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Market Analysis 23-04-2021
Beginning with a head start, Nifty 50 slumps towards a red closing at 14,341.35 points. The selling of pharma and consumer goods shares were under pressure with Dr.Reddy’s and M&M shares falling 3%. Tourism and hospitality space ended the top gainers for the day.
Top Stories of the day:
Cadila received DCGI approval for a COVID-19 drug: Cadila stocks spiked 4% after it said Zydus had received approval for ‘Virafin’ in treating moderate Covid-19.
Alembic Pharma: Alembic Pharma shares fell 0.98% after receiving the final approval from US FDA for ANDA drug. It is used to treat mental/mood problems.
LT Foods rose 0.56% to Rs 72.05 after the company announced the expansion of its premium rice-based snacks brand “Kari Kari” to Australia and UAE. The company said that its joint venture company with Kameda Seika, Japan’s largest Rice Crackers Company, has started exporting Kari Kari in the markets of Australia & UAE.
Zomato: Zomato founder denies filing IPO draft papers with Sebi. Deepinedr Goyal, the founder of Zomato, said, “Wouldn’t typically comment on speculation, but had to in order to stop the barrage of phone calls from the press and friends/family. Back to work (sic).”
Closing bell:
Nifty ended on red again below 14,400 points supported by Pharma and tourism sectors. HDFC, Axis bank, Power grid Corp, HDFC life, and Bajaj Finserv were among the major gainers on the Nifty, while losers were ICICI bank, Infosys, HDFC Bank, HUL and M&M.