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 54.27% of traders are net-long, while the number of retail traders net-short was 45.73%. FII’s created huge longs 18980 & huge shorts 7041, while retailers unwinded decent longs -2527 & few shorts -834.
Nifty50: 14,617 ▲ +36 (+0.2%) Sensex: 48,832 ▲ +28 (+0.0%)
Today the markets rose for the third consecutive day, led mainly by pharma and media shares. Of the Nifty50 stocks, 32 ended with gains, indicating strong buying interest. Among the sectoral indices, Nifty Pharma (+1.9%) and Nifty Media (+1.8%) saw the highest gains, whereas Nifty PSU Bank (-0.5%) and Nifty Realty (-0.4%) were the top laggards.
Top gainers Today’s change
Wipro ▲ 9.0%
Hindalco ▲ 4.1%
Cipla ▲ 2.8%
Top losers Today’s change
JSW Steel ▼ 1.8%
ICICI Bank ▼ 1.7%
Bajaj Finance ▼ 1.3%
Citibank’s exit to benefit other players
As Citibank plans to exit its Indian retail-banking business, the street believes there is an opportunity for other players to either acquire Citi’s clients or gain market share in its various segments, including credit cards.
As per reports, Citi is the 6th largest card issuer in India with 2.7 million cards. At present, it is not clear exactly how Citi will exit the India business. However, high investor interest was seen today in its credit card competitor SBI Cards (+6.6%). In 2021, shares of SBI Cards have gained 13.5%.
Quess Corp acquires residual stake in Conneqt
The business services provider announced that it will acquire the remaining 30% stake in Conneqt Business Solutions from Tata Sons for ₹208 crore. After the deal, Conneqt will become a wholly-owned subsidiary of Quess.
The company said this investment will allow Quess to better realise synergies between its various divisions. Shares of Quess Corp were down 2% today.
L&T wins significant orders
L&T’s power transmission and distribution wing bagged orders to design and construct two substations in Dubai. Further, its building and factory business won an order from a leading cement manufacturer to construct a 3.5 MTPA cement plant in Rajasthan. Its transport and infrastructure wing won a contract for the electrification of 383km of railway lines in the Northeast Frontier Railway.
L&T categorises these orders as ‘significant’, suggesting that they are worth ₹1,000-2,500 crore. Despite the order wins, its shares fell 0.9% today and are down 4% so far in April.
Vivimed surges on product approvals
Shares of the Hyderabad-based pharmaceutical and specialty chemicals company hit their 20% upper circuit intraday after the company received regulatory approvals for three products.
The first among these is the Bilastine tablet, which is used to treat certain allergies. The second is its Ornidazole and Ofloxacin tablet, used to treat gastrointestinal infections. The third is a Paracetamol-Chlorpheniramine Maleate syrup used to treat symptoms of hay fever. The stock closed 15.8% higher and has risen over 22% in April so far.
After three days, the markets broke out of Monday’s trading range. However, if one looks at the bigger picture, the markets are confined in a broader range of around 14,250 to 15,300 since the last week of February. This suggests that while there is not much of a price correction, we are seeing time correction. The movement in the India VIX also suggests that traders do not expect any major action in the days ahead.
Next week will be a holiday-shortened one, and no major announcements are expected. For cues, the market may track global indices and the development in India’s Covid cases.