Stock Market Live Today: Sensex and Nifty traded near the day’s high today led by strong gains across the board. Smallcap and midcap indices gained more than a percent each. Metal, pharma, PSU Bank, FMCG and Realty indices also traded 1 percent higher reach.
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Dipan Mehta, Director at Elixir Equities is very positive on banks and non-banking financial companies (NBFCs). He believes this sector has a good buying opportunity for investors to increase their exposure currently. “We are seeing the earlier phase of the lockdown where the banks bore most of the brunt,” Mehta said in an interview.
“Resultant slowdown in lending and a slight uptick in non-performing assets (NPAs) will be absorbed by the banks and NBFCs. They offer a good opportunity for investors to increase their exposure. These are good times to get into good solid banks or good NBFCs with one-two year type of a view,” he added. “One should be a bit careful as far as Avenue Supermart is concerned. From a longer-term investment perspective, buying at these levels may not give you that kind of an outperformance,” he explained.
Stock Market Live: Shares of Panacea Biotec hit 20 percent upper circuit after the company said it would produce 100 million doses a year of the Russia-made Sputnik V coronavirus vaccine. Panacea Biotec Ltd had an agreement with the Russian Direct Investment Fund, Russia’s sovereign wealth fund, to produce 100 million doses per year of Sputnik V.
Stock Market Live: Shares of realty firm Sobha Ltd rallied over 8 percent in early trade on Tuesday after the company posted record sales bookings during the last fiscal year despite the COVID-19 pandemic. The Bengaluru-based developer said it achieved a total sales volume of 40,13,381 square feet valued at Rs 3,137 crore in FY21.
“Total sales value achieved during FY20-21 is the highest ever in the history of the company,” the company said in a regulatory filing. During the quarter ended March 2021, the company achieved the best-ever total sales volume of 13,37,707 square feet of super built-up area valued at Rs 1,072 crore.