Sensex, Nifty Gain For Second Day; Nifty Bank Ends 700 Points Higher
- Oldest First
Closing Bell: A Day Of Gains
Indian equity markets began the new trading week on a positive note, notching up their second straight day of gains, aided by positive sentiment in the global markets.
The S&P BSE Sensex ended 1.1% higher at 40,431 while the NSE Nifty 50 index ended 0.9% higher at 11,873.
Banking stocks were the top performers in today's session. The Nifty Bank ended 3.1% higher while the PSU Bank index was the top sectoral gainer, ending 4.2% higher.
The Nifty Metal and Nifty Realty index gained 1.6% each while the Nifty FMCG index gained 1.3%.
Among the laggards today were Pharma, Media and Auto Stocks. The Nifty Pharma and Nifty Media index fell 1.6% each while the Nifty Auto index was down 1.1%.
Broader markets had a volatile day but managed to close with gains. The Nifty Midcap index gained 0.8% while the Smallcap index was up 0.7%.
India Volatility Index ended off the day's high, up 0.8% at 21.82.
1,070 stocks on the NSE ended with gains while 740 stocks were declining.
How Did The Sectoral Indices Fare
Earnings Reaction: Rallis India Q2FY21
- Revenue down 3% to Rs 725 crore
- Net profit up 10% to Rs 93 crore
- Ebitda down 2% to Rs 116.7 crore
- Ebitda margin at 16.1% from 15.9%
- Exceptional gain of Rs 1.65 crore this quarter on profit on sale of flats
- Numbers are consolidated and compared on a year-on-year basis
Shares ended off the day's high, down 0.5% at Rs 271.
Buzzing Stock: CEAT
- Among top gainers on the Nifty Smallcap index
- Gains as much as 5.7% to Rs 1,048
- Biggest single-day gain in nearly two months
- Trading at the highest level in eight months
- Up for the second straight day
- Has gained in four out of the last six trading sessions
- Today's volumes are 14% below its 20-day average
- One-month implied volatility at 50%
- Relative Strength Index (RSI) of the stock near overbought terrotiry at 66
- Trading 5% below its 52-week high of Rs 1,101 on February 12, 2020
- 13 out of the 23 analysts tracking the stock have a buy recommendation; 5 sell calls
- The stock trades 6.5% higher than its 12-month consensus price target of Rs 970, implying a negative return potential
Earnings Reaction: Century Textiles & Industries
- Revenue down 31% to Rs 611.1 crore
- Net profit of Rs 36 lakh from Rs 201.5 crore
- Ebitda down 61% to Rs 68.2 crore
- Ebitda margin at 11.2% from 19.8%
- Deferred tax gain of Rs 100.2 crore in the base quarter
- Higher finance costs impact margins
- Textile segment revenue down 28.4% to Rs 141 crore
- Pulp and Paper segment revenue down 32% to Rs 419.2 crore
- Real Estate Segment revenue flat at Rs 35.57 crore
- Pulp and Paper business sales volumes at 80,340 MT
- Demand continues to be low in all three segments
- Inventory worth Rs 96 crore sold during the quarter for real estate business
- Performance of textile business coming back to near-normal levels
- Pulp & Paper division capacity utilisation at 73%
- Real estate business saw strong traction in sales and collections across all projects
- Textile division capacity utilisation at 74%
- Upcoming festive period presents an opportunity with a likely uptick in demand from the retail sector
- Gradual relaxation of lockdown to positively impact paper and pulp business
Shares fell as much as 3% to Rs 312, post the announcement before recovering. The stock currently trades 1% lower at Rs 318.5.