Indian indices ended near the day’s low after a weak start on Tuesday, dragged by heavyweights and a lack of cues from other Asian markets, many of which were shut for a public holiday. A day after HDFC twins’ stellar run on merger news, some traders resorted to booking profits, and both HDFC and HDFC Bank scrips retreated over 2-3%. After a lacklustre session, the 30-share pack Sensex declined 435.24 points or 0.72% but managed to close above the 60,000 mark. Its broader peer NSE Nifty fell 96 points or 0.53%, to close at 17,957.
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Wall St opens lower on Russia sanction worries
Wall Street’s main indexes opened lower on Tuesday, as the prospect of fresh sanctions on Russia kept investors on edge, while megacap growth stocks retreated after strong gains a day earlier. The Dow Jones Industrial Average fell 45.5 points, or 0.13%, at the open to 34876.33. The S&P 500 fell 10.2 points, or 0.22%, at the open to 4572.45, while the Nasdaq Composite dropped 42.3 points, or 0.29%, to 14490.259 at the opening bell.
Trade setup: Nifty staring at couple of days of consolidation again
In all probability, we are staring at a day or two of some consolidation again. So long as Nifty is below the 18,000-18,100 zone, it is strongly recommended to protect profits with each up move as the markets remain prone to defined consolidation and profit-taking bouts at higher levels.
Individual investors can use UPI for up to Rs 5 lakh payment in IPOs
Capital markets regulator Sebi on Tuesday said individual investors applying in public issues of equity shares and convertibles can use Unified Payment Interface (UPI) for application amount up to Rs 5 lakh. Also, they have been asked to provide their UPI ID in the bid-cum-application form submitted with any of these entities — syndicate member, stock broker, depository participant and registrar to an issue and share transfer agent.
Lupin inks licensing pact with Alvion to market drugs in Southeast Asia
Drug maker Lupin on Tuesday said it has inked a licensing pact with Alvion Pharmaceuticals to commercialise medicines for cardiometabolic diseases in Southeast Asia. The Mumbai-based company said it is committed to providing affordable treatment options to healthcare providers and patients. By commercialising cardiometabolic drugs in Southeast Asia, Lupin will play a significant role in improving the quality of healthcare and access to medicines, it added.
STOCK IN FOCUS: MARICO LTD
Tech View: Nifty50 takes a breather, consolidation likely
Nifty50 on Tuesday formed a small bearish candle on the daily scale after seeing pressure near 18,100 level. The NSE barometer negated a higher high after five sessions and looks likely to consolidate for some time in a broad 17,800-18,200 range, before heading upward, said analysts. Mazhar Mohammad of Chartviewindia.in said as long as the index sustains above the bullish gap zone present between 17,791 and 17,703 level, any weakness should be considered as an opportunity to create fresh long positions.
Market might consolidate for some time: Siddhartha Khemka, Head – Retail Research, MOSL
Market might consolidate for some time before the key event of RBI’s policy meet due this week which would provide some direction to the market. Banking stocks are likely to remain in lime light on account of this. Q4 results announcement would also kick start with IT companies which would keep the markets volatile. Investors would close track the corporate commentaries given the current global environment.
Tesla’s Elon Musk may add to SEC ire with late report about Twitter stake
Did Elon Musk break securities laws again? Former securities officials and professors said Musk may have missed a key disclosure deadline when he bought 9% of Twitter. And Securities and Exchange Commission regulators could use any shortfall to try to punish Musk more for other lapses, some believe. Musk on Monday disclosed that he bought a 9.2% stake in Twitter Inc, making him the micro-blogging site’s largest shareholder and triggering a rise of more than 27% in the company’s shares. The filing said March 14, 2022 is the date of the event that requires the statement.
Main indices took a breather after yesterday’s rally and as the global market moderated. But broad market continued its positive trend. Mid & Smallcaps have become attractive after the consolidation of the last 5 to 6 months. Such a trend to outperform can be expected with volatility in the short to medium term as Russia – Ukraine war, rate hikes and inflation are factored in the current market price.
– Vinod Nair, Head of Research at Geojit Financial Services
LIC IPO: Govt mulls selling 7% stake in insurer next month
The government is discussing selling as much as a 7% stake in LIC through the listing, according to the people, who asked not to be identified because the information is private. It aims to launch the share sale before current approvals for the offering expire on May 12, the people said.
What moved the market today?
Markets may consolidate after the recent surge and it would be healthy. However, there’ll be no shortage of trading opportunities, thanks to scheduled events like MPC’s monetary policy review meet and the beginning of the earnings season. Participants should focus on the sectors/themes which are playing out well and utilise the pause to accumulate quality stocks on dips.
— Ajit Mishra, VP – Research, Religare Broking
MARKET STATS: Advance-decline ratio at 2:1
SECTOR WATCH: FMCG rallies over 1%, financials top drags
Sensex Heatmap: 13 of 30 stocks close in the green
Top gainers — NTPC, PowerGrid, Titan
Top losers — HDFC Bank, Bajaj Fin, HDFC
CLOSING BELL: HDFC twins, RIL drag Sensex 435 pts lower; Nifty below 18,000; Tata Power jumps 9%
Top losers on NSE in closing trade
Price as on 05 Apr, 2022 03:22 PM, Click on company names for their live prices.
Sensex today live: Fag-end selling drives Sensex 400 points down
Dogecoin up 40% in 3 weeks! Is there more steam left?
For the last few weeks, Dogecoin has been the cryptocurrency to watch out for. The largest memetoken has rallied about 40 per cent in the last three weeks. Dogecoin was flying high after the reports surfaced that Elon Musk owns a 9.2 per cent stake in the micro blogging website Twitter. This makes Musk the largest shareholder in the company. The stake in Twitter of Elon Musk, who is fondly called as the ‘Doge Father’ by fans, propelled a strong rise in the Dogecoin prices, with speculators flocking to the memetoken.
JUST IN: KEC International bags orders worth Rs 945 crore
Price as on 05 Apr, 2022 02:56 PM, Click on company names for their live prices.
JUST IN: Mindtree to acquire 6.64% stake in Cope Healthcare Consulting
Price as on 05 Apr, 2022 02:40 PM, Click on company names for their live prices.
BLOCK DEAL: 32 lakh shares of Adani Power change hands; stock hits 10% upper circuit
Price as on 05 Apr, 2022 02:23 PM, Click on company names for their live prices.
DB Realty has entered into Memorandum of Understanding(s) (MOU) with Shiva Group Companies to acquire entire equity shares of Shiva Group Companies from its existing shareholders.
Price as on 05 Apr, 2022 02:16 PM, Click on company names for their live prices.
Technically, the Nifty has reached closer to the trendline resistance and a decisive close above 18,150 would pave for a further surge towards the 18,350-18,600 zone. In case of a decline, 17,600 & 17,200 zone would act as crucial supports. Considering the trend, we advise continuing with a positive bias and focusing on a stock-specific trading approach.
– Religare Broking
Why is Nifty at 18000 despite all the headwinds?
India has taken some of the fuel price hikes etc. and maybe there will be some see through of inflation as we go into the next few weeks. But broadly, the market probably wants to still believe that peak inflation this time around would be relatively lesser compared to what it has been in the past weeks.
If inflation is largely a function of money supply, then it stands to reason that we may not necessarily have as much of inflation over a cycle compared to what many developed markets are probably countering or likely to counter at this stage. That is where the recovery has been pretty swift and fast, much better than most of our expectations.
— Taher Badshah, CIO, Invesco Mutual Fund
Oil rally limits losses for European shares
European shares were trading flat on Tuesday, as a rally in oil prices on the prospect of more sanctions against crude exporter Russia lifted energy stocks and helped offset losses in banks and industrial stocks. The pan-European STOXX 600 index was up 0.1% at 0710 GMT, after two days of gains.
Board of Directors of Suven Pharmaceuticals Limited (SPL) in its meeting held today has approved the investments by way of purchase of entire share capital from the existing shareholders of Casper Pharma a Hyderabad based SEZ company engaged in formulations business. Post purchase of shares, the target entity would become a wholly owned subsidiary of…
Read More: Stock Market Highlights: Nifty forms bearish candle; what does it signal for Wednesday’s