Vinod Nair, Head of Research at Geojit Financial Services:
Strong positive cues from the global market lent optimism to the Indian market leading to robust recovery though volatility & underperformance were noticed at the end of the day due to concerns over lockdown. US treasury yield saw a sharp drop yesterday on reports of better than expected retail sales and a fall in unemployment. It triggered a rally in the US which was also reflected in European and Asian markets. As soon as India is able to show a drop in infection rate, due to lockdown & vaccination, market performance will improve.
Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services:
Even this week, there has been a lot of chaos in the forex market. Traders were waiting for RBI to set the upper limit, which is 75.30-75.35, from where the USDINR spot reversed its uptrend. Due to the rising coronavirus cases in India the outlook for rupee still looks to be gloomy. But the weakness in dollar and Fed’s willingness to tolerate more inflation will keep the USDINR spot lower and we expect it to trade in between 74-75.50 next week. Meanwhile, gold witnessed some profit booking due to appreciation in the rupee. Today’s selling doesn’t negate the bullish view on gold. Until the MCX GOLD price trades above 45000, the uptrend will continue towards 47500 and then at 48850.
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 department, investors remained circumspect on account of rising coronavirus cases.
Rohit Singre, Senior Technical Analyst at LKP Securities:
Index closed a week at 14600 zone with loss of 1.50% on weekly basis and formed hammer sort of candle pattern on weekly chart. Again index has taken strong resistance from 14700 zone which will be an immediate hurdle for coming week as well followed by 14800 zone, supports are still placed at 14500-14400 zone if managed to hold above said levels we may see positive move in coming sessions.
Rupee Close:
Indian rupee extended the early gains and ended near the day's high at 74.35 per dollar, amid buying saw in the domestic equity market.It opened higher by 13 paise at 74.79 per dollar against Thursday's close of 74.92 and traded in the range of 74.28-74.79.
Market Close
: Benchmark indices erased most of the intraday gains and ended on flat note on April 16 amid high volatility.
At close, the Sensex was up 28.35 points or 0.06% at 48,832.03, and the Nifty was up 36.40 points or 0.25% at 14,617.90. About 1617 shares have advanced, 1230 shares declined, and 152 shares are unchanged.
Wipro, Hindalco Industries, Cipla, Asian Paints and UltraTech Cement were among amjor gainers on the Nifty, while losers were JSW Steel, ICICI Bank, Bajaj Finance, Larsen and Toubro and Tata Steel.
Except financials all other sectoral indices ended in the green. BSE Midcap and Smallcap indices rose 1 percent each.
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.
Nifty Pharma index added over 2 percent supported by the Cadila Healthcare, Aurobindo Pharma, Cipla
Rupee Updates:
Indian rupeeistrading higher by 45 paise at 74.52 per dollar, amid buying seen in the domestic equity market. It opened higher by 13 paise at 74.79 per dollar against Thursday's close of 74.92.
Nalco gets mining lease for Utkal-E Coal block by Odisha govt:
National Aluminium Company (NALCO) has been granted the mining lease of Utkal-E coal block. The lease has been granted by the Department of Steel & Mines, Government of Odisha, for over an area of 523.73 Ha in villages Nandichhod, Gopinathpur Jungle, Kundajhari Jungle, Kosala & Korada under Chendipada Tahasil of Angul District. The initial capacity of Utkal-E coal block is 2 million tonnes per year with a total mineable reserve of approx. 70 million tonnes, company said in the release.
National Aluminium Company was quoting at Rs 59.55, up Rs 1.55, or 2.67 percent on the BSE.
European markets trade firm
Maruti Suzuki to hike prices for select models:
Maruti Suzuki is increasing the price for select models owing to increase in various input costs. The weighted average price increase in Ex Showroom Prices (Delhi) across models is 1.6%. The new prices are effective from today i.e. April 16, 2021.
Maruti Suzuki India was quoting at Rs 6,674.70, up Rs 22.70, or 0.34 percent on the BSE.
Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services
Gold traded higher to a more than one-month peak as US treasury yields slipped despite better than expected US economic data, pushing investors to bullion as a refuge against possible inflation ahead.
Concerns regarding inflation are increasing ahead of massive fiscal aids and ultra-low interest rates across the globe supporting the metal.
Gold prices also got a boost after the US government imposed a broad array of sanctions on Russia as punishment for alleged misdeeds, including interfering in the 2020 US election.
After positive retail sales and weekly jobless claims, market participants will keep an eye on housing data and inflationary expectations from the US scheduled later in the day.
The broader range on COMEX could be between $1,745- 1,778 and on the domestic front, prices could hover in the range of Rs 46,850- 47,450.
GTPL Hathway Q4:
Net profit came at Rs 56.9 crore versus a loss of Rs 13.6 crore YoY. Revenue grew 17.8 percent to Rs 748.7 crore versus Rs 635.5 crore YoY.
BSE Midcap index up 1.5 percent
Over 200 stocks hit upper circuits
Over 200 stocks, including Magma Fincorp, Tata Steel Long Products, Adani Transmission, Ortin Laboratories, GTL Infrastructure, Olectra Greentech and Greenpanel Industries, hit their upper circuits on BSE.
Angel Broking share price jump 15% on highest-ever monthly client acquisition in March
The share price of Angel Broking jumped almost 15 percent in intraday trade on BSE on April 16, a day after the brokerage firm said it achieved the highest-ever monthly client acquisition in March.
"The digital stockbroker has onboarded 3,79,233 customers during March 2021 while continuing its stellar run in the broking industry. The total client base of Angel Broking has now increased to 41 lakh as of March 2021," Angel Broking said in a media release.
The new additions have raised Angel Broking’s tally of gross clients in Q4FY21 to 9.6 lakh, which is 14.1 times higher from Q1FY20 when the company began its purely digital operations, it said.
Gaurav Garg, Head of Research, CapitalVia Global Research Limited.
Market opened on a flatter note but with the opening of the market bulls took over the market and the market made a high of 14689.85. The U.S markets closed on a high over the reports of broader economic rebound. Asian markets were mostly trading positive following the overnight positive sentiments from Wall Street.
We can expect 14700-14730 to act as a resistance for a small period. Investors are still cautious due to the increase covid cases in the country despite the positive sentiments in the global market. Majorly all sectoral indices are trading in green. Wipro and Hindalco are the top gainers while ICICI Bank and Bajaj Finance are the top losers on Nifty.
Yash Gupta Equity Research Associate, Angel Broking:
Quess Corp acquired remaining stake in Conneqt Business Solutions from Tata sons. Increase in equity stake in Conneqt Business Solutions Limited from 70.00% to 100.00% by Quess Corp Limited.
Conneqt is India’s leading domestic CLM and BPM player with 21+ Delivery centers in India, and 29,000+ employees as on 31st Dec 2021. Its turnover stood at Rs 976 Crores in FY 2019-20.
The main object this investment will provide Quess full and complete ownership over Conneqt, allowing it to better realize synergies between its various divisions, Conneqt and Allsec and it will strengthen Quess’ position to accelerate growth in the IT/ITES space.
This investment is completely a cash consideration of Rs 208 crore for a 30% stake from Tata Sons Private Limited. This acquisition will make Conneqt Business Solutions a 100% owned subsidiary of Quess Corp.
Vaishali Pharma initiates registration of 30 products:
Vaishali Pharma has initiated with the registration of 30 products in the Central African Countries with the portfolio of Antibiotics, Sedatives, Anti-Malaria, Anti-Inflammatory, Painkillers and Multi-Vitamins.
Vaishali Pharma was quoting at Rs 33.80, up Rs 0.70, or 2.11 percenton the NSE.
Market Updates
Benchmark indices are trading higher supported by the IT, metal and auto stocks.
The Sensex was up 169.37 points or 0.35% at 48973.05, and the Nifty was up 86.50 points or 0.59% at 14668.00. About 1666 shares have advanced, 931 shares declined, and 112 shares are unchanged.
Vivimed Labs receives approvals for 3 products:
Vivimed Labs received approvals for 3 products from its state of the art manufacturing site in Hyderabad, which is PICS & Health Canada approved site, company said in its release.
Vivimed Labs was quoting at Rs 18.85, up Rs 1.85, or 10.88 percent on the BSE.
Expect normal monsoon:
India's South West Monsoon for 2021 is expected to be normal at 98 percent of the long-period average, the India Meteorological Department said on April 16.
Nifty Metal index added 1 percent led by the Hindalco, Adani Enterprises, APL Apollo:
Hareesh V, Research Head Commodities at Geojit Financial Services:
A one month low US treasury yields and weak US dollar attracted investor interest in gold. Concerns over the economic impact of the second wave of corona pandemic also helped prices to surge towards a one and a half month high. Anyhow, a strong global equity market is likely to restrict major rallies in prices.
As prices cleared the resistance of USD 1765, buying momentum is likely to continue towards the next upside obstacles of USD 1820 or more. A close below USD 1720 is a sign of further weakness in prices.
Yash Gupta Equity Research Associate, Angel Broking:
The Tinplate company of India's total revenue from operations for Q4FY21 stood at Rs 755 crores up by 60% YoY from Rs 472 crores in Q4FY20.
Profit before tax for company almost doubled from last quarter, company reported PBT of Rs 74 crores in Q4FY21 as compared to Rs 39.8 crores in Q4FY20 up by 86%.
Profit after tax for the quarter rose by 107% at Rs 56.15 crores in Q4FY21 as compared to Rs 27 crores in Q4FY20.
Company's operating performance has improved better than expected along with this company's operating cash has also improved 5x from Rs 53 crores in Q4FY20 to Rs 252 crores in Q4FY21. We have a positive outlook for the company.
Market Updates
Benchmark indices are trading higher with Nifty holding above 14600.
The Sensex was up 128.46 points or 0.26% at 48932.14, and the Nifty was up 72.50 points or 0.50% at 14654. About 1703 shares have advanced, 802 shares declined, and 109 shares are unchanged.
L&T bags contract across various businesses:
The construction arm of L&T has secured orders from prestigious clients for its various businesses. The Power Transmission and Distribution business has won orders to design and construct two 132/11kV Substations in Dubai, UAE.
The Factories Business of Buildings and Factories has secured another order from a leading cement manufacturer. The railways strategic business unit that resides within the Transportation Infrastructure business has won an order from the Central Organisation for Railway Electrification (CORE), company said in its release
Larsen & Toubro was quoting at Rs 1,385.60, up Rs 10.95, or 0.80 percent on the BSE.
Rupee Updates:
Indian rupee extended the early gains and trading near the day's high level at 74.52 per dollar, amid buying seen in the domestic equity market.It opened higher by 13 paise at 74.79 per dollar against Thursday's close of 74.92.
Quess Corp acquires remaining 30% stake in Conneqt:
Quess Corp announced the acquisition of 30% stake in Conneqt Business Solutions Ltd. (Conneqt) pursuant to the Put Option notice by Tata Sons Pvt. Ltd. With this transaction, Conneqt will become a wholly owned subsidiary of Quess.
At 11:26 hrs Quess Corp was quoting at Rs 597.85, up Rs 9.70, or 1.65 percent on the BSE.
Mid, smallcaps outperform their large-cap peers:
The Indian market benchmark Sensex is in the green, supported by gains in select heavyweights such as HDFC twins, Asian Paints, UltraTech Cement, Mahindra & Mahindra and HCL Tech.
Mid and small-cap were witnessing more gains as the BSE Midcap and Smallcap indices were up with gains of more than one percent each while the Sensex was 0.4 percent up around 1120 hours.
More than 100 stocks hit 52-week highs:
More than 100 stocks, including Wipro, Dabur, Century Plyboards, LT Foods, Dhampur Sugar Mills, Emami, Praj Industries and Triveni Engineering, hit their 52-week highs on BSE.
BSE Auto index added 1 percent led by the M&M, Tata Motors, Hero MotoCorp:
Petrol, diesel price today:
Fuel prices remain unchanged on April 16. The petrol price on April 15 was cut by 16 paise per litre and diesel by 14 paise. This was the fourth minor reduction in rates in three weeks following the six months of relentless price increases. Petrol now costs Rs 90.40 per litre in Delhi, down from Rs 90.56 on April 13.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
:
There are clear indications of a sharp turnaround in the global economy thanks to the massive monetary & fiscal stimulus, particularly from the developed world. Macro data from the US like jobless claims and retail sales point to a smart rebound in the world's largest economy. The second-largest economy China too is doing well. This augurs well for the global economy in general & EMs in particular.
In India, increasing restrictions on economic activity will impact growth in FY 22. Looks like the restrictions will last till the end of May. Even if GDP growth declines by 1% India is likely to end FY 22 with a growth rate of around 10%. From the market perspective, the decline in US 10-year yield to 1.56% and the resumption of FII buying ( Rs 980 cr yesterday) are positives. Even in the context of bad Covid numbers, the market is likely to remain resilient.
Anil Kumar Bhansali, Head- Treasury, Finrex Treasury Advisors:
RBI may not want a runaway imported inflation so may keep a tab on dollar rupee for some time before the next upmove. For the day 74.50 to 75.00 with one attempt towards 75.00 before retreating towards 74.50. Importers may partially hedge on 74.50/60 levels while exporters may hedge near to 75.
Rupee Opens:
Indian rupee opened higher by 13 paise at 74.79 per dollar on Friday against Thursday's close of 74.92, amid buying seen in the domestic equity market.
On April 15, Indian rupee ended at day's high at 74.92 per dollar against Monday's close of 75.05.
Wipro share price gains post Q3 result:
Wipro share price rose 8 percent on April 16, a day after the IT company reported a 0.1 percent sequential growth in consolidated profit at Rs 2,972.3 crore for the quarter ended March 2020. IT services business clocked revenue at Rs 16,334 crore for the quarter.
The revenue growth in constant currency came in at 3 percent for the March quarter and the topline growth in dollar terms was reported at 3.9 percent.
At 09:56 hrs Wipro was quoting at Rs 463.55, up Rs 32.85, or 7.63 percent on the BSE.
China's Q1 GDP grows at record 18.3%
China's economy grew at a record pace in the first quarter, official data showed on Friday, expanding 18.3 percent from a year earlier as the recovery from the coronavirus slump accelerated.
The growth in gross domestic product (GDP) was slower than the 19 percent forecast by economists in a Reuters poll, and followed 6.5 percent growth in the fourth quarter last year. It was the strongest growth since at least 1992 when official quarterly records started.
Nifty IT index added over a percent supported by the Wipro, Mindtree, Oracle Financial Services Software
Rekha Jhunjhunwala offloads 2.5 lakh shares of Tata Comm:
Ace investor Rakesh Jhunjhunwala's wife Rekha Jhunjhunwala has sold 2.5 lakh equity shares in Tata Communications in the quarter ended March 2021.
The shareholding pattern published by the company on the exchanges said Rekha Rakesh Jhunjhunwala held 29,50,687 equity shares or 1.04 percent of total paid up equity, in the Tata Group company at the end of March quarter.
She had owned 32,00,687 equity shares, representing 1.12 percent of total paid up equity, in the company as of December 2020.
Tata Communications was quoting at Rs 1,118.00, up Rs 3.80, or 0.34 percent on the BSE.
Gainers and Losers on the BSE Sensex:
Acuite Ratings & Research view on CPI Inflation:
Both CPI and WPI inflation print continue to run on an upward trajectory since Jan 2021 driven by markedly higher retail fuel prices and its impact on other consumption categories although an adverse base has also contributed to it. While we continue to believe that the average inflation levels in FY22 would remain well within the prescribed band supported by the forecast of a favourable monsoon, there can be short term surprises due to re-emergence of supply constraints from the second wave of Covid.
Market Opens:
Indian indices opened on positive note on April 16 with Nifty above 14600.
At 09:17 IST, the Sensex was up 138.71 points or 0.28% at 48942.39, and the Nifty was up 47.20 points or 0.32% at 14628.70.About 945 shares have advanced, 316 shares declined, and 51 shares are unchanged.
ICICI Direct:
Indian markets are likely to see a flattish opening on the back of rising Covid-19 cases in the country despite strong global cues amid encouraging global economic data. However, global news flows and sector specific developments will be key monitorables. US markets ended higher amid release of better-than-expected retail sales data and jobless claims reports.
Market at pre-open:
Benchmark indices are trading higher in the pre-opening session.
At 09:01 IST, the Sensex was up 131.88 points or 0.27% at 48,935.56, and the Nifty was up 16.60 points or 0.11% at 14,598.10.
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services:
Going ahead, Indian markets are likely to be highly volatile and would be an interplay of resurgence in COVID-19 cases and the pace of vaccination. As availability of more vaccines and the pace of vaccination picks-up, we expect the narrative to gradually shift from Covid-19 and restrictions back to growth/cyclical recovery and rebound corporate earnings.
We believe this correction is a buying opportunity and it doesn’t change the medium term thesis. Valuations at 20x FY22 Nifty EPS, are not exorbitantly expensive either given the benign equity-bond yields metric and turn in earnings cycle after a decade-long tepid earnings delivery.
