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Market Analysis 04-05-2021
Sensex and Nifty ends red despite green opening. RIL fell 1% and L&T fell over 8%
Share market opened today in red with Sensex reaching 49,000 and Nifty reaching 14,700. Nifty Banks, Financial Services and IT tanked with a trip while Nifty Pharma drove it above to keep Nifty in green. RIL shares fell over 1% ahead of Q4 while ONGC, Sun Pharma, Dr Reddy’s and Bajaj-Auto managed to close in green.
Top Stories of the day:
L&T: Shares of L&T dips over 8% despite decent Q4 results. On Tuesday, the company reported a consolidated profit of Rs.204.8 crore which was over the last year profit of Rs.186.1 crore. Though there was a growth in the net profit of the company, the shares fell 8.56 percent on NSE.
JSW Steel: US-based subsidiary has signed an agreement with Allegheny Technologies Inc (ATI) to convert carbon sheet slabs into hot rolled coils. The move will help JSW Steel USA Ohio Inc to deliver high quality hot rolled coils (HRC) products to its customers in the US, the company said in a statement on Tuesday.
ICICI Bank: The share price of ICICI Bank gained nearly 2 percent on Tuesday, not being affected by the Reserve Bank of India’s (RBI) decision to impose a penalty of Rs 3 crore on the lender for violating certain rules.
Closing bell:
Sensex plunges 894 pts and ends near 49,000 while Nifty gives up 14,650. Almost every sector except Nifty Pharma sled down ending in red. HDFC Bank, Housing Development Finance Corporation (HDFC), ICICI Bank, Kotak Mahindra Bank, Asian Paints, Mahindra & Mahindra Reliance Industries Ltd (RIL) were among top Sensex losers.