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Markets Trade Flat, Union Bank Jumps Post Results
Benhcmark indices were trading flat to marginally negative, even as Asian markets were witnessing a subdued trend.
The Sensex was trading with losses of 10 points, while the Nifty was down 2 points in trade today. Among the gainers was Union Bank of India which posted its quarterly numbers. The stock was up nearly 3% in early trade.
The public sector bank posted a standalone net profit of Rs 1,329.77 crore for the quarter ended March 31, 2021. The state-run lender had reported a loss of Rs 2,503.18 crore in the corresponding period of previous fiscal.
MRF, however, saw a slight selling pressure in its shares post the quarterly numbers. The company reported profit after tax, which declined to Rs. 317 crore as against Rs. 669 crore in the same quarter during the year ago period.
Among the early Nifty losers were SBI Life Insurance, JSW Steel and State Bank of India.
"After the recent run-up, Nifty now trades at rich valuations. Thus any negative surprise or misses in the June quarter earnings could act as a dampener. However, the overall structure of the market remains positive as the second COVID wave has now started to recede, with the number of active COVID cases down >50% since its peak in early May to sub-18 lakhs now," Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
