Sensex, Nifty Gain For A Second Day As Rally In Metal Stocks Continues
People walk through a metal detector at a security check-point at the Bombay Stock Exchange (BSE) building in Mumbai, India. (Photographer: Kanishka Sonthalia/Bloomberg)

Sensex, Nifty Gain For A Second Day As Rally In Metal Stocks Continues

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India stocks rose for the second day of gains after the central bank unveiled measures to support businesses amid surging coronavirus cases.

The S&P BSE Sensex climbed 0.56% to 48,949.76, while Nifty gained 0.73% to 14,724.80. Housing Development Finance Corp. contributed the most to the index gain, increasing 2.2%. Hindalco Industries Ltd. had the largest increase, rising 5.1%.

 Sensex, Nifty Gain For A Second Day As Rally In Metal Stocks Continues

Stocks climbed yesterday after the Reserve Bank of India provided additional liquidity to banks for lending to vaccine makers, hospitals and providers of health services, as well as easing rules for small businesses to restructure loans.

Adani Power Q4 Net Income 131.3M Rupees

Adani Power reported net income for the fourth quarter of Rs 13.13 crore vs. loss Rs 1,310 crore year-on-year.

  • Revenue Rs 6,370 crore, +3.2% YoY
  • Total costs Rs 6,670 crore, -16% YoY
  • Other income Rs 528 crore vs. Rs 155 crore YoY
  • Ebitda Rs 2,140 crore vs. Rs 360 crore YoY

COMMENTARY AND CONTEXT

  • Q4 average plant load factor 59.6% vs 65.6% y/y; aggregate sales 14.8 billion units vs 16.5 billion units
  • Says Ebitda growth aided by prior period income recognition, lower cost of domestic alternate coal, favourable currency movement, lower provisioning of one-time expenses, and lower revenue reversal
  • The company said operating performance affected due to lower merchant sales and grid back down in various plants, as well as reserve shutdown at Udupi due to higher penetration of renewables

RBI Buys Rs 10,000 Crore Of 2030 Bonds At Operation Twist

India’s central bank bought Rs 10,000 crore of the benchmark 5.85% 2030 bond at 5.9742%: RBI statement.

  • RBI didn’t accept any bids for the 6.97% 2026 and 7.17% 2028 bond
  • RBI sold Rs 10,000 crore of 182 bills at 3.5697% and 3.5761% respectively

The RBI will have to balance its objective of supporting economic recovery on one hand, while remaining mindful of inflation pressures on the other, according to an HSBC note

  • A gradual exit from the loose monetary policy will now be delayed from mid-2021 (envisaged at the start of the year) to end-2021, but not fully ignored
  • The RBI will embark on a gradual exit - raise the reverse repo rate and change its stance to neutral - in Q4 2021, when the number of individuals vaccinated reaches critical mass. However, the bank is not pencilling in any repo rate hikes over 2021 and 2022

Happiest Minds Up 9.2%, Most In Five Weeks

Happiest Minds Technologies Ltd. rose 9.2%. Trading volume was triple the average for this time of day. The stock was the best performer among its peers.

  • Trading volume was 7.58 million shares, triple the 20-day average of 3 million shares for this time of day.
  • The relative strength index on the stock was above 70, indicating it may be overbought.
  • Analysts have two buy, no hold, and no sell recommendations on the stock
  • The price target of Rs 565 represents a 31% decrease from the last price
  • The company is scheduled to report earnings on May 12.

Rally In Metal Stocks Continues

 Sensex, Nifty Gain For A Second Day As Rally In Metal Stocks Continues

Bajaj Auto, Cipla, Tata Steel in Focus: Options Watch

  • Tata Steel options volume 2.3x the 20-day average, with 100,540 calls changing hands vs 62,550 puts
    • Stock up 2.8%, volume 1.4x the 20-day average for this time of day
  • Hero MotoCorp options volume 2x the average, with 15,432 calls vs 5,769 puts
    • Stock up 3.7%, volume 2.1x the average
  • Cipla options volume 1.8x the average, with 34,468 calls vs 7,627 puts
    • Stock down 0.4%, volume 1.4x the average
  • Bajaj Auto options volume 1.5x the average, with 8,646 calls vs 2,283 puts
    • Stock up 2.9%, volume 1x the average
  • India VIX Index down 1.2%
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