By Aamar Deo Singh, Head Advisory, Angel Broking Ltd.
Markets ended marginally lower in today’s trading session. While Nifty was down by 0.16% or 16.40 points and closed at 10, 288.90, S&P BSE Sensex went down by 0.08% or 26.88 points and closed at 34, 842.10.
Around 1130 shares declined, 1477 shares advanced, while 158 shares remained unchanged.
ITC (5.55%), Hero MotoCorp (2.86%), Bajaj Finance (1.89%), Kotak Mahindra Bank (1.73%), and Hindustan Unilever (1.26%) were among top market gainers. On the other hand, Asian Paints (3.13%), Hindalco Industries (2.34%), IOC (2.12%), Adani Ports (1.80%) and Shree Cements (1.85%) were among top Nifty losers.
Sectors other than FMCG and pharma traded in the red. BSE Midcap rose by 0.62% while BSE Smallcap rose by 0.76%
Hindustan Aeronautics Ltd
HAL reported a jump of 0.9% in its year-on-year profit for the fourth quarter. The company’s revenues were up by 1.7% at Rs. 10,323. The company’s stock went up by 14.22% and traded at Rs. 798.00.
Indian Overseas Bank
The bank reported a net profit of Rs.143.8 crore for the fourth quarter against the reported losses of Rs. 1985.20 crore during the same quarter in the last fiscal year. The company’s Net Interest Income rose by 3.6% while the gross NPAs were at 14.8%. As a result, the company’s stock went up by 9.63% and traded at Rs. 11.95.
General Insurance Corporation of India
The company’s stock went up by 1.64% and traded at Rs.155.30 after the company declared the doubling of its net income for the fourth quarter.
The deadline for the company’s merger with Indus Towers was further extended to 31st August. As a result the shares of the company slipped down by 1.52% and traded at Rs. 229.50.
Reliance Industries stock went down by 0.51% and traded at Rs.1719.00 slightly below its 52-week high. The market capitalization of the company is now more than the aggregated market capitalization of the country’s three largest private banks.
Stocks of GAIL went up by 1.68% and traded at Rs. 103.10 in today’s trade session after the company reported a strong rise of around 170% in its quarter four net profits.
The stocks of Canara Bank went down by 3.88% and traded at Rs. 105.25 after the company reported weak earnings for the fourth quarter. The company reported a loss of Rs. 3,259.30 crore for the quarter ended March 2020.
Indian Rupee traded marginally lower at Rs. 75.75 against the US Dollar in today’s trade session.
Gold remained firm in today’s trading session despite the rising number of COVID-19 cases that resulted in safe-haven buying.
Global Markets Trade Lower
Global markets traded lower with European markets trading at a mix amid the rising coronavirus cases all across the globe. FTSE MIB was up by 0.03% while FTSE 100 went down by 0.19%. Nasdaq went down by 2.19%, Nikkei 225 went down by 1.22%, while Hang Seng went down by 0.50%.
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