Investors dump FMCG for financials; Sensex gains 375 pts, ends above 48K

From a low of 30,555 hit earlier in the day, the Nifty Bank index ended at 31,783, up 2.15 per cent

4:17 PM

MARKET CLOSING COMMENT :: Anand James, Chief Market Strategist at Geojit Financial Services

Nifty opened lower and even broke below Tuesday's low bogged down by worries on rising infections. But that the opening cuts were not too deep, encouraged bargain hunters, who also took cues from fall in US Treasury yields as well as strength in the US as well as Asian equity markets. Metals led the gains, with +2% gain by noon, but it was a bounce in the banking stocks that gave strength to the forenoon's upsides

4:12 PM

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

The market witnessed some swift recovery from its short-term support around the Nifty50 Index level of 14200.  The expected level should range between 14200 and 14500, and it’s going to be crucial for the short-term market scenario to break the zone. Though technical evidence is not supporting any bullish momentum, the market may hover in this range, eying on the possibilities for improvement in the new COVID-19 infection. The government plans the vaccination to be more inclusive starting from May first week onward

4:09 PM

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

Again index showed a good pull back from its strong support and managed to close a day on a positive note at 14400 zone with gains of nearly one percent forming a bullish candle on the daily chart. On the higher side index has stiff hurdle at 14450-14500 zone if managed to sustain above 14500 then we may see the extension in current pullback towards 4700-14900 zone in near term but it failed to hold above 14500 zone then again profit booking can be seen from higher-end towards immediate support zone of 14350-14250 zone

4:05 PM

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

Amid increasing covid-19 cases, the domestic market recovered from its early losses backed by positive cues from global markets. The market has been going through a correction phase following increasing covid cases, in spite of the optimism due to vaccination drives. Though earnings outcome is expected to have stock-specific movements in the coming days, broader movement in the market will depend on fall in Covid cases.

4:01 PM

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

In a volatile session, Markets ended on a positive note on Thursday despite the country recording its highest daily covid spike as investors focused on broad basing of the vaccination program. In today's trade, the steely resolve displayed by Steel Stocks yet again was the key highlight

3:59 PM

BSE Snapshot :: M-cap of all BSE listed firms rises to Rs 202.6 trillion

3:53 PM

Sector of the day :: 11 of the 15 Nifty FMCG constituents end in the red

>> Varun Beverages, Godrej Consumer, Emami Ltd, HUL, Tata Consumer Products, and Nestle India ended as top laggards, down up to 4 per cent.
 

3:51 PM

Sector of the day :: Here are the top gainers on the Nifty Bank index

3:48 PM

BSE snapshot :: Highest volume-based buying

3:46 PM

Stocks that helped Sensex recoup losses

3:44 PM

Sectoral trends on the NSE :: Investors prefer financials over defensives

3:43 PM

Sensex Heatmap :: Over 50% index constituents end the day in the green

3:41 PM

CLOSING BELL :: Sensex ends near day's high amid one-way rally

3:35 PM

CLOSING BELL

From the day's low of 47,204, the benchmark S&P BSE Sensex bounced back over 900 points to hit a high of 48,143 on the back of a brisk-buying in financial and metal counters. 

 

By close, the BSE barometer was at 48,081 levels, up 375 points or 0.79 per cent. The broader Nifty50, on the other hand, gained 255 points higher from the day's low to settle at 14,406, up 110 points or 0.77 per cent. 

3:21 PM

ICICI Bank Q4 preview: Analysts see over 300% YoY PAT rise; asset quality key

A healthy loan growth and leaner provisioning may aid ICICI Bank to report an over 300 per cent year-on-year (YoY) jump in net profit for the March quarter of financial year 2020-21 (Q4FY21), believe analysts. However, the lender’s asset quality may worsen, they fear, on the back of higher slippages as the Supreme Court’s stay on NPA declaration stands vacated. READ MORE

3:19 PM

Gold prices nears $1,800 level as US dollar, yields lose ground

Gold prices steadied near a two-month high on Thursday, a whisker away from the key $1,800 threshold as the U.S. dollar faltered with easing Treasury yields, while supply concerns kept palladium anchored near last session's record peak.

 

Spot gold was little changed at $1,792.66 per ounce by 0707 GMT, after hitting its highest since Feb. 25 at $1,797.67. U.S. gold futures were flat at $1,793 per ounce. READ MORE

3:07 PM

ICICI Securities advances 8% on healthy March quarter results

Shares of ICICI Securities advanced 8 per cent to Rs 460 on the BSE in the intra-day trade on Thursday after the brokerage reported a strong set of numbers for the quarter ended March 2021 (Q4FY21). The company’s consolidated profit after tax more-than-doubled on year-on-year (YoY) basis to Rs 329 crore on the back of a 54 per cent YoY growth in revenue at Rs 739 crore, coupled with significantly lower cost to income or C/I ratio. READ MORE

2:54 PM

Credit Suisse had more than $20 billion exposure to Archegos investments

 Credit Suisse Group had more than $20 billion of exposure to investments related to Archegos Capital Management and struggled to monitor them before the fund had to liquidate many large positions, the Wall Street Journal reported https://on.wsj.com/2PeVhye.

 

Parts of the bank had not fully implemented systems to keep pace with Archegos' fast growth when Archegos bets on a collection of stocks swelled leading up to its March collapse, the report said, citing unidentified people familiar with the matter. READ MORE

2:41 PM

Shree Cement holding firm's sales of unlisted shares raise eyebrows

A corporate governance watchdog has flagged dealings at Shree Cement’s listed holding company NBI Industrial Finance Company, which is listed on the National Stock Exchange (NSE).

 

NBI sold shares of several unlisted companies on its books around five years ago to promoter entities for only Rs 89 crore, though their fair value was Rs 3,077 crore, InGovern has alleged. Although the deal came under the ambit of “related-party transaction”, it was carried out without being put to vote before minority shareholders, it said. READ MORE

2:32 PM

Sugar shares in demand; Balrampur, Dalmia Bharat rally over 30% in a month

Shares of sugar companies continued their upward march on Thursday. In the past one month, Balrampur Chini Mills, Dalmia Bharat Sugar and Triveni Engineering have moved up in the range of 30 per cent to 43 per cent on expectation of improved earnings. In comparison, the S&P BSE Sensex was down nearly 4 per cent during the same period. READ MORE

2:25 PM

Tata Motors in focus

Reports suggest:

>> Jaguar Land Rover to suspend work at major UK car plants amid computer chip shortage

 

>> UK’s largest carmaker to halt production at Halewood and Castle Bromwich for at least a week to assess supplies

 

>> JLR Confirms reports that facing Semiconductor Shortages in UK
 

2:15 PM

NEWS ALERT

2:01 PM

Den Networks slips 11% on calling off merger with TV18 Broadcast

Shares of TV18 Broadcast and Network18 Media & Networks surged 16 per cent and 14 per cent, respectively, on the BSE in intra-day trade on Thursday after the merger of Den Networks, TV18 Broadcast, and Hathway Cable & Datacom into Network18 Media was called off by Mukesh Ambani-led Reliance Industries (RIL).

 

The stock of Den Networks slipped 11 per cent to Rs 41.60, while that of Hathway Cable & Datacom declined by 6 per cent to Rs 20.50 on the BSE in intra-day deals today. In comparison, the S&P BSE Sensex was up 0.35 per cent at 47,871 points at 01:04 pm. READ MORE

1:50 PM

Market Check | Sensex trades over 200 points up

1:39 PM

Bond fund investors must follow these 4 ways to beat inflation

We head into financial year 2021-22 (FY22) in the shadow of the second wave of the Covid-19 pandemic. Nevertheless, we should expect that this year will be post-Covid supported by the vaccination drive. Growth should bounce back, aided by higher government spending and fiscal deficit.

 

This implies a normalisation of monetary policy, i.e. the extraordinarily easy liquidity and low rates should be reversed this year. The Reserve Bank of India (RBI) has maintained an accommodative stance to aid growth. READ MORE
 

1:27 PM

Dark cloud covering markets? What you must know about this chart pattern

A fundamental change in a company’s outlook or a reversal in the overall market mood may have a meaningful bearing on the way a particular stock behaves in the market. Technically, any reversal in an uptrend is known as a ‘bearish reversal trend’, which indicates that the trend may reverse and the price may start falling. READ MORE

1:15 PM

NEWS ALERT | Covid vaccine registrations for all above 18 to start from April 24

1:06 PM

Market Check | Sensex off nearly 700 points from day's low

1:02 PM

This healthcare products stock has zoomed 102% thus far in April

Shares of Nureca were locked in the upper circuit for the fourth straight day, up 5 per cent at Rs 1,218.60 on the BSE on Thursday. The stock has zoomed 102 per cent thus far in the month of April as against a decline of 3.7 per cent in the S&P BSE Sensex during the same period. READ MORE

12:49 PM

Downward re-rating triggers for infra sector as Covid-19 strikes again

Developers face shortages and logistical problems with getting labour and construction material to sites. There could be bottlenecks caused by drops in steel and cement production, due to oxygen shortage. Financing could also be a problem as the vast government borrowing programme sucks resources out of the bond market. READ MORE