HDFC Twins Help Sensex, Nifty Gain For Third Straight Day

• Benchmark indices gain for the third day in a row
• Both Nifty and Sensex now up over 4 percent this week
• Nifty ends 1.8 percent higher at 9,553
• Nifty futures trading at a discount of 27 points
• Sensex ends 1.9 percent higher at 32,720
• Nifty Bank ends 2 percent higher at 21,090
• Nifty Midcap Index ends 1.3 percent higher
• Nifty Smallcap Index ends 0.7 percent higher
• India Volatility Index ends 4.3 percent lower at 33.83
• Nifty FMCG (Down 0.4 percent) is the only sectoral laggard
• Nifty Metal ends as top sectoral gainer; up 3.7 percent
• Hindalco ends as the top Nifty gainer; up 7 percent
• Axis Bank ends as the top Nifty laggard; down 3.6 percent
• 1,121 stocks end the trading day with gains while 668 end with losses

Indian equity markets gained for the third day in a row, its best winning streak in a month, tracking positive cues from Europe and from futures in the United States.

The S&P BSE Sensex ended 1.9 percent higher at 32,720, taking its weekly advance to 4.5 percent.

The NSE Nifty 50 index ended above the 9,500 mark at 9,553, up by 1.8 percent. The benchmark is up 4.3 percent this week. 38 out of the 50 Nifty stocks ended the day with gains.

Among sectoral indices, the Nifty Metal index ended as the top sectoral gainer with gains of 3.75 percent. Nifty Bank, Nifty Media and Nifty PSU Banking index gained over 2 percent each.

1,121 stocks ended the day with gains while 668 ended with losses.

• Among top gainers on the Nifty 50 index
• Gained as much as 7.4 percent to Rs 293.2
• Biggest one-day gain since March 25, 2020
• Up for the third straight day
• Today's volumes are 62 percent below its 20-day average
• Promoter SB Adani Family Trust revoked pledge of 1.53 crore shares
• Up over 42 percent from 52-week low of Rs 203 on March 23, 2020
• 24 out of the 26 analysts tracking the stock have a buy recommendation; 0 sell calls
• Return potential of the stock as per Bloomberg data is 38 percent

• Snaps four-day losing streak
• Gains as much as 8.2 percent to Rs 96.8
• Biggest one-day gain since August 2017
• Today's volumes are 1.7 times higher than its 30-day average
• 50-day Moving Average lies at Rs 110.47
• Has rebounded over 30 percent from its 52-week low of Rs 72.55
• 15 out of the 24 analysts tracking the stock have a buy recommendation; 1 sell call
• Return potential as per Bloomberg data is 68.4 percent

• Buy NIIT Tech for target of Rs 1,400 and stop loss of Rs 1,120
• Sell Marico for target of Rs 260 and stop loss of Rs 310

The company in an exchange filing has stated that 80 out of its 152 manufacturing facilities across the world are now in operation. 30 percent of them are operating at over 80 percent capacity, the rest are at up to 50 percent capacity.

The stock is off the day's high after gaining as much as 10 percent. It now trades 5 percent higher at Rs 82.20.

• Top gainer on the Nifty 50 index
• Up for the third straight day
• Adds to Tuesday's gain of 7.8 percent
• Gained as much as 7.24 percent to Rs 1,840
• Up 16 percent in the last three trading sessions
• Contributing 48 points to the Nifty upside
• Today's volumes are 1.4 times higher than its 30-day average
• Has rebounded 24 percent from its 52-week low of Rs 1,473 on March 24, 2020

• Benchmark indices surge to the day's high
• Nifty up 1.6 percent at 9,529
• Nifty futures trade at a discount of 10 points
• Sensex up 1.6 percent at 32,635
• Nifty Bank up 1.1 percent at 20,896
• Nifty Midcap Index up 1.2 percent
• Nifty Smallcap Index up 1 percent
• India Volatility Index down 5.5 percent to 33.4
• Nifty FMCG is the only sectoral laggard; down 0.3 percent
• Nifty Metal remains the top sectoral gainer; up 3.6 percent
• HDFC is the top Nifty gainer; up 7 percent
• Axis Bank remains the top Nifty laggard; down 4 percent
• 1,145 stocks on the NSE trade with gains while 615 trade with losses

GlaxoSmithKline is preparing to start a sale of its $3.7 billion stake in Hindustan Unilever, people familiar with the matter told Bloomberg.

GSK plans to offload part or all of its 5.7 percent stake through a series of block deals which may start as early as within the next few days.

Unilever had acquired the health food drinks brand of GSK in India, Bangladesh and other markets for $3.6 billion in cash and shares of HUL.

Sources added that no final decision has been taken on the timing of the proposed sale.

Shares of Hindustan Unilever fell as much as 3.1 percent to Rs 2,221 and are the second worst performer on the Nifty 50 index.

The rupee ended stronger for the third straight day albeit with a minor pullback from the highest point of the day.

The currency ended at 75.67 against the U.S. Dollar as compared to Tuesday's close of 76.18. It traded below the mark of 76 for the first time in 13 trading sessions.

Among Emerging Market currencies, the rupee was the third best performer after the Indonesian Rupiah and the South African Rand.

Yield on the 10-year bond ended at 6.122 percent after opening at 6.132 percent.

The company has reported its first quarter earnings for the calendar year 2020 where its topline grew 0.7 percent compared to the previous quarter to Rs 1,540 crore. Ebitda saw a 4.2 percent decline quarter-on-quarter to Rs 230 crore. Revenue in U.S. Dollar terms fell 1.7 percent sequentially to $210.6 million, as per the company's press release.

The company has decided to suspend the guidance earlier given for the year 2020 due to 'significant uncertainties' arising due to the Covid-19 pandemic.

Shares gained as much as 7.1 percent to Rs 305 post the announcement.

The pharma company has received a tentative approval for its Arformoterol Tartrate Inhalation Solution from the U.S. FDA. The said drug is used in the long-term treatment of bronchoconstriction in patients.

The solution had an annual sale of approximately $489 million in the U.S. Market for the 12-months ending 2020 as per the IQVIA.

The stock gained as much as 2.1 percent to Rs 872.75 before cooling off.

• Trades at the lowest level since April 22, 2015
• Down for the third straight day
• Declines for seven out of the last eight trading sessions
• Down 21 percent in the last eight sessions
• Today's volumes are 1.4 times higher than its 30-day average
• Stock in oversold territory with Relative Strength Index (RSI) at 19
• The stock has fallen 65 percent from its 52-week high of Rs 285.3 on February 24, 2020
• 24 out of the 25 analysts tracking the stock have a buy recommendation; 0 sell calls
• Return potential of the stock as per Bloomberg data is 120 percent

Benchmark indices across Europe are off to a choppy start to trade after Fitch downgraded Italy and a rise in Covid-19 cases in Germany.

The Stoxx 600 index is up 0.2 percent and is testing its 50-day Moving Average. Oil & Gas stocks are leading the gains while healthcare stocks are declining.

Here's a look at how benchmarks have opened across Europe:

• Euro Stoxx 50 up 0.24 percent to 2,940
• DAX up 0.4 percent to 10,840
• CAC up 0.5 percent to 4,593
• FTSE 100 up 0.5 percent to 5,986
• IBEX 35 up 0.45 percent to 6,867

• IndusInd Bank's 500 Call: Premium falls 57 percent to Rs 4.45. The contract has shed 11,600 shares in Open Interest.
• Axis Bank's 440 Call: Premium falls 65.4 percent to Rs 8.7. The contract has added 5.23 lakh shares in Open Interest.
• Reliance Industries' 1,500 Call: Premium falls 54 percent to Rs 4. The contract has added 52,500 shares in Open Interest.

• Snaps eight-day losing streak
• Gains as much as 11.9 percent to Rs 154.8
• Had fallen 16 percent in the last eight sessions
• Had gained 16 percent on April 16, 2020
• Today's volumes are 3.4 times higher than its 30-day average
• Has gained 52 percent from its 52-week low of Rs 98 on March 23, 2020
• The stock is trading above its 12-month Bloomberg Consensus price target of Rs 142

• Benchmark indices hold on to gains
• Nifty up 1.1 percent at 9,484
• Nifty futures trade at a discount of 23 points
• Sensex up 1.1 percent at 32,460
• Nifty Bank up 0.7 percent at 20,819
• Nifty Midcap Index up 1.1 percent
• Nifty Smallcap Index up 1.3 percent
• India Volatility Index down 4.4 percent to 33.78
• All Sectoral Indices trade with gains
• Nifty Metals Index remains the top sectoral gainer; up 3.9 percent
• Nifty PSU Bank and Nifty Auto Index gain 2 percent each
• Hindalco is the top Nifty gainer; up 8 percent
• Asian Paints is the top Nifty laggard; down 2.6 percent
• 1,135 stocks on the NSE trade with gains while 547 trade with losses

The company has informed the exchanges on Tuesday that it has begun the production of coal in Odisha, four years after it received the allocation.

The Talabira II and III mines were allotted to the company in 2016 with a capacity of 20 million tonnes per annum.

The coal produced will be used to meet requirements of existing and future coal-fired power plants, as per the company.

Shares gained as much as 5.8 percent to Rs 45.5, snapping a four-day losing streak.

Shares of the agricultural and crop protection products manufacturer gained as much as 3.9 percent to Rs 243.80 after ICICI Direct initiated coverage on the stock with a buy rating and a price target of Rs 280.

ICICI Direct believes that the ECC merger will improve the group's return ratios as well as provide synergies, adding that the strong parental advantage helps improving its business outlook.

Shares are up for the third day in a row and have rebounded 61.4 percent from its 52-week low of Rs 151 on March 25, 2020.

The company has informed the exchanges that it plans to work on development of human vaccines and it will first begin work on the Covid-19 vaccine.

The vaccine will be made in collaboration with the Indian Institute of Technology at Guwahati.

It has also approved the resignation of Sahil Shah as the company's CFO and Chetas Patel will take over that position.

The stock is locked in an upper circuit of 20 percent at Rs 1,364.85 and is up for six out of the last seven trading sessions.

The Nifty Metals index is the top sectoral gainer in today's trading session after Brokerage firm Macquarie initiated coverage on the sector. It is overweight on stocks like JSW Steel, Coal India and Hindalco.

Some of the other highlights of the Macquarie report include:

• Valuations at cyclical lows witnessed during the global financial crisis and China growth concerns in H2CY15
• Near-term earnings visibility remains low and high leverage cap
• Medium-term demand outlook is intact

• Shares of JSW Steel gained as much as 4.4 percent to Rs 166.4 and are up for the third day in a row.
• Shares of Coal India gained as much as 2.5 percent to Rs 138.80
• Shares of Hindalco gained as much as 3.9 percent to Rs 113 and are up for the third straight session.

• Nifty May futures add 8.6 percent in Open Interest and 4 lakh shares
• Nifty Bank May futures add 6.8 percent in Open Interest and 38,080 shares

Nifty: April 30 Expiry

• 9,500 Call: Premium up 3.6 percent to Rs 44.70. The contract has added 9.13 lakh shares in Open Interest.
• 9,400 Put: Premium falls 46.6 percent to Rs 46.7. The contract has added 15.6 lakh shares in Open Interest.
• 9,600 Call: Premium falls 19.8 percent to Rs 14.15. The contract has added 5.6 lakh shares in Open Interest.

Nifty Bank: April 30 Expiry

• 21,000 Call: Premium falls 27 percent to Rs 107.3. The contract has added 5.22 lakh shares in Open Interest.
• 20,000 Put: Premium falls 43.85 percent to Rs 51.6. The contract has added 3.02 lakh shares in Open Interest.
• 21,500 Call: Premium falls 45 percent to Rs 20.65. The contract has added 3.07 lakh shares in Open Interest.

Shares gained as much as 15.8 percent to Rs 433.90 after it informed the exchanges of developing and commercialising Favipiravir Antiviral tablets.

The said tablets have demonstrated positive outcomes in the treatment of Covid-19, as per the company's press release. The company has developed the 400 mg and 200 mg dosages for the said drug.

The tablets are being manufactured at the company's Bengaluru facility.

Shares saw their biggest one-day gain since August 2013 and are up for five out of the last six sessions.

• Heavyweights lead the gains for benchmark indices
• Nifty up 0.9 percent to 9,462
• Nifty futures trade at a discount of 15 points
• Sensex up 0.9 percent at 32,407
• Nifty Bank up 0.1 percent at 20,702
• Nifty Midcap Index up 0.85 percent
• Nifty Smallcap Index up 0.7 percent
• India Volatility Index down 3.2 percent to 34.19
• Nifty Metals Index is the top sectoral gainer; up 2.3 percent
• Nifty Media and Nifty Realty are the other indices trading with gains of over 1 percent
• Bajaj Finance is the top Nifty gainer; up 4.3 percent
• Axis Bank remains the top Nifty loser; down 5.1 percent
• HDFC, HDFC Bank and Reliance Industries are contributing 53 out of the 80 point gain on the Nifty
• 1,060 stocks on the Nifty are trading with gains while 547 trade with losses

The currency has opened higher for the third straight day, tracking positive cues from the equity markets.

The rupee opened at 76.01 and subsequently fell below the mark of 76 against the U.S. Dollar for the first time in 13 sessions. This is against Tuesday's close of 76.18.

This is the best winning streak for the currency in a month and is the sixth best performing currency among its Emerging Market peers as of early trade.

Yield on the 10-year Government bond opened at 6.132 percent. Traders are watching out for the sale of Treasury bills worth Rs 45,000 crore from the Reserve Bank of India.

The pharma company informed the exchanges that it has received a tentative approval from the U.S. FDA for Dapagliflozin and Sazagliptin tablets, the generic version of Qtern of AstraZeneca AB.

The said drug had achieved annual sales of $10.4 million for the 12-month period ending February 2020 as per IQVIA.

Shares gained as much as 2.3 percent to Rs 335.20, snapping a two-day losing streak.

Shares of the ratings agency surged as much as 2.2 percent to Rs 1,488 after the company reported its March quarter earnings as well as declared an interim dividend of Rs 6 per share.

Ratings and research business led the company's 9.4 percent growth in consolidated total income and 15 percent growth in net profit as per the company's press release.

Ratings business grew 14.6 percent compared to last year while the company's largest segment - research, saw a growth of 7.7 percent.

Shares are up for the second day in a row after Tuesday's 5 percent gain.

Shares of the private lender are recovering after falling as much as 6.5 percent in early trade to Rs 425.95 after its fourth quarter earnings.

The bank reported a net loss as compared to a profit in the previous year due to additional provisions worth Rs 3,000 crore related to Covid-19.

The bank's asset quality, although improving on a sequential basis, may deteriorate in the next few quarters as businesses get impacted due to the pandemic, the management said in a conference call.

The board of the bank has also given its approval to raise Rs 35,000 crore via various debt instruments in local or foreign currency.

The stock has snapped a two-day gaining streak today.

Indian equity markets opened higher for the third straight day, tracking positive cues from Asian markets.

The S&P BSE Sensex added to its two-day surge, opening 0.6 percent higher at 32,311. The NSE Nifty 50 opened 0.3 percent higher at 9,408. 41 out of the 50 index constituents opened with gains.

Among the sectoral indices, the Nifty Bank is the top laggard, opening lower by 1.1 percent, majorly led by the losses in Axis Bank. Other sectoral indices have opened flat to positive.

982 stocks on the NSE have opened with gains while 823 have opened with declines.

• Buy Indraprastha Gas for target of Rs 495 and stop loss of Rs 452
• Buy ICICI Bank for target of Rs 385 and stop loss of Rs 348

• Bullish on the Nifty only above 9,438. In case it fails to cross that level, go short for targets of 9,335 and 9,270 keeping a stop loss above 9,380
• As long as the Nifty Bank does not close below 20,317 it will not entirely lose its bullish momentum
• Sell Lupin for target of Rs 848 and Rs 837 and stop loss above Rs 867
• Sell Britannia for target of Rs 3,156 and stop loss above Rs 3,230

• Axis Bank: reports net loss of Rs 1,387.8 crore as compared to a net profit of Rs 1,505.1 crore last year. Provisions more than doubled sequentially while slippages rose compared to last year. The Board of Directors has also authorised the bank to raise funds in Indian or foreign currency by issue of debt instruments up to an amount of Rs 35,000.
• Reliance Industries: S&P Global Ratings affirms long-term rating at BBB+ with a stable outlook. The company has also increased its stake in SkyTran Inc. to 26.3 percent from 17.4 percent due to conversion of convertible notes purchased earlier.
• Biocon: The company along with Mylan has launched Fulphila in Canada. Fulphila is approved by Health Canada to decrease the incidence of infection, as manifested by febrile neutropenia.
• Spandana Sphoorty Financial: 79 percent of the total branches (794 out of 1,006) are present in the green zone and all of these have been operational since April 20. Borrower base has not been significantly impacted due to the rural focus. Most borrowers reached out to are willing to pay. Collected Rs 13.3 crore in the last one week despite tight restrictions in operations.
• CG Consumer Electricals: Partially resumes operations at its Baddi plant.
• L&T: Allotted NCDs worth Rs 2,500 crore.
• Sumitomo Chemicals: ICICI Direct initiates coverage with buy rating and price target of Rs 280

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

• Benchmark indices end lower; Nasdaq underperforms led by technology stocks
• Facebook, Amazon and Netflix were the key laggards on Tuesday
• U.S. consumer confidence in April dropped to the lowest level since 2014
• U.S. Federal Reserve to announce policy decision later tonight
• Alphabet reports better-than-estimate sales post closing of trade
• The Bloomberg Dollar Spot Index fell 0.3 percent
• West Texas Intermediate Crude pared losses in yet another choppy session after falling as much as 20 percent

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.6 percent to 9,455 as of 7:25 a.m.

Markets in Asia are edging higher this Wednesday morning along with futures in the United Stated. Shares in Hong Kong and Australia are rising as are those in South Korea despite Samsung's warning of an earnings hit in the second quarter. Markets in Japan are shut on account of a holiday.

Futures on the Nasdaq have climbed over 1 percent after Alphabet reported earnings that were better than estimates. The U.S. Dollar is extending losses for the week while Oil prices remain volatile.

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