Opening Bell: Sensex opens over 400 points lower, Nifty below 14,500; auto, IT drag
Stock Market Live: Sensex down 400 points, Nifty below 14,500;
Stock Market Live: Indian indices were trading lower on Thursday as selling continued mainly dragged by banks, auto and IT stocks. Broader markets were also trading lower with the midcap and smallcap indices down over a percent each. Meanwhile, Asian equities were also lower as a selloff in Chinese technology shares due to concerns they will be de-listed from U.S. bourses.
Opening Bell: Sensex opens over 200 points lower, Nifty below 14,500; auto, IT drag
Indian indices opened lower on Thursday, tracking weak cues from Asian peers dragged by banks, auto and IT stocks. At 9:18 am, the Sensex was down 245 points at 48,935 while the Nifty fell 62 points to 14,487. Meanwhile, Asian equities were lower as a selloff in Chinese technology shares due to concerns they will be de-listed from U.S. bourses and worries about a semiconductor shortage rattled some investors.
Broader markets were also lower with the midcap and smallcap indices down between 0.5-1 percent. All sectors were also in the red in early deals with Nifty Bank, Nifty Pharma and Nifty Auto dragging the most. Nifty IT and Nifty Metal alse fell around half a percent each. On the Nifty50 index, ONGC, UPL, Asian Paints, Tata Steel, and Adani Ports were the top gainers while Tata Motors, HCL Tech, Bajaj Auto, Kotak Bank and Bharti Airtel led the losses.
Craftsman Automation lists with 9.4% discount at Rs 1,350 per share on BSE
Shares of Craftsman Automation got listed at Rs 1,350 apiece, a discount of 9.4 percent to the issue price of Rs 1,490 on the BSE. The stock got listed at Rs 1,359 on the National Stock Exchange, a discount of 8.79 percent. The Rs 823.7-crore initial public offering (IPO) of auto component maker Craftsman Automation was subscribed 3.8 times during March 15-17.
Laxmi Organics makes decent market debut; lists at 19.6% premium to issue price
Shares of Laxmi Organics made a decent debut on the bourses on Wednesday despite the ongoing market volatility. The stock listed with a premium of 19.6 percent at Rs 155.5 per share on the NSE as against the issue price of Rs 130 per share. On BSE, it was listed at Rs 156.20 apiece, up 20 percent. The IPO of Laxmi Organics that was open between March 15-17, 2021, was a major hit as it was subscribed over 106 times. The offer consisted of a fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore by the promoter group Yellow Stone Trust. The price band was set at Rs 129-130.
Fitch revises India GDP growth to 12.8% for FY22
Fitch Ratings has revised India’s GDP growth estimate to 12.8 percent for the fiscal year beginning April 1 from its previous estimate of 11 percent, saying its recovery from the depths of the lockdown-induced recession has been swifter than expected. In its latest Global Economic Outlook (GEO), Fitch said the revision is on the back of ”a stronger carryover effect, a looser fiscal stance and better virus containment.” ”India’s second half of 2020 rebound also took GDP back above its pre-pandemic level and we have revised up our 2021-2022 forecast to 12.8 percent from 11.0 percent,” it said. ”Nevertheless, we expect the level of Indian GDP to remain well below our pre-pandemic forecast trajectory.” GDP surpassed its pre-pandemic level in the December quarter, growing 0.4 percent year-on-year, after contracting 7.3 percent in the previous quarter.
“The uncertainty in the market continues with increasing risk arising from the second wave of Covid attack in India in the context of a third wave in parts of Europe. But the relief is that the second wave is less intense than the first. This and the fact that vaccination is accelerating is likely to support markets. In this race between Covid spread and vaccination, the latter will eventually succeed. The market knows that. So, volatility is here to stay for some time before stability emerges. A major trend in the market now is the comeback of pharma stocks in recent days and the weakness in banking stocks. Pharma may continue to find favour, but high quality banking stocks are unlikely to languish. Q4 results of IT, banking majors and top-rung FMCG would be good. Market response will happen before the results are announced”
Asian shares wobble in volatile trade as China tech selloff weighs
Asian equities bounced between gains and losses on Thursday as a selloff in Chinese technology shares due to concerns they will be de-listed from U.S. bourses and worries about a semiconductor shortage rattled some investors. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1%. Hong Kong shares fell sharply at the open but then trimmed their losses to a 0.18% decline. Alibaba Group Holding Ltd, Xiaomi Corp, and Tencent Holdings all traded lower. Shares in China rose 0.08%. Elsewhere, Japanese stocks rose 0.71% and Australian shares rose 0.24% as bargain hunters bought shares of consumer goods, real estate, and financial firms.
Petrol, diesel prices cut for second straight day
The oil marketing companies (OMCs) slashed fuel prices across the four metros for the second straight day on Thursday. While the petrol price was cut by 21 paise per litre, diesel rates were reduced by 20 paise a litre in the national capital. Accordingly, petrol now comes for Rs 90.78 a litre in Delhi, according to a price notification of state-owned fuel retailers. Diesel now comes for Rs 81.10 a litre in the national capital, down from Rs 81.30 previously. In Mumbai, petrol comes for Rs 97.19 a litre and diesel for Rs 88.20 a litre. Rates have been reduced across the country and vary from state to state depending on the local incidence of taxation (VAT).
CBI books DHFL over fictitious home-loan accounts
The CBI has booked the DHFL and its directors for allegedly creating over 2.60 lakh fictitious home-loan accounts, some of which were used to claim interest subsidies in the Pradhan Mantri Awas Yojna (PMAY), officials said on Wednesday. The irregularities were pointed out in the report of auditor Grant Thornton, appointed by the present board of the scam-hit DHFL, they said. Promoters Kapil and Dheeraj Wadhawan, both booked along with the company, allegedly opened a fictitious branch of the DHFL in Bandra and fake accounts worth Rs 14,046 crore of home-loan borrowers, who had already repaid their loans, were entered in the database, they said. A total of 2.60 lakh ”fake and fictitious” home-loan accounts were created in the non-existent branch from 2007-19 for a total loan worth Rs 14,046 crore, out of which Rs 11,755.79 crore were deposited or routed to several fictitious firms known as Bandra Book firms, according to the FIR. More here
You can now buy a Tesla with Bitcoin, says Elon Musk
Tesla had hinted before that it would be open to accepting Bitcoin as a mode of payment but who knew it would happen this soon. Elon Musk, the Tesla CEO, on Wednesday, announced on Twitter that people could now buy Tesla with Bitcoin. Tesla’s decision to accept the cryptocurrency as a mode of payment came just over a month after it invested $1.5 billion in Bitcoin. Following Tesla’s investment, the prices of Bitcoin rallied to an all-time high at $60,000 in March. Musk further said the leading electric vehicle company was using only “internal and open source software”, adding it operated Bitcoin nodes directly.
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