Sensex and Nifty start day on a volatile note. Selling pressure in IT, metal and auto stocks. Buying interest in FMCG and state-run banking stocks. Fear gauge VIX jumps. Tata Steel top Nifty50 loser, down 4%. Hindalco, Coal India, Adani Ports, M&M and JSW Steel among other laggards. On the other hand, Asian Paints top gainer, up 10%. UPL, Cipla, ITC, Dr Reddy’s and HUL among other gainers.
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HDFC twins, TCS, Infosys top drags on Sensex
On the other hand, buying interest in Asian Paints, ITC, HUL and Reliance Industries provided some relief to the 30-scrip benchmark index.
India’s Covid-19 crisis has so far failed to spark a deep stock selloff like that seen last year, and some asset managers point to less stringent curbs on activity as one factor at least for now.
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But multiple headwinds have since dented the outlook for the business, prompting some analysts to downgrade their earnings estimates and stock price projections.
Sensex returns to positive zone, up 45 points; Nifty near 14,700
Asian Paints, ITC, Nestle and Bharti Airtel were the top gainers in the 30-scrip universe, whereas ONGC, M&M, Titan and Maruti Suzuki were the worst hit among the 19 laggards.
Shares of fertiliser producers are likely to be re-rated as a strong outlook for monsoon and expected price increases after the recent state elections augur well for the sector. Analysts said stocks such as Coromandel International, Chambal Fertilisers, Gujarat Narmada Valley are among the top picks.
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The rupee inched higher by six paise to 73.36 against the dollar after a flat start amid a muted trend in the domestic equity market.
Market breadth favours bulls; advance-decline ratio at 3:2
Overall market breadth remained in favour of bulls as 1,597 stocks traded higher on BSE against 1,069 that moved in the negative zone. On NSE, 1,068 securities advanced while 746 declined.
PowerGrid InvIT, the infrastructure investment trust (InvIT) sponsored by the Power Grid Corporation of India, debuted at Rs 104 per unit on BSE, a premium of 4 per cent over its issue size of Rs 100 per unit.
The market verdict, as of now, is that the high inflation print is transitory and, therefore, the Fed will continue on the ultra-loose monetary stance, and the tapering of QE is far away. This is positive for…
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