Stock Market Live: 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.
“The pulls and pressures from important triggers are unduly impacting the market in the very short run. The last day of FY 21 witnessed massive buying by DIIs (Rs 2021 cr) in an attempt to shore up the NAVs of their mutual fund schemes for the year end. But this was thwarted by heavy FII selling ( Rs 1686 cr) triggered by MSCI rebalancing. Now that the year end considerations are over, markets are likely to consolidate and respond to news relating to the evonomic impact of the second wave of Covid-19 and other fundamental factors. While the second wave is a cause of worry, its economic impact appears to be insignificant now. In April the market is likely to be influenced by the Q4 results. IT, leading financials, cement, metals, pharma, leading telecom companies and some FMCG firms are likely to post very good results.The market will discount these results in advance.”
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 Nifty 50 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.
Archegos fallout wipes over $9 billion from the 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.
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