Sensex slips 291 pts amid weak global cues; pharma, PSB stocks rally

Coal India, Cipla, Sun Pharma, UPL, Nestle India, Indian Oil Corporation, Tech M, Axis Bank, and SBI Life were the top gainers of the day

1:47 PM

Financial Services index top drag on the NSE at this hour

1:43 PM

MARKET CHECK :: Sharp downtick in Sensex

1:37 PM

Vedanta restarts medical oxygen production at Sterlite Copper plant

Oxygen production at Vedanta Ltd's copper smelter plant or Sterlite Copper located in Thoothukudi was restarted on Wednesday, said a company official. According to Vedanta, the disruption in the oxygen plant has been rectified, and has now resumed production. "The oxygen generated is being stored at our onsite facilities and will be distributed as per the directions of the State government and concerned nodal officers," the company said. READ MORE

 

1:35 PM

Bitcoin is the most crowded trade globally, says BofA Fund Manager Survey

An overall total of 216 panelists with $625 billion in assets under management (AUM) participated in the survey between May 7 and 13. 194 participants with $592 billion in AUM responded to the Global FMS questions, while 78 participants with $133 billion in AUM responded to the Regional FMS questions, BofA Securities said. READ MORE

1:23 PM

NEWS ALERT | Happiest Minds partners Coco Cola Bottling Company United in their Robotic Automation journey

1:23 PM

Over half of BSE 500 stocks trade below their all-time highs

Analysts ascribe the underperformance of a bulk of BSE 500 stocks to a classic case of polarisation, where investors are lapping up stocks of sectors that are likely to do well going ahead. While at a broader level, retail investors are one of the key drivers of this momentum besides foreign investors in the large- mid-and-small caps space, they too, are being selective in their purchases, analysts say. READ MORE

1:12 PM

Dr Reddy's in talks with RDIF to sell Sputnik V in other countries

Dr Reddys Laboratories, which is in a pact with Russian Direct Investment Fund to sell 125 million people doses (250 million vials) of COVID-19 vaccine Sputnik V in India, is holding parleys with RDIF for acquiring rights for more countries, a senior official of the Indian drug maker said. Dr Reddy's which had received over two lakh vaccines from RDIF, recently soft-launched Sputnik V and tied up with Apollo Hospitals for piloting the vaccine. READ MORE

1:03 PM

Birla Corp rallies 31% in 2 weeks post Q4 results; stock nears record high

Shares of Birla Corporation were trading higher for the eight straight days, up 7 per cent at Rs 1,289.65 on the BSE in Wednesday's intra-day trade after reporting a strong set of numbers for the quarter ended March 2021 (Q4FY21). It was trading close to its all-time high level of Rs 1,290, touched on January 8, 2018. The stock of the cement & cement products company hit a fresh 52-week high today, and has zoomed 31 per cent in the past two weeks. In comparison, the S&P BSE Sensex was up 4 per cent during the same period. READ MORE

12:53 PM

Westlife Development: Patient investors may consider for growth post FY22

The Westlife Development stock has been under pressure since its March highs of Rs 535 as multiple states have extended their lockdowns. Westlife runs the McDonald’s chain in the western and southern regions where severe restrictions have hampered the dine-in segment revenues.

 

After a robust March quarter (Q4), the ongoing April-June period is unlikely to be good due to these lockdowns impacting demand. READ MORE

12:44 PM

S&P revises outlook on Tata Motors to stable on improving underlying demand

S&P Global Ratings has affirmed B ratings on Tata Motors and revised outlook to stable on improving underlying demand. S&P said the company's sales for the fourth quarter of fiscal 2021 indicate a material improvement in underlying demand for both commercial vehicles and passenger cars. The commercial vehicle business reported its strongest quarterly sales since fiscal 2019 while the passenger car business continued to gain market share. READ MORE

12:32 PM

PI Industries dips 6%

12:25 PM

NEWS ALERT | Karnataka CM announces Rs 1,250 cr Covid relief package

-- Rs 3,000 each for auto/taxi drivers & construction workers, Rs 2,000 for workers in the unorganised sector

-- Rs 10,000/hectare for floriculture farmers

12:12 PM

Should you buy stocks on a dip? Here's what technical indicators suggest

"We believe investors will continue to take comfort from receding fresh daily cases. This indicates that the assumption of the second Covid-19 wave daily caseload peaking by the end of May or mid of June holds, and the adverse impact of the second wave should not be felt beyond Q1FY22," Binod Modi, head of strategy at Reliance Securities, said. However, the rising death toll, slow roll-out of vaccination, and Covid spreading to rural areas may keep the upside in contained. READ MORE

12:02 PM

SECTOR WATCH:: Pharma stocks hold gains in a volatile market

11:54 AM

Top drags on Sensex at this hour: HDFC twins, ICICI Bank