Markets Open Higher, PNB Down Post Results

Benchmark indices opened the day higher, with the Nifty up around 40 points and the Sensex seeing gains of 100 points.

Asian markets were trading slightly lower with the Hang Sang down 0.50 per cent, while the Japanese Nikkei was trading with gains.

Punjab National Bank saw its shares drop nearly 2 per cent after the bank posted net profit of Rs 568 crore in the fourth quarter of FY21. In the December quarter, the profit came in at Rs. 506 crore, implying 16% gains sequentially.

The stock of Interglobe Aviation, the parent company of Indigo, was up despite the company reporting a loss of Rs. 620 crore for the quarter ending March 31, 2021.

"After the recent run-up, Nifty now trades at rich valuations. There is greater visibility on vaccine supply now v/s April'21 and May'21. The expeditious containment of active COVID-19 cases and accelerated pace of vaccinations would boost and provide confidence in economic growth recovery in FY22E. As states ease restrictions gradually in Jun'21, we expect the demand environment to get better. Technically too, Nifty can see move towards fresh life time high of 16000 zones," says Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.