News End-Session

Sensex, Nifty advance in broad-based buying
24-May-18   16:59 Hrs IST

Key benchmark indices posted strong gains on broad-based buying demand in index pivotals. The barometer index, the S&P BSE Sensex, rose 318.20 points or 0.93% to settle at 34,663.11. The Nifty 50 index rose 83.50 points or 0.8% to settle at 10,513.85. Gains were led by index heavyweights Infosys, TCS and HDFC Bank. Bank stocks gained. IT shares were in demand.

After seeing gap-up opening, stocks turned volatile in morning trade. Thereafter, indices extended gains and hit fresh intraday high in afternoon trade. Indices pared gains in mid-afternoon trade as profit booking emerged at higher levels. Indices regained momentum in late trade.

The barometer index, the S&P BSE Sensex, rose 318.20 points or 0.93% to settle at 34,663.11, its highest closing level since 22 May 2018. The Sensex rose 396.55 points, or 1.15% at the day's high of 34,741.46 in late trade. The index rose 22.92 points, or 0.07% at the day's low of 34,367.83 in morning trade.

The Nifty 50 index rose 83.50 points or 0.8% to settle at 10,513.85, its highest closing level since 22 May 2018. The Nifty rose 104.80 points, or 1% at the day's high of 10,535.15 in late trade. The index fell 10.55 points, or 0.10% at the day's low of 10,419.80 in morning trade.

Broader market witnessed selling pressure. Among secondary barometers, the BSE Mid-Cap index fell 0.24%. The BSE Small-Cap index fell 0.14%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1283 shares rose and 1356 shares fell. A total of 140 shares were unchanged.

GAIL (India) lost 5.06%. Net profit surged 292.42% to Rs 1020.92 crore on 11.06% increase in total income to Rs 15706.27 crore in Q4 March 2018 over Q4 March 2017. The result was announced during trading hours today, 24 May 2018.

Bank stocks gained. Among private bank stocks, HDFC Bank (up 1.17%), Kotak Mahindra Bank (up 1.57%), ICICI Bank (up 1.9%), Axis Bank (up 2.65%), IndusInd Bank (up 0.78%) rose. Bandhan Bank (down 3.45%), RBL Bank (down 0.53%) and and Yes Bank (down 0.93%) declined.

Among PSU bank stocks, State Bank of India (SBI) (up 2.01%), Punjab National Bank (up 1.92%), Bank of Baroda (up 1.84%), Canara Bank (up 1.03%), IDBI Bank (up 1.51%), Bank of India (up 1.32%) and Union Bank of India (up 0.11%) rose.

IT shares were in demand. Infosys (up 3.09%), TCS (up 3.08%), Hexaware Technologies (up 2.05%), MphasiS (up 1.73%), HCL Technologies (up 1.86%), Tech Mahindra (up 1.76%), Persistent Systems (up 1.51%), Oracle Financial Services Software (up 1.37%), MindTree (up 0.52%) and Wipro (up 0.36%) edged higher.

Bharti Airtel (up 4.11%), Sun Pharmaceutical Industries (up 2.23%), Tata Steel (up 1.7%), M&M (up 1.49%) and HDFC (up 1.24%) were the major Sensex gainers.

Bajaj Auto (down 1.41%), Maruti Suzuki India (down 1.07%) and Adani Ports & Special Economic Zone (down 0.4%) were the major Sensex losers.

Tata Motors lost 6.56% after consolidated net profit dropped 49.84% to Rs 2175.16 crore on 18.33% rise in total income to Rs 91644.49 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 23 May 2018.

Natarajan Chandrasekaran, Chairman said that JLR delivered profitable growth despite challenging market conditions. The company invested for growth, launched new products and established landmark partnerships. In the domestic business, the company has gained market share in both CV and PV with strong improvement in profitability and positive cash flows.

Tata Motors' subsidiary Jaguar Land Rover (JLR) is the UK's largest automotive manufacturer, built around two iconic British car brands: Land Rover, the world's leading manufacturer of premium all wheel-drive vehicles; and Jaguar, one of the world's premier luxury sports saloon and sports car marques.

Closing net debt was Rs 39977 crore compared to Rs 27485 crore as at 31 March 2017, reflecting negative free cash flow at JLR with continued high investments and lower sales growth. Net Automotive debt rose to Rs 13,889 crore from 7401 crore as at 31 March 2017.

State-run ONGC fell 4.5% after media reports indicated that the government may levy a windfall tax on oil producers like ONGC to rein in the spiraling retail prices of petrol and diesel. The tax, which may come in form of a cess, will kick in the moment oil prices cross $70 per barrel, reports added.

Ashoka Buildcon rose 2.63%. The company said that one of its wholly owned subsidiaries viz. Ashoka Infrastructure (SPV), which had executed Pune Shirur road project in Maharashtra, has received an arbitral award of Rs 383.80 crore, against various claims filed by the SPV. The toll collection at the project had been stopped since 8 August 2014. The announcement was made during market hours today, 24 May 2018.

Rupa & Company gained 0.27% after net profit jumped 70.47% to Rs 39.89 crore on 10% rise in total income to Rs 420.70 crore in Q4 March 2018 over Q4 March 2017.

On the political front, Janata Dal (Secular) chief HD Kumaraswamy took oath as Karnataka chief minister on Wednesday, 23 May 2018. The southern state got its second CM in a week after BJP's BS Yeddyurappa resigned moments before floor test in the Karnataka Assembly on Saturday, 19 May 2018.

Kumaraswamy was administered the oath of office and secrecy by Governor Vajubhai Vala in front of the Vidhana Soudha. Following Kumaraswamy, senior Congress leader G Parameshwara took oath as Karnataka's deputy CM. 22 of Karnataka's 34 ministries will be from the Congress while the JD(S) will head the 12 others. The portfolios will be decided after the floor test which is reportedly scheduled on Friday.

Overseas, most European indices rose as miners and oil stocks rose though carmakers' shares came under pressure after the US launched a probe into auto imports.

Asian shares settled mixed as the trade dispute between the US and China remained in focus. US stocks closed higher Wednesday, after the minutes from the Federal Reserve's 2 May 2018 meeting appeared to have reassured investors that the central bank will not be too aggressive with raising interest rates. Stocks were under pressure earlier as geopolitical and trade concerns continued to dent investor sentiment.

The US Department of Commerce started an investigation into automobile imports to determine whether they threaten to impair the national security of the United States. The new US probe will be carried out under Section 232 of the Trade Expansion Act of 1962. That section of the law authorizes the secretary of Commerce to determine the effects of imports of any article on the national security of the United States.

Meanwhile, Federal Reserve officials would be content to let inflation briefly run above their 2% target as the economy continues to recover, according to minutes from the central bank's most recent meeting. Following the May 1-2 session, the policymaking Federal Open Market Committee (FOMC) said it was not raising rates yet but added the word symmetric to describe its inflation goal. The summary released Wednesday indicates a substantial level of debate over how the Fed should approach inflation. The minutes also pointed to an interest rate hike at the June meeting amid debate over how close the Fed might be getting to the end of this rate-hiking cycle

On the US data front, the IHS Markit purchasing managers index for May inched up to 56.6 from 56.5 in the previous reading. Separately, Markit's PMI for services rose to 55.7 from April's 54.6. New-home sales came in at a 662,000 seasonally adjusted rate in April.

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