Indices end at record closing highs on Modi win hangover; Sensex up 623 pts
The benchmark indices ending Friday’s session at record closing highs, after investors’ optimism was boosted by Narendra Modi-led National Democratic Alliance (NDA’s) return to power the previous day. While the gains were across the board, bank stocks and financials made the highest contribution to the indices’ rise.
The S&P BSE Sensex ended the day 623 points, or 1.6 per cent, higher at 39,435, with ICICI Bank, Larsen & Toubro, Bharti Airtel, Vedanta, and Tata Motors leading the list of gainers. Oout of the 30 BSE constituents, only Hindustan Unilever and NTPC ended the day in the red.
The broader Nifty50 index rose 187 points to settle at 11,844. About 1823 shares advanced, while 676 declined, and 150 shares remained unchanged on the NSE.
This was the benchmark indices’ biggest weekly gain in 2019.
India VIX, a measure of volatility in Nifty, slipped 40 per cent in the last two days, registering its biggest 2-day fall in five years.
In the broader market, the S&P BSE MidCap index jumped 295 points, or 2 per cent, to hover at 14,945 levels, while the S&P BSE SmallCap closed at 14,670 levels, up 347 points, or 2.4 per cent.
All the Nifty sectoral indices ended the day with gains, with Nifty PSU Bank gaining the maximum 5.6 per cent, while Nifty Realty also rose 4.4 per cent.
Shares of JMC Projects (India) surged 15 per cent to Rs 136 apiece in the opening trade on the BSE on Friday after the company secured new orders worth of Rs 616 crore for residential and commercial projects in South India.
KEI Industries traded higher for the fifth straight day, up 5.6 per cent at Rs 491.95 on the BSE on Friday, after the company reported a strong operational performance in the March quarter (Q4FY19).
Shares of sugar companies are on a roll, rallied by up to 20 per cent on the BSE on improved operational performance in March quarter (Q4FY19). Mawana Sugars and Avadh Sugar & Energy have rallied by up to 20 per cent each on the BSE. Uttam Sugar Mills, Magadh Sugar & Energy, Dalmia Bharat Sugar and Industries, Andhra Sugars, Rajshree Sugars & Chemicals, Dhampur Sugar Mills, Triveni Engineering & Industries and Dwarikesh Sugar Mills were up in the range of 8 to 18 per cent on the BSE. In comparison, the S&P BSE Sensex was up 1.1 per cent at 39,255 points at 12:56 pm.
ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), on Friday reported a 71 per cent jump in its 2018-19 fiscal year net profit on the back of a spike in crude oil production. Consolidated net profit in April 2018 to March 2019 period at Rs 1,682 crore was 71.4 per cent higher than Rs 981 crore net profit in the previous financial year, the company said in a statement here.
Consumer healthcare firm Zydus Wellness Friday said the National Company Law Tribunal (NCLT) has approved scheme of amalgamation between two subsidiaries – Heinz India Pvt Ltd with Zydus Nutritions Ltd — post which, Heinz India has ceased to be in existence. In January this year, Zydus Wellness announced it has completed its Rs 4,595-crore acquisition of Heinz India’s consumer wellness business, which includes popular brands Complan and Glucon D.
Shares of public sector banks continued their upward movement with Nifty PSU Bank index surging 10 per cent thus far in the current week compared to a 2.5 per cent rise in the benchmark index. At 11:10 am, Nifty PSU Bank index, the largest gainer among sectoral index, was up 3.6 per cent, as compared to a 0.6 per cent rise in the Nifty 50 index.
Shares of JMC Projects (India) surged 11 per cent to Rs 132 apiece in the opening trade on the BSE on Friday after the company secured new orders worth of Rs 616 crore for residential and commercial projects in South India. The stock was trading close to its 52-week high level of Rs 142 – touched on May 29, 2018 – on the BSE in the intra-day trade.
Jet Airways’ future remained uncertain as Hinduja Group and Abu Dhabi-based Etihad Airways failed to make headway in their negotiations for joint ownership of the airline. Simultaneously, it has been learnt that lenders have expressed reservations to consider the unsolicited bids, as they find them lacking financial and managerial depth.
Here are some picks from the week gone by.
