Business & Investment

Market mover: Axis Bank runs out of United Spirits fizz due to surge in SBI

Mumbai: The Benchmark Index has calmed down ahead of the upcoming union budget for investors, and heavier profits before the expiration of the derivatives series in January, expanding the losing streak to today’s fifth straight session.

Concerns over the slow pace of deployment of the COVID-19 vaccine and weaknesses in the global market regarding possible delays in the passage of a new US fiscal stimulus bill also weighed on domestic market performance.

The· Nifty The BSE-Sensex closed at 46,874.36, down 1.1% (535.6 points), while the 50 Index fell 149.95 points (1.1%) to close at 13,817.55 points.

In the wider market, selling pressure was not very strong as the Nifty Midcap 100 and Nifty Small Cap 100 indices fell 0.6% and 0.7%, respectively.

The main movements of trading today are:

HDFC Bank, Kotak Bank’s Top Laguard

Two of the country’s largest retail-oriented banks were hit hard by the session and were the largest contributors to today’s market decline. HDFC Bank closed at 2.7% lower, contributing 35 points to the decline in Nifty 50. Similarly, Kohtak Mahindra Bank fell 2.1%, dropping the benchmark by 12 points.

HUL tanks make money
Street was least pleased with the company’s December quarter earnings from soap to shampoo, which was announced after the market on Wednesday. This is because nearly 4% of the inventory was put in the tank. Investors were disappointed that the company’s basic volume increase was only 4%.

United Spirits Make Money and Fail

Alcohol maker stocks fell nearly 8% after investors were overwhelmed by earnings in the December quarter. The company reports a 4% decline in net sales and a nearly 12% decline in net income for the December quarter.

Margin Suzuki’s margin is causing concern
Investors worried about lower-than-expected operating margins and down-trading trends by customers that could squeeze future margin performance as reported by the company in the December quarter. It fell 3.5%.

Axis Bank’s earnings surged since the third quarter
HUL and Maruti Suzuki were hit after third-quarter earnings, but Axis Bank’s share price surged nearly 6% despite reporting weaker earnings than expected in the December quarter. Profit was driven primarily by optimistic commentary from analysts on the lender’s outlook.

What gave the buy signal?
Despite the general weakness prevailing in the domestic market in recent sessions, 16 stocks listed on the National Stock Exchange are based on MACD indicators such as Tata Motors, Granules India, Asian Granito and Dhani Services. I gave a buy signal.

What is the future of the market?
The clues from the derivatives segment did not give a good picture of the fate of the market as traders aggressively purchased the Nifty 50 Index out-of-money put option, which expires on February 25. Aggressive buying of put options allows traders to fix more volatility and indexes.

On the technical side, Manish Hathiramani of Deen Dayal Investments said the level of 13,700 points served as a good support for the Nifty 50. “We need to see if we can stay above this level for the next few days. Breaking the 13700 could cause it to slide from 13500 to 13600 and then to 13200,” he adds. I did.

Market mover: Axis Bank runs out of United Spirits fizz due to surge in SBI Market mover: Axis Bank runs out of United Spirits fizz due to surge in SBI

Back to top button