Sensex, Nifty Log Weekly Gains Aided By FMCG, Metals, Energy, PSU Banks
Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today.
Closing Bell
India's stock benchmarks rose for second week in a row, aided by gains in metals, fmcg, energy, psu banks.
I.T. and media were the lone sectors that declined in the week.
The markets declined for three out of the five sessions, but snapped a three-day losing streak on Friday after RBI's decision to keep policy rates unchanged.
On Friday, the Sensex rose 0.7% to 59,447.18. The 30-stock gauge rose to an intraday high of 59,654.44. The Nifty 50 also advanced by similar magnitude to 17,784.35.
The move follows the previous session's decrease of 0.9%. Grasim Industries Ltd. had the largest increase, rising 5.3%. Today, 41 of 50 shares rose, while 9 fell.
The broader indices outperformed their larger peers with S&P BSE MidCap and S&P BSE SmallCap adding nearly 1%. Barring S&P BSE Information Technology, all the other 18 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Metal gaining 2%.
The market breadth is skewed in the favour of bulls. About 2,292 stocks advanced, 1,094 declined and 123 remained unchanged.
Precaution Covid-19 Dose To Be Made Available To Those Above 18 Starting April 10
Administration of precaution dose to 18+ population through private vaccination centres to start from April 10.
Those who have completed 9 months since their second dose would be eligible.
Ongoing free vaccination programme through government centres for first, second and precaution dose to healthcare and frontline workers and 60+ population would “continue and would be accelerated,” the government said.
Source: PIB
Highlights Of Tax Revenue
The provisional figures of tax revenue for FY 22 stands at Rs 27.07 lakh crore, against BE of 22.17 lakh crore.
Tax revenue is 34% over FY22 Budget Estimate and 17% more than FY22 Revised Estimate
In direct taxes, Corporate Tax is up by 56.1%; Personal Income Tax is up by 43%.
Overall Direct Tax revenue has grown by 49%
Indirect Tax
Customs Revenue up by 48%
Union Excise Duty remains same.
Central GST has grown by 30%
Source: Revenue Secretary briefing
Macquarie Research Flags Investor Concerns On HDFC Bank's Proposed Merger With HDFC.
Macquarie Research
Maintains 'outperform' on HDFC Bank, with the targt price of Rs 2,960, implied upside of 29.3%.
Interacted with 70 investors over the past four days on the merger.
Most investors feel the merger is beneficial for HDFC Ltd.'s shareholders.
Many existing investors were worried about medium-term outlook for HDFC Bank
Investors concerned that results and performance on aspects like loan growth and RoA will be overlooked for the next 4-6 quarters as focus shifts to approvals.
Many investors felt HDFC should have started building mortgage book organically rather than taking acquisition note.
Many investors feel the combined entity will be much larger in size and sustaining 20% growth on such a large balance sheet will be an arduous task.
Shares of HDFC and HDFC Bank declined for the fourth day after surging on the back of merger plan on Monday.
Source: Macquarie Note, Bloomberg
Orchid Pharma Surges On Government Recognition As 'Three Star Export House'
Shares of Orchid Pharma surged 10% after the company was recognised as a "three star export house" by Ministry of Commerce and Industry, on Thursday.
The recognition will be valid for five years.
The recognition will aid easier facilitation of export licensing norms, export-related benefits.
The stock has risen for the last seven days, in which it added over 50%.
Trading volume was nearly six times the 30-day average volume at this time of the day. Relative strength index is at 85, suggesting the stock may be overbought.
Source: Exchange filing, Bloomberg
