Anuj Gupta DVP Commodities and Currencies Research, Angel Broking:
Today Rupee touched life time low at 76.86 against dollar. This is due to the lower India growth forecast and also the lower interest rate in India. FII outflow was around USD 4.9 bilion of Indian shares so far in March and this is surpass the 2008 figures.
Upcoming GDP and IIP data may be lower in India due to the lower industrial activity and lockdown in India may reduces spendings. Lower demand may also be the reason of the big dent on the indian economy. However lower crude prices and good monsoon expectation may support the Indian economy further.
Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas:
Going ahead, 9100, which is near 61.8% retracement mark will be the key resistance to watch out for. A larger structure shows that the index is forming a bearish Wedge pattern. Thus unless 9300-9400 gets taken out on a closing basis Nifty is expected to resume the larger downtrend. Initial target area in the south is at 8650 - 8500 with a potential to slide down to 8000 subsequently.
Vinod Nair, Head of Research at Geojit Financial Services:
Economic data from around the world remained grim and global markets also remained weak. Stock specific news and information with regards to normalization of business is expected to drive stock and sector specific action in the markets.
Market close
: Indian indices broke the two days losing streak and ended higher in the volatile session on April 16.
At close, the Sensex was up 222.80 points or 0.73% at 30602.61, and the Nifty was up 67.50 points or 0.76% at 8992.80. About 1596 shares have advanced, 743 shares declined, and 148 shares are unchanged.
NTPC, Vedanta, ICICI Bank, Hindalco and Titan were among major gainers on the Nifty, while losers were HCL Tech,, Kotak Mahindra Bank, Tech Mahindra, Hero MotoCorp and Infosys.
Except IT and FMCG all other sectoral indices ended in the green.
Sumeet Bagadia, Executive Director at Choice Broking:
MCX Gold Futures is expected to remain bullish in the coming week amid rising deaths owing to the Pandemic coronavirus. Moreover, global crude prices can also find support with negative manufacturing data in the United States for the month of March and rising worries of global recession after the IMF had declared that the world can witness a decline in growth rate by 3%.
Volatile global equity markets are creating fear in the minds of investors about how long the pandemic would continue. However, major upside movement in global gold prices could be capped amid stronger dollar in the global market with a stimulus package news by the Indian government in the coming days.
Indian government is also planning to give some lockdown reliefs, opening up of some industries in rural areas after April 20th to reduce the distress caused to millions of people because of a prolonged lockdown to halt the spread of coronavirus, which includes farm activities, construction of roads and buildings in the hinterland which has so far been less affected by the coronavirus contagion.
This is expected to improve business activities in the coming week and we are hoping the COVID-19 reports to be flattened in India which can bring cheers and limit extreme bullishness in gold prices.
Morgan Stanley overweight on Grasim
Morgan Stanley has maintained overweight on Grasim with a target at Rs 756 per share.
The strong cyclical headwinds could put significant pressure on earnings, while supply-side challenges to ease by the end of this month, reported CNBC-TV18.
Morgan Stanley underweight on Hero Moto
Morgan Stanley has remained underweight on Hero MotoCorp with target at Rs 2,000 per share.
It has lowered the FY020 EPS by 7.8% and assume Rs 10,000 per bike discount for 1.5 lakh inventory cleared in last 2 weeks of FY20.
Rupee ends at record low
Indian rupee ended at fresh record low at 76.86 per dollar on April 16 amid volatility in the domestic equity market.
Buzzing
: Hindustan Composites share price rose 10 percent intraday on April 16 after the company resumed partial operations at its Aurangabad unit.
Nifty Media Index up 2 percent led by the Balaji Tele, PVR, Saregama:
ICRA upgrades rating of Zuari Agro Chemicals:
Buzzing Stock
Shares of Zuari Agro Chemicals rallied 5 percent as ICRA upgraded its credit rating on the company. ICRA has upgraded its rating on company’s term loans, long term fund based limits, long term unallocated limits and compulsorily convertible debentures (CCDs) to B with stable outlook, from D earlier.
Most active stocks on NSE in terms of volumes
Buzzing Stock:
Seshasayee Paper and Boards share price rallied 9.3 percent intraday on April 16 after the company recommenced operations at its Erode unit in Tamil Nadu earlier this week. "On April 10, the collector of Namakkal district has given permission to the company to recommence its operations in Erode unit, with skeletal staff, following all precautions in every shift and by ensuring full hygenic care and protection of the employees," Seshasayee said in its BSE filing on April 15.
Sarda Enenrgy restarts plant
Sarda Enenrgy has initiated the re-starting activities of its manufacturing facilities and the plants will be re-started in a synchronized manner.
Motherson Sumi approves fund raising
The company board has approved the issuance of Listed, Secured, Redeemable, Non-convertible Debentures (NCDs), with an aggregate amount up to Rs 500 crore, on a private placement basis, in one or more tranches.
Market Update
Benchmark indices recovered from the lows and trading higher with Nifty above 9,000 level.
The Sensex is up 285.03 points or 0.94% at 30664.84, and the Nifty up 90.60 points or 1.02% at 9015.90. About 1295 shares have advanced, 671 shares declined, and 102 shares are unchanged.
Biocon gets EIR
Biocon Biologics India Ltd., a subsidiary of Biocon has received the Establishment Inspection Report (EIR) from the USFDA for the Pre-Approval Inspection (PAI) at two of its biologics manufacturing facilities in Bengaluru.
Apollo Tyres plants to remain shut
Apollo Tyres share price rose 9 percent on April 16 despite the operations at its 4 plants situated in the states of Kerala (at Kalamassery & Perambra), Gujarat (at Limda) and Tamil Nadu (at Chennai) will continue to remain shut down up to April 20,2020.
Moody’s Investor Service has put Corporate Family Rating of Tata Steel at 'Ba2’, while outlook changed to review for downgrade, while it has changed its rating of Tata Steel UK Holdings Ltd to B3 from B2.
Rupee trades lower
Indian rupee is trading lower by 26 paise at 76.70 per dollar amid domestic equity market trading marginally lower.
Buzzing Stock
Larsen & Toubro share price was up 3 percent after the heavy engineering arm of the company had won significant contracts in Q4 of FY20. The unit secured orders for Key Gasification Equipment from Wuhan Engineering Ltd, China which is the first-of-its-kind Coal gasification project in India.
Equity AUM plunges after six straight years of rise; net inflows consolidate in FY20
IT index falls over 2 percent led by Tech Mahindra, Hexaware, Tata Elxsi:
Rupee opens weak:
Indian rupee opened 30paiselower at 76.74 per dollar on Thursday against Wednesday's close of 76.44.
Buzzing
Eveready Industries share price jumped over 4 percent in the morning trade on April 16 after the company had received permission from the concerned Government Authority, for operation of its battery manufacturing facility at Maddur, Karnataka subject to certain guidelines inclusive of maintaining a minimum number of working employees.
Dollar Update
A flight to safety bid pushed the dollar higher against its peers on Thursday after dire retail and factory data showed the severity of the collapse in U.S. economic activity caused by the novel coronavirus pandemic.
Buzzing:
Wipro share price decliend 6 percent on April 16 after company reported a 5.3 percent sequential fall in its consolidated profit at Rs 2,326.1 crore for the quarter ended March 2020.
Market Opens
: Indian indices opened weak on April 16 with Nifty below 8900 level.
At 09:16 hrs IST, the Sensex is down 208.73 points or 0.69% at 30171.08, and the Nifty down 60.20 points or 0.67% at 8865.10. About 402 shares have advanced, 318 shares declined, and 37 shares are unchanged.
Market at pre-open
: Benchmark indices are trading lower in the pre-opening session.
At 09:02 hrs IST, the Sensex is down 178.98 points or 0.59% at 30200.83, and the Nifty down 100.35 points or 1.12% at 8824.95.
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Ajit Mishra, VP - Research, Religare Broking:
We reiterate our cautious view on Indian markets and suggest not to go overboard during this recovery move. Domestic factors viz. sharp surge in the coronavirus cases and extension of the lockdown will continue to weigh on the investors’ sentiment ahead. The earnings season begins today however we believe that more than the earnings announcement, the outlook given by the management would hold significant importance for the participants
