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Sensex closes marginally higher, Nifty at 14,876; metal, IT sectors gain

Market Closing: The Sensex and Nifty closed marginally higher on Thursday. (Reuters)Premium
Market Closing: The Sensex and Nifty closed marginally higher on Thursday. (Reuters)

  • Market closing: The Sensex ended at 49,746.21, up 84.45 points, or 0.17%, while the Nifty was at 14,873.80, up 54.75 points, or 0.37%. The benchmark Indian equity indices pared the gains accrued earlier on Thursday. Banks, financials and pharma sector stocks saw selloffs

Indian equities closed marginally higher on Thursday, paring gains from earlier in the day. Asian share markets trailed on Thursday as US stock futures reached new peaks after the Federal Reserve underlined its commitment to keeping policy super loose despite robust recovery.

08 Apr 2021, 03:44:29 PM IST

Market closing

The Sensex ended at 49,746.21, up 84.45 points, or 0.17%, while the Nifty was at 14,873.80, up 54.75 points, or 0.37%. Among broader indices, the BSE midcap and smallcap closed at 0.58% and 0.80%, respectively. The Nifty midcap 100 and smallcap 100 ended the day at 0.53% and 1.24%, respectively. UltraTech. Titan, Tech Mahindra, Nestle, and 11 other stocks closed in green on the 30-share Sensex, while IndusInd bank, ONGC, Sun Pharma, Bajaj Auto, and 11 other stocks ended the day in red.

Sensex at close
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Sensex at close
08 Apr 2021, 03:21:17 PM IST

ICICI Bank up two notches among 20 top banks of Asia-Pacific in Q1 2021: S&P

ICICI Bank Ltd, India's second largest private lender, has improved its position by two notches in a ranking of banks in the Asia-Pacific region based on market capitalization. The bank, which was ranked 17th in the list of top 20 banks in the first quarter of 2020, has been ranked the 15th in the first quarter of 2021. The improvement in position comes against the backdrop of economic recovery from the covid-19 pandemic across the region. (Read here)

08 Apr 2021, 03:12:27 PM IST

Helped 2.5 mn MSMEs in India go online: Amazon

Amazon India on Thursday said it has digitised 2.5 million MSMEs, enabled cumulative exports worth $3 billion and helped create nearly one million jobs in the country.

Last year, Amazon had announced an investment of $1 billion to digitally enable 10 million micro, small and medium enterprises (MSMEs), enable e-commerce exports worth $10 billion and create one million additional jobs in India by 2025. (PTI)

08 Apr 2021, 03:04:46 PM IST

Narendra Solanki, head—equity research (fundamental), Anand Rathi Shares & Stock Brokers on market performance

“Indian markets opened on a positive note following upbeat Asian market and positive overnight global cues as the US Federal Reserve released minutes from its March meeting during which it kept its accommodative policy in place. During the afternoon session, aggressive buying in metal, basic materials, IT, pharma and consumer durables stocks was seen. Traders took note of the World Bank president’s (David Malpass') statement that there is faster global growth driven primarily by the US, China and India. On sectoral front, metals and IT sector led the rally today."

08 Apr 2021, 02:53:55 PM IST

Edelweiss Wealth Management appoints Pankaj Razdan as vice chairman, MD

Edelweiss Wealth Management on Thursday said it has appointed Pankaj Razdan as its vice chairman and managing director.

Razdan will lead strategic initiatives for Edelweiss Wealth Management (EWM) and work closely with chief executive Nitin Jain, who will continue to drive business operations, the company said in a statement. (PTI)

08 Apr 2021, 02:42:52 PM IST

BYJU’s to double down on international geographies

Indian edtech unicorn, BYJU’s on Thursday said that it is expanding its presence in Latin America and South-east Asian markets, through the launch of its new one-on-one live tutoring platform, ‘BYJU’s Future School’.

Through the new offering, BYJU’s will team up with WhiteHat Jr to offer students personalised learning in areas of Math, Science, Coding, Music, Fine Arts amongst others, for kindergarten to eighth grade (K-8) students. (Read here)

08 Apr 2021, 02:30:57 PM IST

India preparing to buy Iranian crude once US sanctions eased

India’s state-run oil refiners are ready to snap up Iranian crude the moment US sanctions are eased, according to a government official.

Refiners have started making preparations in advance of the possible removal of penalties so they can swiftly enter into contracts for Iranian supply, said a senior oil ministry representative, asking not to be named because they’re not authorized to speak to the media. This includes drafting commercial terms and putting in place mechanisms to quickly assess crude quality, the official said. (Bloomberg)

08 Apr 2021, 02:14:48 PM IST

NBCC, Suraksha group submit revised bids to acquire Jaypee Infratech

State-owned NBCC and Mumbai-based Suraksha group have submitted their revised bids to acquire debt-laden Jaypee Infratech through an insolvency process, as per the direction of the Supreme Court. (Read here)

08 Apr 2021, 02:02:50 PM IST

Ashok Leyland gains 5%

Nifty Auto index
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Nifty Auto index
08 Apr 2021, 01:51:37 PM IST

Adani Transmission, Thermax trade lower

BSE Power index
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BSE Power index
08 Apr 2021, 01:41:19 PM IST

HDFC, TCS, Reliance top contributors in Sensex rally

Sensex players
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Sensex players
08 Apr 2021, 01:37:22 PM IST

Nifty Metal up 5.5%; JSW Steel gains 9%

Metals pack
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Metals pack
08 Apr 2021, 01:30:32 PM IST

Reliance Entertainment group CEO Shibasish Sarkar to step down

Shibasish Sarkar, group chief executive officer at Anil Ambani-owned Reliance Entertainment, will step down from his role, aiming to raise $200 million for a new media and entertainment venture called International Media Acquisition Corp over the next 12 months, according to a filing with the US Securities and Exchange Commission that has been reviewed by Mint.

The new firm will look at acquiring media and entertainment companies that offer interesting opportunities in the film, television, OTT (over-the-top) streaming, radio, music and podcast, animation and gaming space across North America, Europe and Asia. It will target entities with an enterprise value of between $150 million and $500 million.

08 Apr 2021, 01:21:45 PM IST

Vodafone Idea launches 5G-ready IoT solutions for enterprises

Vodafone Idea on Thursday launched internet of things (IoT) solutions comprising connectivity, hardware, network, application, analytics, security and support for enterprises that seek to digitize their businesses, the company said in a statement.

The announcement comes a day after rival Bharti Airtel Ltd launched its IoT platform for enterprises.

08 Apr 2021, 01:11:52 PM IST

Banks in red

Nifty sectoral indices
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Nifty sectoral indices
08 Apr 2021, 01:00:05 PM IST

Metals rise 4.55%

BSE Metal
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BSE Metal
08 Apr 2021, 12:54:34 PM IST

Fertilizer and city gas distribution sector to benefit from low domestic gas prices

The continuing low domestic gas prices will benefit the profitability of end-user industries such as fertilizer and city gas distribution (CGD), India Ratings and Research wrote in a recent report.

However, this will impact the profitability of upstream natural gas producers that will remain subdued due to lower realizations and higher production cost, the report added. This comes in the backdrop of India keeping 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. (Read here)

08 Apr 2021, 12:39:56 PM IST

Max Group's Antara sells over 150 apartments for senior citizens in Noida

Max Group firm Antara on Thursday said it has sold over 150 apartments at its second senior living community in Noida.

The company expects to register a revenue of over 550 crore from this community during its construction and development over the next four years.

Antara in early 2020 had launched residences for seniors in Noida.

In a regulatory filing, Max India said Antara has sold 150 units at its second senior living community in Noida. (PTI)

08 Apr 2021, 12:37:10 PM IST

Apple to argue it faces competition in video game market in Epic lawsuit

Apple Inc. said it plans to argue that it faces abundant competition in the market for video game transactions to defend itself against antitrust allegations by "Fortnite" maker Epic Games, the iPhone maker said on Thursday.

Epic sued Apple last year in federal court in California, alleging the 15% to 30% commissions that Apple charges for the use of its in-app payment systems and Apple's longstanding practice of exercising control over which apps can be installed on its devices amount to anticompetitive behavior. The dispute arose after Epic tried to implement its own in-app payment system in the popular "Fortnite" game and Apple subsequently banned the game from its App Store. (Reuters)

08 Apr 2021, 12:26:39 PM IST

Barbeque Nation share price defies risks from second Covid wave

Shares of Barbeque Nation Hospitality Ltd rose 20% for the second day in a row on Thursday on the National Stock Exchange. The stock was locked in the upper circuit at 705.35 apiece. The company's IPO (initial public offering) closed March end and shares listed on the stock exchanges on Wednesday at a 2% discount in opening trades.

Barbeque Nation's stock locked in upper circuit.
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Barbeque Nation's stock locked in upper circuit.
08 Apr 2021, 12:16:41 PM IST

Sensex heatmap

Sensex post noon
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Sensex post noon
08 Apr 2021, 12:07:17 PM IST

CPPIB looks at SB Energy solar power assets InvIT

Canada Pension Plan Investment Board (CPPIB), which is close to taking a controlling stake in SB Energy Holdings, is exploring the possibility of bringing these solar assets under an infrastructure investment trust (InvIT), said two people aware of the development. (Read here)

08 Apr 2021, 11:51:33 AM IST

Metal, IT gain

Nifty sectoral indices
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Nifty sectoral indices
08 Apr 2021, 11:41:02 AM IST

NBFCs may face renewed cash crunch amid second covid: Fitch

India's non-bank financial institutions (NBFI) face renewed asset quality and liquidity risks amid a second wave of coronavirus infections, says Fitch Ratings. These challenges are likely to increase if recent restrictions to contain the pandemic are expanded or prolonged, leading to greater economic and operational disruption. Expanded curbs could derail the fragile recovery in India's NBFI sector since a nation-wide lockdown was gradually relaxed from mid-2020. The ratings on Muthoot Finance Limited (BB/Stable) and Manappuram Finance Limited (BB-/Stable) reflect Fitch's belief that their niche gold-backed loan exposure will remain relatively resilient.

08 Apr 2021, 11:30:49 AM IST

Reliance Industries shares shrug off Sebi fine on Mukesh Ambani

Shares of Reliance Industries Limited (RIL) traded largely flat on Thursday, ignoring the fine imposed by markets regulator on the Ambani brothers. Having opened higher, the stock traded at 2008.05 apiece, up 0.26% as of 11:29 am on the National Stock Exchange, down 0.1% from previous close. (Read here)

08 Apr 2021, 11:16:47 AM IST

IT stocks gain

BSE IT index
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BSE IT index
08 Apr 2021, 11:03:24 AM IST

Zydus Cadila receives USFDA’s final approval to market Ibrutinib Capsules

The pharma company said it received USFDA’s final approval to market Ibrutinib capsules. Ibrutinib belongs to a class of drugs known as kinase inhibitors and is used to treat certain cancers, such as mantle cell lymphoma or marginal zone lymphoma, chronic lymphocytic leukemia/small lymphocytic lymphoma, and Waldenstrom's macroglobulinemia.

08 Apr 2021, 10:52:10 AM IST

Drop in consumer confidence spells trouble for recovery

Consumer confidence in India that was on a steady rise since late last year has abruptly fallen in March. Indians have become pessimistic about prospects of income, employment and spending. (Read here)

08 Apr 2021, 10:37:51 AM IST

ShareChat raises $502 mn from Snap, Twitter, others; valuation tops $2 bn

Content-sharing platform ShareChat said it has raised $502 million in fresh funding from Tiger Global, Snap Inc and some existing investors such as Twitter Inc., valuing it at more than $2 billion. The funding was led by US venture capital firm Lightspeed Venture Partners and American investment firm Tiger, ShareChat said in a statement on Thursday. Tiger Global and Snap, owner of popular photo-messaging app Snapchat, are new investors in the Indian platform. (Reuters)

08 Apr 2021, 10:25:34 AM IST

Rupee rises 10 paise to 74.37 against US dollar in early trade

08 Apr 2021, 10:15:59 AM IST

PV, tractor sales remain positive: FADA

08 Apr 2021, 09:59:08 AM IST

JSW Steels’ crude steel production up 6% YoY

JSW Steel said it achieved crude steel production of 4.19 million tonnes in Q4FY21, a growth of 2% quarter-on-quarter and 6% year-on-year. The company’s average capacity utilisation improved from 91% of Q3FY21 to 93% for Q4FY21. However, the capacity utilisation during the month of March 2021 was 96%.

08 Apr 2021, 09:48:35 AM IST

During pandemic, India's debt to GDP ratio increased to 90%: IMF

India's debt to GDP ratio increased from 74 per cent to 90 per cent during the covid-19 pandemic, the International Monetary Fund has said, noting that it expects this to drop down to 80 per cent as a result of the country's economic recovery.

Paolo Mauro, Deputy Director, IMF's fiscal affairs department told reporters at a news conference here on Wednesday, "In the case of India, the debt ratio at the end of 2019, prior to the pandemic, was 74% of Gross Domestic Product (GDP), and at the end of 2020, it is almost 90% of GDP. So, that's a very large increase, but it is something that other emerging markets and advanced economies have experienced as well." (PTI)

08 Apr 2021, 09:38:47 AM IST

Market opening

The Sensex opened at 50,026.38, up 364.62 points, or 0.73%, while the Nifty was at 14,938.35, up 119.30 points, or 0.81%. While the 30-share gauge was back above the 50,000 mark, the Nifty started closer to the 15,000 mark. Bajaj Finserv, HDFC, Tech Mahindra, ICICI Bank, and 21 other stocks started the day in green on the 30-share Sensex. Kotak Mahindra Bank, Nestle, Dr Reddy, ONGC and Bajaj Auto were in red at market opening. Metals, realty, banks and financial sectors were leading gains at market open.

Sensex at open
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Sensex at open
08 Apr 2021, 09:33:48 AM IST

Kalpataru Power Transmission acquires 51% stake in Brazil-based Fasttel

Kalpataru Power Transmission Ltd unit Kalpataru Power Do Brasil Participacoes Ltd has completed the acquisition of 51% stake in Fasttel Engenharia Ltd, a Brazilian EPC Company headquartered in City of Curitiba, State of Paraná, Brazil.

08 Apr 2021, 09:17:16 AM IST

Tata Power Solar doubles its solar cell and module manufacturing to leverage PLI scheme

Tata Power Solar Systems Ltd has doubled its solar cell and module manufacturing facility in Bengaluru to 1.1 giga watt (GW).

This comes in the backdrop of the Union cabinet chaired by Prime Minister Narendra Modi on Wednesday approving production-linked incentives (PLIs), designed to raise local manufacturing and reduce imports from countries like China worth 4,500 crore for solar PV modules. (Read here)

08 Apr 2021, 09:06:34 AM IST

Pre-market opening

The Sensex was at 49,959.36, up 297.60 points or 0.60%, while the Nifty was at 14,819.05, up 135.55 points or 0.92% at market pre-opening. Benchmark Indian indices look set for a strong start based on indications from the SGX Nifty. Earlier, PM Narendra Modi took the second jab of the covid vaccine at AIIMS, underlining the need for inoculations amid rising cases.

08 Apr 2021, 08:56:13 AM IST

Stocks to Watch

Vedanta, Jindal Steel and Power, Bharti Airtel, Godrej Consumer Products, among other stocks could be in the news today. (Read here)

08 Apr 2021, 08:38:08 AM IST

Oil falls after US gasoline inventories unexpectedly surge

Oil prices fell on Thursday after official figures showed a big increase in US gasoline stocks, causing concerns about demand for crude weakening in the world's biggest consumer of the resource at a time when supplies around the world are rising. Brent crude eased 36 cents, or 0.6%, to $62.80 a barrel by 01:36 GMT. US oil fell 38 cents, or 0.6%, to $59.39 a barrel. (Reuters)

08 Apr 2021, 08:21:05 AM IST

Market outlook

Indian markets on Thursday likely to open marginally higher tracking gains in SGX Nifty and global equities. At 7.40am, SGX Nifty was trading at 14,911, up 0.21%. On Wednesday both benchmark Sensex and Nifty gained 1% each after better than expected policy by Reserve Bank Of India. (Read here)

08 Apr 2021, 07:56:54 AM IST

Gold prices slip as equities gain after Fed minutes

Gold prices slipped on Thursday as investors turned to riskier assets after the US Federal Reserve's latest meeting minutes indicated continued policy support and cemented hopes of a quick economic turnaround. Spot gold inched down 0.03% to $1,736.76 per ounce at 01:49 GMT. US Gold futures fell 0.3% to $1,736.50 per ounce. (Reuters) -

08 Apr 2021, 07:47:13 AM IST

Fed expects to keep supporting economy 'for some time,' minutes show

Federal Reserve officials remain wary about the ongoing risks of the coronavirus pandemic and are committed to bolstering the economy until its recovery is more secure, minutes of the U.S. central bank’s latest policy meeting showed on Wednesday.

With their own forecasts projecting the strongest run of U.S. economic growth in nearly 40 years, "participants agreed that the economy remained far from the (Fed’s) longer-run goals and that the path ahead remained highly uncertain," the minutes from the March 16-17 meeting said. (Reuters)

08 Apr 2021, 07:32:39 AM IST

Asian markets open lower

Most Asian stocks slipped at the open Thursday and US equity futures gained after the S&P 500 inched up to another record, bolstered by the Federal Reserve’s commitment to supportive policy. Falls in Japan and South Korea weighed on MSCI Inc.’s regional share gauge, while Australia rose. Toshiba Corp. rallied further following a buyout proposal. US futures climbed after the S&P 500 advanced amid dwindling volume on US exchanges.

SGX Nifty was at 14,918.20, up 74.00 points or 0.50% at 7:25 am.

S&P 500 futures were up 0.2% as of 9:27 a.m. in Tokyo. The S&P 500 gained 0.2%.

Japan’s Topix Index was down 0.8%.

South Korea’s Kospi Index fell 0.3%.

Australia’s S&P/ASX 200 Index rose 0.7%.

Hong Kong’s Hang Seng Index futures fell 0.7%.

08 Apr 2021, 07:32:32 AM IST

US markets close slightly higher after Fed commits to policy support

The S&P 500 and Dow closed slightly higher, as the Fed's commentary reinforced investor expectations that the central bank plans to maintain its policy support despite massive fiscal spending from the recent government stimulus package. US Federal Reserve officials expressed caution about ongoing risks of the pandemic and reaffirmed their commitment to bolstering the economy given "that the path ahead remained highly uncertain," the minutes from the March 16-17 meeting said.

The yield on the benchmark 10-year US Treasury note moved higher late in the session, yet remained below a 14-month high of 1.776% hit on 30 March.

On Wall Street, the Dow Jones Industrial Average rose 0.05% to 33,446.26, the S&P 500 gained 0.15% to 4,079.95 and the Nasdaq Composite dropped 0.07% to 13,688.84.

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