Dalal Street continues its upward journey for sixth day in a row

Banking and financial sector stocks continued to fuel Indian markets on sixth day in a row with Nifty rising 82.45 points today or 0.83% to close at 10061.55. Sensex was up by 284.01 points or 0.84% and closed at 34109.54.

Nine out of 11 sectoral gauges on the National Stock Exchange ended in the green, led by the Nifty PSU Bank index which rose by over 5 percent today. Other Nifty indices including Nifty Bank, Realty, Financial Services and Private Bank also gained momentum in the range of 1-3 percent.

The significant gainers for today were Kotak Mahindra (3.11%), ICICI Bank (2.61%), M&M (5.43%), Bajaj Finance (3.15%), and Nestle (2.68%), whereas, NTPC (1.96%), Wipro (1.74%), Bharti Infratel (1.95%), Zee Entertainment (1.99%), and IndusInd Bank (1.51%) were among top losers.

Among individual shares, InterGlobe Aviation rose by close to 13 percent despite the company posting a consolidated loss of Rs.871 crore in the January-March period, as against a profit of ₹596 crore in the corresponding period last year. In the statement post-result, the company said that it planned to bring its finances back on track by introducing cost cuts.

Oil India

A long-term rating of a Government related issuer was downgraded from Baa2 negative to Baa3 negative by Moody’s Investor Services. The stock gained 2.98% to close at Rs 89.85.

Saregama

A global deal was announced between Saregama and Facebook to license Saregama’s music for video and other social experiences across Facebook and Instagram. The news led to locking of the share price of the company at 20% upper circuit. The share closed at Rs 334.65.

Bharti Infratel

Bharti Infratel’s share tripped by 1.95% and closed at a market price of Rs.218.90. Pooja Jain was appointed as the chief financial officer and key managerial personnel by the board of directors of the Bharti Infratel Company.

World Markets

World markets continued to rally and touched a three month high today. The MSCI world equity index, which represents shares in 49 countries, rose to its highest level since March 6, 2020.

In commodities, oil prices rose, crossing $40 a barrel for the first time since March, 2020. The rise in crude oil prices is on the back of lower US inventories and signs of demand recovery from the COVID-19 induced crisis.

Written BY… Aamar Deo Singh, Head Advisory, Angel Broking Ltd