Mr. Aamar Deo Singh, Head Advisory, Angel Broking Ltd.
Indian market indices traded higher in today’s session for the second consecutive day led majorly by gains in the financials and heavyweight Reliance Industries.
Nifty that managed to remain above the 10K mark went up by 1.51% or 152.75 points and closed at 10,244.40. S&P BSE Sensex rose by 1.53% or 523.68 points and closed at 34,731.73.
Around 1759 shares advanced, 841 shares declined, while 145 shares remained unchanged.
RIL (6.48%), Bajaj Finance (6.55%), Tata Motors (5.76%), Bajaj Finserv (9.17%), and Bharti Infratel (4.99%) were among top market gainers. While IndusInd Bank (2.20%), Vedanta (1.26%), HCL Tech (1.20%), M&M (1.31%), and ITC (1.13%) were among top losers.
BSE Midcap and Smallcap rose by 1.03% and 1.37% respectively.
Cadila Healthcare’s YoY consolidated net profit dropped by 14.82% in the fourth quarter due to a one-time loss of Rs. 52.5 crore faced by the company. As a result, the company’s stock price fell by 1.05% and traded at Rs. 361.80.
Dr. Reddy’s Laboratories
The company announced the launch of Abiraterone Acetate Tablets USP of 250 mg which is equivalent to the generic version of Zytiga approved by the USFDA. The company’s stock price rose by 0.07% and traded at Rs. 4010.00
JK Cement’s quarter profits exceed the estimates of 8-17%. As a result, the company’s stock rose by 11.18% and traded at Rs. 1385.00 in today’s session.
Alembic Pharmaceuticals joint venture received a nod from the US health regulatory USFDA for producing the generic Adapalene gel that is used for treating acne. The company’s stock rallied by 4.06% and traded Rs. 945.05.
City Union Bank
City Union Bank’s share tripped by 6.83%% and traded at Rs. 127.45 in today’s session after the company reported a loss of Rs.95.25 crore in the fourth quarter of the FY 2020-2021. The loss came in as a result of a jump in banking provisions.
The company became debt-free after raising Rs.1,68,818 crore in a span of 58 days. RIL’s stock went up by 6.48% in today’s session and traded at Rs. 1763.20.
Unichem Laboratories reported a loss of Rs. 17.2 crore for the fourth quarter whereas the company’s revenue went down by 14.6%. The company’s stock tripped down by 4.62% and traded at Rs. 158.80.
CSB Bank’s share rose by 8.97% and traded at Rs. 164.05 after the bank announced the appointment of Mr. Pralay Mondal as the President of Retails, SME, IT and Operations.
Indian rupee traded marginally lower and ended at Rs 76.18 against the US dollar in today’s session amid buying in the domestic equity market.
Positive Global Cues
European markets traded positively as investors took a note of the upticks in the number of coronavirus cases in different countries. FTSE 100 rose by 1.38% and FTSE MIB 0.81%. Global markets today traded positive. Nasdaq rose by 0.33%, Nikkei 225 rose by 0.55% and Hang Seng rose by 0.73%.