market recap

 

Nifty50: 14,199 ▲ 66 (+0.4%) 

Sensex: 48,437 ▲ 260 (+0.5%)

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After a weak opening, the markets resumed their upward trajectory and scaled new heights. However, the market breadth was negative with 27 of the Nifty50 stocks closing in the red. 

Among the sectoral indices, Nifty IT (+2.6%) and Nifty Bank (+1.6%) were the top gainers, whereas Nifty Metal (-1.4%) and Nifty Realty (-0.3%) were the top losers.

 

Top gainers	Today's change
Axis	▲ 6.3%
HDFC	▲ 2.9%
IndusInd Bank	▲ 2.6%

 

Top losers	Today's change
ONGC	▼ 1.9%
JSW Steel	▼ 1.8%
Hindalco	▼ 1.7%

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market recap

Here are the top stories of the day. 

IT stocks buoyed by Q3 expectations

·  Traditionally, IT companies have been the first to kick-off the results season. For Q3, the street is upbeat on the results against the backdrop of a healthy order pipeline, large order wins and a favourable outlook guided by Accenture Plc. 

·  Major IT stocks such as TCS (+1.6%), Infosys (+0.1%), Wipro (+2.3%) and HCL (+1.2%) rose today. In Q3, these stocks have delivered gains in the range of 15–25%. 

 

KNR Constructions gains on project win

        The infra-projects player has bagged a ₹603 crore contract for the upgradation and maintenance of a highway project in Chennai. 

· The stock rose 5.4% intraday and closed 0.6% higher today. It is currently trading around its previous life high of ₹350, which it hit in December 2017.

 

Talbros Auto jumps on Q3 update

·  Shares of gasket and forgings maker Talbros Auto rose over 7.8%, supported by strong volumes. The company announced that in Q3, its gasket business grew 25% over the same quarter in 2019, while its forgings business grew 45%. 

· Gaskets contributed about 65% of its revenues and forgings covered the balance. The company derives two-thirds of its sales from the domestic market and supplies to major OEMs such as Hero MotoCorp, Bajaj Auto and Maruti among others.
 

IPO rush to continue in 2021

·  As many as 6 companies are likely to come out with an IPO this month. Overall, the street expects over 15 companies to go public in 2021. 

· Better than expected economic recovery, strength in equity markets and favourable response to recent IPOs have been touted as key reasons encouraging companies to raise capital.
 

Closing bell

The markets were able to rise today on the back of the ongoing bullish trends in IT stocks and a renewed interest in banks after a brief consolidation. The Indian equity markets seem to have ignored the weak closing of the US markets yesterday and the weakness seen in the Indian rupee against the US dollar. Further, the ongoing rally in equities is getting stretched day-by-day making it vulnerable to a pause or fall.

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Good to know

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Disclosures and Disclaimer

 

Investment in securities markets are subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.

 

Upstox Team

Authorised Partner