Closing Bell: Nifty ends above 9,250 boosted by RIL, Sensex up 199 pts; pharma stocks gain

Taking Stock | RIL, HUL help Sensex, Nifty end higher but analysts remain wary

Indian equity benchmarks the Sensex and the Nifty ended higher on May 8, supported by strong gains in heavyweights such as Reliance Industries and Hindustan Unilever, as positive Asian peers underpinned investor sentiment.... Read More

The domestic factors viz. COVID-19 cases and disappointing earnings will continue to weigh on the sentiments ahead. In such a scenario, sustainability at higher levels seems difficult. We suggest maintaining extra caution on stock selection and focus more on position management aspects.

Support for Nifty exists at 9230 and 9170 level. Expect a quick decline to the levels of 9000/8970, in case Nifty breaks the level of 9230 followed by 9170. Resistance has shifted to 9400/9450 from the levels of 9550/9600.

Slideshow | Gainers & Losers: 10 stocks that moved the most on May 8

Buying was seen in the pharma, FMCG, energy, IT and infra space, while selling was seen in the auto, bank and metal sectors.... Read More

Since last few days, the way Covid-19 cases have been rising in the country, it creates a negative sentiment in the market as India has crossed 50K Mark. At present level, the index has strong resistance at 9450 while downside good support comes at 9130-9100 level.

Nifty fluctuated around 150 points in another day of volatile trades, tracking uncertainty in the markets. Gains were led by Reliance, which succeeded in another round of fundraising even in this adverse scenario.

Global market trends were also positive following attempts to defuse tensions around the US- China trade talks. While the earnings season has been lacklustre, markets seem to be awaiting announcement of a stimulus package from the government.

The BSE-30 Index fell 6% in the current week as market participants worried about repercussions on various sectors due to lock-down extensions offloaded their holdings.

On the economy front, Infrastructure output, comprising eight core sectors of the IIP fell by (-) 6.5% in March as against 7.2% in February. FPIs bought equities worth USD 313 mn over the past five trading sessions while DIIs sold USD 212 mn worth of shares during the period.

Benchmark indices ended higher on May 8 but profit booking in the final hour of trade pulled the Nifty below 9300.

At close, the Sensex was up 199.32 points or 0.63% at 31642.70, and the Nifty was up 52.45 points or 0.57% at 9251.50. About 1012 shares have advanced, 1267 shares declined, and 185 shares are unchanged.

HUL, Dr Reddy’s Labs, Tech Mahindra, Nestle and Sun Pharma were among major gainers on the Nifty, while losers included M&M, Axis Bank, NTPC, SBI and IndusInd Bank.

Buying seen in the pharma, FMCG, energy, IT and infra space, while selling seen in the auto, bank and metal sectors.

Shares of Cyient were locked in 10 percent lower circuit on May 8 after weak revenue growth guidance for Q1FY21 and HDFC Securities downgraded its rating to reduce.

The company has reported net profit of Rs 83.5 crore versus Rs 249 crore, while revenue was up 21% at Rs 2,510 crore versus Rs 2,076 crore, YoY, reported CNBC-TV18.

D-Street Buzz: 250 stocks hit upper circuit on BSE; volumes of RIL, HUL top the charts

The most active stocks in terms of volumes included Vodafone Idea, Laurus Labs, RBL Bank, State Bank of India, YES Bank, IndusInd Bank, ICICI Bank and Reliance Industries among others.... Read More

The board of directors of the company appointed Ramesh Krishnamurthy, as Chief Executive Officer (CEO) and Key Managerial Personnel (KMP) of the company with effect from 01.06.2020.

Be selective while picking midcaps: Over 20 stocks on buy list of brokerages

The Nifty Mid-cap 100 was up 15.4 percent in Apr'20, as against the Nifty's rise of 14.7 percent. In the last 12 months, mid-caps were down 23% as against Nifty's decline of 16 percent.... Read More