Stock Market Live: Sensex trims losses, turns flat, Nifty holds 14,850; FMCG, pharma stocks gain

Stock Market Live: Indian markets trimmed losses to turn flat on Friday as pharma and FMCG stocks gained. However, losses in banks and financials capped the gains. Meanwhile, Broader markets outperformed benchmarks with the midcap and smallcap indices up over half a percent each.

Srei Infrastructure Finance shares hit 20% upper circuit as arm gets EoI for $250 mn capital infusion

The shares of Srei Infrastructure Finance were locked in a 20 percent upper circuit after the company’s subsidiary Srei Equipment Finance received an expression of interest for up to USD 250 million capital infusion from international PE funds. The international private equity funds are US-based Arena Investors LP and Singapore’s Makara Capital Partners. “The company’s Strategic Coordination Committee (SCC), chaired by Malay Mukherjee, Independent Director, will coordinate, negotiate and conclude discussions with the PE investors to bring the capital into the business and advise the management,” Srei Infrastructure Finance said in a regulatory filing on Thursday.

“Surging Covid cases have become an area of serious concern with an increasing number of cities & towns declaring night curfews. Unless this second wave peaks soon & subside, economic activity will be impacted and the market assumptions of above 10% GDP growth and above 30% earnings growth will be challenged. This big uncertainty will weigh on market sentiments for some time. The market is climbing all walls of worry. Activity has now moved to mid-small-caps. Nifty Mid-cap & Nifty Small-cap indices are up by 17.4% and 20% respectively for the year against a 6.4% gain for the Nifty. Bulls are chasing value in these segments. The sharp depreciation in INR following the announcement of G-SAP by the RBI will benefit exporters, particularly IT. US bond yields & dollar index cooling off is EM positive. That’s why FIIs are not selling in spite of negative news”

Indian markets opened lower on Friday dragged by losses in banks and financial stocks. Losses in heavyweights ICICI Bank, HDFC Bank, RIL, Kotak Bank and Axis Bank weighed the most on the benchmarks. At 9:20 am, the Sensex was down 210 points at 49,535 while the Nifty fell 60 points to 14,813. But subsequently, the markets picked up fast.

Coinbase to roll out IPO on April 14: Here’s all that you need to know

On April 14, Coinbase will become the first US-based cryptocurrency platform to roll out its IPO on the Nasdaq stock exchange under the ticker ‘COIN’. Nearly a week before its IPO rollout, the company posted total revenue of $1.8 billion. The investors’ sentiment around the much-anticipated initial public offering (worth $114.9 million) of Coinbase, a cryptocurrency exchange platform, received an impetus after the company released its first-quarter earnings on Tuesday (April 6). The impressive revenue figures of the US-based company paved the way for a strong debut on the Nasdaq, according to market analysts.

Asia shares set for choppy session after S&P 500 hits record high

Asian equities are set for a choppy trading session on Friday after technology stocks lifted the S&P 500 to a new record even as investors weighed an unexpected rise in the number of Americans filing new claims for unemployment benefits. A U.S. jobless claims report showed a second straight weekly increase earlier on Thursday, bucking the streak of strong economic data from payrolls and job vacancies that had buoyed investor confidence in a quick economic rebound.

10-year bond yield ends at 6.03%; lowest since budget day

The 10-year benchmark bond yield on Thursday settled at 6.03 percent as against the previous close of 6.08 percent. This is the lowest level since budget day i.e. February 1, 2021. The Indian rupee also nosedived 11 paise on Thursday to end at 74.59 per dollar, its biggest single-session drop since November 4 against the US currency. The fall came after the Reserve Bank of India (RBI) on Wednesday kept key interest rates unchanged at record lows while pledging to buy Rs 1 lakh crore of government bonds this quarter to cap borrowing costs in a bid to support an economy facing a resurgence of the pandemic.

Indian shares ended off day’s high but in the green, rising for a third straight session on Thursday. Gains in metals and IT stocks were capped by losses in banks and financials. The Sensex ended 84 points higher at 49,746 while the Nifty rose 55 points to settle at 14,874. Broader markets outperformed with the midcap and smallcap indices up 0.6 percent and 1.3 percent, respectively. The Nifty Metal index surged 4 percent as steel prices in China hovered around a record high. JSW Steel led the gains, up 9.5 percent while JSPL, SAIL and Tata Steel rose between 5-7 percent. Meanwhile, the Nifty IT index climbed 1 percent as the rupee weakened after the RBI’s announcement of the bond-buying programme.

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