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

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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)
5 years ago
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.
May 18, 2021 15:41 (IST)
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India Stock Return Prospects To Improve In Second Half, Says Morgan Stanley

May 18, 2021 15:23 (IST)
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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

May 18, 2021 15:19 (IST)
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Click here to read the full report

May 18, 2021 14:42 (IST)
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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.

May 18, 2021 13:33 (IST)
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May 18, 2021 12:37 (IST)
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India’s Panicked Two-Wheeler Dealers Send An SOS

May 18, 2021 11:55 (IST)
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  • USD/INR declines 0.3% to 72.9825 the lowest since March 31; rupee has gained 1.4% in Asia’s best performance in May so far
  • There are a lot of inflows lined up due to IPOs as well as potential flows due to the MSCI rebalancing, that are likely to support the rupee, says Dilip Parmar, research analyst at HDFC Securities  
    • The RBI will try to stabilise rupee at 72.50 odd levels
May 18, 2021 10:51 (IST)
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Shares of Birla Corp. rose for a seventh straight session.

  • Trading volume was eight times the average for this time of day.
  • The stock was the best performer among its peers.
  • Trading volume was 391,853 shares, eight times the 20-day average of 47,925 shares for this time of day.
  • The relative strength index on the stock was above 70, indicating it may be overbought.
  • Analysts have 19 buy, no hold, and no sell recommendations on the stock.
  • The price target of Rs 1,351.15 represents a 12% increase from the last price

May 18, 2021 09:48 (IST)
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  • A key concern noted as per the results was the increase in consol. debt by ~35% YoY to Rs 22,750 crore in FY21 (standalone debt up 49% YoY to Rs 15,360 crore) – amid the acquisition of a 100% stake in OMPL and loss during nine months of FY21
May 18, 2021 09:30 (IST)
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Read more analysts views here.

May 18, 2021 09:26 (IST)
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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. The shares climbed 1.7%, taking their gain this year to 78%.

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.

May 18, 2021 08:43 (IST)
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Morgan Stanley view:

  • Rupee seems to be supported by a collapse in domestic demand which improves the current account
  • Still, the rupee is likely to underperform given RBI’s dovishness and preference for a weaker currency
  • Holds on to front-end receiver trade as the Covid resurgence should prompt RBI to be on the dovish side
  • Inflation is a concern but the central bank is likely to view it is as a supply-side shock and look through it
  • Continue to expect risk-premium in front-end to be priced out

May 18, 2021 08:42 (IST)
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India Stock Return Prospects To Improve In Second Half, Says Morgan Stanley

May 18, 2021 08:02 (IST)
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All You Need To Know Going Into Trade On May 18

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