Nifty Metal and Nifty Auto indices were the top sectoral gainers, up 7.90 per cent and 6.45 per cent, respectivelyShare Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks Sensex and Nifty continued their momentum for the fourth consecutive day and ended with strong gains tracking global cues as positive results for experimental remdesivir drug towards coronavirus treatment lifted investor sentiment on Thursday. Equity and currency markets will remain closed tomorrow on account of Maharashtra Day. BSE Sensex surged 1,000 points or 3.05 per cent to end the session at 33,717, while the broader Nifty 50 index advanced 306 points or 3.21 per cent to 9,860. Out of 30 Sensex stocks, 25 ended the session in green with ONGC as the top gainer with a growth of over 13 per cent, followed by HCL Tech, Hero MotoCorp, NTPC and TCS. Conversely, Sun Pharma was the top Sensex laggard, down 2.48 per cent. Hindustan Unilever (HUL), IndusInd Bank, Asian Paint and ITC were other losers on the pack. Nifty Metal and Nifty Auto indices were the top sectoral gainers, up 7.90 per cent and 6.45 per cent, respectively.
The head of the Federal Reserve on Wednesday dashed lingering hopes for a fast rebound from the coronavirus pandemic, saying the U.S. economy could feel the weight of consumer fear and social distancing for a year or more in a prolonged climb from a deepening hole, Reuters reported. In its policy statement on Wednesday, the Fed left its benchmark overnight lending rate in a target range of 0% to 0.25% and repeated a vow to use its “full range of tools” to shore up the economy amid what it now says are “considerable risks” over the medium term, perhaps a year or more.
Highlights
Nifty Metal index jumped 8 per cent led by gains in APL Apollo Tubes, JSW Steel, Jindal Steel & Power. While Nifty Pharma and Nifty Media indices were trading lower.
Equity, currency market will remain closed on May 1, 2020, on account of Maharashtra Day.
Hexaware’s Q1CY20 results missed our estimates on USD revenues and EBIT margin. PAT was 10% ahead of our estimates led by forex gains. Hexaware has suspended revenue growth guidance for CY20E citing Covid led uncertainty. We raise TP by 9% to Rs340/sh. Our target multiple for Hexaware is at 15% discount to our target multiple for LT Infotech. Retain BUY : Centrum Broking
Mukesh Ambani’s JioMart is expected to script a new history for India’s kirana stores, which have been facing the onslaught of modern trade and e-commerce for some time now. As RIL’s pet project aims to bring mom and pop stores to the fore again, the Reliance Jio-Facebook-Whatsapp trio may actually help kirana stores tremendously, Prasun Basu, South Asia Zone President, and Nitya Bhalla, Data Science Leader — South Asia, Nielsen, told Financial Express Online.
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Despite posting a strong 26% jump in profits, brokerages are not pleased with Information Technology firm Hexaware Technologies. The firm reported a profit of $1.75 billion, helped by significant forex gains, and posted a strong order intake at $69 million for the Januar-March quarter. However, Hexaware’s revenues declined nudged by lower utilization and EBIT margin fell 160 basis points to settle at 11.8%. What irked some of the brokerages is the firm’s decision to do away with the quarterly dividend in order to maintain some cash to tide through the coronavirus pandemic. Here’s what brokerages think about the scrip.
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Even as global gold demand rose in the quarter ending March, it fell significantly in India. The demand for gold in the world rose by 1 per cent on-year while it fell by 36 per cent in the country, according to the World Gold Council (WGC). The WGC has attributed the global surge in the demand of yellow metal to it being a safe-haven, whereas economic uncertainties and coronavirus-induced nationwide lockdown in India have been underlined as major reasons behind the dip in gold demand in India.
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Revenues may rise 2.5% yoy to Rs 10189cr. EBITDA margin is expected to expand 280bps to 26.1%. PAT may increase 22% yoy to Rs 1878cr on strong margins and lower taxes.
Reliance Industries (RIL) may post 10% yoy rise in revenues to Rs 153858cr. EBITDA margin may dip 100bps yoy to 14%. PAT may grow 1% to Rs 9988cr. GRM for the quarter may come in around US$ 7.5/barrel. Jio may end the year with ~38.5cr subscriber base. ARPU for the quarter may grow 7% qoq to Rs 136. Retail EBITDA is expected to stay steady on qoq basis. Company will also consider and approve rights issue.
BSE Sensex was trading at 33,557.12, up 836.96 points or 2.56 per cent. ONGC and Hero MotoCorp were the top Sensex gainers, up over 8.5 per cent each.
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Oil marketing companies (OMCs) have not cut retail prices of auto fuels since midMarch 2020, thereby retaining most of the benefits of the crude oil decline; marketing margins are hovering at INR18–20/liter. Although HPCL would be the biggest beneficiary in the short term due to the highestleverage to marketing margins, we continue to prefer IOCL owing to better free cash flow generation: Motilal Oswal
The Indian rupee settled stronger at 75.12 per US dollar as against Wednesday's close of 75.68 a US dollar
National association for startups in India – Startup Association of India (SAI) has written to Commerce Minister Piyush Goyal and DPIIT Secretary Guruprasad Mohapatra to exempt Chinese venture capital investments, from the FDI’s government approval route, into Indian startups that have been “immensely supported” and raised over $8 billion from Chinese investors. “Government should at least exempt DPIIT-registered startups.
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In view of persisting operational dislocations and elevated levels of health risks warranting continuing restrictions on movement, work from home arrangements and business continuity plans, it has been decided that the amended trading hours i.e., from 10.00 am to 2.00 pm for RBI-regulated markets that were effective till the close of business on Thursday, April 30, 2020 vide press release dated April 16, 2020 shall be extended till further notice, RBI said in a notification
Glenmark Pharmaceuticals on Thursday said it has become the first company in India to receive approval from Drug Controller General of India (DCGI) to conduct clinical trials of Favipiravir antiviral tablets for the treatment of COVID-19 patients. Having internally developed the active pharmaceutical ingredients (API) and the formulations for the product, the company filed the product for clinical trials with the DCGI and has received approval for conducting the trial on mild to moderate patients, Glenmark Pharmaceuticals said in a statement.
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We are initiating coverage on HDFC Bank with a Buy rating and Price Target of Rs 1,233 which implies an upside of 26% from the current levels. Our key reasons being 1) Amongst the best liability franchise/asset book which will help in consistent market share gains. 2) Proactive provisioning provides cushion for the COVID19 related stress. Asset quality looks manageable with risks in the unsecured, MSME and corporate books reined in. 3) Investments in digital strategy resulting in consistent cost rationalisation. Considering its stable margins, healthy asset quality, consistent performance and superior management, it is well placed to outperform its peers: Axis Securities
This month the movement in rupee was news-driven. Rupee depreciated sharply breaching fresh record low (76.90) almost every week, as forex market faced economic uncertainties due to the rising number of cases of coronavirus pandemic across the world. However, the fears surrounding the virus faded with the drug coming. Also, several countries are easing lockdown restrictions which means the economies will start to get back on track. However, there is still risk of a second wave of infection and India’s macros are not attractive enough to bring in heavy dollar inflows. Thus, going ahead USD/INR spot may trade above the support of 74.50 towards 75.50/76, says Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services
BSE Sensex was trading at 33,503.28, up 795.85 points or 2.43 per cent, while the broader Nifty 50 index was ruling at 9,782.90, up 229.55 points or 2.40 per cent.
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Automobile companies shares rallied on Thursday with Tata Motors as the top gainer on the Nifty 50 index. Tata Motors share price gained as much as 14.77 per cent to Rs 89.70 apiece on NSE. Among 11 sectoral indices, the Nifty Auto index was top gainer, up 5.76 per cent led by gains in Tata Motors, Bharat Forge and Motherson Sumi Systems, all up in the range of 10-14 per cent. Tata Motors surged after the reports said that Jaguar Land Rover had restored 75 per cent of its budgeted production in China.
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As many as 50 shares hit their 52-week-lows on an otherwise rallying share market on Thursday. Emami Realty was down 3.35% to trade at Rs 26 per share. Darjeeling Ropeway Company Ltd was also down 2%. On the other hand, 25 stocks on Sensex were trading at 52-week high values.
The falling interest rate scenario coupled with impending defaults in the fixed-income segment of the market has somewhat shaken the confidence of investors. The interest rate of bank fixed deposit is lying low at around 6 per cent and on top of it, the interest earned is taxable. One fixed-income investment that may suit investors especially those in the high-income slab is tax-free bonds. The current yield in some of the tax-free bond is around 5.5 per cent while a few companies FDs and fixed deposits of small finance banks are providing interest rate of around 8 per cent.
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We upgrade BPCL to ADD (from REDUCE earlier) post the recent stock price correction. We maintain BUY on RIL and ADD on Gujarat Gas. We downgrade all other stocks to ADD from BUY, amidst volume loss in 1HFY21 and slower pick up in vols subsequently: HDFC Securities
Gold prices edged a tad higher on Thursday after the US Federal Reserve in its two-day policy meeting decided to keep the interest rates near zero and warned of an “unprecedented” drop in second-quarter GDP. On MCX, gold June futures were trading Rs 53 higher at Rs 45,599 per 10 grams, while silver July futures were up Rs 158 or 0.37 per cent at Rs 42,520 per kg.
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WhatsApp is eyeing the loan market in India, according to the objectives of operations stated in the memorandum of association (MoA) of its local entity. The Facebook-owned company has altered its memorandum of association (MoA) to include an enabling clause to this effect, filings with the ministry of corporate affairs (MCA) reveal.
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Strides Pharma Science Ltd’s stock price zoomed 7.4% on Thursday morning, continuing their upward march after registering a 19% jump the previous day. Pharmaceutical companies have been witnessing a surge in the domestic equity markets as the battle to manufacture a drug capable to fight the coronavirus pandemic pulls investors towards listed pharma companies. Strides Pharma, on Wednesday, announced that it has developed and commercialized Favipiravir Antiviral tablets -- a generic version of Avigan of Toyama Chemical, Japan. Favipiravir had registered positive outcomes on coronavirus patients in early February when the drug was studied in China. Strides Pharma was trading at Rs 480 per share on Thursday morning.
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Today is the April series equity derivative expiry. We have seen USDINR offshore points cool off drastically. Month-end exporter selling and stops going through below 75.90 saw the Rupee strengthen yesterday. Broad USD weakness and overall positive risk sentiment are likely to support the Rupee. The FOMC reiterated its commitment to keeping its current accommodative stance for as long as necessary to support the economy. Global risk sentiment is holding up as Gilead Sciences has claimed it is seeing positive data from trials for its drug as a Coronavirus treatment says Abhishek Goenka, Founder and CEO, IFA Global
Due to positive news on a back to back basis and reopening up of major economies, market sentiments have improved leading to current strength in the rupee. Driving the same momentum, the pair is likely to make its move close to 74.80 levels. However, it shall be too early to say that the pair has reversed its momentum unless it sustains the strength. Today’s closing will be important to pave the further course for rupee, says Amit Pabari, managing director, CR Forex Advisors.
Bulls roared for the fourth consecutive day on Thursday supported by a host of quarterly earnings, April series F&O expiry and hopes of treatment for coronavirus globally. BSE Sensex was trading 841 points or 2.57 per cent at 33,561, while the broader Nifty 50 index jumped 240 points or 2.53 per cent to trade at 9,795.
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Telecom operators have increased tariffs by ~35% in Nov’19. There is a possibility of another round of tariff hikes by telecom companies in FY21 given that tariffs are still very low . If Vodafone Idea goes out of business, Bharti would benefit significantly from the addition of subscribers. Upside: 19.7%
- Angel Broking
The question of migrant workers and their livelihoods has been looming large ever since the nationwide lockdown began. While the government had announced a financial relief package of Rs 1.7 lakh crore, more needs to be done on that front, former RBI Governor Raghuram Rajan told Congress leader Rahul Gandhi on Thursday.
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Tata Motors share price jumped 11 per cent to Rs 86.75 on reports of JLR restoring up to 75 per cent of its budgeted production in China.
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Ahead of fourth-quarter earnings, Reliance Industries (RIL), Hindustan Unilever (HUL) and Tech Mahindra were trading with gains.
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Barring HUL, 29 Sensex stocks out of 30 shares were trading in green today with Maruti Suzuki as the top gainer, up 6.6 per cent, followed by ICICI Bank, Tata Steel and Infosys
In the first 30 days of the national-wide lockdown, India’s share markets have beaten the global equity benchmarks. With a 22% growth, S&P BSE Sensex and the 50-stock NSE Nifty, have outperformed the NASDAQ which grew by only 16%. Domestic share markets have also bettered the performance of S&P 500, FTSE 100, KOSPI, and the Dow Jones during this period, a report by Care Ratings said. Prior to the lockdown, Indian stock markets were among the worst-performing in the world, down 32% since the beginning of March till the lockdown was officially announced. Although volatile, both S&P BSE Sensex and NSE Nifty-50 have continued their climb upwards.
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BSE Sensex jumped 700 points or 2.12 per cent to 33,412, while Nifty 50 index touched crucial 9,750-mark in the opening trade.
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The last few sessions have witnessed increasing participation from banking as well as laggards like Metals which indicates that the focus is shifting on stocks which would be impacted by regulatory and policy decisions as well as global factors. With no major event on the local front, we feel global cues viz. US Fed meet and European Central bank meet will dictate the market trend as more measures are expected to combat the virus impact. On the domestic front, scheduled derivatives expiry and earnings announcements would keep the volatility high, says Ajit Mishra, VP - Research, Religare Broking Ltd
The official Twitter handle of the Congress party in its tweet said that the former RBI governor Raghuram Rajan's interaction with Rahul Gandhi can be watched on their social media platforms at 9 am on April 30.
Congress leader Rahul Gandhi will be interacting with Former RBI Governor Dr Raghuram Rajan on the critical issues related to COVID-19 and its economic impact
The US economy suffered its sharpest decline in 11 years. Gross domestic product declined at a 4.8% annualized rate in the first quarter, ending the longest expansion in US history, the Commerce Department reported earlier on Wednesday. Powell said he expects an “unprecedented” drop in second-quarter GDP and for there to be significant increases in unemployment, according to Reuters.
The Nifty set to open with a one and half per cent gain due to positive global cues. The US market closed with more than 3% gain on the back of good numbers from Google, soaring oil prices, and encouraging news for an experimental COVID-19 treatment. With the exception of Nikkei, all Asian markets are trading with gains of more than 1%. Today is F&O expiry for May series and it is expected with a very sharp short recovery as major levels of 9500 have already crossed by Nifty yesterday and it is also the last day before a long weekend. So, chances of the short rollover will be on the lesser side, says Vishal Wagh, Head of Research, Bonanza Portfolio Ltd.