Vinod Nair, Head of Research at Geojit Financial Services:
Investors preference is shifting to safe-haven assets due to volatile equity market and global uncertainties, indicated by rising US Dollar index. FPIs are in a selling mode while domestic investors are positive and will focus on defensive like Consumption and domestic growth sectors like Infra & capital goods. Volatility is expected to continue in the short-term due to weakening global trade, and we suggest investors to have rationale expectations focusing on domestic growth sectors like CAPEX, banking and defensive.
Vedanta Q4: Net profit went down 4.8% at Rs 7,261 crore against Rs 7,629 crore (YoY). Revenue was up 41.1% at Rs 39,342 crore against Rs 27,874 crore (YoY).
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities:
Bank nifty index witnessed some buying from the lower levels on the last expiry of the month. However, the index is still trading below its 200-DMA which is placed at the 36800 level. In order to resume the uptrend, the index has to cross its 200-DMA with volumes. The lower-end support stands at 35800-35700 zone and a breach below this will lead to a fresh round of selling pressure.
SBI Life Insurance Q4: Total APE grew 4% at Rs 4,130 crore against Rs 3,970 crore (YoY). VNB grew 67% at Rs 1,470 crore against Rs 880 crore (YoY). VNB margin at 35.6% against 22.2% (YoY).
Benchmark indices after opening in the green on April 28 extended gains with BSE surging 701.67 points or 1.23% at 57521.06, and the Nifty adding 206.60 points or 1.21% at 17245. About 1594 shares have advanced, 1729 shares declined, and 104 shares are unchanged.
Among the sectors, FMCG, power, auto and capital goods added 1-2 percent each while the midcap & smallcap indices also ended in the green.
S Ranganathan, Head of Research at LKP Securities:
Even as the Euro hit a 5-year low against the dollar, benchmark indices on D-Street rose almost 2% in afternoon trade before giving up some gains powered by energy & FMCG stocks with Reliance becoming the first Indian company to cross m-cap of $250bn. Even standalone refineries not part of the Energy Index evinced keen interest on the back of rising gross refining margins. High quality midcap names in IT & Agri saw accumulation on the back of good earnings.
SBI Life Insurance Q4: Total APE grew 4% at Rs 4,130 crore against Rs 3,970 crore (YoY). VNB grew 67% at Rs 1,470 crore against Rs 880 crore (YoY). VNB margin at 35.6% against 22.2% (YoY).
Here are some highlights:
--Reliance Industries at lifetime high, first Indian co to cross $250 billion market cap
--HUL top Nifty gainer after better-than-expected Jan-Mar earnings
--FMCG stocks outperform, Nifty FMCG up 2 percent
--Laurus Labs erases day’s gains following earnings
--Ruchi Soya gives up day’s gains
--Energy stocks gain; PowerGrid, NTPC up 2.5 percent
--Coromandel International top F&O gainer on strong earnings
--Bajaj Auto gives up day’s gains, top Nifty loser
--Life insurance co stocks rise; HDFC Life, SBI Life up nearly 4 percent
--BHEL up 3 percent after co bags order from Indian Navy
Closing Bell | bse up 702 pts, Nifty50 at 17,245
Both headline indices finish the day 1.2 percent higher. The BSE rises 701.7 points to end at 57,521.1 and the Nifty50 settles at 17,245.1, up 206.7 points from its previous close.
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