Stock Futures Today – Stock Market Live: Sensex jumps 250 points, Nifty around 14,900; all sectors in the green
NBCC (India) | The company has submitted a fresh or modified resolution plan for Jaypee Infratech.
Interest on interest waiver well discounted for banks; may lead to 1.5% of pre-provisioning profit: HDFC Securities
The banks are preparing to make full provision in Q4FY21 as they await government clarity on who will bear the burden of interest on interest waiver after the Supreme Court (SC) order. Krishnan ASV, Lead Analyst for BFSI at HDFC Securities shared his views in an interview with CNBC-TV18. “Interest-on-interest for banks was not a surprise. There is a lot of elbow room for banks. Q4 itself having to take a hit is not a surprise. How much of that hit will be borne by the government – still no one has an answer. That number is going to be about Rs 6,000 crore for the industry. Even all of that was to be absorbed by the banking system, that is about 1.5 percent of the pre-provisioning profits,” he said. He expects the waiver of interest on interest would not lead to accounts becoming vulnerable or turning into non-performing assets (NPA). He remains little more conservative on asset quality now. Read more.
Coinbase to roll out IPO on April 14: Here’s all that you need to know
On April 14, Coinbase will become the first US-based cryptocurrency platform to roll out its IPO on the Nasdaq stock exchange under Fintech Zoom ‘COIN’. Nearly a week before its IPO rollout, the company posted total revenue of $1.8 billion. The investors’ sentiment around the much-anticipated initial public offering (worth $114.9 million) of Coinbase, a cryptocurrency exchange platform, received an impetus after the company released its first-quarter earnings on Tuesday (April 6). The impressive revenue figures of the US-based company paved the way for a strong debut on the Nasdaq, according to market analysts.
Founded in 2012 by former Airbnb Inc engineer Brian Armstrong and former Goldman Sachs Group Inc trader Fred Ehrsam, Coinbase provides a platform for the buying and selling of Bitcoin along with 29 other cryptocurrencies. Valued at $68 billion as of March 2021, the company makes money by charging a transaction fee every time user buys, sells, or exchanges cryptocurrency. Coinbase runs on both Android and iOS. More here
Market Watch: Sacchitanand Uttekar, Tradebulls
“There is a fresh breakout which has been established on Hindalco. If you look at the last 10 weeks rally, despite that particular rally, there are no signs of exhaustion. So, a fresh breakout on the weekly scale is indicating that the flag pattern which was there, it has been matured. If you look at today’s OI additions, it is almost around 6 percent. So, we are expecting that this move should continue towards Rs 375. So long positions can still be added with a stop loss of Rs 354.”
“If we look at the overall structure of Berger Paints, we already saw double bottom kind of formation couple of weeks back. Since then the higher top, higher bottom sequence or the bullish sequence has been maintained well. It has been respecting its 20 day exponential moving average well and day before yesterday we saw homing pigeon kind of formation which is again a sign of a reversal. So we are expecting that there could be momentum which will be witnessed in couple of days. So, one needs to add this particular counter in their portfolios. Trading stop loss should be placed at Rs 745 and target would be around Rs 785.”
Barbeque Nation Hospitality up 20% second day; only buyers at upper circuit limit
Shares of restaurant chain Barbeque Nation Hospitality were locked at the upper end of the 20 percent intra-day circuit filter for the second day in a row on Thursday. It hit a high of Rs 708.45 and is up 44 percent from its listing price of Rs 489.85. At 10:30 am, there were 4,90,222 pending buy orders for the stock on NSE with no sellers. The stock got listed at a 2 percent discount to issue price on Wednesday after the Bengaluru-based casual dining restaurant chain raised about Rs 453 crore through an initial public offering (IPO) between March 24-26.
Do not see second wave de-railing the long-term bull run in India: Hugh Young of Aberdeen Standard tells us
#CNBCTV18Exclusive | ‘Do not see second wave de-railing the long-term bull run in #India. Believe this market weakness is a buying opportunity,’ Hugh Young of Aberdeen Standard tells us pic.twitter.com/fRVC64pIW6
— CNBC-TV18 (@CNBCTV18Live) April 8, 2021
Positive on Tata Steel, Hindalco; like Infosys, HCL Tech in IT space: Complete Circle’s Gurmeet Chadha
Gurmeet Chadha, Co-Founder & CEO at Complete Circle Consultants, is positive on Tata Steel while he says Hindalco looks very good for the long run. “We have discussed Tata Steel earlier, Hindalco looks very good to me for the long run,” said Chadha in an interview with CNBC-TV18. Chadha likes Infosys, HCL Technologies in largecap IT names and Persistent Systems, Happiest Minds in midcap IT names. For more, watch the video
Axis Capital expects strong Q4 numbers from Divi’s Lab; have ‘buy’ call on DRL
Prakash Agarwal, deputy head-research & executive director-pharmaceuticals at Axis Capital on Thursday said that they are expecting a strong set of numbers from Divi’s Laboratories. Speaking to CNBC-TV18, he said, “On active pharmaceutical ingredient (API) front we have coverage only for Divi’s Laboratories and here we expect a strong set of numbers given that they were frontrunners in terms of aiding on to their capacity. They are expected to see strong growth across verticals.” Talking about buy calls, Agarwal said, “Dr, Reddy’s Laboratories (DRL) is one of the few companies which has diversified their earnings base from the US alone to many markets now. So it’s pretty much diversified now.” More here
Rupee Opens | The Indian rupee opened 15 paise higher at 74.40 per dollar on Thursday as against Wednesday close of 74.55 per dollar.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
We are currently trading at an important juncture. 14,900-14,950 is a resistance zone for the Nifty. If we can keep above this level for a few hours, the markets would break out of its current range-bound movements and scale higher to 15,300-15,400. If we fail and resist these levels, the index can turn around and head back to 14,500-14,600.
Auto retail sales in March fall by 28.64% YoY: FADA
Retail automobile sales during March 2021 fell sharply by 28.64 percent as compared to the same month last year, as per the latest vehicle registration data released by the Federation of Automobile Dealers Associations (FADA) on Thursday. However, auto registrations in March grew 10.05 percent as against February. Tractors and Passenger Vehicles (PV) sustained its healthy momentum by growing 29.21 percent and 28.39 percent, YoY. This growth can be associated with multiple factors like a low base of last year, a transition from BS-4 to BS-6, and India going under total lockdown, FADA said in a release. On YoY basis, two-wheelers, three-wheelers and Commercial Vehicles (CV) fell by 35.26 percent, 50.72 percent and 42.20 percent, respectively. More here
Morning market quote from Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
“The surge in Covid cases continues to be a concern for the economy & markets. However, the saving grace is that since the lockdowns & restrictions are sporadic, the impact on the economy will be insignificant. Investors can hedge against the uncertainty surrounding the second wave with reduced exposure to economy-facing stocks and higher exposure to IT, pharma & FMCG segments. Rupee depreciation is another tailwind for IT. A distinct trend in the market is the outperformance of mid-small-caps, which is likely to continue. Even though Nifty is up only 0.7% in April so far, many mid-small-caps have appreciated by more than 10 and 20%. This stock-specific action is likely to continue irrespective of the market trend”
Opening Bell: Sensex opens 300 points higher, Nifty above 14,900; all sectors in the green
Indian indices opened higher on Thursday following US stocks, which nudged to another record high after the Federal Reserve underlined its commitment to keeping policy super loose. At 9:18 am, the Sensex was up 334 points at 49,996 while the Nifty rose 100 points to 14,919. Broad-based gains were visible in all sectors with metals and financials leading. On the Nifty50 index, Tata Steel, Britannia, Hindalco, Bajaj Finserv, and HDFC were the top gainers while Bajaj Auto, ONGC and Nestle were the only losers. Broader markets were also higher with the midcap and smallcap indices up 0.5-1 percent.
Asia shares loiter as S&P futures climb fresh peak
Asian share markets lagged on Thursday as US stock futures nudged to another record high after the Federal Reserve underlined its commitment to keeping policy super loose even as the economy enjoys a rapid recovery. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, and also little changed on the week. Japan’s Nikkei eased 0.3 percent and Chinese blue chips 0.1 percent, with trading very subdued. The outperformance of the US economy helped S&P 500 futures add 0.3 percent to a new peak, while Nasdaq futures gained 0.4 percent. EUROSTOXX 50 futures firmed 0.2 percent and FTSE futures 0.3 percent. More here
Petrol, diesel prices remain unchanged for 9th day in a row
The retail fuel prices remained steady for the 9th consecutive day on Thursday, with the price of petrol at Rs 90.56 per litre in the national capital. The price of diesel stood at Rs 80.87 per litre, according to Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, the petrol price remained unchanged at Rs 96.98 per litre on Monday. The cost of diesel also was the same at Rs 87.96 a litre. The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am in the morning.
Clean Science and Tech aims to raise Rs 1,400 crore via IPO
Clean Science and Technology, a Pune-based manufacturer and exporter of speciality chemicals, has filed papers with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 1400 crore through an Initial Public Offering (IPO). The entire issue will be through offer for sale (OFS) by existing promoters and other shareholders. The company will not receive any proceeds from the IPO. Clean Science and Technology has filed a draft red herring prospectus (DRHP) with the SEBI. The major stakeholders of Clean Science and Technology are Anantroop Financial Advisory Services, Ashok Ramnarayan Boob, Krishnakumar Ramnarayan Boob, Siddhartha Ashok Sikchi, and Parth Ashok Maheshwari. More here
Oil falls after U.S. gasoline inventories unexpectedly surge
Oil prices fell on Thursday after official figures showed a big increase in U.S. 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 0136 GMT. U.S. oil fell 38 cents, or 0.6%, to $59.39 a barrel. While crude stocks in the United States fell more than forecast by analysts, gasoline inventories jumped sharply, also against expectations, the Department of Energy said on Wednesday.
Aditya Birla Capital eyes D-Street debut; plans IPO for its mutual fund biz
Aditya Birla Capital is eyeing a Dalal Street debut. According to sources, the company is meeting with bankers to plan out the IPO of its mutual fund business, Birla Sun Life AMC. The company is likely to file IPO documents with market regulator SEBI in the next 10 days. Birla Sun Life could be valued close to Rs 20,000-25,000 crore. Going forward, the company may also look at rolling out IPO of its insurance arm. For more details, watch video.
First up, here is quick catchup of what happened in the markets on Wednesday
Indian shares ended around a percent higher on Wednesday after the Reserve Bank of India (RBI) held a repo rate, as widely expected, to support the economy against the backdrop of the second surge in COVID-19 cases. The Sensex ended 460 points higher at 49,662 while the Nifty rose 135 points to settle at 14,819. The broader markets also rose in trade with the midcap and smallcap indices up 1.3 percent and 1.7 percent, respectively. On the Nifty50 index, JSW Steel, Wipro, SBI Life, SBI and IndusInd Bank were the top gainers while Adani Ports, Tata Consumer, UPL, Titan and NTPC led the losses.
Welcome to CNBC-TV18’s Market Live Blog
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Stock Futures Today – Stock Market Live: Sensex jumps 250 points, Nifty around 14,900; all sectors in the green