Stock Market Highlights: Indian equity indices, Sensex and Nifty ended with strong gains Friday led by broad-based buying across sectors amid positive global cues. All sectoral indices closed in the green with Nifty Bank surging over 3 percent followed by financial services, IT, auto and realty indices. Midcap and smallcap indices also supported the rally.
Puducherry adds 1,448 new COVID-19 cases, 34 deaths push toll
The union territory of Puducherry reported 1,448 fresh coronavirus cases and 34 deaths, a single day high, a senior Health department official said on Sunday. The 34 fatalities took the toll to 1,359, Director of the Department of Health and Family Welfare Services S Mohan Kumar said. (PTI)
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Ajit Mishra, VP - Research, Religare Broking
Markets rebound sharply on Friday and gained nearly 2 percent, tracking firm global markets and supportive local cues. We feel global cues will continue to dictate the trend in near future. The recent buoyancy in the banking and financial is certainly encouraging and participation of other sectors on a rotational basis would further fuel the recovery. We suggest continuing with a positive yet cautious approach and reiterate our immediate target of 15,300 for Nifty.
Deepak Jasani, Head of Retail Research, HDFC Securities
Indian benchmark equity indices posted a strong rise on May 21 led by the bank stocks. Hopes of a fresh stimulus and the transfer of surplus of Rs 99,122 crore by the Central Bank to the GOI, boosted sentiments on the street. Also encouraging PMI data from across the globe and falling Covid cases locally helped lift trader spirits. Nifty closed the week higher by 3.4%, its best weekly gain since February. Now the Nifty is on the way to reach/breach the earlier high. 14,928-14,984 is the new support band for the Nifty while 15,336-15,432 is the resistance.
Market This Week | IndusInd, SBI, M&M, HDFC Bank, ICICI, Bajaj Auto top Nifty gainers this week. Only 10 Nifty stocks gave negative returns this week; Bharti top loser.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
We have successfully closed above the 15,150 levels. We should be heading higher to 15,300 as the next pit stop. The support continues to be at 14,700 and this will get upgraded on Monday. As long as this is holding, we are in bullish terrain and can continue buying the dips for higher targets.
Manish Shah, Founder, www.Niftytriggers.com
Nifty closed the week sharply higher by 2.23 per cent as compared to the close of the previous week. The quality of the candle was very bullish. Nifty is nicely poised to rally and break above the resistance at 15,400-15,500 over the next couple of weeks. As we head into May expiry Nifty will try to trade beyond 15,200. Possibly aided by a sharp recovery in Bank Nifty. Price and pattern break out for the week are very significant from a view of next 6-8 weeks and the upside potential in Nifty is towards 16,000-16,200. The price action during the course of the week is very bullish and traders should be prepared for a firm rally over next 6-8 weeks.
Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services
Overall the sentiments are quite risk-on amid economic revival and reopening of the Western countries. Also, in India, the improving trend of moderation in daily new COVID cases is boosting risk sentiments. While, the dollar index has continued the downtrend, despite Fed minutes spooked the market on the prospect of Fed tapering and there are fewer signs of DXY bouncing at least in the short term. So fx traders will monitor the COVID situation and trend in the dollar, and keep the spot within 72.50-73.50 with a negative bias.
Rupee At Close | The Indian rupee has ended at the day's high at 72.83 per dollar, amid buying in the domestic equity market. The local currency opened higher at 72.97 per dollar against the previous close of 73.10 and traded in the range of 72.83-73.08.
Market At Close | Market breadth favours advances with advance-decline ratio at 3:2
Market At Close | Nifty Bank surges 1,272 points to 34,607; All constituents higher.
Market At Close | Market snaps 2-day losing streak; Midcap index at record high.
Market This Week | Here are the highlights of the market performance this week
- Market Records Biggest Weekly Gain Since Budget Week
- Nifty Rises 3.4%, Sensex 4%, Nifty Bank 7.6% & Midcap Index 4% This Week
- Nifty Pvt Bank & PSU Bank Rise Over 7% Each, Realty Index Up 7%
- IndusInd, SBI, M&M, HDFC Bk, ICICI, Bajaj Auto Top Nifty Gainers This Week
- Only 10 Nifty Stocks Give Negative Returns This Week; Bharti Top Loser
Market At Close | Here are the highlights from today's market session
- Market Snaps 2-day Losing Streak; Midcap Index At Record High
- Financials Lift Market With Nifty Bank Surging Nearly 4%
- Healthy Q4 Earnings By SBI Lead To An All-round Gain In Banks
- Nifty Rises 269 Points To 15,175 & Sensex 976 Points To 50,540
- Midcap Index Gains 202 Points To Post The Record Close Of 25,413
- Nifty Bank Surges 1,272 Points To 34,607; All Constituents Higher
- Fresh Slippages Of `5,473 Cr In Q4 Leads To A Gain Of 5% In SBI
- Top 7 Nifty Gainers Are From Financial Space; HDFC Bank Top Gainer
- Natco, BoB, NCC, Shriram Trans, Torrent Power Top Midcap Gainers
- Market Breadth Favours Advances With Advance-Decline Ratio At 3:2
Closing Bell | The Indian equity benchmark indices ended with strong gains Friday led by broad-based buying across sectors amid positive global cues. The Sensex jumped 975.62 points, or 1.97 percent to 50,540.48, while the Nifty ended at 15,175.30, up 269.25 points, or 1.81 percent. Gains in midcap and smallcap indices also supported the rally.
All sectoral indices closed in the green with Nifty Bank surging over 3 percent followed by financial services, IT, auto and realty indices. On the Nifty50 index, the top 5 gainers were from the banking space. SBI, HDFC Bank, IndusInd Bank, ICICI Bank and Axis Bank were the top gainers, up 3-5 percent while Grasim, PowerGrid Corporation, IOC, Dr Reddy's Laboratories and Eicher Motors led the losses.
Market Watch: Prakash Diwan, market expert
On SBI: The stock definitely merits a rerating of sorts and brokerages will probably be quite enthused with that potential going forward. Positively expect it to test its high.
On Hindalco Industries: The stock would probably be rangebound but no more fresh buying would make sense at these elevated levels.
South Indian Bank Q4FY21 | The bank posted a net profit of Rs 6.8 crore as against a loss of Rs 143.7 crore. Net interest income (NII) was down 5.9 percent at Rs 560.5 crore from Rs 595.8 crore, YoY.
Warburg Pincus and PremjiInvest-Backed MedPlus Picks I-Bankers For Rs 2,000-Crore IPO; First By A Retail Pharmacy Chain
MedPlus, India’s second largest retail pharmacy chain in terms of store count , has shortlisted 3 investment bankers as advisors as it prepares for an IPO in 2021 to raise around Rs 2,000 crores, individuals familiar with the development told Moneycontrol. The move comes on the back of a surge in demand for COVID-19 related products which has benefited pharmacy players, especially those with online offerings. “MedPlus has recently shortlisted Axis Capital, Nomura and Edelweiss Financial Services. They are likely to select a fourth investment bank soon,” said one of the individuals cited above. “As of now, the plan is to raise around Rs 1,800 crores to Rs 2,000 crores via the IPO. This may increase depending on valuations and the size may vary later,” added a second individual. Read here.
Only 9 Nifty Midcap100 stocks in red in 2021; index gains 20% YTD
The midcap index hit a new high earlier this week, further pushing investor interest in broader markets. So far this year, midcaps have outperformed benchmarks, rising over 20 percent compared to an 8 percent rise in Nifty50. Last year as well the Nifty Midcap100 had outperformed the NSE benchmark, posting gains of around 94 percent compared to Nifty50’s 65 percent return. Only nine stocks in the Nifty Midcap 100 index are in the red so far this year, while 30 out of the remaining 91 that gave positive returns have given double-digit gains. Global brokerage JPMorgan has said that expectations from midcap stocks are very high in India currently. Read full report here.
Supreme Court upholds IBC provisions on personal insolvency
The Supreme Court has dismissed a plea by various promoter guarantors against lenders launching insolvency proceedings against them. The apex court has upheld the right of bankers to pursue insolvency proceedings against guarantors of companies facing insolvency resolution. The decision may impact promoters like Venugopal Dhoot, Anil Ambani and Sanjay Singhal. Corporate lawyer, HP Ranina said, “The Supreme Court has upheld the contractual obligation, after all when a promoter gives a guarantee there is a contract between the promoter and the lender that the lender will sue against the promoter in case of the company cannot repay the loan. So it is a question of a contract.” Read here.
Dhanuka Agritech Q4FY21 | The company's consolidated net profit rose 24.7 percent to Rs 48.6 crore from Rs 39 crore, while consolidated revenue increased 21.1 percent to Rs 275.6 crore from Rs 227.6 crore, YoY. Consolidated EBITDA jumped 41.2 percent to Rs 64.6 crore as against Rs 45.8 crore and EBITDA margin improved to 23.4 percent from 20.1 percent. YoY.