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    Why are Dalal Street bulls ignoring earnings downgrade?

    04:54 Min | May 07, 2021, 6:56 PM IST
    Tune in as we discuss why D-Street is ignoring earnings downgrade, what Nifty charts are suggesting, and more!
    Transcript
    Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Nikhil Agarwal and here are the top headlines at this hour.

    New Covid cases jump 4.14 lakh in 24- hours
    Petrol price hits Rs 102-mark in Rajasthan, MP
    Fitch says India may breach FY22 fiscal deficit target
    HDFC Q4 profit rises 42% YoY, beats estimates
    Study says Pfizer-BioNTech vaccine effective against variants

    Let us take a quick glance at what happened on the Dalal Street today.

    Friday saw a second day of rangebound trade, wherein the BSE Sensex traded in a tight range of 380 points, before settling above the 49,200-mark at close. The 30-pack index was up 257 points for the day.

    The NSE Nifty took out 14,800 level at close after gaining nearly 100 points for the day.

    HDFC's Q4 earnings impressed the Street making the stock the top Sensex performer for the day, at 2.7 per cent gain. M&M, Bajaj Finserv and NTPC gained 2 per cent each. Airtel, ONGC and ITC added up to 2 per cent. Bajaj Auto fell 2 per cent. Infosys, Kotak Bank, and ICICI Bank fell up to 1 per cent.

    In the broader market stocks such as Vaibhav Global, Bajaj Hindusthan Sugar and Hindustan Copper rose 10-15 per cent. SRF, Aarti Drugs, CEAT and IDBI Bank plunged 4-8 per cent.

    We have with us Paras Bothra of Ashika Stock Broking to share his views on the market. Welcome to the show sir.
    1) Earning downgrades are visible for FY22 estimates. But why is Street not paying heed to it?
    2) How would you read HDFC's results? Are you positive on real estate and related themes?

    We also caught up with Ashis Biswas of CapitalVia Global Research to decode the charts.
    1) Nifty has breached 14,800 now. Where is it headed?
    2) What do Nifty Bank charts suggest?

    Asian markets ended mostly mixed for the day. European markets were trading higher in the first few hours of trade. US stock futures were hinting at a flat start to US equities later in the day.

    That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!

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