After two days of relentless hammering, bulls staged a comeback as traders decided to purchase beaten-down but technically solid stocks. The CII President TV Narendran’s declaration that India’s economy is likely to rise 7.5-8% this fiscal year, with exports playing a vital part in the country’s roaring success, boosted key indicators.
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Some encouragement came from reports that India and the EU will resume trade talks for a free trade agreement (FTA) in June, following a nine-year hiatus.
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The Nifty50 has formed a reasonable positive candle on the daily chart with minor upper and lower shadows, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
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“The market could make an attempt to move up further in the short term but sustainability at the highs could be a cause of concern…The lower area of 16,800 has now become important valuation support. The Nifty has witnessed sharp two sessions of upmove from this support in the recent past,” he said.
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Sensex rose 776.72 points or 1.37% to 57,356.61 and Nifty was up by 246.85 points or 1.46% to 17,200.80 in the previous session. Sensex touched a high and low of 57,442.24 and 56,904.51, respectively. There were 25 stocks advancing against 4 stocks declining, while one stock remain unchanged on the index. Nifty traded in a range of 17,064.45 and 17,223.85. There were 42 stocks advancing against 8 stocks declining on the index.
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Broader Indices
The broader indices ended in green with the BSE Midcap index rising 1.62%, while the Small cap index was up by 0.76%. The top gaining sectoral indices on the BSE were Power up by 3.63%, Realty up by 3.48%, Utilities up by 3.39%, Auto up by 2.80% and Consumer Durables up by 2.22%, while there were no losers on the BSE sectoral front.
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India VIX Index
Nifty or India VIX, a gauge of the market’s expectation of volatility over the near term, fell 9.74% to 19.19 on Tuesday.
SGX Nifty
The trends on SGX Nifty indicate a positive opening for the index in India with a 69-points gain. The Nifty futures were trading at 16,967.20 on the Singaporean Exchange around 06:45 hours IST.
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Support and Resistance levels
The key support level for the Nifty is placed at 17,102, followed by 17,004. If the index moves up, the key resistance levels to watch out for are 17,262 and 17,322, according to pivot charts.
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The S&P 500 fell 120.92 points, or 2.8%, to 4,175.20.
The Dow Jones Industrial Average fell 809.28 points, or 2.4%, to 33,240.18.
The Nasdaq fell 514.11 points, or 4%, to 12,490.74.
The Russell 2000 index of smaller companies fell 63.73 points, or 3.3%, to 1,890.47.
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Asian Markets
Asian markets finished mixed on Tuesday. The Nikkei 225 gained 0.41% and the Hang Seng rose 0.33%. The Shanghai Composite lost 1.43%.
European Markets
European markets finished mixed on Tuesday. The FTSE 100 gained 0.08%, while the DAX led the CAC 40 lower. They fell 1.20% and 0.54% respectively.
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Major News Headlines
LIC IPO: Price band fixed at Rs 902-949, Rs 60 discount for policyholders
The price band for the initial public offering (IPO) of Life Insurance Corporation of India (LIC) has been fixed at Rs 902 to Rs 949, with a discount of Rs 60 for policyholders, reported CNBC TV18. Retail buyers and employees will get a discount of Rs 40, the report said. The LIC IPO is expected open on May 4, and the issue is likely to close on May 9. The anchor book for the public issue is expected to open on May 2 and there will be no greenshoe option in the IPO. The Securities Exchange Board of India (SEBI) on April 25 approved the updated draft red herring prospectus (DRHP), which lists a 3.5% stake sale instead of 5% as mentioned in the earlier draft papers. The red herring prospectus will be submitted before the market regulator by April 27, the CNBC TV18 report added. The seeking Rs 21,000 crore for the revised holding on the block, the Centre is targeting a valuation of Rs 6 trillion for the insurer. The LIC IPO is crucial to the centre’s plan to reach its disinvestment targets. The government has fixed disinvestment receipts at Rs 65,000 crore for Rs 2022-23, up from Rs 13,531 crore in the previous financial year.
Bajaj Finance Q4 Results: Net profit jumps to Rs 2,420 crore, NII grows 30%
Bajaj Finance Limited reported an 80% year-on-year (YoY) rise in net profit at Rs 2,420 crore for the fourth quarter ended March 2022 from Rs 1,347 crore in the year-ago period. The consolidated net profit grew by 59% to Rs 7,028 crore for March 2022 quarter from Rs 4,420 crore for the final quarter of the previous year. The board of directors has recommended a dividend of Rs 20 per share (1000%) of the face value of Rs 2 per share on equity shares for fiscal 2022. Bajaj Finance shares closed 3.31% higher at Rs 7,240 per share on the Bombay Stock Exchange (BSE). The net interest income (NII) of the company grew 30% to Rs 6,068 crore for the March 2022 quarter from Rs 4,569 crore in the corresponding quarter of the previous year. New loans booked increased by 15% to 6.28 million in the reported quarter compared to 5.47 million in the March 2021 quarter.
SEBI rejigs its advisory committee on market data
Securities and Exchange Board of India (SEBI) has restructured its advisory committee on market data that suggests policy measures related to areas such as securities market data access and privacy. Restructuring its market data advisory committee, SEBI has said the panel will now have 21 members, according to the latest information with the market regulator. Earlier the advisory committee had 20 members. MS Sahoo, Professor at National Law University, Delhi and former chairman of the Insolvency and Bankruptcy Board of India (IBBI), is chairman of the advisory committee. In addition to Sahoo, CEOs of stock exchanges and depositories, representatives of various stakeholders and senior officials of SEBI are also included in the panel. The market data advisory committee is responsible for identifying segment-wise data perimeters, data needs and gaps, recommending data privacy and data access regulations applicable to market data.
Veranda Learning acquires test-prep institute T.I.M.E. for Rs 287 crore
Veranda Learning Solutions Ltd. has signed a definitive agreement to acquire test preparation firm T.I.M.E. (Advanced Educational Activities Pvt Ltd) for a consideration of Rs 287 crore. The stock was locked in an upper circuit of 5% at Rs 208.45 after the announcement. “This 100% acquisition will be in a phased manner with 80% of the outstanding capital along with management control in phase 1, followed by the purchase of the remaining 20% at the end of two years,” Veranda said in a statement. In a separate press filing, the board approved other resolutions such as an increase of authorized capital from Rs 60 crore to Rs 100 crore, an increase of borrowing powers from Rs 250 crore to Rs 1,000 crore, issuance of non-convertible debentures, bonds or other instruments up to Rs 1,000 crore and increase of investment limits from Rs 750 crore to Rs 1,000 crore.
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SBI MUTUAL FUND bought 12,60,749 shares in Endurance Techno. Limited at Rs 1162.00 per share on the NSE.
KAPASHI COMMERCIAL LTD sold 3,04,938 shares in Asian Granito India Limited at Rs 75.68 per share on the NSE.
PORINJU VELIYATH bought 4,00,000 shares in Aurum PropTech Limited at Rs 15.85 per share on the NSE.
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PRABODH AGRAWAL sold 70,000 shares in Banka BioLoo Limited at Rs 91.85 per share on the NSE.
EUSTON INDUSTRIES LIMITED sold 21,65,325 shares in Birla Tyres Limited at Rs 14.79 per share on the NSE.
AGARWAL RAVINDER KUMAR bought 87,243 shares in Cyber Media (India) Limited at Rs 27.53 per share on the NSE.
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ANAND RATHI GLOBAL FINANCE LTD sold 4,98,500 shares in Gokul Refoils and Solvent at Rs 47.21 per share on the NSE.
NIRAJ RAJNIKANT SHAH sold 12,00,000 shares in Nandan Denim Limited at Rs 54.75 per share on the NSE.
NISHIL SURENDRA MARFATIA bought 34,00,000 shares in KBC Global Limited at Rs 10.00 per share on the NSE.
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RAJAN GUPTA bought 89,000 shares in Jeena Sikho Lifecare Limited at Rs 168.50 per share on the NSE.
PRAGYA MERCANTILE PVT LTD bought 3,00,025 shares in Simplex Infrastructures Limited at Rs 103.40 per share on the NSE.
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Foreign institutional investors (FIIs) sold shares worth a net Rs 1,174.05 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 1,643.84 crore in the Indian equity market on April 26, as per provisional data available on the NSE.
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No stock/security has been put under the F&O ban for April 27. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
