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| As on Apr 16, 2021 12:00 AM |
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The equity indices ended with minor gains amid a volatile session on Friday. Pharma and IT shares were in demand while banks and financial shares witnessed selling. Positive global cue offset concerns about rising COVID-19 cases. The barometer index, the S&P BSE Sensex, added 28.35 points or 0.06% to 48,832.03. The Nifty 50 index advanced 36.40 points or 0.25% to 14,617.85. HDFC (up 1.04%) and Asian Paints (up 3.07%) were major market movers. ICICI Bank (down 1.55%) and Infosys (down 0.66%) were major drags. The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index added 1.17% while the S&P BSE Small-Cap index added 1.05%. Buyers outnumbered sellers. On the BSE, 1663 shares rose and 1239 shares fell. A total of 158 shares were unchanged. COVID-19 Update: Total COVID-19 confirmed cases worldwide stood at 13,91,09,041 with 29,86,608 deaths. India reported 15,69,743 active cases of COVID-19 infection and 1,74,308 deaths while 1,25,47,866 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. India crossed the grim milestone of over 2 lakh COVID-19 cases being reported in a day. Tough restrictions are in place in major cities like Delhi and Mumbai with weekend curfews and weekday restrictions being imposed by the administration, to check the spread of the virus. Economy: India's merchandise exports rose 60.3% at $34.50 billion in March as compared to the same month last year, while country's imports jumped 54% to $48.40 billion, Ministry of Commerce & Industry data showed. During the 2020-21 financial year, India's overall Merchandise and Services exports dipped 6.6% to $493.20 billion over the same period last year. Overall imports in April-March 2020-21 declined 16.5% to $505.90 billion. Numbers to Track: In the foreign exchange market, the partially convertible rupee rose to 74.35 compared with its previous closing of 74.93. The yield on 10-year benchmark federal paper rose to 6.077% as compared to its previous close of 6.126%. MCX Gold futures for 4 June 2021 settlement fell 0.02% to Rs 47,165. The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, shed 0.12% to 91.58. In the commodities market, Brent crude for June 2021 settlement rose 19 cents to $67.13 a barrel. The contract increased 0.54% to settle at $66.94 in the previous trading session. Global Markets: Shares in Europe and Asia advanced on Friday as investors reacted to the release of Chinese economic data. China's gross domestic product surged 18.3% in the first three months of the year from a year ago, the country's National Bureau of Statistics said Friday. The surge in growth comes off a contraction in the first quarter of last year, when the economy shrank by 6.8% during the height of the domestic outbreak of COVID-19. Meanwhile, China's retail sales jumped 34.2% and industrial production rose 14.1% in March. In the US, the S&P 500 and Dow Jones indexes hit record highs on Thursday, as upbeat earnings reports from companies including Bank of America and BlackRock as well as a strong rebound in March retail sales bolstered hopes of a broader economic rebound. US retail sales surged 9.8% in March as additional stimulus sent consumer spending soaring, the Commerce Department reported Thursday. A separate report on Thursday showed that first-time filings for unemployment insurance dropped to the lowest level since March 2020. The Labor Department reported 5,76,000 new jobless claims for the week ended April 10. Buzzing Indian Segment: The Nifty Bank index fell 0.42% to 31,977.45. The index jumped 4.29% in the past two sessions. Bandhan Bank (down 1.59%), RBL Bank (down 1.32%), SBI (down 0.92%), Kotak Mahindra Bank (down 0.57%), Axis Bank (down 0.16%) and PNB (down 0.14%) were major losers. Earnings Impact: Wipro climbed 8.87% after the IT major's consolidated net profit grew 27.78% to Rs 2,972.30 crore while revenue increased 3.4% to Rs 16245.40 crore in Q4 FY21 over Q4 FY20. The IT major's consolidated net profit rose 0.14% and its revenue climbed 3.67% in Q4 FY21 over Q3 FY21. Profit before tax (PBT) declined by 2.6% on quarter-on-quarter basis and it rose by 26.44% on year-on-year basis to Rs 3749.90 crore in Q4 FY21. Wipro expects revenue from its IT services business to be in the range of $2,195 million to $2,238 million for the quarter ending 30 June 2021. This translates to a sequential growth of 2% to 4%. The company added 52 new customers in the quarter ending 31 March 2021. The IT major's attrition rate (on TTM basis) stood at 12.1% in Q4 FY21 as against 11% in Q3 FY21 and 14.7% in Q4 FY20. GTPL Hathway jumped 4.37% after the company reported a consolidated net profit of Rs 56.89 crore in Q4 FY21 compared with net loss of Rs 13.62 crore in Q4 FY20. Net sales during the quarter increased by 17.82% year-on-year (YoY) to Rs 748.72 crore in Q4 FY21. The company posted a pre-tax profit of Rs 85.67 crore in Q4 March 2021 as against a pre-tax loss of Rs 18.40 crore in Q4 March 2020. Stocks in Spotlight: Larsen & Toubro (L&T) fell 1.09%. The construction arm of Larsen & Toubro (L&T) secured significant orders from clients for its various businesses. According to L&T's classification, the value of the said orders lies between Rs 1,000 crore to Rs 2,500 crore. The company's power transmission and distribution business won orders to design and construct two 132/11 kV substations in Dubai, UAE. The factories business also secured an order from a leading cement manufacturer to construct a 3.5 million tonnes per annum (MTPA) brownfield cement plant in Nimbahera, Rajasthan. The scope includes civil, mechanical and equipment erection works. The railways strategic business unit that resides within the transportation infrastructure business has won an order from the Central Organisation for Railway Electrification (CORE). Antony Waste Handling Cell rose 2.74% after the economic activity in the regions serviced by the firm has seen a sequential improvement for the third consecutive quarter. The company's total operating revenue (tipping revenue from C&T and waste processing) has shown a growth of approximately 4.4% for Q4 FY21 as compared to Q3 FY21. Total tonnage handled by the collection & transportation (C&T) business (excluding those projects with fixed shifts/trips) in Q4 FY21 has reported approximately 2.1% growth over Q3 FY21. Additionally, total waste processed by the company, during Q4 FY21, has improved by approximately 2.9% as compared to Q3 FY21. Total compost sales during Q4 FY21 stood at 4,834 tons as compared to 2,291 tons in Q3 FY21. National Aluminium Company (NALCO) rose 1.64% after the company said it has been granted the mining lease of Utkal-E coal block in Odisha. The lease has been granted by the Department of Steel & Mines, Government of Odisha, through a notification issued on April 12. As per the notification, the mining lease of Utkal-E coal block is over an area of 523.73 hecatres in villages Nandichhod, Gopinathpur Jungle, Kundajhari Jungle, Kosala & Korada under Chendipada Tahasil of Angul District. National Fertilizers advanced 0.73%. The Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, Government of India has intimated regarding issue of RFP for engagement of Legal Advisors, Merchant Bankers and Selling Brokers for the Disinvestment of 20% paid up equity capital in the company out of Government of India's shareholding through the Offer for Sale by promoters through the Stock Exchanges method in the domestic market. Ashoka Buildcon jumped 2.53% after the company received a Letter of Award (LOA) from Gujarat Rail Infrastructure Development Corporation. The received LOA is for gauge conversion of Bechraji to Ranuj section to broad gauge with 25 KV AC electrification in Ahmedabad Division of Western Railway. The company announced that the accepted project cost is Rs 333.625 crore and has a total length of 38.153 kilometer. Quess Corp fell 1.28%. The company announced the acquisition of 30% stake in Conneqt Business Solutions Ltd. (Conneqt) pursuant to the Put Option notice by Tata Sons. With this transaction, Conneqt will become a wholly owned subsidiary of Quess. Conneqt is India's second largest domestic CLM and BPM player delivering unparalleled customer experience to 120+ clients in India, US, UK and Middle East. Quess had acquired 51% of Conneqt in November 2017 and further increased its stake in Conneqt from 51% to 70% in May 2019 via infusion of primary capital, which was used to fund the acquisition of Allsec Technologies (Allsec), a listed CLM and HRO services provider.
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| Nifty Pharma index closed up 1.90% at 13234.25 today. The index is up 12.00% over last one month. Among the constituents, Cadila Healthcare Ltd gained 4.44%, Aurobindo Pharma Ltd rose 4.12% and Cipla Ltd added 2.61%. The Nifty Pharma index is up 44.00% over last one year compared to the 62.55% surge in benchmark Nifty 50 index. In other indices, Nifty Media index added 1.87% and Nifty Auto index gained 1.21% on the day. In broad markets, the Nifty 50 increased 0.25% to close at 14617.85 while the SENSEX added 0.06% to close at 48832.03 today.
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Key equity barometers reversed intraday losses and ended with decent gains on Thursday. Trading was volatile as rising COVID-19 cases continue to spook investors. The Nifty managed to close near the 14,600 mark. Metal and pharma shares advanced while PSU banks and auto shares tumbled. The barometer index, the S&P BSE Sensex, gained 259.62 points or 0.53% to 48,803.68. The Nifty 50 index added 76.65 points or 0.53% to close at 14,581.45. TCS (up 3.67%), ICICI Bank (up 2.69%), HDFC Bank (up 2.13%) and HDFC (up 1.22%) supported the indices. In the broader market, the BSE Mid-Cap index fell 0.10% and the BSE Small-Cap index lost 0.03%. Both these indices underperformed the benchmarks. The market breadth was negative. On the BSE, 1247 shares rose and 1649 shares fell. A total of 161 shares were unchanged. COVID-19 Update: Total COVID-19 confirmed cases worldwide stood at 13,80,56,297 with 29,71,539 deaths. India reported 14,71,877 active cases of COVID-19 infection and 173,123 deaths while 1,24,29,564 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. India on Wednesday reported 2,00,739 new COVID-19 cases and 1,038 deaths in last 24 hours, according to data from the Union Health Ministry. The total COVID-19 vaccinations have crossed the 11.43 crore mark with more than 31.39 lakh vaccine doses were administered till 8 pm yesterday. A total of 69,974 COVID Vaccination Centres (CVCs) were operational, marking a rise of an average of 24,000 operational Vaccination Centres (45,000 CVCs on an average are functional on any given day). Workplace vaccinations have also enabled a high turnout of beneficiaries. Economy: India's wholesale price-based inflation shot up to over 8-year high of 7.39% in March on rising crude oil and metal prices. This is the third straight month of up-tick seen in the wholesale price index (WPI) based inflation. The WPI inflation was 4.17% in February and 0.42% in March 2020. The prices of crude oil, petroleum products and basic metal substantially increased in March 2021 compared with the corresponding month of last year. Also, due to nationwide lockdown, the WPI index for the month of March 2020 (120.4) was computed with relatively low response rate. Numbers to Watch: The yield on 10-year benchmark federal paper rose to 6.128% as compared with 6.011% at close in the previous trading session. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 74.93, compared with its close of 75.0550 during the previous trading session. MCX Gold futures for 4 June 2021 settlement rose 0.53% to Rs 46,856. The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.03% to 91.67. In the commodities market, Brent crude for June 2021 settlement fell 27 cents at $66.31 a barrel. The contract rose $2.91, or 4.57% to settle at $66.58 a barrel in the previous trading session. Foreign Markets: European shares were trading higher while Asian market closed on a mixed note on Thursday. In the US, Wall Street indexes closed mixed on Wednesday, with the Nasdaq Composite and S&P 500 falling despite another record intraday high for the latter and big banks' stellar results on the first day of earnings season. Shares of Goldman Sachs Group Inc and Wells Fargo & Co rose on bumper first-quarter profits. Goldman capitalized on record levels of global deal making activity, and Wells reduced bad loan provisions and got a grip on costs tied to its sales practices scandal. The Federal Reserve will continue to support the recovery, and will start tapering asset purchases well before policy makers consider raising interest rates, Chairman Jerome Powell told the Economic Club of Washington Wednesday. In coronavirus developments, a U.S. Centers for Disease Control and Prevention panel decided Wednesday to postpone a decision on Johnson and Johnson's Covid-19 vaccine following the development of a rare but potentially life-threatening blood-clotting disorder in six women. On Tuesday, the U.S. Food and Drug Administration asked states to temporarily halt using J&J's COVID-19 vaccine out of an abundance of caution. Earnings Impact: Wipro rose 2.95% at Rs 431. The IT major's consolidated net profit grew 27.78% to Rs 2,972.30 crore while revenue increased 3.4% to Rs 16245.40 crore in Q4 FY21 over Q4 FY20. The IT major's consolidated net profit rose 0.14% and its revenue climbed 3.67% in Q4 FY21 over Q3 FY21. Profit before tax (PBT) declined by 2.6% on quarter-on-quarter basis and it rose by 26.44% on year-on-year basis to Rs 3749.90 crore in Q4 FY21. Wipro's IT services segment revenue stood at $2,152.4 million in Q4 FY21, an increase of 3.9% QoQ and 3.8% YoY. The company's non-GAAP constant currency IT services segment revenue increased by 3% QoQ and 0.5% YoY. The company said its IT services operating margin grew by 344 basis points year on year to 21% in Q4 FY21. Wipro expects revenue from its IT services business to be in the range of $2,195 million to $2,238 million for the quarter ending 30 June 2021. This translates to a sequential growth of 2% to 4%. Infosys dropped 2.65%. On a consolidated basis, Infosys reported 2.3% decline in net profit to Rs 5,076 crore on 1.5% increase in revenues to Rs 26,311 crore in Q4 March 2021 over Q3 December 2020. The company's consolidated net profit rose 17.5% and revenues rose 13.1% in Q4 March 2021 over Q4 March 2020. In its outlook for FY22, Infosys has guided for 12% to 14% sales growth in constant currency terms in 2021-22 and an operating margin band of 22% to 24%. Tata Metaliks fell 3.68% after the company posted a 2.7% decline in net profit to Rs 74.99 crore in Q4 March 2021 from Rs 77 crore posted in Q4 March 2020. Net sales rose 26.7% to Rs 660.87 crore in Q4 March 2021 from Rs 521.60 crore registered in Q4 March 2020. Profit before tax increased by 28.5% year on year to Rs 123.73 crore in Q4 March 2021 over Q4 March 2020. Stocks in Spotlight: Tata Motors rose 0.26%. The Tata Motors Group global wholesales in Q4 FY21, including Jaguar Land Rover (JLR), stood at 3,30,125 units, higher by 43%, compared with Q4 FY20. Global wholesales of Tata Motors' commercial vehicles and Tata Daewoo range in Q4 FY21 were at 1,09,428, higher by 55% over Q4 FY20. Global wholesales of all passenger vehicles in Q4 FY21 stood at 2,20,697 as against Q4 FY20, registering a growth of 39% year-on-year (Y-o-Y). L&T rose 0.08%. The heavy engineering arm of Larsen & Toubro (L&T) won significant contracts for its various business segments in Q4 of FY21. According to L&T's classification, the value of the said orders lie between Rs 1,000 crore to Rs 2,500 crore. NMDC added 2.32%. The PSU miner hiked prices of iron ore with effect from Wednesday, 14 April 2021. The prices of lump ore rose 18.80% to Rs 6,950 per ton and the prices of iron ore fines jumped 10.96% to Rs 5,060 per ton. The prices are effective as on 14 April 2021. UPL rose 0.47%. The Queensland Supreme Court has ruled in favour of Advanta Seeds, a subsidiary of UPL. The company, in a regulatory filing, said that: We are pleased that the Supreme Court of Queensland in Australia has dismissed a class action litigation against Advanta Seeds Pty Ltd, Company's subsidiary in Australia. This class action, funded by a UK based litigation funder, alleged that seeds sold by Advanta in 2010/2011 to certain growers in Queensland and News South Wales region of Australia, were contaminated. Larsen & Toubro Infotech (L&T Infotech) dropped 1.62%. The board approved the appointment of Anil Rander as the chief financial officer and key managerial personnel of the company.
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| Nifty Pharma index closed up 1.40% at 12987.05 today. The index is up 8.00% over last one month. Among the constituents, Cipla Ltd gained 3.28%, Cadila Healthcare Ltd jumped 3.01% and Divis Laboratories Ltd rose 1.75%. The Nifty Pharma index is up 44.00% over last one year compared to the 63.37% surge in benchmark Nifty 50 index. In other indices, Nifty Metal index added 1.37% and Nifty PSU Bank index has slid 1.29% on the day. In broad markets, the Nifty 50 witnessed a rise of 0.53% to close at 14581.45 while the SENSEX added 0.53% to close at 48803.68 today.
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Key equity indices ended with strong gains on Tuesday, recovering from yesterday's steep selloff. The Nifty managed to close near the day's high above the 14,500 mark. Barring IT and pharma, all the sectoral indices on the NSE ended in the green. The barometer index, the S&P BSE Sensex, rose 660.68 points or 1.38% at 48,544.06. The Nifty 50 index gained 194 points or 1.36% at 14,504.80. Both these indices tumbled over 3.7% in the past two sessions. ICICI Bank (up 4.10%), Axis Bank (up 4.08%), HDFC (up 3.78%) and HDFC Bank (up 2.47%) boosted the indices. In the broader market, the BSE Mid-Cap index rose 1.46% and the BSE Small-Cap index added 1.21%. Buyers outpaced sellers. On the BSE, 1936 shares rose and 928 shares fell. A total of 182 shares were unchanged. The domestic equity market will remain shut on Wednesday (14 April 2021) on account of Dr. Baba Saheb Ambedkar Jayanti. COVID-19 Update: Total COVID-19 confirmed cases worldwide stood at 13,66,76,442 with 29,46,124 deaths. A total of 1,61,736 new Covid-19 cases have been reported on Tuesday, pushing India's tally of cases to 1,36,89,453, according to data updated by the Health Ministry. With 879 fatalities in the last 24 hours, the death toll increased to 1,71,058. The number of active cases continued to increase for the 34th day in a row to touch 12,64,698 and account for 9.24% of the total infections. Economy: India's indirect tax collection rose in the fiscal ended March 2021. The provisional figures for indirect tax collections (GST & non-GST) for the financial year 2020-21 show that net revenue collections are at Rs 10.71 lakh crore compared with 9.54 lakh crore for the financial year 2019-20, thereby registering a growth of 12.3%. Net tax collections on account of GST of centre (CGST+IGST+ Compensation Cess) during financial year 2020-21 is Rs 5.48 lakh crore, lower than Rs 5.99 lakh crore in the previous financial year. The GST collections were severely affected in the first half of the financial year on account of Covid. However, in the second half, the GST collections registered a good growth and collections exceeded Rs 1 lakh crore in each of the last six months. March saw an all-time high of GST collection at Rs 1.24 lakh crore after very good figures in the month of January and February. Several measures taken by the Central Government helped in improving compliance in GST. Net tax collections on account of Central Excise and Service Tax (Arrears) during financial year 2020-21 stood at Rs 3.91 lakh crore as compared to Rs 2.45 lakh crore in the previous financial year, thereby registering a growth of more than 59%. Meanwhile, the Index of Industrial Production (IIP) showed industrial output in India once again shrink in February, going down by 3.6%. IIP had contracted by an updated 0.9% in January after rising by 1.6% in December. The all-India general CPI inflation rose to 5.52% in March 2021 (new base 2012=100), compared with 5.03% in February 2021. The corresponding provisional inflation rate for rural area was 4.61% and urban area 6.52% in March 2021 as against 4.19% and 5.96% in February 2021. Monsoon Update: Private forecaster Skymet Weather has predicted Monsoon rains at 103% of the Long Period Average rains for India, ranging between normal and above normal, with a model error of 5%. This is the third year in succession that India may see above normal rains during the season. The last time it happened was in 1996, 1997, and 1998, Skymet said. Numbers to Watch: MCX Gold futures for 4 June 2021 settlement rose 0.17% to Rs 46,498. The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.12% to 92.25. In the commodities market, Brent crude for June 2021 settlement rose 62 cents at $63.90 a barrel. The contract rose 33 cents, or 0.52% to settle at $63.28 a barrel in the previous trading session. Foreign Markets: Most European shares traded higher while Asian stocks ended on a mixed note on Tuesday, following a muted finish overnight on the Wall Street. China's exports in dollar terms rose by 30.6% in March from one year earlier while imports jumped 38.1% compared to the same time last year. US stocks settled near their record levels on Monday as dull trading resumed before the release of widely-watched inflation data and the start of first-quarter corporate earnings. Fed Chairman Jerome Powell on Sunday reiterated that the Fed wants to see inflation rise above its 2% for an extended period before officials move to raise interest rates. He added that amid an accelerated COVID-19 vaccine rollout and strong fiscal support, the U.S. economy appears to be at a turning point. Buzzing Indian Segment: The Nifty Auto index rose 4.28% to 9,818.30. The index fell 5.46% in the past two sessions. M&M (up 7.78%), Maruti Suzuki India (up 4.67%), Hero Motocorp (up 2.94%), Eicher Motors (up 2.88%), Ashok Leyland (up 2.54%), TVS Motor (up 1.86%) and Bajaj Auto (up 1.81%) advanced. Tata Motors rose 5.39% after the company announced that Jaguar Land Rover achieved retail sales of 123,483 vehicles in Q4 March 2021, 12.4% higher than the same quarter last year. While sales of Jaguar declined by 17.1% to 23,463 units, Land Rover sales jumped 22.6% to 100,020 units in Q4 March 2021 over Q4 March 2020. China sales were up 127% compared to a year ago when that market was heavily impacted by COVID-19. Sales in North America were also up year-on-year (up 10.4%), while other regions remain lower than pre-COVID levels, including Overseas markets (down 10%), the UK (down 6.8%) and Europe (down 4.9%). Stocks in Spotlight: TCS tanked 4.21%. The IT major reported a 6.3% growth in consolidated net profit to Rs 9,246 crore in Q4 March 2021 over Q3 December 2020. Consolidated revenue grew by 4% to Rs 43,705 crore in Q4 March 2021 over Q3 December 2020. On a year-on-year (YoY) basis, TCS' net profit rose 14.87% and revenues rose 9.41% in Q4 March 2021. In constant currency terms, the company's revenues grew 4.2% on a quarter-on-quarter (QoQ) basis and 5.9% on a YoY basis during the March quarter. The IT major's operating margin expanded 0.2% QoQ and 1.7% YoY to 26.8% in Q4 March 2021. TCS' order book at $9.2 billion in Q4 March 2021, was the highest ever total contract value (TCV) in a quarter, taking the total yearly order book at $31.6 billion, a 17.1% growth compared to previous financial year. All verticals showed good sequential growth, but a couple continue to lag prior year level - BFSI (+7% QoQ, +13.3% YoY), Retail and CPG (+4% QoQ, -0.9% YoY), Life Sciences and Healthcare (+3.8% QoQ, +19.3% YoY), Manufacturing (+3.9% QoQ, +1.3% YoY), Technology & Services (+2.8% QoQ, +3.9% YoY) and Communications & Media (+1.8% QoQ, -4% YoY). The company's board has proposed a final dividend of Rs 15 per share. Adani Ports and Special Economic Zone (APSEZ) fell 1.80% after the S&P Dow Jones Indices announced the removal of the stock from the Dow Jones Sustainability Indices. APSEZ will be removed from the Dow Jones Sustainability Indices following a media & stakeholder analysis triggered by recent news events pointing to heightened risks to the company regarding their commercial relationship with Myanmar's military, who are alleged to have committed serious human rights abuses under international law, S&P Dow Jones Indices said. Dr. Reddy's Laboratories slipped 4.18%. The drug major received the permission from the Drug Controller General of India to import the Sputnik V vaccine into India for restricted use in emergency situations as per the provisions of the New Drug and Clincial Trials rules, 2019. In September 2020, Dr Reddy's Laboratories had partnered with the Russian Direct Investment Fund (RDIF) to conduct the clinical trials of Sputnik V and distribute the vaccine in India. In addition to the trials conducted in Russia by RDIF. Phase II / III clinical trials of the vaccine were carried out by Dr Reddy's Laboratories in India. Bandhan Bank gained 1.34% after the bank's total deposits jumped 37% to Rs 77,972 crore at the end of 31 March 2021 as against Rs 57,082 crore on 31 March 2020. The bank's loans & advances at the end of the March 2021 stood at Rs 87,054 crore, up by 21% from Rs 71,846 crore in the same period last year. The loan book of the private lender has increased by 8% sequentially compared with Rs 80,255 crore at the end of the 31 December 2020. Retail to Total Deposits ratio was at 79% as on 31 March 2021 as against 81% as on 31 December 2020 and 78% as on 31 March 2020. Yes Bank rose 1.73%. Market regulator Sebi vide its order dated 12 April 2021 has imposed a penalty of Rs 25 crore against Yes Bank under Section 15 HA of SEBI Act, 1992 for the alleged mis-selling of AT-1 Bonds in the secondary market. The bank shall be preferring an appeal before the Securities Appellate Tribunal, it said. Satin Creditcare Network fell 3.31%. The company said its asset under management (AUM) stood at Rs 7,274 crore as on 31 March 2021, recording a growth of 5.3% Q-o-Q (quarter-on-quarter). For FY21, Satin Creditcare Network maintained sufficient liquidity of Rs 1,469 crore. During FY21, the company raised Rs 4,312 crore including direct assignment transactions of Rs 743 crore. Muthoot Finance gained 0.91% after the NBFC's board approved payment of an interim dividend of Rs 20 per equity share. The company has fixed 23 April 2021 as the record date for the purpose of payment of interim dividend. NBCC (India) advanced 4.36% after the company said it has been engaged as project management consultant for the construction of FCIL office building at Noida (Uttar Pradesh) on 9 April 2021. NBCC (India) is the project management consultant (PMC) for a project worth Rs 65.10 crore charging a PMC fee of 7%.
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| Nifty PSU Bank index ended up 4.49% at 2077.65 today. The index has lost 10.00% over last one month. Among the constituents, Bank of Maharashtra jumped 18.16%, Indian Overseas Bank gained 11.80% and Bank of India rose 7.28%. The Nifty PSU Bank index has increased 63.00% over last one year compared to the 61.27% spike in benchmark Nifty 50 index. In other indices, Nifty Auto index increased 4.28% and Nifty Financial Services index increased 3.39% on the day. In broad markets, the Nifty 50 witnessed a rise of 1.36% to close at 14504.8 while the SENSEX witnessed a rise of 1.38% to close at 48544.06 today.
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Domestic equity indices ended with sharp losses on Monday, as surging COVID-19 cases in the country triggered fears of fresh lockdowns. The Nifty managed to close above the 14,300 mark after hitting the day's low of 14,248.70 in late trade. All the sectoral indices on NSE ended in the red. Pharma stocks bucked weak market trend while banks and metal shares tumbled. The barometer index, the S&P BSE Sensex, slumped 1,707.94 points or 3.44% at 47,883.38. The Nifty 50 index tanked 524.05 points or 3.53% at 14,310.80. Bajaj Finance (down 7.39%), ICICI Bank (down 4.95%), HDFC (down 3.72%), HDFC Bank (down 3.87%) and Reliance Industries (down 3.60%) were major drags. In the broader market, the BSE Mid-Cap index slumped 5.32% and the BSE Small-Cap index tumbled 4.81%. Both these indices underperformed the Sensex. Sellers outnumbered buyers. On the BSE, 509 shares rose and 2,478 shares fell. A total of 174 shares were unchanged. The NSE's India VIX, a gauge of market's expectation of volatility over the near term, soared 16.22% to 23. COVID-19 Update: Total COVID-19 confirmed cases worldwide stood at 13,60,56,956 with 29,36,768 deaths. India reported 12,01,009 active cases of COVID-19 infection and 1,70,179 deaths while 1,21,56,529 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. India on Monday reported 1,68,912 new COVID-19 cases and 904 deaths in last 24 hours, according to data from the Union Health Ministry. The media reported that a total lockdown may be impending in Maharashtra. With rising COVID cases, a total lockdown is mulled by state government officials. State health minister Rajesh Tope said that a decision could happen after it is discussed during Wednesday's cabinet meeting. Economy: India's foreign exchange reserves declined $2.415 billion to stand at $576.869 billion in the week ended 2 April 2021, RBI data showed on Friday. The reserves had touched a record high of $590.185 billion in the week ended 29 January 2021. The gold reserves dropped by $884 million to $34.023 billion in the reporting week, as per the central bank data. The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by $4 million to $1.486 billion. Meanwhile, commercial banks in India gave almost one fourth of loans (about Rs 1.55 trillion) in the last fortnight of the financial year. The total lending was Rs 5.80 trillion in FY21 lower than about Rs 6 trillion in FY20. The outstanding credit stood at Rs 109.51 trillion as of 26 March 2021, according to Reserve Bank of India data. On a year-on-year (Y-o-Y) basis, the lending by commercial banks rose by 5.6% in the financial year (FY21), a period marked by economic contraction due to COVID-19 pandemic as against 6.1% in FY20. Numbers to Watch: The yield on 10-year benchmark federal paper fell to 6.008% as compared with 6.017% at close in the previous trading session. In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 75.0550, compared with its close of 74.73 during the previous trading session. MCX Gold futures for 4 June 2021 settlement rose 0.30% to Rs 46,733. The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.07% to 92.10. In the commodities market, Brent crude for June 2021 settlement rose 71 cents at $63.66 a barrel. The contract fell 25 cents, or 0.40% to settle at $62.95 a barrel in the previous trading session. Foreign Markets: Shares in Europe and Asia saw a mixed trend on Monday as global stocks continue to search for direction after record highs in several regions last week. The U.K. government is relaxing lockdown measures in England on Monday, with outdoor dining and hospitality venues, hairdressers, gyms, shops and outdoor attractions allowed to reopen. In the US, the Dow Jones Industrial Average and S&P 500 index closed at record highs Friday as investors remain cautiously optimistic about economic growth and progress against the pandemic. Stocks linked to the recovering economy led the gains again amid the accelerating vaccine rollout. On the data front, the U.S. producer-price index rose 1% in March, the U.S. Labor Department said Friday. The rate of wholesale inflation over the past 12 months climbed to 4.2% in March. That's the highest level since September 2011. Buzzing Indian Segment: The Nifty PSU Bank index slumped 9.26% to 1,988.30. The index rose 2.09% in the previous session. Indian Bank (down 11.14%), Canara Bank (down 10.52%), PNB (down 10.17%), Bank of India (down 10.07%), Punjab & Sind Bank (down 9.87%), Bank of Baroda (down 9.59%), Indian Overseas Bank (down 9.5%), Union Bank of India (down 9.23%), Jammu and Kashmir Bank (down 8.16%), UCO Bank (down 6.69%), Central Bank of India (down 6.34%), SBI (down 6.32%) and Bank of Maharashtra (down 6.26%) slumped. Stocks in Spotlight: IT bellwether TCS fell 2.43% to end at Rs 3241.45 ahead of its Q4 earnings today, 12 April 2021. Infosys fell 1.04%. The IT major said its board will consider a share buyback proposal on Wednesday, 14 April 2021. On the same day, the company will announce its audited consolidated financial results for the quarter and year ending 31 March 2021. The board will also recommend a final dividend for the financial year ending 31 March 2021. Dr Reddy's Laboratories shares jumped 4.83% after the media reported that India approved the use of Russia's Sputnik V COVID-19 vaccine. Sputnik V is being marketed in India by Dr. Reddy's Laboratories . Dr Lal Path Labs soared 6.36% to Rs 3338.70, rising for the third straight session. The stock has risen 11.77% in three sessions from its recent closing low of Rs 2,987.25 on 7 April 2021. The stock hit a record high of Rs 3,398.95 in the intraday today. Biocon fell 3.85%. Biocon Pharma, a wholly-owned subsidiary of Biocon, received a certificate of Good Manufacturing Practice (GMP) compliance from the Medicines & Healthcare products Regulatory Agency (MHRA), the United Kingdom (UK), for its manufacturing facility at Biocon Park in Bengaluru (Karnataka). The certificate, which includes manufacturing and packaging of tablets and capsules in the non-potent and potent blocks of the facility, was issued based on a remote inspection in the week of 22 March 2021, in the wake of travel restrictions amidst COVID-19. Ratnamani Metals & Tubes fell 2% after the company received a domestic order of Rs 594 crore for coated carbon steel pipes from oil and gas sector. The said order is to be executed between September 2021 and July 2022. Anupam Rasayan India fell 0.23%. The company has re-paid certain identified borrowings aggregating to Rs 470.73 crore as on 31 March 2021 of its total outstanding debt from the net proceeds of its recently completed initial public offering. The repayment of debt will result in significant savings in the finance cost. The company's total debt as on 31 December 2020 stood at Rs 841.975 crore.
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| Nifty PSU Bank index closed down 9.26% at 1988.3 today. The index has slipped 14.00% over last one month. Among the constituents, Indian Bank dropped 11.27%, Canara Bank shed 11.13% and Bank of Baroda fell 10.68%. The Nifty PSU Bank index has soared 53.00% over last one year compared to the 57.06% increase in benchmark Nifty 50 index. In other indices, Nifty Media index has dropped 8.10% and Nifty Realty index is down 7.50% on the day. In broad markets, the Nifty 50 has dropped 3.53% to close at 14310.8 while the SENSEX has slid 3.44% to close at 47883.38 today.
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The domestic equity benchmarks ended with small losses after a volatile session on Friday. Pharma, IT, FMCG and PSU banks shares advanced. The barometer index, the S&P BSE Sensex, declined 154.89 points or 0.31% to 49,591.32. The Nifty 50 index lost 38.95 points or 0.26% to 14,834.85. Bajaj Finance (down 3.12%), ICICI Bank (down 1.79%), Reliance Industries (down 1.11%) and HDFC Bank (down 0.83%) were major drags. In the broader market, the S&P BSE Mid-Cap index slipped 0.08% while the S&P BSE Small-Cap index added 0.69%. Buyers outnumbered sellers. On the BSE, 1,656 shares rose and 1,249 shares fell. A total of 173 shares were unchanged. Investors locked profits after a three-day streak. The Sensex rose 1.19% and the Nifty climbed 1.61% in the past three sessions. Rising Covid-19 cases in India also worried investors. COVID-19 Update: Total COVID-19 confirmed cases worldwide stood at 13,39,71,287 with 29,02,493 deaths. India reported 9,79,608 active cases of COVID-19 infection and 1,67,642 deaths while 1,19,13,292 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. Ten states including Maharashtra, Chhattisgarh, Karnataka, Uttar Pradesh, Delhi, Madhya Pradesh, Tamil Nadu, Gujarat, Kerala and Punjab have shown a steep rise in the daily COVID-19 cases, accounting for 84.21% of the 1,26,789 new infections, the health ministry said on Thursday. The national weekly COVID-19 positivity rate has increased by 6.21% from 2.19% to 8.40% in the first seven days of March and April, the ministry said. Numbers To Track: In the foreign exchange market, the partially convertible rupee fell to 74.73 compared with its previous closing of 74.5875. The yield on 10-year benchmark federal paper fell to 6.024% as compared to its previous close of 6.031%. MCX Gold futures for 4 June 2021 settlement shed 0.45% to Rs 46,629. The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.24% to 92.28. In the commodities market, Brent crude for June 2021 settlement added 1 cent to $63.21 a barrel. The contract gained 0.06% or 4 cents to settle at $63.20 in the previous trading session. Global Markets: Most European shares advanced while most Asian stocks declined on Friday. In the US, the S&P 500 rose to another record high on Thursday amid a strong rally in major technology stocks. Federal Reverse chairman Jerome Powell signaled on Thursday that the economic rebound from the pandemic still has room to go as the recovery thus far hasn't been well-rounded. Powell also repeated that inflation is not expected to be serious even though near-term price pressures are likely. Data showed an unexpected rise in the number of Americans filing new claims for unemployment benefits. A total of 744,000 Americans filed for unemployment benefits for the first time during the week ended April 3, the Labor Department said Thursday. Buzzing Indian Segment: The Nifty Pharma index rose 3.04% to 12,995.35. The index has risen 5.89% so far in April. Cadila Healthcare (up 10%), Cipla (up 5.34%), Aurobindo Pharma (up 4.47%), Sun Pharmaceutical Industries (up 3.54%), Lupin (up 2.93%), Biocon (up 2%), Dr Reddy's Laboratories (up 1.62%), Torrent Pharmaceuticals (up 1.2%) and Divi's Laboratories (up 0.96%) advanced. Alkem Laboratories jumped 4.66%. The company's board has approved approved the commencement of commercial production/operations at the Chakan manufacturing facility of Enzene Biosciences, subsidiary of the company, located at Pune, Maharashtra, from 9 April 2021. Stocks in Spotlight: IRCTC rose 0.28%. Life Insurance Corporation (LIC) acquired 1.12% in the company in Q4 March 2021. Meanwhile, Indian Railways board chairman Suneet Sharma reportedly said that there are no plans to stop or curtail train services in the country. There is no shortage of trains for those who want to travel, he reportedly said. Zensar Technologies rose 1.91%. The IT company has entered into a global strategic partnership with US-based Claimatic. The partnership combines industry-leading, decisioning software of Claimatic with Zensar's strategic consulting, enterprise delivery, and implementation services. Zensar said that the new, innovative partnership will leverage the respective strengths of Claimatic and Zensar to create compelling value for both companies and their mutual clients. Thyrocare Technologies added 3.10%. The company said that Arindam Haldar, who had joined the company as a chief executive officer (CEO) in September 2020, expressed his intention of resigning from his current post for personal reasons. Larsen & Toubro (L&T) fell 1.06%. The renewables arm of Larsen & Toubro's power transmission & distribution business has secured a turnkey EPC contract, from the consortium of ACWA Power and the Water and Electricity Holding Company (a subsidiary of the Public Investments Fund of Saudi Arabia), for Sudair Solar PV Project of 1.5 GW capacity. According to L&T's classification, the value of the said orders lies between Rs 5,000 crore to Rs 7,000 crore. Primary Market: The initial public offer (IPO) of Macrotech Developers received bids for 4.94 crore shares as against 3.64 crore shares on offer, according to the stock exchange data at 17:00 IST on Friday (9 April 2021). The issue was subscribed 1.36 times. The issue opened for bidding on Wednesday, 7 April 2021, and it will close on Friday, 9 April 2021. The price band for the IPO is set at Rs 483-486 per share.
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| Nifty Pharma index closed up 3.04% at 12995.35 today. The index has gained 6.00% over last one month. Among the constituents, Cadila Healthcare Ltd added 9.29%, Cipla Ltd gained 4.88% and Alkem Laboratories Ltd jumped 4.65%. The Nifty Pharma index has soared 48.00% over last one year compared to the 62.81% increase in benchmark Nifty 50 index. In other indices, Nifty PSU Bank index gained 2.09% and Nifty Energy index is down 1.09% on the day. In broad markets, the Nifty 50 is down 0.26% to close at 14834.85 while the SENSEX has dropped 0.31% to close at 49591.32 today.
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The domestic equity benchmarks ended with minor gains on Thursday, rising for the third straight session. Metal stocks surged while banks and financials corrected. The Nifty closed below the 14,900 mark. The barometer index, the S&P BSE Sensex, gained 84.45 points or 0.17% to 49,746.21. The Nifty 50 index rallied 54.75 points or 0.37% to 14,873.80. The Sensex rose 1.19% and the Nifty climbed 1.61% in three consecutive sessions. The broader market outperformed the benchmarks on Thursday. The BSE Mid-Cap index rose 0.60% and the BSE Small-Cap index added 0.73%. The market breadth was strong. On the BSE, 1,857 shares rose and 1,061 shares fell. A total of 167 shares were unchanged. Investors risk appetite improved after the minutes of last month's meeting of the U.S. Federal Reserve suggested that Fed officials were united on the need to see more progress on economic recovery before scaling back their bond-buying program. Domestic sentiment also received a boost after the Reserve Bank of India (RBI) on Wednesday kept its monetary policy accommodative to support economic growth. COVID-19 Update: Total COVID-19 confirmed cases worldwide stood at 13,31,31,285 with 28,87,888 deaths. India reported 9,10,319 active cases of COVID-19 infection and 1,66,862 deaths while 1,18,51,393 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. India detected 1,26,789 new cases of the novel coronavirus in the last 24 hours, the highest so far. Of the total, Maharashtra recorded a new high of 59,907 cases, while Chhattisgarh's count went past the 10,000-mark for the first time. Karnataka and Uttar Pradesh, too, reported more than 6,000 cases. The country also recorded 685 related deaths. Numbers to Watch: The yield on 10-year benchmark federal paper fell to 6.034% as compared with 6.082% at close in the previous trading session. In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.5875, compared with its close of 74.4775 during the previous trading session. MCX Gold futures for 4 June 2021 settlement rose 0.48% to Rs 46,585. The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.08% to 92.38. In the commodities market, Brent crude for June 2021 settlement fell 35 cents at $62.81 a barrel. The contract rose 42 cents, or 0.67% to settle at $63.16 a barrel in the previous trading session. Foreign Markets: Shares in Europe and Asia advanced on Thursday. Meanwhile, shares in Japan declined amid concerns that Tokyo is reportedly planning stricter steps to curb rising virus infections. In the US, the S&P 500 gained to hit a record high on Wednesday. The U.S. Federal Reserve released minutes from its March 16-17 meeting during which it kept its accommodative policy in place. The meeting summary indicated that while officials saw the economy was gaining considerably, they see much more progress needed before ultra-easy policy changes. President Joe Biden recently unveiled details of his $2 trillion infrastructure plan that includes a corporate tax rate hike to 28%. He said Wednesday that he is willing to negotiate on the proposed tax increase. Buzzing Segment: The Nifty Metal index jumped 3.92% to 4,494.95, extending gains for ninth day. The index has added 20.91% in nine sessions. Vedanta, Ratnamani Metals & Tubes, MOIL, APL Apollo Tubes, NALCO, Hindustan Zinc, NMDC, Welspun Corp, Hindalco, Tata Steel, SAIL and JSPL were up 0.19% to 7.37%. JSW Steel rallied 9.25%. The steel major's crude steel production jumped 6% to 4.19 million tonnes (MT) in Q4 FY21 from 3.97 million tonnes (MT) in Q4 FY20. The company's average capacity utilisation improved to 93% for Q4 FY21 from 91% of Q3 FY21. However, the capacity utilisation during the month of March 2021 stood at 96%. Stocks in Spotlight: Kalyan Jewellers India jumped 4.58%. The jewellery maker witnessed a robust increase in consumer demand in Q4 FY 2021, resulting in a revenue growth of approximately 60% for India operations, as compared to the same quarter in the prior year. The company believes a significant driver of recent revenue growth momentum in India has been a meaningful shift in consumer demand from the unorganized to the organized segment, which has been evident in the increase in footfalls seen across the company's store network. Cadila Healthcare added 2.05%. The pharma company announced that it has received final approval from the USFDA to market macitentan tablets, 10 mg. The drug is used to manage the symptoms of pulmonary arterial hypertension. Ashok Leyland jumped 5.18%. The commercial vehicles maker's subsidiary Switch Mobility, the U.K. based EV producer of buses and vans, announced its global expansion plans into India and its plan to create two subsidiary companies. The first, Switch Mobility Automotive, is being formed to carry on the EV strategy in India, which forms part of its global entity. The second is OHM Global Mobility, which will focus on providing mobility as a Service offering. Minda Corporation rose 1.24%. the company announced its partnership with Israel-based Ride Vision, a leading ADAS (rider assistance systems) solutions company, to bring its range of artificial intelligence-enabled collision avoidance technology products for the Indian two-wheeler market. Hester Biosciences jumped 10.12%. The company announced signing of agreement with ICAR-IVRI (Indian Council of Agri Research - Indian Veterinary Research Institute) for acquiring technologies for the production and commercialisation of classical swine fever vaccine & sheep pox vaccine. Muthoot Finance rose 2.78%. The NBFC announced its 25th series of public issue of secured redeemable non-convertible debentures (NCDs) of face value of Rs 1,000 each. The issue is with a base issue size of Rs 100 crore with an option to retain oversubscription up to Rs 1600 crore aggregating up to tranche limit of Rs 1700 crore. The funds raised through this issue will be utilized primarily for lending activities of the company. The issue opens on 08th April, 2021 and closes on 29th April, 2021 with an option to close on such earlier date or extended date as may be decided by the board of directors or NCD committee, the non-banking finance company said in a statement. Primary Market: The initial public offer (IPO) of Macrotech Developers received bids for 1.26 crore shares as against 3.64 crore shares on offer, according to the stock exchange data at 16:50 IST on Thursday (8 April 2021). The issue was subscribed 0.35 times. The issue opened for bidding on Wednesday, 7 April 2021, and it will close on Friday, 9 April 2021. The price band for the IPO is set at Rs 483-486 per share. An investor can bid for a minimum of 30 equity shares and in multiples thereof.
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| Nifty Metal index ended up 3.92% at 4494.95 today. The index has gained 18.00% over last one month. Among the constituents, JSW Steel Ltd rose 9.21%, Jindal Steel & Power Ltd jumped 6.91% and Steel Authority of India Ltd gained 6.46%. The Nifty Metal index has soared 177.00% over last one year compared to the 70.01% increase in benchmark Nifty 50 index. In other indices, Nifty Commodities index gained 1.97% and Nifty IT index gained 1.18% on the day. In broad markets, the Nifty 50 increased 0.37% to close at 14873.8 while the SENSEX increased 0.17% to close at 49746.21 today.
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The domestic equity benchmarks ended with strong gains on Wednesday, led by banks shares. The Nifty ended above the 14,800 mark. Shares climbed after the RBI kept policy rates unchanged but committed to a massive government bond purchase programme. All the sectoral indices on the NSE ended in the green. The barometer index, the S&P BSE Sensex, advanced 460.37 points or 0.94% to 49,661.76. The Nifty 50 index added 135.55 points or 0.92% to 14,819.05. In the broader market, the BSE Mid-Cap index rose 0.82% and the BSE Small-Cap index gained 1.30%. The market breadth was strong. On the BSE, 1,837 shares rose and 1,111 shares fell. A total of 184 shares were unchanged. COVID-19 Update: Total COVID-19 confirmed cases worldwide stood at 13,24,47,475 with 28,73,334 deaths. India reported 8,43,473 active cases of COVID-19 infection and 1,66,177 deaths while 1,17,92,135 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. India detected 115,736 new cases of the novel coronavirus on Tuesday, the highest daily increase so far. Nearly 55,000 cases were detected in Maharashtra, while Chhattisgarh scaled a new peak of 9,921 cases. Karnataka, Uttar Pradesh and Delhi reported more than 5,000 cases each. RBI Policy Outcome: The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), announcing its first bi-monthly monetary policy of the 2021-22 fiscal today, voted to leave policy repo rate unchanged at 4%. MPC maintained accommodative stance in unanimous vote. RBI Governor Shaktikanta Das said that the CPI inflation trajectory is likely to be subject to both upside and downside pressures. The central banker added that the projection for CPI inflation has been revised to 5% in Q4 of financial year 2020-21, 5% in Q1 FY22, 5.2% in Q2, 4.4% in Q3 and 5.1% in Q4 with risks broadly balanced. While the RBI maintained its FY22 real GDP growth projection at 10.5%, the RBI Governor said that the recent surge in COVID-19 infections has given greater uncertainty on growth outlook. In an endeavour to sustain congenial financing conditions, the RBI has decided to put in place a secondary market G-sec acquisition programme (G-SAP). The central bank has decided to announce a G-SAP of Rs 1 lakh crore in Q1FY22. The RBI also extended the deadline for TLTRO on-tap liquidity scheme to 30 September 2021 from 31 March 2021. It has also decided to conduct such auctions of longer tenors, following the success of variable reverse repo rate auctions. The amount and the tenor of these auction will be announced later by the RBI. The central bank will provide liquidity support of Rs 50,000 crore to all-India financial institutions and it has also proposed to constitute a committee to comprehensively review the functioning of asset reconstruction companies. The RBI has decided to accept the recommendations of an advisory committee that reviewed ways and means advance limits to states and union territories. The aggregate ways and means advance limit of all states and UTs will be enhanced to Rs 47,010 crore, an increase of 46%. Economy: The International Monetary Fund (IMF) has upgraded its growth projection for India to 12.5% for the Financial Year 2021-22. In its latest World Economic Outlook report, the IMF has pegged India's GDP to grow 1% higher than its previous report published in January this year. The Washington based International Financial Institution has projected a contraction of 8% in the growth in the last fiscal while it has forecasted a growth of 6.9% in the next financial year beginning in 2022. The IMF has also said that inflation will taper down to 4.9% in the current financial year. Numbers to Watch: The yield on 10-year benchmark federal paper fell to 6.083% as compared with 6.122% at close in the previous trading session. In the foreign exchange market, the rupee tumbled against the dollar. The partially convertible rupee was hovering at 74.4775, compared with its close of 73.42 during the previous trading session. MCX Gold futures for 4 June 2021 settlement rose 0.83% to Rs 46,300. The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.10% to 92.25. In the commodities market, Brent crude for June 2021 settlement rose 59 cents at $63.33 a barrel. The contract rose 59 cents, or 0.95% to settle at $62.74 a barrel in the previous trading session. Foreign Markets: Most shares in Europe and Asia advanced on Wednesday. US stocks fell from record levels on Tuesday as the recent rally driven by signs of strong economic rebound took a pause. On Tuesday, California Governor Gavin Newsom said that the state will reopen its economy by June 15 provided that coronavirus vaccine and hospitalization cases remain stable. The IMF on Tuesday projected an impressive 12.5% growth rate for India in 2021, stronger than that of China, the only major economy to have a positive growth rate last year during the COVID-19 pandemic. The Indian economy is expected to grow by 6.9% in 2022. The IMF revised up its forecast for the world economy. On Tuesday, the organization said it expects growth at 6% in 2021, up from a January prediction of 5.5%, and Chief Economist Gita Gopinath said that despite lingering uncertainties around the pandemic, a way out of this health and economic crisis is increasingly visible. Buzzing Segment: The Nifty Bank index rose 1.51% to 32,991.20. The index fell 4.01% in the past two sessions. Bandhan Bank, Federal Bank, SBI, Indusind Bank, ICICI Bank, RBL Bank, PNB, Axis Bank, Kotak Mahindra Bank, AU Small Finance Bank and HDFC Bank rose by 0.49% to 3.35%. IDFC First Bank rose 4.16% after the bank successfully raised about Rs 3000 crore through qualified institutional placement (QIP) route. The capital raising committee of board of directors of the bank, at their meeting held on Tuesday (6 April 2021) approved allotment of 52.31 crore shares to eligible qualified institutional buyers at the issue price of Rs 57.35 per equity share. The QIP issue opened on 30 March 2021 and closed on 6 April 2021. Separately, the IDFC First Bank informed that the bank's total customer deposits increased 43.15% to Rs 82,628 crore as on 31 March 2021 as against Rs 57,719 crore as on 31 March 2020. CASA deposits of the bank improved 122.74% to Rs 46,022 crore at the end of 31 March 2021 from Rs 20,661 crore on 31 March 2020. CASA ratio improved to 51.95% on 31 March 2021 from 48.31% in 31 December 2020 and 31.87% as on 31 March 2020. Stocks in Spotlight: Titan Company shed 0.78%. The company said it recorded very strong revenues in Q4 March 2021. The company recorded a revenue growth of 60% for the overall Q4 due to low base of March 2020, with revenue growth of over 36% in the comparable January & February months. Q4 reported revenue growth was further aided by a large B2B gold coin order that contributed about 8% of the growth. Cholamandalam Investment and Finance Company jumped 7.14%. The company announced that it is one of the companies participating in a consortium of Vishwakarma Payments, that has applied for a new umbrella entity license for retail payments with RBI. Dixon Technologies (India) rose 4.20%. The company and Bharti Enterprises have signed MoU to form a joint venture (JV) company to apply for Government of India's production linked incentive (PLI) scheme for manufacturing telecom & networking products. Tata Steel gained 1.38% after the steel major reported its highest ever annual deliveries despite COVID-19 driven disruption. Tata Steel India achieved highest ever quarterly crude steel production of 4.75 million tons with a 3% quarter on quarter growth for Q4 FY21 over Q3 FY21. The crude steel production rose 0.42% year on year from 4.73 million tonnes posted in Q4 FY20. During the quarter, steel production at Tata Steel Europe increased to 2.65 million tons. Steel sales volume rose by 18% quarter on quarter and 4% year on year. Equitas Small Finance Bank fell 2.64%. The bank's total deposits jumped 52% year-on-year (YoY) to Rs 16,391 crore while its gross advances grew by 16% YoY to Rs 17,896 crore in the quarter ended on 31 March 2021 compared with the same period last year. RailTel Corporation of India added 0.77%. The company bagged an order worth to Rs 22.38 crore from Controller General of Defence Accounts for setting up network operation centre. It also received order amounting to Rs 11.99 crore from Axom Sabra Siksha Abhiyan Mission for deployment of artificial intelligence-based identification system for capturing attendance and management of SDMIS. GRM Overseas hit an upper circuit of 5% at Rs 1950.90 after the company said its subsidiary, GRM Foodkraft, has entered into an agreement with Walmart to place its products in Walmart stores. New Listing: Shares of Barbeque-Nation Hospitality settled at Rs 590.40 on the BSE, a premium of 18.08% over the initial public offer (IPO) price of Rs 500. The stock was listed at Rs 492, a discount of 1.6% to the IPO price. The stock hit a high of Rs 590.40 and low of Rs 481.35. On the BSE, 8.98 lakh shares were traded on the counter. The initial public offer (IPO) of Barbeque Nation Hospitality was subscribed 5.98 times. The issue opened for bidding on 24 March 2021, and closed on 26 March 2021. The price band for the IPO was set at Rs 498-500 per share.
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| Nifty PSU Bank index ended up 1.95% at 2164.7 today. The index has lost 9.00% over last one month. Among the constituents, Union Bank of India jumped 4.55%, Bank of India rose 3.15% and State Bank of India gained 2.28%. The Nifty PSU Bank index has increased 72.00% over last one year compared to the 68.55% spike in benchmark Nifty 50 index. In other indices, Nifty Auto index increased 1.59% and Nifty Private Bank index increased 1.53% on the day. In broad markets, the Nifty 50 increased 0.92% to close at 14819.05 while the SENSEX witnessed a rise of 0.94% to close at 49661.76 today.
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Key equity indices ended with small gains after a volatile session on Tuesday. The Nifty closed just shy of the 14,700 mark. Gains were capped amid a spike in COVID-19 cases in the country. Metal and pharma stocks were in demand while banks shares extended losses. The barometer index, the S&P BSE Sensex, advanced 42.07 points or 0.09% to 49,201.39. The Nifty 50 index added 45.70 points or 0.31% to 14,683.50. It hit an intraday low of 14,573.90 and an intraday high of 14,779.10. Asian Paints (up 4.07%), Hindustan Unilever (up 1.44%) and HDFC (up 1.10%) supported the indices. ICICI Bank (down 0.91%), HDFC Bank (down 0.56%) and Reliance Industries (down 0.46%) were major drags. The broader market ended firm. The BSE Mid-Cap index rose 1% and the BSE Small-Cap index gained 0.84%. The market breadth was positive. On the BSE, 1664 shares rose and 1217 shares fell. A total of 190 shares were unchanged. COVID-19 Update: Total COVID-19 confirmed cases worldwide stood at 13,18,28,728 with 28,61,100 deaths. India reported 7,88,223 active cases of COVID-19 infection and 1,65,547 deaths while 1,17,32,279 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. India, on Monday, reported 96,982 fresh coronavirus cases and 446 related deaths. Of these, 47,288 cases were reported in Maharashtra. While cases in Chhattisgarh scaled a new high of 7,302, and the count in Karnataka crossed the 5,000-mark. The country's active case tally now stands at 7,88,223. While 164 people died in Maharashtra, 72 deceased in Punjab. Over 43 lakh people were also inoculated on Monday, pushing the vaccination count up to 8,31,10,926. Meanwhile, the Delhi government has imposed a night curfew from 10 pm to 5 am till April 30 in the wake of rising cases. This comes a day after Maharashtra imposed full lockdown on weekends and fresh restrictions to last through April. Economy: RBI Governor Shaktikanta Das-led rate-setting panel Monetary Policy Committee (MPC) started its three-day deliberation on the next monetary policy on Monday. The Reserve Bank will announce the resolution of the MPC on Wednesday, 7 April 2021. Numbers to Watch: The yield on 10-year benchmark federal paper fell to 6.122% as compared with 6.123% at close in the previous trading session. In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 73.42, compared with its close of 73.30 during the previous trading session. MCX Gold futures for 4 June 2021 settlement rose 0.48% to Rs 45,566. The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.31% to 92.73. In the commodities market, Brent crude for June 2021 settlement rose $1.04 at $63.19 a barrel. The contract fell $2.71, or 4.18% to settle at $62.15 a barrel in the previous trading session. Foreign Markets: European shares advanced on Tuesday as trading resumed after the Easter holiday. Most Asian indices rose on Tuesday, 6 April 2021. Markets in Hong Kong were closed today for a holiday. China's services sector activity grew in March, according to a private sector survey released Tuesday. The Caixin/Markit services Purchasing Managers' Index for March came in at 54.3, as compared to February's reading of 51.5. U.S. stocks rallied on Monday with the Dow and S&P 500 closing at record levels, as a round of strong economic data buoyed investor optimism for the economic reopening. The Dow Jones Industrial Average rose 373.98 points to 33,527.19, a record closing high. The S&P 500 gained 1.4% to 4,077.91, also hitting a new record close. The tech-heavy Nasdaq Composite also climbed 1.7% to 13,705.59. Treasury Secretary Janet Yellen on Monday pushed for a global minimum corporate tax in an effort to keep companies from relocating to find lower rates. Meanwhile, a measure of U.S. services industry activity soared to a record high in March. The Institute for Supply Management's non-manufacturing activity index jumped to a reading of 63.7 last month. That was the highest in the survey's history and followed 55.3 in February. Buzzing Segment: The Nifty Pharma index rose 1.76% to 12,548.60. The index declined 0.37% yesterday. Cadila Healthcare, Divis Laboratories, Biocon, Cipla, Sun Pharmaceutical Industries, Torrent Pharmaceuticals, Dr. Reddy's Laboratories, Lupin, Aurobindo Pharma and Alkem Laboratories rose by 0.83% to 4.43%. Stocks in Spotlight: Adani Ports & Special Economic Zone (APSEZ) surged 12.84%. The company handled cargo volume of 73 MMT (million metric tonnes) in Q4 FY21, registering a growth of 27% on Y-o-Y (year-on-year) basis. APSEZ handled cargo volume of 247 MMT in FY21, registering a growth of 11% on Y-o-Y basis. Sobha spurted 16.05% after the company's total new sales jumped 47.69% to 13,37,707 square feet in Q4 FY21 over 9,05,710 sq ft. in Q4 FY20. Total sales value grew 54.35% to Rs 1,072 crore in Q4 FY21 as against Rs 694.50 crore in Q4 FY20. Sobha's share of sales value soared 57.91% to Rs 874.20 crore in Q4 FY21 compared with Rs 553.60 crore in Q4 FY20. Total average price realisation rose 4.51% to Rs 8,014 per sq ft. in Q4 FY21 over Rs 7,668 per sq ft. in Q4 FY20. Bajaj Finance added 0.58% after the company's customer franchise as of 31 March 2021 stood at 48.6 million, up by 14.08% from 42.6 million as of 31 March 2020. The company acquired 2.3 million new customers in Q4 FY21 compared with 1.9 million in Q4 FY20. New loans booked during Q4 FY21 were 5.5 million as against 6 million in Q4 FY20. Panacea Biotec hit an upper circuit of 20% at Rs 220.85 after the company announced cooperation with the Russian Direct Investment Fund (RDIF) to produce 100 million doses per year of Sputnik-V vaccine. Production of Sputnik-V at Panacea Biotec sites will help facilitate global supply of Sputnik V to international partners of RDIF. Sputnik-V, the world's first registered vaccine against the novel coronavirus infection, has been registered in 59 countries globally with total population of over 1.5 billion people. IRCON International rose 1.85%. The company said that its board of directors approved and recommended the issuance of one bonus share for each share held as on the date of record date. Avenue Supermarts shed 0.12%. The supermarket chain operator said its standalone revenue from operations in Q4 March 2021 stood at Rs 7,303.13 crore compared with Rs 6,193.53 crore in the same period last year, recording a growth of 17.91% Y-o-Y. As of 31 March 2021, the total number of stores stood at 234. During FY 2020-21, Avenue Supermarts opened 22 new stores and converted 2 stores into fulfilment centers for Avenue E-commerce. Jindal Steel & Power (JSPL) added 1.66%. The steel maker reported a 34.4% jump in production to 2.07 million tonnes in Q4 March 2021 from 1.54 million tonne reported in Q4 March 2020. Sales for Q4 March 2021 grew by 37.4% to 1.91 million tonnes from 1.39 million tonnes in Q4 March 2020. Exports accounted for 27% of sales in Q4 March 2021 compared with 15% in Q4 March 2020. Mahindra Logistics slipped 1.32%. The company announced that it has partnered with Flipkart as one of its key logistics partners to help fast track deployment of electric vehicles across its logistics fleet in the country. Flipkart committed to 100% electric mobility in its logistics fleet and will deploy more than 25,000 electric vehicles (EVs) by 2030. Mahindra Logistics will play a significant role in working with various OEMs and help Flipkart's sustainable transition to EVs. RBL Bank advanced 2.76%. The bank's total deposits jumped 26% to Rs 73,123 crore as on 31 March 2021 as against Rs 57,812 crore as on 31 March 2020. Gross advances rose 2% to Rs 60,012 crore as on 31 March 2020 as against Rs 58,966 crore as on 31 March 2020. Current Account-Savings Account (CASA) soared 36% to Rs 23,264 crore in 31 March 2021 from Rs 17,116 crore in 31 March 2020. CASA ratio stood at 31.8% as on 31 March 2021 as against 29.6% as on 31 March 2020.
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| Nifty Pharma index ended up 1.76% at 12548.6 today. The index has added 3.00% over last one month. Among the constituents, Cadila Healthcare Ltd rose 3.76%, Divis Laboratories Ltd gained 2.13% and Cipla Ltd jumped 2.00%. The Nifty Pharma index has increased 70.00% over last one year compared to the 81.64% spike in benchmark Nifty 50 index. In other indices, Nifty Metal index increased 1.43% and Nifty Realty index gained 1.17% on the day. In broad markets, the Nifty 50 increased 0.31% to close at 14683.5 while the SENSEX increased 0.09% to close at 49201.39 today.
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The domestic equity benchmarks ended with significant cuts on Monday, led by weakness in banks and financial shares. After hitting the day's low of 14,459.50 in mid-morning trade, the Nifty pared losses and closed above the 14,600 mark. A spike in domestic coronavirus cases and fresh curbs imposed by the Maharashtra government dented investors' sentiment. The S&P BSE Sensex, slumped 870.51 points or 1.74% to 49,159.32. The Nifty 50 index tumbled 229.55 points or 1.54% to 14,637.80. Bajaj Finance (fell 5.81%), ITC (down 3.39%) and HDFC (down 3.36%) were major drags. HCL Technologies (up 3.08%), TCS (up 2.32%), Infosys (up 1.79%), Bharti Airtel (up 1.40%) and Tech Mahindra (up 0.55%) bucked the trend. Selling was wide spread. The BSE Mid-Cap index fell 1.13% and the BSE Small-Cap index lost 1.08%. The market breadth was weak. On the BSE, 1058 shares rose and 1898 shares fell. A total of 185 shares were unchanged. COVID-19 Update: Total COVID-19 confirmed cases worldwide stood at 13,13,34,009 with 28,53,360 deaths. India reported 7,41,830 active cases of COVID-19 infection and 1,65,101 deaths while 1,16,82,136 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. In the wake of rising COVID-19 cases in Maharashtra, Uddhav Thackeray-led state government on April 4 imposed new curbs to control the transmission rate of the contagion. As part of the new rules, a night curfew would be in place across the state from 8 pm to 7 am and a weekend lockdown will be effective from 8 pm on Friday to 7 am on Monday. The restrictions, which come into effect from today (April 5), also include a ban on gatherings of five or more people throughout the day. Essential and medical services are exempt from this. Economy: The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) fell from 57.5 in February to a seven-month low of 55.4 in March. However, the latest reading was indicative of a substantial improvement in the health of the sector that outpaced the long-run series average. Meanwhile, GST Revenue collection for March 2021 has set a new record with highest ever collection of Rs 1,23,902. The GST revenue collected in the last month is 27% higher than that collected in March last year. The Finance Ministry has informed that GST revenues of March are the highest since the introduction of Goods & Services Tax in the country. During the month, revenue from import of goods was 70% higher and the revenues from domestic transaction are 17% higher than the revenues from these sources during the same month last year. Further, India's merchandise exports in March 2021 increased an impressive 58.23% to $34 billion as against $21.49 billion in March last year. Exports during April-March 2020-21 were $290.18 billion, as compared to $313.36 billion during the same period of last year, exhibiting a negative growth of 7.40%. India's merchandise imports in March 2021 were $48.12 billion as compared to $31.47 billion in March last year. This is an increase of 52.89%. Merchandise imports during April-March 2020-21 were $388.92 billion, as compared to $474.71 billion during the same period of last year, exhibiting a negative growth of 18.07%. India is thus a net importer in March 2021, with a trade deficit of $14.11 billion, as compared to trade deficit of $9.98 billion. This is an improvement by 41.4%. Politics: Maharashtra home minister Anil Deshmukh submited resignation to Chief Minister Uddhav Thackeray. On petition of Dr Jaishri Patil, Bombay High Court asked Central Bureau of Investigation to start a preliminary inquiry within 15 days into corruption allegations of former Mumbai Police Commissioner Param Bir Singh against Maharashtra home minister Anil Deshmukh. Former Mumbai top cop, Singh had earlier claimed that Deshmukh had asked police officers, including suspended assistant police inspector Sachin Waze, to collect at least Rs 100 crore from city bars and hotels every month, a charge which Deshmukh denied. Insolvency and Bankruptcy Code Ordinance, 2021: The government has amended the insolvency law to provide for a pre-packaged resolution process for micro, small and medium enterprises. An ordinance was promulgated to amend the Insolvency and Bankruptcy Code (IBC) on Sunday, 4 April 2021. As per the ordinance, it is considered necessary to urgently address the specific requirements of Micro, Small and Medium Enterprises (MSMEs) relating to the resolution of their insolvency, due to the unique nature of their businesses and simpler corporate structures. It is considered expedient to provide an efficient alternative insolvency resolution process MSMEs to ensure a quicker, cost-effective and value maximising outcomes for all stakeholders, in a manner which is least disruptive to the continuity of their businesses and which preserves jobs. Numbers to Watch: The yield on 10-year benchmark federal paper fell to 6.129% as compared with 6.177% at close in the previous trading session. In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 73.30, compared with its close of 73.12 during the previous trading session. MCX Gold futures for 4 June 2021 settlement fell 0.25% to Rs 45,306. The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.03% to 93.06. In the commodities market, Brent crude for June 2021 settlement fell $1.20 at $63.66 a barrel. The contract rose $2.12, or 3.38% to settle at $64.86 a barrel in the previous trading session. Foreign Markets: European stock markets were closed for Easter Monday. Asian shares rallied across the board on Monday as investors cheered a strong bounce in U.S. job growth last month amid accelerating vaccine rollout. Markets in mainland China and Hong Kong were closed for holidays. Investors monitored the progress of debate over U.S. President Joe Biden's $2.25 trillion infrastructure proposal, as Republicans reportedly expressed guarded support for a more limited plan. The response so far in bond markets has been muted, with inflation concerns easing amid doubts over the viability of more-generous spending, even as central banks remain reportedly committed to keeping interest rates lower for longer. China is reportedly ramping up its COVID-19 vaccination push, aiming to be twice as fast as the U.S., and a leader of the World Health Organization's program has reportedly said the rollout of shots will be expanded to 100 countries in the next couple of weeks, from 84 at present. In US, the S&P 500 surged on Thursday to its first-ever close above the 4,000 mark, lifted by gains in Microsoft, Amazon and Alphabet, as well as optimism about a recovering U.S. economy. The Labor Department reported Friday that nonfarm payrolls increased by 916,000 in March, the highest since August 2020, while the unemployment rate fell to 6%. Buzzing Indian Segment: The Nifty Bank index fell 3.48% to 32,678.85. The index rose 1.66% in the previous session. Indusind Bank, IDFC First Bank, SBI, RBL Bank, Bandhan Bank, ICICI Bank, Axis Bank, PNB, AU Small Finance Bank and Kotak Mahindra Bank fell by between 2.41% to 5.54%. HDFC Bank declined 2.52%. The bank announced that its advances grew around 13.9% to approximately Rs 11,32,000 crore as of 31 March 2021 compared with Rs 993,700 crore as of 31 March 2020. The bank's deposits aggregated to approximately Rs 13,35,000 crore as of 31 March 2021, up by around 16.3% compared with Rs 11,47,500 crore as of 31 March 2020. CASA deposits aggregated to approximately Rs 6,15,500 crore as of 31 March 2021, a growth of around 27% over Rs 4,84,600 crore as of 31 March 2020. CASA ratio stood at around 46% as of 31 March 2021, as compared to 42.2% as of 31 March 2020. Federal Bank tumbled 3.04%. The private lender said that its total deposits increased by 13% to Rs 172,655 crore as of 31 March 2021 compared to Rs 152,290 crore reported on 31 March 2020. Gross advanced grew by 9% to Rs 134,876 crore as of 31 March 2021 from Rs 124,153 crore posted on 31 March 2020. CASA rose 26% to Rs 58381 crore as of 31 March 2021 from Rs 46450 crore registered in 31 March 2020. CASA ratio improved to 33.81% at the end of 31 March 2021 from 30.5% recorded on 31 March 2020. Yes Bank fell 1.59%. The bank's loans & advances rose 0.8% to Rs 172,850 crore as on 31 March 2021 compared with Rs 171,443 crore as on 31 March 2020. Deposits increased by 54.7% to Rs 162,947 crore as on 31 March 2021 from Rs 105,364 crore on 31 March 2020. The bank's CASA improved by 51.8% to Rs 42,587 crore as on 31 March 2021 from Rs 28,063 crore as on 31 March 2020. CASA ratio was at 27.3% as on 31 March 2021 as against 28.5% as on 31 March 2020. Stocks in Spotlight: Marico fell 1.53%. The FMCG company witnessed healthy momentum building across its key portfolios. General Trade put up a strong show led by rural growth. E-Commerce continued to gain salience. Modern Trade was affected by the high base on account of the pre-lockdown pantry loading in March last year, but has been in recovery mode. While, Canteen Stores Department (CSD) rebounded to post healthy growth. Marico's India business delivered a very strong double-digit volume growth, albeit on a low but relatively stronger base when compared to key peers in the sector. The FMCG company's International business, too, posted strong double-digit constant currency growth on the back of recovery across markets. As operating margin is likely to dip significantly owing to the severe input cost pressure, Marico expects to deliver low double-digit bottom line growth in the quarter. Maruti Suzuki India declined 2.23%. Suzuki Motor Gujarat (SMG), a 100% subsidiary of Suzuki Motor Corporation for the production of automobiles in India, has completed construction of the Plant C in Gujarat and started production from April 2021. Suzuki established SMG in March 2014, aiming to secure production ability in preparation for the automobile market growth in India, as well as for expansion of exports from India. Steel Authority of India (SAIL) surged 6.98%. The Maharatna PSU's crude steel production rose 6% to 4.55 million tonnes (MT) while its steel sales jumped 14% to 4.27 MT in Q4 FY21 over Q4 FY20. In line with its focus on reducing the borrowings, the company has reduced its gross debts by around Rs 16,150 crore to stand at Rs 35,330 crore (provisional) as on 31 March 2021 vis-a-vis Rs 51,481 crore as on 31 March 2020. Hero MotoCorp skid 2.76%. The two-wheeler major reported a 72% increase in total sales at 5,76,957 units in March 2021 from 3,34,647 units sold in the same month last year. TVS Motor Company shed 0.59%. The company's total auto sales grew 122.94% registering 3,22,683 units in March 2021 as against 1,44,739 units in March 2020. While the company's total two-wheeler sales surged 130% recording a sale of 3,07,437 units, three-wheeler sales jumped 42% to 15,246 units in March 2021 over March 2020. Eicher Motors dropped 4.11%. The sale of Royal Enfield motorcycle soared 84% to 66,058 units in March 2021 from 35,814 units in March 2020. Escorts declined 3.03%. The company's Construction Equipment segment (ECE) in March 2021 sold 680 machines, its highest ever March sales, and registered a growth of 252.3% as against 193 machines sold in March 2020.
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| Nifty PSU Bank index closed down 4.10% at 2123.85 today. The index has slipped 9.00% over last one month. Among the constituents, Canara Bank dropped 6.14%, Central Bank of India slipped 4.68% and State Bank of India fell 4.61%. The Nifty PSU Bank index has soared 72.00% over last one year compared to the 81.08% increase in benchmark Nifty 50 index. In other indices, Nifty Bank index has dropped 3.48% and Nifty Private Bank index is down 3.45% on the day. In broad markets, the Nifty 50 is down 1.54% to close at 14637.8 while the SENSEX has slid 1.74% to close at 49159.32 today.
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The domestic equity indices ended near the day's high on Thursday, led by strength in banks and auto stocks. The barometer index, the S&P BSE Sensex, jumped 520.68 points or 1.05% to 50,029.83. The Nifty 50 index advanced 176.65 points or 1.20% to 14,867.35. IndusInd Bank (up 4.12%), Kotak Mahindra Bank (up 2.88%), ICICI Bank (up 2.18%), Infosys (up 1.28%) and Reliance Industries (up 0.92%) boosted the indices. The buying was supported by positive global cues, backed by strong factory activity data in euro zone and Asia last month, and the optimism around the U.S. government's $2 trillion spending plan. US President Joe Biden unveiled a massive infrastructure package on Wednesday, which includes roughly $2 trillion in spending over eight years. The government will raise the corporate tax rate to 28%, combined with measures designed to stop offshoring of profits, to fund the infrastructure plan within 15 years. The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index rallied 1.66% while the S&P BSE Small-Cap index surged 2.05%. Buyers outnumbered sellers. On the BSE, 2137 shares rose and 752 shares fell. A total of 154 shares were unchanged. COVID-19 Update: Total COVID-19 confirmed cases worldwide stood at 12,89,13,887 with 28,16,081 deaths. India reported 5,84,055 active cases of COVID-19 infection and 1,62,927 deaths while 1,14,74,683 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. Among the total active caseload of 5.52 lakh cases, five states - Maharashtra, Karnataka, Kerala, Punjab and Chhattisgarh - cumulatively account for 79.30% of the cases. Maharashtra leads with more than 61% of the active caseload. Economy: The gross GST revenue collected in the month of March 2021 stood at a record of Rs 1,23,902 crore of which CGST is Rs 22,973 crore, SGST Rs 29,329 crore, IGST Rs 62,842 crore and Cess is Rs 8,757 crore. The GST revenues during March 2021 are the highest since introduction of GST. In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of March 2021 are 27% higher than the GST revenues in the same month last year. India's current account balance recorded a deficit of $1.7 billion (0.2% of GDP) in Q3 FY2021 after a surplus of $15.1 billion (2.4% of GDP) in Q2 FY2021 and $19 billion (3.7% of GDP) in Q1 FY2021; a deficit of $2.6 billion (0.4% of GDP) was recorded a year ago. Underlying the current account deficit in Q3 FY2021 was a rise in the merchandise trade deficit to $34.5 billion from $14.8 billion in the preceding quarter, and an increase in net investment income payments. The combined Index of Eight Core Industries stood at 127.8 in February 2021, which declined by 4.6% as compared to the Index of February 2020. All sectors reported decline in output during the month under review. Its cumulative growth during April to February, 2020-21 has been (-) 8.3%. Meanwhile, World Bank has raised Indian GDP growth prediction for 2021-22 fiscal to 10.1% from 5.4% projected in January. The international bank said given the significant uncertainty amid COVID-19 effects on the economy, the real India GDP growth could be in the range from 7.5% to 12.5%. The World Bank in its South Asia Economic Focus Spring update report said that it has revised the projection amid a strong rebound in private consumption and investment growth. The international bank noted that government consumption is expected to rise by about 16.7% during the reported fiscal. The World Bank, however, sounded a warning as economic activity is well below pre-COVID-19 estimate. It said that businesses need to make up for lost revenue and millions of workers, most of them in the informal sector, still reel from job losses and falling incomes should be taken care. No change in Small Savings Scheme: The government on Thursday decided to withdraw the rate cut order on the small saving schemes. Finance Minister said interest rates on small savings schemes will continue to be at the levels as in March 2021. “Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, i.e., rates that prevailed as of March 2021. Orders issued by oversight shall be withdrawn,” Finance Minister Nirmala Sitharaman said in a tweet early Thursday morning. The government on Wednesday had announced the new interest rates on post office small savings schemes for the three months ending 30 June 2021. The rates notified for the April to June 2021 quarter were 40 basis points (0.4%) to 110 basis points (1.1%) lower on various instruments including PPF, Senior citizen savings scheme, monthly income account scheme, etc. Numbers to Track: The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.07% to 93.17. Brent crude for June 2021 settlement rose $1.29 to $62.31 a barrel. The contract fell 2.33% to settle at $ 62.74 a barrel in the previous session. MCX Gold futures for 5 April 2021 settlement rose 0.14% to Rs 44,700. Global Markets: Shares in Europe and Asia rallied on Thursday, supported by the US government's $2 trillion spending plan. Euro zone manufacturing activity grew at its fastest pace on record in March, with IHS Markit's final manufacturing PMI coming in at 62.5 compared to February's 57.9. A private survey released Thursday showed slowing growth of Chinese factory activity in March. The Caixin/Markit manufacturing Purchasing Managers' Index (PMI) for March came in at 50.6, compared with February's reading of 50.9. In comparison, China's official manufacturing PMI released Wednesday came in at 51.9, higher than February's reading of 50.6. PMI readings above 50 signify expansion while those below that level represent contraction. Japan's factory activity expanded at a faster pace in March. The final au Jibun Bank Japan Manufacturing Purchasing Managers' Index (PMI) rose to a seasonally adjusted 52.7 in March from the previous month's 51.4 reading. In US, the S&P 500 and Nasdaq rose on Wednesday, boosted by gains in technology shares as investors positioned themselves for President Joe Biden's massive infrastructure plan. March Auto Sales: The Nifty Auto index jumped 1.62% to 10,022.60. The index fell 0.03% in the previous session. Maruti Suzuki India rose 0.92%. The car major's total sales surged 99.31% to 1,67,014 units in March 2021 as against 83,792 units March 2020. Sequentially, the company's total auto sales rose 1.54% in March 2021 as against 1,64,469 units sold in February 2021. Mahindra & Mahindra (M&M) gained 1.37%. The company announced that its overall auto sales (passenger vehicles+ commercial vehicles + exports) for March 2021 stood at 40,403 units, up 505% compared with 6,679 units in March 2020. Sequentially, the company's auto sales surged 40.40% in March 2021 from 28,777 units sold in February 2021. Mahindra's Farm Equipment Sector (FES) said that its total tractor sales (domestic + exports) during March 2021 were at 30,970 units, up by 128% from 13,613 units for the same period last year. Ashok Leyland gained 4.10% after the company's total sales (domestic+exports) stood at 17,231 units in March 2021, up 710% over 2126 units sold in March 2020. Tata Motors rose 1.90% after the auto major's total sales in the domestic & international market for Q4 FY21 stood at 191,720 vehicles, up by 89.04% from 101,420 units sold during Q4 FY20. The company's total commercial vehicle (CV) sales (domestic + exports) were at 40,609 units in March 2021 as against 7,123 units in March 2020. Eicher Motors rose 1.03%. VE Commercial Vehicles, an unlisted subsidiary of Eicher Motors, sold 7037 vehicles in March 2021, up 369.45% over 1499 vehicles sold in March 2020. Escorts fell 1.23%. The company's Agri Machinery Segment (EAM) in March 2021 sold 12,337 tractors, its highest ever March sales, and registered a growth of 126.6% against 5,444 tractors sold in March 2020. Sequentially, the company's tractor sales have increased by 9.86% last month from 11,230 units sold in February 2021. SML Isuzu gained 4.04% after the auto maker's total sales jumped 95.1% to 952 units in March 2021 as against 488 units in March 2020. Sequentially, the company's auto sales soared 25.26% in March 2021 as against 760 units sold in February 2021. VST Tillers Tractors rose 2.97% after the company's total sales jumped to 3,787 units in March 2021, up 91.75% as against 1,975 units sold in March 2020. Stocks in Spotlight: Bharti Airtel rose 0.70% after Airtel Africa's mobile money business received $100 million investment from Mastercard. The transaction values Airtel Africa's mobile money business at $2.65 billion on a cash and debt free basis. Tata Consumer Products (TCPL) rose 1.85% after the company said that its step-down subsidiaries in the USA have decided to divest their entire membership interest in Empirical Group and Southern Tea to the joint venture partner, Harris Tea Company, USA. Empirical Group is engaged in the business of selling primarily white label tea and coffee in the foodservice channel and to contract customers. Southern Tea is a manufacturing entity acting as a supplier to Harris Tea and TCPL (Empirical, Tetley and Good Earth brands). Axis Bank rose 2.30%. The private lender said that it has entered into a share purchase agreement for sale of 100% stake in its subsidiary, Axis Bank UK to OpenPayd Holdings. For the transaction, the bank received the completion net asset value (book value of the bank on the date of completion) plus a fixed premium of $5.5 million. Wipro rose 0.48%. The IT major announced that it has signed an agreement to acquire Ampion, an Australia-based provider of cyber security, DevOps and quality engineering services. The entire divestment transaction will take place for a total cash consideration of $117 million. The deal is expected to be completed during the quarter ending 30 June 2021, subject to requisite regulatory approvals and customary closing conditions. Sunteck Realty added 0.90% after the company said it has secured a 7-acre land parcel at Borivali (West), Mumbai to develop a luxury residential project. Acquired under the asset light Joint Development Agreement (JDA) model, the residential project in the western suburbs of the city is spread across 7 acres and will have approximately 1 million sq. ft of development potential. It is expected to generate a project top line of around Rs 1,750 crore over the next 4-5 years further strengthening the cash flow and the balance sheet of the company. Welspun India surged 4.44% after the company said that it has prepaid term loans of Rs 374.27 crore as on 31 March 2021 along with other installments which were due as on the year end on standalone basis. The weighted average interest rate of the loans prepaid by the company was 8.48% p.a., the company said in a BSE filing made after trading hours yesterday. GMR Infrastructure added 2.67%. The company's subsidiary Delhi International Airport (DIAL) successfully completed the issuance of non-convertible debentures (NCDs) worth Rs 3257 crore on 30 March 2021. The NCDs have been priced at interest rate of 10.96% per annum and have been subscribed by Cliffton (a FPI, registered under SEBI). The proceeds from the NCD's will be utilized to refinance the outstanding debt of around USD 289 Mn due in FY22 and to partly finance the Phase 3A Expansion, DIAL said in a statement.
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| Nifty Metal index ended up 5.33% at 4189.15 today. The index has added 7.00% over last one month. Among the constituents, National Aluminium Company Ltd jumped 8.70%, JSW Steel Ltd added 8.60% and Mishra Dhatu Nigam Ltd gained 8.26%. The Nifty Metal index has increased 170.00% over last one year compared to the 80.13% spike in benchmark Nifty 50 index. In other indices, Nifty PSU Bank index increased 2.63% and Nifty Commodities index gained 2.60% on the day. In broad markets, the Nifty 50 recorded a gain of 1.20% to close at 14867.35 while the SENSEX witnessed a rise of 1.05% to close at 50029.83 today.
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