Markets Live: Sensex Up 300 Points; Banks, Metals Outperform

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Current Market Update

Earnings Reaction: Stove Kraft Q3FY21

  • Revenue up 47% at Rs 294.7 crore Vs Rs 200.4 crore
  • Net profit of Rs 33.5 crore Vs Rs 8.9 crore
  • Ebitda margin at 14.5% Vs 8.2%
  • Working capital cycle has improved to 47 days in December from 54 days in March
  • Reduced debt by Rs 134 crore during the quarter
  • Plan to be a zero debt company in the near-term

Shares are off the day’s high, after gaining as much as 10% to Rs 535.8. The stock is up for the third straight day.

Tata Consumer Products: The New Nifty 50 Inclusion

Also Read: Tata Consumer Products To Replace GAIL In Nifty 50 From March 31

Benchmark Indices Trade At The Day’s High

  • Nifty up 0.7% at 14,805
  • Sensex up 0.7% at 50,101
  • Nifty Bank up 1.3% at 35,556
  • Nifty Midcap index up 0.7%
  • Nifty Smallcap index up 1.1%
  • India Volatility Index down 3% to 24.47
  • PSU Bank index is the top sectoral gainer; up 3.2%
  • Nifty Media and Nifty Metal index gain 1% each
  • Nifty Realty and Nifty Auto index up 0.9% each
  • Coal India is the top Nifty gainer; up 4.5%
  • GAIL is the top Nifty laggard; down 1.3%
  • 1,347 stocks on the NSE trade with gains while 402 stocks decline

46% Of Nifty’s Market Capitalisation At Risk?

Also Read: Rising Commodity Prices A Risk For 46% Of Nifty Market Cap: BofA Securities

A Subdued Start To Trade

Indian equities opened little changed in mid-week trading, even as futures were indicating gains of as much as 60 points. Sentiment across the Asia-Pacific is mixed this morning.

The S&P BSE Sensex opened 12 points higher at 49,763 while the NSE Nifty 50 index opened 21 points higher at 14,729.

Most sectoral indices have opened flat this morning. The Nifty Pharma index has opened 0.6% higher while the Auto index is up 0.3%. The Nifty Bank has opened with gains of close to 100 points this morning.

Broader markets continued their outperformance from Tuesday. The Nifty Midcap index has opened 0.6% higher while the Small cap index is up 0.5% at the start of trade.

1,267 stocks on the NSE are trading with gains while 355 are declining this morning.

Futures Indicate Gains

Good Morning!

Indian equities failed to sustain at the day’s high on Tuesday, ending with modest gains, snapping a five-day losing streak in the process.

Metal stocks along with oil sensitives continued their outperformance while banking stocks had a volatile session.

Futures are indicating gains at the start of the mid-week trading session. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.53% to 14,791 as of 8:05 a.m.

Asian equities are mixed while treasury yields are steady this morning. Japanese equities resumed trading after a holiday and are underperforming while Australian shares dipped. Hong Kong stocks are trading with modest gains.

Futures on the Dow Jones are trading with gains of 20 points. The index ended flat overnight. Investors are assessing Fed Chair Jerome Powell’s statement of continued policy support from the Federal Reserve.

The U.S. Dollar fell against major peers while the pound was at the highest since April 2018.

West Texas Intermediate crude fell 0.7% to $61.26 per barrel while bitcoin fell below the mark of $50,000.

Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.

. Read more on Markets by BloombergQuint.

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