Sensex adds 848 pts, ends at 49,581 on broad-based buying; Nifty Bank up 4%

Topics MARKET WRAP | Markets | Sensex

Stock market updates: A sharp drop in Covid-19 cases lifted benchmark indices nearly 2 per cent higher on Monday. The frontline S&P BSE Sensex zoomed 848 points to settle the day at 49,581 levels, lifted largely by financial counters.

Eight of the top 10 index contributors included names like HDFC Bank, ICICI Bank, HDFC, SBI, Axis Bank, and Kotak Mahindra Bank. Reliance Industries and Infosys were the remaining two contributors. 

On the NSE, the Nifty50 reclaimed the 14,900-mark and ended at 14,923 levels, up 245 points. About 39 of the 50 constituents ended the day in the green today including IndusInd Bank (up 7.5 per cent), SBI, ICICI Bank, HDFC Bank, UPL, Axis Bank, Tata Motors, and Eicher Motors.

On the downside, Cipla, L&T, Bharti Airtel, Nestle India, Sun Pharma, HDFC Life, and Maruti Suzuki were the top laggards, down up to 2.4 per cent.

In the broader market, the S&P BSE MidCap and SmallCap indices ended 1.6 per cent higher each. 

On the sectoral front, all but Nifty Pharma index ended the day with gains. The Nifty Bank index added 4 per cent on the NSE today, trailed by the Nifty Financial Services index (up 3 per cent), and the Nifty Metal index (up 2.5 per cent). On the contrary, the Nifty Pharma index slipped 0.14 per cent on profit booking.

Global markets

European stocks dipped on Monday after staging a sharp recovery late last week, as underwhelming Chinese data and a resurgence of Covid-19 cases in some Asian countries outweighed optimism over the reopening of the British economy.

The pan-European STOXX 600 index slipped 0.1 per cent, adding to last week’s marginal losses spurred by a US inflation scare.

In Asia, Japan's Nikkei dropped 0.9 per cent and South Korea's Kospi slipped 0.6 per cent. China's CSI30 index and Hong Kong's Hang Seng, on the other hand, added 1.5 per cent and 0.6 per cent, respectively.


LIVE UPDATES

TECH VIEW :: Nagaraj Shetti, Technical Research Analyst at HDFC Securities

The short term trend of Nifty seems to have reversed up firmly, after a reasonable weakness of the last few sessions. Having placed at the crucial overhead resistance around 15000 levels, there is a possibility of volatility emerging or minor downward correction from the highs in the next few sessions and that is going to be a buy on dips opportunity in the market. Immediate support is placed at 14780 levels.

MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Sec

On reports of a sharp decline in the Covid19 cases in India, we saw a smart recovery in the market. Financial sector did extremely well and the Bank- Nifty gained 1000 points over its previous closing and closed 4 per cent higher. As usual, we saw a strong surge in HDFC twins and Bajaj Twins, which helped the market move higher. After hitting the major support levels, the metal stocks bounced back sharply. The markets rallied throughout the day and closed at the highest point of the day. Tomorrow, if global markets support and domestic news flow continue to favor, then we would see 15000 or 15050 at the opening. On the other hand, any weak opening around 14870/14850  would be a buying opportunity in the market. The focus should be on financials, Auto and commodities stocks with a short term view.
 
 

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Retail Research at HDFC Securities

Indian benchmark equity indices rose on May 17 aided by upmoves in Banks, and Auto stocks. Nifty opened higher and kept rising through the day without any sizeable intra day correction. At close, the Nifty was up 245.40 points or 1.67% at 14923.20. This was the best single day gain in the index in more than a month.
 
Volumes on the NSE were in line with recent averages. Among sectors, Banks, Metals, Auto, Realty and Power were the main gainers while Telecom was the loser. 
 
Nifty rose sharply and ended almost at the intra day high. The next stop on the upside is 14966-15044 band. A breach of this band could lead to a challenge to the all time highs of the Nifty (15432). On falls 14824-14850 band could provide support. A healthy advance decline ratio suggests return of confidence of traders in the broader markets.

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

Indian indices soared with solid gains led by banking, metal and auto stocks due to fall in infection cases. The market expects a rapid fall in daily reported Covid cases which helped to ease concerns over extended lockdowns and sharp correction in FY22 estimates. Banking stocks took a breather as it helped in soothing asset quality concerns

MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities

Bulls took centre stage today as the vaccination drive is expected to pick up momentum and the launch of the DRDO drug ignited the street as pivotals led by Banks saw support from Autos & Metals. In the broader market we did witness profit taking in Pharma stocks

TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed some decisive trends and an attempt to overcome the resistance level around the Nifty 50 Index level of 14950. While sustaining above 14950 is the key factor from a short-term perspective, staying above this level market to gain momentum and to open the gate for a movement till 15100-15200. The momentum indicators like RSI, MACD to recover after staying neutral to bearish in recent time.

Broader market :: SmallCap index ends 1.6% higher led by Hester Biosciences, Quick Heal


Broader market :: MidCap index ends mildly lower than Sensex


NSE Snapshot :: Top Nifty50 gainers today


Financials lift Sensex today; RIL, Infy too support


Sectoral trends on the NSE :: All but pharma end in the green


Sensex Heatmap

Top gainers: IndusInd Bank, SBI, ICICI Bank

Top losers: Bharti Airtel, Nestle India, L&T


CLOSING BELL

The frontline S&P BSE Sensex zoomed 848 points to settle the day at 49,581 levels today lifted largely by financial counters.
 
On the NSE, the Nifty50 reclaimed the 14,900-mark and ended at 14,923 levels, up 245 points. About 39 of the 50 constituents ended the day in the green today including IndusInd Bank (up 7.5 per cent), SBI, ICICI Bank, HDFC Bank, UPL, Axis Bank, Tata Motors, and Eicher Motors.

Sterling and Wilson Solar extends fall amid margin concerns; stock dips 11%

Shares of Sterling and Wilson Solar continued to be under pressure in Monday's session, down 11 per cent at Rs 239.10 on the BSE, in an otherwise strong market, amid concerns that the recent one-off events have resulted in an unanticipated impact on the company’s operations and its margins.
 
The stock was quoting lower for the fifth straight trading day, having lost 22 per cent in the past one week. With last week’s decline, the stock has now corrected 30 per cent from its 52-week high level of Rs 343.50 touched on April 9, 2021. READ MORE

SBI, HDFC Bank: Here is why bank stocks rallied up to 6% on Monday

Analysts attribute this sudden investor interest to the sector's recent underperformance and the resultant sectoral rotation. Over the past two weeks, only three bank stocks -- AU Small Finance Bank, RBL Bank, and SBI -- outperformed at the bourses, rising between 2.5 per cent and 3.5 per cent on the NSE as against a 1.25 per cent rise in the frontline Nifty50 index, ACE Equity data show. READ MORE

Second Covid wave will delay earnings recovery of India Inc: Moody's

India's ferocious second wave of coronavirus will delay earnings recovery of India Inc and the sharp rise in infections are likely to disrupt the numbers, ratings agency Moody's has said. However, Moody's sees limited impact of second wave lockdowns on economic activity so far. Moody's feels restrictions on movement and lockdowns in several parts of the country will lead to a weaker consumer sentiment and will hit housing and automobile sales. READ MORE


MARKET CHECK :: Nifty tops 14,900


STOCK UPDATE :: Bharti Airtel slips 2% ahead of March quarter results


Sensex Heatmap | Top gainers & losers as index jumps over 700 points


Are OMCs shifting to alternate day fuel price revision mechanism?

Oil marketing companies seem to be moving towards a revised fuel price revision mechanism, shifting to the practice of changing petrol and fuel rates every alternate day rather than undertaking changes on a daily basis. In the last few days, pump prices of petrol and diesel have been revised every alternate day but the practice had not helped consumers as even under this system prices have only moved up making the fuel dearer. READ MORE


COMMODITY VIEW :: Gold bonds

RBI’s latest tranche of the Sovereign Gold Bond(SGB) is starting from today for five days. Issue price for SGB Scheme 2021-22 is fixed at Rs 4,777 per gram, and a discount of Rs 50 per gram, less than the nominal value has been decided for the investors applying online. It is advised to invest in SGB or any other platform available like ETF or Digital gold based on one’s risk appetite.  Broader range on COMEX could be between $1820- 1880 and on the domestic front prices could hover in the range of Rs 47,750- 48,300.

Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services

Cheviot Co zooms 20% as firm announces special dividend of Rs 175 per share

Cheviot Company reported an over seven-fold jumped in its net profit at Rs 25.68 crore for the quarter ended March 2021 (Q4FY21) as against Rs 3.50 crore in Q4FY20. Revenue from operations grew 37 per cent year-on-year (YoY) to Rs 156.88 crore from Rs 114.76 crore in the year-ago quarter.
 
Meanwhile, the rating agency Crisil, as part of its annual rating surveillance exercise, reaffirmed the long-term rating at A+/Stable and short term rating as A1+ on various borrowings of the company from banks and financial institutions. READ MORE

MARKET CHECK


Crypto exchanges draw attention of regulators over brand promotions

Cryptocurrency exchanges, which are into brand endorsements in the midst of an uncertain future for the industry, have drawn the attention of regulators and tax authorities. According to regulatory sources, the brand promotion could mislead retail investors as the legality of cryptocurrency itself is under the scrutiny of the central government. “These exchanges are self-regulated and do not come under any regulator or authority. READ MORE

Four initial public offerings to raise Rs 4,000 crore in a few weeks

It is going to be a busy season again for the initial public offering (IPO) market. At least four deals worth a cumulative Rs 4,000 crore is expected to hit the market over the next 3-5 weeks, said investment banking sources.
 
These include companies that had earlier deferred their fundraising plans. Shyam Metalics, Dodla Dairy, Krishna Institute of Medical Sciences (KIMS) Hospitals, and Clean Science and Technology are among the companies planning to tap the market.  READ MORE

Gokaldas Exports zooms 16%, hits over 3-year high on strong Q4 results

Shares of Gokaldas Exports hit an over three-year high of Rs 122.5 apiece after they rallied 16 per cent in Monday's intra-day trade on the BSE after the company's profit after tax (PAT) jumped three-fold at Rs 16 crore for quarter ended March 2021 (Q4FY21) on the back of strong operational performance. It had posted PAT of Rs 6 crore in Q4FY20. The stock of the textiles company was trading at its highest level since January 2018. READ MORE

China's factory output slows in April as bottlenecks crimp production

China's factories slowed their output growth in April and retail sales significantly missed expectations as officials warned of new problems affecting the recovery in the world's second-largest economy. While China's exporters are enjoying strong demand, global supply chain bottlenecks and rising raw materials costs have weighed on production, cooling the blistering economic recovery from last year's COVID-19 slump. READ MORE

Mid-market view | CapitalVia Global Research

On the back of solid gains in heavyweight banking stocks and financial stocks like Bajaj Finserv, Indian equity benchmarks extended their gains in the morning session, with frontline gauges surpassing their critical levels. Sentiments got a boost as the number of coronavirus cases are on the decline in the country. The US market ended higher even after the concerns over the inflation rate. Asian markets were mostly trading in green, following the recovery in the global market. Nifty has traded positively after taking the support near the level of 14,600. If the market sustains the level of 14,800, we can expect the movement till the level of 15,000-15,050 in the coming week.

March Quarter Results :: Colgate Palmolive declares dividend of Rs 38/sh

>> Ebitda: Rs 413.6 crore

>> Ebitda margin: 32.4%


Colgate Q4 results

>> Revenue at Rs 1275.01 crore vs Rs 1062.35 crore YoY
 
>> PAT at Rs 314.66 crore vs Rs 204.15 crore YoY
 

MARCH QUARTER RESULTS :: FEDERAL BANK

>> PAT at Rs 477.8 crore vs Rs 301.2 crore YoY
 
>> Gross NPA at 3.41% vs 2.71% QoQ
 
>> Net NPA at 1.19% vs 0.6% QoQ

Cyclone Taukte :: Gujarat suspends vaccination drive

>> As per TV reports, the state has suspended the vaccination drive for two days (today and tomorrow) amid cyclone warning

From Sageone to Anvil Wealth, most PMS schemes beat Nifty in April

April was a good month for PMS schemes, with 198 of the 232 schemes under consideration outperforming the Nifty50. The schemes returned 2.8% on average, better than the -0.4% given by the benchmark. Better-performing strategies in April included Kotak’s Pharma fund (13.4%), Sageone’s Small and Microcap fund (12.7%), and Anvil Wealth Management’s Long Holding Strategy (12.4%), the data from PMS Bazaar showed. READ MORE


MARKET CHECK :: Sensex extends gains, rises 600 points


MARKET UPDATE:: HDFC twins, ICICI Bank, and SBI among top contributors to Sensex's over 600 point gain today


Index business grows as investors flock to passive funds for returns

The business of creating and maintaining a stock market and other indices is growing as interest in passive funds grows. Passive funds mimic returns of an underlying index. They have become popular as active fund managers who look to provide index-beating returns increasingly fail to deliver. An analysis of index business numbers shows a double-digit growth over the last two years. READ MORE


Stocks that hit 52-week high on BSE today

Company PRICE(rs) 52 WK HIGH CHG(%)
Balkrishna Inds 2073.55 2084.00 9.39
Birla Corpn. 1154.30 1176.55 10.04
Dalmia BharatLtd 1735.00 1745.05 0.47
Dhanuka Agritech 924.00 949.50 3.99
Galaxy Surfact. 3034.00 3080.00 4.72
» More on 52 Week High

NEWS ALERT

>> April WPI inflation at 10.49% vs 7.39% MoM

SBI shares surge 5%, hit 8-week high on heavy volumes

Shares of State Bank of India (SBI), on Monday, hit an eight-week high of Rs 377.30 after rising 5 per cent on the BSE in intra-day trade on the back of heavy volumes. The state-owned lender's stock was trading at its highest level since March 23, 2021, when it touched 377.7 in intra-day trade. It hit a record high of Rs 426 on February 18, 2021. READ MORE


L &T Technology, Intel Corp develop AI-based outdoor parking solution

L & T Technology Services Limited, a leading global engineering services company, announced today that it worked with Intel Corporation to develop an outdoor smart parking solution. The solution is powered by the Intel distribution of the OpenVINO Toolkit to run AI inferencing models on Intel Xeon scalable processors and Intel Movidius VPUs. With edge AI capabilities, the solution aims to redefine the outdoor smart parking experience in public areas across the globe. READ MORE

Bitcoin hits three-month low as Elon Musk drives investors to exit

Bitcoin dropped to a three-month low on Monday as investors sold cryptocurrencies in the wake of Tesla boss Elon Musk's hinting over the weekend that the carmaker is considering or may have already sold some of its bitcoin holdings. Musk has boosted crypto markets with his enthusiasm for the asset class, but has lately roiled trade by appearing to cool on bitcoin in favour of its one-time parody, dogecoin. The gyrations are beginning to spook even steeled traders. READ MORE


BUZZING STOCK:: SBI at day's high


When to sell a stock? The seven golden rules of investing

The year began amidst a raging bull market. Global equities have made up all the post-pandemic losses and are up nearly 85 per cent since their March 2020 low. Yet, our data shows many investors have missed the bull run altogether or are significantly underinvested, waiting for the ‘right’ opportunity to re-enter. Those who did stay invested through the volatility or re-entered the market in 2020 have a slightly different problem - ‘Should I sell?’. READ MORE

 

Balkrishna Industries surges 9%, hits record high on robust Q4 results

Shares of Balkrishna Industries surged 9 per cent to hit a record high of Rs 2,062 on the BSE in intra-day trade on Monday after the company reported robust March quarter (Q4FY21) numbers. The stock of the auto tyres & rubber products maker surpassed its previous high of Rs 1,965.90, logged on May 12, 2021. The company’s standalone revenue came in at Rs 1,746 crore, up 29 per cent year on year (YoY), on the back of healthy volume growth. The company achieved highest ever quarterly sales volume of 68,002 MT, up 17 per cent YoY. READ MORE

Cipla dips 4% on lower than expected March quarter earnings

Shares of Cipla were down 4 per cent at Rs 870 on the BSE in intra-day trade on Monday after the company reported lower than expected March quarter earnings (Q4FY21), with total revenue from operations growing 5 per cent to Rs 4,606 crore as against Rs 4,376 crore in the year-ago quarter. The company’s performance in Q4FY21 was weighed down by moderate year-on-year (YoY) growth in India Domestic Formulation (DF)/South Africa and a decline in API sales for the quarter. READ MORE

MARKET UPDATE:: Indices extend gains; Sensex up 500 pts


Gold scales over three-month high on virus worries, lower US yields

Gold prices rose on Monday to their highest level in more than three months, as a dip in U.S. Treasury yields and worries over surging COVID-19 cases in some Asian countries boosted demand for the safe-haven metal. Spot gold was up 0.6 per cent at $1,852.39 per ounce by 0318 GMT, after hitting its highest since Feb. 10 earlier in the session. US gold futures jumped 0.7 per cent to $1,851.10. READ MORE

SECTOR WATCH:: Nifty Bank index up over 600 points


Hester Biosciences zooms 33% in 2 days as firm in talks to produce Covaxin

Shares of Hester Biosciences rallied 19 per cent to Rs 2,944 on the BSE in intra-day trade on Monday, up 33 per cent in the past two trading days, after the pharmaceutical company said it has tied up with the Gujarat government to explore the production of Covid-19 vaccine through technology transfer from Bharat Biotech. The Ahmedabad-based firm said it has already initiated discussions with Bharat Biotech in this regard. The stock was trading at its all-time high level on the BSE. READ MORE

Cyclone Taukte :: Mumbai airport suspends ops for 3 hrs

Rupee opening

Rupee opens at 73.27 per US dollar vs Friday's close of 73.29/$

L&T shares decline over 3% amid profit booking post March quarter results

Shares of engineering major Larsen and Toubro (L&T) declined 3.3 per cent to Rs 1,368.5 on the BSE in Monday's intra-day deals on the back of profit booking. India’s largest engineering and construction firm on Friday reported a consolidated net profit of Rs 3,293 crore for March quarter of FY21 (Q4FY21), up 3 per cent year-on-year (YoY), on higher revenues and surge in other income. READ MORE

Asia shares left listless as Chinese sales data misses expectations

Asian share markets turned mixed on Monday as data on Chinese retail sales missed expectations though industrial output stayed solid, while more evidence of global inflation pressures helped gold to a three-month peak. Chinese retail sales rose 17.7 per cent in April on a year ago, short of forecasts for a jump of 24.8 per cent, while industrial output matched expectations with a rise of 9.8 per cent. READ MORE

Most active stocks by volume

Company PRICE(rs) CHG(%) VOLUME
Vodafone Idea 8.58 -0.69 3079430
Punjab Natl.Bank 37.25 1.09 1369345
S A I L 125.55 -1.30 1209283
South Ind.Bank 10.76 -2.45 1139887
Trident 16.17 -4.55 1139086
» More on Most Active Volume

NEWS ALERT :: Krsnaa Diagnostics seeks Sebi approval for IPO

>> Company seeks to raise Rs 400 crore via new shares

(Source: TV report)

MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

There are two macro numbers that will exert a big influence on the markets. Externally US inflation numbers and internally India's Covid data. The jury is still out on US inflation with Fed claiming that the spike in inflation in April is transitory and many economists & market experts believing that inflation will continue to rise to force the Fed to taper earlier than expected. We will have to wait to see how the inflation scenario play out. The other number, India's Covid data, indicates steady improvement with fresh cases steadily declining and the latest number at 2.81lakhs is indeed very positive. And, the recovery numbers at 3.78 lakhs indicate a steady decline in total caseload. This means the present increasing lockdowns will be a temporary phase whichis likely to be ignored by the market. The market is likely to ignore the worse-than-expected Q1 FY22 GDP and earning numbers since a turn around looks imminent in the subsequent quarters.

PNB gains over 1% on raising Rs 1,800 crore via QIP issue

>> Punjab National Bank (PNB) on Saturday said it has raised Rs 1,800 crore by selling 53 crore shares on a private placement basis to investors like LIC and Societe Generale. Eligible Qualified Institutional Buyers were given the share at an issue price of Rs 33.75 per unit aggregating to Rs 1,799.99 crore, PNB said.

Result Reaction :: Escorts Q4 numbers fail to impress Street, stock tanks over 3%

>> Farm equipment and engineering major Escorts on Friday reported over two-fold jump in consolidated net profit to Rs 285.41 crore in the fourth quarter ended March 2021, mainly driven by robust sales. The company had posted a consolidated net profit of Rs 127.73 crore in the same period previous fiscal, Escorts Ltd said in a regulatory filing.

Bata India gains over 3% on appointment of new CEO

>> Leading footwear major Bata India on Friday said it has appointed Gunjan Shah, the former chief commercial officer of Britannia Industries, as its new chief executive officer.

Cipla slips 3% despite a 73% YoY jump in consolidate net profit

Drug major Cipla posted a 73 per cent YoY rise in consolidated net profit at Rs 412 crore for the fourth quarter ended March 31, 2021 on the back of robust sales across markets. The Mumbai-based firm had reported a net profit of Rs 238 crore in January-March 2019-20.

Hero MotoCorp gains 1% on resumption of partial operations at 3 plants

>> The two-wheeler maker on Friday said it will resume partial operations at its three plants at Gurugram and Dharuhera in Haryana and Haridwar in Uttarakhand from May 17.

Result Impact :: Geojit Financial hits 52-week high on nearly doubling net profit in Q4

Reflecting the buoyancy in the markets, brokerage Geojit Financial Services has nearly doubled its net profit at Rs 36.8 crore for the quarter to March, up 95 per cent from Rs 18.8 crore a year ago, when the market was ravaged by the pandemic last year.

Earnings Impact :: L&T slips post Q4 numbers

>> Engineering and construction giant Larsen & Toubro (L&T) reported a 11.3 per cent YoY rise in consolidated net profit at Rs 3,820.16 crore for March quarter 2020-21 on the back of higher revenue from operations.

NEWS ALERT :: Shilpa Medicare ties up with DRL for production of Sputnik V vaccine

The company, via its wholly owned subsidiary Shilpa Biologicals Private Limited (SBPL), has entered into a 3 year Definitive Agreement with Dr. Reddy's Laboratories (DRL) for production-supply of the Sputnik V vaccine from its integrated biologics R&D cum manufacturing center at Dharwad, Karnataka.
 

BUZZING :: Hester Biosciences surges over 15%, hits 52-week high

The company on Sunday said it has tied up with the Gujarat government to explore the production of the Covid-19 vaccine through technology transfer from Bharat Biotech. The Ahmedabad-based firm said it has already initiated discussions with Bharat Biotech in this regard.

Result Reaction :: Quick Heal jumps 12% post March quarter numbers

Security software provider Quick Heal Technologies said its consolidated net profit grew manifold to Rs 39.7 crore in the March 2021 quarter. The company had posted a net profit of Rs 7.9 crore in the year-ago period, Quick Heal said in a regulatory filing.

SECTOR WATCH

>> Nifty Metal, Nifty Pharma witness some profit taking 

Sensex Heatmap | Top gainers & losers in opening session

>> ITC, SBI top gainers; Sun Pharma, Airtel decline

Nifty tops 14,750 at opening tick


OPENING BELL :: Sensex gains nearly 300 points


Top gainers and losers on the S&P BSE Sensex in Pre-open


Markets at Pre-open


Markets at Pre-open


Cryptocurrency update

Ether falls about 8% to $3,296.10, lowest since May 5

Bitcoin falls about 6.6% to $43,117.23 on Bitstamp exchange, lowest since February 28

When to sell a stock? The seven golden rules of investing

To tackle the last problem first (‘Should I sell?’), we believe it would be imprudent for investors who have ridden the bull market thus far to cash out. We do not expect a major bear market to develop, at least in the next year, given accelerating global growth and corporate earnings expectations and extremely loose policy settings. We expect economies and businesses to gradually return to normalcy by the end of the year as the pace of vaccinations picks up worldwide. READ MORE

Top stocks to keep on radar

Route Mobile: The company's said its subsisiary Route Mobile (UK) has appointed John Owen as the chief executive officer (CEO) of its Europe and Americas operations.
 
Hester Biosciences: The company on Sunday said it has tied up with the Gujarat government to explore the production of the Covid-19 vaccine through technology transfer from Bharat Biotech. The Ahmedabad-based firm said it has already initiated discussions with Bharat Biotech in this regard.
 
Geojit Financial Services: Reflecting the buoyancy in the markets, brokerage Geojit Financial Services has nearly doubled its net profit at Rs 36.8 crore for the quarter to March, up 95 per cent from Rs 18.8 crore a year ago, when the market was ravaged by the pandemic last year. READ MORE

Two stocks that Vaishali Parekh of Prabhudas Lilladher is bullish on

BUY RITES | CMP: Rs 243 | Target: Rs 270 | Stop Loss: Rs 232
 
The stock has maintained a good support base near 235 levels and, on several occasions, has reversed from this zone to give a decent return. This time too, currently, it has picked up momentum to improve the bias and we expect further upside movement in the coming days.
 
The RSI also has indicated a trend reversal, showing strength, and has signaled a buy. With the chart looking attractive, we suggest to buy this stock for an upside target of 270 keeping the stop loss of 232. READ MORE

Stock picks by Sameet Chavan

ITC
 
View – Bullish
 
Last Close – Rs 212.25

This has been one of the most loved stocks by the investors as well as traders fraternity. But it has failed miserably to live up to its expectations time after time. Let’s see what the short-term trend looks like. The overall price action in the period of November’20 to early part of February this year has been excellent; but since then, we have been witnessing a complete lull in the stock. After experiencing some correction from recent highs, the stock went into a consolidation mode and spent some time around its cluster of key moving averages. READ MORE

Bulk deals on the BSE as on Friday

Bulk deals on the NSE as on Friday

FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee check

Source: Bloomberg


Oil check


SGX Nifty alert

>> At 8:34 AM, the index was at 14,758 levels, up 48 points.

Asian markets check

Asian shares edged cautiously higher on Monday catching the tailwind from a bounce on Wall Street and ahead of what are expected to be upbeat readings on the Chinese economy, though any disappointment could quickly chill the mood.
 
MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.2%, nudging further away from a four-month trough hit last week. Japan's Nikkei gained 0.4%, having also touched its lowest since early January last week. S&P 500 futures and Nasdaq futures were both flat, following Friday's rally.

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