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Market Analysis 18-05-2021
Equity benchmark indices continued
their positive momentum and surged higher on Tuesday. S&P BSE
Sensex closed the day 612 points higher at 50,193, while the Nifty
50 index jumped to end the day at 15,108. Broader markets mirrored the
upmove while the Volatility index, India VIX, slipped
1.89%. Mahindra & Mahindra, Bajaj Auto, and Titan
company limited were the top index gainers. Bharti Airtel, ITC,
Dr Reddy’s and SBI were the only Sensex constituents to end in
red. Nifty Auto ended 3.27% higher.
Top Stories of the day:
Kotak Securities: Net debt has been reduced by Rs 76 bn over the past year, primarily through sale of non-core investments, though prospects of Mundra resolution appear bleak in the near-term and options for renewable asset sale are still being explored. Maintain ADD rating with revised FV of Rs110/share.
Gland Pharma: Gland Pharma share price surged as high as 9.6 per cent to a fresh 52-week high of Rs 3,061 apiece in intraday on BSE, after the company posted a 34 per cent on-year rise in consolidated net profit to Rs 260.4 crore in Jan-Mar quarter of FY21.
ITC: ITC has joined Bharti Airtel in the negative territory on Sensex. Only these two stocks were trading with losses while others were surging higher. Sensex was just above 50,200 on Tuesday.
Closing bell:
Domestic markets closed in the positive territory for the third consecutive trading session on Tuesday. Bulls once again asserted control, taking the benchmark indices 1.2% higher. Auto Stocks led the rally today, with Mahindra and Mahindra along with Bajaj Auto ending as the top Sensex gainers. Pharma, PSU Banks, and FMCG stocks were some of the laggards. India VIX was again in the red, ending the day at 19.32, down 1.45%.