On an auspicious day today we saw a partial reversal of the speculative unwinding witnessed yesterday. Today nifty ended near the day's high level above 14500 led by the auto, metal, financial and energy stocks. Bulls regained the momentum in afternoon trade as the see-saw battle between the Virus & Vaccine tilted towards the latter with the approval of the third vaccine. The dovish stance of the RBI gained over inflation in the minds of investors as we saw investor interest in BFSI. The broader markets though did see profit-taking in IT & pathology names today. IT sector broke the trend due to profit booking as initial Q4 results were in line with expectations not providing enough leeway to a highly valued sector. While Industrial production for February declined by 3.6% primarily due to contraction in the manufacturing and mining sectors.
March quarter earnings and record deal wins
could not make the IT stock rally, even when the numbers broadly met or were
slightly ahead of Street estimates While we suggest to stayed positive on TCS'
growth prospects, we see limited earnings upgrades for the stock from here on
due to lack of positive surprises and expensive valuations. The Tata group
company declared a final dividend of Rs 15 per share, taking its total dividend
payout for FY21 to Rs 38 per share.TCS reported Rs 9282 crore in profit and Rs
44636 crore revenue in the last quarter of the year ended March 31.
TOP GAINER- M&M, TATAMOTORS, MARUTI,HDFC,JSWSTEEL
TOP LOSERS - TCS, DRREDDY,TECHM, WIPRO & DIVISLAB
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