Benchmark Indices outperformed the broader markets, gaining up to over 1.7 per cent each. BSE Midcap Index gained 0.8 per cent, while BSE smallcap Index saw a rally of 1.5 per cent. Barring Metal Index, other sectoral indices ended with gains with IT index soaring over 4 per cent.
Falling Covid-19 cases below 2 lakh infections a day is a strong indicator of ‘unlocking’ ahead with various states rolling it out in a phased manner. Strong results from India Inc also uplifted the sentiments.
On the global front, FII remained buyers in four out of five trading sessions in the week gone by. Opening up of the US economy supported risk-on trade across the globe, but the risk of inflation kept the investors cautious.
Ajit Mishra, VP-Research at Religare Broking said, “We’re now in the last leg of earnings season and companies like ITC,
, , PVR and will announce their numbers along with several others during the week. Amid the declining trend in fresh Covid cases, investors would await announcements on how the state governments plan to unlock, which we believe would decide the market trend.”
“On the benchmark front, we expect the prevailing uptrend to continue with intermediate corrective moves. In case of any dip, Nifty would find support around 15,150-15,300 zone while 15,600-15,700 zone might act as a hurdle. With markets at a record high, we feel it’s prudent to maintain a positive yet cautious approach and continue with the “buy on dips” approach,” he added.
Among the BSE 500 Index, over 300 stocks ended the week on a positive note while the rest closed with cuts. Over two dozen counters registered double digits gain during the week ended on friday.
Here are key stocks that buzzed the most during the last week:
Lux Industries: Shares of the hosiery maker zoomed the most during the week on the back of a robust results for the March quarter. The stock jumped as much as 60 per cent to Rs 3254.
Dish TV: Shares of DTH service provider, Dish TV, gained over 24.22 per cent to settle at Rs 15.9. The lenders of the company have invoked 5.11 crore pledged promoters’ shares and sold them in the open market in four tranches.
is also considering a Rs 1,000-crore rights issue.
Birlasoft, Sonata Software and Mindtree: The midcap IT counters outperformed the larger peers as the US and European nations unlocked after the pandemic. The players are eyeing larger deals in the near future. Birlasoft soared over 20 per cent to Rs 321.7. Sonata Software gained 15 per cent to 673.2, while Mindtree rallied 11 per cent at Rs 2355.6.
Redington India: Shares of the logistics service provider were also in demand as the net profit of Redington India rose by 153.78 per cent to Rs 302.51 crore in the quarter ended March 2021 as against Rs 119.20 crore during the previous quarter ended March 2020. It advanced 20 per cent to Rs. 219.75.
TTK Prestige: Shares of the kitchen appliances maker soared 19.16 per cent to Rs 8609.2. Net profit of the company rose 892.56% to Rs 85.36 crore in the quarter ended March 2021 as against Rs 8.60 crore during the previous quarter ended March 2020.
CCL Products: Shares of beverage producer jumped 16.82 per cent to Rs 364.7. The demand for coffee surges globally as Brazil, largest coffer producer in the world, faces the worst drought spell in 91 years. Also, the government has issued notification of Land acquisition approval to CCL Products for agro based food processing SEZ in Andhra Pradesh.
Fine Organics: Shares of speciality chemical producer tanked 14.09 per cent to Rs 3,003.1 as the company reported a 13.89 per cent decline in net profit to Rs 28.87 crore during the quarter ended on March 31, 2021. EBITDA and EPS during the March quarter also decreased.
The India Cements: The Chennai based Cement producer saw profit booking after the company reported a consolidated net profit of Rs 43.97 crore in the March quarter, on the back of strong sales. However, higher debt remained a concern for the investors. India Cements fell 10.24 per cent to Rs 181.95.
Ipca Laboratories: Shares of the drug maker dived as much as 8.98 per cent to Rs 2027.3.
reported a decline of 20.39 per cent in consolidated total income to Rs 1,134.58 crore, while the net profit fell by 39.75 per cent to Rs 161.20 crore in Q4FY21.
Karnataka Bank: The Mangaluru based private lender shed 8.09 per cent during the week to Rs 64.15 as the net interest income (NII) declined and gross non performing assets (NPA) surged during the March quarter. However, the net profit of the bank grew 15 per cent to Rs 31.36 crore.
