Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark indices rose for the third consecutive session on May 07. Nifty gained 1.3 percent over the week, gaining for the second consecutive week. A short term bottom has been made at 14,416. Advance decline ratio remains positive amidst rotational stock-specific buying. 14,979-15,044 now becomes the next resistance for the Nifty while 14,611-14,634 becomes the support. Upward momentum in the markets could continue in the early part of the coming week.

May 7, 2021 4:12 PM

Here are key stocks that moved the most on May 7

The Sensex ended 257 points higher at 49,206 while the Nifty rose 98 points to settle at 14,823.Get latest Market online at cnbctv18.com

May 7, 2021 4:07 PM

May 7, 2021 4:06 PM

Mayur Patel, Principal, Fund Manager – Listed Equities at IIFL AMC

The disruption due to lockdowns would negatively affect most sectors. However, we believe even this disruption to be transitory. The impact should be relatively benign on consumer staples, healthcare, IT services, and other export-oriented sectors. Equity markets in the US and UK have shown significant resilience while reacting to the lockdowns related to their own second and third waves. Similarly, we are hopeful that volatility in the Indian market will also subside as the situation stabilises over the next few months. Market behaviour in the first wave has reinforced our view that short-term disruptions in businesses have very little impact on their long-term DCF valuations.

We prefer to look beyond this short-term bump and maintain a balanced portfolio strategy based on our SCDV (Secular, Cyclical, Defensive and avoiding Value traps) framework. This allows us to play the long-term secular themes while also capitalising on the impending cyclical uptick, which may last for a few years.

May 7, 2021 4:05 PM

Srinivas Rao Ravuri CIO-Equities PGIM India Mutual Fund

It is only a matter of 2-3 months when we will get over this pandemic and that is what the market is looking at. So maybe the first quarter is going to be very bad, but the second or third quarter onwards will be back to normal is what the market is anticipating which is not at all a wrong expectation to have. Before this crisis hit us, we were reducing exposure to pharma and increasing exposure to autos and industrials. But in the last few weeks, we have stopped the profit booking in pharma and also have reduced exposure to the more cyclical industries like autos, etc.

We started the year with Sensex 35 percent earnings growth for FY22. I am sure we will see a downward revision to that number and similarly across corporate India, both due to lower revenues and pressure on margins. We are overweight IT, followed by industrials or capital goods, third would be materials and fourth is healthcare. We are underweight on financials.

May 7, 2021 4:03 PM

Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed an extension in the trend that started yesterday after breaching the important level of 14,700. The rally might continue till the level of 14,900. Though it is subject to further price action and if the market breaks the level of 14,900 and sustains above the level a new bullish rally will take place to the levels of 15,200. The momentum indicators like RSI and MACD support the upside move and indicate potential upside from the current market level.

May 7, 2021 4:01 PM

Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services

The USDINR spot has continued the downtrend and has lacked enthusiasm ahead of US NFP data. The primary reason is traders are focusing on global recovery and an increase in vaccination drives in the eurozone. Also, seems like the local fx market has likely factored in the slow economic recovery amid escalating coronavirus cases in India, but still some cautious sentiments prevail. Thus, next week’s USDINR trading range will mostly depend on how DXY reacts to NFP data. If improving economic data stokes inflation worries and leads to expectations that the Fed will reduce monetary stimulus, which could boost US yields and the dollar. Technically, the USDINR spot is hovering near the crucial support zone of 73.50. A break below 73.50 will push the spot to 73.25-73.00, while a reversal may push USDINR spot towards the crucial resistance of 74.25.

May 7, 2021 4:00 PM

May 7, 2021 3:58 PM

May 7, 2021 3:58 PM

Manish Shah, Founder, www.Niftytriggers.com

Nifty closed the week with a marginal gain of 1.74 percent. The candle for the week is a bullish green candle that closed at the high of the week. Nifty closed above the 50 period moving average and this could be a bullish development. Nifty needs to break above 15,050-15,000 if the rally has to continue. From the weekly time frame, we can deduce that buyers have gain traction during the week. But the last point of resistance remains at 15,050-15,000 zones. The consolidation in Nifty is significant and if break above 15,050-15,000 materialises we should see a sharp rally in the weeks to come. If Nifty slips below 14,650 expect some decline to the 14,300 zones.

May 7, 2021 3:51 PM

Highlights of Market This Week:

- Market Rises For Three Consecutive Weeks For The 1st Time Since Early Jan

- Sensex, Nifty & Midcap Index Gain 1% Each, Nifty Bank Up 0.4%

- Nifty Metal Gains 10% This Week & 19% In Last 2 Weeks

- Except Realty, All Sectoral Indices Post Gains This Week

- Tata Steel, Hindalco, SBI Life, Bharti Airtel, JSW Steel Top Nifty Gainers This Week

- Tata Cons, RIL, Titan, Cipla, Power Grid Top Nifty Losers This Week

May 7, 2021 3:48 PM

Market At Close | Here are the highlights of today's market session:

- Market Closes In The Green, But Off Highs

- Sensex Gains 257 Points To 49,206 & Nifty 98 Points To 14,823

- Nifty Bank Rises 77 Pts To 32,905 While Midcap Index Slips 93 Pts To 24,546

- Metal Stocks Continue To Move Higher On Rising Prices; Nifty Metal Up 5%

- 5 Nifty Stocks Including Tata Steel, JSW, Hindalco Hit Record Highs

- HDFC Rises Over 2% After Reporting Better-than-expected Earnings For Q4

- Hero Moto Sees Profit Booking After Earnings; Stock Falls 2%

- Other 2-wheeler Stocks Fall In-line With Hero Moto; Bajaj Down 2%, Eicher 1%

- Tata Cons & Dabur Slip After Reporting Results Below Estimates

- AU Small Fin Bank Slips 3% After An Announcement Of Lockdown By Rajasthan

- Cancellation Of 51 Pair Of Trains Leads To A Fall Of 2% In IRCTC Stock

- Panace Bio Up 5% & Dr Reddy’s 0.3% On Sputnik’s 1-Dose Efficacy

- Market Breadth Favours Advances; Advance-Decline Ratio At 4:3

May 7, 2021 3:47 PM

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

The markets have held 14,700 smartly! We need to see if these levels can hold on Monday; if it can, we should be headed to 15,200. If we do not hold, we will retrace back to the support levels of 14,400. Holding 14,400 is imperative for the Nifty.

May 7, 2021 3:45 PM

Market At Close | HDFC, Bajaj Finserv, Mahindra & Mahindra, NTPC and Bharti Airtel were the top Sensex gainers.

May 7, 2021 3:43 PM

Closing Bell | Indian equity indices ended higher Friday led by gains in metals, financial services and FMCG stocks. The Sensex gained 256.71 points, or 0.52 percent to close at 49,206.47, while the Nifty ended 98.35 points, or 0.67 percent higher at 14,823.15. Broader markets, smallcap and midcap indices closed mixed.

Among sectoral indices, Nifty Metal saw the most gains, rallying over 4 percent followed by realty, financial services and media indices. Nifty PSU Bank ended in the red. Tata Steel, Hindalco Industries, JSW Steel, Adani Ports & SEZ and SBI Life Insurance were the top Nifty50 gainers, while Tata Consumer Products, Hero MotoCorp, Bajaj Auto, Eicher Motors and UPL were the top index losers.

May 7, 2021 3:36 PM

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