By Aamar Deo Singh, Head Advisory, Angel Broking Ltd
Indian indices traded lower in today’s trading session after being dragged down by IT, metal, auto and banking sectors.
Nifty, though continued to remain above the 10k mark, tripped down by 0.68% or 70.60 points and closed at 10,312.40. S&P BSE Sensex, on the other hand, witnessed a fall of 0.60% or 209.75 points and closed at 34, 961.52.
Around 1597 shares declined, 1135 shares advanced, while 136 shares remain unchanged.
HDFC Bank (1.80%), HUL (1.22%), Britannia Industries (2.13%), Cipla (1.43%), and M&M (0.74%) were among top Nifty gainers in today’s trading session.
Coal India (4.96%), Axis Bank (4.70%), Tech Mahindra (3.18%), Hindalco Industries (3.14%), and SBI (2.79%) were among major Nifty losers.
All the other sectors except FMCG traded lower. BSE Midcap fell by 1.39%, while BSE Smallcap tripped down by 1.23%.
The company reported a net loss of Rs. 73.3 crore for the fourth quarter whereas, the revenue of the company was down by 47.2%. As a result, the stocks of Bharat Forge tripped down by 9.99% and traded at Rs. 317.30.
The Global research firm CLSA maintained the “Underperform” rating of Ashok Leyland following which the shares of the company traded at Rs. 48.60 falling by 7.34%.
Andhra Paper Ltd
Stocks of Andhra Paper Limited went up by 19.99% and traded at Rs. 254.85 after RadhakishanDamani acquired a stake in the company. Bright Star Investments owned by RadhakishanDamani acquired 1.25 percent equity stake in the company.
ITC Limited reported a rise of 9.05% in the standalone net profit of the company for the fourth quarter followed by low tax cost and robust operating performance in the FMCG sector. Following this, the company’s stock went up by 1.23% and traded at Rs.197.60.
The stocks of Emami Limited went down by 7.04% and traded at Rs. 205.40 after the company’s profit before tax declined by 70% for the fourth quarter after being severely impacted by the Covid-19 pandemic.
Stocks of Reliance Industries Limited went down by 1.09% and traded at Rs. 1,722.70. However, the stocks P/E ratio continues to remain high indicating that the investors are willing to pay a higher price for the stock even if there is no growth in the business on account of better future growth expectations.
Indian Rupee ended higher in today’s trading session followed by Jio-related inflows that further supported the rise in the spot prices. The Indian rupee traded between the range of Rs. 75.40 and Rs.75.75 against the U.S dollar.
Weaker Global Markets
Global markets traded weaker, except the European markets, owing to the rising number of coronavirus cases. The European markets traded higher in hopes of quick economic recovery in the continent.
Nasdaq fell by 2.59%, Nikkei 225 went down by 2.30%, and Hang Seng went down by 1.01%. On the other hand, FTSE MIB and FTSE 100 went up by 0.61% and 0.25% respectively.
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