The Indian stock market after surging over 2 percent in the last two days are trading on a cautious note. Sensex is down 41.59 points or 0.08 percent at 50151.74, and the Nifty shed 12.10 points or 0.08 percent at 15096.
Among the sectors, the realty index jumped over 2 percent led by Brigade Enterprises and Oberoi Realty which jumped 5 percent each followed by Godrej Properties, Indiabulls Real Estate and Sunteck Realty.
Share price of Brigade Enterprises gained after the company posted profit of Rs 19.58 crore on consolidated basis for Q4 of 2020-21 against Rs 11.02 crore loss posted in the same period last year on the back of robust residential sales.
Oberoi Realty on a consolidated basis reported 14.6 percent rise in net profit to Rs 287.47 crore backed by 27.9 percent increase in revenue to Rs 800.87 crore in Q4 FY21 over Q4 FY20.
NIfty PSU Bank added close to a percent led by State Bank of India which was the top index gainer followed by Bank of India, Central Bank of India and Canara Bank.
Gaurav Garg, Head Of Research, CapitalVia Global Research is of the view that Nifty was able to sustain the support at the crucial level of 15050. If the market is able to sustain this level we can see a new rally till the levels of 15300-15350.
According to Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments, Nifty needs to keep above yesterday’s high – around 15150. If we can do that successfully, the Nifty should be headed to 15250-15300. We have good support at the 14700 levels. Any intraday drop or correction can be utilized to enter the markets for higher targets.
On the other hand, the auto index shed half a percent as share price of Tata Motors fell over 4 percent, a day after the company declared its Q4 results.
The commercial vehicle and luxury car maker on May 18 posted a consolidated loss at Rs 7,605.4 crore in the quarter ended March 2021 despite a sharp growth in revenue though on a low base.
Nomura has a reduce rating with target at Rs 313 while Goldman Sachs has a sell rating with target at Rs 254.
Despite the weakness in the market, over 250 stocks have hit new 52-week high on BSE including Relaxo Footwears, Birla Corp, Gland Pharma, Wockhardt, Pidilite Industries, UPL and Indian Oil Corporation among others.
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