Second Covid-19 wave hits investors; Sensex tanks 1,708 pts, ends below 48K

Broader markets, on the other hand, faced an even severe blow with the S&P BSE MidCap and SmallCap indices dropping 5 per cent each

4:36 PM

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

Strong profit booking has witnessed in today’s session and the index closed a day at 14355 with loss of more than three per cent formed a bearish candle on the daily chart. the index breached most of the good support in today’s session now 14250 will be immediate and strong support on the downside any break down below said levels we may see more pressure in index & if managed to hold some bounce can be expected, strong hurdle on the higher side coming near 14500-14600 zone one can use that level to lock gains

4:26 PM

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

Further implementation of lockdowns and all-time high covid cases have dragged the market to a monthly low. This is expected to impact the economic growth of Q1fy23, more than thought earlier. Implications to the banking & discretionary sector are presumed to be the highest, drifting market to defensives like IT, Pharma and FMCG. This trend may happen for a couple of trading weeks, down a few weeks covid cases are likely to reduce, bringing growth back

4:13 PM

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

Markets started the week on a feeble note and lost over three and a half percent. The benchmark indices opened a gap down and continue to plunge southwards due to rising COVID-19 cases, vaccine supply issues and the possibility of lockdown in various parts of the country. Selling pressure widened as the day progressed and consequently the Nifty ended lower by 3.5% at 14,310 levels. The broader markets too were not spared and it ended lower in the range of 4.8-5.3%. On the sector front, all the indices ended with negative bias wherein PSU banks, auto and metals were the top losers.

 

Markets will first react to TCS results and macroeconomic data viz. IIP and CPI inflation in early trade on Tuesday i.e. April 13. The rising Covid cases combined with the fear of lockdown have pushed the bulls completely on the back foot. We thus suggest maintaining a cautious stance in the near term. Besides, stock-specific volatility will remain high, with the start of Q4FY21 earnings and investors should focus on sectors such as IT, FMCG and Pharma as they are expected to post strong numbers. On the benchmark front, Nifty has the next critical support at 14,100 levels. In case of a rebound, the 14,500-14,650 zone would act as a hurdle.

3:54 PM

BSE Snapshot :: M-cap of all BSE listed firms plunges by Rs 9 trillion

3:51 PM

Stocks that dragged the Sensex lower today

3:49 PM

Demand concerns hit metal counters; index slumps 6%

3:48 PM

PSU Banks bleed: Nifty PSU Bank index sinks 9%

3:45 PM

Sectoral trends on the NSE

3:41 PM

Sensex Heatmap at Close

3:34 PM

CLOSING BELL

At close, the headline Sensex and Nifty indices were 3.5 per cent lower each at 47,883 levels and 14,311 level, down 1,708 points and 524 points, respectively. 

 

3:31 PM

BUZZING STOCK:: Dr Reddy's Laboratories surges 6% on EUA approval to Sputnik V

3:24 PM

Rupee will be in suspended animation for some time

It all started with the credit policy where the Reserve Bank of India (RBI) announced a barrage of liquidity measures to pre-empt the possible shortage on account of the large government borrowing programme. It did seem innocuous at first, but the market got spooked. Too much liquidity which is exacerbated by Government Securities Acquisition Programme (G-SAPs) only means that bond yields will go down further. That was enough to spur a rally in the downward direction for the rupee, which started falling. In March, we were worried about the rupee appreciating and now in April the currency is falling and after 75 the expectation is whether 76 will be breached. READ MORE

3:13 PM

Anupam Rasayan rebounds 13% from day's low on repaying debt worth Rs 471 cr

Shares of Anupam Rasayan moved higher by 6 per cent to Rs 586, bouncing back 13 per cent from day’s low of Rs 517, on the BSE on Monday after the company said it has re-paid significant debt, utilising the initial public offer (IPO) proceeds. The rally oushed the stock to its highest level since its listing on March 24, 2021. Moreover, it was trading above its issue price of Rs 555 per share and has recovered 24 per cent from its low of Rs 472, touched on March 31. READ MORE

2:57 PM

Expert panel likely to take call on Sputnik V vaccine at key meet today

The Subject Expert Committee (SEC) is likely to meet today to take up Sputnik V application for Emergency Use Authorisation (EUA) in India, said sources.

 

Russia's Sputnik V vaccine did not get the EUA on Thursday as the SEC, following the meeting, asked for more information.

 

According to the sources, 'The SEC has asked for more information in context with the approval of the Russian vaccine." READ MORE
 

2:51 PM

Fed's Powell sees US boom ahead, with coronavirus still a risk

The US economy is poised for an extended period of strong growth and hiring, the chair of the Federal Reserve has said in an interview broadcast, though the coronavirus still poses some risk. Chair Jerome Powell, speaking to CBS' 60 Minutes," also said that he doesn't expect to raise the Fed's benchmark interest rate, currently pegged at nearly zero, this year. And he downplayed the risk of higher inflation stemming from sharp increases in government spending and expanding budget deficits. READ MORE

2:40 PM

Nifty sectoral indices at this hour

2:28 PM

This recently-listed healthcare stock has zoomed 132% against issue price

In the past three days, the stock of the home healthcare and wellness products provider has jumped 36 per cent and soared 132 per cent against its issue price of Rs 400 per share. Nureca’s Rs 100-crore IPO had seen more than 40 times oversubscription. READ MORE

2:20 PM

Q&A | Led by US, global markets should see happy FY22: IIFL's R Venkataraman

The US Fed and the RBI have both committed to easy money conditions and until normalcy (employment in the US and financial stability in India) is restored. However, as rates rise in the US, and the US Fed only controls the short end. Thus, capital outflow risk does become significant for EMs, especially a commodity importing EM like India. READ FULL INTERVIEW HERE

R Venkataraman, chairman, IIFL Securities

2:10 PM

European markets check

(Source: Reuters)

2:01 PM

TCS outperforms market ahead of March quarter results

Shares of Tata Consultancy Services (TCS) traded 1.5 per cent lower at Rs 3,273 on the BSE on Monday, outperforming the market, ahead of its January-March 2021 (Q4FY21) results today. In comparison, the S&P BSE Sensex was down 3.55 per cent or 1,758 points at 47,833, at 1:25 PM. The stock hit an intra-day high of Rs 3,344 and a low of Rs 3,241 on the BSE. READ MORE

1:47 PM

Flipkart to ally with Adani to strengthen logistics, data centre infra

Flipkart will work with Adani Logistics, which is owned by Adani Ports & Special Economic Zone Limited. In addition, Flipkart will set up its third data centre at Adaniconnex Private Limited’s facility in Chennai. Adaniconnex is a new joint venture between EdgeConneX and Adani Enterprises Limited. READ MORE

1:36 PM

Surya Roshni bags Rs 299 crore order for supply of carbon steel line pipes to Numaligarh Refinery

Lighting and steel pipe products maker Surya Roshni on Monday said it has bagged an order worth Rs 299 crore for supply of carbon steel line pipes to Numaligarh Refinery Ltd for Paradip Numaligarh Crude Oil Pipeline project in Odisha. "The company has obtained an order amount of Rs 299.07 crore (excluding GST) for supply of... external coated carbon steel line pipes to Numaligarh Refinery for Paradip Numaligarh Crude Oil Pipeline project," Surya Roshni said in a regulatory filing. 

 

(Text Source: PTI)

1:29 PM

Broader market check :: MidCap index tanks 5%

1:20 PM

Heatmap: Only one out of the 30 S&P BSE Sensex constituents trades in green

1:09 PM

Sudden movement of the rupee is not a reason to panic, say currency dealers

In the past, RBI governor Shaktikanta Das vigorously defended India’s stance on accumulating reserves, citing a possible reversal of portfolio flows from emerging markets like India.

 

Foreign investors poured in $30,296 billion in fiscal year 2020-21, in both debt and equity. However, in April, they have been net sellers. The reason for this is rising US bond yields, when Indian yields are heading down. READ MORE

1:08 PM

India gold imports jump to near two-year high as weddings revive demand

Gold imports by India surged in March to the highest monthly total in nearly two years as a slump in prices stoked demand for jewelry during the ongoing wedding season. Overseas purchases increased more than sevenfold to 98.6 tons last month from 13 tons a year earlier, according to a person familiar with the data, who asked not to be identified as the information isn’t public. That would be the highest since May 2019. Finance Ministry spokesman Rajesh Malhotra didn’t immediately respond to calls to his mobile phone. READ MORE

12:58 PM

Indian auto sales down 13%, industry retreats by six years in pandemic

India’s total automobile sales fell year-on-year by 13.05 per cent to 41,289,28 units as the economy reeled under the impact of the Covid-19 pandemic, data from an industry association showed. Overall volume in the domestic market, which was dragged down by two-wheelers, pushed the industry back by six years, said the Society of Indian Automobile Manufacturers (SIAM) on Monday in its annual sales data. READ MORE

12:49 PM

Nomura cuts India's 2021 GDP forecast to 11.5%; sees higher inflation

Repricing of emerging market (EM) risk premium, Nomura said, could expose vulnerabilities in Indonesia, India and the Philippines. The challenge for EM Asia going forward, according to them, is that these countries may face tighter financial conditions even when outlook for growth is still weak. This, it believes, will require central banks to choose between supporting growth (tolerating higher inflation) or respond via rate hikes (at the cost of growth). READ MORE

12:39 PM

Nifty PSU Bank index extends losses, down 9% now

12:28 PM

Cyclical sectors are expected to drive March 2020 quarter earnings growth

Investors are an optimistic lot as March 2020 quarter (Q4FY21) results season gets underway. The economy is showing signs of recovery. There was good earnings growth in Q3FY21, though revenue growth was marginal. There will be a low base effect in Q4, as the last 10 days of March 2020 (usually among the busiest because of the fiscal ending) was hit by the lockdown. So, there should be enhanced year-on-year (YoY) revenue and earnings growth. READ MORE