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    Stock Market Highlights: Sensex slumps 627 points, Nifty ends FY21 below 14,700 dragged by private banks, IT

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    Stock Market Highlights: Sensex slumps 627 points, Nifty ends FY21 below 14,700 dragged by private banks, IT

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    Stock Market Highlights: Indian equity indices, Sensex and Nifty ended over 1 percent lower on Wednesday dragged by heavy selling in private banks and IT stocks amid mixed global cues. Broader markets outperformed the benchmark as the midcap and smallcap indices ended 0.3 percent higher each. Gains were witnessed in PSU Banks, FMCG, metals and pharma sectors. 

    Stock Market Highlights: Sensex slumps 627 points, Nifty ends FY21 below 14,700 dragged by private banks, IT
    • That is it for today folks. Will return with the latest election news tomorrow. 

    • Ajit Mishra, VP - Research, Religare Broking

      Markets took a breather after the recent rebound and lost nearly a percent on the last trading day of the financial year. The benchmark opened gap down and traded with negative bias throughout the session citing mixed cues. Finally, the Nifty ended near day’s low to close at 14,690 levels. We’re seeing erratic swings during this consolidation phase and the divergence between Nifty and the banking index is further adding to the participants' worries. Traders should limit leveraged positions and focus more on the selection of stocks. In absence of any major event, global cues and COVID-related updates will remain in focus.

    • Here are key stocks that moved the most on March 31
      The Sensex ended 627 points lower at 49,509 while the Nifty fell 154 points to settle at 14,691. Get latest Market online at cnbctv18.com
      Stock Market Highlights: Sensex slumps 627 points, Nifty ends FY21 below 14,700 dragged by private banks, IT
    • Shrikant Chouhan, Executive Vice President, Equity Technical Analyst, Kotak Securities

      The market retreated from the day's highs and continued to consolidate throughout the day. The bias was negative and most of the index heavyweight weights shares closed lower. The market width was 1:1 and therefore the market trend could not be determined. The trading range for tomorrow's market could be 14,650/49,300 and 14,550/49,000. The market could see 14,400/48,700 levels below 14,550/49,000 levels. Beyond 14,750/49,700, the market could pick up speed again. In short, hold long poses until 14,550/49,000 breaks. Today, the Bank Nifty did not rise as expected. However, there also we feel 33,000 would act as major support.

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

      The markets failed to get past 14,950. The opening level of the Nifty was also the day high which means the sentiment for the day has been bearish. If we get past 14,950, we can project a target of 15,200-15,300. If we continue falling and break 14,500 on a closing basis, the index could drift further to test the recent low of 14,250.

    • Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services

      Despite a truncated week, the forex market has been very volatile. The spot breached 73 on the back of an uptrend in the dollar. The market focus is on Biden's additional stimulus announcement and an additional spending boost will further support the dollar rally. But the best thing to do for now is to follow the trend and let the market tell you where it's going to end. In the USDINR spot we expect the trading range to be 72.50-73.50

    • Highlights of Market Performance in FY21

      - Best Fiscal Ever In Absolute Terms; In % Terms, Best FY In 11 Yrs

      - Returns Post COVID Lows In Mar 2020, The Best Since Global Financial Crisis

      - All Sectoral Indices Give Positive Returns This Fiscal; Metal, Auto, IT & Realty Double

      - Only One Nifty Stock (Coal India) Has Given Negative Returns In FY21

      - 1 Nifty Stock Gives Over 300%, 4 Over 200% & 10 Over 100% Returns

      - Sensex Up 68%, Nifty 71%, Nifty Bank 74% & Midcap Index 102%

      - Tata Motors, Hindalco, JSW, Grasim, Tata Steel Top Nifty Gainers

      - Adani Ent, Deepak Nitrite, Tata Elxsi, NCC, JSPL Amongst Top Midcap Gainers

    • Market At Close

      - Financials Drag Market; Sensex & Nifty Slip 1%, Nifty Bank Nearly 2%

      - Midcap Index Relatively Outperforms With The Index Rising 0.3%

      - Sensex Slips 627 points To 49,509 & Nifty 154 Points To 14,691

      - Nifty Bank Falls 571 Pts To 33,303 While Midcap Index Rises 84 Pts To 23,693

      - Market Breadth Favours Declines; Advance-Decline Ratio At 1:1

      - Realty Stocks Gain On Reports Of Extension To Stamp Duty Relaxation

      - PSU Banks Higher On Fund Infusion By Govt; Nifty PSU Bank Up Over 1%

    • Closing Bell | Indian equity indices ended over 1 percent lower on Wednesday dragged by heavy selling in private banks and IT stocks amid mixed global cues. The Sensex fell 627.43 points, or 1.25 percent to close at 49,509.15, while the Nifty ended 154.40 points, or 1.04 percent lower at 14,690.70. Broader markets outperformed the benchmark as the midcap and smallcap indices ended over 0.3 percent higher each.

      Among sectors, Nifty Private Bank Nifty IT and Nifty Financial Services declined, while gains were witnessed in PSU Banks, FMCG, metals and pharma sectors. On the Nifty50, HDFC, HDFC Bank, PowerGrid Corporation, Tech Mahindra and Coal India were the top losers, while Tata Steel, Grasim Industries, UPL, Bajaj Finserv and ITC were the top index gainers.

    • Maruti Suzuki India | The auto major has signed a Memorandum of Understanding (MoU) with Karnataka Bank to introduce attractive finance options for customers purchasing their favourite car from the company.

    • Market may consolidate or pause for a while; direction remains bullish: Pankaj Murarka

      Pankaj Murarka of Renaissance Investment Managers discussed the fundamentals of the market. "The market might consolidate or pause for a while. However, the direction or the trend of the market remains intact that we remain in a bull market,” he said.

      According to him, the growth outlook for India remains pretty strong. “It took us 10 years to double Nifty earnings between 2010 and 2020 and we will achieve the same in the next three years if you take 2021 as a base. So Nifty earnings will double between 2021 and 2024. Given that outlook, the market should continue to do well,” he explained. Read more.

    • OPEC+ panel lowers oil demand growth forecast

      OPEC+ has lowered its 2021 oil demand growth forecast by 300,000 barrels per day reflecting concerns about the market's recovery, a report from its experts panel meeting seen by Reuters showed. The Joint Technical Committee, which advises the group of oil-producing nations that includes Saudi Arabia and Russia, met on Tuesday ahead of a ministerial meeting on Thursday to decide output policy.

      Under its base case scenario, it now expects oil demand to grow by 5.6 million barrels per day this year, down by 300,000 bpd from its previous forecast. It also raised its global supply growth forecast by 200,000 bpd to 1.6 million bpd. Read more.

    • Dr Reddy’s Laboratories | Sources tell CNBC-TV18 that the Subject Expert Committee that was to consider Dr Reddy’s Laboratories’ application seeking ‘emergency use authorisation’ for SputnikV Vaccine, has been postponed till tomorrow.

    • Piramal Enterprises | The company's subsidiary Piramal Pharma Ltd has entered into an agreement to acquire 100 percent stake in Hemmo Pharmaceuticals Pvt Ltd for an upfront cash consideration of Rs 775 crore.

    • Krish Raveshia, CEO at Azo Realty

      The financial year 2020-21 was a turnaround year for the real estate sector. A year which saw activities largely affected for the first few months. Then, the government intervention with unlocking and series of reform measures boosted the sentiment for the better. A combination of low-interest rates and reduction in stamp duty resulted in monthly sales of nearly 10,000 units for Mumbai consistently since September.

      The pandemic taught us the importance of technology which is an enabler, if deployed well it can help save huge costs. Homebuyers realized the importance of a spacious home with state-of-the-art amenities, and fiber connectivity that can double up as an office space. We have already started witnessing consolidation in the sector, developers with scale and strong books will emerge stronger post the pandemic. The broader economic recovery is expected to pick up momentum and help most sectors. FY22 will be a year of growth for the sector, with the return of pricing power.

    • CLSA upgrades Embassy Office Parks REIT to buy; raises target to Rs 385

      Brokerage firm CLSA has upgraded its rating on Embassy Office Parks REIT to Buy from Outperform and increased the target price to Rs 385 from Rs 380 earlier. CLSA believes risk-reward is favourable. "The marginal increase in our target price and EPS for FY22/23 is driven by the collapsing of the two-tier structure in Embassy Manyata, which results in higher income through dividends from Embassy Manyata," CLSA said.

      The brokerage house is of the view that Embassy REIT’s current valuation prices in a 10 percent decline in market rent and revision in contractual escalation to 10 percent every three years and sustained vacancies of 10 percent in the near term. It believes, at the current market price, the downside risk is limited, while the upside potential from our bull-case scenario is 44 percent.

    • Buzzing | KNR Construction shares jump 6% on receiving letter of acceptance for NHAI project

      Shares of KNR Constructions jumped nearly 6 percent on Wednesday after the company received a letter of acceptance (LoA) for an NHAI project in Kerala. The project bid cost was Rs 2,367 crore and the company bid was Rs 2,116 crore, said the company. The company got the letter of acceptance for the six-laning of the Ramanattukara section of NH-66 (old NH-17) in Kerala on hybrid annuity mode under Bharatmala Pariyojana, it said in a BSE filing.

    • Motilal Oswal on Maruti Suzuki

      After a gap of almost 20 months, we expect new product launches to resume with a mixture of complete product upgrades (five in 2-3 years) and new model launches (three in two years). This should drive volumes and market share growth. Profitability is near the trough and margin improvement should be seen from the lows of 3QFY21.

      We see further improvement in dividend payouts and a resultant re-rating. Maintain Buy with a target price of Rs 8,700 per share. Near term supply-side disruptions and further increase in key commodity prices are key risk.

    • CLSA: Nifty could see more volatility in near term; long-term upside at 16,400

      We expect upside in the long-term towards 16,400 on the Nifty, said CLSA’s Laurence Balanco on Wednesday. “We see trading range developing and that should provide the platform for the resumption of the uptrend which would then give an extended upside target for the Nifty close to 16,400 area. So we think more volatility in the short-term but ultimately this trading range gives us a platform for a move up to 16,400,” he told CNBC-TV18.

      Balanco further said, “What we have seen for Nifty and majority of regional Asian markets is a consolidation pattern. So there has been top trading range got a number of markets and Nifty is no different in that—its holding 14,300-14,500 support zone and the top end is giving resistance around 15,300-15,500." Watch here.

    • Rewind FY21: 30 IPOs raise over Rs 31,000 crore, highest in 3 years
      Fundraising through initial public offerings (IPOs) has been highest in the financial year 2020-21 (FY21) in the last 3 years, since FY18.Get latest Market online at cnbctv18.com
      Stock Market Highlights: Sensex slumps 627 points, Nifty ends FY21 below 14,700 dragged by private banks, IT
    • Mahindra & Mahindra | The company’s Japanese subsidiary Mitsubishi Mahindra Agricultural Machinery and Kubota Ltd have entered into a business collaboration arrangement for the Japanese Domestic Market.

    • SBI raises additional USD 1 billion untied loan with Japan Bank

      The State Bank of India (SBI) has signed a loan agreement of $1 billion with Japan Bank for International Cooperation (JBIC), taking the total facility to $2 billion, including $1 billion which was signed last year in October 2020. The loan is in the form of refinancing against the funding support provided to the manufacturers, suppliers, and dealers of Japanese automobiles in India, whose business activities are recovering from reduced sales of automobiles due to the COVID-19.

    • TVS Motor Company | The company’s two-wheeler exports clocked 1 lakh units in March 2021. An increase in motorcycle sales in key markets across the globe has contributed to this.

    • FY21 wrap: Indian markets see best performance in decade; only 1 Nifty stock in red
      Benchmark Nifty rose over 71 percent in FY21 so far while Sensex rallied over 68 percent during this period. Get latest Market online at cnbctv18.com
      Stock Market Highlights: Sensex slumps 627 points, Nifty ends FY21 below 14,700 dragged by private banks, IT
    • Update | Cabinet approves PLI scheme for food processing, sources said.

    • Hindustan Construction Company | HCC Concessions Ltd (HCON), the infrastructure development arm of HCC Group, concluded its conciliation with NHAl for all disputes concerning Baharampore-Farakka Highways Ltd (BFHL) and Farakka-Raiganj Highways Ltd (FRHL). The SPVs entered into settlement agreements with NHAI for a comprehensive closure of all outstanding disputes and claims between the parties. BFHL will receive Rs 405 crore while FRHL will receive Rs 854 cr from the NHAI.

    Stock Market Highlights: Indian equity indices, Sensex and Nifty ended over 1 percent lower on Wednesday dragged by heavy selling in private banks and IT stocks amid mixed global cues. Broader markets outperformed the benchmark as the midcap and smallcap indices ended 0.3 percent higher each. Gains were witnessed in PSU Banks, FMCG, metals and pharma sectors.

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