Stock Market Live: Sensex gains over 350 points, Nifty above 14,900; all sectors in the green

EVENT HIGHLIGHTS

Stock Market Live: Indian indices were trading higher on Thursday following US stocks, which nudged to another record high after the Federal Reserve underlined its commitment to keeping policy super loose. Broad-based gains were visible in all sectors with metals and financials leading.
We are currently trading at an important juncture. 14,900-14,950 is a resistance zone for the Nifty. If we can keep above this level for a few hours, the markets would break out of their current range-bound movements and scale higher to 15,300-15,400. If we fail and resist these levels, the index can turn around and head back to 14,500-14,600.

Auto retail sales in March fall by 28.64% YoY: FADA

Retail automobile sales during March 2021 fell sharply by 28.64 percent as compared to the same month last year, as per the latest vehicle registration data released by the Federation of Automobile Dealers Associations (FADA) on Thursday. However, auto registrations in March grew 10.05 percent as against February. Tractors and Passenger Vehicles (PV) sustained its healthy momentum by growing 29.21 percent and 28.39 percent, YoY. This growth can be associated with multiple factors like a low base of last year, a transition from BS-4 to BS-6, and India going under total lockdown, FADA said in a release. On YoY basis, two-wheelers, three-wheelers and Commercial Vehicles (CV) fell by 35.26 percent, 50.72 percent and 42.20 percent, respectively.
“The surge in Covid cases continues to be a concern for the economy & markets. However, the saving grace is that since the lockdowns & restrictions are sporadic, the impact on the economy will be insignificant. Investors can hedge against the uncertainty surrounding the second wave with reduced exposure to economy-facing stocks and higher exposure to IT, pharma & FMCG segments. Rupee depreciation is another tailwind for IT. A distinct trend in the market is the outperformance of mid-small-caps, which is likely to continue. Even though Nifty is up only 0.7% in April so far, many mid-small-caps have appreciated by more than 10 and 20%. This stock-specific action is likely to continue irrespective of the market trend”
Opening Bell: Sensex opens 300 points higher, Nifty above 14,900; all sectors in the green
Indian indices opened higher on Thursday following US stocks, which nudged to another record high after the Federal Reserve underlined its commitment to keeping policy super loose. At 9:18 am, the Sensex was up 334 points at 49,996 while the Nifty rose 100 points to 14,919. Broad-based gains were visible in all sectors with metals and financials leading. On the Nifty50 index, Tata Steel, Britannia, Hindalco, Bajaj Finserv, and HDFC were the top gainers while Bajaj Auto, ONGC and Nestle were the only losers. Broader markets were also higher with the midcap and smallcap indices up 0.5-1 percent.

Asia shares loiter as S&P futures climb the fresh peak
Asian share markets lagged on Thursday as US stock futures nudged to another record high after the Federal Reserve underlined its commitment to keeping policy super loose even as the economy enjoys a rapid recovery. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, and also little changed on the week. Japan’s Nikkei eased 0.3 percent and Chinese blue chips 0.1 percent, with trading very subdued. The outperformance of the US economy helped S&P 500 futures add 0.3 percent to a new peak, while Nasdaq futures gained 0.4 percent. EUROSTOXX 50 futures firmed 0.2 percent and FTSE futures 0.3 percent.

 Petrol, diesel prices remain unchanged for the 9th day in a row

The retail fuel prices remained steady for the 9th consecutive day on Thursday, with the price of petrol at Rs 90.56 per litre in the national capital. The price of diesel stood at Rs 80.87 per litre, according to Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, the petrol price remained unchanged at Rs 96.98 per litre on Monday. The cost of diesel also was the same at Rs 87.96 a litre. The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am in the morning.

Clean Science and Tech aims to raise Rs 1,400 crore via IPO

Clean Science and Technology, a Pune-based manufacturer and exporter of specialty chemicals, has filed papers with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 1400 crore through an Initial Public Offering (IPO). The entire issue will be through offer for sale (OFS) by existing promoters and other shareholders. The company will not receive any proceeds from the IPO. Clean Science and Technology has filed a draft red herring prospectus (DRHP) with the SEBI.

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