Market closing: The Sensex closed at 49,008.50, up 568.38 points, or 1.17%, while the Nifty was at 14,507.30, up 182.40 points or 1.27%. Metals, auto, telecom and FMCG sectors led gains.
Asian markets closed higher on Friday after a tumultuous week amid hopes of economic gains. Ten-year U.S. Treasury yields rose slightly after another lackluster auction of seven-year notes.
26 Mar 2021, 03:56:17 PM IST
The Sensex closed at 49,008.50, up 568.38 points, or 1.17%, while the Nifty was at 14,507.30, up 182.40 points or 1.27% on Friday, recouping some of the losses from the previous trading session. Metals, auto, telecom and FMCG sectors led gains. The volatility index, VIX, was down 9%, as the Nifty midcap 100 and smallcap 100 closed 1.55% and 1.16% higher, respectively. The BSE midcap and smallcap indices were ended the day up 1.66% and 1.08%, respectively.
Power Grid, IndusInd Bank, ITC and Maruti Suzuki closed the day in red on the 30-share Sensex. Meanwhile, Bajaj Finserv, Asian Paints, Titan and HUL were the top gainers among the 26 stocks that ended the day in green on the 30-share gauge.
Oil resumed gains on Friday as investors weighed the implications of a massive container ship still stuck in the Suez Canal after a volatile few days that saw prices swing wildly around $60 a barrel.
26 Mar 2021, 03:46:13 PM IST
Gold declines ₹147; silver jumps ₹1,036
Gold in the national capital declined by ₹147 to ₹44,081 per 10 gm on Friday amid rupee appreciation and overnight selling in global precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had closed at ₹44,228 per 10 gm. In contrast, silver rose by ₹1,036 to ₹64,276 per kg from ₹63,240 per kilogram in the previous trade. The rupee appreciated by 14 paise to 72.48 against the US dollar in opening trade on Friday. In the international market, gold was trading marginally lower at $1,726 per ounce and silver was flat at $25.14 per ounce. (PTI)
26 Mar 2021, 03:29:43 PM IST
Hathway Cable and Den Networks slip as promoters start stake sale via OFS
Shares of Hathway Cable and Den Networks plunged 10% and 7% respectively as the companies' offer for sale (OFS) opened on Friday. Hathway Cable's floor price for the offer has been fixed at ₹25.25, a discount of 14.4% to Wednesday's closing price, while Den Network's has been set at ₹48.50, a discount of 13.55%. (Read more)
Bitcoin options worth $6bn expiring today: What does it mean for investors?
A record $6 billion worth of bitcoin options contracts are set to expire later today. Earlier, $4 billion in options contracts had expired in January. The action in the derivatives market is most likely to dictate the price trend in the cryptocurrency over the next few months.
26 Mar 2021, 02:58:29 PM IST
All sectors in green
26 Mar 2021, 02:49:53 PM IST
Govt Targets Selling Flag Carrier Air India by June
The Centre is close to inviting financial bids for flag carrier Air India Ltd., moving toward the sale of an airline that’s surviving on taxpayer money, Civil aviation minister Hardeep Puri said. The financial offers are expected to come in within 64 days from the date of request, he said, adding that the process is likely to be completed by May or June. “It’s a question of taking the decision and handing over the airline," Puri said, without giving details of the bidders who made the initial shortlist. (Bloomberg)
26 Mar 2021, 02:34:13 PM IST
NPCI defines operating norms for UPI market cap
National Payments Corp. of India has released its standard operating procedure relating to the 30% market cap on Unified Payments Interface (UPI) transactions, for third-party payment or app providers (TPAP), it announced last November. According to the communication, NPCI shall trigger a first alert through e-mail or letter to a third party payment provider and its partner banks, after their market share, in terms of total UPI transactions, hits the 25%-27% threshold, of the overall volume, which players will have to acknowledge.
The second alert will be sent by the retail payments organisation, once a player hits 27%-30% of total market share, with evidence to be provided to NPCI, on actions taken to comply with the existing market volume cap.
On crossing the 30% mark, third party-apps and their partner banks will have to stop onboarding new users with immediate effect.
Mint first reported on these operation guidelines on UPI market cap last year.
Rail Vikas Nigam Ltd's board has declared an interim dividend of ₹1.14 per equity share of ₹10 each for FY21. The record date is 9 April for determining eligibility of shareholders. Dividend payment will be completed on or before 24 April.
HC sets aside order asking govt to extend oil contract with Vedanta
The Delhi High Court on Friday set aside a single judge order directing the Centre to extend till 2030 its production sharing contract (PSC) with Vedanta Ltd and ONGC to produce oil from the Barmer oil field in Rajasthan. (Read more)
Tata group stocks jump as SC rejects Shapoorji Pallonji group's pleas
Shares of top Tata group companies surged on Friday after a Supreme Court bench, led by Chief Justice SA Bobde, dismissed appeals of the Shapoorji Pallonji group and set aside the December 2019 NCLAT judgement which had ordered the reinstatement of Cyrus Mistry as chairman of Tata Sons. (Read more)
26 Mar 2021, 12:52:23 PM IST
JLR's EV launch, growth in PV, CV segments boost Tata Motors' prospects
Tata Motors' stock was trading at ₹297.90 apiece, up 12.40 points, or 4.34%.
The company remains in the news as Jaguar Land Rover (JLR) lines up its first electric vehicle (EV) in India. The Indian market for luxury electric vehicles is heating up, with Mercedes launching an EV and many other carmakers, including Tesla, planning launches. Analysts are watchful about whether the company would gain through EVs in the near term, but JLR is betting big on EVs to drive long-term growth and to turn its prospects around. (Read more)
Wabco India's stock was trading at ₹6,777.60, up 1,129.60 points, or 20.00% at 12:35 pm. The company's two-day stake sale through an offer for sale (OFS) began on Thursday. The floor price for the offer has been fixed at ₹5450 a share, an 11% discount to Wednesday's closing price of ₹6101.90. The issue opened today for retail investors.
Jindal SAW Ltd said it has allotted 5,000 secured, redeemable , taxable, non-cumulative, non-convertible debentures (NCDs) of face value of ₹10,00,000 each aggregating to ₹500 crore to LIC of India on private placement basis.
SC allows appeals filed by Tata Group against NCLAT's December 2019 order restoring Cyrus Mistry as executive chairman.
26 Mar 2021, 11:44:47 AM IST
Laxmi Organic shares jump 50% in 2 days as compared to IPO issue price
Shares of Laxmi Organic Industries extended gains to the second day after debuting on exchanges on Thursday. Today, Laxmi Organic shares rose as much as 18% to ₹194 as compared Day 1 closing price of ₹164.6. On Thursday, shares of the specialty chemicals manufacturer had finished with nearly 27% as compared to issue price of ₹130. (Read more)
26 Mar 2021, 11:34:11 AM IST
Bajaj Auto, Pierer Mobility to strengthen e-mobility cooperation
Bajaj Auto and Europe's Pierer Mobility AG are strengthening their strategic cooperation in the development of electric products in the two-wheeler sector.
In a regulatory filing Bajaj Auto said that the company is strengthening its strategic cooperation with Europe's leading manufacturer of powered two-wheeler vehicles Pierer Mobility AG, for the development of electric products in the two-wheeler sector to meet the growing demand for innovative e-mobility concepts.
The two companies have decided to jointly explore zero tailpipe emissions, low maintenance, and long-lasting benefits of light electric vehicles in urban settings and dense metropolitan areas, the filing added. (PTI)
Realty firm DLF was trading at ₹279.65 apiece, up 2.60 points, or 0.94% at 11:01 am. Earlier, the company said it has raised₹500 crore through the issue of non-convertible debentures (NCD) to investors.
Suryoday Small Finance Bank shares debut on muted note; list at over 4% discount
Suryoday Small Finance Bank Ltd on Friday made a tepid market debut as its shares listed at a discount of over 4% from the issue price of ₹305.
It listed at ₹293, lower by 3.93% from the issue price on BSE. Later, as trade progressed it declined 8.59% to ₹278.80.
On NSE, the stock listed at ₹292, reflecting a decline of 4.26%.
The initial public offer of Suryoday Small Finance Bank was subscribed 2.37 times earlier this month. (PTI)
26 Mar 2021, 10:32:29 AM IST
Stamp duty cut extension to aid realty sales if developer discounts also continue
Real estate developers based in Mumbai have seen a historic surge in property registrations thanks lower stamp duty.
Data by real estate company Knight Frank India, showed that from 1 March 2021 to 24 March 2021, Mumbai recorded property registration of 12,696 units at a daily rate of 529 units. This is nearly 4.3 times higher than the daily rate of registration recorded at 123 units in March 2020.
From 1 September 2020 till date, the total revenue from apartments sales realized by the city exchequer has been over Rs2,578 crore, said Knight Frank. When compared to the period before the stamp duty cut, i.e January 2020 to August 2020 the Government had collected Rs1756 crore, it said in a press release.
26 Mar 2021, 10:21:47 AM IST
Suez blockage sets shipping rates racing, oil and gas tankers diverted
Reeling from the blockage in the Suez Canal, shipping rates for oil product tankers have nearly doubled this week, and several vessels were diverted away from the vital waterway as a giant container ship remained wedged between both banks. The 400-metres long Ever Given has been stuck in the canal since Tuesday and efforts are under way to free the vessel although the process may take weeks amid bad weather. The suspension of traffic through the narrow channel linking Europe and Asia has deepened problems for shipping lines that were already facing disruption and delays in supplying retail goods to consumers. Analysts expect a larger impact on smaller tankers and oil products, in particular naphtha and fuel oil exports from Europe to Asia, if the canal remained shut for weeks. (Reuters)
26 Mar 2021, 10:12:24 AM IST
Kalyan Jewellers lists 15% discount on debut
Shares of Kalyan Jewellers India Ltd opened 15% discount on debut, the fourth firm that saw such tepid listing, after its initial public offering saw 2.61 times subscription last week.
At 10.05am, the scrip was trading at ₹77.30, down 11.15% from its issue price of ₹87 a piece. The stock opened at ₹73.90 on BSE and touched a high and a low of ₹78.55 and ₹73, respectively.
Analyst says that the poor listing even after the overwhelming response was due to increased volatility in local markets and expensively valued recent IPOs despite poor performance on the financial front.
26 Mar 2021, 09:54:43 AM IST
RIL trades lower
Reliance Industries ltd was trading at ₹1,978.75 apiece, 14.00 points lower, or 0.70%, at 9:54 am. Reliance Industries Ltd (RIL)-promoted Hathway Cable & Datacom Ltd and Den Networks is to sell stakes via an offer for sale (OFS) on 26 and 30 March for ₹853 crore and ₹269 crore respectively.
RBI, Sebi seek time to file response in Yes Bank AT1 bondholder case
The Bombay high court has granted time to the Reserve Bank of India (RBI) and market regulator Securities and Exchange Board of India (Sebi) to file responses in a petition filed by individual holders of Yes Bank AT1 bonds. (Read more)
26 Mar 2021, 09:26:30 AM IST
Benchmark Indian equity indices opened higher on Wednesday after a two-day lull. The Sensex was at 48,908.96, up 468.84 points, or 0.97%, while the Nifty was at 14,486.00, up 161.10 points, or 1.12%. BSE realty and auto stocks led gains, with banks also in green. Meanwhile, all sectors were in green on the Nifty. Dr Reddy, Power Grid and TCS were the only stocks in red on the 30 -share Sensex at 9:26 am.
26 Mar 2021, 09:13:47 AM IST
CLSA maintains outperform rating on Jubilant FoodWorks
Brokerage firm CLSA has maintained outperform rating on Jubilant FoodWorks after the company signed a pact to bring U.S.-based Popeyes restaurant to India and neighbouring countries. Jubilant FoodWorkds has entered into an exclusive Master Franchise and Development Agreement with PLK APAC Pte. Ltd., a subsidiary of Restaurant Brands International Inc to develop, establish, own and operate Popeyes restaurants in India, Bangladesh, Nepal and Bhutan in the coming years. (Read more)
26 Mar 2021, 09:13:25 AM IST
The Sensex was at 48,749.92, up 309.80 points, or 0.64%, while the Nifty was at
14,324.90, down 224.50 points, or 1.54% at pre-opening.
26 Mar 2021, 08:54:55 AM IST
Stocks to Watch
RIL, Tata, Edelweiss, DLF, Power Grid, Welspun, among other stocks may be in the news today. (Read more)
26 Mar 2021, 08:39:27 AM IST
Markets are likely to be rangebound on Friday following rise in global peers. Trends in SGX Nifty suggest a marginally higher opening of Indian benchmark indices. On Thursday, the BSE Sensex ended at 48,440.12, down 740.19 points or 1.51%. The Nifty closed at 14,324.90, down 224.50 points or 1.54%.
Asian markets are set to open higher on Friday after U.S. equities rose as investors weighed the outlook for economic growth and inflation and welcomed progress on vaccination rollouts. US Labor Department data showed claims for unemployment benefits dropped to a one-year low last week, a sign that the US economy is on the verge of stronger growth as the public health situation improves and temperatures rise. (Read more)
26 Mar 2021, 08:24:04 AM IST
Global bond rout not over, another sell-off likely before mid-year: poll
Another bond market sell-off is likely in the next three months following the recent rout in financial markets, according to analysts polled by Reuters, although they did not predict a runaway rise in sovereign yields.
Expectations for better growth and higher inflation drove the recent spike in longer yields and dollar strength, interrupting a widely expected bull run in equities. But the March 18-25 poll of more than 70 fixed-income strategists pointed to only a marginal rise in major sovereign bond yields over the coming year, driven largely by global central banks' pledges to keep policy loose for years to come. (Reuters)
26 Mar 2021, 08:14:47 AM IST
India's economy on path of gradual recovery: IMF
India's economy is on the path of gradual recovery, the International Monetary Fund has said ahead of its next month’s spring meeting with the World Bank.
“India's economy is on the path of gradual recovery, real GDP growth, return to positive territory in fourth quarter of 2020. And that's for the first time actually since the start of the pandemic and it's supported by a pickup in gross, fixed capital formation," IMF’s spokesperson Gerry Rice told reporters at a news conference here on Thursday. (PTI)
26 Mar 2021, 08:02:03 AM IST
Gold heads for weekly decline as investors weigh yield outlook
Gold headed for a weekly drop as investors weighed the outlook for yields and the economy with renewed concerns over the coronavirus.
Treasury yields briefly climbed to session highs on Thursday after a weak auction of 7-year notes echoed a disastrous sale last month that helped push yields higher. Appearing before the Senate Banking Committee on Wednesday, Federal Reserve Chairman Jerome Powell said the surge in yields reflected a brighter economic outlook as the vaccination roll-out accelerates and was not cause for concern. (Bloomberg)
26 Mar 2021, 07:42:42 AM IST
Oil prices rebound on fears Suez Canal blockage may last weeks
Oil prices bounced back on Friday from a plunge a day earlier on concerns that a large container ship that ran aground in the Suez Canal may block the vital shipping lane for weeks, squeezing supply.
Prices, however, were still headed for a third consecutive weekly loss.
Brent crude was higher by 43 cents, or 0.7%, at $62.38 a barrel by 0028 GMT, after dropping 3.8% on Thursday.
U.S. West Texas Intermediate (WTI) crude was down49 cents, or 0.8%, at $59.05 a barrel, having tumbled 4.3% a day earlier. (Reuters)
26 Mar 2021, 07:31:26 AM IST
Asian stocks track US gains
Asian stocks followed their U.S. peers higher Friday as vaccine distribution bolstered economic optimism despite a climb in global Covid-19 cases. Oil resumed gains at the end of a volatile week. Ten-year U.S. Treasury yields rose slightly after another lackluster auction of seven-year notes.
SGX Nifty was at 14,508.80, up 38.00, or 0.26% at 7:23 am.
S&P 500 futures rose 0.1% as of 10:33 a.m. in Tokyo, after the index rose 0.5%.
Nasdaq 100 futures gained 0.2% after the index dipped 0.1%.
Japan’s Topix Index climbed 1.2%.
Australia’s S&P/ASX 200 Index rose 0.4%.
Hong Kong’s Hang Seng Index was up 0.7%
China’s Shanghai Composite added 0.6%.
26 Mar 2021, 07:31:22 AM IST
US markets lifted by finance, tech stocks
US stocks regained their footing after an early slide and closed broadly higher Thursday, led by gains in financial and industrial companies.
The S&P 500 rose 0.5% after having been down 0.9% in the early going. The gain is the benchmark index's first in three days after a recent stretch of back-and-forth trading the last few weeks. Even so, the S&P 500 was still on track for a small weekly loss.
The S&P 500 rose 20.38 points to 3,909.52. The Dow Jones Industrial Average gained 199.42 points, or 0.6%, to 32,619.48. The index had been down more than 348 points.
The tech-heavy Nasdaq composite had been down 1.4% before clawing back 15.79 points, or 0.1%, to 12,977.68. The Russell 2000 index of smaller stocks outdid the rest of the market, climbing 48.86 points, or 2.3%, to 2,183.12.