Nifty ends at new closing peak of 15,436; Sensex adds 308 pts; RIL soars 6%

Broader markets, however, settled the day in the red on the back of profit-booking. The BSE Midcap index fell 0.12 per cent and the BSE SmallCap index dropped 0.48 per cent

3:36 PM

CLOSING BELL

The benchmark S&P BSE Sensex settled at 51,422, up 308 points from previous day's closing. On the NSE, the Nifty50 ended at a fresh record closing high of 15,436, up 98 points.

3:23 PM

EXPERT TAKE :: Sector rotation will play a crucial role to generate alpha in the near term

The market is cheering the downward trajectory of the Covid-19 curve as the recovery rate since the last few days has been faster compared to the new cases. With the improvement in the Covid-19 curve, India is playing catch-up with the global market, with broader market outperformance seen during the month, in which smaller companies have outperformed the large caps.

If the government is able to arrest Covid 2.0 spread completely in the next 15-30 days, then the unlock trade will play in the market and the current rally will sustain. Any delay in unlocking the economy beyond June will be a key risk in the near term. We could see some profit booking, as today's market has crossed its previous high, but the long term structural story is intact for the Indian market. Broader market looks attractive at the current level and the sector rotation will play a crucial role to generate alpha in the near term.

Views by: Naveen Kulkarni, Chief Investment Officer at Axis Securities

3:17 PM

MARKET UPDATE:: India VIX cools off 12%

3:11 PM

Travel firm Thomas Cook India fourth quarter loss widens to Rs 20 crore

Travel services provider Thomas Cook India has reported widening of consolidated net loss to Rs 20.23 crore for March quarter 2020-21, impacted by the pandemic.

 

The company posted a net loss of Rs 13.90 crore for the year-ago period, Thomas Cook said in a late night regulatory filing on Thursday. READ MORE

3:02 PM

Sensex climbs off highs

2:49 PM

M&M posts Q4 profit Rs 163 crore; announces dividend of Rs 8.75 per share

Mahindra & Mahindra, on Friday, reported consolidated profit of Rs 163 crore for the March quarter of 2020-21 (Q4FY21), which was impacted by one-time loss of Rs 840 crore. In comparison, M&M had reported a loss of Rs 3,255 crore in the year-ago quarter. The company has also announced highest-ever dividend of Rs 8.75 per share for FY21, to commemorate the 75th year of the company. READ MORE

2:42 PM

NEWS ALERT :: Conditions seen favourable for monsoon onset over Kerala May 31, says IMD

2:30 PM

NEWS ALERT :: Commercial international flights banned till June 30

2:29 PM

March Quarter Results :: M&M

>> One-time loss: Rs 890 crore

>> PAT: Rs 163 crore

>> Revenue: Rs 13,510 crore

2:28 PM

Anand Rathi on J Kumar Infraprojects

With workforce migration starting as early as 15th Mar’21, the impact of second wave of Covid was more pronounced for J Kumar’s urban-focused OB. The Q4 desired scale being missing, profitability was under duress.

Input price pressure, too, was evident. Nevertheless, with the pass-through mechanism in place and as the workforce returns, profit/growth are likely to return sooner than later. A net cash balance sheet and sturdy revenue assurance too would help.

Nevertheless, estimates have been pruned due to the second wave; consequently, the target price is lowered to Rs221 a share. Our Buy rating stays on not-so-demanding valuations, and an anticipated brighter future.

2:26 PM

Edelweiss on Polyplex Corporation

While the stock has been up 2.4x in two years since our initiation, with BOPET industry supply CAGR at 12% over CY20-22E, we as well management anticipate margin pressure towards end FY22 and FY23. Though strong capacity addition should support 13% sales CAGR, due to margin pressure we estimate mere 1% EBITDA CAGR over FY21-23, post a strong 38% in FY21. Hence, downgrade to ‘HOLD’, valuing it at 3.5x Q2FY23E EV/EBITDA with revised target price of Rs 1,100

2:24 PM

Nomura on BPCL

2:22 PM

Jefferies on V Guard

2:20 PM

Antique on Eicher Motors

We expect Royal Enfield RE sales volumes to grow at 23% CAGR over FY21-24E, led by new model launches. In the commercial vehicle business, Volvo-Eicher Commercial Vehicle (VECV) has gained market share across segments and in the heavy-duty segment it achieved highest ever market share of 6.9%. We maintain BUY rating with a revised price target of Rs 3,200 (previously Rs 3,300).

2:18 PM

Elara Capital on cement sector

Stringent measures taken by government authorities to contain the Second Wave have caused demand disruption. However, we believe a lot of pent-up demand has built up due to these lockdowns, and, thus, a gradual lifting of lockdown in June, led by declining COVID-19 cases, will bolster construction activities. Therefore, we believe these disruptions are short-lived and the cement industry is well placed to post healthy demand growth in FY22.

Further, amid an unfavorable demand scenario, there has been concern for the industry of rising operating cost, due to unfavorable fuel prices. Thus, in our view, a strong pricing scenario with further price hikes would be critical for the industry to sustain margin.  

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