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Vinod Nair, Head of Research at Geojit Financial Services:
Market gained its momentum in the opening hours on hopes of a state-wise unlocking due to declining covid cases. However, RBI’s warning of the risk of a bubble in the equity market in its annual report made the market cautious, forcing it to end flat on the day of the monthly F&O expiry.
RBI has noted a disconnect between the market and economy due to Covid. The equity market is valued based on its future earnings growth proposition, which is solid for India today. High liquidity does help the market and RBI has reaffirmed its supportive stance till the economy recovers.
Rupee Clsoe:
Indian rupee ended higher by 19 paise at 72.58 per dollar, amid volatile trade saw in the domestic equity market on May expiry day.
It opened flat at 72.75 per dollar versus Tuesday’s close of 72.77 and traded in the range of 72.53-72.76.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:
The Index has maintained above the 15300 level today. This should allow the index to move higher to levels closer to 15600. Any intra-day correction or dip can be utilized to accumulate long positions on the Nifty. We have a good support at the 15000 level and as long as we do not break this on a closing basis we are in bull territory.
Market Close: Benchmark indices ended marginally higher on May 27 supported by the IT and financial names.
The Sensex was up 97.70 points or 0.19% at 51115.22, and the Nifty was up 36.40 points or 0.24% at 15337.90. About 1657 shares have advanced, 1314 shares declined, and 121 shares are unchanged.
Shree Cements, SBI, Axis Bank, Kotak Mahindra Bank and Wipro were among the top gainers on the Nifty, while losers included HDFC, ONGC, IOC, Bajaj Finance and HUL.
Except Pharma and Energy, all other sectoral indices ended higher with Nifty Bank, IT and PSU Bank indices added 1-2 percent. BSE Midcap and Smallcap indices ended in the green.
Buzzing:
Burger King India share price declined 7 percent on May 27 after the company reported its numbers for the quarter ended March 2021.
The company reported a loss of Rs 25.94 crore in Q4 FY21 against a loss of Rs 37.41 crore in Q4 FY20. Revenue rose to Rs 196.05 crore from Rs 190.99 crore in year-ago.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research:
The market continued to witness a lack of momentum and stayed in the range between 15225 and 15350. The short-term technical condition of the market appears like a sideways correction is in the process. While it is subject to further price action evolution, our research suggests it is prudent to wait for a decisive breakout above 15400 and technical factors to improve before going long in the market.
We retain our cautious stance and advise the traders to refrain from building a new buying position until we see further improvement and breakout above 15400.
Lupin announces achievement of key milestones for its MEK inhibitor compound:
Lupin today announced the achievement of key milestones for Lupin’s MEK inhibitor compound (LNP3794) that is planned for development by Boehringer Ingelheim in combination as potential targeted therapy for patients with difficult-to-treat cancers.
As part of the agreement, Lupin has received payment of USD 50 million from Boehringer Ingelheim for achievement of key milestones.
Lupin was quoting at Rs 1,203.40, up Rs 7.65, or 0.64 percent on the BSE.
Over 350 stocks have touched their 52 week highs during the day: Click for more
TLC and Strides partner to launch Liposomal Amphotericin B in India
TLC and Strides Pharma Science today announced that the Central Drugs Standard Control Organization (CDSCO) of India has approved TLC’s New Drug Application (NDA) of Amphotericin B Liposome for Injection 50mg (known as Ampholipad in Taiwan and AmphoTLCTM in India) for immediate importation per approved usage and indication, to aid in the country’s emergency of acute liposomal amphotericin B shortage, said Strides Pharma in press release.
Strides Pharma Science was quoting at Rs 809.95, down Rs 2.65, or 0.33 percent on the BSE.
Rupee Updates:
Indian rupee is trading higher by 14 paise at 72.63 per dollar, amid volatile trade seen in the domestic equity market. It opened flat at 72.75 per dollar versus Tuesday’s close of 72.77.
Onward Technologies share price gains 20% on fundraising
Onward Technologies share price touched a 52-week high of Rs 178, gaining nearly 20 percent after the company’s board approved the raising of funds of Rs 70.2 crore from funds advised by Convergent Finance LLP,” the company said in the release.
Onward Technologies was quoting at Rs 179.30, up Rs 29.85, or 19.97 percent on the BSE.
