Share Market Highlights: Sensex ends 508 pts higher, Nifty just shy of 14500; Axis Bank, ICICI …

S&P BSE Sensex soared over 508 points to close at 48,386 points while the 50-stock NSE Nifty was at 14,485 on the closing bell.

S&P BSE Sensex zoomed 508 points to close at 48,386 while the 50-stock NSE Nifty ended just below 14,500 mark.

Sensex ended 508 points higher on Monday while the 50-stock NSE Nifty ended the day just shy of 14,500 mark.

ICICI Bank said its net profit in the January-March quarter jumped 261% on-year basis and reached Rs 4,402 crore, meanwhile, operating profit was up 15.6% from the same period last year.

“A surge in new COVID-19 cases – primarily in emerging markets – are making investors nervous.

Earlier in April, analysts had said that more REITs and InvITs could be expected after the Union Budget sought to make these asset classes more attractive for investors.

HCL Technologies share price was the worst Sensex performer on Monday, falling more than 2.5%.

If we turn from these levels, we might drift down to re-test the recent lows of 14150-14200,” said Manish Hathiramani, Proprietary¬†Index Trader and Technical Analyst, Deen Dayal Investments.

The Satellite Cluster is the second of the three developments to come onstream, following the start up of R Cluster in December 2020.

Going by the experience of countries that went through the second wave, it is likely that India’s second wave will peak soon, but the pain and sufferings in the short run will be highlighted.

On the daily chart, the index continues to trend lower forming a lower Top and lower Bottom formation indicating short term downtrend.

“The inability to show any meaningful upside bounce or failing to sustain the highs post upside bounce could be a cause of concern and this may not be a good sign for bulls.

A host of industry-friendly measures taken by the government are said to be behind this performance, with analysts holding that continuation of measures to boost liquidity and relaxation in norms for bidders could see construction pace crossing the 40 km/day mark in the new fiscal.

Given the revenue constraints and an evolving Covid-19 situation, the Centre has allowed the state governments to borrow 75% of their annual market borrowing limit of 4% of their respective Gross State Domestic Product in the first nine months of the current fiscal, a senior finance ministry official told FE.

…Read the full story