Rohit Singre, Senior Technical Analyst at LKP Securities:
Nifty has showed a good strength in the month of April as it expired with gains of 14 percent and formed a bullish candle after hitting its 100 MA on monthly chart. Now index has good resistance near 10k mark so one can initiate profit booking around 10k mark. If Nifty managed to break 10k decisively then we may see current move to extend further, good support for Nifty is coming near 9600-9500 zone. Until holding above said levels index has buy on dip structure intact.
Nifty Bank closed at 21534 with gains of more than 12 percent on monthly chart, support for Nifty Bank is coming near 21100-20800 zone and resistance is coming near 22000-22300 zone.
Vinod Nair, Head of Research at Geojit Financial Services
:
Market ended positive for the fourth day in a row, on the back of positive signals from global markets. Successful trials of a Covid-19 vaccine helped the global markets gain some positivity. Domestically, indications of easing of lockdown measures and stimulus hopes helped drive the markets.
Being F&O expiry day today, short covering and roll-overs in the market also contributed to the gains. Financials and IT contributed most to the gains in the benchmark indices alongwith Reliance, ahead of its results.
Next week outlook will be driven by the way forward for resumption of business after lockdown, announcement of any stimulus package and stock specific earnings results.
Sumeet Bagadia, Executive Director at Choice Broking:
Finally, the index settled its weekly closing as well as monthly Expiry at 9860 level with the gain of 300 points which is a good sign for an upside movement. Moreover, all the large cap constituents have given a good spurt during the trading session based on which the Index managed to give a jovial closing near to its 9900 level.
At present level, the index has strong resistance at 10,125 while downside good support comes at 9,620 level.
S Ranganathan, Head of Research at LKP Securities:
Encouraging results from Gilead’s Drug to treat Covid-19 led to a strong opening today and market closed the April series up led by robust buying in autos, metals and technology stocks.
Laurus Labs Q4
The company's consolidated net profit rose to Rs 110.2 crore versus Rs 43.2 crore, while revenue was up 32.1% at Rs 839.1 crore versus Rs 635.2 crore, YoY, reported CNBC-TV18.
Market Close
: Benchmark indices ended higher for the fourth consecutive day with Nifty ended April series above 9850 level.
At close, the Sensex was up 997.46 points or 3.05% at 33717.62, and the Nifty was up 306.55 points or 3.21% at 9859.90. About 1316 shares have advanced, 1084 shares declined, and 165 shares are unchanged.
Tata Motors, UPL, ONGC, Vedanta and Hindalco were among major gainers on the Nifty, while losers were Sun Pharma, HUL, Cipla, IndusInd Bank and ITC.
Except pharma all other sectoral indices ended higher. BSE Midcap and Smallcap indices rose over 1 percent each.
Aditya Birla Capital Q4
The company's Q4 net profit was down 13.6% at Rs 2.8 crore versus Rs 3.2 crore, while revenue was up 5.7% at Rs 44.5 crore versus Rs 42.2 crore, YoY, reported CNBC-TV18.
Sanjeev Zarbade, VP PCG Research, Kotak Securities:
Most major global markets have rallied in the current week as several countries have started to talk about lifting the lockdown. It seems the worst is over so far as far as the spread of the pandemic is concerned. Reports of encouraging results about Gilead’s drug in treating Covid-19 as well as starting of human trials on Covid 19 vaccine also fuelled the rally. Improving market sentiments lifted crude oil prices.
After the strong rally from the lows of March 2020, risk of a correction has increased in the near term; though probability of the market going deep below the 30000 level looks remote. Investors should keep this in mind and trade accordingly. Yet, investment from a medium to long term perspective looks workable as we expect corporate profits to show good growth in FY22.
ABB Power Q1
The comapny's net profit down 17.8% at Rs 29.2 crore against Rs 35.5 crore and revenue down 27.3% at Rs 811.6 crore against Rs 1,115.6 crore, QoQ, reported CNBC-TV18.
Cadila Health signs agreement to divest stake
The company has signed the definitive agreement for sale of 2,31,33,717 equity shares of Rs 10 each fully paid‐up, representing 49% of the total paid‐up share capital of Windlas Healthcare Private Limited to Windlas Biotech Private Limited.
Future Lifestyle Fashions appoints MD
Vishnuprasad M, Chief Executive Officer of the company has been elevated and appointed as Managing Director of the company for a period effective from April 30, 2020 till December 19, 2021, subject to the approval of the shareholders at the generalmeeting of the company.
Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services:
This month the movement in rupee was news driven. Rupee depreciated sharply breaching fresh record low (76.90) almost every week, as forex market faced economic uncertainties due to the rising number of cases of coronavirus pandemic across the world. However, the fears surrounding the virus faded with the drug coming. Also, several countries are easing lockdown restrictions which means the economies will start to get back on track.
However, there is still risk of a second wave of infection and India’s macros are not attractive enough to bring in heavy dollar inflows. Thus, going ahead USD/INR spot may trade above the support of 74.50 towards 75.50/76.
Rupee ends higher
Indian rupee has ended higher by57paise at 75.10 per dollar,amid strong buying seen in the domestic equity market.
Nifty Bank Index gained 2.5 percent led by the Bandhan Bank, Federal Bank and RBL Bank
RBI extends truncated market hours
The amended trading hours i.e., from 10.00 am to 2.00 pm for RBI-regulated markets that were effective till the close of business on Thursday April 30, 2020 shall be extended till further notice. Market trading timings will be reviewed on issuance of directions pertaining to lockdown from the Government.
Cyient has been recognized by Esri as a Release Ready Specialty partner.
MSCI rebalancing: Biocon, Ipca Labs among 7 potential candidates for inclusion
Tata Consumer, Torrent Pharma, Jubilant FoodWorks, Biocon, Alkem Labs, Ipca Labs and Indraprastha Gas are the potential candidates for inclusion in the MSCI semi-annual index rebalancing. As per a report by the brokerage firm Emkay Global Financial Services, the MSCI May 2020 semi-annual index rebalancing may see the inclusion of the above stocks, while Bharti Infratel, Shriram Transport, Mahindra & Mahindra Financial Services, and Tata Power may see exclusion.
Most active stocks on NSE in terms of value
Nifty Pharma Index down 1 percent led by the Sun Pharma, Lupin:
Just Dial approves buyback
The company has approved the proposal for buyback of up to 31,42,857 equity shares at a maximum price of Rs 700 per equity Share, for an aggregate maximum amount of up to Rs 220,00,00,000.
Market Update
Benchmark indices extended the early gains and trading at day's high level with Nifty above 9850.
At 12:28 IST, the Sensex was up 1,130.62 points or 3.46% at 33850.78, and the Nifty was up 323.15 points or 3.38% at 9876.50. About 1398 shares have advanced, 696 shares declined, and 113 shares are unchanged.
Gold Updates
Gold eased on Thursday as risk appetite was boosted by positive trial results of an experimental COVID-19 treatment, although the U.S. Federal Reserve's decision to keep interest rates near zero kept bullion above the $1,700 per ounce level.
Tata Steel approves to issue NCDs
The committee of directors approved allotment of 10,000 –Unsecured, Rated, Listed, Redeemable, Non-Convertible Debentures of face value Rs 10,00,000 each, for cash aggregating to Rs 1,000 crore, on private placement basis.
Nifty Metal Index gained 5 percent led by the APL Apollo, Hindalco, Vedanta:
ICICIdirect maintains hold on Hexaware
The company has seen robust net new deal wins in the quarter. However, broking house expect a delay in deal ramp ups due to Covid-19 related impact. In addition, the company’s exposure to travel and manufacturing vertical could see pricing led pressure impacting revenues and margins. It has maintained hold rating on the stock with a revised target price of Rs 315/share (14x CY21E EPS).
Glenmark gets DCGI nod
Glenmark Pharmaceuticals has received approval from the DCGI (Drug Controller General of India), the regulator in India to conduct clinical trials on Favipiravir Antiviral tablets on COVID-19 patients.
Nifty Auto Index rose over 5 percent led by the Tata Motors, Bharat Forge:
Morepen Labs gets certification from BSI
Morepen Laboratories has received the prestigious ISO-13485 certification from BSI (British Standards Institution, UK) for its Stateof-the-art medical devices manufacturing facility at Baddi (Himachal Pradesh).
Rupee extends gains
:Indianrupee has extended the early gains and trading higher by 66paiseat 75.01 per dollar, amidstrong buying seen in the domestic equity market.
KEC International resums work
The company has resumed operations/despatches at all its five factories in India in a phased manner.
Buzzing Stock
Share price of Morepen Laboratories jumped 5 percent after the company received certification from BSI (British Standards Institution, UK) for its medical devices manufacturing facility at Baddi (Himachal Pradesh).
RBI considers increasing limit on promoter holding in private banks: Report
The Reserve Bank of India (RBI) is considering raising the 15 percent limit on promoter holdings in private sector lenders. A report by The Economic Times said the raised limit is part of the new norms that are being formed. Promoters’ voting rights might be capped at 15-20 percent, the report said.
Sensex is up 977.93 points or 2.99% at 33698.09, and the Nifty surged 278.60 points or 2.92% at 9831.95.
Rupee
opens:Indian rupee gained in the early trade on April 30. It opened 51paisehigher at 75.16 per dollar against previous close of 75.67.Buzzing
: Share price of Motherson Sumi Systems jumped 9 percent on April 30 after global research firm Morgan Stanley maintained its overweight call on the stock with a target at Rs 103 per share.
Buzzing
Reliance Industries (RIL) share price rose 2 percent on April 30 ahead of its March quarter earnings.
Buzzing
Hexaware Technologies share price fells 3 percent on April 30 after company announced its March quarter earnings.
The company has reported a 4.7 percent sequential increase in consolidated profit at Rs 174.96 crore in the first quarter of CY20, driven by forex gains.
