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Sensex closes above 50k, Nifty at 14,864; metals, power, auto stocks drive gain

Markets closing: Benchmark Indian equity indices closed over 1% higher on Thursday. (Reuters)Premium
Markets closing: Benchmark Indian equity indices closed over 1% higher on Thursday. (Reuters)

  • Market closing: Benchmark Indian equity indices rebounded to close over 1% higher on Thursday. The Sensex closed above at 50,029.83, up 520.68 points, or 1.05%, while the Nifty was at 14,867.35, up 176.65 points, or 1.20%. Metal stocks gained more than 5%.

Benchmark Indian equity indices closed higher on Thursday based on positive cues from Asian peers which were buoyed by positive economic data released by countries.

01 Apr 2021, 03:54:35 PM IST

Market closing

The Sensex closed the day at 50,029.83, up 520.68 points, or 1.05%, while the Nifty was at 14,867.35, up 176.65 points, or 1.20%. Among broader indices, the BSE midcap and smallcap indices closed at 1.66% and 2.05%, respectively. The Nifty midcap 100 and smallcap100 closes at 1.79% and 2.09%, respectively. Metals, power, auto, banks and financials led gains, while FMCG and consumer durables ended the day in red.

IndusInd Bank, Kotak Mahindra Bank, Axis Bank, Sun Pharma and 22 other stocks on the 30-share Sensex ended the day in green while TCS, HDFC Bank, Nestle and HUL ended the day in red.

Spot gold prices were up 7.24 points or 0.42% to $1,714.24 per ounce at 3:39 pm IST.

The yield on 10-year Treasuries fell three basis points to 1.71%.

West Texas Intermediate crude advanced 2.2% to $60.47 a barrel.

Brent crude increased 2% to $64.01 a barrel.

Sensex at close
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Sensex at close
01 Apr 2021, 03:43:15 PM IST

Coal India annual production drops for second straight year

Coal India Ltd, the world's largest coal miner, said on Thursday its annual production fell for the second straight year, as lower electricity consumption due to coronavirus-induced lockdowns hurt fuel demand.

The state-run miner produced 596.2 million tonnes of coal for the year ended March 31, compared with 602.1 million tonnes last year. Coal sales fell 1.3% to 573.8 million tonnes, the company said in a statement. (Reuters)

01 Apr 2021, 03:29:58 PM IST

RInfra's Reliance Centre sold to Yes Bank for ₹1,200 cr

Anil Ambani-backed Reliance Infrastructure on Thursday announced sale of Reliance Centre, Mumbai to Yes Bank for 1,200 crore.

With this, Reliance Infrastructure (RInfra) has closed three major transactions in the last 90 days including sale of a road asset.

"RInfra and YES Bank Limited (YES Bank) announced a sale transaction of Reliance Centre, Santacruz, Mumbai to YES Bank," the company said in a statement.

The transaction value is 1,200 crore, it said. (PTI)

01 Apr 2021, 03:22:17 PM IST

Adani Group gains

Adani Group stocks surged on Thursday after a brokerage report predicts three of its group firms to be included in MSCI Standard Index.

According to Edelwiess Reaserch report, Adani Enterprises Ltd, Adani Transmission Ltd and Adani Total Gas Ltd likely to be included in MSCI Standard Index with weightage of 0.49%, 0.44% and 0.44% respectively.

The brokerage firm expects inflows in Adani Enterprises, Adani Transmission and Adani Total Gas worth $243 million, $218 million and $221 million respectively. (Read here)

01 Apr 2021, 03:10:45 PM IST

Moody's revises Tata Steel outlook to stable from negative

Moody's Investors Service on Thursday said it has changed its outlook for Tata Steel Ltd to stable from negative.

Tata Steel is one of the country's top steel producers with an installed capacity of 20.6 million tonne per annum (MTPA).

The rating agency said it "has changed the outlook on Tata Steel Ltd to stable from negative". (PTI)

01 Apr 2021, 02:52:21 PM IST

Power sector gains

BSE Power index
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BSE Power index
01 Apr 2021, 02:44:30 PM IST

Loans to MSMEs up most in a decade on cash surge

Loans to India’s mid-size businesses grew the most in more than a decade on the back of a surge in cash among lenders boosted by government stimulus.

That comes as a big relief to these cash-starved firms who have been struggling to keep their businesses afloat as the pandemic spread last year.

“Banks are keen to lend given the abundant liquidity," said Avneesh Sukhija, an analyst at BNP Paribas. That along with emergency credit lines and an overall recovery in the economy is giving banks the confidence to lend to this sector, Sukhija said. (Bloomberg)

01 Apr 2021, 02:29:56 PM IST

Eicher Motors' VECV logs sales of 7,037 units in March

Eicher Motors on Thursday reported total sales of 7,037 units for its unlisted subsidiary VE Commercial Vehicles (VECV) in March 2021.

VECV had sold total 1,499 units of commercial vehicles in March last year when covid-19 induced lockdown affected sales.

Eicher branded trucks and buses registered total sales of 6,870 units in March this year. They were at 1,476 units in the same month last year, Eicher Motors said in a regulatory filing.

Domestic sales of Eicher trucks and buses last month were at 6,054 units as against 1,409 units in the same month of 2020, it added. (PTI)

01 Apr 2021, 02:26:35 PM IST

Revenue collection for March’ 21 sets new record

The gross GST revenue collected in the month of March 2021 is at a record of 1,23,902 crore of which CGST is 22,973 crore, SGST is 29,329 crore, IGST is 62,842 crore (including 31,097 crore collected on import of goods) and Cess is 8,757 crore (including 935 crore collected on import of goods). (Read here)

01 Apr 2021, 02:13:38 PM IST

IRB Infra secures LOA for ₹778.64 cr project from NHAI

IRB Infrastructure Developers Ltd has received a letter of award from NHAI for Hybrid Annuity Mode project in Himachal Pradesh at the bid price of 778.64 crore.

01 Apr 2021, 02:04:48 PM IST

RIL, Infy, Kotak Mahindra Bank drive Sensex gains

Index contribution
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Index contribution
01 Apr 2021, 01:58:13 PM IST

BEL achieves record turnover of ₹13,500 crore during 2020-21

Navaratna defence PSU Bharat Electronics Limited has achieved a record turnover of about 13,500 crore (Provisional & Unaudited) during 2020-21, against previous financial year's figure of 12,608 crore in spite of the challenges posed by covid19 pandemic and intense competition in business.

BEL's order book as on April 1 this year is around 53,000 crore, the Bengaluru-headquartered company said in a statement.

In 2020-21, BEL said it secured orders worth 15,000 crore. (PTI)

01 Apr 2021, 01:47:02 PM IST

Mastercard to invest $100 mn in Airtel Africa

Bharti Airtel unit Airtel Africa has signed an agreement with Mastercard. The latter will invest $100 million in Airtel Africa unit Airtel Mobile Commerce BV.

The transaction values Airtel Africa's mobile money business at $2.65bn on a cash and debt free basis.

01 Apr 2021, 01:35:18 PM IST

UPI transaction in India doubles in one year

Digital payments through Unified Payments Interface (UPI) infrastructure have more than doubled over the last one year, as transactions on the network touched 2.73 billion in March 2021, data from National Payments Corp. of India (NPCI) showed. The transactions had touched 1.25 billion in March 2020. (Read more)

01 Apr 2021, 01:27:48 PM IST

State-owned oil marketing cos' petrol sales rise 27.4% in March

Indian state retailers' petrol and diesel sales in March rose by 27.4% and 28.6%, respectively, from the low base of last year, when a nationwide lockdown to stem the spread of the coronavirus hit consumption, preliminary industry data showed.

State companies - Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum - own about 90% of India's retail fuel outlets.

The three companies sold 2.47 million tonnes of petrol and 6.41 million tonnes of diesel last month, the data showed. (Reuters)

01 Apr 2021, 01:09:01 PM IST

Mahindra reports sale of 40,403 units in March

Mahindra & Mahindra (M&M) on Thursday said it has sold a total of 40,403 units in March.

The company had dispatched 6,679 units in March 2020 amid sales disruptions due to COVID-19 pandemic.

The Mumbai-based automaker sold 16,700 passenger vehicles last month in the domestic market. It had dispatched 3,383 units in March 2020.

It sold 21,577 commercial vehicles in the domestic market last month. The company had dispatched just 2,742 units in March 2020 due to coronavirus-led lockdown. (PTI)

01 Apr 2021, 12:58:18 PM IST

Metals gains

BSE Metals
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BSE Metals
01 Apr 2021, 12:51:20 PM IST

Piramal Enterprises adds peptides segment to it its growth armoury

Shares of Piramal Enterprises Ltd rose more than 2% on the bourses on Thursday as the company announced a large pharmaceutical acquisition. Piramal Pharma Ltd has entered an agreement to acquire 100% stake in Hemmo Pharmaceuticals Pvt Ltd. (Hemmo) for an upfront consideration of Rs775 crore and payouts linked to achievement of milestones. (Read here)

01 Apr 2021, 12:40:03 PM IST

PFC pays interim dividend of ₹1,182.63 cr to govt for 2020-21

State-run Power Finance Corporation (PFC) has paid an interim dividend of 1,182.63 crore to the government for financial year 2020-21.

"Power Finance Corporation has paid an interim dividend of 1,182.63 crore to government of India for the financial year 2020-21 on March 31st, 2021 on 1,47,82,91,778 number of equity shares (56%) held by the government," a PFC statement said.

The interim dividend RTGS (real time gross settlement) intimation bank advice was presented to Power Minister R K Singh by Ravinder Singh Dhillon, CMD, PFC in the presence of Power Secretary Alok Kumar on Wednesday. (PTI)

01 Apr 2021, 12:30:44 PM IST

Sensex post noon

Sensex heatmap
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Sensex heatmap
01 Apr 2021, 12:25:34 PM IST

Maruti Suzuki reports total sales of 1.67 lakh units in March

Maruti Suzuki reported its monthly auto sales figures on Thursday. The carmaker posted a total sales of 1.67 lakh units in March 2021, up 99% as compared to 83,792 units in March 2020. (Read here)

01 Apr 2021, 11:53:12 AM IST

Toyota Kirloskar sells 15,001 vehicles in March, its highest since 2013

Toyota Kirloskar Motor (TKM) on Thursday said it sold a total of 15,001 units in March, registering the highest ever domestic sales in the month of March since 2013. (Read here)

01 Apr 2021, 11:36:27 AM IST

Hindalco unit Noveis completes €500 mn bond issue

Novelis Inc., a unit of Aditya Birla-led Hindalco Industries, has completed offering of €500 million aggregate principal amount of 3.375% euro-denominated senior green notes due on 15 April 2029 by Novelis Sheet Ingot GmbH, an indirect wholly-owned subsidiary of Novelis. The notes are guaranteed jointly and severally on a senior unsecured basis by Novelis and by certain Novelis subsidiaries.

01 Apr 2021, 11:24:26 AM IST

JSW Steel begins hot-rolled plates production at Dolvi Works plant

Steel maker JSW Steel on Thursday announced it has started producing hot-rolled plates at Dolvi Works plant in Maharashtra.

The production at the said plant began from Wednesday, JSW Steel said in a BSE filing. "On March 31, 2021, JSW Steel has commenced production of hot-rolled plates from the new 5 MTPA hot strip mill facility at its Dolvi Works," it said. Located on the west coast of India at Dolvi in Maharashtra, Dolvi Works is JSW Steel's integrated steel plant having current capacity of 5 million tonner per annum (MTPA). (PTI)

01 Apr 2021, 11:13:35 AM IST

NSE reduces mkt lot size for Nifty 50 derivative contracts

The National Stock Exchange (NSE) has slashed the market lot size for derivative contracts on Nifty 50, a move that will reduce the burden of excessive upfront margins for retail traders. The lot size has been reduced to 50 from the existing 75, NSE said in a circular on Wednesday. The reduction in the lot size for NIFTY will reduce the margin requirements for futures trading by one-third, stockbroking firm FYERS chief executive Tejas Khoday said. Currently, traders need approximately 1,73,000 to trade one lot, he said. From July onwards, the margin requirement will reduce to approximately 1,16,000 (at current Nifty prices). This is a great move by NSE to reduce the burden of excessive upfront margins for retail traders, he added. (PTI)

01 Apr 2021, 11:03:57 AM IST

India's annual electricity use down for the first time in at least 35 years

India's annual electricity use fell for the first time in at least 35 years during the fiscal year to end-March 2021, a Reuters analysis of government data showed, mainly due to intense lockdowns to prevent the spread of the coronavirus.

India's power generation fell 0.2% during the year 2020/21 compared with the previous year, the data showed, mainly due to the imposition of lockdowns that resulted in a decline in electricity production for six straight months ending in August. (Reuters)

01 Apr 2021, 10:51:42 AM IST

Sunteck Realty gains on new land acquisition for luxury project

City-based Sunteck Realty Limited has entered a joint development agreement with a landowner of a seven-acre land parcel at Borivali West. It plans to develop a luxury residential project here and foresees sales revenue of Rs1,750 crore from the project over the next five years. (Read here)

01 Apr 2021, 10:34:15 AM IST

Metals gain

Nifty sectoral indices
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Nifty sectoral indices
01 Apr 2021, 10:19:22 AM IST

JSW Steel surges more than 2%

Shares of JSW Steel surged more than 2% at 479 per share in Thursday's early deals on the BSE. The stock of the steelmaker has been buzzing since the past few days on improved outlook.

JSW Steel in a recent exchange filing announced that it has completed the purchase of high-grade steel plates & coils business of Welspun for 848.5 crore. The company will also buy parcel of land with respect to PCMD busines from Welspun Steel for 1.5 crore.

01 Apr 2021, 10:05:53 AM IST

Infy, RIL, HDFC drive Sensex gains

Index contribution
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Index contribution
01 Apr 2021, 10:00:45 AM IST

Wipro to acquire Oz IT firm

Wipro said it has signed an agreement to acquire Ampion, an Australian cyber security, DevOps and quality engineering services provider.

01 Apr 2021, 09:44:30 AM IST

Macrotech Developers' IPO to open on 7 April; issue price fixed at ₹483-486

Initial public offering of Macrotech Developers Ltd, formerly known Lodha Developer, will open on 7 April and the price band has fixed at 483-486 a share. The issue will close on 9 April.

The firm will raise 2,500 crore via IPO.

The company proposes to utilise an estimated 1,500 crore from the net proceeds for prepayment, repayment or redemption of all or a portion of borrowings availed by the company and some of its subsidiaries. (Read here)

01 Apr 2021, 09:33:08 AM IST

Market opening

The Sensex opened at 49,925.71, up 416.56 points or 0.84%, while the Nifty was at 14,808.75, up 118.05 points, or 0.80%. Auto, energy, power and metal stocks opened higher, while realty stocks were trading lower. Meanwhile, the 30-share Sensex opened with HCL Tech, IndusInd Bank, NTPC, Bajaj Auto and 25 other stocks in green. Nestle's opened in red.

Sensex at open
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Sensex at open
01 Apr 2021, 09:16:43 AM IST

Escorts registers 126.6% growth in tractor sales

Escorts Ltd Agri Machinery Segment (EAM) in March 2021 sold 12,337 tractors, its highest ever March sales. It registered a growth of 126.6% against 5,444 tractors sold in March 2020.

"Domestic tractor sales in March 2021 was at 11,730 tractors registering a growth of 124.4% against 5,228 tractors in March 2020. The tractor demand is expected to continue to be strong led by higher Rabi output, favourable crop prices, and initial positive forecast of 2021 monsoon season, all supporting rural customer sentiments," the company said.

01 Apr 2021, 09:07:19 AM IST

Market pre-opening

The was was at 49,809.27, up 300.12 points or 0.61% at pre-opening, while the Nifty was at 14,690.70, down 154.40 points, or 1.04%. The Asian markets opened higher, tracking gains in US markets on Thursday.

01 Apr 2021, 08:59:29 AM IST

India keeps domestic natural gas price unchanged

India has kept the domestic natural gas price unchanged at $1.79 per million British thermal units (mmBtu) for the first six months of the current financial year—under the domestic gas price regime, which was introduced in 2014.

Also, the ceiling price for gas from difficult fields such as deep water, ultra-deep water and high pressure-high temperature areas for April-September was reduced to $3.62 per mmBtu from the earlier price of $4.06 per mmBtu.

01 Apr 2021, 08:48:34 AM IST

Tata Consumer Products withdraws from foreign JVs

The company said that its overseas units in the US have entered into

an arrangement for the sale of its entire membership interest held in Empirical Group LLC (Empirical) and in Southern Tea, LLC (Southern Tea) to its joint venture partner Harris Tea Company LLC.

The sale is in line with "TCPL’s focus on its core branded businesses in international markets," the company said in a regulatory filing.

01 Apr 2021, 08:28:38 AM IST

Biden's infra-centred plan relies on corporate levies

US President Joe Biden’s $2.25 trillion infrastructure-centered plan, laid out by the White House Wednesday, relies on higher corporate levies to pay for it. The proposals would change tax benefits that were at the center of the 2017 Tax Cuts and Jobs Act passed solely with Republican votes. Along with boosting the corporate income tax rate to 28% from 21%, businesses would pay significantly more on their global earnings than they did before Trump took office, experts said. (Bloomberg)

01 Apr 2021, 08:10:22 AM IST

Govt withdraws interest rate cut on small savings schemes

01 Apr 2021, 08:02:25 AM IST

Gold prices edge up on new virus strain, stimulus-led inflation woes

Gold prices edged a tick higher on Thursday, as expectations of a $2 trillion-plus stimulus plan in the US raised concerns of inflation, while reports of a new vaccine-resistant virus strain also supported bullion's safe-haven appeal. Spot gold was up 0.2% at $1,710.28 per ounce by 01:56 GMT, though it was set for its second straight weekly fall. US gold futures fell 0.3% to $1,709.80 per ounce. (Reuters)

01 Apr 2021, 07:51:45 AM IST

Oil gains ahead of Opec+ meeting on output policy

Crude prices rose on Thursday, recouping some of the previous session's losses on expectations that a meeting of OPEC and its allies later on Thursday would yield output constraint in the face of resurgent covid-19 infections in some regions. Brent crude for June delivery was up by 31 cents, or 0.5%, at $63.05 a barrel by 0159 GMT after falling 2.2% overnight. U.S. oil was up 38 cents, or 0.6%, at $59.54 a barrel, having dropped 2.3% on Wednesday. (Reuters)

01 Apr 2021, 07:40:09 AM IST

Stocks to Watch

Piramal Enterprises, Shriram Transport Finance and Indiabulls HFC, among other stocks are expected to be in the news today. (Read here)

01 Apr 2021, 07:31:35 AM IST

Asian markets track US gains

Asia stocks edged higher at the open Thursday as traders assessed US President Joe Biden’s infrastructure plan. Treasuries held losses. Shares rose in Japan and South Korea, while Australia had more modest gains. US contracts were in the green after the S&P 500 Index closed higher and stronger technology stocks drove outperformance in the Nasdaq 100. The dollar stabilized after completing its best quarter in a year. Ten-year Treasury yields were steady at 1.74% after sealing the worst quarterly performance since 1980 for the Bloomberg Barclays index tracking U.S. government bonds. Oil pared earlier losses after preliminary talks for a meeting of OPEC and its allies offered no signal of output plans.

SGX Nifty was at 14,850.80, down 62.80 points, or 0.42%.

S&P 500 futures were flat as of 9:07 a.m. in Tokyo. The S&P 500 Index increased 0.4%. The Nasdaq 100 rose 1.5%.

Topix index rose 0.9%.

Australia’s S&P/ASX 200 Index rose 0.1%.

South Korea’s Kospi index gained 0.6%

01 Apr 2021, 07:30:55 AM IST

Wall Street indices register fourth straight quarterly rise

The S&P 500 and Nasdaq rose on Wednesday, boosted by gains in technology shares, and the three major Wall Street indexes registered their fourth straight quarterly rise as investors positioned themselves for President Joe Biden’s massive infrastructure plan. On Wednesday, the benchmark S&P 500 reached an intra-day record high but stopped short of hitting 4,000 and pared gains late in the day. The S&P 500 technology index led sector gains, while the energy sector fell and was the weakest sector on the day. The Dow Jones Industrial Average fell 85.41 points, or 0.26%, to 32,981.55, the S&P 500 gained 14.34 points, or 0.36%, to 3,972.89 and the Nasdaq Composite added 201.48 points, or 1.54%, to 13,246.87.

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