News End-Session

Market rises for 9th straight session
17-Apr-18   16:26 Hrs IST

Domestic stocks logged gains for the ninth day in a row after the India Meteorological Department (IMD) predicted a normal monsoon this season. The barometer index, the S&P BSE Sensex, rose 89.63 points or 0.26% at 34,395.06. The Nifty 50 index rose 20.35 points or 0.19% at 10,548.70. The Nifty closed at a 7-week high. The Sensex attained its highest closing levels in more than seven weeks.

Overseas, European stocks edged higher as attention shifted to the first-quarter earnings season and deal-making. Most Asian stocks fell as investors sought fresh leads after weeks of volatility sparked by trade frictions and geopolitical conflict.

China's gross domestic product rose 6.8% from a year earlier in the first quarter, holding steady from the 6.8% growth in the fourth quarter of last year, China's National Bureau of Statistics said today, 17 April 2018.

Meanwhile, industrial production grew just 6% in March, compared with 7.2% in the first two months of the year, and 6.8% overall for the quarter. In other data, January to March fixed asset investment growth slowed to 7.5% from a year ago, down from 7.9% in the first two months of the year.

US stocks closed sharply higher yesterday, 16 April 2018 with major indexes rallying in a broad advance as the first-quarter earnings season pointed to strong growth and geopolitical tensions showed signs of easing.

Back home, stocks opened higher as sentiment was boosted after the IMD forecasted normal monsoon this year. However, after an initial volatility, the key benchmark indices drifted higher and hit fresh intraday high in morning trade. Stocks trimmed gains in mid-morning trade. Key indices bounced from the day's low in afternoon trade. Volatility ruled the roost in mid-afternoon trade as the key benchmark indices once again regained strength after reversing intraday losses. Stocks held firm in late trade.

The Sensex rose 89.63 points or 0.26% at 34,395.06, its highest closing level since 26 February 2018. The index rose 128.71 points, or 0.38% at the day's high of 34,434.14. The index fell 75.60 points, or 0.22% at the day's low of 34,229.83.

The Sensex has risen 1,375.99 points, or 4.17% in nine trading sessions from its low of 33,019.07 on 4 April 2018.

The Nifty 50 index rose 20.35 points or 0.19% at 10,548.70, its highest closing level since 27 February 2018. The index rose 32.10 points, or 0.30% at the day's high of 10,560.45. The index fell 32.70 points, or 0.31% at the day's low of 10,495.65.

The S&P BSE Mid-Cap index and the S&P BSE Small-Cap index rose by 0.28% each. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,392 shares rose and 1,252 shares fell. A total of 159 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Power index (up 1.23%), the S&P BSE Realty index (up 1.21%), the S&P BSE Consumer Durables index (up 1.05%), the S&P BSE FMCG index (up 1.05%), the S&P BSE Utilities index (up 1.05%), the S&P BSE Energy index (up 0.63%), the S&P BSE Oil & Gas index (up 0.46%) and the S&P BSE Finance index (up 0.26%), outperformed the Sensex. The S&P BSE Metal index (up 0.25%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.19%), the S&P BSE Telecom index (up 0.16%), the S&P BSE Bankex (up 0.05%), the S&P BSE Basic Materials index (up 0.02%), the S&P BSE Industrials index (down 0.09%), the S&P BSE Capital Goods index (down 0.19%), the S&P BSE Healthcare index (down 0.21%), the S&P BSE Auto index (down 0.23%), the S&P BSE Teck index (down 0.36%) and the S&P BSE IT index (down 0.38%), underperformed the Sensex.

Private sector banks were mixed. ICICI Bank (up 1.50%), Federal Bank (up 0.81%), HDFC Bank (up 0.79%), City Union Bank (up 0.58%) and RBL Bank (up 0.30%), edged higher. IndusInd Bank (down 0.17%), Kotak Mahindra Bank (down 0.42%), Yes Bank (down 0.77%) and Axis Bank (down 1.78%), edged lower.

PSU banks declined. Canara Bank (down 2.45%), UCO Bank (down 2.39%), IDBI Bank (down 1.45%), Bank of Baroda (down 1.14%), Punjab National Bank (down 1.06%), United Bank of India (down 1.05%), Punjab & Sind Bank (down 0.93%), Union Bank of India (down 0.56%), Allahabad Bank (down 0.48%), State Bank of India (down 0.44%), Andhra Bank (down 0.35%), Corporation Bank (down 0.32%), Dena Bank (down 0.26%), Syndicate Bank (down 0.26%), Bank of India (down 0.18%) and Indian Bank (down 0.05%), edged lower. Central Bank of India (up 0.79%), Bank of Maharashtra (up 1.05%) and Vijaya Bank (up 1.06%), edged higher.

Metal and mining stocks saw mixed trend. National Aluminium Company (up 1.63%), Tata Steel (up 0.58%), Hindalco Industries (up 0.40%), Hindustan Zinc (up 0.33%), Hindustan Copper (up 0.14%) and NMDC (up 0.04%), edged higher. Vedanta (down 0.26%), Steel Authority of India (down 0.39%) and Jindal Steel & Power (down 0.96%), edged lower.

Tata Consultancy Services (TCS) fell 0.59%. TCS has opened its North America Insurance Hub for business operations in Cedar Rapids, Iowa. This move, part of a multi-year relationship between TCS and Transamerica, will transform the administration of Transamerica's US insurance and annuity business lines, accelerate the enhancement of its digital capabilities and modernise its platform to service all lines of its business customers. The announcement was made during market hours today, 17 April 2018.

Housing Development Finance Corporation (HDFC) rose 1.03%. HDFC Asset Management Company (HDFC AMC), a joint venture between HDFC and Standard Life Investments, reported a 31% jump in profit after tax at Rs 721.61 crore in the year ended March 2018 over the year ended March 2017. The asset management firm's total revenue rose 17.6% to Rs 1867.24 crore in the year ended March 2018 over the year ended March 2017. Total expenses were up 2.11% at Rs 804.73 crore. The announcement was made after market hours yesterday, 16 April 2018.

HDFC AMC last month filed a draft red herring prospectus with Sebi for a public offer of up to 2.54 crore shares.

Adani Ports and Special Economic Zone (APSEZ) fell 1.24%. APSEZ said it signed a long term agreement with Indian Oil Corporation (IOC) to provide Liquefied Natural Gas (LNG) regasification services on a use or pay basis to the state-run refiner, at its upcoming LNG import terminal at Dhamra in Odisha. As per the contract, IOC has booked 3 million tonnes per annum (MTPA) regasification capacity spread over 20 years. IOC plans to supply the gas to its refineries in Paradip in Odisha and Haldia in West Bengal. The announcement was made after market hours yesterday, 16 April 2018.

The Indian Meteorological Department (IMD) predicted the south-west monsoon (June to September) to be at 97% of the long period average (LPA) with a margin of error of +/- 5%. Rainfall between 96% and 104% of LPA during the June-September monsoon period is considered normal. The forecast was made after market hours yesterday, 16 April 2018. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.

India Meteorological Department (IMD) issues operational forecast for the southwest monsoon seasonal rainfall for the country as a whole in two stages. The first stage forecast is issued in April and the second stage forecast is issued in June.

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