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Sensex closes 155 pts lower, Nifty at 14,835; Pharma, IT, FMCG sectors gain

Market Closing: Benchmark Indian equity indices closed marginally lower on Friday. (REUTERS) (REUTERS)Premium
Market Closing: Benchmark Indian equity indices closed marginally lower on Friday. (REUTERS) (REUTERS)

  • Market closing: Benchmark Indian indices closed slightly lower on Friday. The Sensex ended the day at 49,591.32, down 154.89 points, or 0.31%, while Nifty was at 14,834.85, down 38.95 points, or 0.26%. Banks, financials, realty and auto sectors closed in red

Benchmark Indian equity indices closed marginally lower on Friday, as states imposed curbs to combat covid-19. Asian markets hovered near record highs at close, China being the outlier as tensions between Beijing and Washington rose.

09 Apr 2021, 03:47:29 PM IST

Market closing

The Sensex ended the day at 49,591.32, down 154.89 points, or 0.31%, while Nifty was at 14,834.85, down 38.95 points, or 0.26%. Banks, financials, realty and auto sectors closed in red. Among broader indices, the BSE midcap and smallcap closed down 0.08% and up 0.69, respectively. The Nifty midcap 100 and smallcap 100 ended the day up 0.18% and 0.47%, respectively. Sun Pharma, HUL, Tech Mahindra, an 12 others stocks closed in green on the 30-share Sensex, while Bajaj Finance, UltraTech, NTPC, and 12 other stocks ended the day in red.

Sensex at close
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Sensex at close
09 Apr 2021, 03:27:56 PM IST

Fitch Solutions sees RBI holding interest rates through FY22

Fitch Solutions sees RBI keeping benchmark interest rates unchanged during the fiscal to March 2022 following its decision to buy 1 lakh crore of government bonds.

"We had initially expected another policy rate cut to arrest the rise in government bond yields since the Union Budget announcement in February.

"However, having an explicit bond purchase guidance from the RBI following the announcement of the G-SAP will also achieve a similar effect, if not even be more effective than a rate cut on capping the increase in bond yields," it said in a note. (PTI)

09 Apr 2021, 03:13:04 PM IST

India tells fertiliser companies not to raise prices

The Indian government has told fertiliser producers they cannot make immediate price increases, a junior minister said on Friday after some companies raised prices this week.

"It has been decided that in the present circumstances there shall be no immediate increase in prices of fertilisers," Mansukh Mandaviya, the junior minister responsible for chemicals and fertilisers, said in a statement after a meeting with producers. (Reuters)

09 Apr 2021, 03:02:24 PM IST

Gold slips from one-month high as dollar, yields stage rebound

Gold retreated on Friday from a more than one-month peak hit in the previous session, weighed by a rebound in the dollar and US Treasury yields, though it was still on course to register its first weekly gain in three.

Spot gold fell 0.6% to $1,745.99 per ounce at 09:14 GMT, having hit its highest since March 1 at $1,758.45 on Thursday. For the week, prices were up 1% so far.

US gold futures slipped 0.7% to $1,745.20. (Reuters)

09 Apr 2021, 02:48:15 PM IST

Mphasis, Coforge gain

Nifty IT
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Nifty IT
09 Apr 2021, 02:45:16 PM IST

US adds Chinese supercomputing entities to economic blacklist

The US Commerce Department said Thursday it was adding seven Chinese supercomputing entities to a US economic blacklist for assisting Chinese military efforts. (Read here)

09 Apr 2021, 02:31:52 PM IST

Google-backed India courier app Dunzo seeks $150 mn funding

Dunzo Digital Private Ltd, a delivery startup backed by Google and operating in eight Indian cities, aims to double the amount of capital it has raised so far to extend its reach across the country and become a $1 billion revenue business in the next two years. The Bengaluru firm has so far raised about $140 million to date and aims to tap investors for roughly another $150 million in 2021.

09 Apr 2021, 02:18:32 PM IST

ICICI Bank, RIL, HDFC Bank top drags

Index contribution
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Index contribution
09 Apr 2021, 02:09:48 PM IST

IESA appoints Rajeev Khushu of Texas Instruments as the chairman for 2021-22

India Electronics and Semiconductor Association (IESA), the premier body representing the Indian Electronic System Design & Manufacturing (ESDM) industry, appointed Rajeev Khushu, director, corporate affairs and government relations at Texas Instruments India (TI), as the chairman for the year 2021-22. (PTI)

09 Apr 2021, 02:05:38 PM IST

Investors shouldn’t try to time investments in actively managed funds: Study

Actively managed funds are finding it increasingly harder to beat benchmarks, and in addition, the number of months contributing to overall outperformance versus benchmarks of these funds is shrinking, Morningstar India said in a report. n a study titled, ‘Staying Invested Is The Name Of The Game’, the mutual fund research firm said that in the long haul, the stock market's outperformance over cash boils down to just a few “critical months".

Critical months in the study have been defined as those months whose removal from the return series would eliminate the fund's outperformance over its benchmark.

09 Apr 2021, 02:01:53 PM IST

Airbus speeds Jet handovers in March for year’s best month

Airbus SE handed over 72 aircraft last month, stepping up deliveries even as coronavirus flare-ups delayed a recovery in air travel.

The surge reported Thursday confirmed an earlier Bloomberg report and marked the best performance so far this year for the European planemaker. Its quarterly total of 125 surpassed the 122 aircraft delivered in the year-ago period, largely before the pandemic took hold. (Bloomberg)

09 Apr 2021, 01:56:16 PM IST

Tata Motors, Amara Raja gain

BSE Auto
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BSE Auto
09 Apr 2021, 01:48:37 PM IST

Manipal Health sells its Malaysian hospital

Manipal Health Enterprises on Friday said it will divest its Malaysian business to Ramsay Sime Darby Healthcare. The company, however, did not disclose the value of the deal. Set up in 2016, the 220-bed Manipal Hospitals, Klang, is a high-end tertiary care hospital accredited by the Malaysian society for quality in health. The facility offers over 30 specialty services, including Klang's only trauma centre, Dilip Jose, managing director and chief executive of Manipal Hospitals said. The divestment comes at a time when Manipal Hospitals gears up for a smooth integration of Columbia Asia Hospitals India, the acquisition of which is nearing completion. (PTI)

09 Apr 2021, 01:37:51 PM IST

Renault India partners Cero Recycling for vehicle scrappage service

Renault India, a unit of Groupe Renault France, has tied up with Cero Recycling to help customers scrap their old vehicles. The company will provide incentives or financial benefits to prospective customers for subsequent purchase of a new vehicle. (Read here)

09 Apr 2021, 01:21:56 PM IST

Telco bundles to contribute 50% to online viewers by 2023

People who access online videos through telecom bundles will make up nearly half, or 399 million, of the total 818 million online video consumers by 2023, according to a Ficci-EY media and entertainment industry report. As a value-conscious country, Indians are drawn to telcom aggregators offering multiple streaming services services, whether for mobile or broadband connections on smart TVs. (Read here)

09 Apr 2021, 01:03:37 PM IST

Advance Tax collections for FY 2020-21 stand at ₹ 4.95 lakh crore which shows a growth of approximately 6.7%: Ministry of finance

09 Apr 2021, 01:02:16 PM IST

Tata Steel, UPL top drags

Nifty top losers
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Nifty top losers
09 Apr 2021, 12:52:13 PM IST

Sensex heatmap

Sensex post noon
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Sensex post noon
09 Apr 2021, 12:34:52 PM IST

Net direct tax collection at ₹9.45 lakh crore in 2020-21 fiscal, exceeds revised estimates in Budget: CBDT Chief P C Mody

09 Apr 2021, 12:28:55 PM IST

Cadila Healthcare gains

The pharma company was trading at 501.70 apiece, up 31.00 points or 6.59% at 12:27 pm. Earlier, the company received USFDA approval for first generic for Ibrutinib Capsules, 70 mg and eligibility for 180-day exclusivity.

09 Apr 2021, 12:18:34 PM IST

Srei Infrastructure shares zoom 20 pc; hit upper circuit

Shares of Srei Infrastructure Finance on Friday zoomed 20% after the company's subsidiary Srei Equipment Finance received expression of interest (EOI) of up to $250 million capital infusion.

The stock zoomed 20% to 7.02—its highest permissible trading limit -- for the day on BSE.

On NSE, it jumped 19.65% to 7—its upper circuit limit. (PTI)

09 Apr 2021, 12:01:19 PM IST

Second covid-19 wave heightens risks for Indian banks: Fitch

India's second wave of Covid-19 infections poses increased risks for India's fragile economic recovery and its banks, says Fitch Ratings. The rating agency expects a moderately worse environment for the Indian banking sector in 2021, but headwinds would intensify should rising infections and follow-up measures to contain the virus further affect business and economic activity.

This second wave could dent the sluggish recovery in consumer and corporate confidence, and further supress banks' prospects for new business (9MFY21 credit growth: +4.5% as per Fitch's estimate). The rating agency considers the micro, small and medium enterprises (MSME) and retail loans to be most at risk. Private banks are more exposed to retail but also have much better earnings capacity (average pre-provision operating profit (PPOP): 4.85% of loans 9MFY21), contingency reserves (1.2% of loans) and core capitalisation (CET1 ratio: 15.9%) to withstand stress on their portfolios, the rating agency said.

09 Apr 2021, 11:44:35 AM IST

Improved business prospects drive Tata Chemicals' stock but valuations pricey

Tata Chemicals Ltd has given stellar returns to investors. The stock's price is up 2.7 times during the last six months. Robust demand, following rebound in economic activities post easing of nationwide lockdown, lifted prices of speciality chemicals sharply, thus boosting investor confidence in Tata Chemicals. (Read here)

09 Apr 2021, 11:37:58 AM IST

India’s 2021 Economic Outlook Upgraded Most Across Asia

Progress on the rollout of coronavirus vaccines has brightened the global economic outlook for 2021, but that boost isn’t being distributed equally across Asia. Economists have raised their growth forecasts for India by one full percentage point since February, followed by Taiwan and Australia with an increase of 80 and 60 basis points respectively, according to the median estimate in a Bloomberg survey. On the other end of the spectrum, expectations for the Philippine economy have been slashed by the most, in large part due to the recent extended lockdown amid spiking virus infections. (Bloomberg)

09 Apr 2021, 11:24:17 AM IST

Cadila, Aurobindo top gainers

Nifty Pharma
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Nifty Pharma
09 Apr 2021, 11:06:00 AM IST

Rupee slips 17 paise to 74.75 against US dollar in early trade

The rupee depreciated 17 paise to 74.75 against the US dollar in opening trade on Friday tracking weakness in other Asian currencies.

Traders said the domestic unit is trading on a weak note as investors believe that the central bank's bond buying plan could be bearish for the currency due to inflationary concerns. (PTI)

09 Apr 2021, 10:53:18 AM IST

Muthoot Finance's board to decide on interim dividend for FY21

Theo board of Muthoot Finance will meet on 12 April to consider and approve the proposal for an interim dividend for FY21. The company has decided on 23 April as the date of consideration for divdend payment.

09 Apr 2021, 10:44:30 AM IST

Alteria Capital makes first close of Fund II at ₹1,325 crore

Venture debt provider, Alteria Capital on Friday announced the first close of its second fund at 1,325 crore, as it looks to ramp up its deployment across early and growth stage startups in India. (Read here)

09 Apr 2021, 10:35:07 AM IST

10-Yr bond yield hits two month low

Government 10-year bond yield extended its fall with dropping another 4 basis points on Friday to hit a two-month low. This was the third consecutive session when yield has fallen.

At 10.25am, the 10-year bond yield was trading at 5.97%—a level last seen on 11 February, down 5 basis points from its previous close of 6.03%.

On Thursday, the Reserve Bank said the first purchase of government securities worth 25,000 crore under the G-sec Acquisition Programme (G-SAP 1.0) will be done on 15 April.

09 Apr 2021, 10:18:25 AM IST

Iron ore slips as China steel prices fall, but set for weekly gains

Asia's iron ore benchmarks slipped on Friday as steel futures in Shanghai stretched their losses, but the raw material was headed for weekly gains on expectations that demand will hold up despite China's current steel production restrictions. China, the world's top steel producer and supplier, is rolling out new policies and drafting fresh ones focusing on tighter environmental control that limits mills' production capacities. (Reuters)

09 Apr 2021, 10:00:08 AM IST

HDFC Bank, ICICI Bank top drags

Index contribution
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Index contribution
09 Apr 2021, 09:40:22 AM IST

Banks, financials drag

Nifty sectoral indices
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Nifty sectoral indices
09 Apr 2021, 09:25:53 AM IST

Market opening

The Sensex opened at 49,743.39, down 2.82 points, or 0.01%, while the Nifty was at 14,882.65, up 8.85 points, or 0.06%. IT, FMCG and Metals led gains, as other sectors opened in red on Friday. UltraTech, TCS, Infosys, and 14 other stocks opened in green on the 30-share gauge at market opening, while Kotak Mahindra Bank, Bharti Airtel, Bajaj Finance, and 10 other shares opened in red.

Sensex at open
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Sensex at open
09 Apr 2021, 09:04:00 AM IST

Market pre-opening

The Sensex was at 49,940.32, up 194.11 points, or 0.39%, while the Nifty was at 14,873.80, up 54.75 points, or 0.37% at market pre-opening. The SGX Nifty, which is in red, has indicated a flat opening for Indian indices on Friday.

09 Apr 2021, 08:57:14 AM IST

India’s massive borrowing seen dwarfing RBI’s new bond purchases

The Reserve Bank of India’s pledge to buy as much as 1 trillion rupees ($13.4 billion) of bonds this quarter has sent a wave of relief through the sovereign debt market. However, some say the move may be insufficient in the face of the nation’s near-record borrowing plan. (Read here)

09 Apr 2021, 08:47:17 AM IST

Mahindra opens new facility in South Africa

Mahindra South Africa has reaffirmed its faith in the South African market by opening a new national parts warehouse that is a third larger than its old facility.

"Mahindra has been recognised as the fastest growing volume brand for two of the last three years as we welcomed a record number of new owners to the fold," said Rajesh Gupta, CEO of Mahindra South Africa.

"This growth in our vehicle sales and the rapid increase in franchised dealers have necessitated the larger warehouse," Gupta added. (PTI)

09 Apr 2021, 08:32:00 AM IST

Gold set for first weekly gain in three on weakening dollar

Gold on Friday held near a more than one-month peak scaled in the previous session, with bullion set for a weekly gain of over 1%, as a weakness in the dollar and Treasury yields offered support along with a surprise jump in U.S. jobless claims. Spot gold was steady at $1,755.91 per ounce by 0151 GMT, having hit a high since March 1 at $1,758.45 an ounce on Thursday. The metal has gained nearly 1.5% for the week so far, after posting losses in the previous two weeks. However, US gold futures fell 0.1% on Friday to $1,756.20 per ounce. (Reuters)

09 Apr 2021, 08:16:51 AM IST

Stocks to Watch

Bharti Airtel, JK Tyre, Muthoot Finance, ICICI Bank, Vi, among other stocks, are expected to be in the news today. (Read here)

09 Apr 2021, 08:02:05 AM IST

Market outlook

Indian markets are likely to open marginally lower on Friday tracking losses in SGX Nifty and mixed Asian markets. On Thursday, Indian equities erased most of the morning gains and closed marginally higher amid concerns of economic growth after more states joined localised lockdown on continued rising covid virus cases. (Read here)

09 Apr 2021, 07:47:29 AM IST

Oil edges up on weak dollar; investors weigh rising supplies, demand outlook

Oil prices edged up in early Asian trade on Friday, supported by a weaker dollar, as investors weighed rising supplies and the impact on fuel demand from the covid-19 pandemic.

Brent crude futures for June climbed 7 cents, or 0.1%, to $63.27 a barrel by 0106 GMT while US West Texas Intermediate (WTI) crude for May was at $59.77 a barrel, up 17 cents, or 0.3%.

"A weaker USD and falling US bond yields helped support investors’ appetite in commodity markets," ANZ analysts said in a note. (Reuters)

09 Apr 2021, 07:33:43 AM IST

Asian stocks trade lower

Asian stocks wavered at the open Friday after a Wall Street rally on Federal Reserve Chairman Jerome Powell’s assurance that the central bank can reinvigorate the economy without stoking painful inflation. Shares gained in Japan and fluctuated in South Korea, while Australia’s index slipped. U.S. contracts climbed after the S&P 500 notched another record, though volumes on U.S. exchanges set new lows for the year. Oil edged up toward $60 a barrel as Saudi Arabia defended the OPEC+ plan to increase output, and said the alliance was nimble enough to change course if necessary. The dollar held losses.

The SGX Nifty was at 14,931.20, down 30.50 points or 0.20% at 7:25 am.

S&P 500 futures were up 0.3% as of 9:20 a.m. Tokyo time. The S&P 500 closed 0.4% higher.

Nasdaq 100 futures rose 0.4% after the index gained 1%.

Japan’s Topix Index was up about 1%.

South Korea’s Kospi Index fluctuated.

Australia’s S&P/ASX 200 Index was 0.3% lower.

Hong Kong’s Hang Seng Index futures fell 0.2%.

09 Apr 2021, 07:33:36 AM IST

Fuelled by tech rally, Wall Street closes at all-time high

A tech rally pushed the S&P 500 to an all-time closing high and Treasury yields extended their pull-back from recent peaks as market participants digested the US Federal Reserve's vow to stay the course with its dovish monetary policy. The Nasdaq led the way, advancing more than 1%, but the blue-chip Dow's gain was more modest. The Dow Jones Industrial Average rose 57.31 points, or 0.17%, to 33,503.57, the S&P 500 gained 17.22 points, or 0.42%, to 4,097.17 and the Nasdaq Composite added 140.47 points, or 1.03%, to 13,829.31. Minutes of the Fed's last policy meeting showed board members felt the economy was still short of target and reiterated their accommodative monetary stance. Gold prices jumped, scaling a one-month peak as the Fed's assurances that it will maintain its accommodative policy weighed on Treasury yields and the greenback. Spot gold added 1.1% to $1,756.36 an ounce. U.S. gold futures settled up about 1% at $1,758.2.

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