News End-Session

Key benchmarks end with strong gains
31-May-18   16:42 Hrs IST

Key equity benchmarks logged strong gains on buying frenzy in index pivotals led by HDFC Bank, HDFC and Infosys. The barometer index, the S&P BSE Sensex, rose 416.27 points or 1.19% to settle at 35,322.38. The Nifty 50 index rose 121.80 points or 1.15% to settle at 10,736.15. The Sensex settled well above the psychological 35,000 level after moving above and below that level in intraday trade. Positive global stocks boosted sentiment.

Domestic stocks drifted higher in early trade on positive Asian stocks. The Sensex regained the psychological 35,000 level in opening trade. Key benchmark indices trimmed gains in morning trade. Volatility ruled the roost as stocks once again gained strength in mid-morning trade. Indices marched higher in afternoon trade. Key equity benchmarks held firm in mid-afternoon trade. Buying frenzy in late trade propelled indices to fresh intraday high.

Trading was highly volatile during the day as traders rolled over positions in the F&O segment from the near month May 2018 series to June 2018 series. The May 2018 F&O contracts expired today, 31 May 2018.

The Sensex rose 416.27 points or 1.19% to settle at 35,322.38, its highest closing level since 16 May 2018. The index rose 509.92 points, or 1.46% at the day's high of 35,416.03. The index rose 19.97 points, or 0.06% at the day's low of 34,926.08.

The Nifty 50 index rose 121.80 points or 1.15% to settle at 10,736.15, its highest closing level since 16 May 2018. The index rose 149.45 points, or 1.41% at the day's high of 10,763.80. The index rose 6.05 points, or 0.06% at the day's low of 10,620.40.

Broader market depicted weakness. The S&P BSE Mid-Cap index fell 0.24%. The S&P BSE Small-Cap index fell 0.57%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 995 shares rose and 1655 shares fell. A total of 138 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Consumer Durables index (down 0.97%), the S&P BSE Realty index (down 0.85%), the S&P BSE Healthcare index (down 0.83%), the S&P BSE Capital Goods index (down 0.63%), the S&P BSE Industrials index (down 0.58%), the S&P BSE Telecom index (down 0.48%), the S&P BSE Basic Materials index (down 0.41%), the S&P BSE Power index (down 0.36%), the S&P BSE Metal index (down 0.34%), the S&P BSE Auto index (down 0.3%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.16%), the S&P BSE Utilities index (up 0.43%), the S&P BSE Teck index (up 0.54%), the S&P BSE FMCG index (up 0.58%), the S&P BSE IT index (up 0.75%), the S&P BSE Energy index (up 0.80%) and the S&P BSE Oil & Gas index (up 1.17%), underperformed the Sensex. The S&P BSE Finance index (up 1.71%) and the S&P BSE Bankex (up 1.91%), outperformed the Sensex.

Index heavyweight and housing finance major HDFC rose 1.99% to Rs 1,828.50.

Index heavyweight and IT major Infosys rose 1.47% to Rs 1,231.90.

Private sector banks rose. City Union Bank (up 7.31%), IndusInd Bank (up 3.14%), Kotak Mahindra Bank (up 2.68%), Yes Bank (up 0.89%), Axis Bank (up 0.63%) and edged higher. Federal Bank (down 1.16%) and RBL Bank (down 1.87%), edged lower.

HDFC Bank rose 4.36% as the counter witnessed robust buying ahead of the opening of FII buying window on 1 June 2018. According to media reports, the Sebi decided to open the window for institutional trading series (6 lakh series) just for a day on 1 June 2018. This is popularly known as the FII Trading Window - when stocks get into FII restriction, there is a separate window on which only FIIs trade so that FIIs still have the option of buying the stock. Since the buyer will be purchasing from another FII, it ensures that there is no change in FII shareholding. For stocks in demand this usually leads to an FII premium.

ICICI Bank rose 0.12%. The bank announced that it will start an enquiry into whistleblower complaint. The announcement was made after market hours yesterday, 30 May 2018.

The board of directors, at its meeting held on 29 May 2018, decided to institute an enquiry to be headed by an independent and credible person, to examine and enquire into an anonymous whistle blower complaint, disclosing certain information, alleging in substance that bank's MD & CEO had not adhered to provisions relating to Code of Conduct of the bank and legal and regulatory provisions relating to conflict of interest over a period of time, as also alleging quid pro quo in the course of her work in dealing with certain customers/borrowers of the bank.

The scope of enquiry would be comprehensive and include all relevant matters arising out of and in the course of examination of the facts and wherever warranted, use of forensics/email reviews and recordal of statements of relevant personnel etc. The enquiry would also cover all connected matters in the course of the investigation to bring the matter to a final close.

In keeping with the Whistle Blower Policy of the bank, the board has mandated its Audit Committee to take all further actions in the matter to operationalize this decision — including in particular, appointment of an independent and credible person as head of the enquiry, determining the terms of reference of the enquiry, the period which will be covered by the enquiry etc. The audit committee will also, in consultation with the head of the enquiry, make arrangements to assist him with independent legal and other professional support as may be required.

Public sector banks were mixed. UCO Bank (down 5.71%), Punjab National Bank (down 2.96%), Bank of India (down 2.33%), Vijaya Bank (down 2.23%), Bank of Baroda (down 1.19%), Bank of Maharashtra (down 0.73%), Corporation Bank (down 0.71%), United Bank of India (down 0.67%), Punjab & Sind Bank (down 0.6%), Andhra Bank (down 0.41%) and IDBI Bank (down 0.15%), edged lower. Syndicate Bank (up 0.10%), Union Bank of India (up 0.44%), Canara Bank (up 0.49%), Allahabad Bank (up 0.60%), State Bank of India (up 0.86%), Indian Bank (up 1.78%) and Central Bank of India (up 1.88%), edged higher.

ONGC rose 1.95%. Net profit of ONGC rose 36.3% to Rs 5915.12 crore on 10.4% increase in net sales to Rs 23969.83 crore in Q4 March 2018 over Q4 March 2017. The net realisation for the quarter stood at $66.71 a barrel, compared to $54.91 a barrel during Q4 March 2017. The result was announced after market hours yesterday, 30 May 2018.

Meanwhile, the company's crude oil production, including condensate, dropped by 3% to 6.2 million tonne during the quarter under review, while during the same period last year, it produced 6.39 MT. The yearly production of crude oil also saw a marginal decline of 0.4%.

Overall gas production during the fourth quarter increased by 2.2% to 6.07 billion cubic meter (bcm), while it was seen at 5.94 bcm during the Q4 March 2017. For the entire financial year 2017-2018, the company's gas production increased by 5.8% to 24.61 bcm.

Ultratech Cement shed 0.18%. The Committee of Creditors (CoC) of Binani Cement (BCL) constituted in accordance with the provisions of the Insolvency and Bankruptcy Code 2016 (Code), in its meeting held on 28 May 2018, approved the resolution plan submitted by UltraTech Cement and has issued a letter of intent (LoI) to the company for acquisition of BCL. Upon consummation of this transaction, Ultratech Cement's cement capacity (including its overseas operations) will stand augmented to 116.15 MTPA including the recently announced acquisition of cement units of Century Textiles & Industries. The announcement was made after market hours yesterday, 30 May 2018.

On the domestic macro front, the government will announce data on first quarter gross domestic product (GDP) today, 31 May 2018. The Indian economy expanded 7.2% year-on-year in the last three months of 2017, from an upwardly revised 6.5% growth in the previous period.

Overseas, most European stocks were trading higher, but trading in May was set to wrap up with auto makers under pressure as the European Union braces for US-imposed tariffs on steel and aluminum. Asian stocks ended higher as elevated concerns over Italy's deepening political crisis showed signs of abating.

China's official nonmanufacturing purchasing managers index, a measure of activity outside factory gates, rose to 54.9 in May from 54.8 in April, the National Bureau of Statistics said on Thursday. An official gauge of China's factory activity rose to an eight-month high in May, due to robust production and demand. The official manufacturing purchasing managers' index climbed to 51.9 from 51.4 in April, according to data from the National Bureau of Statistics released Thursday.

US stocks rebounded yesterday, 30 May 2018, as investors judged the market reaction to Italy's political turmoil overwrought.

Global stocks were battered earlier in the week after Italy's two anti-establishment parties scrapped plans to form a coalition. That raised the prospect of a general election, stoking fears such a vote will effectively be a referendum on the country's euro membership.

A degree of calm, however, returned, with the two anti-establishment parties renewing efforts to form a coalition government rather than force Italy into holding elections for the second time this year.

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