Benchmark indices managed to end in the green on Monday despite selling pressure due to rising inflation that threatens monetary tightening and surging Covid-19 cases that may result in harsher curbs. The 30-share pack Sensex rose 85.88 points or 0.14 per cent to close at 61,308.91. The index gyrated in a range of 277 points. Its broader peer NSE Nifty added 52.35 points or 0.29 per cent to 18,308.10. Auto stocks shined in a flat trading session on the back of price hikes, thrust on electric vehicles and ETF launches in the sector as the basket of stocks posted smart gains. The broader markets witnessed profit-taking in pharma stocks with investor interest seen in footwear stocks.
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Tech Mahindra acquires European tech firm for EUR 310 mn
The company said the acquisitions will strengthen its digital engineering and insurance technology businesses. The acquisition of CTC is the second-largest acquisition that the company has made after scam-hit Satyam in April 2010.
Tech View by Rupak De, LKP Securities
Nifty started higher and remained extremely range bound. At the end, the Nifty was able to add 0.29% over the last closing. Nifty has formed a small green candle on the daily timeframe. The daily RSI is in bullish crossover and rising. On the higher end resistance is visible at 18400/18600; whereas on the lower end support is visible at 18100.
Deepak Shenoy on UltraTech Cement earnings
Ultratech results look terrible: pre-tax profit is substantially lower by 33%. The company has grown revenues and p… https://t.co/nqndJbMSNt
— Deepak Shenoy (@deepakshenoy) 1642412226000
How to navigate this market?
— Rahul Sharma, Co-owner, Equity 99
Mindspace REIT to raise up to Rs 500 crore through issue of NCDs
K Raheja Corp-backed Mindspace Business Parks REIT is planning to raise up to Rs 500 crore through the issuance of non-convertible debentures (NCDs) in one or more tranches. The executive committee of K Raheja Corp Investment Managers LLP, the manager to the REIT has approved the issue of listed, rated, secured, non-cumulative, taxable, transferable, redeemable NCDs by the REIT.
Markets are currently witnessing time-wise correction and likely to resume the trend soon. Meanwhile, participants should focus more on risk management citing a rise in volatility due to the earnings. We reiterate our preference for IT, metal, realty and pharma pack while banking may see further consolidation.
– Ajit Mishra, VP – Research, Religare Broking
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