Tuesday, December 24, 2024 | 10:40 AM ISTEN Hindi

RIL, pvt banks take Sensex 558 pts up; Nifty tops 14,650; Nifty Metal up 3%

Hindalco, L&T, Tata Steel, Divis Labs, Reliance Industries, Bajaj Finance, and SBI were the top gainers on the 50-share pack

SI Reporter New Delhi

Stock market rally, bull trading, Sensex, nifty

9:41 AM

BUZZING :: Hindustan Copper zooms over 5% as Copper climbs to highest in 10 years

Copper — a bellwether for the global economy — rose as much as 2.4% to $9,780 a metric ton in London, the highest since August 2011, and settled at $9,751 at 5:51 p.m. local time. The metal has gained 26% on the London Metal Exchange this year. Iron ore in Singapore jumped to the highest since contracts launched in 2013, while Chinese steel futures reached fresh highs.

9:39 AM

Top Sensex contributors in early trade

9:36 AM

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

With Nasdaq and S& P at record highs, the global support to markets is strong. The FOMC meeting starting today will be keenly watched by markets for clues on probable trends in rates & yields. Since the US economy is on a strong recovery path, the Fed is unlikely to do anything to rock the growth recovery boat. It is likely to emphasize the accommodative stance and downplay potential inflation concerns. Therefore, the global cues are likely to be supportive for markets.

Even though FIIs continue to be sellers in India ( Rs 1112 cr in the cash market) DIIs have turned consistent buyers, thanks to decent fund flows into DIIs. The F&O position indicates long build-up, which is positive. The steady decline in Covid cases in Mumbai is a great relief and if this is an indication of the second wave curve flattening by, say, mid- May, the market might take cues from that. Since there will be a flurry of Q4 results today there is the likelihood of strong stock specific reactions in stocks like Axis Bank, HDFC AMC & Bajaj Finance.

9:33 AM

JSPL shares edge higher as firm to divest its coal fired power business

> Jindal Steel & Power Limited (JSPL) has accepted a binding offer from Worldone to divest its 96.42% stake in Jindal Power Limited (JPL), a material subsidiary of the Company.

> The divestment is in line with JSPL’s strategic objective to continuously reduce its debt, focus on its India Steel business and significantly reduce its carbon footprint by almost half as part of its ESG objectives.

> The equity value is an all-cash offer of Rs 3,015 crores for 96.42% stake in JPL including 3,400 MW Coal fired power plants in State of Chhattisgarh and other non-core assets owned by JPL.

9:30 AM

Castrol rallies 5% as net profit nearly doubles in Q4

Leading lubes player Castrol India on Monday reported near doubling of net income for the quarter to March at Rs 243.6 crore as against Rs 125.2 crore a year ago, driven by robust revenue growth.

9:27 AM

Axis Bank sheds 2% ahead of Q4 numbers

Axis Bank may report a subdued earning show for Q4FY21 as analysts believe the lender may see a single-digit loan growth, deterioration in asset quality, and slippages at 4.5 per cent of loan book. It may, nonetheless, report net profit as against net loss posted in the year-ago period. READ PREVIEW HERE

9:26 AM

Result Reaction | SBI Card gains on March quarter results

SBI Cards and Payment Services (SBI Card) reported a net profit of Rs 175 crore in the March quarter of FY21, up 110 per cent compared to Rs 84 crore in the same period last year due to lower provisions and a significant jump in other income and income from fees and services.

9:25 AM

Result Impact | Tech Mahindra rises 2% post Q4 numbers

The IT major on Monday reported net profit of Rs 1,081 crore for the fourth quarter ended March 31, 2021, up 34.6 per cent year-on-year (YoY). On a sequential basis, the figure was down 17.4 per cent from Rs 1,309.8 crore. The company misses estimates of over 50 per cent jump in Q4 PAT.