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Market Analysis 24-05-2021
Sensex and Nifty rise for second straight day. Strong buying interest witnessed in financial stocks, especially PSU bank names. Select FMCG and metal shares see selling pressure. Fear gauge VIX rises. Indian Oil top Nifty50 gainer, up 4%. SBI, L&T, Hero MotoCorp, power Grid and BPCL among other top performers. Shree Cements top loser, down 3%. Britannia, JSW Steel, IndusInd and Titan among other laggards.
Top Stories of the day:
Yes Bank: Last month, Sebi had found Yes Bank and three of its employees including its then private wealth management head guilty of misselling these bonds to retail investors.
Punjab & Sind Bank: Shares of Punjab & Sind Bank on Monday jumped nearly 7 per cent as the company turned profitable in the fourth quarter of FY21 after eight consecutive quarters of losses.
Cipla: on Monday announced launch of Roche’s Antibody Cocktail in India priced at Rs 59,750 per dose for the treatment of mild to moderate COVID-19 in patients who are at high risk.
India Cements: India Cements on Monday reported a consolidated net profit of Rs 43.97 crore for the fourth quarter ended March 2021, on the back of strong sales.
Closing bell:
Nifty ends near 15,200, Sensex jumps 111 pts led by financials. The Sensex was at 50,651.90, up 111.42 points, or 0.22%, while the Nifty was at 15,197.70, up 0.15%. FMCG, metal top drags. SBI, L&T, Axis Bank, and 14 other stocks on the 30-share Sensex closed in green, while IndusInd Bank, Titan, Bajaj Finserv, and 10 other stocks closed in red.