Sensex, Nifty Close At Two-Month High As New Infections Slow
A security guard stands behind a glass facade displaying the CNX Nifty logo at the National Stock Exchange in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Sensex, Nifty Close At Two-Month High As New Infections Slow

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Indian equity benchmarks rose for a second day, tracking most regional peers, to close at a two month high.

The S&P BSE Sensex added 1.24% to 50,193.33 making it a third day of gains and its highest close since March 16. The NSE Nifty 50 Index added 1.24% as well. Seventeen out of the 19 sector sub-indexes compiled by BSE Ltd. climbed, led by a gauge of automakers.

Sensex, Nifty Close At Two-Month High As New Infections Slow

With the earnings season underway, 11 of the 32 Nifty 50 companies that have so far announced quarterly results have beaten or met analysts’ estimates while 20 have missed, according to data compiled by Bloomberg. Tata Motors Ltd. is scheduled to post its results after the market closes today.

India, home to the world’s worst Covid outbreak, is now seeing a slight slowdown, with the daily infection tally dropping to around 300,000 for the last few days from a peak of 410,000 a week ago.

The resurgence of Covid cases in India may have peaked and investors are now looking at how quickly the wave descends along with how quickly vaccinations can be deployed, analysts at Morgan Stanley wrote in a note. The analysts expect the ongoing consolidation in the Indian stock market to improve its return prospects into the second half of the year.

Also read: India Stock Return Prospects To Improve In Second Half, Says Morgan Stanley

IndiaMart Up Most In 15 Weeks

IndiaMart InterMesh Ltd. rose 9.8%. Trading volume was double the average for this time of day.

  • The stock was the best performer among its peers.
  • Trading volume was 482,568 shares, double the 20-day average of 217,420 shares for this time of day.
  • IndiaMart trades at 67 times its estimated earnings per share for the coming year. It trades at 80 times trailing EPS.
  • Analysts have five buy, three hold, and two sell recommendations on the stock.
  • The price target of Rs 7,776.89 represents a 0.6% increase from the last price

HSBC Expects IndiGo To Post Rs 4,100-Crore Loss In FY22

HSBC expects IndiGo, operated by InterGlobe Aviation Ltd., to report a loss of Rs 4,100 crore in the ongoing fiscal because of low demand, rising costs and cash burn.

That prompted the research firm to cut IndiGo's 12-month price target to Rs 1,200, implying a downside of about 30% from Monday's close. It maintained the 'reduce' rating.

Click here to read the full report

Canara Bank Q4 Net Income Beats Estimates

Canara Bank reported net income for the fourth quarter that beat the average analyst estimate.

  • Net income Rs 1,010 crore vs. loss Rs 3,260 crore YoY, estimate Rs 503 crore
  • Interest income Rs 16,320 crore, +35% YoY
  • Interest expense Rs 10,730 crore, +23% YoY
  • Gross non-performing assets 8.93% vs. 7.46% QoQ
  • Provisions Rs 4,130 crore, -4.4% QoQ
  • Provision for loan losses Rs 4,430 crore, +67% QoQ
  • Other income Rs 5210 crore vs. Rs 2170 crore YoY
  • Approves setting off accumulated Rs 18,495 crore losses.

Hindustan Zinc Surges To Record High

Hindustan Zinc Ltd. rose 11% to a record high of Rs 350.50. Trading volume was eight times the average for this time of day.

  • The stock was the best performer among its peers.
  • Trading volume was 15.6 million shares, eight times the 20-day average of 2.02 million shares for this time of day.
  • The shares are up 8.2% in the past 5 days and rose 18% in the past 30 days.
  • Hindustan Zinc trades at 14 times its estimated earnings per share for the coming year. It trades at 18 times trailing EPS.
  • Analysts have five buy, 10 hold, and six sell recommendations on the stock
  • The price target of Rs 304.06 represents a 12% decrease from the last price
Sensex, Nifty Close At Two-Month High As New Infections Slow
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