Share Markets Live: Sensex, Nifty Open 1% Lower As Banks Drag; Pharma Stocks Buck The Trend

0
147

Pharma Stocks Buck The Trend

Opening Bell: Sensex, Nifty Drop 1% As Virus Cases Continue To Surge

Indian equity benchmarks decline for a third session as a worsening coronavirus crisis sparked investor concerns over a nascent economic recovery and corporate profits.

The S&P BSE Sensex Index slid 1% to 47,204. The losses came even as a broader index of Asian stocks climbed. The measure has lost about 9% from its recent peak on Feb. 15, nearing losses read as a technical correction.

The NSE Nifty 50 fell 1% as well to 14,515, its lowest level since Feb. 1. All but three of the 19 sub-indexes compiled by BSE Ltd. fell, led by a gauge of bank stocks. Reliance Industries Ltd. and HDFC Bank Ltd. were the biggest drags on the Sensex.

Global funds have turned net sellers of local stocks in April after a six-month buying spree, helping make the Sensex this month’s biggest loser in Asia. Foreign investors have sold $716 million of local shares through April 19.

Daily coronavirus infections in the nation reached a record 314,835 and public health experts are worried that a new — possibly more virulent — variant could be racing through the crowded nation of more than 1.3 billion people.

Stringent restrictions across the country on the movement of people have revived memories of last year when lockdowns curbed demand and pushed the economy into the worst recession in nearly seven decades.

Also Read: Central Bank Faces Key Auction as India’s Traders Balk at Yields

India’s ‘Casino’ Type Midcap Rally May Be Poised For A Break

Fund managers at Star Health & Allied Insurance Co. and Smartsun Capital Pte said they are currently avoiding midcaps based on global economic cues and valuations. Both said there is more safety in buying large stocks now that India has become the epicentre of virus resurgence in Asia, while inflation is set to rise in the U.S. and China as the world’s two biggest economies are rebounding.

Read the full story here

Rupee Fall Is Hurting Bonds Now Among Asia’s Worst

A slide in the rupee is exacerbating a slump in Indian corporate dollar notes that are now among the worst performers in Asia, just as concerns mount that companies are hedging less.

  • The securities have lost about 0.1% in April, worse than a 0.4% gain for a broader Asian dollar bond gauge, according to a Bloomberg Barclays indexes. All the other countries in Asia have posted positive returns, except China which lost about 0.4% after the stumble by China Huarong Asset Management Co.

Read the full story here

Good morning!

India’s SGX Nifty 50 Index futures for April delivery rose 0.8% to 14,190.00, while MSCI Asia Pacific Index gained 0.9%. Markets were closed on Wednesday for a holiday.

Nestle India, ICICI Securities, TV18, Network 18 may react as the companies reported quarterly results after the market closed Tuesday. Indus Towers, Cyient, Rallis India are among the companies scheduled to report earnings Thursday.

Foreign investors sold net Rs 1,650 crore of stocks on April 19, according to the NSDL website.

Asia stocks bounced after U.S. equities rallied, snapping a two-day drop with gains by companies that stand to benefit the most from an economic revival. The dollar stabilised. Oil added to losses with an increase in U.S. crude inventories compounding concerns around a choppy global demand recovery.

Traders are sifting through corporate results for signs on whether an anticipated jump in profits would bring with its forecasts for stronger growth. Equities had drifted lower on concern over a flare-up in coronavirus cases around the world that could jeopardize an economic rebound, particularly with stocks trading near their all-time highs.

Also Read: All You Need To Know Going Into Trade On April 22

. Read more on Markets by BloombergQuint.

Source

Leave a Reply