Market HIGHLIGHTS: Sensex ends higher for 4th day, Nifty above 14,900, Sun Pharma, Kotak Bank top gainers

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Updated: May 10, 2021 4:05:52 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: BSE Sensex and Nifty 50 ended in the positive territory on Monday, on the back of buying in PSU stocks

Share Market Today, Share Market HIGHLIGHTSAll the sectoral indices ended in the positive territory led by Nifty Metal index, which jumped over 3 per cent. Image: Reuters

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: BSE Sensex and Nifty 50 ended in the positive territory on Monday, on the back of buying in PSU stocks BSE Sensex ended nearly 300 points or 0.60 per cent higher at 49,502, while the Nifty 50 index surged 119 points or 0.8 per cent to 14,942. L&T, Dr Reddy’s Sun Pharma, NTPC, IndusInd Bank, Power Grid Corporation of India, ONGC, Kotak Mahindra Bank and Mahindra & Mahindra were among top Sensex gainers. On the flip side, UltraTech Cement, Infosys, HCL Tech, Reliance Industries Ltd (RIL) were among Sensex losers. All the sectoral indices ended in the positive territory led by Nifty Metal index, which jumped over 3 per cent. It was followed by Nifty Pharma, Nifty Auto and Nifty Bank indices.

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    15:37 (IST)10 May 2021
    Sensex ends nearly 300 pts up, Nifty at 14,942

    BSE Sensex ended nearly 300 points or 0.60 per cent higher at 49,502, while the Nifty 50 index surged 119 points or 0.8 per cent to 14,942

    15:29 (IST)10 May 2021
    Sensex, Nifty continue to defy concerns of rising COVID-19 cases

    Domestic equities continued to defy concerns of rising COVID-19 cases and extended mobility restrictions by several state by extending gains for the fourth consecutive trading day. Notably, sharp rebound in metals, pharma, auto and PSU Banks supported market’s rally today. Most of key sectoral indices traded in green today, while the volatility index softened further by over 3%. Coal India, Hindalco, UPL and Tata Motors were among top Nifty gainers, while Shree Cement, Britannia, Infosys, and UltraTech Cement were laggards. Binod Modi, Head Strategy at Reliance Securities

    15:09 (IST)10 May 2021
    Centrum Broking gives 'buy' rating to Hero MotoCorp stock

    Hero MotoCorp reported better than expected operating performance for Q4FY21 on the back of cost-saving initiatives (Leap-II), better mix (higher spare part sales), and price increase taken in the quarter. The 2nd wave has come as a major challenge for the industry, but the management expects the recovery would be robust post it. The company willcontinue to manage the commodity cost inflation by judicious price increases and cost savings program. On EVs, In-house and Gogoro based products will come in CY22. Exports growth story to continue with increased focus. To incorporate the impact of the 2nd wave we cut our volume estimates by 7%/5%, EBITDA margins by 10-20bps, and PAT by 6%/5% for FY22E/23E. As a result, we reduce our FY23E PER target multiple to 18x (19x earlier) and arrive at a revised TP of Rs3,867. Reiterate BUY.   Centrum Broking

    14:53 (IST)10 May 2021
    Federal Bank ties up with Mashreq Bank to offer instant money transfers from UAE to India

    Federal Bank has entered into a strategic tie-up with Mashreq Bank one of the leading financial institutions in the UAE, to facilitate money transfers from the UAE to India. The partnership will support Mashreq’s faster payment product, QuickRemit, which was launched in 2017. Mashreq is one of the oldest banks in the UAE and has a presence in twelve countries across Europe, US, Asia and Africa. It is also the only privately-owned bank in the UAE.

    14:39 (IST)10 May 2021
    Reliance, affiliates buy 3/4 of KG-D6 gas volumes

    Billionaire Mukesh Ambani’s Reliance Industries Ltd and its affiliates have picked up more than three-fourths of the new gas volumes from the firm’s eastern offshore KG-D6 block which at current government-dictated price will cost it less than half of the imported rate, sources said.

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    14:25 (IST)10 May 2021
    Insurance, MF players cut equity investments in Q4; LIC booked profits: Report

    Insurance behemoth LIC opted for profit-booking by selling its equity stakes in companies during the March quarter, a report said on Monday. The IPO-bound company’s stakes in 296 companies where it holds over 1 per cent stake slipped to an all-time low of 3.66 per cent at the end of March as against 3.70 per cent in December, the report by Prime Database said.

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    14:02 (IST)10 May 2021
    Realtors look forward to Akshaya Tritiya amid 2nd Covid-19 wave, strict lockdown

    Making a purchase decision during festivals and auspicious days has always been preferred by the home buyers. Usually, they wait for such favourable days like Akshaya Tritiya to invest or buy their dream home by availing of flexible deals. Considering this current pandemic scenario, we at Vijay Khetan Group care about the customer's sentiment. Therefore, we have come up with offers that are exclusive for the homebuyers that become an attractive value proposition amidst the economic slowdown thereby boosting their confidence. We are optimistic that this season will give the much-needed positivity and hope the real estate sector needs. Anuj Khetan, Director, Vijay Khetan Group

    13:56 (IST)10 May 2021
    After Maruti Suzuki, now Hero MotoCorp extends production shutdown till May 16; stock falls 1%

    Hero MotoCorp share price fell nearly one per cent to Rs 2,833.70 apiece intraday on BSE, after the two-wheeler manufacturer decided to extend shutdown by another week across its facilities which had begun in April. Hero MotoCorp on Saturday informed that it has extended the shutdown at its manufacturing facilities across India, its Global Parts Center (GPC) in Neemrana and its R&D facility — the Centre of Innovation and Technology (CIT) in Jaipur — by another week, till May 16, 2021.

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    13:42 (IST)10 May 2021
    Share Market vulnerable; here are the stocks to buy in this phase of Dalal Street

    India has seen a severe second wave of the coronavirus pandemic as cases rose nearly 4 times from the previous peak. However, stock markets remain resilient, and after a 5% fall from all-time highs, benchmark indices are again surging higher. This, according to global investment manager HSBC, is owing to the better positioning of India Inc this time around. “Global liquidity remains supportive, and perhaps any significant market fall may be viewed as a buying opportunity,” HSBC said in a recent note. However, the second wave in HSBC’s view is more precarious than the first one and may mean downside risks to growth expectations this fiscal year.

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    13:29 (IST)10 May 2021
    MCX copper May hits all-time high level at 812.50

    Domestic copper prices opened gap up this Monday morning and is trading higher on Monday early afternoon trade, tracking overseas prices. Technically, MCX Copper May hit an all-time high level at 812.50 levels and remained in uncharted territory this Monday afternoon trade. Resistances are at 811 and 815. Supports are at 806 and 804. Strategy for Copper May is buying on dips near 806 with a stoploss at 803 and at target at 812. Sriram Iyer, Senior Research Analyst at Reliance Securities

    13:15 (IST)10 May 2021
    Nifty consolidating within an 800-point range

    "For almost two months, Nifty has been consolidating within an 800 point range, with the region around 14200 acting as a strong support and the region around 15000 acting as a formidable resistance. It has been a very sector-specific market over the last few sessions, with metals and pharma shining while the rest continue languishing. From a technical standpoint, Nifty is forming inverse Head and Shoulder, which is a bullish price pattern. The neckline of this pattern coincides near the 15000 level. If Nifty sustains above this level for a day or two, it could finally exit this range and resume its uptrend in the days ahead. In such a case, we could see the Nifty surpassing its life-time high of 15431. On the downside, the region around the 50-dma (currently at 14735) now becomes the immediate support. Break of this would indicate further consolidation," said Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS.

    12:44 (IST)10 May 2021
    Motilal Oswal initiates coverage on Solara Active Pharma Sciences

    In the Bull case scenario, we factor in faster execution in both API and CRAMS as well as higher market share gains, leading to a 47% EBITDA CAGR over FY21-23. Accordingly, we assign a higher multiple of 14x 12M forward EBITDA to arrive at TP of INR2,190, implying an upside of 47% from current levels. Slower execution and the escalation of regulatory issues may lead to a 39% EBITDA CAGR over FY21-23. We assign a lower multiple of 10x 12M forward earnings in our Bear case scenario to arrive at TP of INR1,420, implying a limited downside of 10% from current levels Motilal Oswal Financial Services

    12:25 (IST)10 May 2021
    Cipla signs royalty-free agreement with Eli Lilly

    Cipla Limited announced that the company has signed a royalty-free, non-exclusive voluntary licensing agreement with Eli Lilly and Company, USA for the manufacture and commercialization of the drug baricitinib for Covid-19 indication. Baricitinib was issued a restricted emergency use approval by the Central Drugs Standard Control Organization (CDSCO), Ministry of Health, India for use in combination with remdesivir for the treatment of suspected or laboratory confirmed COVID-19 in hospitalized adults requiring supplemental oxygen, invasive mechanical ventilation, or extracorporeal membrane oxygenation (ECMO). This collaboration is a step further in Cipla’s efforts to enhance access to critical treatments for patients affected by the pandemic. This can be a very good product for the company, a lot of things will depend on how the covid 19 pandemic 2nd or 3rd wave spread in India Yash Gupta Equity Research Associate, Angel Broking Ltd

    11:56 (IST)10 May 2021
    Nifty heads towards 15,100

    Nifty up by 115 points to 14,937, markets open positive on back of positive global sentiments. In the last 5 trading sessions nifty gained more than 500 points from the lows of 14461 of 4th May 2021 along with this India VIX has also started cooling off from levels of 23 to 20. Now Nifty is heading towards its very important levels of 15050 & 15100, if Nifty is able to give closing above this levels then we can see a fresh up move in nifty and it can break the previous all time high of 15431 which was made in the month of February 2021. We suggest retail investors to trade cautiously as nifty headed towards the important levels of 15100 Yash Gupta Equity Research Associate, Angel Broking Ltd

    11:36 (IST)10 May 2021
    Stocks to buy in May: Nifty Dec target at 16,100; markets to remain range bound on rising commodity prices

    Indian share market indices BSE Sensex and Nifty 50 ended April 2021 on a negative note, falling up to 2.5 per cent on the back of rising COVID-19 cases and announcements of lockdown-like measures. The challenges of the second wave of COVID-19 seem to be real which may severely impact the economy in the forthcoming quarters.

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    11:22 (IST)10 May 2021
    Brokerage view on Varun Beverages

    We expect the volume growth trajectory to continue over the next few years, driven by: a) pure monopoly play in PepsiCo India’s business, b) an increase in on-the-go consumption across product segments, c) increasing volumes from the newly acquired regions (south/west), d) a diversifying product portfolio, coupled with new launches, and e) growing refrigeration penetration in rural/ semi-rural areas. However, in the near term, covid resurgence might affect volumes during the peak season of Apr–June’21 and delay expansion plans in the south/west regions. We expect a revenue/EBITDA/PAT CAGR of 13%/15%/32% over CY19–22E. We value the stock at 31x CY22E EPS. Maintain Buy with TP of Rs 1,150. Motilal Oswal Financial Services

    11:04 (IST)10 May 2021
    Global economic backdrop is favourable with strong economic recovery

    The resilience of the market in the midst of the tragic health crisis might appear irrational to most observers. But it is important to discern the cold economic/financial logic that drives markets. Markets focus on earnings, particularly future earnings. Trends indicate robust future earnings, particularly from segments like IT, pharma, leading financials and metals. Consumer discretionary is, however, on a sticky wicket. This segment, particularly autos, might witness earnings downgrades. The global economic backdrop is favourable with strong economic recovery led by US, China and most parts of Europe. In India, fresh Covid cases are declining in Maharashtra, Madhya Pradesh & Delhi. The market is likely to take cues from the positive data. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

    10:35 (IST)10 May 2021
    DMart share price falls after Q4 results; analysts views mixed on Radhakishan Damani's firm

    Radhakishan Damani’s Avenue Supermarts shares (DMart) gave up initial gains on Monday to slip into negative territory, as investors reacted to Januar-March quarter results. DMart hypermarket chain reported a 52% on-year jump in net profit during the January-March quarter to Rs 414 crore, with 18% on-year revenue growth. The strong performance was helped by the low base of the previous year. Although the performance has been robust, the management has already cautioned of headwinds owing to the second wave of Covid-19. This has forced leading brokerage firms to maintain bearish views on Avenue Supermarts stock price. Currently, the Avenue Supermarts share price was down 0.71%, trading at Rs 2,868 per share.

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    10:01 (IST)10 May 2021
    If Nifty maintains above 14,700, it may scale up to 15,250

    The markets are trading well above the resistance of 14700. If we maintain this today, we can scale up higher to 15200-15250. Since we have been able to cross 14700, this level has now become a good support for the Nifty. As long as this holds, we can use any dip or intraday correction to buy into the markets for higher targets. If 14700 breaks on a closing basis, the index could slip to 14400. Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal

    09:53 (IST)10 May 2021
    Life Insurance first year monthly premium: FY22 starts on strong note in April but continues to be tad lower than pre-pandemic levels

    Despite the manifold challenges present in the current scenario, the life industry has begun the current fiscal on a positive note. The growth is expected to be driven by the private sector who grew at a much faster pace compared to the public sector. The pandemic has created a rise in the demand for protection plans, even as the market volatility continued to affect the demand for linked plans. In FY22, along with the increased awareness of insurance, a digital push for insurance and any increase in term plan premiums are expected to drive the life premiums CARE Ratings

    09:28 (IST)10 May 2021
    Volatility in rupee against US dollar likely to remain high in near-term

    The forex traders are likely to remain in dilemma to take a call whether Rupee will appreciate on global risk-on bias or depreciate on deteriorating domestic sentiment. But one thing is sure that the volatility is likely to remain high for the near term. The risk to reward ratio for the pair seems in favor of the trader as the downside seems limited up to 73-73.10, whereas the upside is likely to take charge at least up to 74.50 in the near term. Amit Pabari, managing director, CR Forex Advisors

    09:27 (IST)10 May 2021
    Indian Rupee likely to trade in the range of 73.20-73.60

    The Indian Rupee is expected to trade in the range of 73.20-73.60 with a mixed bias as dollar weakness after softer US job report erased safe-haven demand but domestic state-wise stricter lockdown is creating a pessimistic bias. The Indian equities are likely to track the US and Asian positive sentiments. But FII figures are not justifiable for the recent recovery. The daily case above 4 lac per day is surely a headwind in front of the economy and business. Amit Pabari, managing director, CR Forex Advisors

    09:26 (IST)10 May 2021
    Gold has been setting new highs indicating positive momentum

    COMEX gold trades little changed near $1832/oz after a 0.9% gain on Friday. Gold remains supported by disappointing US non-farm payrolls data which has pressurized the US dollar and increased expectations that the Fed may keep interest rates low. Gold has also benefitted from ETF inflows which showed pick up in investor buying. However, weighing on price is concerns about Indian demand and general improvement in virus situation in the US and Europe. Gold has been setting new highs indicating positive momentum and this may continue until US dollar is under pressure. Ravindra Rao,CMT, EPAT, VP- Head Commodity Research at Kotak Securities

    09:25 (IST)10 May 2021
    Nifty Metal index top sectoral gainer, jumps 3%

    All the Nifty sectoral indices were trading in the positive territory, lead by Nifty Metal index, which was up nearly 3 per cent. It was followed by Nifty Pharma index

    09:23 (IST)10 May 2021
    Infosys, Maruti top Sensex laggards

    UltraTech Cement, Infosys, Maruti Suzuki were among BSE Sensex losers in Monday's trade

    09:22 (IST)10 May 2021
    Titan, ONGC, HDFC top BSE Sensex gainers

    Dr Reddy's, ONGC, Housing Development Finance Corporation, Titan Company, Sun Pharma, Kotak Mahindra Bank among top Sensex gainers.

    09:19 (IST)10 May 2021
    Sensex jumps 300 points, Nifty above 14,900

    BSE Sensex was trading 300 points or 0.6 per cent higher at 49,500, while the broader Nifty 50 index crossed 14,900

    Check live Sensex, Nifty levels

    09:10 (IST)10 May 2021
    Nifty likely to hit life-time high of 15,400 in May, BFSI, pharma, metals sectors may outperform

    Going ahead, we reiterate our positive stance on the market and expect Nifty to eventually head towards life-time high of 15400 in the month of May 2021. However, move towards 15400 would not be linear in nature, as bouts of volatility owing to escalating concerns over COVID-19 2nd wave. Therefore, intermediate dips toward 14600 should be capitalised as an incremental buying opportunity in quality large and midcaps amid progression of Q4FY21 result season

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    09:08 (IST)10 May 2021
    Gold, silver rates may continue climbing higher; bullion prices at 10-week high

    Commodity prices traded higher during the week passed by with Bullion prices witnessing the best week of the last six months. Crude oil prices reported a second weekly gain with broad buying in commodities. Base metals extended gains with Copper and Aluminium prices rose the most boosted by strong demand outlook and lower supply concerns. 

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    08:47 (IST)10 May 2021
    Petrol and diesel price today 10 May 2021: Fuel rates hiked again; check prices in Mumbai, Delhi here

    Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel was hiked today after a two-day pause. Petrol in Delhi today costs Rs 91.53 per litre, up 26 paise since yesterday. Diesel in Delhi costs Rs 82.06 litre, an increase of 33 paise. Prices were hiked for four consecutive days last week. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.

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    08:46 (IST)10 May 2021
    If Nifty holds above 14,900, it may touch 15,200, Bank Nifty to remain in positive range; TCS, Airtel in focus

    The chart pattern suggests that if Nifty crosses and sustains above 14900 levels it would witness buying which would lead the index towards 15000-15250 levels. Important Support for the week is around 14400-14200. Nifty is trading above 20 and 50 day SMA’s which are important short term moving average, indicating positive bias in the short term. Nifty continues to remain in an uptrend in the medium term, so buying on dips continues to be our preferred strategy. 

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    08:31 (IST)10 May 2021
    RIL, Amara Raja Batteries, Bandhan Bank, Godrej Properties, Zydus Wellness ArcelorMittal stocks in focus

    Nifty futures were trading 146.75 points or one per cent higher at 15,006.80 on Singaporean Exchange, suggesting a positive opening for BSE Sensex and Nifty 50 on Monday. On a weekly chart, Nifty/Sensex gained 400/1,200 points from the lowest levels, said an analyst.

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    08:13 (IST)10 May 2021
    Sensex, Nifty look set to continue upward march this week; 5 things to know before opening bell

    After having gained 1% each last week, domestic benchmark equity indices might look to continue their upward march on Monday. S&P BSE Sensex now sits at 49,206 while the 50-stock NSE Nifty is at 14,823. Nifty futures on the Singapore Exchange were up more than 100 points, hint at a positive start for domestic equities. Technically, Nifty close above the resistance levels on Friday, which could see the index surge higher and reclaim 15,000 in the coming sessions. On the fundamental side, Dalal Street’s movement is expected to be influenced by covid-19 and vaccination drive.

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    08:01 (IST)10 May 2021
    Earnings, COVID-19 updates, macro data to guide market sentiment: Analysts

    COVID-19 updates, financial results and macro-economic data will continue to steer stock markets in this holiday-shortened week, say analysts. Global trends are also expected to guide the market sentiment, they added. Equity markets would remain closed on Thursday for ‘Id-Ul-Fitr’.

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    08:00 (IST)10 May 2021
    FPIs withdraw Rs 5,936 cr from equities in May amid worries over 2nd COVID wave

    If fears of COVID-19 persist among overseas investors, then further redemptions cannot be ruled out, Himanshu Srivastava, Associate Director – Manager Research, Morningstar India, stated. According to the data, foreign portfolio investors (FPIs) withdrew a net sum of Rs 5,936 crore from Indian equity markets during May 3-7.

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