Market Updates: Sensex, Nifty fall sharply, indices down over 1%; Midcaps over 0.6% lower

Indian shares turned sharply negative going into the last 30 mins of trade with Sensex falling over 500 points and Nifty also dropping over 150 points. At 3.01 pm, the Sensex traded 500 points lower at 48,217 and the Nifty dipped 159 points trading at 14475. Among shares, Tata Consumers declined 5 percent, Cipla over 3 percent, M&M 2.7 percent, Divis Labs and Hindalco 2.5 percent each on Nifty, while gainers on the NSE frontline index included SBI Life 2.3 percent, Bajaj Fin 1.7 percent, BPLC, SBI and ONGC by up to 1.27 percent. Index heavyweight stock RIL declined over 2.33 percent and HDFC Bank also fell over 2 percent.

JSW Steel USA, ATI sign pact to convert steel slabs into hot rolled coils

JSW Steel’s US-based subsidiary has signed an agreement with Allegheny Technologies Inc (ATI) to convert carbon steel slabs into hot rolled coils. The move will help JSW Steel USA Ohio Inc to deliver high quality hot rolled coils (HRC) products to its customers in the US, the company said in a statement on Tuesday.      “JSW Steel USA Ohio Inc has signed a long-term agreement with Allegheny Technologies Inc. for the conversion of carbon steel slabs manufactured at JSW Steel USA’s facility in Mingo Junction, OH into hot rolled coils at ATI’s hot rolling and processing facility in Brackenridge, PA,” it said.

SC strikes down WB law regulating real estate sector, calls it unconstitutional

The Supreme Court Tuesday struck down West Bengal’s law on regulating real estate sector saying it was unconstitutional as the state’s statute encroached upon the Centre’s Real Estate (Regulation and Development) Act (RERA). The top court also said that WB HIRA has failed to include valuable safeguards for the homebuyers’. A bench of justices D Y Chandrachud and M R Shah said the West Bengal Housing Industry Regulation Act (HIRA), 2017 is more or less identical to the Centre’s RERA and hence repugnant to Parliament’s law. The state law has encroached upon the domain of the Parliament and hence is unconstitutional, the verdict said. It said however that homebuyers who have purchased properties under state law before its verdict, will not have to worry as their registration and other acts would remain valid.

Goldman Sachs lowers India growth forecast for FY21 to 11.1%

Wall Street brokerage Goldman Sachs has lowered its estimate for India’s economic growth to 11.1 per cent in fiscal year to March 31, 2022, as a number of cities and states announced lockdowns of varying intensities to check spread of coronavirus infections. India is suffering the world’s worst outbreak of COVID-19 cases, with deaths crossing 2.22 lakh and new cases above 3.5 lakh daily. This has led to demand for imposition of nationwide strict lockdowns to stem the  spread of the virus – a move that the Modi government has so far avoided after the economic devastation last year from a similar strategy. Instead, it has left it to the states to impose restrictions to manage the virus. Several states and cities have imposed lockdowns of varying degrees. “The intensity of the lockdown remains lower than last year,” Goldman Sachs said in a report. “Still, the impact of tighter containment policy is clearly visible in higher frequency mobility data across key India cities.”

Home First Finance surges over 7% after company reports Q4 net profit of Rs 31 crore

Shares of Home First Finance surged over 7 percent to hit a high of Rs 525 on Tuesday after the company on Monday reported a profit after tax of Rs 31 crore for the quarter ended March 2021. Home First Finance shares increased as much as 7.3 percent to Rs 524.45 apiece intraday on BSE. On the National Stock Exchange (NSE), the mortgage lender’s shares rose to as much as Rs 525 apiece, up 7.4 percent. At 12:45 pm, Home First Finance shares traded 6.03 percent higher at Rs 518.15 apiece on the BSE. The benchmark Sensex index was 0.28 percent up at that time.

Home First Finance surges over 7% after company reports Q4 net profit of Rs 31 crore

Shares of Home First Finance surged over 7 percent to hit a high of Rs 525 on Tuesday after the company on Monday reported a profit after tax of Rs 31 crore for the quarter ended March 2021. Home First Finance shares increased as much as 7.3 percent to Rs 524.45 apiece intraday on BSE. On the National Stock Exchange (NSE), the mortgage lender’s shares rose to as much as Rs 525 apiece, up 7.4 percent. At 12:45 pm, Home First Finance shares traded 6.03 percent higher at Rs 518.15 apiece on the BSE. The benchmark Sensex index was 0.28 percent up at that time.

ICICI Bank shares gain 2% as investors brush aside RBI penalty

The share price of ICICI Bank gained nearly 2 percent on Tuesday, not being affected by the Reserve Bank of India’s (RBI) decision to impose a penalty of Rs 3 crore on the lender for violating certain rules. At 12:00, the stock was trading at Rs 605.35, nearly 1.35 percent up since the last trading session on Monday. It touched the intraday high of Rs 608, against an intraday low of Rs 597.

Jubilant Foodworks Ltd drops over 2%

The share price of Jubilant Foodworks Ltd fell over 2 percent on NSE, quoting at Rs 2,827.85 at 1.21 pm. The stock had opened at Rs 2,897 on Tuesday, higher from its Monday’s close of Rs 2,888.95.

BIG BREAKING – IPL suspended for this season: Vice-President BCCI Rajeev Shukla to ANI

STOCK TIPS: Ajit Mishra of Religare Broking

Buy Bharti Airtel with a stop loss of Rs 538 and a target of Rs 596

Buy GAIL with a stop loss of Rs 138 and a target of Rs 155

Disclaimer: The CNBCTV18.com editorial team does not engage in speculative or active trading in stock markets and follows its Code of Conduct on securities trading and investment. Any investor/ viewer is advised to carry out necessary diligence on their own or through a certified registered financial advisor for investment decisions.

L&T Infotech Q4FY21 preview: Margins may be under pressure, eye on guidance

The expectations are high with Larsen & Toubro Infotech Q4 FY21 numbers and let’s see whether it can deliver. On the topline, expect 4.5 percent dollar revenue growth, in constant currency terms it should be a growth of above 4 percent. Margins will be under pressure and that’s owing to wage hike as well as rupee depreciation. Therefore, according to the CNBC-TV18 poll, the EBIT margin should decline from near 20.5 percent in the prior quarter, it should be down to 19 percent.

Global sugar prices rise 20% in April; experts discuss outlook, production and exports

Global sugar prices have been rising and were up 20 percent in the month of April. In an interview with CNBC-TV18, Abinash Verma, director-general of the Indian Sugar Mills Association (ISMA) and M Manickam, CMD of Sakthi Sugars discussed the price outlook. Varma said that the global prices are up because the Brazilian production is going to be almost about 7-8 million tonne less than last year as well as the fact that the second-largest sugar exporter in the world, Thailand, for continuous two years has produced about 7-8 million tonne less than normal. “If the two largest exporters in the world together produce about 15 million tonnes less than what they usually do, it gives an opportunity to India to export into the international market and India is now one of the largest sugar exporters and has a large surplus carryforward from the last two years. So it gives an opportunity to export, reduce our surplus sugar as well as gain from the sugar price rally that has happened,” Varma weighed in.

Build portfolio with quality lenders; like Asian Paints, Pidilite & Nestle: Marcellus Investment’s Saurabh Mukherjea

Marcellus own Asian Paints, Pidilite and Nestle in the portfolio, Saurabh Mukherjea, founder, told CNBC-TV18.

“If you want to make money from FMCG whether it’s today, five years from now you need to invest in FMCG companies which have quasi monopolistic franchises and that’s why we continue to have Asian Paints, Pidilite and Nestle in our portfolio and beyond that we do not have that much by way of FMCG,” he said.

Investment Guide: Amid COVID crisis, do pharma stocks present opportunities?

In this episode of Investment Guide, Sailesh Raj Bhan, Dy CIO-Eq Invst at Nippon India MF and Anmol Ganjoo, pharma research analyst at JM Financial Institutional Securities, discuss the opportunity pharma companies presents. Is there more headroom for valuations and which stocks should one buy?

Watch the accompanying video for more.

STOCK TIPS: Rahul Mohindar, viratechindia.com

Buy NTPC with a stop loss of Rs 102 and a target of Rs 111

Buy Axis Bank with a stop loss of Rs 700 and a target of Rs 735

Buy Adani Ports with a stop loss of Rs 740 and a target of Rs 805

Buy Reliance Industries with a stop loss of Rs 1,925 and a target of Rs 1,985

Disclaimer: The CNBCTV18.com editorial team does not engage in speculative or active trading in stock markets and follows its Code of Conduct on securities trading and investment. Any investor/ viewer is advised to carry out necessary diligence on their own or through a certified registered financial advisor for investment decisions.

TVS Motors shares trade lower after poor April sales numbers

TVS Motor Company Ltd share price traded lower, quoting at Rs 615.95 on NSE at 11.07 am. Shares dropped after the two-wheeler company on Monday reported its total sales stood at 2,38,983 units in April, down by 26 percent from 3,22,683 units in March. TVS had exported 9,640 two- and three-wheelers in April 2020. The company’s total two-wheelers sales in April stood at 2,26,193 units compared to 3,07,437 units in March. In April 2020, the company had exported a total of 8,134 two wheelers, TVS Motor Company said in a statement. Domestic two-wheeler sales of the company last month stood at 1,31,386 units, down 35 percent as compared to 2,02,155 units in March this year. There were no sales in the domestic market in April last year due to a nationwide lockdown. “Domestic sales in April 2021 are lower due to lockdowns in many states but retails continue to be ahead of despatch. We have reduced dealer stocks to support the channel partners and will produce to maintain adequate inventories for customer demand when it reopens,” TVS Motor noted. The company’s total exports stood at 1,07,185 units in April as against 9,640 units registered in the month of April 2020. Two-wheeler exports stood at 94,807 units in April as against 8,134 units in the same month last year.

RIL Q4FY21: O2C could be a positive surprise this year, says Jal Irani

Reliance Industries (RIL) saw a strong performance from the O2C business in the March-ended quarter. Reliance Retail reported a 25 percent sequential revenue growth while for Reliance Jio it was a subdued performance. According to Jal Irani, Senior Vice President-Institutional Equity Research, at Edelweiss Financial Services, the gas business is coming back with a big bang and the O2C business could be a material positive surprise this year. “On the O2C business, while we don’t have a break up between refining and petrochemicals anymore, the petrochemical business has been doing exceptionally well. My thought is that the O2C business as a whole, including refining, will do very well going forward as well,” he said.

Hits 52 week high

Insurance!! SBI Life and ICICI Pru

Tata Steel

Hindalco

Adani Ent

NMDC

Aarti Inds

Apcotex Inds

Advanced Enz

Gainers

Sadbhav Infra

UPL

Bajaj Finance

RBL bank

SBI

BPCL

Coal India

Adani Ports

PTC India Fin

Indian Bank

PNB

Bank of Baroda

Bank of Mah

Bank of India

Home first fin

IDFC First Bank

Union Bank

Magma Fincorp

Canara Bank

Central Bank of India

IOB

UPL

NTPC

Losers

L&T Tech

Cipla

Wipro

Tata Cons

Wipro

HUL

M&M

Titan

DRL

RIL

Power grid

HDFC ltd

Infosys

Shree Cement

Sundaram Fin

STOCK TIPS: Shubham Agarwal, CEO & Head Of Research, Quantsapp Advisory

Buy 5400 strike call option in Dr Reddy’s Laboratories for a target of Rs 180 with a stop loss at Rs 130.

Buy 4000 strike call option in Bajaj Auto for a target of Rs 115 with a stop loss at Rs 60.

Buy 700 stroke call option in Tata Consumer for a target of Rs 28 with a stop loss at Rs 17.

Disclaimer: The CNBCTV18.com editorial team does not engage in speculative or active trading in stock markets and follows its Code of Conduct on securities trading and investment. Any investor/ viewer is advised to carry out necessary diligence on their own or through a certified registered financial advisor for investment decisions.

SBI Life shares rise over 4% on strong Q4 profit; stock hits 52-week high

SBI Life share price touched a 52-week high of Rs 1,005.05, rising over 4 percent on Tuesday early trade, a day after the insurance behemoth posted a net profit of Rs 532.38 crore for the March quarter.

Market updated: Sensex, Nifty trade flat, Bank Nifty up 1.2%

At 10.04 am, the Sensex traded 0.19 percent higher, up by 94 ponts, at 48812, while the Nifty was higher by 0.23 percent, rising 34 points, to 14,668. The Midcap index was up 1.11 percent and the banking gauge surged 1.2 percent.

BIG News | Berkshire Hathaway CEO Warren Buffett names Greg Abel as his successor

Here’s what Dipan Mehta, Director at Elixir Equities has to say on Tata Chemicals, Kotak Bank and insurance companies

On Tata Chemicals

“A correction in Tata Chemicals is a good opportunity. We are seeing a run-away boom in commodity prices and that will not escape Tata Chemicals which is predominantly a chemical company. Also a lot of their expansion plans in India are going on-stream. So, if you look at buying into the stock at a minor correction, over the next 3-6 months it could good give very good returns going ahead.”

On Kotak Mahindra Bank

“It is not the time to sell-off in Kotak Mahindra Bank because of a minor disappointment. Maybe such corrections are good opportunities. So, I am not that negative on Kotak Bank on the medium to long term.”

On insurance companies

“Insurance will soon become pretty much mainstream over the next 5 years the way banking has become and few stocks may even find themselves in Sensex and Nifty over the next 2-3 years or so. This is a sector where investors must have a small amount of exposure which will gradually increase over the years and any of the insurance companies – I think all three, HDFC Life, ICICI Prudential, or SBI Life move up more or less in tandem. So, very positive on the sector and SBI Life in particular.”