Taking Stock: Sensex, Nifty Gain 1% Amid Positive Global Cues; Realty, Metal Stocks Outshine
Except for pharma, all other sectoral indices ended in the green. BSE Midcap and Smallcap indices rose 0.6 and 0.9 percent, respectively.... Read More
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 83,713.41 | 178.06 | +0.21% |
| Nifty 50 | 25,647.10 | 72.75 | +0.28% |
| Nifty Bank | 58,071.70 | 134.15 | +0.23% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Interglobe Avi | 5,736.00 | 147.50 | +2.64% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Bajaj Finance | 1,002.00 | -83.00 | -7.65% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 36007.30 | 319.00 | +0.89% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 8310.85 | -29.85 | -0.36% |
Markets started the week on an optimistic note led by supportive global cues. After a gap-up opening, the benchmark continued its positive momentum led by healthy buying in sectors such as banking (thanks to ICICI results), metals and consumer durables. The broader markets too traded in tandem and ended higher in the range of 0.6-0.9%. Finally, Nifty closed at 14,485 levels, up by 1%.
Upbeat global cues combined with supportive earnings are helping the index to hold at higher levels despite COVID challenges. Also, the recent news of various countries extending help to India in the COVID flight further boosting the sentiment. We remain cautiously optimistic as volatility is likely to remain high on the back of derivative expiry and upcoming earnings announcements. Banking, metal and pharma are showing tremendous resilience and should be preferred for long trades on dips.
The Nifty was unable to cross the resistance of 14500-14700. If we are able to do so, the trend will turn bullish and we can scale up higher to achieve 15000. On the flip side, if it resists, then we will go down to test the recent lows of 14150-14200.
:Indian rupee ended the near the day's high at 74.72 per dollar, amid buying saw in the domestic equity market.It opened higher by 16 paise at 74.85 per dollar against Friday's close of 75.01 and traded in the range of 74.67-74.89.
Positive global cues coupled with good numbers from ICICI Bank ensured a strong opening on Monday for markets led by BFSI and metals. However, we did see bouts of profit-taking in afternoon trade-in FMCG & Pharma stocks ahead of a big earnings day tomorrow.
Coffee Day Enterprises share price was locked in a 5 percent lower circuit on April 26, eight months after trading resumed in the scrip.
Trading in Coffee Day Enterprises was stopped in August 25, 2020 for non-compliance of SEBI's listing norms and non-submission of results during the period. Recently, the stock exchanges revoked the suspension.
Market started the week on a positive note with Nifty closing near the 14500 supported by the metal and banking names.
At close, the Sensex was up 508.06 points or 1.06% at 48386.51, and the Nifty was up 143.60 points or 1.00% at 14485. About 1841 shares have advanced, 1094 shares declined, and 216 shares are unchanged.
Axis Bank, UltraTech Cement, ICICI Bank, JSW Steel and Grasim Industries were among major gainers on the Nifty, while losers were Cipla, Britannia Industries, HCL Technologies, BPCL and HDFC Bank.
Except pharma, other sectoral indices ended in the green. BSE Midcap and Smallcap indices rose 0.6-0.9 percent.
HDFC Life Insurance Company is likely to report a 12 percent and 16 percent year-on-year (YoY) growth in profit and net premium income for the quarter ended March 2021. Sequentially, the same parameters may jump 25-30 percent. According to brokerages, annual premium equivalent (APE) may grow over 25 percent YoY as well as quarter-on-quarter (QoQ) in Q4 FY21.
HDFC Life Insurance Company Limited was quoting at Rs 706.25, up Rs 19.90, or 2.90 percent on the BSE.
The market manages to hold above the Nifty 50 Index support zone of 14400. The technical factors are aligned to support a range-bound market movement. Therefore, the short-term traders use the rally to exit while attempting to buy a dip approach.
The market breadth to improve, indicating the likelihood of higher volatility in the market. A decisive breakout above 14500 is likely to turn the scenario bullish.
IT services company Tech Mahindra is expected to report 2-3 percent sequential growth in dollar revenue and 1.5-2 percent QoQ growth in constant currency for the quarter ended March 2021 due to the weak new deal signings in the past nine months. Brokerages now largely expect better deal wins for the March quarter.
Tech Mahindra was quoting at Rs 964.70, up Rs 14.50, or 1.53 percent on the BSE.
Rupee traded strongly near 74.70 on back of lower dollar index moves, and good participation in the capital market seen on the first week of the day.
With lock-down, some respite was seen in Covid-19 numbers especially in Mumbai. Helping new infection some control. Rupee can be seen in a range of 74.50-75.00 incoming sessions.
Power Mech Projects has received a Letter of Intent from the Singareni Collieries Company for Operations and Maintenance of 2x660 MW STPP for Rs 343.44 crore.
Power Mech Projects was quoting at Rs 571.05, up Rs 10.70, or 1.91 percent on the BSE.
