Opening bell: Sensex, Nifty open flat; auto drags, FMCG stocks gain
Indian indices started the week on a flat note with gains in the consumer goods, pharmaceuticals and metals sectors, capped by losses in auto and banking indices. At 9:18 a.m., the Sensex lost 53 points to 51,369 while the Nifty lost 11 points to 15,424. On the Nifty50 index, ITC, ICICI Bank, Bharti Airtel, RIL and TCS were the first winners while M&M , Cipla, Tata Motors, L&T and Eicher Motors led the losses.
Market Watch: Prakash Diwan, Market Expert
On Bank of Baroda (BoB)
You can no longer continue to avoid PSU banks in the portfolio as the type of alpha they could generate will likely be much greater than the historical past, especially in recent times. So you add around 12-20% of your allocation on the BFSI side to some of these PSU banks. The BoB figures seem rather positive to me. You will need to start allocating to PSU banks, the Punjab National Bank (PNB) maybe if you are a bit of a risk taker. I would definitely consider allocating more money to PSU banks now.
On IndiGo
IndiGo is definitely a good bet. Last week we saw a little build up there that started but I think you will probably see it skyrocket as much as airplanes, you will also see prices skyrocket in the next six months.
Glenmark Q4 net profit up 6% to Rs 233.87 crore
Pharmaceutical company Glenmark Pharmaceuticals announced a 6.15% increase in its consolidated net profit to Rs 233.87 crore for the quarter ended March 2021 due to higher sales. The company had recorded a net profit of Rs 220.30 crore in the corresponding period of the previous fiscal year, Glenmark said in a late regulatory filing on Friday. Its consolidated turnover from operations amounted to Rs 2,859.9 crore for the quarter under review. It was Rs 2,767.5 crore for the same period a year ago, he added. For the fiscal year ended March of this year, the company posted net profit of Rs 970.1 crore compared to Rs 776 crore in the previous fiscal year, Glenmark said. More here
Eight of Top 10 Top Companies Add Over Rs 1.39 lakh Crore in M-Cap
Eight of the 10 most valued companies together added Rs 1,39,566.52 crore in the market valuation last week, with Reliance Industries, TCS and Infosys emerging as the top performers. On a weekly basis, the benchmark BSE Sensex gained 882.40 points or 1.74%. Only Hindustan Unilever and Bajaj Finance posted losses in market capitalization for the trading week closed on Friday. Among the winners, Reliance Industries saw its market valuation jump from Rs 59,590.77 crore to Rs 13.28,049.94 crore. Tata Consultancy Services added Rs 23,562.96 crore to bring its valuation to Rs 11.63,018.74 crore and Infosys gained Rs 21,395.27 to Rs 5.98,604.10 crore. State Bank of India stock market rallied Rs 18,697.06 crore to Rs 3.76,663.23 crore and that of Kotak Mahindra Bank earned Rs 8,435.06 crore to Rs 3,56849.67 crore. More here
Gasoline price increased by Rs 3.83 and diesel by Rs 4.42 / liter since May 3
Fuel prices increased | Hiking Oil Marketing Companies (CIO, BPCL and HPCL) # gasoline price per 28-29 paise & #diesel by 26-28 paise today.
Gasoline price increased by Rs 3.83 and diesel by Rs 4.42 / liter since May 3 pic.twitter.com/wHy5IhRsEX
– CNBC-TV18 (@ CNBCTV18Live) May 31, 2021
First up, here’s a quick look at what happened in the markets on Friday.
The benchmark Nifty50 hit an all-time high on Friday, following gains among its Asian peers as lower COVID-19 infection rates bolstered sentiment. India posted its lowest daily increase in COVID-19 cases in more than a month. The Sensex finished 307 points higher at 51,423 while the Nifty rose 98 points to end at a new closing high of 15,435. Both indices were up over 1.5% for the week. Nifty50 rose 132 points to a new intra-day high of 15,469.65, breaking above the earlier level of 15,431.75. Back home, on the Nifty50 index, RIL, Grasim, Adani Ports, M&M and Coal India were the first winners while Sun Pharma, Shree Cement, Bajaj Finserv, Dr Reddy’s and Bajaj Finance led the losses.
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