Opening Bell: Sensex opens over 300 points higher, Nifty above 14,750; Banks, IT, auto stocks gain
The Indian market opened higher on Thursday following a rally in the global market peers. Asian stocks edged higher after big tech rallied on Wall Street and as President Joe Biden announced a multi-trillion-dollar infrastructure investment plan. At 9:18 am, the Sensex was up 344 points at 49,854 while the Nifty rose 101 points to 14,792.Gains were mainly led by banks, auto and IT stocks. Broader markets were also higher with the midcap and smallcap indices up 0.8 percent and 1.3 percent, respectively. On the Nifty50 index, HCL Tech, Tata Steel, Bajaj Auto, Adani Ports and Tata Motors were the top gainers while Nestle, Divi’s Labs, and ONGC were the only ones trading in the red.
Gold prices rise on softer dollar, but set for worst quarter in over 4 years
Gold gained over 1% on Wednesday, helped by the dollar’s pullback, but elevated U.S. bond yields still put the metal on course for its biggest quarterly decline in more than four years. Spot gold rose 1.5% to $1,710.45 per ounce after touching its lowest since March 8 at $1,677.61. U.S. gold futures were up 1.5% at $1,711.60. Gold is down over 9% for the quarter and is on track for its worst quarterly performance since end-December 2016. The dollar edged off a near five-month peak. More Here
Archegos fallout wipes over $9 billion from market value of Credit Suisse, Nomura
Investors on Wednesday tallied the fallout from Archegos Capital’s dramatic meltdown, with Nomura and Credit Suisse shares losing a collective $9 billion while heightened scrutiny of the hedge fund industry loomed. The downfall of Archegos, a family office run by former Tiger Asia manager Bill Hwang, has rocked a handful of stocks that have been linked to the fund’s massive margin call while weighing on shares of banks that did business with the New York-based fund. Investors said it could also increase scrutiny of family offices while making money managers more wary of holding stocks that have experienced large, unexplained moves like many of the shares linked with Archegos’ margin call did.
Lodha Developers may hit capital market on April 7 with Rs 2,500 crore IPO
Realty major Lodha Developers is likely to hit the capital market on April 7 with a Rs 2,500 crore initial public offer (IPO), as it seeks to raise funds to reduce debt and future growth. Mumbai-based Lodha Developers Ltd, which has been renamed Macrotech Developers, filed the draft red herring prospectus (DRHP) with the Securities Exchange Board of India (Sebi) last month. According to banking sources, the company has got the SEBI approval to launch its IPO. The public issue is likely to hit the capital market on April 7, they added. A company spokesperson declined to comment. This would be the third attempt by Lodha Developers to launch a public issue and list its shares on the stock exchanges. More here
FPIs pump Rs 2.75 lakh crore in Indian equities in FY21, highest ever in two decades
The foreign portfolio investors (FPI) have pumped in more than Rs 2.75 lakh crore ($37 billion) in the Indian equity market during FY2020-2021. This is the highest ever investment by foreign investors into Indian equities in the last two decades. As per the data available on National Securities Depository Ltd (NSDL), such huge FPI inflows in Indian equities were in 2012-13 at Rs 1.40 lakh crore, followed by Rs 1.11 lakh crore in 2014-15 and almost the same amount in 2009-10 and 2010-11. In the US dollar term, the country received over $20 billion FII inflows in fiscal 2009-10, 2010-11 and 2012-13. Meanwhile, the domestic institutional investors (DII) have remained net sellers during the fiscal 2021. DIIs have sold around Rs 1.38 lakh crore in Indian equities this fiscal. More here
First up, here is quick catchup of what happened in the markets on Wednesday
Indian shares ended the final session of the financial year 2020-21 (FY21) a percent lower dragged by banking, financial and IT stocks, as rising U.S. Treasury yields renewed concerns of foreign fund outflows. The Sensex ended 627 points lower at 49,509 while the Nifty fell 154 points to settle at 14,691. However, for FY21, Sensex and Nifty rose 68 percent and 71 percent, respectively, marking the best yearly returns in 11 years. For the day, broader markets outperformed benchmarks with the midcap and smallcap indices up around 0.3 percent each. This is similar for the FY21 period as well, both midcap and smallcap indices rose over 100 percent each, outperforming the benchmarks. More here
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Good morning, readers! I am Pranati Deva from the market’s desk of CNBC-TV18. Welcome to our market blog, where we provide rolling live news coverage of the latest events in the stock market, business and economy. We will also get you instant reactions and guests from our stellar lineup of TV guests and in-house editors, researchers, and reporters. If you are an investor, here is wishing you a great trading day. Good luck!