RBI's liquidity shot lifts pharma, bank stocks; Sensex leaps 424 pts

The RBI's well guarded measures which, analysts believe, are tuned to the evolving situation may support the economy going forward

10:01 AM

NEWS ALERT :: Cabinet to take up proposal for IDBI Bank strategic stake sale

> Govt & LIC to likely sell its stake together, suggest reports

9:55 AM

MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

RBI Governor's announcements today are likely to influence markets, particularly certain segments like banking. Relief to MSMEs & retail borrowers might positively impact banks which have a higher proportion of such loans. The rally in PSU banks yesterday may be in anticipation of this.

 

The market is presently caught between fear from the economic fall out of the second wave and hope arising from the flattening of the Covid curve. It will take some more time for clarity to emerge on which of the two will have a higher impact on markets. Going by the experiences of countries that went through the second wave, like the UK, hope will triumph over fear. GDP & earnings growth in Q1 FY 22 will take a hit, but is likely to recover in subsequent quarters.

 

In the short term consumer discretionaries like autos & consumer, durables are likely to be under pressure. IT & metals are exhibiting high resilience.

9:49 AM

Hikal hits new high on signing 10-year deal with global pharma Co

Hikal shares, on Wednesday, rallied 10 per cent to Rs 313.65, also its new high, on the BSE in intra-day trade after the company signed multi-year contract with a leading global pharmaceutical company. In the past one month, the stock has zoomed 97 per cent, as compared to 3 per cent decline in the S&P BSE Sensex.  READ MORE

9:42 AM

Sector Watch :: Telecom stocks in the green as Centre approves 5G trial

Bharti Airtel, Reliance Jio, Vodafone Idea and MTNL have been allowed to conduct 5G trials for six months, including two months for procuring and setting up equipment, the Department of Telecommunications said.

9:40 AM

OMCs rally as fuel prices rise for second straight day

>> S&P BSE Oil and Gas index gains 1.6%

9:37 AM

BUZZING :: Praj Industries rallies 6%

9:36 AM

Satin CreditCare up 1%

Satin Creditcare Network (SCNL) on Tuesday said it has received a senior loan facility of $5 million from Oesterreichische Entwicklungsbank – OeEB, Austria, through external commercial borrowing route.

9:34 AM

Result impact :: Adani Total Gas advances over 1.5%

The company reported a 19 per cent YoY rise in its March quarter net profit as the firm expanded operations in newer geographies, resulting in higher sales volumes. Net profit in the January-March quarter of FY21 was Rs 145 crore compared to Rs 122 crore in the same period of the previous fiscal.

9:32 AM

L&T Infotech slips in trade post Q4 nos amid profit-booking

The IT services arm from the L&T conglomerate reported a net profit of Rs 545.7 crore for the fourth quarter ended March 31, 2021, up 27.6 per cent year-on-year (YoY) and up 5 per cent sequentially. Revenue for the Q4 FY21 grew 8.5 per cent at Rs 3,269.4 crore on a YoY basis.

9:30 AM

Result reaction :: RBL Bank holds gains

>> The private sector lender on Tuesday reported a 34 per cent decline in its March quarter profit to Rs 75 crore compared to Rs 114 crore in the year-ago period due to provisioning for possible loan losses that it sees in the retail unsecured segments.

9:29 AM

IndiGo slips in trade despite report on fund raising plan

The airline is in talks to raise fresh funds as the second wave of the pandemic has led to a collapse in travel demand. The airline may look to raise Rs 3,500-4,000 crore, a Business Standard report said.

9:27 AM

Adani Ports declines 2% in a frim market

The company's net profit for the March quarter jumped fourfold to Rs 1,287 crore from Rs 334 crore a year ago but fell short of the Rs 1,465 crore consensus forecast of analysts tracked by Bloomberg.

In other news, the company said US-based counsels are of opinion that its investment in a port in Myanmar are not in violation of law, but the firm will abandon the project if the US administration opines that the investment was in violation of sanctions against Military-ruled nation.

9:24 AM

MARKET CHECK :: Sensex off day's high

9:22 AM

Sectoral trends :: All key indices in the green; metals, PSBs outperform

9:21 AM

Sensex Heatmap :: ONGC outperforms as oil prices climb; Auto, FMCG slip