutive sessions. The next resistance of Nifty 50 is 14,697, which doesn’t seem difficult for Nifty to breach.

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    08:16 (IST)28 Apr 2021
    FII, DII trends

    On Tuesday, foreign institutional investors (FIIs) sold shares worth Rs 1,454.75 crore, while domestic institutional investors (DIIs) lapped up shares worth Rs 1,463.44 crore on a net basis in the Indian equity market, as per provisional data available on the NSE.

    08:01 (IST)28 Apr 2021
    Sensex, Nifty on two-day gaining streak; 5 things to know before today's opening bell

    Domestic equity benchmarks have now been gaining for two consecutive trading sessions. S&P BSE Sensex sits at 48,944 points while the 50-stock NSE Nifty is at 14,653. On Wednesday morning, cues from global peers were mixed but technical analysts believe bulls are in control on Dalal Street at this juncture. Cases of coronavirus continue to surge in India but assurance of help from global strategic partners and reduction in cases in Mumbai seem to be aiding the positivity. SGX Nifty was trading flat with a negative bias on Wednesday morning, hinting at a muted start for equity markets.

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    07:54 (IST)28 Apr 2021
    Info Edge to sell Zomato shares worth Rs 750 crore via OFS in IPO

    Info Edge Ltd on Tuesday informed that Zomato Limited has proposed an IPO of its equity shares, comprising a fresh issue and an offer-for-sale (OFS) by Info Edge (India) Limited. The company in a BSE filing said that the Board of Directors of the company considered and have given their approval to the company to participate in the said OFS of up to such number of shares of Zomato Ltd as would aggregate upto Rs 750 crore, the terms and conditions of which will be specified in the Draft Red Herring Prospectus (DRHP), the Red Herring Prospectus (RHP) and the Prospectus, and in certain other offer documents and agreements. (BSE Filing)

    07:54 (IST)28 Apr 2021
    US stock indices ends flat in overnight trade

    In overnight trade on Wall Street, major US stock indices ended on a tepid note as investors geared up for the latest Federal Reserve policy announcement. The S&P 500 and the Dow Jones Industrial Average finished their trading day largely flat. The Nasdaq Composite dipped 0.34 per cent to close at 14,090.22.

    07:53 (IST)28 Apr 2021
    Asian stock markets trade mixed in early trade

    Asian stock markets were trading mixed in the early trade on Wednesday. Japan’s Nikkei 225 and Topix index gained 0.2 per cent, each.

    07:52 (IST)28 Apr 2021
    SGX Nifty hints at muted start for Sensex, Nifty

    Nifty futures were trading flat with a negative bias at 14,656.50 on Singaporean Exchange on Wednesday, indicating a tepid start for BSE Sensex and Nifty 50

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