Some Pressure At Higher Levels
Indian equities ended higher for the third straight day but witnessed some pressure at higher levels. Benchmarks continued their best rally in 10 months.
The S&P BSE Sensex ended 0.9% higher at 50,255 while the NSE Nifty 50 index ended 1% higher at 14,789. The Sensex closed 270 points while the Nifty fell 80 points from their respective day's high.
Among the sectoral indices, the Nifty Pharma index was the top performer in today's session, ending 2.8% higher, after gaining as much as 4% in early trade. The PSU Bank index was also on-par with the Pharma index, ending with gains of 2.6%.
The Nifty Metal index gained 1.7% while the I.T. and Auto indices gained 1% each.
The FMCG index was the underperformer in today's session, ending with a negative bias.
Broader markets outperformed the benchmarks in today's session. The Nifty Midcap index ended 1.4% higher while the Smallcap index gained 1.2% in today's session.
The India Volatility Index ended 1.7% higher at 23.7.
1,165 stocks on the NSE ended with gains while 703 stocks posted losses.
How Did The Sectoral Indices Fare
FMCG Stocks Drag
V-Guard Industries Q3FY21 (Standalone, YoY)
- Revenue up 32% at Rs 827.4 crore Vs Rs 626.6 crore (BBG Estimate: Rs 692.2 crore)
- Net profit up 79% at Rs 77 crore Vs Rs 42.9 crore (BBG Estimate: Rs 53 crore)
- Ebitda up 91% at Rs 113.5 crore Vs Rs 59.4 crore (BBG Estimate: Rs 74.3 crore)
- Ebitda margin at 13.7% Vs 9.5%
- Electronics business revenue up 35% at Rs 207.4 crore Vs Rs 153.8 crore
- Electricals business revenue up 32% at Rs 363.4 crore Vs Rs 276.1 crore
- Consumer Durables business revenue up 31% at Rs 264.1 crore Vs Rs 202 crore
Jubilant Foodworks Q3FY21 (Standalone, YoY)
- Revenue flat at Rs 1,057.2 crore Vs Rs 1,059.6 crore
- Net profit up 21% at Rs 125.1 crore Vs Rs 103.7 crore
- Ebitda up 10% at Rs 278.6 crore Vs Rs 253.6 crore
- Ebitda margin at 26.4% Vs 23.9%
- Same store sales growth of -1.7% Vs 5.9%
- Delivery channel growth up 18.5% while takeaway channel growth up 64.3%
- Opened 57 new stores - highest ever in a quarter, including 50 new Domino's stores
- On track to open 110+ new Domino's stores in FY21
Will The Tyre Juggernaut Keep Rolling?
Benchmarks Poised For Third Straight Day Of Gains
- Nifty up 1.4% at 14,858
- Sensex up 1.3% at 50,473
- Nifty Bank up 1.4% at 34,765
- Nifty Midcap index up 1.7%
- Nifty Small cap index up 1.5%
- India Volatility Index up 3.2% to 24.1
- Nifty Pharma remains the top sectoral gainer; up 3.8%
- Nifty Metal is the other major sectoral gainer; up 2.6%
- Nifty Auto index gains 1.8% while Nifty I.T. is up 1.5%
- PSU Bank and Media indices also trade with gains of over 1% each
- IndusInd Bank is the top Nifty gainer; up 9.5%
- Shree Cement is the top Nifty laggard; down 1.5%
- 1,256 stocks on the NSE are trading with gains while 587 decline
Buzzing Stock: Granules India
- Top gainer on the Nifty Smallcap index
- Gains as much as 8.2% to Rs 346
- Snaps four-day losing streak
- Today's volumes are more than double its 20-day average
- One-month implied volatility at 123%
- Relative Strength Index (RSI) rebounds from oversold levels, now at 46
- 10 out of the 12 analysts tracking the stock have a buy recommendation; 1 sell call
- Return potential as per Bloomberg consensus data is 30.2%
Strong Commentary From Tata Consumer
Bajaj Consumer Care Q3FY21 (Standalone, YoY)
- Revenue up 17% at Rs 247.3 crore Vs Rs 211.5 crore (BBG Estimate: Rs 227.9 crore)
- Net profit up 16% at Rs 58.2 crore Vs Rs 50 crore (BBG Estimate: Rs 54.9 crore)
- Ebitda up 16% at Rs 63.2 crore Vs Rs 54.3 crore (BBG Estimate: Rs 61 crore)
- Ebitda margin at 25.6% Vs 25.7%
- Dividend of Rs 6 per share
Only Two Laggards On The Auto Index
Morgan Stanley Bets On India's Private Banks
Further Upside For Indian Equities?
Benchmarks Trade Near The Day's High
- Nifty up 1% at 14,790
- Sensex up 0.9% at 50,238
- Nifty Bank up 0.8% at 34,540
- Nifty Midcap index up 1.4%
- Nifty Small cap index up 1.3%
- India Volatility Index up 2.5% to 24
- Nifty Pharma index remains the top Nifty gainer; up 3.6%
- Nifty Auto index gains 1.5% while Nifty Metal and I.T. index gain 1.4%
- IndusInd Bank remains the top Nifty gainer; up 8.6%
- 42 out of the 50 index constituents advance
- Maruti remains the top Nifty laggard; down 1.6%
- 1,239 stocks on the NSE trade with gains while 553 stocks advance
Have Emerging Market Stocks Peaked?
Nifty Pharma Is The Top Sectoral Gainer
Neuland Laboratories Surges Post Q3 Results, Management Commentary
Ajanta Pharma At Four-Year High
Benchmarks Recover From Day's Low
- Nifty up 0.6% at 14,740
- Sensex up 0.6% at 50,101
- Nifty Bank up 0.4% at 34,420
- Nifty Midcap index up 1%
- Nifty Small cap index up 1.1%
- India Volatility Index up 1.4% to 23.67
- Nifty Pharma is the top sectoral gainer; up 2.6%
- Nifty I.T. is the other major gainer; up 1.3%
- Nifty Media, Metal and Realty trade with a negative bias, down 0.3% each
- IndusInd Bank is the top Nifty gainer; up 8.7%
- Maruti is the top Nifty laggard; down 1.6%
- 1,210 stocks on the NSE trade with gains while 515 are declining
Future-Reliance Deal Stuck?
Third day Of Gains
Indian equities opened higher for the third straight day, even as sentiment across the Asia-Pacific is mixed. Investors are taking cues from the risk-on sentiment witnessed overnight on Wall Street.
The S&P BSE Sensex surpassed its previous record high of 50,184 to open 0.9% higher at 50,231. The NSE Nifty 50 index has opened exactly at its previous record high of 14,754, with gains of 0.7%. Both benchmarks lodged their best two-day rally in 10 months on Tuesday.
Among sectoral indices, the Nifty Auto index opened 1.1% higher and was the best performing sectoral index at the start of trade.
The Nifty Bank and Nifty Pharma index gained 0.8% each while FMCG and PSU Bank indices gained 0.6% each in early trade.
The Nifty Metal index was the underperformer as trading begun, little changed from Tuesday's levels.
Broader markets have opened in-line with the benchmark indices. The Nifty Midcap and Small cap indices have both opened with gains of 0.7% each.
Current Market Update
Best Two-Day Rally In Nearly A Year
Good Morning!
Indian equities extended gains made on budget-day, ending close to their all-time intra-day highs.
Both S&P BSE Sensex and the NSE Nifty 50 index saw their best two-day surge since April last year when markets had begun to rebound from the Covid-19 selloff.
Futures are indicating a steady start to the mid-week trading session. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.4% to 14,780 as of 7:55 a.m. on Wednesday.
Stocks like Reliance Industries will be in focus on the back of news flow, while companies like Ajanta Pharma, Neuland Laboratories, PI Industries, Vinati Organics, among others, may react to their quarterly results reported after market hours on Tuesday.
Bharti Airtel is the only Nifty 50 company to announce earnings today, along with non-Nifty names such as Apollo Tyres, Astral Poly, Bajaj Consumer, Jubilant Foodworks, Inox Leisure, Ramco Cement, Indian Hotels, V-Guard, VIP Industries, among others.
Also in focus will be the Brookfield India REIT IPO, which opens for subscription on Wednesday.
Most Asian equities are advancing, extending a global rally. Shares in Australia and Japan are outperforming, while those in China and Hong Kong trade with losses.
Futures on the Dow Jones are currently trading 30 points higher. The index gained 1.6% on Tuesday.
West Texas Intermediate crude rose 0.2% to $54.86 per barrel, the highest in over a year.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
RECOMMENDED FOR YOU
POPULAR