Zubu Client Sentiment Nifty50 Report:
It is a Post Market Analysis, by which one can understand Retail trader’s sentiment and discover who was going long and short, the percentage change over time, and whether market signals are bullish or bearish
Nifty50 retail trader data shows 55.79% of traders are net-long, while the number of retail traders net-short was 44.21%. FII’s created huge longs 7537 & unwinded decent shorts -3934 , while retailers created huge longs 10362 & huge shorts 8587.
Nifty50: 14,485 ▲ 143 (+1.0%) Sensex: 48,386 ▲ 508 (+1.0%)
After a gap-up opening, buying interest kept the markets high and the benchmark indices remained in the green throughout the day. Market breadth too was positive, with 39 of the Nifty50 stocks closing with gains. Among sectoral indices, Nifty Realty (+3.4%) and Nifty Metal (+2.0%) gained the most, while Nifty Pharma (-0.8%) was the only laggard.
Top gainers Today’s change
Axis Bank ▲ 4.1%
JSW Steel ▲ 3.4%
Ultratech Cement ▲ 3.3%
Top losers Today’s change
Cipla ▼ 2.9%
Britannia ▼ 2.8%
HCL Tech ▼ 2.6%
Blackstone to acquire stake in Mphasis
Leading private equity firm Blackstone, along with other foreign institutional investors, has offered to acquire 26% stake in Indian IT firm Mphasis.
The buyers will pay ₹8,262 crore or at ₹1,677 per share in cash, at a discount of 2.5% on today’s closing price. The stock was up 1.3% today and has gained nearly 12% so far this year.
Steel prices march upwards
The price of steel has reportedly risen about 59% YoY in April 2021. The bump in price comes on account of major economies such as China and the USA recovering from the pandemic, spurring demand in the infrastructure and automotive sector.
Further, the Chinese steel industry aims to lower output after record production in 2020. Meanwhile, domestic crude steel production rose 19% YoY in March, with consumption up 41%. The Nifty Metal index was up 2% today.
Natco Pharma seeks Covid drug approval
The Hyderabad-based generic drugmaker has applied to the Central Drugs Standard Control Organisation (CDSCO) for approval of Phase-III clinical trials ofMolnupiravir capsules for the treatment of Covid-19.
The company said that pre-clinical data have shown that Molnupiravir has broad anti-influenza activity and is effective in the treatment of Covid-19. The stock was up 3.9% today and has gained over 10% so far in April.
ONGC told to sell oil fields
The petroleum ministry has told the country’s largest and gas producer to hive off its oil fields. Further, the company has been told to monetise existing infrastructure and spin off its drilling and other services to boost production.
Under the proposed divestment plan, the company is to sell stake in its on-shore and offshore plants in Gujarat. Eastern off-shore gas projects worth nearly $6 billion are also on the chopping block. The stock rose about 3% intraday but closed nearly flat.
After a flying start, the markets continued to drift sideways for the rest of the day. This week, there are no major domestic data releases. While the Covid cases are rising, markets seem to have taken consolation in the fact that from 1 May, the majority of the population will be covered under the vaccination drive. The turnaround seen in stocks of malls, multiplex, hotels, and airlines—which provide entertainment and leisure services—lend to this line of thought. For fresh triggers, markets will look at Q4 results and at international events such as the US Fed’s interest rate decision this week.