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Sensex gains 256 points boosted by HDFC twins, Airtel; Nifty ends above 14,800

Market closing: Indices ended higher for the third day in a row. Photo: Ramesh Pathania/MintPremium
Market closing: Indices ended higher for the third day in a row. Photo: Ramesh Pathania/Mint

  • Market closing: Indian benchmark indices ended higher on Friday led by heavyweights. HDFC twins, ITC and Bharti Airtel were the biggest gainers on the Sensex. Nifty Metal index rose 4.5%

Indian benchmark indices ended higher for the third day in a row led by heavyweights. Sensex ended 256 points higher at around 49,206 and Nifty closed at 14,823, up 98 points. India VIX fell 5%.

07 May 2021, 03:36:23 PM IST

Markets rally for the third day in a row

Benchmark indices closed higher for the third session in a row led by HDFC, ITC and metal stocks. Sensex ended 256 points higher at around 49,206.

India VIX ended 5% lower.


Sensex at close
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Sensex at close
07 May 2021, 03:20:54 PM IST

Street cheers Coforge’s strong Q4, but its rich valuations spoil the party

Mid-tier IT services provider Coforge Ltd reported bumper earnings in the March quarter. Strong beat on revenue growth and a robust deal pipeline got a thumbs-up from the Street. Consequently, the stock hit a new 52-week high of 3544 on Friday.

In US dollar terms, its consolidated revenue grew 7.1% sequentially to $172.1 million in the March quarter. In constant currency terms, revenue grew 5.1% over the preceding quarter. While all this is a positive, the sharp rally in the stock and its expensive valuations make analysts uncomfortable.

07 May 2021, 03:08:37 PM IST

HDFC up 3% as consol PAT rises 31%

Mortgage lender Ltd on Friday reported a 31% jump in consolidated net profit at 5,669 crore for the last quarter of the financial year ended March 2021.

Total income on the consolidated basis more than doubled to 35,754 crore in January-March period of 2020-21, as against 16,632 crore in same period of 2019-20, HDFC said in a regulatory filing.

07 May 2021, 03:03:15 PM IST

CreditAccess Grameen’s Q4 shows provision boost; second wave a worry

Micro finance institution CreditAccess Grameen Ltd’s March quarter performance showed the expected signs of recovery the period had seen before the pandemic’s second wave hit. The micro lender reported a healthy net profit growth despite setting aside a large amount for provisions.

Indeed, investors took the surge in provisions as a sign that the lender is insuring itself for future risk, especially when the second wave is resulting in lockdowns across the country. On a standalone basis, the company reported 14% growth in asset under management (AUM) for the March quarter and a sharp improvement in collection efficiencies. (Full report)

07 May 2021, 02:52:23 PM IST

Global stocks head for first weekly gain in three weeks

Global stocks headed for their first weekly gain in three weeks amid a surge in commodity prices, while traders braced for a U.S. jobs report later on Friday.

European stocks opened higher, with the pan-European STOXX 600 index hitting a record high.

The German DAX rose 0.8%, while France's CAC 40 hit its highest since November 2000 and Britain's FTSE 100 breached the 7,100 mark.

MSCI's benchmark for global equity markets, which tracks stocks in 50 countries, edged up about 0.1%, on course for a 0.4% gain this week.

Its broadest index of Asia-Pacific shares outside Japan rose about 0.5% on Friday, while Japan's Nikkei gained about 0.2%.

07 May 2021, 02:45:21 PM IST

Biological E. to begin Phase III trial of Covid vaccine, production from August

India's Biological E. Ltd will soon start Phase III trials of its COVID-19 vaccine and plans producing 75 million to 80 million doses a month from August, its managing director told Reuters on Friday.

The company has developed the vaccine with Baylor College of Medicine in Houston and Dynavax Technologies Corp. Late last month it received approval from India's drug regulator to conduct a Phase III clinical trial, which Managing Director Mahima Datla said would begin soon.

07 May 2021, 02:11:03 PM IST

HDFC March-quarter net profit up 31%

07 May 2021, 01:56:53 PM IST

Dabur India down 1.6% ahead of March quarter earnings

BSE
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BSE
07 May 2021, 01:46:13 PM IST

AINRC leader N Rangasamy sworn in as Puducherry Chief Minister

07 May 2021, 01:42:32 PM IST

India holds wireless approvals for China-made devices, delaying launches: Report

India has held up approvals for import of wifi modules from China for months, driving companies such as U.S. computer makers Dell and HP and China's Xiaomi, Oppo, Vivo and Lenovo to delay product launches in a key growth market, two industry sources told Reuters.

Imports from China of finished electronic devices - like bluetooth speakers, wireless earphones, smartphones, smartwatches and laptops - containing wifi modules are being delayed, the sources said.

07 May 2021, 01:22:17 PM IST

JSW Steel up 2%; co & JFE Steel propose grain-oriented electrical steel manufacturing in India

JSW Steel and JFE Steel Corporation, have signed a memorandum of understanding to conduct a feasibility study to establish a grain-oriented electrical steel sheet manufacturing and sales joint-venture company in India. The plan is to complete the study within the current 2021 fiscal year and take appropriate steps to set up this joint venture company subject to requisite approvals, the company said today.

Grain-oriented electrical steel is an important material in the production of energy-efficient transformers and high-performance generators.

07 May 2021, 01:05:17 PM IST

Tata Motors to hike passenger vehicle prices from May 8

Tata Motors on Friday said it will increase prices of its passenger vehicles by an average of 1.8% depending upon the model and variant from May 8, in order to partially offset the rise in input costs.

The auto major noted that it would offer protection from the price increase to customers who have booked vehicles on or before May 7.

07 May 2021, 12:53:01 PM IST

Tata Consumer falls 5% post muted Q4, but valuations still pricey

Tata Consumer Products Ltd’s shares have had investors’ love for some time now. In the calendar year 2020, the shares had appreciated as much as 84% on the NSE, easily making it one of the best performing consumer stocks in the country.

After the sharp re-rating, 2021 has begun on a relatively slow note with the shares gaining around 5% so far. This is after accounting for nearly a 5% drop in early deals on Friday, after the company’s March quarter financial results disappointed the Street. (Full report)

07 May 2021, 12:35:42 PM IST

UltraTech Cement up 1.4% ahead of March quarter earnings

BSE
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BSE
07 May 2021, 12:19:37 PM IST

Sensex off the day's high in mid-session

Sensex
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Sensex
07 May 2021, 11:59:59 AM IST

HDFC up 1% ahead of earnings

The finance company will report its March quarter earnings today. It had reported 65% decline in net profit at 2,926 crore for the quarter ended December.

07 May 2021, 11:33:18 AM IST

BSE SmallCap up 0.5%

BSE
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BSE
07 May 2021, 11:15:00 AM IST

Tata Steel up 4%

Shares of Tata Steel extended gains from Thursday, riding on strong quarterly results and metal prices.

07 May 2021, 11:02:09 AM IST

Ceat stock under pressure as margins skid hit by cost inflation

Investors in tyre manufacturer Ceat Ltd need to brace for a bumpy ride ahead. In the March quarter, operating margins of the company declined by 350 basis points (bps) sequentially, largely hit by elevated raw material cost.

In a post earnings conference call, the management said, raw material cost per kg increased by 8-10% quarter-on-quarter

in 4QFY21 due to sharp surge in the raw material basket. Also, inferior product mix with higher share of OEM segment added to the pressure. Going ahead, the company's management expects the impact of steep increase in raw material prices to start reflecting with a lag. (Full report)

07 May 2021, 10:47:07 AM IST

Petrol and diesel prices hiked

State-owned oil marketing companies increased transportation fuel prices for the fourth day in a row on Friday, with petrol and diesel prices raised by 28 paise per litre and 31 paise per litre respectively in the national capital. As a result, petrol and diesel were retailing at 91.27 per litre and 81.73 per litre respectively in Delhi.

07 May 2021, 10:32:11 AM IST

Mahindra & Mahindra up 2.5%

The Mahindra group has announced the setting up of an advanced design centre for mobility products in the UK. Mahindra Advanced Design Europe is being set up in the West Midlands, and the new Centre of Excellence will be a part of the Mahindra global design network that includes the Mahindra Design Studio in Mumbai, and Pininfarina Design in Turin (Italy).

07 May 2021, 10:17:26 AM IST

Indian rupee opens at 73.62 per US dollar against 73.76 on Thursday

07 May 2021, 10:13:04 AM IST

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services on markets

"Going forward, markets are likely to remain range bound along with bouts of up and down. Resurgence of the second COVID wave has dented sentiments and weakened FY22E earnings visibility. While the market is currently looking beyond the short-term impact, if the pandemic doesn’t subside soon, it opens up downside risks...4QFY21 earning season has been the silver lining so far as it has progressed well so far, but earnings downgrades are now rising, given the widespread restrictions in various states."

07 May 2021, 09:59:55 AM IST

Nifty Bank up led by Indusind Bank, HDFC Bank

Nifty Bank
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Nifty Bank
07 May 2021, 09:46:56 AM IST

Covid update: India reports over 4.14 lakh new cases, 3,915 more fatalities

As many as 4,14,188 people tested positive for Covid-19 across the country in the last 24 hours, taking the cumulative caseload to 2,14,91,598, said the Union health ministry on Friday morning.

This is the biggest one-day spike in cases the country has seen so far and the most number of infections reported across the world.

07 May 2021, 09:35:09 AM IST

Nifty sectors in the green: Bank, Metal best gainers

NSE
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NSE
07 May 2021, 09:29:08 AM IST

Nifty at open: SBI Life, Tata Steel top gainers; Tata Consumer lags

Nifty
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Nifty
07 May 2021, 09:26:52 AM IST

Sensex soars 400 points: IndusInd Bank, M&M top gainers

Sensex
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Sensex
07 May 2021, 09:19:33 AM IST

Indices open strong; Sensex above 49k

07 May 2021, 09:12:35 AM IST

Centre weighs ₹1 tn pandemic pool to bail out the uninsured

Stung by the severity of the second wave of the pandemic, India is considering setting up a covid-19 pandemic pool worth at least 1 trillion to financially help uninsured citizens whose incomes or health get hit by covid or any other pandemic in future, said three people with direct knowledge of the matter.

This is aimed at helping the country’s large population of uninsured people handle losses in incomes and offer them financial support to handle hospitalization costs. Just 4-5% of India’s population is covered under health insurance.

07 May 2021, 09:02:26 AM IST

Markets in the green at pre-open

BSE Sensex
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BSE Sensex
07 May 2021, 08:51:52 AM IST

Oil gains

Oil prices edged up in early Asian trade after a 1% dip in the previous session, as global economic recovery and easing travel curbs in the United States and Europe buoyed the fuel demand outlook while the surging pandemic in India capped prices.

Brent crude futures for July were at $68.17 a barrel by 0052 GMT, up 8 cents, while U.S. West Texas Intermediate (WTI) crude for June rose 9 cents to $64.80.

07 May 2021, 08:41:33 AM IST

Stocks to Watch: HDFC, Hero Moto, Tata Consumer, Ultratech Cement

Hero Moto, Tata Consumer, and M&M are among stocks that will be watched today. HDFC and Ultratech Cement are the Nifty companies that will report their earnings on Friday. Dabur India, EIH, Kansai Nerolac Paints, and Steel Strips Wheels are among other companies that will also declare their results today

07 May 2021, 08:23:41 AM IST

IMF to revisit growth forecast for India due to surge in Covid-19 cases

The International Monetary Fund said on Thursday the recent jump in COVID-19 cases in India posed downside risks to the Fund's April forecast for 12.5% growth in India's economic output in fiscal years 2021 and 2022.

IMF spokesman Gerry Rice said the developments in India, the world's second most populous nation, would have spillover effects for the region and the global economy, depending on how long the crisis lasted, but it was too soon to give specifics.

07 May 2021, 08:10:19 AM IST

Markets may remain firm

Markets are likely to stay firm on Friday while trends in SGX Nifty suggest a positive opening of Indian benchmark indices. On Thursday, the BSE Sensex ended at 48,949.76, up 272.21 points or 0.56%. The Nifty was at 14,724.80 , up 106.95 points or 0.73%.

07 May 2021, 07:47:41 AM IST

Asian markets in the green

Asian stocks were higher tracking US indexes that rose overnight on positive economic data. Hong Kong’s Hang Seng Index climbed 0.7%, Japan's Nikkei rose 0.2%, and Shanghai Composite was up 0.1%. South Korea’s Kospi was up 0.7%

Australia’s S&P/ASX 200 Index rose 0.5%.

07 May 2021, 07:30:07 AM IST

Wall Street ends firm on Thursday

The Dow Jones Industrial Average closed at a record high on Thursday, bolstered by an upbeat weekly jobless claims report. The index rose 0.93% to end at 34,548.53 points

The S&P 500 gained 0.82% to 4,201.62. The Nasdaq Composite climbed 0.37% to 13,632.84.

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