Analysts remain largely cautious on the jump in prices of auto stocks. While some companies have indicated sales, the slump is likely to extend into the next several quarters with lockdowns in red zones, limits on travel and low demand.
Markets made early gains but ended flat today. Nifty 50 closed at 9247.20 (-4.3, -0.1%) , BSE Sensex closed at 31561.22 (-81.5, -0.3%) while the broader Nifty 500 closed at 7561.15 (9.2, 0.1%). Market breadth is even. Of the 1634 stocks traded today, 763 showed gains, and 783 showed losses.
Auto and metal stocks have dominated the Nifty50 gainers in stock markets today.
HDFC Securities, Dolat Capital, Motilal Oswal give BUY calls on ICICI Bank post results, with lower targets
Godrej Properties results showed a decline in net profit YoY 19.4%, as well as a decline in operating profit margins. See all results as they update.
Arun Nanda, Chairman of Mahindra Holidays, says performance of the company beat its projections despite the loss of March revenues, which is typically the company's peak month for sales.
With more countries restarting their economies this week, analysts will be watching trends in infections as well as the government response to clusters.
VIP Industries is among the top gainers today as Rakesh Jhunjhunwala picked up additional stake in the company.
The market opened on an upbeat note, with reports of a second industry stimulus boosting sentiment. Nifty 50 was trading at 9410.20 (158.7, 1.7%) , BSE Sensex was trading at 32263.46 (620.8, 2.0%) while the broader Nifty 500 was trading at 7673.15 (121.2, 1.6%). Market breadth is overwhelmingly positive. Of the 1484 stocks traded today, 1024 were on the uptick, and 365 were down.
Riding High:
Largecap and midcap gainers today include Vodafone Idea Ltd. (4.55, 8.33%), Crompton Greaves Consumer Electricals Ltd. (216.00, 6.35%) and Hero MotoCorp Ltd. (2082.00, 6.08%).
Downers:
Largecap and midcap losers today include Au Small Finance Bank Ltd. (400.15, -5.00%), Mahindra & Mahindra Financial Services Ltd. (157.55, -4.72%) and ICICI Bank Ltd. (322.05, -4.63%).
Volume Shockers
20 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Mahindra Holidays & Resorts India Ltd. (151.20, 20.00%), Hathway Cable & Datacom Ltd. (22.65, 19.84%) and Heidelberg Cement India Ltd. (156.00, 8.94%).
Top high volume losers on BSE were TCI Express Ltd. (608.00, -11.66%), Jain Irrigation Systems Ltd. (8.45, -4.52%) and Future Lifestyle Fashions Ltd. (151.75, -1.40%).
VIP Industries Ltd. (224.45, 5.33%) was trading at 15.0 times of weekly average. JK Lakshmi Cement Ltd. (191.20, -1.14%) and Wockhardt Ltd. (255.40, 0.79%) were trading with volumes 7.8 and 7.2 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
1 stock overperformed with 52 week highs, while 16 stocks tanked below their 52 week lows.
Stock touching their year highs included - J B Chemicals & Pharmaceuticals Ltd. (648.95, 0.57%).
Stocks making new 52 weeks lows included - Bank of Baroda (40.90, -0.49%) and Cyient Ltd. (200.95, -3.62%).
10 stocks climbed above their 200 day SMA including Hathway Cable & Datacom Ltd. (22.65, 19.84%) and ICICI Lombard General Insurance Company Ltd. (1293.00, 4.68%). 1 stock slipped below their 200 SMA including Amber Enterprises India Ltd. (1076.95, -1.32%).
