Sensex, Nifty Updates: Market indices Sensex and Nifty closed at day's high on Friday tracking gains in global key indices. Indices erased gains earlier after the announcement of measures by RBI's cheif Shaktikanta Das, although closed 3.2% higher by the afternoon session. BSE Sensex ended 986 points higher at 31,588, NSE Nifty traded 298 points higher at 9,291. All the sectors barring pharma and FMCG closed in green territory, with private banking and auto ebnding 7% and 5% higher respectively.
Further SGX Nifty in Singapore Exchange also traded 3% higher by the afternoon session. Meanwhile European markets opened 3% higher, backing the global bullish trend. Asian indices climbed higher on Friday, tracking cues from US indices as prospect of the countries getting back to work and encouraging news on potential coronavirus treatments kept investors bouyed.
Here's a look at the updates of the market action on BSE and NSE today:
3.40 PM : Closing bell
Market indices Sensex and Nifty closed at day's high on Friday tracking gains in global key indices. Indices erased gains earlier after the announcement of measures by RBI's cheif Shaktikanta Das, although closed 3.2% higher by the afternoon session. BSE Sensex ended 986 points higher at 31,588, NSE Nifty traded 298 points higher at 9,291. All the sectors barring pharma and FMCG closed in green territory, with private banking and auto ebnding 7% and 5% higher respectively.
3.20 PM: IndusInd Bank rises over 7%
IndusInd Bank shares opened with a gain of 7.22% today and later touched an intraday high of Rs 472, rising 8.51% on BSE. The stock price tardes higher than 5 and 20 day moving averages but lower than 50, 100 and 200 day moving averages.
3.00 PM: Nifty outlook by Angel Broking
Nifty's technical term outlook - The index consolidated in a range in yesterday's session post some recovery from the support of 8800. The overall market breadth was in favor of advances as except IT, stocks from most of other sectors witnessed some positive momentum
Market Outlook - It would be crucial to see how the banking index reacts in the near term as it could lead the overall market momentum. In the near term 8800 is the immediate support for the Nifty.
2.50 PM: Expert opinion on RBI announcements
Gurpreet Sidana, Chief Operating Officer, Religare Broking said," The RBI announced a host of additional fiscal and regulatory measures to help the financial system and facilitate liquidity as well as credit flows. We feel recalibration of NPA norms, liquidity measures for NBFCs and special refinancing facility to institutions like NABARD, SIDBI and NHB would play a crucial role in handling the credit flow issues to agri., rural, small industries, HFCs and MFIs. Besides, further reduction in the reverse repo and cut in liquidity coverage ratio(LCR) will incentivise banks to lend more.
We believe these measures are positive for financial institutions and also for the borrowers amid this COVID 19 crisis as it not only addresses liquidity needs but also ensures their financial stability. Amid all positivity, the requirement of additional provisioning by the banks for the standard accounts that availing a moratorium between 1 March and 31 May have caught the banks off-guard as some banks on account of a short time have offered loan moratorium to all clients who could have otherwise paid EMIs easily.
Notwithstanding the growth slowing sharply in 2020, the governor signaling at inflation trajectory falling and possible additional measures from RBI would certainly help the economy to sail through tough times.
2:40 PM : Rupee settles at 76.39 per dollar
Rupee closed 48 paise higher at at 76.39 against the US dollar today
2.30 PM: Most sectors in green
All the sectors barring pharma and FMCG were trading in green territory, with realty secor gaining 4% higher, followed by 3% rise in banking and financial stocks.
2: 20 PM Currency market outlook
Rupee outlook by Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities:
"Rupee traded stronger today on back of Reserve bank of India announcing liquidity measures to boost growth amid the slowdown due to Covid-19 lockdown. RBI mainly focused about the liquidity management, trying to maintain enough liquidity in the market, in this economic crisis time. So, it will help boost economic growth. Globally demand for dollar is there. Till there is any medicine or the crisis cools down, there will be demand for dollar. This is a small profit booking reaction as of now in the USDINR, as we saw selling pressure from 76.75 to 76.40 today in the USDINR pair".
2.15 PM: Angel Broking: stock picks for the day
Buy - Hawkins Cooker, Bata India, Nestle India, Hindustan Unilever, Colgate Palmolive, Avenue Supermart, Ipca Lab, Bharti Airtel, Infosys, L&T Infotech, Britannia Industries
Accumulate - Asian Paints, P&G Hygiene, Dabur India
2.05 PM: Bajaj Auto rises over 3.5%
Bajaj Auto shares climbed 3.65% to the intraday high of Rs 2,424 on BSE today. Bajaj Auto shares trade higher than 5 and 20 day moving averages but lower than 50, 100 and 200 day moving averages.
1.55 PM: Expert views on RBi's announcement
Jaikishan Parmar, Sr. Equity Research Analyst, Angel Broking said:
- RBI has taken care of systems liquidity and support to the corporate by providing some relief in NPA.All accounts for which banks and FI grant moratorium, the 90 day norms will exclude moratorium period. This action would to some extent release pressure on the capital.Key concerns post lockdown was liquidity support to NBFC. However, today the RBI announced various measures to improve the health of NBFC. Money given to NABARD,SIDBI & NHB will ensure funding to NBFC /HFC.
- LTRO 2 will ensure that smaller NBFC also get sufficient liquidity.RBI has also made sure that the banks will remain liquid, by asking banks not to pay dividend from FY20 profits until further notice. LCR reduced from 100% to 80% with immediate effects.
- Date of commencement of the realty project can be extended for 1 years. So overall RBI has taken care of NBFC concern and smaller players also get liquidity.
1.50 PM: Maruti among top Nifty gainers
Maruti shares was among the top gainers on Nifty today. The stock price of Maruti Suzuki opened with a gain of 3.32% today and later touched an intraday high of Rs 5374.1, rising 4.76% on BSE. Maruti shares traded higher than 5 and 20 day moving averages but lower than 50, 100 and 200 day moving averages
1.30 PM: Larsen and Toubro rises 3% on securing order
Larsen and Toubro shares touched an intraday high of Rs 940, rising 3.07% on BSE after the 'buildings & factories business' of 'L&T Construction' arm of the firm secured orders in the range of Rs 1,000-2,500 crore from clients in India.
1.20 PM: European indices open 3% higher
European indices rose sharply in opening trade of Friday, with Frankfurt's DAX and CAC 40 in Paris rising 3.3%, and London's FTSE gaining 2.7% higher.
Meanwhile, in Asian indices, SGX Nifty earsed earlier gains and traded 1.94% higher. Nikkei and Kospi gained over 3% each, followed by 2.15% rise in Taiwan index. Strait Times and Shanghai index were trading marginnaly higher.
1. 15 PM: Nifty 's outlook
Expressing technical trend views on Nifty's outlook, Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said, 'The index now seem to be undergoing a consolidation phase amidst a stock specific action in the broader market. For the near term, 8800 is the crucial support to watch whereas 9260-9320 is the immediate resistance zone. A move beyond the above mentioned range of 8800 - 9320 could then lead to some directional move.'
1.10 PM: Market experts' view on RBI's liquidity measures
Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote said,"RBI's big bang stimulus was not a bazooka afterall, given the expectations, rather it was a conservative approach and indicated a piecemeal manner of infusing liquidity. The measures though significant were not substantial enough as a mere Rs. 50,000 Crs in the form of TLTRO is rather conservative. However, for the moment major concerns have been addressed as real estate and NBFC sectors have received massive relief, NBFCs (small and large) have liquidity coming in from TLTRO 2.0, financial institutions like SIDBI, NABARD and NHB have received liquidity directly from the RBI and there is relief on the NPA recognition and stressed asset reclassification for Banks. To add to it, a 25bps reduction in the fixed reverse repo rate will enable banks to lend further and improve liquidity in the system. This has definitely boosted investor confidence as the quarterly numbers to be published by corporates will no longer be a horror story. Additionally, RBI's openness of providing further relief if the situation worsens further is a big relief in these distressed times. "
1.05 PM: Emami shares climb over 3% on hand sanitizer launch
Emami shares opened with a gain of 2.63% and later touched an intraday high of Rs 231.2, rising 3.17% on BSE.
The company has launched BoroPlus Advanced Anti-Germ Hand Sanitizer to cater the increased consumer demands during the Covid 19 outbreak.
12.55 PM: Cadila Healthcare falls over 3% after 2% stake sale in subsidiary
Cadila Healthcare shares fell 3% to an intraday low of Rs 333.25 after the pharma major announced sale of 2% stakeholding in its subsidiary, Windlas Healthcare Private Limited.
The filing said the company board has approved and signed the Definitive Agreement for sale of 9,44,233 equity shares of Rs. 10each fully paid-up, representing 2% of the total paid-up share capital of Windlas Healthcare.
12.40 PM: Oberoi Realty soars 20% on early payment of NCDs
Oberoi Realty shares opened with a gain of 4.66% and later touched an intraday high of Rs 410.45, rising 20% on BSE today. The company has announced early payment of NCDs.
The company through its wholly owned subsidiary, Incline Realty has prepaid 125 listed non-convertible debentures (NCDs) of Rs 1 cr each, aggregating to Rs 125 cr (Rupees One Hundred and Twenty-Five Crore only), and its interest payment. The scheduled date of repayment was 23rd April 2020, as per the filing.
12. 30 PM: RIL shares climb over 2%
The share of Reliance Industries, India's largest retailer and telecom provider, opened with a gain of 4.39% today to touched an intraday high of Rs 1220 on BSE. Reliance Industries trades higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages
12.20 PM: S&P cuts India's GDP to 1.8%
S&P Ratings has revised India FY21 GDP growth forecast to 1.8% from 3.5%. The rating agncy said that India slowdown is cyclical, while its structural growth is still intact.
India's growth should return to 7% levels in the medium-term, the arating agency said, adding that it sees India FY22 GDP growth at 7.5%.
12.10 PM: Reactions from experts on RBI's announcements
- Jaspal Bindra - Executive Chairman, Centrum Group said,"The RBI has shown pragmatism while announcing the second round of measures, aimed at maintaining liquidity and incentivizing credit flows. Banks are required to invest a significant portion of the TLTRO with NBFCs & MFIs, is positive as they have been hit significantly. Relief packages of Rs 50,000 crs allotted to NABARD, SIDBI and NHB combined with the reduction in reverse REPO rate will incentivize banks and NBFCs to step up their lending activities. Additionally, the 90 day NPA norm won't be applicable to loans where the moratorium is granted. This along with 1 year extension on loans given to the real estate sector will help preserve asset quality."
- Deepthi Mary Mathews, Economist at Geojit Financial Services said,"In a span of 20 days, RBI announced the second round of liquidity boosting measures to address the economic crisis due to COVID-19, with special focus on NBFCs and MFIs. TLTRO and reduction of reverse repo rate to 3.75 percent is expected to improve liquidity in the NBFC sector. Similarly, the loans given by the NBFCs to real estate to get similar benefits as given by commercial banks is a support to both the NBFC and real estate sector."
12.00 PM: SBI Cards share price off highs
Share price of SBI Cards rose 2.79% higher to Rs 548 on BSE. Although the shares fell from day's high and traded 0.60% lowerm at Rs 527. SBI Cards is trading lower than 5, 20, 50, 100 and 200 day moving averages
11.45AM: Ambalal Sarabhai Enterprises climbs 5%
Ambalal Sarabhai Enterprises shares locked at % upper circuit after the company said that the Joint Venture of its subsidiary CoSara Diagnostics has started the import and marketing of Test kits of COVID-19 in India based upon license granted by CDSCO.
11.35 AM: JM Financial Institutional Securities on Tata Consultancy Services
-In contrast to the cautious commentary from Wipro (HOLD), TCS outlined a more balanced business outlook with hopes for a demand recovery by 3QFY21.
-TCS admitted to a potential QoQ decline in 1QFY21 similar to post the 2008 Global Financial Crisis.
-Working capital management and cash conversion were steady in 4QFY20, order booking (USD 8.9bn; highest in the last 8 quarters) in 4QFY20 was strong and the company hopes to exit FY21 with similar margins as 4QFY20 (25.1%, EBIT), JM Financial added further in its report.
-We have lowered our FY21/FY22 EPS estimates by c.5%/3% to factor a tougher near-term outlook vs. our earlier expectations leading to a revised Rs 1,820 price target from Rs 1,860 earlier.
11.20 AM: MCX gold drops by Rs 1,095 today
Gold prices in domestic as well as international commodtiy markets saw some profit booking as many countries across the globe started plans to ease restrictions on business activity.
Glod May futures traded 1,095 points or 2.32% lower today at 46108, after making a low of 46,022 per 10 gm mark. Gold May futures on MCX opened at 47,005 against the last closing value of 47,203.
11.10 AM: YES Bank share off highs
Yes bank shares climbes 3.6% to the intraday high of Rs 25.45 today, athough gave up early gains to trade flat wtith positive bais later.
YES Bank stock currently trades higher than 5 day moving averages but lower than 20, 50, 100 and 200-day moving averages
11.00 AM: Rupee rise to 76.56 per dollar
Ruppe the currency benchamrk opened at 76.56, rising 30 paise higher against the last closing value of Rs 76.86 per US dollar.
10. 55 AM: Market off from day's high
Market indices Sensex and Nifty erased ealy gains as investors anticipated more financial aid from the RBI's press conference today. Indices traded lower from day's high after the announcement of measures by RBI's cheif Shaktikanta Das, although traded 1.65% higher. BSE Sensex rose 515 points higher at 31,119, NSE Nifty traded 148 points higher at 9,141.
Traders said markets will continue taking cues from the worldwide trend. Asian indices climbed higher on Friday, tacking cues from European and US indices that closed higher yesterday.
Investors worldwide were optimistic over slowing of new virus cases, with death toll in countries considered corona hotspots also signalling signs of slowing down. Globally, there 21.82 lakh confirmed cases worldwide and almost 1.45 lakh deaths from the coronavirus COVID-19 outbreak. India has recorded a total of 13,430 cases, 448 deaths and 1,706 recoveries.
10.45 AM: Updates on announcements by RBI Governor Shaktikanta Das
- Inflation could reced further
- Repo rate remains unchanged
- Banks not to make any further dividend payout in view of financial difficulties arising from Covid-19
- The 90-day NPA norm not to apply on moratorium granted on existing loans by banks
- LCR requirement of banks brought down to 80% from 100%; to be restored in phases by April next year
10.40 AM: Coronavirus toll
According to experts, prevailing uncertain market conditions amid the rising cases of the virus and extension of the lockdown period have caused volatility and led to the downfall of broader markets on a global scale. There 21.82 lakh confirmed cases worldwide and almost 1.45 lakh deaths from the coronavirus COVID-19 outbreak. India has recorded a total of 13,430 cases, 448 deaths and 1,706 recoveries.Coronavirus Lockdown India Live Updates: Rajasthan records 38 new COVID-19 cases; state's tally jumps to 1,169
10.35AM : Market rises on anticipation of cues from RBI
Sensex rallied on hopes RBI would announce another round of stimulus package to minimise the effect of the coronavirus pandemic on the economy. A rally in Asian and US markets also pushed the Indian benchmark indices higher.
Market capitalisation on BSE rose to Rs 124.04 lakh crore in early trade compared to the previous session's market cap of Rs 120.67 lakh crore
10.30 AM: RBI Governor Updates:
-TLTRO 2.0: Rs 50,000 cr to begin with tranches Small n mid sized MFI NBFC
-WMA limit increased by 60% till Sept 30
-Refinancing facility for NABARD, SIDBI, NHB
-Special Refinancing facility of Rs 50000 cr
Nabard-Rs 25,000 cr
NHB-Rs10,000 cr for housing finance
- Reverse repo rate cut by 25 basis points to 3.75% from 4%
10: 20 AM: RBI Chief press conference highlights
- RBI to announce new measures to maintain adequate liquidity in system, facilitate bank credit flow, ease financial stress
-Surplus liquidity in banking system has increased substantially as result of central bank actions
-Contraction in exports in March at 34.6% much more severe than global financial crisis of 2008-09
-No downtime of internet or mobile banking during lockdown; banking operations normal
-Surplus liquidity in banking system has increased substantially as result of central bank actions
10.05 AM: Tata Consultancy Services' shares climbs 7% post Q4 earnings
TCS, the IT major was the top gainer in the Sensex pack, rising up to 7% after the company reported a 2.8% YOY rise in its net profit at Rs 32,340 crore for the financial year ended March 31, 2020. The company posted 7.1% growth in revenue at Rs 1.57 lakh crore in FY20 as compared to Rs 1.46 lakh crore in FY19.
9.55AM: All eyes on aids by Central Bank
Amidst the steep fall in the rupee to record lows and the sharp rise in volatility of the financial markets, investor sentiment are buoyed in anticipation of more financial measures from the Reserve Bank of India. As per experts, domestic market investors are hoping of more measures by the central bank chief to revive the Indian economy from the virus induced lockdown.
9. 50 AM: Market rises further
Benchmarks Sensex and Nifty rose sharply on Friday early trade, backed by strong global cues, awaiting financial cues from RBI Governor's Press conference today. BSE Sensex traded 1,000 points higher at 31,580, NSE Nifty traded 280 points higher at 9,275.
While Sensex has made a high of 31,711.70, Nifty has climbed to 9,324 in early Friday's trade.
9.40 AM NBFCs and banking stocks rise sharply
NBFCs and banking stocks were rising sharply as the market was awaiting outcome of financial stimulus from the RBI's media address, scheduled at 10 am today.
Top gainers on NSE Nifty and on BSE Sensex, included Axis Bank, ICICI Bank, HDFC, IndusInd Bank and Bajaj Finance each rising over 5%.
9.20 AM: Opening bell
Benchmarks Sensex and Nifty have opened majorly bullish on Friday, backed by strong global cues. BSE Sensex traded 950 points higher at 31,555, NSE Nifty traded 314 points higher at 9,305.
9.15 AM: RBI Governor press conference today
Traders said domestic investors are awaiting cues from RBI Governor's Press conference today at 10 am. As per news reports, the Indian Government is reportedly working on next set of relief measures.
9.05 AM: Pre-open session
Benchmarks Sensex and Nifty have pre-opened majorly bullish on Friday, backed by strong global cues. BSE Sensex traded 950 points higher at 31,555, NSE Nifty traded 314 points higher at 9,305. SGX Nifty traded 300 points higher at 9,290 level, indicating a positive start in domestic grounds today
9.00 AM: Positive global cues
Tracking gains in Amazon.com Inc and Netflix Inc stocks on first-quarter earnings, Wall Street headed for record high in yesyerday's trade. Although investors remained cautious over the virus outbreak, with shutdown in New York extended until May 15.
The Dow Jones Industrial Average rose 0.14%, the S&P 500 gained 0.58% and the Nasdaq Composite added 1.66%.
Asian indices were poised to track overseas rally, with Nikkie, Hang Seng, Taiwan rising over 2% and SGX Nifty and Kospi rising the most at 3%.
8. 55 AM: Gold's outlook
Yesterday, Gold price in domestic commodity markets rose to historical highs after breaching Rs 47K mark per 10 gram. The price of yellow metal on MCX has been surging to record highs since Monday amid coronavirus related economic worries worldwide. Angel broking said MCX gold prices are expected to trade upwards today. It later added," Rising worries of a possible recession might support the bullion metal prices. However, appreciation in the US dollar on safe-haven demand might limit the gains for gold."
On gold's near term outlook, Anuj Gupta-DVP-Commodities & Currencies Research, Angel Broking said, "We are expecting this rally may continue and gold may test Rs 49,000 to Rs 50,000 on MCX and in international market, it may test $1780 to $1800 soon."
8.50 AM: TCS Q4 results
The IT major reported a 2.8%YOY rise in its net profit at Rs 32,340 crore for the financial year ended March 31, 2020. The company posted 7.1% growth in revenue at Rs 1.57 lakh crore in FY20 as compared to Rs 1.46 lakh crore in FY19.
8.45 AM: Stocks to watch today on April 18
TCS, Emami, United Spirits, Cadila Healthcare and more among others are the top stocks to watch out for in Friday's trading session
8.40 AM: Rupee closing
Rupee slipped further to end at a record low of 76.86 against the dollar.
8.30 AM: FII/ DII action on Thursday
On a net basis, FIIs sold Rs 2,920.36 cr while DIIs bought Rs 1,321.44 cr worth of equities on Wednesday
8.20 AM: Market expectations
Benchmarks Sensex and Nifty are likely to open on a positive note on Tuesday, backed by strong global cues. SGX Nifty traded 300 points higher at 9,290 level, indicating a positive start in domestic grounds today. European and US indices closed higher yesterday as investors worldwide were optimistic over slowing of new virus cases, with death toll in countries considered corona hotspots also signalling signs of slowing down.
8.10 AM: Coronavirus toll
According to experts, prevailing uncertain market conditions amid the rising cases of the virus and extension of the lockdown period have caused volatility and led to the downfall of broader markets on a global scale. There 21.82 lakh confirmed cases worldwide and almost 1.45 lakh deaths from the coronavirus COVID-19 outbreak. India has recorded a total of 13,430 cases, 448 deaths and 1,706 recoveries.
8.00 AM: Last close
Equity indices Sensex and Nifty closed on a bullish note on Thursday, tracking gains in European and Asian counterparts. BSE Sensex closed 222 points higher to 30,602 and NSE Nifty rose 67 points to 8,992.