Mr. Aamar Deo Singh, Head Advisory, Angel Broking Ltd
Indian markets continued to show an upward trend and closed on a positive note on Wednesday. While Nifty crossed the 9,000 mark after a rise of 2.11% or 187.45 points, finally closing at 9,066.55, Sensex too went up by 2.06% or 622.44 points and closed at 30,818.61. Sectoral indices ended higher with Nifty Pharma rising by 4%.
Market Gainers and Losers
In today’s trade 1277 shares registered gains, while 1044 shares lost value, whereas 169 shares remained unchanged in their value. Dr. Reddy’s Lab (5.82%), HDFC (6.15%), M&M (5.71%), BPCL (5.69%), and Shree Cements (6.24%) were among the top Nifty gainers. The Nifty Pharma sector that rose over 4% was followed by auto, energy, and banking sectors. BSE Midcap and BSE Smallcap indices rose by 1% each by the end of the day.
Top Nifty losers on the other hand included IndusInd Bank (2.60%), Bharti Infratel (6.99%), Hero MotoCorp (2.34%), Bharti Airtel (0.65%), and Vedanta (1.61%).
Reliance Industries opened its rights issues for subscription following which the share price jumped almost 2%. The company has proposed to raise Rs.53,125 crore through the rights issue. The subscription will close on June 3, 2020.
Bajaj Finance reported Rs.948 crore as profit after tax for the quarter ended March 2020. Though the profits of the company declined by 19.4% the share price gained approximately 4%.
L&T Infotech share price too jumped over 6% after the company reported a net profit of Rs.427.5 crore for the quarter ended March 2020. The profit reported was 12.9% above the last year profit registered by the company.
Vaccine Trials temporarily exciting the market
Vaccine trials for COVID-19 continue to temporarily excite the sentiments of investors even today. However, the US-China dispute regarding the COVID-19 outbreak continues to hamper the positive market trend. Despite the rising number of positive cases in the country, market indices continued to rise with major sectoral indices traded positive for the day.
Economies in some parts of the world have reopened which further has resulted in a positive movement in the global markets. Nikkei 225 showed a rise of 0.79% or 161.70 points, and Hang Seng showed a rise of 0.05% or 11.82 points, Nasdaq, however reported a negative trend by 0.54% or 49.72 points along with FTSE MIB that declined by around 0.12% or 26.04 points. Though there is an underlying hope in the global economy as governments across the world prepare for a post-COVID world, investors are still apprehensive about the future growth prospects, which is keeping the markets volatile.
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