May 7, 2021

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Stock Market Highlights: Sensex jumps 660 points, Nifty ends above 14,500 led by banks, auto, metal stocks

9 min read

Market At Close

– Govt’s Decision To Give EUA Nod To Global COVID Vaccines, Lifts Market

– Sensex & Nifty Regain 40% & Nifty Bank 60% Of Yesterday’s Losses

– Midcap Index Surges Nearly 2%;  Mkt Breadth In Favour Of Advances

– Today’s Move Helps Nifty Bank Turn Positive For The year Again

– All Nifty Bank Constituents In The Green; ICICI & HDFC Bank Top Gainers

– Sensex Rises 661 Points To 48,544 & Nifty 194 Points To 14,505

– Nifty Bank Gains 980 Points To 31,772 & Midcap Index 403 Points To 23,517

– IT Stocks See Profit Booking After TCS’ In-line Q4 Earnings

– 37 Nifty Stocks Close Higher; M&M, Bajaj Finserv, TaMo, Bajaj Fin Top Gainers

– Pfizer Moves Higher After Govt’s Decision To Give EUA To Global COVID Vaccines

– Dr Reddy’s Fails To Maintain The Gain Seen After EUA Nod To Sputnik V

– Adani Ports Slips On Removal From S&P Dow Jones Sustainability Index

– Tata Motors Surges Over 5% On JLR’s +ve Free Cash Flow In Q4

– Moody’s Changing Motherson’s Outlook To Stable Helps Stock Gain 5%

Closing Bell |  Indian equity market ended higher Tuesday led by strong gains in banks, auto and metal stocks. The Sensex rallied 660.68 points, or 1.38 percent to end at 48,544.06, while the Nifty closed 194.00 points, or 1.36 percent higher at 14,504.80. Broader markets supported the rally, with the midcap and smallcap indices ending over 1 percent higher each.

Barring IT and pharma, all other sectoral indices ended in the green with Nifty PSU Bank and Nifty Auto gaining over 4 percent each. On the Nifty50, M&M, Bajaj Finserv, Tata Motors, Bajaj Finance and Maruti Suzuki were the top gainers, while Dr Reddy’s Laboratories, TCS, Tech Mahindra, Wipro and HCL Technologies were the top losers.

Market Watch: Mehraboon J Irani, MD and CEO of Gini Gems Consultants

On Banks: I certainly believe that we are in a very long-term bull market. Ultimately, the financials will have to outperform. There will be short-term uncertainty here and there. This is a space that possibly should lead to the next surge in the market.

On Adani Ports: The story of Adani Ports is distinctly positive and going ahead well. We are having a correction right now in the stock price. It had run up a little bit too sharply. The stock on correction can provide some more room for upside and possibly a buying opportunity.

Ashoka Buildcon | The company has emerged as the lowest bidder for a project of Rs 333.6 crore in Gujarat.

Carnelian Capital expects further correction in market in next 1-2 months

Vikas Khemani, Founder of Carnelian Capital Advisors discussed the fundamentals of the market. “We might see some sort of correction in the market over the next one-two months,” he said in an interview with CNBC-TV18. “Markets will remain edgy and worried,” he added. “This whole rising COVID-19 situation is somewhat worrisome. It looks like things are going to get a little difficult as far as the number of COVID-19 cases are concerned. At some point in time, the government will be forced to react. There may not be a full lockdown like last year but it could be some sort of measures partly being implemented,” he said. “Because of this the recovery on the demand side can slow down or get postponed. Also, the supply chain issues which were expected to get sorted out might not get sorted out. So the pace of recovery can get postponed by a quarter or two,” he added. Read more.

Acko Completes ESOP liquidity program worth $2 million

Insurtech start-up, Acko concluded its first employee stock (ESOP) liquidity program worth $2 Million yesterday. Under this liquidity program, eligible employees were given the option to liquidate their vested ESOPs. Employees who have completed three years with the company as of December 31st, 2020 were eligible to liquidate anywhere between 40 to 100 percent of their vested ESOPs, depending on their overall stock allocation. Former employees who had completed three years with the company were also eligible to participate in this program. This ESOP Liquidity Program is sponsored by Acko out of its operational capital. The company says the objective of this first liquidity event is to deliver a meaningful return to the organization’s early employees. Read here.

Strong USD aggravated rupee decline in Q4FY21: Axis Bank

Rupee decline was partly aggravated this year in Q4 by a strong dollar, and part depreciation was cyclical, said Neeraj Gambhir, president of head treasury and markets at Axis Bank. Gambhir also said that some of the currency depreciation is cyclical. The rupee fell for the sixth straight session and settled 32 paise down at 75.05 against the US dollar on Monday amid a lackluster trend in the domestic equities ahead of the release of key macro-economic data. Moreover, rising crude oil prices, foreign fund outflows, and spiking COVID-19 cases weighed on the domestic currency. Read more.

IRDAI allows insurers to invest in AIF, here’s what it means according to experts

Recently, the insurance regulator IRDAI allowed the insurance companies to invest in fund of funds for domestic use. This will help create a domestic pool of capital when India is currently heavily dependent on foreign funds. “It is a victory for India, the total amount of money available with long term pools like pensions and insurances roughly in India is about 67 lakhs crore as per the recent estimates,” said Gopal Srinivasan, CMD, TVS Capital Funds and Board member, IVCA. He added that if 5 percent of that is invested it is about Rs 3-4 lakh crore in to Alternative Investment Fund (AIF) I and II. Watch here.

Bitcoin hits record high of $62,575

Bitcoin hit a record of $62,575 on Tuesday, extending its 2021 rally to new heights. The world’s biggest cryptocurrency has more than doubled in price this year amid growing mainstream acceptance as an investment and a means of payment, and as investors seek high-yielding assets amid low interest rates, Reuters reported.

Infosys Q4FY21 preview: Topline pressure may weigh on profits; all eyes on guidance

IT services major Infosys will be reporting its Q4 numbers on Wednesday and the expectation is that the dollar revenue growth will close to about 3.6 percent on a quarter-on-quarter (QoQ) basis, but on a year-on-year (YoY) basis it will be a growth of close to 14 percent. Infosys on Sunday said its board will consider a buyback proposal at its meeting on April 14. A CNBC-TV18 analysts’ poll expects margins to contract by 140 basis points and that is on account of a wage hike. Profits are likely to be lower because of the topline pressure. The key to track will be the guidance the company announces. On the topline, constant currency revenue growth is seen at 12-14 percent and margin guidance is seen at 22-24 percent. Read more.

Venus Remedies | The company announced its partnership with West Pharmaceutical Services, Inc. for its new introduction in the fast-growing low molecular weight heparin market with brand Cloti-Xa, which has adopted NovaGuard SA Pro safety system, a single-use accessory for prefilled ISO standard 1mL long staked-needle syringes

Jaguar Land Rover retail sales up 12.4% in Q4FY21

Jaguar Land Rover achieved retail sales of 123,483 vehicles in Q4FY21, 12.4 percent higher than the same quarter last year. China sales were up 127 percent compared to a year ago when that market was heavily impacted by Covid-19. Sales in North America were also up 10.4 percent, YoY, while other regions remain lower than pre-Covid levels, including Overseas markets (-10.0 percent), the UK (-6.8 percent) and Europe (-4.9 percent).

Govt fast-tracks emergency approvals for more foreign produced COVID-19 vaccines

The central government has decided to fast track the Emergency Approvals for foreign-produced COVID-19 Vaccines that have been granted EUA in other countries to expand the basket of vaccines for domestic use and hasten the pace and coverage of vaccination. The government has accepted the recommendation of the National Expert Group on Vaccine Administration for COVID-19 (NEGVAC) to grant EUA to vaccines that have been approved by USFDA, EMA, UK MHRA, PMDA Japan or WHO. This paves the way for bridging clinical trials for these vaccines instead of local clinical trials. The first 100 beneficiaries of such foreign vaccines shall be assessed for seven days for safety outcomes before it is rolled out for further immunization programme within the country. Read here.

Nomura resets Nifty target to 15,340 for March 2022; Infosys, RIL, M&M among top picks

With India facing a severe second outbreak of the COVID-19 pandemic with state authorities imposing mini lockdowns and night curfews, brokerage houses have started reducing their Nifty targets for the coming year. Nomura has reset Nifty’s March 2022 target to 15,340, indicating a 4.5 percent upside. The economic impact of these mini lockdowns and night curfews is weighing on investor sentiment along with higher commodity prices and richer valuation of Indian markets, leading to Nomura’s re-evaluation of the target.

“The expectation of favorable liquidity conditions (lower cost of capital) and an improvement in the corporate earnings cycle has driven the performance. A potential rise in yields could put pressure on valuation multiples unless expectation of corporate earnings growth surprises materially on the upside,” Nomura stated in the report. Read more.

Ramco Systems | The company has opted to partner with EXSYN in the critical area of aircraft data migration, offering joint implementation services of Ramco Aviation M&E MRO Suite V5.8.

Market Watch: Ajit Mishra of Religare Broking

– Sell IndusInd Bank with a stop loss of Rs 885 and a target of Rs 800.

– Buy Marico with a stop loss of Rs 405 and a target of Rs 445.

TCS will outperform; positive on Bandhan Bank, Dr Reddy’s, says Elixir’s Dipan Mehta

Elixir Equities believes Tata Consultancy Services (TCS) will deliver exceptional outperformance, said Dipan Mehta, Director at the investment firm on Tuesday. He also added that they are very positive on Bandhan Bank and like Dr Reddy’s Labs as well. “We are very positive on Bandhan Bank,” said Dipan Mehta, Director at Elixir Equities in an interview with CNBC-TV18. “I do think that we could have a good period of outperformance coming in from Bandhan Bank right from this point onwards and looking forward to their Q4 numbers,” he added. Mehta likes Dr Reddy’s Laboratories (DRL). He has investments in it. “We are positive on the company. We do feel that the company can deliver a reasonable secular growth over the next two-three years or so which could lead to 15-20 percent type of returns over the next two-three years,” he further mentioned. He believes Tata Consultancy Services (TCS) will deliver exceptional outperformance as compared to some of the other peer group companies in Nifty. Read more.

Oil prices climb on robust China data, Mideast tension

Oil prices climbed on Tuesday as data from China showed the world’s second-largest oil consumer’s import growth surging and on tensions in the Middle East after the Yemen-based Houthi movement said it fired missiles on Saudi oil sites. Brent crude oil futures were up 37 cents, or 0.6 percent, at $63.65 a barrel while US crude oil futures gained 32 cents, or 0.5 percent, to $60.02 a barrel.

Govt invites financial bids for Air India sale

The government has invited financial bids for the Air India sale, sources informed CNBC-TV18 on Tuesday. “The request for proposal for financial bids for Air India sale has been issued. Share Purchase Agreement (SPA) for Air India deal is likely to have been shared with interested entities,” sources said. “The interested bidders in Air India sale have been given access to the virtual data room,” they added. The government has been trying to offload loss-making national carrier, Air India for a while now. Read more.

HDFC Securities constructive on TCS, says growth markers very strong

HDFC Securities remains constructive on IT major Tata Consultancy Services (TCS) as the growth markers are very strong, said Apurva Prasad, research analyst-IT, HDFC Securities, on Tuesday. Speaking in an interview with CNBC-TV18, Prasad said, “We are still constructive on TCS. The growth markers are very strong. Therefore, we are looking at the next two-years which, on an incremental basis, will be adding more than 2x incremental revenue. Our pecking order is Infosys, HCL Technologies and TCS… There is a lot more valuation comfort in Infosys,” he said. Watch here.

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