Investment Guru Stocks Mutual Funds Commodity Currency World Market Expert Advice Free Tips Recommendation


Published on 21/05/2019 5:27:27 PM | Source: HDFC Securities Ltd

Market Closing Quote - HDFC securities

Posted in Expert Views| #Expert Views #HDFC Securities

Now Get news on WhatsApp. Click Here To Know More

Below is the views on Market Closing Quote by Mr. Deepak Jasani, Head of Retail Research, HDFC securities.

Markets  corrected the most on over a week on Tuesday after the hefty rally seen  on  Monday  as  investors  book  profit  after  a record rally on the previous  day.  

This  correction set in after the Nifty touched an all-time high of 11884 in the early morning session. The Nifty index ended 119.15 points or 1.01% lower at 11,709.1. Broad market indices like the BSE Mid Cap and Small Cap indices fell less, thereby outperforming the Sensex/Nifty.  Market breadth was negative on the BSE/NSE.    

Sectorally, the top gainers were the BSE Consumer Durables and Energy indices. The top losers were the BSE Auto, Metal, Bankex, IT, Telecom and Power indices.    Major Asian markets have closed on a mixed note. European indices like FTSE, DAX and CAC are trading in the green. Indian Rupee weakened marginally after the rise seen on Monday.    

Technically, while the Nifty has corrected, the underlying trend remains up. Further upsides are likely once the immediate resistances of 11857-11884 are taken out. Crucial supports to watch for any weakness are at 11682-11657.    

Shares of Tata Motors fell 7% on May 21 after company reported weak set of numbers for the quarter ended March 2019 reporting a 49 percent fall in its consolidated net profit at Rs 1,108 crore. The JLR outlook remains weak and JLR cut margin guidance range & cash flow outlook for FY21 while Indian business margin slipped QoQ despite higher volumes.    

Dr Reddy’s Laboratories shares rose 3% on Tuesday as investors indulged in some value-buying after the stock corrected over 6% in Monday’s trade. The stock also got a push up from the company’s announcement in the post-earnings call stating that Dr Reddy’s plans to spend up to $300 million on research and development (R&D) during the current financial year.    

Shares of Jet Airways rallied 14.8 percent on May 21 on reports that Hinduja Group is finally set to bid for the grounded airline this week after receiving the approval of key stakeholders of the Jet Airways, including founder Naresh Goyal and Etihad Airways.

Above views are of the author and not of the website kindly read disclaimer