MARKET UPDATE:Sensex gained 350 points at 49,300 levels and Nifty index reclaimed the 14,800-mark


Published On: Friday, May 7, 2021 | By:

MARKET UPDATE:Sensex gained 350 points at 49,300 levels and Nifty index reclaimed the 14,800-mark

The benchmark indices in India rose over half a percent today(7th May 2021), tracking firm cues from their Asian peers. Among headline indices, the S&P BSE Sensex gained 350 points, or 0.7 percent, at 49,300 levels and the broader Nifty50 index reclaimed the 14,800-mark. Mahindra & Mahindra, Dr Reddy's, State Bank of India, and Kotak Mahindra Bank rose 1 percent, each. The Nifty sectoral indices were painted green, led by the Nifty Metal index, up 2 percent. The broader markets, meanwhile, underperformed, with the S&P BSE MidCap and SmallCap indices trading 0.3 percent and 0.5 percent higher, respectively. Twenty-five companies, including Housing Development Finance Corporation, UltraTech Cement, Dabur India, Cholamandalam Investment and Finance Company, and Kansai Nerolac Paints are scheduled to release their quarterly earnings today.

Backed by strong individual loan book, healthy net interest income (NII), and fewer provisions, Street expects mortgage lender HDFC to report nearly 50 per cent year-on-year (YoY) increase in net profit for March quarter of FY21 (Q4FY21). 

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