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Sensex, Nifty Snap Six-Day Losing Streak Aided By Auto, Power, Banking Stocks

Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today.

<div class="paragraphs"><p>Financial technology representative image (Source: pvproductions/freepik.com)</p></div>
Financial technology representative image (Source: pvproductions/freepik.com)
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India's stock benchmarks snapped a six-day losing streak and logged gains for only the second day in the month of May in a volatile session. Rise in auto, power, banking stocks aided the advance.

The Sensex added 180 points (0.34%) to 52,973.84. The 30-stock gauge rose over 630 points to an intraday high of 53,428.28. The Nifty also advanced by similar magnitude to 15,842.30. Eicher Motors advanced the most, gaining 7.62%, followed by Apollo Hospitals which added 3.92%. About 30 of the Nifty 50 stocks gained while 20 declined.

The broader indices outperformed their larger peers with S&P BSE MidCap gaining 1.5% and S&P BSE SmallCap rising 1.15%. Sixteen of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Telecom, Utilities, Auto, Power and Realty indices adding over 2%.

The market breadth was skewed in the favour of bulls. About 2,236 stocks advanced, 1,159 declined and 182 remained unchanged.

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'Focus On Firms With Positive Cash Flows, High Pricing Power, Zero Debt On Balance Sheet In The 'Risk-Off' Mode'

...the U.S. announcing a deal with European leaders to increase shipments of natural gas to help wean Europe off Russian energy has sent out a signal to investors that there will be no softening of energy prices over the summer and inflation in the US is here to stay for longer than anticipated.
Amit Khosla, Founder, Valtrust Capital
The inflationary pressure which might propel Fed to increase rates to the extent of 300bps has triggered the Risk-off mode situation. Investors are seen to pulling out investments despite the valuations in place. Interest rate increased by US Fed makes US Dollar appreciate against every currency including INR.
Amit Khosla, Founder, Valtrust Capital
In such a situation of a risk-off mode, when the investments are primarily in debt and looking towards west, the equity component has to ensure that the businesses they own should have positive cash flows, high pricing power, and zero debt on balance sheet.
Amit Khosla, Founder, Valtrust Capital

Mindtree To Deliver Finastra's Payments Solution Through Cloud In Nordics, UK, Ireland

Mindtree and global financial technology provider Finastra announce partnership to bring Finastra's 'Fusion Payments To Go' payments technology in banks in the UK and Ireland, the Nordics, as a managed service.

  • Mindtree will host Finastra's payments solution in the cloud and handle technology integration across the bank's existing solutions.

  • Fusion Payments To Go technology offers payments processing and clearing functionality, with automated, rapid onboarding for financial institutions.

Source: Exchange filing

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Apollo Tyres Rises As Analysts Retain 'Buy' After Q4 Results

Shares of Apollo Tyres rose over 5.3% to follow a 2.4% rise on Friday. The company reported net income for the fourth quarter that missed the average analyst estimate, post market hours on Thursday.

  • After the earnings, the stock has seen a host of analysts retain 'buy'. They cited demand reversal, limited capex needs, improved pricing power and higher sourcing from India by European Union would aid margins and drive growth.

  • Trading volume on the stock is 2.4 times the 30-day average. Of the 32 analysts tracking the company, 24 maintain 'buy', five suggest 'hold' and three recommend 'sell'. The overall consensus price of analysts tracked by Bloomberg implies an upside of 22.8%.

Source: Exchange filing, Brokerage notes, Bloomberg


Maruti Suzuki Gains Most In Four Sessions

Shares of Maruti Suzuki rose nearly 2.9%, the most in four sessions. The stock was among the top gainers in Nifty 50 and Nifty Auto indices.

  • Maruti Suzuki finalised allotment of 800 acre of land for new manufacturing plant in Haryana to produce 2.5 lakh vehicles per annum, the company announced post market hours on Friday.

  • Morgan Stanley reiterated 'overweight/attractive' on the stock on Monday and kept target unchanged at Rs 9,473, an implied upside of 30.20%.

Source: Exchange filing, Bloomberg

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