Sensex, Nifty End Off Day’s High But With Gains

• Benchmark indices end off the day's high but with gains
• Nifty ends 1.4 percent higher at 9,282
• Nifty futures trade at a premium of 21 points
• Sensex ends 1.3 percent higher at 31,743
• Nifty Bank ends 2.5 percent higher at 20,081
• Nifty Midcap Index ends 1.5 percent higher
• Nifty Smallcap Index ends at 0.8 percent higher
• India Volatility Index ends 3 percent lower at 37.93
• Nifty I.T. Index ends 2.4 percent higher
• Nifty FMCG (Up 1.45 percent), Nifty Metal (Up 1.3 percent) and Nifty Realty (Up 1.35 percent) among other gainers
• Britannia ends as the top Nifty gainer; up 7 percent
• NTPC ends as the top Nifty laggard; down 1.1 percent
• 1,076 stocks ended the day with gains while 731 declined

Indian equity markets ended the first trading day of the new week with gains, albeit off the highest point of the day.

The S&P BSE Sensex ended at 31,743 gaining 1.3 percent during the day. The index fell 360 points from its day's high of 32,103.

The NSE Nifty 50 index too fell nearly 100 points from its day's high of 9,377 to end at 9,282 up by 1.4 percent. 42 out of the 50 index constituents ended with gains.

All Sectoral Indices ended the day with gains with the Nifty Bank and the Nifty I.T. index ending with gains of 2.5 percent each. Nifty Auto, Nifty FMCG and Nifty Metal gained over 1 percent, as did the Nifty Realty index.

1,076 stocks on the NSE ended the day with gains while 731 reported losses.

• Among the best performers on the Nifty 500 Index
• Gains as much as 9.5 percent to Rs 1,014.90
• Biggest single-day gain in three months
• Trades at the highest level in two months
• Today's volumes are 2.5 times higher than its 30-day average
• The stock trades at 25.7 times estimated forward Earnings Per Share as compared to its two-year historical average of 22.3 times
• 16 out of the 20 analysts tracking the stock have a buy recommendation; 0 sell calls
• The stock has surpassed its 12-month Bloomberg consensus price target of Rs 1,009

The company has informed the exchanges that it has received permission from concerned authorities under revised guidelines to restart operations at its plants and subsidiaries.

The following plants are where operations can resume as per the company's exchange filing:

• Dharuhera for double shift
• Bawal plant for double shift
• Halol plant for double shift
• Haridwar plant I for three shifts
• Haridwar plant II for three shifts
• Pathredi plant for single shift

Two subsidiaries at Bawal and Manesar have also received permission to resume operations in double and single shift respectively.

The stock has snapped a five-day losing streak, rising as much as 20.1 percent to Rs 30.15 post the announcement. This is the biggest single-day gain for the stock since May 2009.

For the Nifty:

• Expiry: May 7
• Buy 9,000 put and 9,600 Call
• Total Premium of Rs 201
• Target of Rs 400
• Stop loss of Rs 100

• Buy Cadila Healthcare for target of Rs 355 and stop loss of Rs 325
• Sell LIC Housing Finance on a bounce to Rs 262 for target of Rs 240 and stop loss of Rs 276

• Buy 9,400 Call of the Nifty for this week's expiry at Rs 90 for target of Rs 150 and stop loss of Rs 60
• Buy Bajaj Finance at Rs 2,020 for target of Rs 2,200 and stop loss of Rs 1,930
• Buy DLF at Rs 132 for target of Rs 140 and stop loss of Rs 128

• Benchmark indices hold on to gains
• Nifty up 2 percent at 9,333
• Sensex up 1.9 percent at 31,929
• Nifty Bank up 2.8 percent at 20,137
• Nifty Midcap Index up 1.7 percent
• Nifty Smallcap Index up 1 percent
• India Volatility Index down 2.3 percent to 38.18
• Nifty Auto, Nifty I.T and Nifty Metal gain over 2 percent
• Nifty Realty (Up 1 percent) and Nifty PSU Bank (Up 0.7 percent) are off their day's high
• IndusInd Bank is the top Nifty gainer ahead of earnings; up 6.1 percent
• NTPC (Down 0.5 percent), Dr Reddy's (Down 0.5 percent), Grasim (Down 0.2 percent) and HDFC Bank (Down 0.1 percent) are the only Nifty laggards
• 1,135 stocks on the NSE are advancing while 640 trade with losses

The currency held on to gains after a volatile trading session. The rupee ended at 76.23 against the U.S. Dollar as compared to Friday's close of 76.45.

Although it saw some reversal from the day's high of 76.04, it managed to end with gains of 0.3 percent. The rupee was the seventh best performing currency among its Emerging Market peers in today's trading session.

Yields on the 10-year government bond ended at 6.135 percent after starting trade at 6.181 percent.

The company at its board meeting held today has declared a special dividend of Rs 320 per share for FY20.

The record date for the same has been fixed as May 8, 2020, as per the company's press release to the exchanges.

Shares gained as much as 7.9 percent to Rs 4,745 post the announcement with volumes seeing a spike, rising to 1.8 times higher than its 30-day average.

• Among best performing stocks on the Nifty 500 index
• Gains as much as 14.88 percent to Rs 105
• Biggest single-day gain since March 30, 2011
• Trades at the highest level in nearly two months
• Today's volumes are 3.1 times higher than its 30-day average
• Has rebounded 61 percent from its 52-week low of Rs 62 on March 24, 2020
• Return potential of the stock as per Bloomberg data is 42.6 percent

The stock is the top performer on the Nifty Realty Index in today's trading session, gaining as much as 9 percent to Rs 342 before cooling off.

CARE Ratings reaffirmed the ratings of the company's facilities and instruments, revising its outlook to negative from stable.

The stock has snapped a four-day losing streak after posting its biggest single-day decline on Friday. The stock is gaining on volumes that are 0.7 times higher than its 30-day average.

Fiscal measures are important to combat the fallout of the coronavirus outbreak, India’s central bank Governor Shaktikanta Das said in an interview to wire agency Cogencis, adding that the budget deficit will probably breach target.

Here are the other highlights from the interview:

• RBI hasn’t taken a view yet on monetisation of the government deficit, nor has the central bank participated in the primary government auctions.
• RBI hasn’t taken any view on issuing any Covid bonds
• Fiscal measures key to combat impact of Covid-19

(Source: Bloomberg)

European markets have opened the new trading week with gains amids signs of positive developments in the fight against Covid-19. Sentiment across the Asia-Pacific got a further boost with the stimulus measures announced by the Bank of Japan. Futures in the U.S. too have reversed losses and are trading higher.

Lets take a look at how benchmark indices across Europe have opened:

• Euro Stoxx 50 up 2 percent to 2,865
• DAX up 2.1 percent to 10,555
• CAC up 2 percent to 4,483
• FTSE 100 up 1.4 percent to 5,832
• IBEX 35 up 2.6 percent to 6,783

• Falls as much as 6.4 percent to Rs 201.60
• Trades at the lowest level since October 25, 2018
• Down for the third straight day
• Has gained only 4 times in the last 14 trading sessions
• Today's volumes are 1.8 times higher than its 30-day average
• The stock has entered oversold territory with the Relative Strength Index at 28
• 17 out of the 19 analysts tracking the stock maintain their buy recommendation; 1 sell call
• Return potential for the stock as per Bloomberg data is 97.2 percent

• Up for the 16th day in a row
• 14th straight upper circuit of 5 percent
• 15 out of the 16 days of gains have been upper circuits of 5 percent
• Longest winning streak on record
• Gained over 115 percent in the last 16 sessions
• KKR will acquire five solar energy assets from Shapoorji Pallonji Infra for Rs 1,554 crore
• Today's volumes are 1.1 times higher than its 30-day average
• Stock has entered overbought territory with Relative Strength Index (RSI) crossing 71
• The stock has more than doubled from its 52-week low of Rs 69.7 on March 31, 2020

11.3 lakh shares of the company changed hands in a single large trade on the National Stock Exchange, as per Bloomberg.

Buyers and sellers of the trade were not immediately known.

The stock currently trades 1.9 percent higher at Rs 66.25 on the National Stock Exchange.

The Gujarat-based pharmaceutical company has informed the exchanges that it got permission from the Food and Drug Administration of Gujarat to manufacture various dosages of Hydroxychloroquine Tablets and Hydroxychloroquine Sulfate Tablets at its Ahmedabad unit.

The company can manufacture both the tablets in 200, 300 and 400 miligram dosages, as per its press release.

Shares are locked in an upper circuit of 5 percent at Rs 152.80 and are up for the fourth straight day.

The stock has snapped a 10-day gaining streak and is locked in a lower circuit of 5 percent at Rs 148.20.

Ratings agency Crisil has downgraded the company's long-term and short-term bank facilities, NCDs and commercial papers. The downgrade reflects the deterioration in the business risk profile given the delayed recovery in cash flows than earlier.

NCDs have been downgraded to A+ with a stable outlook from the earlier rating of AA- with a negative outlook.

The stock was locked in an upper circuit of 5 percent for the last 10 sessions, its biggest winning streak on record.

• Locked in an upper circuit of 5 percent at Rs 427.60
• Up for the fifth straight day
• Locked in an upper circuit for five straight days
• Up 28 percent in the last five sessions
• Today's volumes are 3 times higher than its 30-day average
• Trades at 7.1 times estimated forward Earnings Per Share as compared to its 2-year historical average of 9.6 times
• 11 out of the 13 analysts tracking the stock have a buy recommendation; 1 sell call
• Return potential for the stock as per Bloomberg data is 26.5 percent

• The Mumbai-based private lender had reported a 13 percent loan growth and 3.8 percent deposit growth this quarter, as per its business update shared earlier.
• Stressed exposure to telecom, real estate and NBFCs may lead to deterioration of asset quality and a consequent spike in provisions.
• Loan growth was likely driven by the retail segment. Non-interest income should support topline for the full year.
• NIMs may benefit from liability repricing, microfinance yields.
• Operating costs may improve gradually.
• Credit costs for FY20 may be higher than the 80 basis points guidance.

Source: Bloomberg Intelligence

Shares gained as much as 6.3 percent to Rs 406.90. The stock has snapped a two-day losing streak ahead of its earnings.

The auto parts manufacturer and exporter has informed the exchanges that local district authorities have granted permission to resume operations at its plants in Pantnagar (Uttarakhand) and Aurangabad (Maharashtra).

The notice added that operations will gradually be ramped up to align with the offtake from its OEM customers. The Pantnagar plant has already resumed operations in a phased manner.

Shares rose as much as 7.57 percent to Rs 628.95 and are up for the third straight day. This was the biggest single-day gain for the stock since September 2019 and it now trades at the highest level in a month.

• Reliance Industries' 1,500 Call: Premium up 64.31 percent to Rs 22.10. The contract has added 2.43 lakh shares in Open Interest.
• Bajaj Finance's 1,900 Put: Premium falls 36.2 percent to Rs 39.55. The contract has added 37,750 shares in Open Interest.
• Sun Pharma's 500 Call: Premium up 24 percent to Rs 11.4. The contract has added 1.12 lakh shares in Open Interest.
• Larsen & Toubro's 880 Call: Premium up 46 percent to Rs 16.20. The contract has added 2.57 lakh shares in Open Interest.

• Nifty April futures add 9.1 percent in Open Interest and 8.1 lakh shares
• Nifty Bank April futures add 11.8 percent in Open Interest and 1.45 lakh shares

Nifty: April 30 Expiry

• 9,500 Call: Premium up 94.5 percent to Rs 68.2. The contract has added 3.51 lakh shares in Open Interest.
• 9,000 Put: Premium falls 66.8 percent to Rs 33.3. The contract has added 5.6 lakh shares in Open Interest.
• 9,400 Call: Premium up 103.8 percent to Rs 112.7. The contract has added 2.56 lakh shares in Open Interest.

Nifty Bank: April 30 Expiry

• 21,000 Call: Premium up 40.2 percent to Rs 140. The contract has added 1.96 lakh shares in Open Interest.
• 19,000 Put: Premium falls 68.8 percent to Rs 101.7. The contract has added 2.15 lakh shares in Open Interest.
• 20,500 Call: Premium up 52.3 percent to Rs 284.65. The contract has added 1.33 lakh shares in Open Interest.

• Benchmark indices surge to the day's high
• Nifty up 2.2 percent to 9,354
• Sensex up 2.2 percent to 32,018
• Nifty Bank up 2.8 percent to 20,142
• Nifty Midcap Index up 1.5 percent
• Nifty Smallcap Index up 1.15 percent
• India Volatility Index down 2.3 percent to 38.21
• All sectoral indices trade with gains
• Nifty Auto, Nifty I.T. index gain over 2 percent each
• Nifty Pharma, Nifty Metal index up over 1.5 percent each
• Kotak Mahindra Bank is the top Nifty gainer; up 6.3 percent
• NTPC (Down 0.5 percent), Wipro (Down 0.3 percent) and Asian Paints (Down 0.1 percent) are the only Nifty laggards
• 1,163 stocks on the NSE are gaining while 517 trade with losses

The Reserve Bank of India has opened a special liquidity facility worth Rs 50,000 crore for Mutual Funds. This facility will be available for 90 days.

The funds availed by the banks under this window shall be exclusively used for meeting liquidity requirements of Mutual Funds.

Under this window, the banks can extend loans, undertake outright purchase and/or conduct repos against the collateral of investment grade corporate bonds, debentures, commercial papers and certificate of deposits held by Mutual Funds.

The currency opened stronger to start the new trading week after posting its fourth successive weekly loss on Friday.

The rupee opened at 76.14 against the U.S. Dollar, as compared to Friday's close of 76.45. Rupee traders will be watching out for the interaction of state Chief Ministers with Prime Minister Narendra Modi to discuss steps related to the Covid-19 pandemic.

Yield on the 10-year government bond opened at 6.174 percent as compared to Friday's close of 6.167 percent.

Shares of the capital goods company fell as much as 5.44 percent to Rs 364 on the National Stock Exchange.

The company in a conference call stated that the recovery from the disruptions due to Covid-19 is at least 6-12 months away, adding that the pace of normalisation will depend on the supply chain.

The company also stated that the implementation of the new CPCB norms will be deferred by a few months and that the Domestic Powergen business will be the last one to recover.

Shares are down for the second straight day today after it fell 8.2 percent on Friday.

Shares of the infra developer and construction company rose as much as 6.7 percent to Rs 78 on the National Stock Exchange.

The company approved raising funds to the tune of Rs 2,500 crore to meet the ongoing and planned capex requirements, cash flow mismatches along with general corporate purposes.

The fund raising will be done through appropriate instruments in one or more tranches, as per the press release.

Shares have snapped a four-day losing streak in today's session.

The U.S. FDA has approved the Abbreviated New Drug Application (ANDA) filed by Granules Pharmaceuticals, a wholly-owned foreign subsidiary of the company for Vigabatrin for Oral Solutions.

Vigabatrin for Oral Solution is used as adjunctive therapy for adults and pediatric patients two years and older with refractory complex and partial seizures, as per the company's press release.

The aforementioned drug had sales of approximately $255 million for the 12-months ending February 2020 as per IQVIA health.

Shares gained as much as 4.8 percent to Rs 175.40 and are up for the fourth day in a row. This is the longest winning streak for the stock in nearly two months.

Shares of the private insurer gained as much as 14.2 percent to Rs 384.50 after its fourth-quarter earnings.

The company's Annualised Premium Equivalent for FY20 fell 5 percent while Gross premium in the fourth quarter stood at Rs 10,647 crore, up 5 percent.

Value of New Business in FY20 rose 21 percent to Rs 1,605 crore. The company has maintained its guidance of doubling its FY19 VNB within four years.

The stock snapped a four-day losing streak in today's session.

Shares of the L&T-controlled I.T. company rose as much as 15 percent to Rs 897 post its fourth quarter earnings.

The company's dollar revenue rose 1.2 percent while topline in rupee terms saw a growth of 4.3 percent on a sequential basis. Ebitda margins saw an expansion of 20 basis points to 15.8 percent.

It has also declared a dividend of Rs 10 per share.

Kotak Securities has maintained its reduce rating on the stock, citing a challenging year ahead. It has however raised its price target to Rs 760 from Rs 725.

The stock is up for the third straight day and is the top performer on the Nifty I.T. index.

Indian equity markets began the April series expiry week with gains, tracking positive cues from Wall Street on Friday and modest gains in Asia today.

The S&P BSE Sensex opened 1.1 percent higher at 31,659 while the NSE Nifty 50 opened at 9,259, up by 1.15 percent. All the stocks on the Nifty 50 index have opened with gains. Both benchmark indices snapped a two-week gaining streak last week.

Among sectoral indices, the Nifty Media index opened with gains of 2.2 percent while Nifty Bank, Nifty Auto, Nifty PSU Bank and the Nifty Realty index opened with gains of 1.5 percent each.

1,094 stocks on the National Stock Exchange opened with gains while 271 opened with losses.

• Buy Cipla for target of Rs 635 and stop loss of Rs 585
• Buy Biocon for target of Rs 380 and stop loss of Rs 346
• Sell UPL for target of Rs 318 and stop loss of Rs 344

• Buy Cadila Healthcare for target of Rs 360 and stop loss of Rs 325
• Buy IPCA Labs for target of Rs 1,730 and stop loss of RS 1,540

• ICICI Prudential: Gross premium in Q4 rises 5 percent to Rs 10,647 crore. The company has maintained its guidance to double FY19 VNB within four years.
• Mindtree: U.S. Dollar revenue rose 1.2 percent sequentially while Margins stood at 15.8 percent from 15.6 percent. The company has also declared a dividend of Rs 10 per share.
• Cummins India: The company in a conference call has stated that implementation of the new CPCB emission norms will be deferred by a few months, adding that Domestic Powergen will be the last segment to recover.
• Apollo Tyres: Warbug Pincus converts 5.4 crore convertible preference shares into 3.15 crore shares through an encumbrance, taking its total stake in the company to 40.6 percent from the earlier 8.92 percent.
• JSPL: The New South Wales Supreme Court has scheduled a hearing today on the Wollongong Coal case. The Scheme of Arrangement to restructure debt worth $353 million was terminated on April 3.
• Tata Steel: Board approves raising Rs 5,000 crore via debt
• IRB Infra: Approved fund raising of up to Rs 2,500 crore via NCDs to meet ongoing and planned capex needs, cash flow mismatches as well as general corporate purposes due to the Covid-19 impact.
• Natco Pharma: Gets Establishment Inspection Report (EIR) from the U.S. FDA for its formulation facility in Kothur.

For all that you need to know going into today’s trade, click here.

• Benchmark indices gain but post losses for the week
• S&P 500 ended with gains of 1.4 percent. For the week, the index fell 1.3 percent
• Energy was the only sector on the S&P 500 that posted a weekly advance
• Technology and Consumer shares aided gains on Friday.
• Apple, Microsoft were among the leading gainers on Friday
• Intel joined the list of companies having withdrawn their full-year guidance
• The Bloomberg Dollar spot index rose 0.1 percent, its fifth straight day of gains

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.83 percent to 9,216 as of 7:30 a.m.

Asian markets have edged higher at the start of the new trading week, although trading volumes continue to remain low. Investors mulled further signs of positive developments in the global fight against Covid-19.

Markets in Japan, Hong Kong and South Korea are rising while those in China and Australia are fluctuating. The Yen remains steady ahead of a key Bank of Japan policy meeting.

Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.