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Stock Market Live: Sensex sheds 900 points, Nifty down 2% on COVID concerns; banks, auto drag most

Stock Market Live: Indian indices start the week with over 2 percent lower amid worries over economic growth as various states imposed stricter restrictions to control the spread of COVID-19. India has been recording over 2 lakh cases on a daily basis, taking the total COVID cases to over 1 crore. All sectors, barring Nifty Pharma were in the red with banking and auto indices dragging the most.

Opening Bell: Sensex opens over 1,000 points lower, Nifty down 2% on COVID concerns; all Nifty stocks in the red

Broader markets were also lower with the midcap and small cap indices down around  3 percent each. All stocks on the Nifty50 index were  trading in the red with Adani Ports, IndusInd Bank, Hero Moto, Tata Motors and Eicher Motors leading the losses. Among sectors, Nifty Bank, Nifty Fin Services, Nifty Auto, and Niftty Metal fell 3-4 percent. Meanwhile, Nifty FMCG, Nifty IT and Nifty Pharma also lost over a percent each.

“The health crisis India is going through and localised lockdowns & restrictions on economic activity warrant a market correction. The targets of around 11% GDP growth and above 30% earnings growth for FY 22 that the market had assumed pre-second wave are likely to fall short. The steady rise in test positivity cases and the steady decline in recovery rates are areas of serious concern. But, this negativity need not reflect fully in the market since the global clues are positive. The sharp recovery in global growth led by the US and China augur well for markets globally. The decline in US 10-year yield from the recent high of 1.75 % to 1.56% presently is a major relief & support to markets. Bulls would be reluctant to go long; bears would hesitate to go short massively. Time to wait & watch”

Microtech Developers makes a weak debut; shares list at 10.3% discount at Rs 436 per share

Shares of Macrotech Developers, earlier known as Lodha Developers, made a weak debut Monday as the shares got listed at Rs 436.00, a discount of 10.29 percent to the issue price of Rs 486 per share on the National Stock Exchange. The scrip was listed at a discount of 9.67 percent at Rs 439.00 on the BSE. The initial public offering (IPO) of Mumbai-based Macrotech Developers was subscribed 1.36 times during April 7-9. The offer had received bids for 4.95 crore equity shares as against the offer size of 3.64 crore equity shares. Meanwhile, the Indian equity market traded over 2 percent lower amid worries over economic growth as various states imposed stricter restrictions to control the spread of COVID-19. Overall market sentiment also resulted in a weak listing for the stock.

China opens its borders to billions of dollars of gold imports

China has given domestic and international banks permission to import large amounts of gold into the country, five sources familiar with the matter said, potentially helping to support global gold prices after months of declines. China is the world’s biggest gold consumer, gobbling up hundreds of tonnes of the precious metal worth tens of billions of dollars each year, but its imports plunged as the coronavirus spread and local demand dried up. With China’s economy rebounding strongly since the second half of last year, demand for gold jewelry, bars and coins has recovered, driving domestic prices above global benchmark rates and making it profitable to import bullion.

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

The oil marketing companies kept retail fuel prices unchanged on Monday for the fourth consecutive day. Accordingly, the price of petrol and diesel stood at Rs 90.40 and Rs 80.73 per litre respectively, according to Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, the petrol price remained unchanged at Rs 96.83 per litre on Friday. The cost of diesel also was the same at Rs 87.81 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. The fuel prices vary from state to state in the country due to the value-added tax or VAT.

Asian shares near 1-1/2 week highs, Bitcoin recoups losses

Asian shares hovered near 1-1/2 week highs on Monday helped by expectations monetary policy will remain accommodative the world over, while COVID-19 vaccine rollouts help ease fears of another dangerous wave of coronavirus infections. MSCI’s broadest index of Asia-Pacific shares outside Japan was last at 695.59, within striking distance of Friday’s high of 696.48 – a level not seen since April 7. The index jumped 1.2% last week and is up 5% so far this year, on track for its third straight yearly gain. Australian shares were 0.25% higher while New Zealand’s benchmark index and South Korea’s KOSPI added 0.4% each. Japan’s Nikkei eased 0.4%.

Glenmark Life Sciences files papers for IPO

Glenmark Pharmaceuticals’ subsidiary, Glenmark Life Sciences filed IPO papers on April 16 with the Securities Exchange Board of India to start the process for its public listing. Glenmark Life Sciences is a wholly-owned subsidiary of Glenmark Pharmaceutical and is involved in the rapidly growing active pharmaceutical ingredients (API) sector. The company filed a draft red herring prospectus (DRHP) with the oversight and regulatory body on Friday to start the process for its IPO. The company plans to raise at least Rs 1,160 crore via fresh issues and is selling 7.3 lakh equity shares of Rs. 2 each. Depending on the final valuation the price of those equity shares could be much higher than the initial offering.

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