Sensex ends on Friday 19 pts down, Nifty at 10,768; Sun Pharma up 8%


Benchmark indices trimmed their morning losses and ended flat on Friday even as yields on the 10-year government bonds hit over 8% in the opening session today, first time since May 2015, but soon declined.

The S&P BSE Sensex ended at 35,444, down 19 points while the broader Nifty50 index settled at 10,768, down 1 points.

Among individual stocks, Sun Pharma surged over 8%, while Dr. Reddy ended nearly 5% higher on the BSE.

Among sectoral indices, the Nifty Pharma index rose 4.26% today led by a rise in the shares of Sun Pharmaceutical Industries, Lupin and Dr. Reddy’s Laboratories.

Investors also continued to react to Reserve Bank of India’s (RBI) first rate hike since 2014, while maintaining a neutral stance.

Shares of Reliance Industries (RIL) have moved higher by 1.5% to Rs 986 per share, rebounding 2.6% from their intra-day low of Rs 961 on the BSE.

Shares of select public sector undertaking (PSU) banks were quoting higher for the third straight trading day ahead of Finance Minister Piyush Goyal’s meeting on Friday with the chief executives of 15 public sector banks (PSBs) in Mumbai. Dena Bank, Uco Bank and Corporation Bank were up 5% each, while Punjab National Bank (PNB), Bank of Maharashtra, Indian Overseas Bank, Andhra Bank and Allahabad Bank were up in the range of 3% to 4%. Shares of State Bank of India (SBI) however, trading 0.17% lower at Rs 269 on the National Stock Exchange (NSE).

Continue Reading


Indices decline for 4th session on Friday, Sensex down 301 points


Benchmark indices declined for a fourth straight session on Friday, amid caution over uncertainty over the formation of government in Karnataka, developments in US-China trade negotiations and firm crude prices.

In a major political development, the Supreme Court held a hearing in the Karnataka government formation matter, directing that the Bharatiya Janata Party (BJP) leader and the state’s new chief minister, BS Yeddyurappa, must conduct the floor test on Saturday at 4 pm.

The S&P BSE Sensex ended at 34,848, down 301 points while the broader Nifty50 index settled at 10,605, down 78 points

Among sectoral indices, the Nifty Bank index fell as much as 0.6%, extending its drop into a third session. ICICI Bank declined 2.9%, while HDFC Bank slipped 0.8%.

The Nifty PSU Bank Index also shed 1.6%, in what could be its fourth consecutive session of fall, on continued concerns about disappointing quarterly results due to a jump in bad-loan provisions.
Continue Reading


Sensex reclaims 35,000: IT, FMCG, auto, metal stocks shine in claw-back


Benchmark indices ended sharply up on Friday, triggered by corporate earnings and taking cues from global peers.

The S&P BSE Sensex hit an intra-day high of 35,065, but pared gains to end at 34,970 levels, up 256 points. The broader Nifty50 index settled at 10,692, up 75 points.

Reliance Industries (RIL) hit a record high of Rs 1,000 per share, up 2.5% on the BSE in intraday trade on the BSE, ahead of its Q4FY18 results today. The stock surpassed its previous high of Rs 990 recorded on January 23, 2018 in intra-day deal. The textiles-to-telecom conglomerate, RIL is expected to post its best-ever quarterly consolidated net profit, with the figure expected to be close to Rs 100-billion mark.

Country’s largest car maker, Maruti Suzuki, reported a record annual profit of Rs 77.21 billion for the year ended March 31, 2018, helped by a double-digit growth in volumes of cars sold. The Suzuki-promoted firm clocked a near 17 percent jump in sales revenue for the year to Rs 781 billion. Profit, however, grew by just five percent. An increase in effective tax rates and lower non-operating income due to mark-to-market impact on the invested surplus, compared to last year impacted net profit, the company said.

Shares of public sector undertaking (PSU) banks were in focus with Nifty PSU Bank index gaining 5%, its sharpest intra-day gain during past one month on the National Stock Exchange (NSE).

Continue Reading


Indices end higher on Friday but Nifty fails to hold 10500 mark


Benchmark indices rose for a seventh straight session on Friday, their longest winning streak since November 2017, on the back of gains in index heavyweights such as Reliance Industries and ICICI Bank.

Sentiment was also upbeat after retail inflation eased to a five-month low in March, but remained above the central bank’s medium-term target, supporting views that monetary policy is likely to remain unchanged at the next review in early June.

Investors now await January-March corporate results for future direction. IT Major Infosys will kick-start the March-quarter results season later in the day.

The S&P BSE Sensex ended at 34,193, up 92 points while the broader Nifty50 index settled at 10,481, up 22 points.

KPIT Technologies  rose for a third straight session, quoting at Rs 230.5, up 1.86% on the day as on the NSE. KPIT Technologies is up 79.24% in last one year as compared to a 14.96% gain in Nifty and a 33.16% gain in the Nifty IT index.

Continue Reading


Sensex ends on Friday 509 pts lower, Nifty slips over 1%; Nifty Metal index down 2%


The market ended lower amid political upheaval after the Telugu Desam Party (TDP) formally decided to quit the NDA government.

The S&P BSE Sensex ended at 33,176, down 510 points while the broader Nifty50 index settled at 10,195, down 165 points.

Among sectors, metal companies were under pressure falling by over 2% on the NSE on fears that the tariffs could disrupt growth. SAIL, Vendanta, Hind Copper were trading lower in the range of 3% to 5% on the NSE.

Shares of Tata Motors, Tata Motors DVR, Force Motors, BEML, ICRA, Great Eastern Shipping Company and Max Financial Services were among nine stocks from the S&P BSE 500 index hitting their respective fresh 52-week lows in noon deal on the BSE.

Ramky Infrastructure has been awarded project worth Rs 939.41 crore in Srinagar in the State of Jammu & Kashmir by National Highways Authority of India (NHAI) on EPC mode. The stock gained 1.5 percent.

Shares of Dr Reddy’s Laboratories declined 3 percent as it has received Form 483 with 4 observations for its API Hyderabad Plant 1 at Jinnaram Mandal, Medak Telengana from USFDA.

Continue Reading


Sensex, Nifty end at fresh record closing high; Midcap underperforms


Benchmark indices ended at fresh record closing high today, backed by ICICI Bank, Reliance Industries and HDFC.

The 30-share BSE Sensex was up 88.90 points at 34,592.39 and the 50-share NSE Nifty gained 30.10 points at 10,681.30, but Midcap index underperformed.

Investors, however, remained wary as four senior sitting judges of the complaint that Supreme Court as administration of the country’s top court was not in order.

KEI Industries shares rallied 10 percent as Motilal Oswal has initiated coverage with Buy rating on the stock and target price at Rs 537, implying potential upside of 44 percent as the company is expected to be major beneficiary of key government initiatives.

Continue Reading


Nifty ends flat on Friday, up 1.5% for the week; RIL, Lupin top gainers


Benchmark indices settled the day flat tracking weaker global cues amid concerns that central banks are moving closer to removing the monetary stimulus. The intra-day losses were recouped after index heavyweight Reliance Industries rallied to hit 9-year high. Losses were also capped as pharma and realty indices surged through the day on value buying.

Nifty was up 1.5% for the week, snapping a three-week losing streak, its biggest weekly gain since late May. On the other hand, BSE Sensex was up 1.4% for the week, extending gains for the second consecutive week.

The S&P BSE Sensex ended at 31,360, down 9 points after while the broader Nifty50 was ruling at 9,666, down 9 points

In the broader market, the S&P BSE Midcap was a little changed but ended in red while S&P BSE Smallcap index gained 0.3%.

Continue Reading