By Aamar Deo Singh, Head Advisory, Angel Broking Ltd
Indian markets gained momentum after witnessing selling in the previous session and traded positive with buying seen in energy, pharma, and auto stocks.
Nifty went up by 0.74% or 82.85 points and closed at 11,215.45, successfully crossing the 11,200 mark. S&P BSE Sensex, on the other hand, surged by 0.71% or 268.95 points and closed at 38,140.47.
Around 1436 shares advanced, 145 shares remained unchanged, while 1184 shares declined in today’s trading session.
Eicher Motors (4.87%), SBI (3.26%), ICICI Bank (3.59%), IOC (2.45%), and Reliance Industries (3.59%) were among top Nifty gainers, while top Nifty losers comprised of Axis Bank (3.77%), Shree Cements (1.91%), HUL (1.43%), Infosys (0.72%), and TCS (0.76%).
Except IT all the other sectoral indices traded positive. BSE Midcap went up by 0.98% and BSE Smallcap went up by 0.61%.
Reliance Industries Limited
Stocks of Reliance Industries went up by 3.59% and traded at Rs.2,076.00 after the company’s capitalization reached the 13 lakh crore mark after 8 trading sessions.
HDFC Asset Management Company
The net profit of the company went up by 3.6% while the revenue fell down by 18.4% for the first quarter of the FY21. The stocks of the company went down by 0.41% and traded at Rs.2,495.00 in today’s trading session.
PNB Housing Finance
PNB Housing Finance reported a fall of 9.5% in its consolidated net profit for the first quarter of the FY21 while the revenue of the company was down by 16.2%. However, the stocks of the company went up by 5.00% and traded at Rs.210.10.
Stocks of SpiceJet Limited rose by 4.64% and traded at Rs.49.65 after the airline became the Indian scheduled carrier for operating agreed services between the U.S and India.
Dilip Buildcon Limited
Stocks of Dilip Buildcon Limited gained as much as 11.65% and traded at Rs.314.90 after the company said that DBL-HCC received Letter of Acceptance for an EPC project in the state of Gujarat.
Cadila Healthcare Limited
Stocks of the company went up by 0.87% and traded at Rs.369.85 after the company received approval to initiate clinical trials for its drug ‘Desidustat’ from the US health regulatory. The drug is used in the treatment of chemotherapy induced anemia.
Despite erasing some of the early gains, the Indian rupee traded higher at Rs.74.70 against the U.S. Dollar amid positive domestic equity markets.
Spot gold was down by 0.2% at USD 1,867.36 per ounce due to the rising U.S-China tensions and fear of rising inflation in a pandemic-hit economy.
Crude Oil prices rose in today’s session against a weak dollar, however, the gains were capped due to concerns regarding the rising U.S. oil inventories and a continuous rise in COVID-19 cases.
Mixed Global Market Cues
Asian markets showed mixed trends in today’s trading session after the U.S ordered the closure of China’s consulate amid accusations of spying in Houston. The European Markets too projected a similar trend. FTSE 100 went up by 0.61% while FTSE MIB went down by 0.21%. Nasdaq and Hang Seng rose by 0.24% and 0.82% respectively, while Nikkei 225 declined by 0.58%.
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