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Stock Market Live Updates: Nifty hits record high, Sensex opens 300 points higher; banks gain
EVENT HIGHLIGHTS: Market is full of positivity; They are as given below :
Stock Market Live Updates: Indian indices are likely to open on a positive note tracking gains in Asian peers. The SGX Nifty was also trading around 24 points or 0.2 percent higher at record high levels of 15,469. Stocks including Sun Pharma, Eicher Motors will be in focus today.
R Ananthanarayanan of Strides Pharma says co has begun manufacturing RDIF’s COVID vaccine Sputnik V.
Rupee rises to highest level since March 26
Credit Suisse has an ‘underperform’ call on Sun Pharma while CLSA and Morgan Stanley are bullish on the stock after its March quarter earnings. CLSA is bearish on Eicher Motors but Jefferies has a…
FMCG segment is taking a little bit of a backseat, so it is very easy to say that FMCG companies are concentrating on pure basic consumption. They have the pricing power.
Over the next fifteen-twenty-thirty days the frontline indices will continue to do well, money will slowly shift out and go back possibly into the Maruti Suzuki, Hindustan Unilever Ltd (HUL) and the Reliance Industries Ltd (RIL). So I think there will be a slight shift going towards the frontline stocks. So you will have the Nifty continue to do well but the midcaps and smallcaps somewhere maybe one-three weeks later may take a slight backseat and they may even correct by 5-15 percent.
Morning market quote from V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
“The best news for the economy and markets is coming from the Covid data which has shown a dip in fresh cases to 1.75 lakhs during the last 24 hours. This will certainly pave the way for the progressive removal of restrictions on economic activity. The global cues are positive with the US economy showing rise in jobs indicating sharp economic recovery. An important trend in the market is the outperformance of midcaps (up around 24% YTD) vis-a-vis the Nifty ( up around 10% YTD). Another trend is the increasing preference for value over growth as reflected in the sharp rise in PSUs like SBI, IOC & Coal India while the likes of HDFC Bank and Kotak Bank remain subdued. Such rotations happen during a bull run. Weakness in frontline private banking stocks may be used to accumulate them since these well-capitalised banks will continue to grab market share from the weaker players, particularly from weak PSU banks”
BREAKING: Nifty hits intra-day record high of 15,455.55, cross the earlier level of 15,431.75
Opening Bell: Nifty hits record high, Sensex opens 300 points higher; banks gain
Indian indices opened higher with Nifty hitting record high on Friday following gains in Asian peers, mainly boosted by banking stocks. At 9:18 am, the Sensex was up 306 points at 51,422 while the Nifty rose 99 points at 15,437. Stocks including Sun Pharma, Eicher Motors will be in focus today. Heavyweights HDFC twins, RIL, ICICIC Bank, SBI and HUL contributed the most to the gains.
Eicher Motors Q4 results: Profit after tax jumps 73% to Rs 526 crore Eicher Motors Ltd on Thursday reported a 73 percent jump in consolidated profit after tax at Rs 526.14 crore for the fourth quarter ended March 31, 2021, riding on better sales. The company had posted a consolidated profit after tax of Rs 304.28 crore in the fourth quarter of the previous fiscal, Eicher Motors Ltd said in a regulatory filing. Its consolidated total revenue from operations in the January-March quarter stood at Rs 2,940.33 crore, compared with Rs 2,208.18 crore in the year-ago quarter. The group’s two-wheeler arm Royal Enfield sold 2,03,343 motorcycles in the quarter, an increase of 25 percent from 1,63,083 motorcycles sold over the same period in FY 2019-20, the company said
CLSA has retained an ‘underperform’ rating on Vodafone Idea and reduced its target price to Rs 9 per share from a previous target of Rs 12. The global brokerage believes that Vodafone Idea’s Adjusted Gross Revenue (AGR) dues of $9 billion recognised versus $3 billion self-assessed is a key regulatory overhang and has likely delayed planned fundraising. In September 2020, the telecom operator announced fundraising of Rs 25,000 crore, of which equity was expected to be Rs 15,000. The company has been is in talks with potential investors but fund raising appears unlikely before the SC allows review of AGR liabilities, the brokerage noted in a report.
Asian stocks extend global rally to 7th day, US stimulus in focus
Asian stocks put global equities on course for a seventh day of gains on Friday as investors bet the US will lead the world out of the COVID-19 pandemic, with the focus turning to a multi-trillion dollar spending boost by the Biden administration. Tokyo led the advance, with the Nikkei jumping 1.9 percent early in the session. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.3 percent, hitting its highest level this month, though Chinese blue chips slipped 0.1 percent just after the open. The MSCI world equity index added 0.1 percent to 709.71, nearing the all-time closing high of 710.36 set on May 7.
Sun Pharma Q4 results: Net profit zooms 123% to Rs 894.15 crore
Drug major Sun Pharmaceutical Industries on Thursday reported a 123 percent jump in its net profit to Rs 894.15 crore for the quarter ended March 31, 2021. The company had posted a net profit of Rs 399.84 crore in the corresponding period of the previous fiscal, Sun Pharma said in a regulatory filing. CNBC-TV18 Poll had predicted a profit of Rs 1,443.5 crore for the quarter under review. Consolidated revenue from operations stood at Rs 8,522.98 crore for the quarter under consideration. It was Rs 8,184.94 crore in the same period a year ago, it added.