Taking Stock | Market Ends Flat In Volatile Trade; FMCG Stocks Outperform, Metals Slip
For the week, the BSE Sensex and Nifty50 shed a percent each. On May 14, Coal India, Tata Motors, Hindalco Industries, Tata Steel and Grasim Industries were among the top Nifty losers. Gainers…
Vinod Nair, Head of Research at Geojit Financial Services:
Market swung between gains and losses in today’s volatile trade as gains in Consumer and Capital goods were countered by losses in Metals and Auto stocks. Owing to a decline in food prices, April’s retail inflation eased to 4.29% while Industrial production for March registered a growth of 22.4% supported by lower base. Global markets traded with optimism on Fed official comment stating that they are not much concerned about long-term inflation.
Vishal Wagh, Research Head, Bonanza Portfolio:
On Friday Indian equity benchmarks made a cautious start, after a day’s halt as markets were closed yesterday on account of Eid al-Fitr. Domestic indices are trading flat with negative bias in early deals amid worries over the economic impact of the second wave of COVID-19 and lockdowns and restrictions in various states. In the afternoon session, Indian equity benchmarks trimmed some of their losses and trade above the neutral line.
Finance Minister Nirmala Sitharaman has said that renewing stalled real estate projects will significantly improve economic sentiment in the country grappling with the second wave of Covid-19 and will also boost the portfolios of banks and non-banking financial companies (NBFCs).
Ashis Biswas, Head of Technical Research at CapitalVia Global Research:
The market continues to witness a lack of momentum and stayed in the range between 14600 to 14750. As of now, the short-term technical condition of the market appears like a sideways correction is in the process. While it is subject to further price action evolution.
It is prudent to wait for a decisive breakout above 14800 and technical factors to improve before going long in the market. The traders to refrain from building a fresh buying position until further improvement is seen and breakout above 14800.
Rohit Singre, Senior Technical Analyst at LKP Securities:
Index closed a week at 14678 with loss of nearly one percent and formed a dark cloud cover sort of candle pattern on weekly chart which is bearish reversal candle by nature. Supports are still placed at 14600-14500 zone and holding above said levels structure mildly bullish and we may see some extension in current pull back towards strong hurdle zone of 14800-14950 zone where one can lock in their profits.
Jateen Trivedi, Senior Research Analyst at LKP Securities:
Rupee traded strong near 73.25 on back of retreat from dollar which inched below USD 90.50 again. A strong reading on US wholesale prices and jobless claims on Thursday failed to spark a renewed uptick in Treasury yields, but currency seems to be reading positive cues of vaccinations overall and likely of covid-19 second wave to cool off. Going ahead the rupee can be seen between 73.05-73.55.
Rupee Close: Indian rupee ended higher by 13 paise at 73.29 per dollar, amid high volatile trade saw in the domestic equity market. It opened flat at 73.42 per dollar against Wednesday’s close of 73.42 and traded in the range of 73.22-73.43.
Market Close: Benchmark indices ended with little change in the highly volatile session on May 14 with selling seen in the metal, auto and pharma names.
At close, the Sensex was up 41.75 points or 0.09% at 48732.55, and the Nifty was down 18.70 points or 0.13% at 14677.80. About 1402 shares have advanced, 1627 shares declined, and 141 shares are unchanged.
Coal India, Tata Motors, Hindalco Industries, Tata Steel and Grasim Industries were among the top losers on the Nifty. Gainers included Asian Paints, UPL, ITC, Nestle and L&T.
Except FMCG, all other sectoral indices ended in the red with Nifty Metal index declining nearly 4 percent.
Texmaco Rail and Engineering Q4
Texmaco Rail and Engineering has posted Q4 net profit at Rs 20.4 crore against loss of Rs 100.8 crore and revenue was up 39.6% at Rs 605.6 crore versus Rs 433.7 crore, YoY.
Texmaco Rail and Engineering was quoting at Rs 29.95, up Rs 1.25, or 4.36 percent on the BSE.
The company has reported net profit at Rs 285.4 crore versus Rs 127.7 crore and revenue was up 60.8% at Rs 2,228.8 crore versus Rs 1,385.7 crore, YoY.
Escorts was quoting at Rs 1,172.85, up Rs 3.25, or 0.28 percent on the BSE.
Nifty Pharma Index shed over 1 percent dragged by the Cadila Healthcare, Lupin, Dr Reddy’s Laboratories