Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services:
The week has been very volatile and rupee has depreciated nearly 2.5% on unprecedented bond buying plan by the RBI. Had the movement been dollar index driven, we wouldn’t have seen such a sharp depreciation in the rupee. Again next week is a truncated week with two currency holidays, so we can expect the optimism over dovish Fed to limit the fall in rupee with focus on India’s CPI data and impact of Covid’s second wave. In USDINR spot RBI is seen intervening in the spot around 74.95 zone, so we can expect the spot to trade within 74.25-75.25.
April 09, 2021 / 04:17 PM IST
Vinod Nair, Head of Research at Geojit Financial Services:
Domestic markets traded in a mild negative territory following weak global cues and increasing covid cases. Fall in the market was led by the private banks as concerns on the bank's asset quality spiked with increasing restrictions across states. Buying interest was seen in PSU Banks in hopes of finalisation of potential privatisation candidates. On the sectoral front, pharma stocks were the top gainers while broader markets continued to perform well.
April 09, 2021 / 04:16 PM IST
S Ranganathan, Head of Research at LKP Securities:
Yet again today we witnessed a day when all the action were in the broader market with pharmaceuticals doing well. Provisional data on direct tax collections for the last fiscal kept sentiments buoyant in select FMCG stocks.
April 09, 2021 / 04:04 PM IST
Rupee Close: Indian rupee erased some of the intraday losses but ended lower at 74.74 per dollar, amid volatile trade seen in the domestic equity market. It opened 17 paise lower at 74.77 per dollar versus Thursday's close of 74.60 and traded in the range of 74.53-74.97.
April 09, 2021 / 04:04 PM IST
Rohit Singre, Senior Technical Analyst at LKP Securities:
Index witnessed a strong volatile week and closed a week at 14837 with minimal loss on weekly front & formed a Doji candle pattern on weekly chart which represents indecision in the markets. The index failed to sustain above 14900 zone which means on the immediate basis index has good resistance at 14900-15000 zone and trading below said levels may show some pressure from every rise, good support is still placed at 14700-14600 zone.
April 09, 2021 / 03:35 PM IST
Market Close: Benchmark indices ended lower in the muted session on April 9 with selling seen in the metal, infra and auto sectors.
At close, the Sensex was down 154.89 points or 0.31% at 49,591.32, and the Nifty was down 38.90 points or 0.26% at 14,834.90. About 1647 shares have advanced, 1212 shares declined, and 163 shares are unchanged.
Cipla, Sun Pharma, HUL, Tech Mahindra and Wipro were among major gainers on the Nifty, while losers were Bajaj Finance, UPL, Tata Steel, UltraTech Cement and NTPC.
Among sectors, pharma index gained over 3 percent and PSU Bank added 2 percent, while metal, infra and auto sectors ended in the red.
April 09, 2021 / 03:26 PM IST
Ashis Biswas, Head of Technical Research at CapitalVia Global Research:
The market witnessed a lackluster trend to continue and an attempt to overcome the resistance level around the Nifty 50 Index level of 14900. While a breakout above 14900 is the key factor from a short-term perspective. Anything above this level, market to gain momentum, that could lead to an upside projection till 15300 levels.
The momentum indicators like RSI, MACD to further strengthen in favor of a positive outlook and advise the traders to consider a breakout above 14900 as an opportunity to build fresh long.
April 09, 2021 / 03:21 PM IST
Reliance Securities on Macrotech Developers:
The IPO is valued at 26.3x of FY20 earnings and 4.8x of FY20 book value, which appear to be reasonably priced vis-à-vis its peers like Godrej Properties and DLF. MDL is committed to substantially deleverage its balance sheet in ensuing quarters led by: (a) IPO proceeds (Rs15bn); (b) recovery of investment from the UK projects (~Rs16bn); and (c) improved collection. MDL’s plan to reduce net debt to Rs127bn in the coming quarters negates concern over high leveraging.
Further, strong project portfolio and monetization of huge land banks offer comfort. Moreover, its return ratio looks to be superior compared to peers. Hence, we recommend SUBSCRIBE to the issue.
April 09, 2021 / 03:17 PM IST
Macrotech Developers IPO fully subscribed
The maiden public offer of real estate firm Macrotech Developers has been fully subscribed on April 9, the final day of bidding. The issue has received bids for 3.74 crore equity shares against the IPO size of 3.64 crore equity shares, the subscription data available on the exchanges showed.