Stock Market Live: Sensex at day’s high, Nifty above 14,750 led by metals, pharma, FMCG stocks

Positive on banks, NBFCs, FMCG and IT, says Elixir Equities’ Dipan Mehta

Dipan Mehta, Director at Elixir Equities is very positive on banks and non-banking financial companies (NBFCs). He believes this sector has a good buying opportunity for investors to increase their exposure currently. “We are seeing the earlier phase of the lockdown where the banks bore most of the brunt,” Mehta said in an interview with CNBC-TV18. “Resultant slowdown in lending and a slight uptick in non-performing assets (NPAs) will be absorbed by the banks and NBFCs. They offer a good opportunity for investors to increase their exposure. These are good times to get into good solid banks or good NBFCs with one-two year type of a view,” he added. “One should be a bit careful as far as Avenue Supermart is concerned. From a longer-term investment perspective, buying at these levels may not give you that kind of an outperformance,” he explained. Read more.

Buzzing | Shares of Panacea Biotec hit 20 percent upper circuit after the company said it would produce 100 million doses a year of the Russia-made Sputnik V coronavirus vaccine. Panacea Biotec Ltd had an agreement with the Russian Direct Investment Fund, Russia’s sovereign wealth fund, to produce 100 million doses per year of Sputnik V.

Sobha shares rally 8% after record sales bookings in March quarter

Shares of realty firm Sobha Ltd rallied over 8 percent in early trade on Tuesday after the company posted record sales bookings during the last fiscal year despite the COVID-19 pandemic. The Bengaluru-based developer said it achieved a total sales volume of 40,13,381 square feet valued at Rs 3,137 crore in FY21. “Total sales value achieved during FY20-21 is the highest ever in the history of the company,” the company said in a regulatory filing. During the quarter ended March 2021, the company achieved the best-ever total sales volume of 13,37,707 square feet of super built-up area valued at Rs 1,072 crore. Read more.

Market Watch: Rahul Sharma, Equity99 Advisors

– Buy Granules India with a stop loss of Rs 308 and a target of Rs 350.

– Buy Laurus Labs with a stop loss of Rs 375 and a target of Rs 440.

Flipkart partners with EDEL by Mahindra Logistics to accelerate deployment of electric vehicles

Flipkart, India’s homegrown e-commerce marketplace, today announced that it has partnered with Mahindra Logistics Limited (MLL) as one of its key logistics partners to help fast track deployment of electric vehicles across its logistics fleet in the country. Flipkart has committed to 100% electric mobility in its logistics fleet and will deploy more than 25,000 electric vehicles (EVs) by 2030. Mahindra Logistics will play a significant role in working with various OEMs and help Flipkart’s sustainable transition to EVs

Yash Gupta Equity Research Associate, Angel Broking

Lodha Developers’ core business of residential real estate developments with a focus on affordable and mid-income housing along with the development of logistics and industrial parks. We have seen a very good housing demand after the sector was hit by the COVID pandemic. Lodha developers reported revenue of Rs 2,920 crore with EBITDA of Rs 770 crore in 9MFY2021. The company having a net debt of Rs 16,700 crore as of December 2020 which is a very high number, company focusing on deleveraging their balance sheet from the proceeds of the IPO. Sector itself taking a U-turn from the last 5 year slowdown, we expect the sector to do well in coming years and top players to gain market share from these levels. We have a positive outlook for this IPO.

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

The markets respected the 14,500 and took good support at this level yesterday. Today we are trading well over that price. 14,950 is the key level to watch out for. If we can get past that we could resume the macro uptrend and scale higher to 15,300. If the Nifty fails to move up and breaks yesterday’s lows, we will go back to the recent lows of 14,200. It is a wait-and-watch situation.

KKR closes $15 billion Asian Fund IV

Global investment firm KKR announced the final close of KKR Asian Fund IV, a $15 billion fund focused on investments in private equity transactions across the Asia Pacific region. KKR will be investing approximately $1.3 billion in capital alongside fund investors through the firm and its employees’ commitments. This fund is currently the largest private equity fund dedicated to investing in the Asia Pacific region

CLSA maintains buy rating on HDFC Bank

Broking firm CLSA has maintained its buy rating on HDFC Bank with a price target of Rs 1825 per share. The CLSA note said that HDFC Bank’s fourth-quarter business update is showing strong growth trends. The growth in loan book has been strong despite the trend of companies reducing their debts, CLSA said. Also, the bank has been able to grow both its retail and corporate book on a high base, CLSA said. Also, the bank has delivered growth despite restrictions on new credit card issuances and the talk about companies deleveraging.

Market Opens | The Indian market opened higher led by gains in metals, IT and auto stocks. The Sensex opened 281.81 points, or 0.57 percent higher at 49,441.13, while the Nifty gained 99.20 points, or 0.68 percent to open at 14,737.00. Banks and financials were under pressure.

Market Watch: Shubham Agarwal, CEO & Head of Research at Quantsapp Advisory

– Buy 2,100 strike Call option on Mindtree with a stop loss of Rs 75 and a target of Rs 125.

– Buy 1,040 strike Call option on Lupin with a stop loss of Rs 24 and a target of Rs 40.

– Buy Apollo Hospitals with a stop loss of Rs 2,850 nand a target of Rs 3,060.

Morgan Stanley bullish on Bajaj Finance; Credit Suisse neutral

Morgan Stanley has rated Bajaj Finance as overweight, with a price target of Rs 6000. According to the broking firm, Bajaj Finance’s assets under management for the March quarter is better than expected. The company’s fourth-quarter earnings would swing sentiment positively, especially after the recent sell-off, Morgan Stanley said. Read more.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

The short term trend of Nifty remains range-bound around 14,900-14,400 levels. The pattern of selling at resistance and buying at support continued in the market. Present daily and intraday chart setup signal chances of yet another upside bounce towards 14,900 levels again in the short term, before showing another round of weakness from the highs. Intraday resistance is now placed at 14,700.

Indian refiners deepen cuts to Saudi oil purchases in May

Indian state refiners will buy 36 percent less oil from Saudi Arabia in May than normal, three sources said, in a sign of escalating tensions with Riyadh even after the Kingdom supported the idea of boosting output from OPEC and allied producers last week. Energy relations between India, the world’s third-biggest oil importer and consumer, and Saudi Arabia have soured as global oil prices spiked, a Reuters report said. New Delhi blames cuts by the Saudis and other oil producers for driving up crude prices as its economy tries to recover from the pandemic. Read more.

Yellen pledges US international cooperation, calls for global minimum tax

US Treasury Secretary Janet Yellen said on Monday that she is working with G20 countries to agree on a global corporate minimum tax rate and pledged that restoring US multilateral leadership would strengthen the global economy and advance US interests. In a speech ahead of her first International Monetary Fund and World Bank Spring Meetings as Treasury chief, Yellen signalled stronger US engagement on issues from climate change to human rights to tax base erosion. A global minimum tax proposed by the Biden administration could help to end a “thirty-year race to the bottom on corporate tax rates,” Yellen told an online event hosted by the Chicago Council on Global Affairs. The proposal is a key pillar of President Joe Biden’s $2 trillion infrastructure spending plan, which calls for an increase in the US corporate tax rate to 28 percent while eliminating some deductions associated with overseas profits.

Gold gains as dollar, US Treasury yields lose shine

Gold prices rose on Tuesday, as a weaker dollar made bullion cheaper and more attractive for buyers outside the United States, while a pull-back in US Treasury yields provided further support. Spot gold was up 0.3 percent at $1,733.31 per ounce. Gold futures were up 0.4 percent at $1,735.10 per ounce. The dollar slumped to an almost two-week low versus a basket of rival currencies, while US Treasury yields also fell as investors paused recent selling of government bonds.

Oil climbs on weaker dollar, outweighing OPEC+ supply worries

Oil prices rose early on Tuesday as a drop in the US dollar made crude a more attractive buy, paring losses of more than 4 percent incurred overnight on the prospect of producers returning more than 2 million barrels per day of supply to the market by July. Brent crude futures jumped 83 cents, or 1.3 percent, to $62.98 a barrel, after falling 4.2 percent on Monday. US West Texas Intermediate (WTI) crude futures rose 80 cents, or 1.4 percent, to $59.45 barrel, after sliding 4.6 percent on Monday.

Asia shares set to rise after S&P 500, Dow hit records on strong economic data

Asian equities are poised to rise on Tuesday after the S&P 500 and Dow indexes set records as a streak of strong US economic data fueled optimism even as a smaller-than-expected climb in 10-year Treasury notes eased inflation concerns. Australian S&P/ASX 200 futures rose 0.34 percent in early trading, while Hong Kong’s Hang Seng index futures rose 0.40 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.24 percent higher.

Wall Street | US stocks rallied on Monday with the Dow and S&P 500 closing at record levels, as a round of strong economic data buoyed investor optimism for the economic reopening and a muted climb in the 10-year U.S. Treasury yield kept inflation worries in check. An ISM survey for March showed a measure of US services industry activity jumped to a record high. The Dow Jones Industrial Average rose 372.27 points, or 1.12 percent, to 33,525.48, the S&P 500 gained 57.91 points, or 1.44 percent, to 4,077.78 and the Nasdaq Composite added 225.49 points, or 1.67 percent, to 13,705.59.

First up, here is quick catchup of what happened in the markets on Monday

The Indian benchmark indices ended sharply lower on Monday as concerns over rising COVID-19 cases and new restrictions imposed in various states spooked investors. The Sensex slipped 870.51 points, or 1.74 percent, to 49,159.32, while the Nifty ended 229.55 points, or 1.54 percent lower at 14,637.80. Broader markets, smallcap and midcap indices ended over 1 percent lower each. Heavy selling was witnessed in banks, auto, FMCG, realty and financial sectors. Nifty IT and Nifty Metal indices ended in the green.

Welcome to CNBC-TV18’s Market Live Blog

Good morning, readers! I am Ankit Gohel from the market’s desk of CNBC-TV18. Welcome to our market blog, where we provide rolling live news coverage of the latest events in the stock market, business and economy. We will also get you instant reactions and guests from our stellar lineup of TV guests and in-house editors, researchers, and reporters. If you are an investor, here is wishing you a great trading day. Good luck!