After a brief recovery, the domestic equity benchmarks once again slipped into the negative terrain in morning trade. The Nifty managed to hold above the 15,000 mark. Realty shares rose for the third day.
At 10:20 IST, the barometer index, the S&P BSE Sensex, was down 70.91 points or 0.14% to 50,122.42. The Nifty 50 index lost 21.15 points or 0.14% to 15,086.95.
The broader market was trading higher. The S&P BSE Mid-Cap index gained 0.56% while the S&P BSE Small-Cap index rose 0.63%.
The market breadth was strong. On the BSE, 1700 shares rose and 915 shares fell. A total of 128 shares were unchanged.
The undertone of the market was upbeat amid hopes of reopening of economic activity soon as fresh daily Covid cases decline. Encouraging quarterly results also boosted sentiment.
Results: Indiabulls Housing Finance profit jumps two-folds to Rs 276 crore in Q4
Results: Indiabulls Housing Finance profit jumps two-folds to Rs 276 crore in Q4
Mortgage financier Indiabulls Housing Finance on Wednesday reported a two-fold jump in its profit after tax to Rs 276 crore in the quarter ended March 2021 helped by stable asset quality.
The lender had reported a profit after tax of Rs 137 crore in the corresponding quarter of FY20. The quarter was very good. We have been focussing on asset quality, which is very robust. Overall, there has been above 100 per cent increase in our profit from Rs 137 crore in Q4 FY20 to Rs 276 crore this year (Q4 FY21), the company s Vice Chairman, managing director and CEO Gagan Banga said.
Can retail investors sustain the market rally?
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They do not have the fire-power. The rally can be sustained only if the pandemic is contained fast and FPIs/MFs resume buying
Foreign portfolio investors have acted as the main pillar supporting the Indian equity market since 2000, pumping in money year after year, with rare exceptions. Mutual funds have emerged as another important source of liquidity since 2014, as Indian investors adapted to this vehicle to invest in stocks.
However both these liquidity channels have turned dry over the last two months. Foreign portfolio flows into Indian equity have turned negative this fiscal as the flows are increasingly getting channelled into countries that have responded better to the pandemic and are witnessing a stronger economic recovery. FPIs have pulled out almost ₹18,000 crore from the Indian equity market in April and May.