You are here: Home » Markets » News
Business Standard

Market Wrap, April 30: Here's all that happened in the markets today

Sensex ended close to the day's low at 48,782, down 984 points with only five constituents in the green. Meanwhile, its NSE counterpart Nifty declined 264 points to shut shop at 14,631


BS Web Team  |  New Delhi 

After four straight days of gains, investors on Dalal Street took profit off the table amid lingering concerns on the Covid front and roadblocks in the vaccination drive. A weak global market mood further exacerbated the fall with the selloff gathering steam in the late afternoon session as investors unwound positions ahead of the weekend.

India for the ninth day reported cases over 3 lakh with the caseload nearing the 4 lakh mark. In the last 24 hours, the total fresh Covid cases stood at 3,86,693. Meanwhile, delay in vaccination amid shortages of jabs is hurting sentiment on the Street as investors banked on India's economy to revive amid a faster inoculation programme. States like Maharashtra, Karnataka and Delhi have flagged vaccine shortages.

Amid this backdrop, the BSE flagship index Sensex ended close to the day's low at 48,782, down 984 points with only five constituents in the green. Meanwhile, its NSE counterpart Nifty declined 264 points to shut shop at 14,631. In spite of today's fall, the benchmark indices added 2% for the week, snapping their three-week losing run.

HDFC twins, ICICI Bank, Kotak Bank, Asian Paints and M&M were among the top Sensex losers today, down in the range of 3-4%.

Meanwhile, ONGC, Sun Pharma, DRL, Bajaj Auto and Power Grid were the only five scrips that managed to hold their head above water as Sensex turned into a sea of red.

The story on the sectoral side was somewhat similar with Nifty Pharma as the sole gainer, up 1.28%. Nifty Financial Services and Nifty Bank were the worst performers, down nearly 3% each.

The broader mirrored weak sentiment seen in the benchmarks but the quantum of fall was somewhat lesser. The Nifty Midcap100 index declined 0.37% and Nifty Smallcap100 0.40%.

In stocks-specific action, shares of Wipro jumped to a record high of Rs 511.95 on the BSE after the company revised its IT services revenue growth guidance to 8-10% for Q1FY22 as against 2-4% projected earlier. The scrip settled the day up only 0.73% at Rs 493.50.

IndiaMart InterMesh plummeted 9.47% on the BSE on weak operational performance in the March quarter of FY21. The B2B e-commerce firm's total income increased just 1 per cent to Rs 190 crore during the reported quarter from Rs 187 crore in the corresponding period of 2019-20.

Tata Coffee shares settled 2% higher after jumping over 9% in intra-day session to a 52-week high of Rs 139.70 after the company reported 2 fold jump in March quarter profit at Rs 57.37 crore.

Shares of RIL declined 1.42% ahead of its March quarter results slated to be out later in the evening.

IndiGo and SpiceJet declined up to 2% as India extended the international flight ban by a month.

Meanwhile, in other

Christopher Wood, global head of equity strategy at Jefferies raised weightage on India in his relative-return portfolio even as he believes that the stock market is potentially vulnerable in the absence of concrete evidence that India's second wave has peaked. Chis Wood has increased weightage on Indian equities by two percentage points to 14%.

Lastly, a look at the global

Asian declined on Friday following a softer-than-expected survey on China's manufacturing. Mainland Chinese shares lost 0.25% while Japan's Nikkei shed 0.7%. MSCI's ex-Japan index declined 0.6%. In Europe, however, the Stoxx 600 gauge rose.

US stock-index futures also retreated as traders took a month-end breather amid a record high for the S&P 500 Index and some earnings disappointments. Futures on the S&P 500 Index dipped 0.3%, indicating a weak start to the Wall Street session.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, April 30 2021. 17:15 IST