Tuesday Stock Market Update: Renewed Hopes over COVID-Vaccine lifts market to new highs

Stock Markets at a Glance:

Renewed hopes about COVID-19 Vaccine being developed by Pfizer took market to new highs with Nifty soaring by 170 points to settle around 12631. Similarly, Sensex also surged over 680 points to close at 43277.65.

Sector-wise, Nifty IT & Pharma took major hit, as both sectoral indexes plunged around 4%. While Nifty Fin service was the biggest gainer followed by Nifty Bank and Realty sector. Broader markets of Mid & Small cap stocks underperformed their bluechip peers. Due to stretched valuations of market, India VIX also shot up by 7.28% to 21.58 level.

Top Gainers/Losers in Stock market today:

Bajaj Finance was the biggest gainer, up 8.93 per cent at Rs 4,210. IndusInd Bank, L&T, Bajaj Finserv and SBI were other major gainers, up by 5% to 8%. On the other side, Tech Mahindra, CIPLA, HCL Tech, Divis Labs and Nestle India were among the top losers today.

DII/FII Data:

DIIs continued their profit-booking and divested Rs.2309.19 crore, while FII invested massive Rs.5627.32 crore in Indian Stock Markets.

Hindalco Q2 Results: Net profit plunges by 60% YoY

Hindalco Industries reported consolidated net profit of Rs.387 crore during its Q2, which is 60% lower as compared to Q2 of FY20. It is due to one-time loss of Rs 1,398 crore on account running and divestiture of discontinued operations of Lewisport unit of Aleris. Sales at Rs.3123.7 crore rose 5% YoY and was the highest since March 2019 quarter sales of Rs.3374.5 crore.

Company’s shares were trading 1.39% lower today on NSE and closed at Rs.192.

Mahindra & Mahindra profit drop by 3 % YoY:

Auto major, Mahindra & Mahindra (M&M) reported Q2 consolidated net profit of Rs.1311 crore which was around 3% lower than last year’s Q2 profit of Rs.1355 crore.

Total revenue for the company increased 6% to Rs 11,590 crore from Rs 10,935 crore for the same quarter last year. Operating margin improved 370 bps to 17.8%. Company expects robus demand in Tractors in coming festive season. Stock price was by around 1% to Rs.622.

Quick Bytes:

• Pfizer India, over its parent org’s claim of 90% effective vaccine, surged around 20% during intraday. But later lost all gains to close around opening price.
• Tourism & Hospitality sector stocks were in demand over vaccine hopes.
• GAIL net profit fell by 8.5%, while revenue also drop by 24% during Q2 of FY21. Still, stock price was up by 4.97% to Rs.90.8.
• Gland Pharma retail subscription stood at 15%, while overall subscription is at 22%.

Gland Pharma IPO: Should you Subscribe?

• Gold price slashed around Rs.2500 per 10 gram over vaccine hopes, later recovered.
• Q2 Results Today: GAIL India, Mahindra & Mahindra, Hindalco Industries, Tata Power, Aarti Industries, Aster DM Healthcare, Bata India, Century Plyboards, Chalet Hotels, Endurance Technologies, Exide Industries, GMR Infrastructure, IDFC, JB Chemicals & Pharmaceuticals, Lumax Auto Technologies, Lux Industries, Minda Industries, Motherson Sumi Systems, Info Edge India, NCC, NMDC, PNB Gilts, Raymond, Rashtriya Chemicals & Fertilizers, RITES, Shalimar Paints, Sintex Industries, Suzlon Energy, Symphony, TeamLease Services, TTK Prestige, Varroc Engineering and VST Tillers Tractor

Q2 Results Tomorrow: Coal India, Indiabulls Housing Finance, Aurobindo Pharma, Aban Offshore, Ashoka Buildcon, CAMS, Galaxy Surfactants, Godrej Industries, Petronet LNG, Ujjivan Financial Services and VA Tech Wabag

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