MARKET LIVE: Sensex tumbles 1,300 pts, Nifty below 14,300; HDFC Bk falls 4%

MARKET LIVE: Sensex tumbles 1,300 pts, Nifty below 14,300; HDFC Bk falls 4%

The top-notch brands dropped down during the early phase of the selling pressure as shown in the index pivotals. At 9.25 IST the barometer index showed that the S&P BSE Sensex was down 2.37% at 47,675.02 or 1157.01 points. In addition, the NIFTY 50 index settled in 2.4% at 14,267.45 or 350.40 points. 

Also, the  S&P BSE Mid-Cap fell at 2.54% alongside the B&S BSE Small-Cap dropping down at 2.65% clearly showing frail health of the market. Further, in BSE there was a rise in the 389 shares, however, 1841 shares indicatively fell. But, there was no change seen, in a total of 103 shares altogether.

Stocks That Gained Prominence

HDFC bank is the talk of the town. The bank lost around 2.92%, showing a rise of 18.2% in net profit to 8,186.50 crore INR on a 16.4% increase in net revenues to  24,714.10 crore INR in Quarter 4 2021. 

Further, HDFC bank reported that their board of directors granted an enabling approval for the Issuance of Perpetual Debt Instruments(which is a part of Additional Tier I capital) Tier II Capital Bonds and Long Term Bonds(capitalising various infrastructure and housing) that sums up to 50,000 Cr INR in the next 12 months by private placement mode.

There has been a drop in Bharti Airtel which stands at 2.53%. Also, the government of Ghana, Millicom International Cellular S.A(through their subsidiaries) and Bharti Airtel declared that they have finalised the transfer of AitelTigo in the hands of the Government of Ghana last Friday. The agreement shows that the Government of Ghana will procure around 100% of AirtelTigo that accumulates their customer base, and their entire assets and liabilities. This would be a seamless takeover which will be followed by an operation opportunity by AirtelTigo as a State Entity.

Mindtree showed a rise of 0.76%, however, there has been a tail off in the consolidated profit range which is 2.8% to 317.30 crores on a 4.2%  hike in the revenues to 2109.30 crores in this quarter 4 March 221 over the last quarter which was in December. Now, as per the dollar term, Mindtree declined down 1.9% in the consolidated net profit of $43.3 million over a 5.2%  hike on revenues to $ 288.2 million in the quarter 4 FY21 over quarter 3 FY21.

Now, the Kolte-Patil Developer dropped to 4.27% announcing their sale volume of 0.85 million sq ft in Quarter 4 FY21. This is against 0.67 MSF  in Quarter 4 FY20. However, the realization has shown a hike of 5,988 INR from 5,333 INR in the same session. 

The Global Market At A Glance

Well, this Monday is showing a prospect in the Asian market. Alibaba’s stock represents a notable development between affiliate billionaire Jack Ma and Ant group. While on the other hand, there has been a noteworthy growth in Japan’s export’s rate. As per the Ministry of Finance, there is a surge of 16.1% this March from last year showing a robust hike since 2017 November.

Last Friday US stocks also showed a considerable rise that records a prominent income from the renowned Blue Chip brands. This also gives a signal for a snapback in the economy.

 Federal Reserve Governor Cristopher Waller declared that the US economy is on its way to take off. However, there is still no requirement for tightening up the policies. In addition, the University Of Michigan reported their preliminary consumer sentiment index that rose to one year high of 86.5 in the first half of this month, accounting for 84.9 in March. 

Here, the equity indices stranded down gaining mildly in a volatile period last Friday. Well, the barometer showed the S&P BSE Sensex gaining 28.35 points or 0.06%  to 48,832.03. In addition, the Nifty 50 index rose 36.40 points or 0.25% to 14,617.85.

Lastly, the Foreign Portfolio investors purchased shares valued at 4,370.51 crore INR. On the other hand, the Domestic Institutional Investors purchased 657.55 crore INR from the Indian Equity market on 16th April 2021 as per the provisional data. 

Source: https://www.business-standard.com/article/news-cm/market-tumbles-in-early-trade-breadth-weak-121041900167_1.html

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