Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 extended gains to a third straight day on Wednesday, driven by strength across sectors as investors continued to cheer the Budget.
Sahaj Agrawal, Head of Research-Derivatives at Kotak Securities, said the Nifty has so far traded in the February series with a positive bias, with support at 17,070 and targets at 18,000-18,200.
I have always had a little bit of an aversion to high priced stocks in this category,” he said.
“Jubilant is probably setting itself up for a very challenging environment by promising to expand into so many new verticals – the biryani vertical and the new thematic verticals that it is adding.
The 30-scrip index rose 695.8 points to finish at 59,558.3, and the broader Nifty50 benchmark settled at 17,780, up 203.2 points from its previous close — the highest closing levels for both since January 19.
Dabur reported a net profit of Rs 504 crore for the December quarter, up 2.2 percent on a year-on-year basis.
However, in the past month, much like their peers Paytm and CarTrade, Zomato shares have corrected 30 percent as against the benchmark Sensex which has risen 0.60 percent during the period.
The stock, which ended the listing day at a discount of around eight percent to the issue price, was down 3.3 percent to Rs 155.05 in intraday trade on BSE.
A day after India imposed a 30% taxation on cryptos, the price charts bounced back to reflect in green,” said Edul Patel, CEO, and Co-founder, Mudrex- A Global Crypto Trading Platform.
Balaji Amines, Alkyl Amines, Gujarat Alkalie, Deepak Nitrite, BASF India, Galaxy Surfactants, and Gujarat Fuluorochem were among the top gainers from the chemicals basket, up around 2-6 percent.
Non-individual gross NPAs came in at 5.04 percent in the December quarter, from 4.69 percent in the July-September period.
Jubilant Foodworks reported Q3 net profit at Rs 133.2 crore, revenue stood at Rs 1,210.8 crore.
The assets under management stood at Rs 6,18,917 crore as against Rs 5,52,167 crore in the previous year, and individual loans comprise 79% of the AUM.
HDFC reported a net profit of Rs 3,260.7 crore for the quarter ended December, up 11.4 percent on a year-on-year basis.
In its Union Budget, which comes at a time when the economy continues to struggle against the fallout from the COVID pandemic, the government raised spending to aid growth.
Jefferies said the Union Budget supports its positive investment thesis for the industrial sector, with Larsen & Toubro, Siemens and Thermax being its top picks.
In an interview to CNBC-TV18, Tech Mahindra CEO CP Gurnani said the company’s revenue rate has hit the $6 billion mark.