Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets closed in the red on Monday.
Banking stocks were among the major drags for most of the day’s trade but recouped some losses during the closing hour of trade.
Homegrown digital financial services platform Paytm, today said that its wholly-owned subsidiary ‘Paytm Money’ is empowering retail investors with access to top technology stocks from the United States in association with Mirae Asset’s NYSE FANG+ ETF.
Further, the fund is available at less expensive valuations as compared to valuations of top Indian companies in the Nifty 50.” INDmoney said in a report.
US economic data is hinting at a strong recovery and the earnings season is likely to give markets another major boost – despite the already high expectations,” said Milan Cutkovic, Market Analyst at Axi .
COVID-19 second wave: The Delhi government has urged Piyush Goyal-led Indian Railways to arrange up to 5,000 beds by deploying COVID-19 care coaches at the Shakur Basti railway station and Anand Vihar railway station in Delhi, in view of the rising number of novel coronavirus cases in the national capital, according to a PTI report.
We expect this to be a very short-term benefit for the company, as we expect more players to develop this medicine for covid 19 and once cases in India come down the use of Remdesivir will also come down,” said Yash Gupta Equity Research Associate, Angel Broking.
Operationalising prime minister Modi’s call to use whatever capacity India has to step up production of vaccines is easier said than done because, as Serum Institute CEO Adar Poonawala pointed out in a CNBC-TV18 interview, the fastest way to augment production is to divert existing capacity from other vaccines.
But, analysts were positively surprised as the bank decided to make additional provisions during the quarter making it well-positioned to survive another wave of the coronavirus.
Nifty regained 14,300 while the Sensex was now down 950 points.
Jetmall Spices and Masala Limited came out with an initial public offering of 24.90 lakh equity shares of Rs 10 each for cash at a price of Rs 20 per equity share, Aggregating to Rs 4.98 Crore.
Dr Reddy’s, Infosys, and HCL Technologies are top index gainers at this hour.
The share price of Jubilant Pharmova surged 7% on Monday while the market momentum was weak.
HCL Tech today announced it has signed a multi-million dollar digital transformation and hybrid cloud contract with UD Trucks, a leading Japanese commercial vehicle solutions provider.
We see some concerns around the company, such as high debt and not being able to generate free cash flow and now in the fear of 2nd covid wave real estate sector may underperform the market,” said Yash Gupta Equity Research Associate, Angel Broking.
We feel the Bank Nifty should see some pick up in pace at the current juncture and stocks like HDFC Bank, Kotak Mahindra Bank should do well from current levels.
IndusInd Bank, Axis Bank, Bajaj Auto, ICICI Bank, and State Bank of India are the worst-performing stocks on Sensex at this hour.
Moreover, the company is hugely focused on the MMR region which is worst affected by the covid, hence we advise the investors of this IPO to exit in case of any bounceback in the share price,” said Saurabh Joshi – Research Analyst from Marwadi Shares and Finance.