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Market Analysis 03-05-2021
Sensex recovers most of day’s losses, ends lower for second straight day. Nifty flat. Sectoral matrix mixed on NSE. Nifty Bank falls 1.03%, while Nifty Metal and Nifty FMCG rise 2.40% and 1.18%, respectively. SBI Life top gainer on Nifty, up 5.43%. Bharti Airtel, Adani Ports and Tata Steel among other gainers. Titan top laggard, down 4.56%. IndusInd Bank, Reliance Industries and Axis Bank among other losers.
Top Stories of the day:
Kotak Bank: The private sector lender reported a slight improvement in asset quality as gross non-performing assets ratio stood at 3.25 per cent for the quarter compared to 3.27 per cent in the December quarter on a proforma basis.
Shriram City Union Finance: Shriram City Union Finance rallies 11% after Q4 profit doubles. shares jumped after the company reported a nearly two-fold rise in consolidated net profit for the last quarter of financial year 2020-21. Its net profit came in at Rs 298.28 crore.
Power Grid: IPO was subscribed 1.51 times by 12:30 pm. The issue received bids for 64,31,18,300 units against 42,54,25,000 units on offer for subscription. The quota for HNIs was subscribed two times and that for QIBs one time. The issue had been subscribed only 61% till the end of Day 2.
Closing bell:
Sensex and Nifty ended flat on Monday. Selling pressure was witnessed across bank, auto, metal sectors. Buying interest was seen in metal, FMCG and select pharma stocks.