Market update: Sensex is up 293.39 points or 0.56% at 52599.47, and the Nifty added 71.40 points or 0.46% at 15758.40.
Good support lies at 15,400 and as long as that holds on a closing basis, we are in bullish territory and traders should utilize drops or corrections to add long positions to their trading portfolios.
Buzzing Stock: Apollo Hospitals Enterprises share price was trading 2 percent lower after the company reported a fall in consolidated net profit at Rs 169.89 crore for the fourth quarter ended March 31, 2021.
At the CMP, the stock trades at 17x/16x FY22E/FY23E P/E, despite having an RoE/RoCE of ~19%/20%, dividend yield of ~3%, and FCF yield of 2-4%.
In India even though unemployment is high and consequently aggregate demand is a concern, the organised sector is doing well supported by market share gain at the expense of the unorganised sector, lower corporate tax, cost-cutting and lower interest cost.
Even in these highly valued markets, there are pockets of value in leading financials, pharma and top telecom stocks.
Market update: Sensex is up 196.13 points or 0.37% at 52502.21, and the Nifty added 47.20 points or 0.30% at 15734.20.
Integrated metal producing company Shyam Metalics and Energy share listed at a 24 percent premium, which was lower than what analysts expected, on June 24.