Sensex ends 361 pts higher ahead of exit polls outcome
Snapping their three-day losing streak, the benchmark indices settled around 1 per cent higher on Friday ahead of the outcome of state exit polls due later in the day.
That apart, market will also closely watch the outcome of OPEC-Russia meet, which is expected to come later in the day.
The S&P BSE Sensex climbed 361 points or 1.02 per cent to settle at 35,673 while NSE’s Nifty50 index added 93 points or 0.87 per cent to end at 10,694.
Among sectoral indices, the Nifty Bank index rose 1.5 per cent led by a rise in ICICI Bank and HDFC Bank. The Nifty Auto index, too, rose 0.9 per cent led by Bajaj Auto and Maruti Suzuki.
In the broader markets, the S&P BSE MidCap index rose 0.2 per cent to end at 14,717, while the S&P BSE SmallCap index slipped 0.3 per cent to 14,105.
On the political front, market participants are awaiting exit poll results of five state elections due after market hours today. The result of the assembly elections will likely set the tone for the general elections next year.
The rupee traded on a firm note during the day rising to 70.45 against the US dollar amid fall in oil prices ahead of the crucial OPEC meet outcome. The domestic unit on Thursday closed at 70.90.
Shares of Navkar Corporation have hit an all-time low of Rs 41.35 per share, dropping 17% on Friday, and falling 26% in past two trading sessions on BSE on concerns of a weak outlook. The stock of logistics firm was quoting at its lowest level since listing on April 6, 2010. Since November 2018, Navkar Corporation slipped 40% after 87% year-on-year (YoY) declined in its standalone net profit at Rs 33 million in September quarter, due to higher operational expenses. The company had a profit of Rs 258 million in the year-ago quarter. It posted a profit of Rs 301 million in the previous quarter.
Shares of gold loan companies like Muthoot Finance and Manappuram Finance rallied up to 15% on BSE on back of heavy volumes after Muthoot Finance reported 21% year-on-year (YoY) growth in assets under management (AUM) to Rs 359.56 billion as of September 2018 (Q2FY19). Muthoot Finance has surged 15% to Rs 478 on Friday, erasing its previous day’s 7% fall, as the company reported highest ever quarterly accretion in gold loans, resulting in all-time high loan book as well as gold stock under possession.
LIC Housing Finance, the country’s second largest housing finance company, had a muted September quarter (Q2). The financials reveal some areas of concern, such as increasing developer loan exposure and profitability pressures. Notwithstanding these, LIC Housing remains one of the top picks for brokerages, among housing finance companies (HFCs). Despite the not-so-great Q2 show, the stock has been in the green since its results a month ago.
Shares of Coal India, Steel Authority of India (SAIL), Bharat Heavy Electricals (BHEL), Oil India, Tata Motors and Reliance Capital were among 20 stocks from the S&P BSE 500 index hitting their respective 52-week lows on the BSE in intra-day trade on Friday. Balkrishna Industries, Deepak Fertilisers & Chemicals, Asahi India Glass, HSIL, Jindal Stainless, Orient Cement, Navkar Corporation, Quess Corp, Sun Pharma Advanced Research (SPARC) and Sundaram Clayton too touched their respective 52-week lows today.
Shares of Coal India, Steel Authority of India (SAIL), Bharat Heavy Electricals (BHEL), Oil India, Tata Motors and Reliance Capital were among 20 stocks from the S&P BSE 500 index hitting their respective 52-week lows on the BSE in intra-day trade on Friday. Balkrishna Industries, Deepak Fertilisers & Chemicals, Asahi India Glass, HSIL, Jindal Stainless, Orient Cement, Navkar Corporation, Quess Corp, Sun Pharma Advanced Research (SPARC) and Sundaram Clayton too touched their respective 52-week lows today.
Shares of Jet Airways rose as much as 3.59 per cent in the early trade on BSE, after news reports suggested Etihad Airways of Abu Dhabi has offered to guarantee loans worth $150 million that Jet Airways needs to keep the airline operational.
Shares of Power Finance Corporation (PFC) fell as much as 4.76 per cent to Rs 85.95 per share on the BSE in morning trade on Friday after the Cabinet Committee on Economic Affairs (CCEA) Thursday gave an in-principle approval to the strategic sale of the Centre’s 52.63 per cent holding in Rural Electrification (REC) to PFC, along with transfer of management control.The government has a total 58.3 per cent stake in REC, the remainder of which is part of Bharat 22 ETF and CPSE ETF.
Shares of HCL Technologies dipped 6.7% to Rs 943 on BSE in early morning trade on Friday after the company said it will acquire select IBM software products for USD 1.8 billion (approx. Rs 127 billion) in an all-cash deal. The company said total investments will be of $1,775 million including earn-out. Approximately, 48% will be paid at close and most of the balance will be paid after the first year.
Here are some picks from the week gone by.
