Sensex, Nifty Extend Rebound Even As Second Wave Keeps Investors Edgy

• Top gainer on the Nifty Smallcap index
• Gains as much as 14.5% to Rs 272
• Biggest single-day gain since November 18, 2015
• Up for the second straight day
• Today's volumes are almost six times its 20-day average
• One-month implied volatility is 89%
• Stock in overbought territory with Relative Strength Index (RSI) at 74
• Six out of the seven analysts tracking the stock have a buy recommendation
• The stock trades 11% higher than its 12-month Bloomberg consensus price target of Rs 235.6

• Nifty down 10 points at 14,493
• Sensex down 55 points at 48,490
• Nifty Bank up 0.8% at 32,023
• Nifty Midcap index unchanged
• Nifty Smallcap index down 0.3%
• India Volatility Index up 3.7% to 21.23
• Nifty Metal is the top sectoral gainer; up 1.5%
• Nifty Pharma up 1.3% and is the other major gainer
• Nifty Auto remains the top sectoral laggard; down 1.7%
• PSU Bank index down 1.1% while Media and FMCG index fall 1% each
• Cipla remains the top Nifty gainer; up 2.9%
• Grasim is the top Nifty laggard; down 4.2%
• 1,201 stocks on the NSE trade lower while 643 stocks gain

• Top gainer on the Nifty Midcap index
• Gains as much as 8.2% to Rs 553.2
• Biggest single-day gain in 10 months
• Up for the second straight day
• Trades at the highest level since May 2019
• Today's volumes are nearly eight times its 20-day average
• One-month implied volatility at 50%
• Relative Strength Index (RSI) near overbought territory at 67.6
• 16 out of the 27 analysts tracking the stock have a buy recommendation; 3 sell calls
• Return potential of the stock as per Bloomberg consensus data is 2.6%

• Wholesale prices in March rose 7.39% as compared to the same period last year
• A Bloomberg survey of 19 economists had projected a range between 5.4% to 6.55%
• Prices of primary articles rose 6.4% year-on-year
• Fuel, power and lighting prices rose 10.2% year-on-year
• Manufactured product prices rose 7.34% year-on-year
• Wholesale food prices rose 3.24% year-on-year

From Bloomberg

• Nifty down 0.5% at 14,430
• Sensex down 0.6% at 48,269
• Nifty Bank unchanged at 31,775
• Nifty Midcap index down 0.6%
• Nifty Smallcap index down 0.7%
• India Volatility Index up 3.7% to 21.22
• Nifty Auto index is the top sectoral laggard; down 1.8%
• PSU Bank index down 1.6% while Realty and Media indices fall 1% each
• Nifty Pharma remains the top sectoral gainer; up 1.4% while Metal index is up 0.7%
• Cipla remains the top Nifty gainer; up 3.2%
• Eicher Motors remains the top Nifty laggard; down 4%

• Metropolis was set to complete the acquisition of Dr Ganesan's Hitech Diagnostic Center Pvt. Ltd. within three months starting January 17, 2021.
• Owing to the current pandemic situation the acquisition will now be closed and completed over the next 45 days as mutually agreed between both parties.
• Metropolis had announced the acquisition of 100% stake in Hitech Diagnostic Centre in a cash and stock deal.
• The cash consideration will be Rs 511 crore while 4.95 lakh equity shares wil be issued on a preferential basis to the promoter group of Hitech.
• Shares of Metropolis are off the day's high after gaining as much as 2.1% to Rs 2,437.

• Nifty down 20 points at 14,481
• Sensex down 120 points at 48,431
• Nifty Bank up 0.25% at 31,852
• Nifty Midcap index down 0.3%
• Nifty Smallcap index down 0.5%
• India Volatility Index up 2.7% to 21
• Nifty Pharma and Nifty Metal are the only sectoral gainers; up 1.5% and 1.1% respectively
• PSU Bank index, Nifty Realty and Nifty Auto indices down over 1.4% each
• Cipla is the top Nifty gainer; up 3%
• Eicher Motors is the top Nifty laggard; down 3.5%
• 1,203 stocks on the NSE trade with losses while 544 are advancing

Indian equities have opened little changed this morning after rebounding from their lowest levels in two months on Tuesday. Sentiment across the Asia-Pacific this morning is mixed.

The S&P BSE Sensex opened 30 points lower at 48,512 while the NSE Nifty 50 index opened with gains of 20 points at 14,522.

Among the sectoral indices, the PSU Bank and I.T. indices are the top laggards, opening with losses of 1% each. The losses on the I.T. index are led by Infosys, which is reacting to its fourth quarter earnings.

The Nifty Bank index has opened with gains of 150 points or 0.5%. Other gainers in opening trade are the Nifty Metal index which is up 1% and the Nifty Pharma index, which has gained 0.8%. The FMCG index too is up 0.7%.

Broader markets have opened the weekly options expiry session with a negative bias. Both Nifty Midcap and Smallcap indices have opened 0.3% lower.

Good Morning!

A bout of short-covering led Indian equity markets higher on Tuesday from their lowest in two months.

While banking, auto and metal stocks gained, IT and pharma were the only sectoral laggards. Foreign Investors were net sellers, while some buying was witnessed from domestic investors.

Futures, however, are indicating a negative start to Thursday’s weekly options expiry session. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, down 0.74% to 14,665, as of 8:05 a.m.

The street will watch out for any reaction to the fourth-quarter results reported by Infosys Ltd. on Wednesday, a market holiday in India. The stock's American Depository Receipts ended 6% lower overnight.

Asian equities are mixed this morning after stocks on Wall Street eased from their all-time high levels. Stocks in China and Hong Kong fell, while those in Japan and South Korea traded higher.

• Futures on the Dow Jones traded 50 points higher. The index rose 0.15% overnight.
• Bitcoin touched a record high of $64,870 before slipping.
• Yield on the 10-year treasuries stood at 1.64%, while West Texas Intermediate crude fell 0.4% to $62.91 per barrel.