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6 Reasons Behind the Stock Market Crash, HDFC Bank Q4FY21 Results, and Buzzing Stocks Today

Tue, 20 Apr Pre-Open

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Indian share markets nosedived and registered sharp losses in yesterday's volatile session following a strong second wave of Covid-19 in the country and announcement of stricter lockdowns, hampering the economic recovery.

At the closing bell yesterday, the BSE Sensex stood lower by 883 points (down 1.8%).

Meanwhile, the NSE Nifty ended down by 258 points (down 1.8%).

Dr Reddy's Lab and Infosys were among the top gainers.

IndusInd Bank and Power Grid, on the other hand, were among the top losers.

The BSE Mid cap index and the BSE Small cap index ended down by 1.9% and 1.6%, respectively.

On the sectoral front, capital goods stocks, banking stocks and realty stocks were among the hardest hit.

Gold prices for the latest contract on MCX were trading up by 0.9% at Rs 47,793 per 10 grams at the time of closing stock market hours yesterday.

Speaking of stock markets, in his latest video, Brijesh Bhatia talks about how the Nifty 50 index can hit 16,000.

In the video, Brijesh also talks about the Financial Services index. The Financial Services Index has been underperforming Nifty for last couple of months, but Brijesh believes it is at an excellent bargain buying levels.

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Top 6 Factors Why Indian Stock Markets Crashed Yesterday

Spike in Covid-19 Cases: A sharp rise in Covid-19 cases are posing a serious threat to the economic recovery of the world. India reported 2.7 lakh fresh Covid-19 cases yesterday - the biggest spike in daily cases witnessed since the pandemic began last year.

The Union Health Ministry said that the daily coronavirus positivity rate in India has doubled to 16.7% in the last 12 days.

Lockdown Fears: One of the key reasons behind yesterday's stock market weakness was the strict lockdown-like restrictions imposed in Maharashtra, home to financial hub which contributes 14.5% of the country's overall GDP.

While strict lockdown-like restrictions have been imposed in Maharashtra, experts have called for a 15-day self-imposed lockdown in Gujarat. The Rajasthan government has ordered the closure of offices and markets from Monday to May 3.

Lockdown was also announced in Delhi. Announcing a six-day lockdown in Delhi from 10 pm tonight to 5 am next Monday, Chief Minister Arvind Kejriwal said the move was necessary as rising Covid cases had severely strained the city's resources and its health system was at a tipping point.

Earnings Growth Concerns: The second wave of Covid-19 in India has cast a cloud over economic growth and earnings outlook going ahead, worrying investors.

The trend was visible in shares of IT companies, which kicked off the earnings seasons last week. The shares of IT firms fared poorly on bourses yesterday after the Q4 performance. TCS and Infosys' performance fell short of market expectations.

Gross Domestic Product (GDP) downgrades: As a resurgence in Covid cases poses risks to India's fragile economic recovery, it has forced leading brokerages to downgrade India's GDP growth projections for the current fiscal year to as low as 10%, dampening market sentiment.

While Nomura has downgraded projections of economic growth for the fiscal year ending March 2022 to 12.6% from 13.5% earlier, JP Morgan now projects GDP growth at 11% from 13% earlier.

Foreign Portfolio Investors (FPI) Outflows: The above mentioned concerns were also visible among FPIs who have pulled out a net Rs 46.4 billion from Indian markets in April so far.

Profit Booking: Apart from the above, losses were also seen as share market succumbed to profit-booking after a steady rise witnessed for the stock markets lately.

Most of the profit-booking was seen in the banking sector yesterday with stocks such as IndusInd Bank, SBI, Kotak Bank and Axis Bank dragging the benchmark indices lower.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned!

Top Stocks in Focus Today

Macrotech Developers will be among the top buzzing stocks today.

Macrotech Developers share price made a weak debut yesterday, as the scrip got listed at Rs 439 per share on BSE, a 9.7% discount to its issue price of Rs 486 per share.

According to a leading financial daily, the ongoing spike in Covid-19 cases and the recent decision by the Maharashtra government to discontinue a stamp duty waiver on property registrations hurt Macrotech's listing prospects.

The Rs 25 billion initial public offering (IPO) of the Mumbai-based real estate developer received bids for 70.4 million equity shares against an offer of 51.4 million. Demand from qualified institutional buyers (QIB) and non-institutional investors helped the maiden offer subscribe 1.4 times, the least so far in 2021.

Mindtree share price will also be in focus today as the company said its consolidated net profit rose by 53.9% to Rs 3.2 billion in the March quarter on the back of strong operational efficiency and expressed confidence in logging double-digit growth in FY22.

"Two successive quarters of over 5% growth gives us a lot of confidence in terms of the momentum that we have generated in the last two quarters," said Debashis Chatterjee, MD & CEO of Mindtree.

The Bengaluru-based company's net profit was at Rs 2.1 billion in the January-March 2020 quarter. Its revenue grew 2.9% to Rs 21.1 billion in the said quarter from Rs 20.5 billion in the year-ago period.

HDFC Bank Posts 18% YoY Profits in Q4FY21

India's largest private sector lender HDFC Bank reported an 18.2% year-on-year (YoY) rise in net profit to Rs 81.9 billion for the quarter ended March.

The lender reported a net interest income of Rs 171.2 billion, up 12.6% from a year-ago quarter.

HDFC Bank's pre-provision operating profit in the quarter stood at Rs 155.3 billion, up 20%.

HDFC Bank's gross non-performing loans ratio stood at 1.32% as against 1.38% on a proforma basis in the previous quarter.

The private sector lender reported a net NPA ratio of 0.4% for the quarter. The lender's provisions in the quarter rose 24% on a YoY basis to Rs 46.9 billion.

"Given that the current 'second wave' has significantly increased the number of Covid-19 cases in India and uncertainty remains, the board has considered it prudent to currently not propose dividend for the financial year ended March 31, 2021," the bank said.

HDFC Bank has provided around Rs 5 billion to refund the interest-on-interest amount to borrowers on the moratorium loans. The bank will, however, await a final decision from Indian Banks Association (IBA) on this concerning the methodology to calculate this amount.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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