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Market Analysis 21-05-2021
Sensex and Nifty rebound after two-day fall. Bank, financial services and IT shares at the forefront of broad-based rally. IndusInd Bank top Nifty50 gainer, up 3%. HDFC twins, ICICI Bank, Tata Motors, Asian Paints and BPCL among other top performers. Power Grid, Grasim, Dr Reddy’s, Eicher Motors and Indian Oil among laggards. Analysts await more Q4 earnings from blue-chip companies.
Top Stories of the day:
Hindalco: The company today reported a 189 per cent year-on-year rise in its consolidated net profit for the quarter ended March to a record high of Rs 1,928 crore, which was above analysts’ estimates of Rs 1,194.2 crore for the quarter.
SBI: the country’s largest lender by assets, on Friday reported an 80 per cent year-on-year rise in net profit to Rs 6,450.75 crore for the quarter ended March, slightly above analysts’ estimates. The lender’s provisions and contingencies in the quarter fell to Rs 11,051 crore for the final quarter of the last financial year as against Rs 13,495.1 crore it had reported for the corresponding period a year ago.
Morepen: The shareholders have approved the allotment of 50 million fully-convertible warrants to a promoter group company, Liquid Holdings, at Rs 38 per warrant/share aggregating up to Rs 190 crore for cash to be converted into equity within 18 months, within the limits prescribed in SEBI (SAST) regulations, it added.
Closing bell:
Banks, IT stocks drive Sensex 976 pts higher; Nifty zips past 15,150; SBI jumps 5% on Q4 nos, ICICI Bank, Axis Bank also gain 4% each. Financials lead the market rally. 28 of 30 Sensex stocks end the day in the green.