Sensex starts FY22 with a 521-pt gain, ends above 50K; Metals, PSBs shine

The overall market breadth was in the ratio of 1:3 in the favour of advances

4:28 PM

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

Markets started the new financial year on a robust note led by optimism in the global markets. Announcement by US President Joe Biden to invest USD 2.3 trillion in infrastructure boosted sentiments. Initially the benchmark opened gap up but gains fizzled out gradually as the day progressed. However in the second half healthy buying amongst the sectors such as metals, banks, auto supported markets to steadily inch higher. Consequently, the Nifty ended near day’s high at 14,867 levels, with gains of 1.2%. The broader markets outperformed and ended higher in range of 1.6-2%. Barring FMCG, all the sectoral indices closed in positive.

 

Markets are likely to take cues from global peers as stimulus package announcement in the US last night led to renewed buying interest in the global markets. In the near term, positive bias is expected to continue however, rising COVID cases in India would remain a key concern. As Q4 earning season is approaching, Investors focus will shift to earnings announcements and management commentary.

4:19 PM

MARKET OUTLOOK :: Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities

Indian markets pulled back swiftly this week even though it was a short trading week. The Nifty-50 is higher by 2.5% this week while the Nifty Mid Cap 100 Index and the BSE Small Cap Index both are up by 3.8% each. Metal stocks have been the biggest gainers this week with BSE Metal Index climbing by 8.5%. Apart from metals there has been a clear shift towards high quality stocks as it is visible in the gains of Nifty-50 stock basket. Select FMCG IT and pharma stocks also saw gains of more than 4% this week. Amongst the metal stocks JSW Steel is up ~15% this week followed by Tata Steel (up ~13%) and Hindalco (up 7%).

The rally this week has been broad based with nearly 49 stocks from Nifty-50 are showing positive gains. US markets have remained flattish this week because of further rise in bond yields. However, jobs data in the US is likely to be better than expected which could lead to improved sentiment. The US President announced a massive USU$ 2.25 trillion infrastructure package on this Wednesday which will be funded through higher corporate taxes. The record GST collection in March (Rs.1.23 lakh cr) points to the sustained economic recovery even though the number of Covid-19 cases are on the rise.

After the fiscal year end investors are back into the market with more action seen in the mid and small cap space. The Nifty-50 has once again bounced above the 50 DMA which is a good sign. There is a golden crossover in the Nifty Mid Cap 100 Index wherein the 50 WMA has gone above the 200 WMA which signals long term bullish trend. Going forward the RBI policy and earnings season could be the next trigger for the market. The start of FY22 has been very good and April month could likely see more action with the start of the earnings season.

4:15 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

Index closed a week at 14867 with gains of two and half percent and formed a bullish candle after two consecutive bearish candles.  Index has formed a broader consolidation zone of 14300 on the downside and 15400 on the higher side very soon we may see fresh breakout above 14900 zone which can be consider as immediate small consolidation breakout and then we may see next leg of rally towards 15400 odd levels in near term, good support is still at 14700 zone.

4:06 PM

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

Markets across the globe were boosted by Biden’s $2.3tn spending plan. The rally in the domestic market was led by positive cues from global peers, strong buying in metal stocks and recovery in banking sector. Metal stocks outshined other sectorial indices on reports of possible price hike. PSU banks were also in focus today as the government announced capital infusion of Rs.14500Cr in 4 PSBs

3:58 PM

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

Markets were buoyant today on the back of the American Jobs Plan and the huge federal spend ignited Metal stocks today. Afternoon Trade saw strong investor interest in Banks, Metals & Tyres as GST record collections of a 27% yoy growth for March perked up sentiments despite a long weekend as India rolled out a larger vaccine program today

3:55 PM

Sector of the day :: PSU Banks rally on report of recapitalisation

3:54 PM

Sector of the day :: Nifty Metal index soars 5%

3:49 PM

Stocks that lifted the Sensex today

3:47 PM

Broader market :: S&P BSE SmallCap adds 2%; MidCap index up 1.6%

3:45 PM

Sectoral trends on the NSE :: Nifty FMCG index ends lower in a weak market

3:42 PM

Sensex Heatmap at Close

3:36 PM

CLOSING BELL

Among the frontline indices, the benchmark S&P BSE Sensex reclaimed the 50,000-mark on a closing basis and closed at 50,030, after advancing 521 points or 1.05 per cent. Earlier in the day, the index had breifly slipped in the red to touch a low of 49,478.5. On the NSE, the Nifty50 index closed at 14,867 levels, up 177 points or 1.2 per cent.

3:27 PM

Revenue growth of brokerages likely to moderate in next fiscal: Crisil

The revenue growth of the domestic broking industry is likely to moderate in 2021-22, says Crisil. The rating agency says market volatility and phased implementation of new margin regulations could be a drag on incremental volume growth next fiscal.

 

"After record-high active client additions and average daily turnover (ADTO) in a pandemic-marred fiscal, brokerages will continue to see positive revenue growth in fiscal 2022. Nevertheless, the growth will be muted," Crisil said in a release. READ MORE

3:18 PM

Mishra Dhatu Nigam shares soar 10% on record sales in FY21

Shares of Mishra Dhatu Nigam (MIDHANI) rose 10 per cent to Rs 193.70 on the BSE in intra-day trade on Thursday after the company said it has recorded the highest ever provisional sales of Rs 810 crore for the financial year 2020-21 (FY21). The state-owned mining company had posted sales worth Rs 712.88 crore for FY 2019-20 (FY20). READ MORE

3:08 PM

MARKET UPDATE:: Sensex reclaims 50k

3:00 PM

MARKET UPDATE:: ICICI Bank, RIL, and Infosys among top contributors to Sensex's gain today

2:55 PM

Archegos fallout wipes $9 bn from market value of Credit Suisse, Nomura

Investors on Wednesday tallied the fallout from Archegos Capital's dramatic meltdown, with Nomura and Credit Suisse shares losing a collective $9 billion while heightened scrutiny of the hedge fund industry loomed.

 

The downfall of Archegos, a family office run by former Tiger Asia manager Bill Hwang, has rocked a handful of stocks that have been linked to the fund's massive margin call while weighing on shares of banks that did business with the New York-based fund. READ MORE

2:45 PM

Nazara Technologies advances 19% after falling 29% in two days

Shares of the recently listed and ace investor Rakesh Jhunjhunwala-backed Nazara Technologies rallied 19 per cent to Rs 1,738 on the National Stock Exchange (NSE) in intra-day trade on Thursday, after falling 29 per cent in the past two days. The company had made a stellar debut on the bourses on Tuesday as the shares listed at Rs 1,990, an 81 per cent premium over its issue price of Rs 1,101, on the National Stock Exchange (NSE). READ MORE

2:37 PM

Market share gains to support volume growth for Varun Beverages

The second wave of Covid-19 and resultant restrictions on movement could weigh on Varun Beverages’ prospects this summer. The impact for the national bottling partner of PepsiCo would be higher in Maharashtra as well as in the hotels, restaurants, and cafeteria, or Horeca, segment. READ MORE

2:25 PM

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

2:23 PM

March Auto Sales :: Ashok Leyland gains nearly 4% as co reports over 700% YoY rise in March sales

2:17 PM

Recovery from intra-day lows in today's trade

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
Caplin Point Lab	406.65	463.45	452.00	11.15
Future Retail	40.60	44.80	44.80	10.34
Dish TV India	9.27	10.86	10.19	9.92
Adani Power	81.35	89.30	89.30	9.77

2:12 PM

Market Check | Sensex rises over 400 points, trades near day's high

2:03 PM

March GST collection

- GST revenue collection from March sets new record
- Gross GST revenue collection at Rs 1.23 lakh crore

1:58 PM

Britannia appoints Urjit Patel as Non-Executive Independent Director

Board of Directors of Britannia at their meeting held on Wednesday approved the appointment of Dr. Urjit Patel, as an Additional Director of the Company in the category of Non-Executive and Independent Director with effect from 31stt March, 2021 for a term of 5 years. READ HERE

 

(Source: BSE Filing)

1:51 PM

European markets check

(Source: Reuters)

1:41 PM

Sector Watch | Barring FMCG, all indices on NSE trade in the green

1:37 PM

Commodity market participants seek FM's intervention as volumes shrink in Feb-Mar

The Commodity Participants Association of India (CPAI) on Thursday met Finance Minister Nirmala Sitharaman and sought her immediate intervention and policy support following a sharp decline in the volumes of exchange-traded commodities. During the meeting, the CPAI representatives expressed their concerns pertaining to current challenges and hurdles that the industry is facing, which are contributing to diminishing liquidity on Indian commodity exchanges.

 

(Source: PTI)

1:24 PM

ALERT :: Sensex gains momentum

1:13 PM

March Auto Sales :: Eicher Motors' total sales jump 369% YoY in March