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Stock Market Live Updates: Sensex gains over 300 points, Nifty around 14,750 led by banks, auto; metals under pressure
Stock Market Live Updates: The Indian equity indices, Sensex and Nifty traded higher Wednesday led by gains in banks, auto and IT stocks. Midcap and smallcap indices traded more than half a percent higher each. Among sectoral indices, PSU banks, auto, financial services, FMCG and IT indices gained, while Nifty Metal was trading in the red.
Buzzing | TVS Motor Company share price jumps 15% after strong Q4 earnings
Shares of TVS Motor Company surged 15 percent after the company posted nearly four-fold increase in its consolidated net profit at Rs 319.19 crore for the fourth quarter ended March 31, 2021, riding on the back of robust sales in the domestic and international markets. The company had reported a net profit of Rs 81.84 crore during the January-March quarter of 2019-20. Revenue from operations rose to Rs 6,131.90 crore in the fourth quarter from Rs 4,104.71 crore in the same period of 2019-20 fiscal, TVS Motor said in a regulatory filing.
The Index has crossed its resistance patch of 14,500-14,700 and is trading above 14,700 since the opening. If we can keep above this level on a closing basis as well, we should be headed to 15,000-15,100 levels. A closing past 14,700 will signal a shift in the trend from sideways to bullish and thereafter dips or intraday corrections can be utilized to buy into this market.
Info Edge (India) | The company will sell stake worth Rs 750 crore in the initial public offering (IPO) of its investee company Zomato. Zomato’s IPO will comprise of fresh equity shares and OFS. Info Edge currently holds around 19 percent stake in the food delivery aggregator company.
Indian markets are likely to continue with its volatility as the earnings season gets in full swing while COVID-19 cases continue to be very high. Market is continuously reacting to government’s course of action along with progress on vaccination drive. Investors would actively track management commentaries in their post result concalls, given the current pandemic situation. Global markets would be cautious ahead of the US Fed’s monetary policy outcome on Wednesday. Even President Joe Biden is expected to spell out his infrastructure spending plan, and the tax hikes to pay for it which could set the market tone for near term.
Bajaj Finance: The implementation of the digital framework for most of the vertical in order to generate higher amount of sales, lowering the cost, and at the same time cross selling of the products so from that perspective the business and the company looks quite steady and probably this year should comeback as far as growth is concerned so remain positive on this company.
Axis Bank: The company has been able to successfully grow the numbers in this particular period.. Hopefully from the current year onwards they would have a very stable growth coming in. Though one would personally think that ICICI Bank has done better compared to Axis Bank.
Market Opens | Indian equity benchmark indices opened higher on Wednesday led by gains in banks, auto and IT stocks amid mixed global cues. At 9:15 am, the Sensex opened 0.25 percent, or 122.5 points, higher at 49,066.64, while the Nifty50 index opened at 14,710.50, up 57.45 points, or 0.39 percent. Midcap and smallcap indices traded half a percent higher each.
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