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The volatility index was moving lower on Friday morning.(image: REUTERS)
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Dalal Street continued to march higher on Friday morning. S&P BSE Sensex rose and crosses the 49,200 mark on the opening bell, while the 50-stock NSE Nifty was above 14,800. Banking and finance sector stocks were among the top gainers, led by Kotak Mahindra Bank, SBI, and HDFC Bank. Tech Mahindra, Power Grid, and ONGC were among the laggards. India VIX was moving southwards, while all sectoral indices traded with gains.
The second wave of coronavirus in India has forced many states to revisit lockdowns, delaying economic recovery. With this rating agencies and economists have begun pruning their growth forecasts for India. Credit Suisse now believes India’s GDP will grow at 8.5 – 9% during this fiscal year. Meanwhile, the International Monetary Fund (IMF) said that the spike in cases poses a downside risk to their forecast of 12.5% growth. The IMF will revisit that forecast when it issued a fresh World Economic Outlook in July. The consensus forecasts, for India’s economic growth this fiscal year, are between 10 and 11%.
“There is a view among many market experts that the present resilience of the market (down only around 5% from February highs) is irrational when viewed from the perspective of the health crisis & pain that the nation & the economy is going through. While there is logic in this view, it is important to appreciate the fact that we are part of the global bull market and the resilience of the Indian market mainly arises from the ‘hope trade’ being fuelled by the expectation that the second wave will peak in May and the economy will quickly rebound. Moreover, Q4 results have been broadly above expectations. The market may continue to be resilient. But investors have to be cautious since uncertainty is high and the second wave may impact the economy & earnings worse than presently expected. It makes sense to partially book profits and move some money to the safety of fixed income,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Sensex zoomed past 49,200 mark on the opening bell, while the 50-stock NSE Nifty breached 14,800. Banking and finance stocks were among the top index gainers.
After Sensex moved past 49,000, the 50-stock NSE Nifty too surged higher in the pre-open session to breach 14,800 levels.
Sensex breaches 49,000 during the pre-open session on Friday. Nifty 50 was closing in on 14,800 mark.
Nifty futures on Singaporean Exchange were trading 40 points or 0.25 per cent higher at 14,837.50, suggesting a positive opening for BSE Sensex and Nifty 50 on Friday. In the previous session, 30-share Sensex ended at 48,949 while the Nifty 50 index settled at 14,725. Global peers were trading in green in early trade on Friday. India reported a record 4.14 lakh new infections and 3,920 deaths on Thursday, according to Worldometer.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel continue to march higher, now increasing for the fourth day in a row. Petrol in Delhi today costs Rs 91.27 per litre, up 28 paise since yesterday. Diesel in Delhi costs Rs 81.73 litre, an increase of 31 paise. Prices were first changed on Tuesday after an 18 hiatus. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.
As many as 25 BSE-listed companies including Housing Development Finance Corporation, Dabur India, Kansai Nerolac Paints, Cholamandalam Investment, Navin Fluorine, EIH and Godrej Agrovet, will announce their January-March quarter earnings on May 7.
The International Monetary Fund said on Thursday the recent jump in COVID-19 cases in India posed downside risks to the Fund’s April forecast for 12.5% growth in India’s economic output in fiscal years 2021 and 2022. The IMF will revisit that forecast when it issued a fresh World Economic Outlook in July, IMF spokesman Gerry Rice told reporters at a regular briefing, but gave no further details.
Credit Suisse has sharply lowered its real GDP growth forecast for this fiscal year to around 8.5-9 per cent, citing economic disruptions in the country due to the raging second wave that is likely to shave 100-150 bps growth off the economy.