RBI's liquidity shot lifts pharma, bank stocks; Sensex leaps 424 pts

The RBI's well guarded measures which, analysts believe, are tuned to the evolving situation may support the economy going forward

4:52 PM

TECH VIEW :: Nagaraj Shetti, Technical Research Analyst at HDFC Securities

The short term trend of Nifty remains dicey with one day of negative and positive movements. At the same time, the immediate support of 14415 seems to be holding and a sustainable move above 14725 could open fresh buying enthusiasm in the market. On such formation more upside could be expected. Any failure to sustain above 14700 levels is likely to trigger another sell on rise from the highs

4:43 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed some lackluster movement and an attempt to hold the support level around the Nifty 50 Index level of 14500. The trading above 14500 is positive from a short-term perspective. Sustaining above 14500 levels, the market to gain momentum, which could lead to an upside projection till 14800-14900 level. The momentum indicators like RSI, MACD to recover after staying neutral in recent time.

4:33 PM

TECH VIEW :: Sumeet Bagadia, Executive Director at Choice Broking

Technically, the nifty index has taken good support of 100 days SMA and sustained above Middle Bollinger Band formation, which indicates further upside move in the counter. Moreover, the recent candle also formed like a Hammer Candlestick on the daily chart, which is a sign of a bullish trend. An oscillator Stochastic has indicated positive crossover, which supports the bullish trend for the near term. At present, the nifty index is holding support at 14450 levels while an upside resistance seems at 14860 levels.

4:21 PM

MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking

Markets traded volatile for yet another day but managed to end higher. After the initial uptick, the benchmark hovered in a range for most of the session but sustained recovery in the last one and half hours aided the index to close around the day’s high. Consequently, the Nifty index settled above 14,600; up by 0.8%. The market breadth too was inclined strongly on the advancing side. Mostly sectoral indices traded in the tandem wherein pharma outshined the others.

 

We feel the timely intervention by the apex bank has relieved the participants to some extent amid the prevailing uncertainty. However, it failed to trigger a decisive move in the benchmark indices and we might see further consolidation. On the flip side, there’s no shortage of trading opportunities on the stock-specific front so participants should align their positions accordingly while keeping a check on leveraged trades.

4:09 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Retail Research at HDFC Securities

India benchmark equity indices rose on May 05 after the RBI announced measures to further support the economy as coronavirus cases continue to surge. A late surge in the markets post 1415 Hrs led the indices higher. At close the NSE Nifty 50 rose 0.84% or 121 points to 14618.

 

Volumes on the NSE were in line with recent averages. Among sectors, Healthcare, Banks and Metals were the main gainers while Realty was the loser.

 

Nifty formed an inside day on May 05, meaning that the high low range for the day was within the high low range of the previous day. However the Nifty closed near its intra day high. Advance decline ratio too became positive.  14461-14723 continues to be the range for the Nifty in the near term. In case we do not see a negative day tomorrow, then we may have seen a near term bottom at 14416 on May 03. 

3:59 PM

MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities

RBI sops and MSCI rebalancing next week propelled Indices higher by nearly a percentage led by Pharma with good support from Banks. The broader market witnessed keen interest in Shipping stocks and select PSU stocks.

 

3:54 PM

Sector of the day :: Bank stocks cheer no moratorium, restructuring measures

3:53 PM

Sector of the day :: Pharma stocks surge as RBI rolls out Rs 50,000-cr liquidity scheme

3:51 PM

Broader markets at close

3:50 PM

BSE Snapshot :: Top losers of the day

3:49 PM

BSE Snapshot :: Top gainers of the day

3:48 PM

NSE Snapshot :: Top Nifty50 gainers today

Advances: 44

Declines: 5

Unchanged: 1

3:46 PM

Which stocks lifted the Sensex today?

3:45 PM

Rupee Closing

Rupee ends weaker at 73.91 per US dollar vs Tuesday's close of 73.85/$

3:42 PM

Sectoral trends on the NSE

Outperformers: Nifty Pharma, Bank lead the rally

Underperformer: Nifty Realty fails to participate

3:39 PM

Sensex Heatmap

Top gainers: Sun Pharma, IndusInd Bank, Axis Bank

Top losers: Bajaj Finance, Asian Paints, HUL

3:33 PM

CLOSING BELL

Overall, the benchmark S&P BSE Sensex closed the session at 48,677.5 levels, up 424 points or 0.88 per cent. In the intra-day trade, the 30-share barometer hit a high and low of 48,743 and 48,254, respectively.

 

On the NSE, the Nifty50 hit an intra-day high of 14,637 but shut shop at 14,618 levels, up 121 points or 0.84 per cent.

3:25 PM

Shipping players benefit from new biz apart from 10-year high Baltic Dry

With Baltic Dry Index having hit 10-year high recently, Indian shipping companies are not just benefitting from high freight but also from increased trade with Bangladesh and Vietnam, industry experts said today.

 

“Construction activity has picked up significantly in Bangladesh as the country is focusing on infrastructure growth. Due to this, Indian shipping companies are witnessing increased cargo volumes with a lot of bulk raw material getting shipped. This is going to be a long term trend as infrastructure push is expected to continue,” Captain Rahul Bhargava, chief operating officer at Essar Shipping told Business Standard. READ MORE

3:12 PM

Commodity corner :: Oil nears $70 as data shows bigger-than-expected drop in US crude stocks

Both benchmark contracts rose nearly 2 per cent on Tuesday ahead of data from the American Petroleum Institute (API) industry group.

 

"Crude oil prices appear to be supported by a large draw in crude and gasoline inventories, according to API figures," said Margaret Yang, a strategist at Singapore-based DailyFX. READ MORE

3:00 PM

March Quarter Results :: CEAT posts profit of Rs 150 crore vs Rs 52 cr YoY

>> Revenue at Rs 2,290 crore

2:58 PM

Heatmap: S&P BSE Sensex gainers and losers at this hour

2:50 PM

RBI relief measures may cushion NPA blow from second Covid wave: Analysts

The RBI also announced that individual borrowers and small businesses, with loan outstanding of up to Rs 25 crore and who did not avail for moratorium or restructuring relief last year, for instance, can ask for restructuring of their loans for up to 2 years.

Meanwhile, individual borrowers and small businesses that availed the facility last year but banks allowed restructuring of less than two years can now avail the facility and tell banks to increase the residual repayment window to up to two years in total. READ MORE

2:40 PM

JSW Energy gains 9% as Moody's, Fitch assign credit ratings to arm notes

Shares of JSW Energy hit a fresh 52-week high of Rs 120.35, up 9 per cent on the BSE, in the intra-day trade on Wednesday on the back of a two-fold jump in trading volumes after global rating agencies Moody's Investors Service and Fitch Ratings assigned long-term ratings to the JSW Energy's wholly-owned subsidiary, JSW Hydro Energy Limited with stable outlook. The rating has been assigned to JSW Hydro Energy Limited's proposed US-dollar senior secured notes due 2031. READ MORE

2:33 PM

MARKET UPDATE:: ICICI Bank, Kotak Mahindra Bank, and HDFC Bank among top contributors to Sensex's gain today

2:24 PM

BUZZING :: Lupin sees biggest one-day jump in a year

2:12 PM

MARCH QUARTER RESULTS :: Adani Enterprises

>> Consolidated PAT at Rs 413 crore vs Rs 61 crore YoY; up 7 times

 

>> Total Income for the quarter remained constant at Rs 13,689 crore

 

>> EBIDTA for the quarter increased by 65% at Rs. 1068 crore

 

>> Borad recommends dividend of Re 1 per share 

2:04 PM

RBI extends safety net; response proactive, loaded and well timed

The Reserve Bank of India (RBI) in its special address today meant strict business, with a chiselled focus on alleviating financing constraints for economic stakeholders at the grass root level bearing a disproportionate burden of the ravaging second wave of COVID in the country. Wide ranging in scope, these stakeholders included: 1) On the retail side small individual borrowers; 2) On the business side, small business borrowers and MSMEs; 3) Among financial entities – Small Finance Banks (SFBs) and MFIs; and 4) On the sectoral side – Health/healthcare sector. Despite RBI’s stepped-up efforts, support to the widely crippled contact-intensive services sector remains less than desired; hopefully in the offing. READ MORE

 

1:53 PM

Shipping shares in focus; GE Shipping surges 14% to hit over 3-year high

Shares of shipping companies were in focus at the bourses, on Wednesday, with the stock of Great Eastern (GE) Shipping hitting an over three-year high of Rs 391.80 after rallying 14 per cent on the BSE in intra-day trade. The stock surpassed its previous high of Rs 349.75, touched on Tuesday. It is trading at its highest level since February 2018. READ MORE

 

1:36 PM

Targeted economic measures by RBI are for second wave of Covid-19

With rising infections, Covid 2.0 has taken a huge toll on India’s health infrastructure. The economic impact is nowhere close to the scale of impact on public health. This is more to do with the fact that this time around, the containment measures have been more localised. Last year, India had gone for a national lockdown to build health systems and infra to fight the first wave. READ MORE

1:29 PM

Government eases GIFT entry for foreign investors in category III AIFs

The government has eased personal account number (PAN) requirements for foreign investors in the international financial services centre. The requirement had been an impediment for category III alternative investment funds based out of the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC). The latest development would also help foreign investors on GIFT-based exchanges, according to an expert. READ MORE