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Stock Market Live Updates: Sensex at day’s high, Nifty around 14,450 led by banks, metals; broader markets outperform

Stock Market Live Updates: Indian indices, Sensex and Nifty traded higher led by gains in banking, metals and IT stocks. Broader markets outperformed benchmarks with the midcap and smallcap indices up a percent each. Meanwhile, FMCG and pharma indices traded in the red.

Tata Elxsi shares rally over 9% to hit 52-week high after strong Q4 earnings

The share price of Tata Elxsi jumped more than 9 percent to a fresh 52-week high of Rs 3,340 apiece in early trade on Friday after the company reported strong March quarter earnings with a sharp increase in its net profit. The design-led technology services provider said its net profit in Q4FY21 increased 40.3 percent to Rs 115.16 crore from Rs 82.08 crore in the year-ago period. Its revenue from operations rose 18.1 percent to Rs 518.39 crore from Rs 438.88 crore, YoY. The company’s EBITDA margin was at 32.4 percent, while it reported a net margin at 21.9 percent.

Gold rate today: Yellow metal trades flat; support seen at Rs 47,480 per 10 grams

Gold prices in India traded flat with a negative bias on the Multi Commodity Exchange (MCX) Friday amid a positive trend in the international spot prices. At 11:10 am, gold futures for June delivery.

The markets are still maintaining above the 14,200 levels. This level is crucial and if we break this on a closing basis, we could slide down to 13,800-13,900. If those levels don’t hold, the next level would be 13,600. Since the upside is capped at 14,550-14,600, any rally up will be utilized to short the market.

No panic buying like last time; labor migration lower: Parle exec

As India reels under a fierce second wave of COVID and lockdown fears loom, Mayank Shah, Senior Category Head of Parle Products said that the rural demand scenario is far better than urban. “Rural, while cases are going up, the scenario is still much better compared to urban. The reason being that population density there is much lesser and at any given point in time if you see cases surging in a particular pocket, it can be contained to a certain village which in the total scheme of things is not big unit in terms of demand,” he said in an interview to CNBC-TV18. Shah also said that, unlike last year, there is no panic buying. However, there is mild pantry loading of biscuits, he said

Powergrid Infrastructure Investment Trust files for IPO, comprised of fresh issue of up to Rs 4,993

RBI approves appointment of Atanu Chakraborty as Part-Time Chairman of HDFC Bank

HDFC Bank, the country’s largest private sector bank said that the banking regulator Reserve Bank of India (RBI) has approved the appointment of former Economic Affairs Secretary Atanu Chakraborty as its Part-Time Chairman. In a regulatory filing on Friday, HDFC Bank said, “The Reserve Bank of India (RBI) has approved the appointment of Atanu Chakraborty as the Part-Time Chairman of the HDFC Bank for a period of three years w.e.f. May  5, 2021, or the date of his taking charge, whichever is later

Global Markets: Asian shares shake off US tax worries, cryptocurrencies plunge

Akey gauge of Asian shares rose on Friday, supported by gains in China and a decision by the European Central Bank to maintain stimulus, while investors largely shrugged off the impact of a possible US capital gains tax hike. In Asia on Friday MSCI’s broadest index of Asia-Pacific shares outside Japan shook off early small losses to rise 0.3 percent. Chinese blue-chip shares rose 0.93 percent, supported by consumer staples, health care and financial firms. Hong Kong’s Hang Seng rose 0.93 percent and Seoul’s Kospi added 0.1 percent. Japan’s Nikkei stock index slid 0.7 percent. Modestly firmer equity markets contrasted with ructions in cryptocurrencies as investors fretted over the impact of tax changes. Bitcoin’s route deepened, dropping below the USD 50,000 level to a low of USD 48,338.37, its lowest level in nearly seven-week.

On Nazara Technologies IPO disappointed. But……….

If you are a long-term investor, you should hold on to this stock. Maybe wait for one quarter, where some disappointment comes in and the stock corrects, you should be a buyer. My view about all gaming companies, eCommerce companies is they should be a part of your portfolio but wait for a quarter where they show you weaker earnings basically or the market shows you some amount of correction, and then you should be willing to buy.

“The resilience of the market (Nifty down only 1.9% in April, so far) in spite of the health crisis and worrisome news relating to bed & oxygen shortages and travel bans announced by many countries, would appear surprising. But it is important to appreciate the fact this bad news will not impact the earnings of companies in sectors that are doing well like IT, metals & pharma. FIIs continuing in the sell mode is a worry for markets in the short run. The underperformance of the bank index (down 4.5% in April, so far) emanates from the potential hit to GDP from the second wave, which the market had not factored in last month. Also, there is portfolio churn away from banks in favor of IT, metals & pharma. If this persists, it will present buying opportunities in the leading private sector banks.

Since equity investors are sitting on big profits, partial profit booking and moving money to fixed income may be considered even though fixed income returns are low. Heightened uncertainty warrants partial switching to fixed income”

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