Sensex, Nifty Log Best Weekly Gains In Over A Month; Realty Stocks Lead Rally
Indian equity benchmarks ended little changed, capping their best weekly stretch of gains in over a month as investors focussed on the quarterly earnings season amid hopes of economic revival.
The S&P BSE Sensex was little changed at 53,140.06, after hitting a new peak of 53,290.81 during the session. The NSE Nifty 50 too ended flat at 53,140.06, after touching an all-time high of 15,962.25. Both the indices have gained nearly 1.5% this week, their best performance since June 6.
Infosys Ltd. contributed the most to the index decline, decreasing 1.6%. HCL Technologies Ltd. had the largest drop, falling 3.3%.
The broader markets outperformed their larger peers. The S&P BSE MidCap rose 0.45% while the S&P BSE SmallCap advanced 0.38%. 15 of the 19 sectoral indices climbed, led by the S&P BSE Telecom index, up 2.47%. while the S&P BSE Information Technology index shed nearly 1%.
The market breadth was skewed in favour of the bulls. About 1,786 stocks advanced, 1,413 declined and 150 remained unchanged on the BSE.
Real Estate Stocks Lead The Rally This Week
The real estate index climbed 8.6%, closing at over 10-year high. It was the top performing sectoral index this week on both NSE and BSE. Meanwhile, the S&P BSE Oil & Gas was the lone loser , down nearly 1% this week.
HDFC AMC Pares Gains After Q1 Profit Meets Estimates
HDFC AMC reported net income for the first quarter that met the average analyst estimate.
Net income Rs 345 crore, +9.3% QoQ, estimate Rs 348 crore
Revenue Rs 507 crore, +0.8% QoQ
Total costs Rs 142 crore, +28% YoY
The board of directors have proposed a final dividend of Rs 34 per share.
Navneet Munot, MD and CEO of HDFC AMC said the company has shown resilience despite the second wave but noted that the extent to which the pandemic will impact the earnings would depend on the Covid cases trajectory as well the vaccination coverage.
Out of the 23 analysts tracking the company, 14 maintained ‘buy’, 7 analysts maintained ‘hold’ and 2 maintained ‘sell’ rating.
IRCTC Shares Up 7%, Most in Five Weeks; Call Options Surge
Indian Railway Catering & Tourism Corp. rose 7%. Trading in the company's call options was quadruple the average. Trading volume was quadruple the average for this time of day.
The stock was the best performer among its peers.
Trading volume was 4.36 million shares, quadruple the 20-day average of 1.12 million shares for this time of day.
Trading in the company's call options totaled 67,611 contracts, compared with the average of 15,264 over the past 20 days. Trading in the company's put options totaled 19,050 contracts, compared with the average of 4,888 over the same period.
The shares are up 10% in the past 5 days and rose 16% in the past 30 days.
The relative strength index on the stock was above 70, indicating it may be overbought.
Analysts have nine buy, no hold, and no sell recommendations on the stock.
The price target of Rs 2,448.29 represents a 0.8% increase from the last price
HCL Tech, ITC Ltd, Sun Pharma, Wipro in Focus: Options Watch
Wipro options volume 5.7x the 20-day average, with 89,012 calls changing hands vs 46,507 puts
Stock down 0.2%, volume 3.4x the 20-day average for this time of day
Divi's Labs options volume 3.7x the average, with 27,661 calls vs 7,250 puts
Stock up 3.3%, volume 1.8x the average
HCL Tech options volume 3.2x the average, with 42,979 calls vs 22,375 puts
Stock down 3.8%, volume 1.5x the average
Bharti Airtel options volume 2.1x the average, with 37,425 calls vs 14,447 puts
Stock up 3%, volume 1x the average
ITC Ltd options volume 1.9x the average, with 53,213 calls vs 13,464 puts
Stock up 0.8%, volume 1.2x the average
Sun Pharma options volume 1.7x the average, with 18,370 calls vs 3,762 puts
Stock up 1%, volume 0.7x the average
Nifty 50 options volume 0.3x the average, with 2.67 million calls vs 2.74 million puts; gauge down 0.1%
Cost of hedging as measured by the 90/110, one-month skew ranks in the 75th percentile over the past year
Nifty Bank index options volume 0.3x the average, with 4.75 million calls vs 4.97 million puts; gauge down 0.5%
90/110, one-month skew in the 70th percentile
India VIX Index down 1.6%
Market Update: Sensex, Nifty Decline; Telecom Shares Rally
India's stock benchmarks erased gains after clocking new all-time highs as investors assessed the ongoing earnings season amid traction on the IPOs.
The S&P BSE Sensex shed 0.1% to 53,088.06, while the NSE Nifty 50 Index lost by a similar magnitude to 15,907.55. Infosys Ltd. contributed the most to the index decline, decreasing 1.5%. HCL Technologies Ltd. had the largest drop, falling 3.8%. In midday trading, 24 of 50 shares fell, while 25 rose.
The broader markets outperformed their larger peers. The S&P BSE MidCap rose 0.21% while the S&P BSE SmallCap advanced 0.33%. Thirteen of the 19 sectoral indices climbed, led by the S&P BSE Telecom index, up 2.74%. while the S&P BSE Information Technology index shed over 1%.
The market breadth was skewed in favour of the bulls. About 1,680 stocks advanced, 1,409 declined and 152 remained unchanged on the BSE.
European stock benchmarks were off to a positive start as investors await corporate earnings and key macroeconomic data.
The FTSE 100 Index gained 0.45% to 7042.65, the DAX index gained 0.18%, while the CAC 40 index gained 0.4% as of 1 PM IST.
Telecommunications firm Ericsson and mining giant Rio Tinto are due to report their April-June quarter numbers today. Euro zone harmonised index of consumer prices data is awaited, which will indicate the extent of inflation uptick across the region.