Market update – Market bounces back into positive territory …T | Motilal Oswal Research

Market update – Market bounces back into positive territory …Tech and Small Cap Stocks witnesses smart Rally

 

·         Equity benchmarks swing between gains and losses in opening trade amid weak global cues. Nifty Small cap and IT Index are witnessing smart rally. Bank Nifty bounced back into positive territory. ICICI Bank recovered from the intra-day low after the company announced strong quarterly results.

·         ITC Gains After Large Trade - Shares of the hotels-to-cigarettes conglomerate rose as much as 1.6% after 1.99 million shares changed hands on the bourse in a single large trade.

·         Yes Bank gained 5% - Net profit at Rs 206.84 crore, NII at Rs 1,402 crore Vs estimate of Rs 1,238 crore, GNPA at 15.6% vs 15.41% (QoQ), NNPA at 5.78% vs 5.88% (QoQ) and Provisions down 88% at Rs 644.43 crore Vs Rs 5,239.59 crore (QoQ).

·         JSPL Gains 4% On Power Business Divestment Update - In April, JSPL divested 96.42% in JPL to Worldone for Rs 3,015 crore. However, after feedback from several investors and shareholders who pointed out that the deal value is lower than expected, JSPL asked for revised bids.

·         IndusInd Bank is trading flat – Company approved a Rs 30,000 crore fund raising. The bank may raise these funds through routes including QIP, ADR, GDR and any other mode, according to the board's decision.

·         Jubilant Pharmova is up 1% - Company to separate operation of Jubilant Generics

·         Both Tata Coffee and CCL Products gained on account of increased global price. There Severe cold is burning the leaves off of coffee plants and threatening sugar cane in Brazil, the world’s biggest supplier, in the latest blow to the crops that keep getting more expensive