Sensex, Nifty Decline Paring Weekly Gains
India’s benchmark equity index fell amid the extension of lockdown-like curbs in some states and as exit polls indicated the nation’s ruling political party is trailing in key state elections.
The S&P BSE Sensex lost 2% to 48,761.82, while the NSE Nifty 50 Index dropped by 1.85% to 14,619.10. However, both measures logged their best weekly advance in three weeks. Fifteen of the 19 sector sub-indices compiled by BSE Ltd. slipped, led by a gauge of finance company stocks.
The HDFC twins were the biggest losers on the Sensex while ONGC Ltd. was among the few winners.
The market breadth was skewed in favour of the bears. About 1,356 stocks advanced, 1,589 declined and 170 remained unchanged at end of the session.
Nifty This Week
Tata Power Said To Mull $473 Million Renewable Energy Unit IPO
Tata Power Co., controlled by India’s largest conglomerate Tata Group, is weighing an initial public offering for its renewable energy business that could raise about Rs 3,500 crore ($473 million), Bloomberg News reporting people in the know.
The power company has abandoned earlier plans to seek a partner to invest in its green assets via an investment trust, the people said, asking not to be identified as the information is private. Tata Power will seek approval for the IPO plan from its board, they said. If they approve, the proposed listing in Mumbai could take place as soon as this year, one of the people said.
AU Small Finance Bank Drops 12% In Two Sessions
Shares of the lender dropped after it reported a spike in its non-performing assets.
Its asset quality worsened as the gross non-performing assets (NPAs) spiked to 4.25% of gross advances as of March 31, from 1.68% in the same period last year.
Net NPAs or bad loans also soared to 2.18% from 0.81%.
Chris Wood Goes More Overweight On India Despite Covid Fears
Concor Surges On UBS Report
Divi's Labs Leads Pharma Rally On Heavy Volumes
The drugmaker’s stock rose 5.6%, the most in five months, with trading volume was double the average for this time of day. It was the best performer on the NSE Nifty Pharma index.
- Trading volume was 1.45 million shares, triple the 20-day average of 534,868 shares for this time of day.
- The relative strength index on the stock was above 70, indicating it may be overbought.
- Stock advanced 76% in the past 52 weeks, compared with a 39% increase for the company's Bloomberg peers. The Sensex gained 46%.
- Analysts have 18 buy, one hold, and three sell recommendations on the stock.
- The price target of Rs 4,144.64 represents a 1.1% increase from the last price