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Sensex closes 870 pts lower, Nifty at 14,638; IT, metals gain; banks bleed

Market closing: Benchmark Indian equity indices closed over 1.5% lower on Monday. (HT)Premium
Market closing: Benchmark Indian equity indices closed over 1.5% lower on Monday. (HT)

  • Market closing: Benchmark Indian equity indices were down more than 1.5% at close on Monday. The Sensex closed at 49,159.32, down 870.51 points, or 1.74%, while the Nifty was at 14,637.80, down 229.55 points or 1.54%. Banks, financials and realty stocks were top drags.

A firmer dollar dragged down Asia's emerging currencies lower in holiday-thinned trade. Stocks and currencies in the region were trading lower for much of the session as strong US jobs data raised worries that the Federal Reserve may hike interest rates sooner than indicated.

05 Apr 2021, 03:50:27 PM IST

Market closing

The Sensex closed at 49,159.32, down 870.51 points, or 1.74%, while the Nifty was at 14,637.80, down 229.55 points or 1.54% on Monday, amid fears stoked by fresh curbs in the light of rising covid-19 cases. Among broader indices, the BSE midcap and smallcap indices closed 1.13% and 1.08% lower, respectively. The Nifty midcap 100 and smallcap100 closed 1.32% and 1.46% lower, respectively. IT and metals were the only outliers as the other sectors closed in red on Monday. Stocks of HCL Tech, TCS, Infosys, Bharti Airtel and Tech Mahindra closed in green on the Sensex. Bajaj Finance, IndusInd Bank, SBI and 22 other stocks closed in red on the 30-share gauge.

Sensex at close
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Sensex at close
05 Apr 2021, 03:36:24 PM IST

ICICI Bank, HDFC twins top drags

Index contribution
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Index contribution
05 Apr 2021, 03:28:48 PM IST

Gail India to invest in startups; calls for proposals

In a bid to support the start-ups operating in identified focus areas, GAIL (India) Limited will invest in such companies through its start-up initiative ‘Pankh’. The company, said it has now opened a fresh round for solicitation of investment proposals from the start-ups operating in the focus areas, which mainly includes natural gas, petrochemicals, energy, project management, bio-manure marketing, nano materials, IoT, data mining, environment, health and social. The further details of Focus Areas are available on GAIL website under Gail Pankh section. The Solicitation Round is open from March 30, 2021 to May 30, 2021. Prior to this, Gail had opened bids for solicitation of investment proposals from start-ups operating specifically in the area of compressed bio-gas (CBG) last July.

05 Apr 2021, 03:07:52 PM IST

Gold falls amid more signs of an economic rebound; Copper drops

Gold dropped as investors weighed further signals of an economic rebound, the latest being Friday’s better-than-expected U.S. jobs data.

Employers in the U.S. added the most jobs in seven months in March, amid a rollout of coronavirus vaccinations and an easing of business restrictions. Nonfarm payrolls increased by 916,000 from February, according to the Labor Department. (Bloomberg)

05 Apr 2021, 02:55:30 PM IST

NTPC adds 660 MW Unit-2 of to its installed capacity in UP

NTPC adds 660 MW Unit-2 of Tanda power project to its installed capacity

State-owned power giant NTPC Ltd on Monday said it has added 660 MW Unit-2 of Tanda Super Thermal Power Station in Uttar Pradesh to its installed capacity.

"Unit-2 of 660 MW capacity of Tanda Super Thermal Power Station, Stage-II (2 x 660 MW) has successfully completed the trial operation and consequently included in the installed capacity of NTPC Group from March 31, 2021," a BSE filing said. (PTI)

05 Apr 2021, 02:41:50 PM IST

Indian Oil Corp buys its first Johan Sverdrup crude cargoes - sources

State-run refiner Indian Oil Corporation (IOC) has bought 4 million barrels of Norway's Johan Sverdrup crude for the first time via a tender as it speeds up diversification of crude imports, two trade sources told Reuters on Monday.

IOC will take delivery of 2 million barrels each of the North Sea crude in May and June, one of the sources said. Further details on the trades were not yet clear. The move followed the Indian government's call to cut dependence on crude from the Middle East in an escalating stand-off between India, the world's third-largest crude importer, and Saudi Arabia, the de-facto leader of the Organization of Petroleum Exporting Countries (OPEC). (Reuters)

05 Apr 2021, 02:27:55 PM IST

Ashiana Housing sales bookings jump over two fold at ₹300 cr in Jan-March of FY21

Ashiana Housing sales bookings jumped more than two-fold to 299.71 crore during the fourth quarter of last fiscal as demand recovered.

Its sales bookings stood at 145.96 crore in the year-ago period.

In volume terms, sales bookings rose sharply to 8.31 lakh sq ft in January-March quarter of last fiscal from 4.14 lakh sq ft in the corresponding period of the previous year.

During the entire 2020-21 financial year, sales booking, however, dropped to 534.7 crore from 671.63 crore in the previous year. (PTI)

05 Apr 2021, 02:10:56 PM IST

Electronics component shortages will continue till mid-2022: Foxconn

The world’s largest manufacturer of electronics, Foxconn, is also suffering the consequences of the global shortage of components. As reported by Nikkei, Foxconn’s chairman Young Liu, in an investor call last week, said the company is “likely to ship" 10% fewer products right now. Liu didn’t specify a timeline, but said the crunch will likely extend till the second quarter of next year. (Read here)

05 Apr 2021, 01:57:25 PM IST

Oil slips to $64 as rising Opec+, Iranian output weighs

Oil slipped to around $64 a barrel on Monday as rising supply from Opec+ and higher Iranian output countered signs of a strong economic rebound in the United States and hopes for a wider demand recovery in 2021.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed on Thursday to monthly production hikes from May to July. Iran is also boosting supply.

Brent crude for June fell 96 cents, or 1.5%, to $63.90 a barrel by 09:05 GMT. US West Texas Intermediate crude for May dropped 62 cents, or 1%, to $60.83. (Reuters)

05 Apr 2021, 01:42:59 PM IST

Investors' wealth tumbles over ₹4.54 lakh cr as markets crash

Investors' wealth tumbled over 4.54 lakh crore in morning trade on Monday as markets crashed amid a sharp spike in coronavirus cases in the country.

The 30-share BSE benchmark index plummeted 1,449.03 points to 48,580.80 in morning trade.

Following this, the market capitalisation of BSE-listed companies dived 4,54,987.72 crore to 2,02,71,414.07 crore.

From the 30-share pack, 27 companies were trading lower led by banking companies—IndusInd Bank, Bajaj Finance, Bajaj Finserv, State Bank of India, Axis Bank and HDFC. (PTI)

05 Apr 2021, 01:34:02 PM IST

Shorter India bonds rally as virus spike fuels dovish rate bets

Shorter-maturity Indian sovereign bonds rallied as a record jump in coronavirus infections reinforced the case for policy to remain accommodative. Supply factors also helped.

Yields on the 5.22% 2025 bond slumped eight basis points to 5.51%, while that on the 5.15% 2025 debt slid nine basis points to 5.61%. In contrast, the benchmark 10-year yield was down one basis point. (Bloomberg)

05 Apr 2021, 01:25:19 PM IST

Mahindra’s new CEO seeks to revive growth at $19 bn group

Mahindra & Mahindra Ltd., the Indian sports utility vehicle maker better known for its tractors and farm equipment, is betting on electric cars and digital services to revive its fortunes under new chief executive officer Anish Shah.

Shah, 51, has his task cut out for him. The $19 billion group’s SUV market share has plunged to 13%, from 50% seven years ago. It has struggled with failing investments and the pandemic’s blow to the automobile industry, which led it to report quarterly losses last year, its first in nearly two decades. Last week, it ended plans to collaborate with Ford Motor Co. (Bloomberg)

05 Apr 2021, 01:12:07 PM IST

IT sole outlier

Nifty sectoral index
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Nifty sectoral index
05 Apr 2021, 12:56:45 PM IST

SBI hikes home loan rate to 6.95 pc

Country's largest lender State Bank of India (SBI) has revised its home loan rate to 6.95% effective April 1.

With the revision, the lowest rate of 6.70% regime for limited period ended in March 31. During the limited period, the bank offered home loan starting from 6.70 per cent for loans up to 75 lakh and 6.75% for loans in the range of 75 lakh- 5 crore. As per information posted on its website, the new rate effective April 1 is 6.95%. Compared to teaser rate for the limited period, the new rate is 25 basis points higher at 6.95%. The hike in minimum home loan rate by SBI is likely to prompt other lenders to follow suit. (PTI)

05 Apr 2021, 12:44:30 PM IST

SC appoints two judges to conduct trials in coal scam cases

The Supreme Court on Monday appointed two judicial officers, Arun Bhardwaj and Sanjay Bansal, as special judges to conduct trials in the sensational coal scam cases pending since 2014 here.

Earlier special judge Bharat Parashar was conducting trials in around 40 coal scam cases and has been replaced by two judges after the apex court recently took note of a letter from the Delhi High Court's Registrar General that permission be granted to nominate or post another suitable presiding judicial officer as special judge in place of Parashar. (PTI)

05 Apr 2021, 12:34:47 PM IST

HDFC twins, ICICI Bank, RIL drag Sensex down

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Index contribution
05 Apr 2021, 12:23:12 PM IST

IT index up 1.09%

BSE Information Technology
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BSE Information Technology
05 Apr 2021, 12:10:25 PM IST

Sensex heatmap

Sensex at noon
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Sensex at noon
05 Apr 2021, 12:00:36 PM IST

Federal Bank’s Q4 update meets expectations, but second covid wave a risk

Federal Bank’s fourth quarter balance sheet growth metrics show that the lender has managed to achieve a healthy loan growth for FY21, despite the deep contraction in initial months due to lockdown. (Read here)

05 Apr 2021, 11:42:26 AM IST

Aditya Kondawar, COO , JST Investments on Lodha Developers' IPO

Macrotech Developers Ltd (Formerly known as Lodha Developers) is all set to open its 2,500 crore mega IPO on 7 April. The price band is 483-486. This will be the company's third attempt at an IPO (after 2008 and then in 2017-18). Incorporated in 1995, Macrotech Developers is one of the largest real estate developers in India, by residential sales value for FY14-20, according to Anarock Property Consultants. Their 3Y (FY18-20, as can’t annualize 9MFY21 figures) revenue compound annual growth rate (CAGR) has been -5.34%, net profit CAGR has been -36.5%. EPS for 9MFY20 was negative but if we take FY20 EPS, then the issue is priced at 26.3x P/E and 5.0x P/B.

As of 31 December 2020, the debt to equity ratio was 3.87x which was extremely high. With such high leverage, the company has little to no ability to absorb any shocks of unforeseen events. In the past 2-3 years Lodha has also found difficulties in servicing their debt.

In such a scenario, where the balance sheet is stressed and where many listed players are available with a crystal clean balance sheet, we feel this issue can be avoided.

05 Apr 2021, 11:33:21 AM IST

Rupee slumps 31 paise to 73.43 against dollar

The Indian rupee slumped 31 paise to 73.43 against the US dollar in opening trade on Monday amid concerns over rising COVID-19 cases.

Besides, losses in domestic equity markets also weighed on investors' sentiment. At the interbank forex market, the domestic unit opened at 73.38 against the US dollar, then fell further to 73.43, registering a decline of 31 paise over its previous close. (PTI)

05 Apr 2021, 11:22:48 AM IST

Govt moves ordinance on pre-packs for distressed MSMEs

The government has promulgated an Ordinance rolling out a special bankruptcy regime for micro, small and medium enterprises (MSMEs) under which revival plans for the business will be drawn up out of court to save time and will later be placed before the court for its approval.

The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 allows the government to specify a threshold of payment default not more than 1 crore for this special arrangement. Accordingly, defaults above such threshold by small businesses can avail of the scheme. (Read here)

05 Apr 2021, 11:06:46 AM IST

PVR, Inox Leisure feel the pinch of second covid wave; shares tank 5%

Shares of PVR Ltd and Inox Leisure Ltd declined by around 5% each on the NSE in Monday's opening trade. From their respective 52-week highs seen in January 2, these stocks are down by about 24%. (Read here)

05 Apr 2021, 10:57:12 AM IST

Meesho raises $300 mn funding led by SoftBank

Social commerce platform Meesho said it has raised $300 million in a new funding round led by Japan’s SoftBank Vision Fund 2. The fresh funding has almost trebled the valuation of the Bengaluru-based startup to $2.1 billion from around $700 million in 2019. (Read here)

05 Apr 2021, 10:42:01 AM IST

India's factory activity slows to 7-mth low on renewed covid curbs

India's factory activity grew at its weakest pace in seven months in March as renewed lockdowns to curtail a resurgence in covid-19 cases dampened domestic demand and output, a private survey showed, forcing firms to cut headcount again.

Last week, the Indian government advised federal states to try and control the rapid spread of the virus. Tighter restrictions on activity suggest factories could be in for a tough April.

The Nikkei Manufacturing Purchasing Managers' Index , compiled by IHS Markit, declined to a seven-month low of 55.4 last month from February's 57.5, but remained above the 50-level separating growth from contraction for an eighth straight month. (Reuters)

05 Apr 2021, 10:40:42 AM IST

Sensex slumps nearly 1,400 points, rupee falls vs US dollar: 10 updates

Indian stock markets slumped today with Sensex tanking nearly 1,400 points as daily coronavirus infections surpassed 100,000 for the first time. Some states have imposed fresh restrictions, sparking concerns about the pace of the country's economic recovery. Sensex fell as much as 1391 points when it hit a low of 48,638 while Nifty was below 14,500. (Read here)

05 Apr 2021, 10:21:38 AM IST

Gold lenders cut tenor, watch collateral on price fall

Indian firms that lend against gold are cutting tenors and seeking more collateral to protect against the plunge in prices of the precious metal.

Market leader Muthoot Finance Ltd has been offering discounts on interest rates and other incentives to borrowers who chose to repay monthly or more frequently. Rival Muthoottu Mini Financiers Ltd. is mostly lending for 90 days now versus 270 previously, and most large firms are disbursing amounts well below regulatory limits, which was 75% of the metal’s value for shadow lenders and 90% for traditional banks through March 31. (Bloomberg)

05 Apr 2021, 10:07:23 AM IST

YES Bank's Q4 deposits up 54.7% to ₹162,947 cr

Announcing its Q4 business update, YES Bank said that the bank's Loans & Advances came at 172,850 crore as of March 31, 2021, posting a 0.8% growth in year-on-year (y-o-y) terms against 171,443 crore as of March 31, 2020 and a 1.8% growth in quarter-on-quarter (q-o-q) basis from 169,721 in December 31, 2020. (Read here)

05 Apr 2021, 10:04:42 AM IST

HDFC Bank Q4 advances grow 14% to ₹11,320 bn

In a Q4 update, private lender HDFC Bank announced that the bank's advances aggregated to approximately 11,320 billion as of March 31, 2021, a growth of around 13.9% over 9,937 billion as of March 31, 2020 and a growth of around 4.6% over 10,823 billion as of December 31, 2020. (Read here)

05 Apr 2021, 10:01:08 AM IST

Infosys hits ₹6 tn m cap

Infosys Ltd on Monday became the fourth Indian firm to hit a 6 trillion market capitalisation after its shares surged over 150% in the last one year. (Read here)

05 Apr 2021, 09:50:25 AM IST

HDFC twins, ICICI Bank drive down Sensex

Index contribution
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Index contribution
05 Apr 2021, 09:38:37 AM IST

IT, metals in green

Nifty sectoral indices
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Nifty sectoral indices
05 Apr 2021, 09:29:07 AM IST

Market opening

The Sensex opened at 49,636.17, down 393.66 points, or 0.79%, while the Nifty was 14,790.80, down 76.55 points, or 0.51%. Most sectors, except IT and metal, opened in red on the benchmark equity indices. The VIX, an indicator of volatility was at 6.34% at 9:27 am.

Infosys, Tech Mahindra, HCL Tech and UltraTech opened in green on the 30-share Sensex while the remaining stocks were in red at 9:20 am.

Sensex at open
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Sensex at open
05 Apr 2021, 09:08:20 AM IST

Markets pre-opening

At markets pre-opening the Sensex was flat at 50,030.85, while the Nifty was at 14,867.35, up 176.65 points, or 1.20%. Meanwhile, Asia stocks and US futures edged higher Monday as investors weighed an unexpectedly strong US jobs report and the muted reaction in bond yields.

05 Apr 2021, 08:56:48 AM IST

Adani Ports acquires 25% stake in Krishnapatnam Port

The company has signed Agreement with Vishwa Samudra Holdings Pvt. Ltd, to acquire 25% stake of Adani Krishnapatnam Port Ltd for a consideration of 2,800 crore. Post-acquisition of 25% stake, Krishnapatnam Port will become wholly owned subsidiary of the company. (Read here)

05 Apr 2021, 08:42:36 AM IST

Cadila seeks regulatory approval for COVID-19 drug

Cadila Healthcare Ltd said it would seek local regulatory approval to treat covid-19 patients with an already approved Hepatitis C drug, following promising interim results from a late-stage trial. (Reuters)

05 Apr 2021, 08:28:32 AM IST

Market outlook

Benchmark Indian equity indices are expected to open flat on Monday as indicated by the SGX Nifty which was in red at 8:28 am. On Thursday, 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%.

05 Apr 2021, 08:13:41 AM IST

Stocks to Watch

SBI Cards, PSU banks, telcos, Tata Motors, Unitech, among other stocks, ar expected to be in focus today. (Read here)

05 Apr 2021, 08:03:28 AM IST

India, UAE and Israel's trilateral trade could reach $110 bn by 2030: Top diplomats

Tapping into the mutual strengths of India, Israel and the UAE could propel the trilateral trade between the countries to a high of $110 billion by 2030, top diplomats and members of the business community have said.

The comments were made at an event organised by the International Federation of Indo-Israel Chambers of Commerce (IFIICC) on Sunday to discuss the ongoing business collaborations being pursued through IFIICC's leadership across sectors. (PTI)

05 Apr 2021, 07:53:48 AM IST

Gold steadies

Gold steadied as investors weighed signs of an economic rebound amid better-than-expected US jobs data against the implications of President Joe Biden’s spending plans.

US employers added the most jobs in seven months with improvement across most industries in March, as more vaccinations and fewer business restrictions supercharged the labor market recovery. Nonfarm payrolls increased by 916,000 last month and February employment was revised up to a 468,000 gain, according to a Labor Department report Friday. (Bloomberg)

05 Apr 2021, 07:43:56 AM IST

Oil prices slip after OPEC+ agree to ease output cuts

Oil prices edged down in early Asian trade on Monday after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.

Brent crude futures for June fell 16 cents, or 0.2%, to $64.70 a barrel by 2351 GMT while U.S. West Texas Intermediate crude for May was at $61.32 a barrel, down 13 cents, or 0.2%.

Both contracts settled up more than $2 a barrel after the OPEC+ decision and on optimism about energy demand after U.S. President Joe Biden outlined a $2 trillion infrastructure spending plan. (Reuters)

05 Apr 2021, 07:31:59 AM IST

Asian markets gain

Asia stocks and US futures climbed Monday as investors weighed an unexpectedly strong US jobs report and the sustainability of the latest selloff in bonds.

A regional gauge edged higher and Japan gained, while markets were closed for the Easter break in China, Hong Kong and Australia. S&P 500 futures extended gains from Friday on a payrolls report showing US employers added the most jobs in seven months. Treasuries clawed back some losses at the start of Asia’s shortened trading session, with the 10-year yield easing back to 1.70%. S&P 500 futures were up 0.5% as of 9:30 am Tokyo time. They rose 0.4% Friday.

Oil futures eased in early trade after Opec+ decided to boost production and Saudi Arabia raised prices for shipments to Asia. The US dollar was little changed against major currencies.

SGX Nifty was at 14,915.20, down 75.25 points, or 0.50% at 7:26 am IST.

Japan’s Topix Index edged up 0.2%.

Korea’s Kospi Index was down 0.2%

The yield on the 10-year Treasury note slipped to 1.70%.

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