Indices end choppy day in the green; Sensex up 28 pts; Wipro soars 9%
Wipro, which jumped 10 per cent in the intra-day trade and hit a record high of Rs 474 on the NSE, ended as the top gainer on the Nifty after clocking its best performance in Q4 in a decade
 "MARKETS: Sensex up 50 pts, Nifty below 14,650; pharma stks gain, banks dip")
Stock market updates: The benchmark indices witnessed a see-saw trade on Friday as markets failed to breach crucial resistance zones at the higher levels. As per technical charts, if the frontline S&P BSE Sensex and the Nifty surpass their psychological levels of 50,000 and 15,000 levels, respectively, then the indices may log a 4-per cent rally in the short-term.
However, with the Covid-19 situation in the country getting grimmer day by day, market participants have stayed on the sidelines. During Friday's session, the Sensex index dropped 250 points from day's high of 49,089 to settle 28 points, or 0.06 per cent higher at 48,832.
However, with the Covid-19 situation in the country getting grimmer day by day, market participants have stayed on the sidelines. During Friday's session, the Sensex index dropped 250 points from day's high of 49,089 to settle 28 points, or 0.06 per cent higher at 48,832.
The NSE's Nifty50, on the other hand, ended at 14,618 levels, up 36 points or 0.25 per cent. The index had reached an intra-day high of 14,698.
Wipro, which jumped 10 per cent in the intra-day trade and hit a record high of Rs 474 on the NSE, ended as the top gainer (up 9 per cent) on the Nifty after clocking its best performance in the March quarter in a decade. ICICI Securities said that the key highlights of the quarter were healthy deal wins, up 16.7 per cent QoQ, to $1.4 billion, healthy net addition of 7,404 employees, higher offshore up 180 bps to 54.5 per cent. READ MORE
That apart, Hindalco, Asian Paints, Cipla, BPCL, HCL Tech, and UltraTech Cement were the other best performing stocks on the Nifty, up in the range of 2 per cent to 4 per cent. On the downside, Tata Steel, L&T, ICICI Bank, SBI, Bajaj Finance, and JSW Steel slipped up to 2 per cent to end as top drags on the index.
Investor participation in the broader markets, however, remained strong with the S&P BSE MidCap and SmallCap indices settling 1.2 per cent and 1.05 per cent higher, respectively.
Sectorally, the Nifty Pharma index ended 2 per cent higher while the Nifty Auto, IT, Metal, and FMCG indices gained between 0.6 per cent and 1.2 per cent. On the downside, the Nifty Bank, PSU Bank, and Realty indices slipped up to 0.6 per cent.
Buzzing stocks
Shares of SBI Cards and Payment Services were trading higher for the third straight day, advancing 8 per cent to Rs 976 on the BSE in the intra-day trade on Friday, on the back of heavy volumes. In the past three days, the stock has gained 10 per cent after correcting 22 per cent from its record high level of Rs 1,149 touched on February 24, 2021. According to reports, global lender Citi's exit from retail banking business in India is likely to pave the way for consolidation in the Indian financial sector, eying for an increased market share across business verticals, say analysts. SBI Cards, they believe, could be another beneficiary. READ MORE
Shares of multiplex operators like PVR and Inox Leisure continued to remain under pressure, hitting seven-month lows on the BSE in intra-day trade on Friday after Delhi Chief Minister Arvind Kejriwal announced sweeping restrictions in a bid to break the chain of Covid-19 infections in the city. Among individual stocks, PVR slipped 3 per cent to Rs 1,030, while Inox Leisure dipped 2.5 per cent to Rs 248.45 on the BSE in intra-day trade today. Both these stocks are trading at their lowest level since September 2020. READ MORE
Shares of DCM Shriram moved higher by 20 per cent to hit an all-time high of Rs 663.89 on the National Stock Exchange (NSE), in the intra-day trade on Friday, on the back of heavy volumes. The stock has surpassed its previous high of Rs 637, touched on May 23, 2019. READ MORE
Global markets
World stocks hit a record high on Friday and oil climbed after strong US and Chinese economic data bolstered expectations of a solid global recovery from the coronavirus-induced slump. MSCI's broadest gauge of world stocks edged 0.1 per cent higher, led by Britain's FTSE 100, up 0.5 per cent.
In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan was last up 0.5 per cent, with Shanghai shares adding 0.8 per cent and Japan’s Nikkei up 0.1 per cent.
(With inputs from Reuters)
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TECH VIEW :: Nagaraj Shetti, Technical Research Analyst at HDFC Securities
The short term trend of Nifty continues to be positive. But, the strength of up move seems to be lacking near the crucial overhead resistance around 14700-14800 levels. A sustainable move only above 14800 could open any meaningful upside from here and any failure could bring bears back into action.
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TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research
The market witnessed a positive trend in today's activity. The breakout on Thursday, 15th April above the resistance level of the Nifty50 Index level of 14500 is positive from a short-term perspective. Sustaining above 14500 levels, the market to gain momentum, lead to an upside projection till the 14900 levels. The momentum indicators like RSI and MACD support the upside move indicate the continuation of the short-term uptrend is more likely.
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MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities
Despite US markets hitting new highs, Indices here remained in a range today as FII figures for the first half of the month were not very encouraging but we did see plenty of action in the broader market with Pharma & Metals witnessing investor appetite. Despite a normal monsoon forecast today by the met dept, investors remained circumspect on account of rising coronavirus cases
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Markets this week
>> S&P BSE Sensex slipped 1.5 per cent
>> Nifty50 dipped 1.4 per cent
>> Adani Ports (8.2%), IndusInd Bank (6.6%), and Infosys (6%) were the top Nifty losers
>> Cipla (6.2%), Wipro (4.3%), M&M (3.6%) were the top Nifty gainers
>> Nifty50 dipped 1.4 per cent
>> Adani Ports (8.2%), IndusInd Bank (6.6%), and Infosys (6%) were the top Nifty losers
>> Cipla (6.2%), Wipro (4.3%), M&M (3.6%) were the top Nifty gainers
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TECH VIEW :: Rohit Singre, senior technical analyst at LKP Securities
The Nifty has taken strong resistance from 14,700 levels, which will be an immediate hurdle for the coming week. Support is still placed at 14500-14400 levels. If the index is able to hold this, there are chances it may move up further going ahead.
3:41 PM
Nifty ends 36 points higher
3:39 PM
Volume toppers :: Sensex
3:38 PM
Sensex heat map
ICICI Bank, Bajaj Finance among top losers
3:35 PM
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CLOSING BELL
During Friday's session, the Sensex index dropped 250 points from day's high of 49,089 to settle 28 points, or 0.06 per cent higher at 48,832.
The NSE's Nifty50, on the other hand, ended at 14,618 levels, up 36 points or 0.25 per cent. The index had reached an intra-day high of 14,698.
3:25 PM
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Citigroup's retreat highlights global banks' struggle in China, India
Increased rivalry from domestic lenders, especially in consumer financing, and fierce competition for top talent contributed to the challenges that overseas banks have often struggled to overcome. High capital and regulatory requirements also proved onerous.
Citigroup Chief Executive Officer Jane Fraser said Thursday that the bank had decided it didn’t have the scale it needed to compete in China, India and 11 other markets. Overall, international banks had a 1.2% share of assets in 2020 in Asia’s largest economy, compared to 1.8% in 2010, McKinsey & Co. data showed. In India, that number slipped to 6.8% last year, down from 7.2% a decade ago, according to the data. READ MORE
3:15 PM
MARKET CHECK :: Sensex pares gains
3:07 PM
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Jindal Steel exits Oman biz via balance 51% stake sale to Vulcan Steel
Moving towards the completion of its Oman unit divestment, Naveen Jindal-led Jindal Steel & Power (JSPL) arm Jindal Steel & Power (Mauritius) Limited has sold its balance stake to Vulcan Steel in the second and final tranche.
In a BSE filing, the Delhi-based primary steel producer today informed that the balance stake sold represented 51 percent of the share capital of Jindal Shadeed Iron and Steel LLC, Oman was sold to the private limited company, in accordance with shareholder approval secured at the extraordinary general meeting held in July last year. READ MORE
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Result tomorrow | HDFC Bank Q4: Analysts see 25% YoY jump in PAT; guidance key monitorable
Analysts at Kotak Institutional Equities would focus on near-term growth recovery and segments that would be drive this growth. They are factoring-in a 6 per cent quarter-on-quarter (QoQ) decline in net profit, at Rs 8,218.6 crore, on the back of a 0.3 per cent dip in operating profit at Rs 15,135.7 crore. Both the parameters, however, would be 18.6 per cent and 16.8 per cent higher, respectively on a year-on-year (YoY) due to low base effect. READ MORE
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Latest Covid-19 wave deadlier in Brazil than India: No one knows why
When it comes to the scale of infections, the two nations are similarly matched, with cases hovering around 14 million and hospitals from Mumbai to Sao Paulo under increasing pressure as admissions continue to rise. But it’s the divergence in fatalities that has scientists puzzled. Brazil, home to almost 214 million, has seen more than 365,000 people die from Covid-19, more than double the number of deaths in India, which has a far greater population of 1.4 billion. READ MORE
2:32 PM
MARKET UDPATE:: Sensex regains momentum
Topics : MARKET WRAP Markets Wipro NSE BSE S&P BSE Sensex Nifty50 SGX Nifty US markets Wall Street Wipro results MindTree
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First Published: Apr 16 2021 | 7:59 AM IST
