Stock Market Live: Sensex edges higher, Nifty holds 14,350; banks, metals gain, IT falls
Petrol Diesel prices remain steady
Pandemic hits Bourses on Monday but rebounds on tuesday
TCS down after results
SEBI fines yes bank after fining ambani bros.
Stock Market Live: Indian indices advanced on Tuesday boosted by banks, auto and metal stocks, however losses in IT stocks capped some gains. IT stocks fell with the Nifty IT index down 1.5 percent after TCS reported March quarter numbers which were below analysts’ estimates.
Opening Bell: Sensex opens 200 points higher, Nifty above 14,350; pharma stocks gain
Indian indices opened higher on Tuesday rebounding from the 3.5 percent fall in the previous session on the back of surging COVID cases, worries about another lockdown and its economic impact. Gains were mainly led by pharma, FMCG ans banking stocks, however, other sectors were also in the green in early deals. At 9:18 am, the Sensex was up 194 points at 48,078 while the Nifty rose 69 points to 14,380. Broader markets were also up with the midcap and smallcap indices up 1-1.5 percent each. On the Nifty50 index, Cipla, Shree Cement, Tata Steel, Divi’s Labs and Hindalco were the top gainers while Adani Ports, TCS, Tata Motors, Tech Mahindra and Infosys led the losses.
TCS share price drops 4% post Q4 results, profit-booking; IT index dips 2%
Tata Consultancy Services (TCS) share price dropped nearly 4 percent on Tuesday after the IT major’s March quarter results came in below analysts’ expectations and as investors took to profit-booking. The company reported a 6.26 percent YoY rise in its consolidated net profit at Rs 9,246 crore in Q4. The profit, however, was slightly lower than CNBC-TV-18’s estimates of Rs 9,317 crore. The stock fell as much as 3.7 percent to its day’s low of Rs 3,210.8 per share on the BSE. The sentiment impacted other IT stocks as well with the sectoral gauge also down 2 percent. Infosys, MindTree, Tech Mahindra, Mphasis and Coforge also lost over 2 percent each following TCS’ results.
Petrol, diesel prices remain stable for 14th consecutive day
The retail fuel prices remain steady for the 14th consecutive day on Tuesday, 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.
Sebi imposes Rs 25 crore penalty on YES Bank in AT1 bonds case
Market regulator, Securities and Exchange Board of India (Sebi), on April 12 imposed a monetary penalty of Rs 25 crore on private sector lender, YES Bank in the additional tier 1 bonds (AT1) misselling case. Sebi has asked the bank to pay the penalty amount within 45 days of receipt of the notice. Besides YES Bank, Sebi has also imposed penalties on Vivek Kanwar (Rs one crore), Ashish Nasa (Rs 50 lakhs) and Jasjit Singh Banga (Rs 50 lakhs). Kanwar was the Head of YES Bank’s private wealth management team. Other two were also former executives of YES Bank.
DCGI gives nod for emergency use of Sputnik V vaccine for COVID-19
The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, announced that the Drug Controller General of India (DCGI) has approved the use of the Russian Sputnik V vaccine against coronavirus in the country. With this, India has become the 60th country to approve Sputnik V. “India is the most populated country to register the Russian vaccine. Total population of 60 countries where Sputnik V is approved for use is 3 billion people or about 40 percent of the global population,” said RDIF. Sputnik V is the third vaccine to get approval for rollout against the coronavirus infections in India after Covishield, the Oxford-Astrazeneca vaccine manufactured by the Serum Institute of India, and home-grown Covaxin
Asia shares cautious ahead of US earnings and inflation data
Asia share markets were cautious on Tuesday after US markets weakened as investors anticipated the start of corporate earnings seasons and the release of key inflation data to indicate how the global recovery from the pandemic will emerge. MSCI’s broadest index of Asia-Pacific shares outside Japan was trading less than 0.1 percent higher early Tuesday. In Australia, the S&P/ASX200 gained 10 points to 6983.90 early in the session while Japan’s Nikkei rose 0.9 percent. Tech stocks drove the gain in Australian stocks while the country’s major miners showed signs of weakness. Hong Kong’s Hang Seng Index added 0.6 percent in early trade while the mainland blue-chip index CSI300 edged up 0.3 percent ahead of March trade figures due to be published Tuesday.
S&P Dow Jones Indices removes Adani Ports from sustainability index
S&P Dow Jones Indices said it has removed India’s Adani Ports and Special Economic Zone Ltd from its sustainability index due to the firm’s business ties with Myanmar’s military which is accused of human rights abuses after a coup this year. India’s largest private multi-port operator is building a USD 290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC). It will be removed from the index prior to the open on Thursday, April 15, it said in a statement on Tuesday. More than 700 people have been killed since a Feb.1 military coup that ousted an elected government led by Aung San Suu Kyi.
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