In pics | Gainers & Losers: 10 stocks that moved the most on April 24
Except energy and pharma, all other indices ended lower. BSE Midcap and smallcap indices close with over 1 percent cut.... Read More
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities:
We are of the view that the market will remain volatile throughout the next week. Technically, profit booking was seen in Nifty between 9300-9350 levels, and we can expect further price correction below 9150. For the next few trading sessions, 9150 should act as a trend decider level, below which we can expect one more correction wave up to 9050-9000 level. However, trading above 9150 could possibly open another uptrend rally up to 9275.
Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking:
After gaining some lost ground, the Indian rupee again succumbed to selling pressure, registering losses of 0.51 percent to finish the day at 76.45 mark on the back of renewed weakness in domestic equities and a strengthening US dollar. However, the local unit ended the volatile week marginally higher by 0.10 percent.
Market participants continue to gauge the contraction in economic activity throughout the world as a fall-out of the coronavirus pandemic for further cues. The bumpy ride looks to continue for the domestic currency as there is no end in sight to this pandemic, where the level of 77 will act as a strong cushion area.
Once the said support of 77 mark is taken out, the domestic currency looks inclined to witness further depreciation towards the level of 77.50.
Ajit Mishra, VP - Research, Religare Broking:
The continuous underperformance from the banking pack will remain the overhang on the benchmark ahead also. Consistent buying interest mainly in pharma and select FMCG majors is indeed providing some solace to the participants but it’s not sufficient enough to trigger a sustainable up move in the benchmark. Nifty may see fresh slide below 9000 so traders should plan their positions accordingly.
Rohit Singre, Senior Technical Analyst at LKP Securities:
For coming session Nifty has good base near 9000-8800 zone if managed to hold above said levels we may see some consolidation move in the range of 9400-8800 zone, immediate hurdle for Nifty is coming near 9300-9400 zone. Nifty Bank closed a week at 19587 with big loss of 5 percent on weekly basis forming a bearish candle, Nifty bank needs to hold above 18700-18500 zone for rebounding move otherwise sharp cuts may be seen below 18500 zone on the other hand resistance for Nifty Bank is coming near 20000-20350 zone.
Vinod Nair, Head of Research at Geojit Financial Services:
Indian indices fell by over 1.5%, in sync with global markets and tracking increasingly weak economic data from countries around the world and especially in the US. There was also uncertainty regarding the effectiveness of a vaccine that was in development, which contributed to the overall negativity. Markets are expected to remain volatile considering the rising number of cases in India and no positive signals from the ongoing earnings guidance.
S Ranganathan, Head of Research at LKP Securities:
Market shaved off today as winding up of a few debt schemes by a large fund house in India added to the selling pressure witnessed in Banks and NBFC stocks. Reliance and a few Pharma names were the only saving grace in today's trade. Investors should have a clear asset allocation strategy to navigate the present volatility created by the Pandemic.
Market Close
: Benchmark indices ended on negative note in a volatile session on April 24 with Nifty finished below 9,200 level.
At close, the Sensex was down 535.86 points or 1.68% at 31327.22, while Nifty was down 159.50 points or 1.71% at 9154.40. About 773 shares have advanced, 1545 shares declined, and 159 shares are unchanged.
Bajaj Finance, Bharti Infratel, Zee Entertainment, Bajaj Finserv and Hindalco were among major losers on the Nifty, while gainers included Reliance Industries, Britannia Industries, Cipla, Sun Pharma and Hero MotoCorp.
On the sectoral front, except energy and pharma all other indices ended lower. BSE Midcap and smallcap indices close with over 1 percent cut.
Metal Index down 3 percent led by the Nalco, Jindal Steel, Hindalco:
Nomura on Sun TV
The broking house has maintained buy call and cut target to Rs 588 from Rs 731 per share. The subscriptions is going strong in the tough times and expect healthy subscription growth of 12%/6% in FY21/ 22. However, it lower FY21/22 revenue estimates by 22%/ 11% & EBITDA by 18%/10%
Pankaj Bobade, Head - Fundamental Research, Axis Securities:
Gold is a hedge against uncertainty and a good investment vehicle, especially in the current scenario. With the COVID-19 pandemic bringing the world economy to a standstill and a possible contraction ahead, gold seems an attractive option. Moreover, as the Central Banks of developed nations have been on easing spree to fight the economic contraction, the fiat currencies are expected to face pressure in the near future.
In such a scenario, gold is likely to emerge as a safe-haven asset. One should have a part of the portfolio invested in Gold ETF as an insurance against the possible volatilities expected in the global financial market. So, if this Akshay Trithia you are looking to buy gold, Gold ETF would be a good option from a long-term perspective.
Nifty around 9150
Benchmark indices are trading near the day's low level with Nifty around 9150.
The Sensex is down 511.50 points or 1.61% at 31351.58, and the Nifty down 154.65 points or 1.66% at 9159.25. About 661 shares have advanced, 1465 shares declined, and 125 shares are unchanged.
Rupee ends lower
Indian rupee has ended lower by 38 paise at 76.45 per dollar, amid selling seen in the domestic equity market.
Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services:
Any piece of bad news regarding coronavirus, rattles the risky assets including rupee and we see it breaching fresh record lows. All this while, investors were hoping on flattening coronavirus cases and progress of a vaccine, but now there are doubts in the development of drugs.
This uncertainty will continue to fickle the forex market. In USD/INR spot 75.70-75.75 has been acting as a crucial support, and will remain the same, going ahead we may see prices breach 77-77.15 level.
CRISIL reaffirms rating of Music Broadcast
CRISIL has reaffirmed “CRISIL AA/Stable” rating to the Long term facilities of the company and “CRISIL A1+” rating to the short term facilities of the company.
Further, pursuant to redemption of Non-Convertible Debentures (NCD) of the Company, it has withdrawn “CRISIL AA/Stable” rating relating to NCD’s.
Nifty Pharma outperformed with 2 percent gains led by Lupin, Glenmark Pharma, Biocon and Sun Pharma
Why the April rally could be the calm before the storm
The unprecedented rally in the US stock markets, pre-coronavirus, had the most ardent of bulls worried. “Current hypervalued extremes are likely to be followed by market losses on the order of two-thirds of the value of the S&P 500,” wrote John Hussman of Hussman Strategic in a note to clients in January. “I recognize that the notion of a two-thirds market loss seems preposterous. Then again, so did similar projections before the 2000-2002 and 2007-09 collapses."
Buzzing Stock
The share price of Britannia Industries was up over 3 percent after it announced an interim dividend of Rs 35 per share for the financial year 2019-20. The board at a meeting on April 23 declared an interim dividend at 3500 percent or Rs 35 per equity share of face value of Re 1 each, the company told exchanges.
IDBI Bank redeems USD 350 mn Senior Notes
IDBI Bank on April 23, 2020 has redeemed USD 350 million 4.125% Senior Notes which are listed on the Singapore Exchange Securities Trading Limited and issued under its USD 5 billion MTN Program for an aggregate principal amount of USD 350,000,000 together with accrued interest from the last interest payment date.
Nifty IT index down 1.6 percent led by NIIT Tech, TCS and Just Dial:
Supreme Industries starts partial operations
Company's 15 units have commenced partial operations out of 25 units incompliance with the permission received from respective authorities.
Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking:
After testing record lows of 76.93 recently, the Indian rupee was able to regain some lost ground in yesterday’s trade to end higher at 76.09. The local unit could witness some respite on the back of sharp recovery in the domestic equity markets where the level of 77 is guarding the local unit from further losses. However despite some gains in yesterday’s session, the sentiment still remains skewed on the downside as the global economy is reeling under the impact of coronavirus and there is no end in sight to this pandemic.
In case the crucial level of 77 is taken out, then rupee looks to quickly resume downhill move towards 77.50 mark. On the flipside, the zone of 75.30-75.20 will act as a strong hurdle for the domestic currency.
N R Agarwal Industries commences production
Production has commenced at Unit 2 (Writing & Printing) of the company witheffect from April 23, 2020. The same has been done with relevant permissions from the Government Authorities and with due adherence of all safety measures.
Rupee trades lower
Indian rupee extended the early losses and trading lower by 37paiseat 76.44 per dollar, amidselling seen in the domestic equity market.
Most active stocks on NSE in terms of value
Bank Nifty is down 3 percent dragged by IndusInd Bank, ICICI Bank, IDFC First Bank and Axis Bank
Buzzing Stock
Alembic Pharma share price continues to rally for the second consecutive day after the company reported healthy growth in earnings for the March quarter. The drug maker has reported an 81.4 percent year-on-year (YoY) growth in Q4 profit at Rs 225 crore on a revenue of Rs 1,207 crore that grew by 30.2 percent.
Buzzing Stock
Larsen & Toubro share price gained more than 2 percent in the morning trade on April 24 after the company said that L&T Construction had bagged the Eastern Dedicated Freight Corridor Project contract.
Nifty Pharma Index rose nearly 1 percent led by the Lupin, Glenmark, while Piramal Enterprises slipped 3.5%:
Market Update
Benchmark indices continues to trade lower with Nifty below 9200 level.
At 10:24 IST, the Sensex is down 431.00 points or 1.35% at 31432.08, and the Nifty down 120.85 points or 1.30% at 9193.05. About 606 shares have advanced, 1042 shares declined, and 84 shares are unchanged.
Dilip Buildcon gets provisional completion certificate
The project rehabilitation and up-gradation of NH-66 (Erstwhile NH-17) from Km 406/030 to Km 450/170 (Kalmath to Zarap Section) to four lanes with paved shoulder in the state of Maharashtra under NHDP–IV on Hybrid Annuity Mode has been provisionally completed.
The Provisional Completion Certificate has been issued by the authority and has declared the project fit for entry into operation as on March 23, 2020.
Except power and pharma all other sectoral indices are trading lower:
Granules India gets approval
The US Food & Drug Administration (US FDA) has approved the Abbreviated New Drug Application (ANDA) filed by Granules Pharmaceuticals, Inc (GPI)., a wholly owned foreign subsidiary of Granules India Limited for Trospium Chloride Extended-Release Capsules, 60 mg
Bharti Infratel gains 4%:
Share price of Bharti Infratel added 4 percent on April 24 after company posted 7 percent YoY rise in its net profit at Rs 650 crore for the quarter ended March 31.
Market Opens:
Benchmark indices opened lower on April 24 with Nifty below 9200 level dragged by banking and auto names.
At 09:17 hrs IST, the Sensex is down 449.34 points or 1.41% at 31413.74, and the Nifty down 122.55 points or 1.32% at 9191.35. About 314 shares have advanced, 447 shares declined, and 30 shares are unchanged.
Market at pre-open:
Benchmark indices are trading weak in the pre-opening session on April 24.
At 09:02 hrs IST, the Sensex is down 112.07 points or 0.35% at 31751.01, and the Nifty down 159.30 points or 1.71% at 9154.60.
