Sensex pares some gains, ends 269 points up, Nifty above 11,400

After surging 500 points in the intra-day trade, the S&P BSE Sensex witnessed a sharp fall at the fag-end of the session, mainly due to profit-booking to end at 38,024, up 269 points or 0.71 per cent. Financial stocks such as HDFC Bank and ICICI Bank contributed the most to the index’s gains while Reliance Industries (RIL), ITC and Hindustan Unilever (HUL) emerged as the biggest drags.

The NSE’s benchmark index Nifty50 closed above 11,400 level at 11,427, up 84 points or 0.74 per cent. The index hit a high of 11,487 levels during the day.

Both Sensex and Nifty reclaimed their crucial levels of 38,000 and 11,400 levels, respectively in the intra-day trade after a gap of six months.

On a weekly basis, Sensex gained 3.68 per cent and Nifty added 3.54 per cent.

Market breadth remained in favour of declines as out 2,860 companies traded on BSE, 1,476 declined and 1,209 advanced while 175 remained unchanged. A total of 59 securities hit their 52-week highs while 111 scrips hit their one-year lows.

In the broader market, the S&P BSE MidCap index ended 83 points, or 0.55 per cent higher at 15,172, while the S&P BSE SmallCap index settled at 14,837, up 51 points or 0.34 per cent.

Banking barometer Nifty Bank, too hit a fresh record high of 29,520.70 during the day. It ended at 29,381.45, up over 1.50 per cent with 10 out of 12 constituents ending in the green.

Shares of Titan Company hit a new high of Rs 1,112, up 2.5 per cent, in intra-day trade. The firm is set to join the elite club of Rs 1-trillion market capitalization (market-cap) on the BSE. The stock, eventually settled at Rs 1,095 apiece on BSE, up nearly a per cent.

Shares of UPL hit a new high of Rs 921, up 2 per cent, in intra-day trade, after more than two million shares of the agrochemicals company changed hands on the BSE through block deal. It settled at Rs 922, up 2 per cent.

Among sectoral indices, Nifty PSU Bank index added nearly 2 per cent, as Bank of Baroda and Punjab National Bank edged higher. The Nifty Private Bank index moved up 1.59 per cent.

Lupin received yet another regulatory setback after the inspection of its Mandideep manufacturing facility (Unit 1) in Madhya Pradesh by the United States Federal Drug Administration (USFDA). The unit, which was classified as OAI or Official Action Indicated, may see an escalation of issues and difficulties in receiving approvals for new drug launches from there.

A2Z Infra Engineering hit an upper circuit limit of 5% at Rs 18.05 at 11:48 IST on BSE after the company said it signed full cash one time debt settlement agreement with Edelweiss Asset Reconstruction Company.

Jet Airways could be staring at another default of $109 million, which it has to pay by March 28 to the HSBC Bank Middle East as the second tranche of the $140-million loan it had taken in 2014 and for which the Abu Dhabi-headquartered airline stood guarantor. Jet had, on March 11, defaulted on its external commercial borrowings of $31 million, payable to HSBC and guaranteed by Etihad Airways, which owns 24 per cent in Jet

Shares of CG Power and Industrial Solutions were up 6 per cent to Rs 44.75 in intra-day trade on the BSE, extending its month-long gain, on report that KKR, Yes Bank and BOI AXA may take control of Avantha Group Company. The stock has zoomed 109 per cent from its 52-week low of Rs 21.40 touched February 14 on the BSE in intra-day trade.

Here are some picks from the week gone by.

Company: Bata India CMP: 1361.00 Mastermind

Company: Bharat Heavy Electricals CMP: 67.90 Mastermind

Company: InterGlobe Aviation CMP: 1301.00 Mastermind

Company: Repco Home CMP: 452.65 Mastermind

Company: Kotak Mahindra CMP: 1328.00 Mastermind

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