D-St cheers drop in Covid cases; Sensex up 296 pts; pharma, metal stks gain

India VIX eased nearly 3 per cent to 20.23 levels

4:50 PM

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

Indian benchmark equity indices closed higher for the fourth straight session on May 10. Nifty opened gap up and remained largely in a 50 point band through the day. At close, the Nifty was up 119.20 points or 0.80% at 14,942.40.

 

Nifty has made another upgap in succession but ended with a doji for the second consecutive session, indicating partial profit taking towards the close especially as it approached 15,000. Investors are mindful of the market fallout as state after state locks itself down in India to contain the spread of the coronavirus as infections and deaths surge and hence keep taking profits rotationally. 15044-14863 is the band for the Nifty in the near term.  

4:40 PM

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

The short term trend of Nifty continues to be positive with range bound action. The lack of selling interest at the hurdle could mean more upside possibility in the short term. The upside momentum is likely to pick up on a sustainable move above 15100 levels and that could open potential upside targets of around 15700 levels in the coming weeks. Any failure to move above the hurdle could bring minor profit booking from the highs and formation of another higher bottom.

4:28 PM

TECH VIEW :: Sumeet Bagadia, Executive Director at Choice Broking

Technically, the nifty index has faced resistance from the falling trendline as well as the upper band of Bollinger, which suggests crossing above the same can show an upside movement. Moreover, the index has given closing above the 21- Days Moving Average, which points out strength in the index. A momentum indicator RSI &MACD has indicated positive crossover, which supports the bullish trend for the near term. At present, the nifty index is holding support at 14760 levels while an upside resistance seems at 15000 levels.

4:21 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

Index opened a day with good gap but traded range-bound throughout day and closed a day at 14942 with gains of nearly one per cent & formed a small bullish candle on the daily chart. Strong hurdle still at 15050 zones if managed to sustain above for a day or give any close above said levels then only we may see further upside otherwise some profit booking possible, support are shifted to 14900-14850 zone holding above said levels momentum good

4:15 PM

MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking

Markets started the week on a firm note on the back of positive global cues. The Nifty index traded with a positive bias throughout the session and ended higher by 0.8% at 14,942 levels. The broader markets too witnessed healthy buying interest as both Midcap and Smallcap ended higher by 1% each. Amongst the sectors, except IT which ended with minor losses, all the other indices ended in the green wherein metals, capital goods and healthcare were the top gainers.

 

We remain cautiously optimistic on the back of rotational buying in select index majors amid the rising COVID cases. Besides, buoyant global cues are also helping in limiting the downside. Going forward, earnings announcement, macroeconomic data viz. IIP, CPI and WPI data along with COVID-19 updates would remain on participants' radar. Meanwhile, we suggest continuing with the "buy on dips" approach and focusing more on selection of stocks.

4:10 PM

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

Domestic bourses continued to ride on its optimistic wave mirroring strong across-the-board buying with metals, auto and pharma stocks leading the rally. U.S job growth significantly slipped its April forecast signalling sluggish momentum in the labour market while a cyber attack hiked the US oil prices. Despite a decline in April auto sales numbers due to the impact of covid lockdowns, the auto sector managed to stay afloat owing to its long term positive outlook

4:03 PM

BSE Snapshot :: M-cap of all BSE listed firms climbs above Rs 213-trillion mark

4:00 PM

BSE Snapshot :: Top losers of the day

4:00 PM

BSE Snapshot :: Top gainers of the day

3:56 PM

Sector Watch :: IT index ends flat dragged by Coforge, LTI; Wipro, Tech M limit losses

3:54 PM

Sector of the day :: Pharma stocks zoom; index hits record peak

3:53 PM

Sector of the day :: Nifty Metal index extends rally

3:49 PM

NSE Snapshot :: Top Nifty50 gainers today

3:47 PM

L&T, financials top Sensex contributors today

3:45 PM

Sectoral trends on the NSE

3:43 PM

Sensex Heatmap at Close

3:35 PM

CLOSING BELL

Domestic equity indices started gap-up and remained park near day's high level for better part of the day. Among the frontline indices, the BSE barometer for 30-share hit an intra-day high of 49,617 before ending the session at 49,502 levels, up 296 points or 0.6 per cent. 

 

On the NSE, the Nifty50 index reclaimed the crucial 14,900-mark and extended it rally to as high as 14,967 during the day. It ended the day at 14,942 levels, up 119 points or 0.8 per cent.

3:25 PM

Iron ore turns 'very hot' as 10% surge adds to commodities boom

While market participants struggled to pinpoint a trigger for Monday’s gains in iron ore, they cited several ongoing trends including optimism that central banks will retain supportive policies even as the global economy recovers. Expectations China will tighten environmental rules have added to the bull case for copper -- seen as vital to the green energy transition -- and fueled speculation that steelmakers may front-load iron ore purchases before new curbs kick in. READ MORE

3:12 PM

MARKET COMMENT :: Narendra Solanki, Head- Equity Research (Fundamental) at Anand Rathi

Indian markets opened on a positive note following positive trade in Asian markets peers which traded broadly higher shrugging off the weaker-than-expected April U.S. jobs reports. During the afternoon session markets maintained its positive momentum with healthy buying observed in blue-chip stocks like Sun Pharma, Dr. Reddys Lab and ONGC along with mid and small cap stocks. Sentiments got a boost as Union Health Ministry stated that India is the fastest country globally to administer 17 crore COVID-19 vaccine doses. Traders also ignored report that foreign investors have pulled out Rs 5,936 crore from the Indian equities in the first week of May amid worries over the intense second wave of coronavirus infection and its fallout on the economy.”

3:00 PM

The stock of this broking firm has zoomed 101% in a month

Shares of Angel Broking, on Monday, were locked in 10 per cent upper circuit at Rs 612.50 on the BSE, with only buyers seen on the counter. In the past one week, the stock has zoomed 61 per cent, after the company reported a healthy 39 per cent quarter-on-quarter (QoQ) jump in its consolidated net profit at Rs 102 crore in the March quarter (Q4FY21) on the back of strong operational income. READ MORE

 

2:53 PM

LIC's holding in listed companies at all time low on profit booking

LIC's holding across 296 companies where its holding is more than 1 per cent slipped to an all-time low of 3.66 per cent as on March 31, 2021, down from 3.70 per cent as on December 31, 2020 and from all-time high of 5 per cent as on June 30, 2012, as per primeinfobase.com, an initiative of PRIME Database Group. According to Pranav Haldea, Managing Director, Prime Database Group, this was on account of profit booking by India's largest institutional investor. READ MORE

2:42 PM

Why are domestic & foreign institutional investors gung ho on this insurer?

The growth prospects for the industry remain robust, underscored by the latest data.

 

In April, the insurance industry posted Annual Premium Equivalent (APE) growth - a measure of new business sales growth in the insurance industry growth - of 70 per cent YoY, coming off a low base with private insurers growing 80 per cent and LIC at 57 per cent. In terms of market share, SBI Life was the major gainer as it added around 300 bps YoY in APE market share during April, shows a report by JM Financial. READ MORE

2:31 PM

Recovery from intra-day lows in today's trade

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
SPARC	187.40	221.75	221.75	18.33
GHCL	238.90	272.25	270.35	13.16
GMM Pfaudler	4048.25	4685.00	4550.00	12.39
Indbull.RealEst.	78.75	88.55	88.10	11.87

2:15 PM

Sugar stocks extend rally; Dhampur, Dwarikesh soar over 70% in a month

Shares of sugar manufacturers and their allied companies continued their northward movement, ralling up to 75 per cent in the past one month on positive outlook, on Monday. The sugar industry, analysts say, is well poised to benefit from, both, global and domestic factors such as tight global demand-supply situation, favourable policies, push for higher ethanol blending in India and higher ethanol capacity addition. READ MORE

 

2:04 PM

MARKET UPDATE:: HDFC, ICICI Bank, & Larsen & Toubro among top contributors to Sensex's gain today

1:57 PM

Eli Lilly signs deals to boost supply of Covid-19 treatment in India

Eli Lilly and Co said on Monday it had signed licensing agreements with three Indian generic drugmakers to expand the availability of its arthritis drug baricitinib in the country for treating COVID-19 patients.

 

The agreements will bolster India's arsenal of drugs to battle its catastrophic second wave of the pandemic, which has led to an acute shortage of coronavirus medicines including remdesivir and tocilizumab. READ MORE

1:56 PM

European markets check

(Source: Reuters)

1:46 PM

March Quarter Results :: Zydus Wellness reports PAT at Rs 133 crore vs Rs 69 cr YoY

>> Consolidated revenue at Rs 605 crore vs Rs 477 cr YoY

>> Cons Ebitda at Rs 145 cr vs Rs 95 cr YoY

>> Ebitda margin at 24% vs 19.8% YoY

1:37 PM

Sharp up move in Macrotech Developers

1:23 PM

BUZZING STOCK:: SPARC hits 20% upper circuit