News End-Session

Sensex, Nifty hit over 6-week closing high
12-Apr-18   17:02 Hrs IST

Domestic stocks logged modest gains in a steady session of trade. The barometer index, the S&P BSE Sensex, rose 160.69 points or 0.47% to settle at 34,101.13. The Nifty 50 index rose 41.50 points or 0.40% to settle at 10,458.65. The Sensex reclaimed the crucial 34,000 level in intraday trade. Extending gains for the sixth straight trading session, the Sensex and the Nifty, both, settled at their highest closing level in over six weeks. Traders and investors are awaiting macro economic data on consumer price index-based inflation and industrial growth later in the day.

Key indices opened on a flat note. Stocks firmed up as the day's trade progressed. Metal shares declined. IT shares were in demand as the rupee weakened against the dollar. Private sector banks were mixed. Most public sector banks declined.

The barometer index, the S&P BSE Sensex, rose 160.69 points or 0.47% to settle at 34,101.13, its highest closing level since 28 February 2018. The Sensex rose 237 points, or 0.70% at the day's high of 34,177.44. The index fell 15.56 points, or 0.05% at the day's low of 33,924.88 in early trade.

The Nifty 50 index rose 41.50 points or 0.40% to settle at 10,458.65, its highest closing level since 28 February 2018. The Nifty rose 52.75 points, or 0.51% at the day's high of 10,469.90 in mid-afternoon trade. The index fell 21.90 points, or 0.21% at the day's low of 10,395.25 in early trade.

Broader market witnessed selling pressure. Among secondary barometers, the BSE Mid-Cap index fell 0.13%. The BSE Small-Cap index fell 0.27%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,524 shares fell and 1,139 shares rose. A total of 154 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE IT index (up 3.18%) and the S&P BSE Teck index (up 2.49%) outperformed the Sensex. The S&P BSE Metal index (down 1.41%), the S&P BSE Realty index (down 1.82%), the S&P BSE Power index (down 0.43%) underperformed the Sensex.

Dr Reddy's Laboratories (down 1.97%), Sun Pharmaceutical Industries (down 1.12%) and Maruti Suzuki India (down 1.07%) edged lower from the Sensex pack.

Tata Motors rose 0.77% after Tata Motors group global wholesales, including Jaguar Land Rover (JLR), rose 18% to 153,156 units in March 2018 over March 2017. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range rose 33% to 56,399 units in March 2018 over March 2017. Global wholesales of all passenger vehicles rose 11% to 96,757 units in March 2018 over March 2017. The announcement was made after market hours yesterday, 11 April 2018.

Global wholesales for JLR were 76,221 vehicles in March 2018 (including CJLR volumes of 7,126 units). Jaguar wholesales for the month were 21,048 vehicles, while Land Rover wholesales for the month were 55,173 vehicles. CJLR a joint venture between JLR and Chery Automobiles and is an unconsolidated subsidiary for JLR.

IT shares were in demand as the rupee weakened against the dollar. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.

HCL Technologies (up 4.47%), TCS (up 4.04%), Tech Mahindra (up 3.1%), MphasiS (up 2.4%), Hexaware Technologies (up 1.59%), Persistent Systems (up 1.57%), Oracle Financial Services Software (up 1.82%), MindTree (up 0.89%) and Wipro (up 0.28%) edged higher.

IT major Infosys rose 3.41%. Infosys announces its Q4 results tomorrow, 13 April 2018.

Private sector banks were mixed. Kotak Mahindra Bank (up 0.38%), HDFC Bank (up 0.46%), Bandhan Bank (up 0.43%), Axis Bank (up 1.63%) and ICICI Bank (up 0.83%) edged higher.

Yes Bank (down 0.18%), RBL Bank (down 0.93%), City Union Bank (down 0.39%) and IndusInd Bank (down 0.3%) edged lower.

Most public sector banks declined. Bank of Maharashtra (down 1.71%), Union Bank of India (down 2.33%), Andhra Bank (down 2.05%), Allahabad Bank (down 1.48%), State Bank of India (down 1.17%), Bank of India (down 1.83%), Bank of Baroda (down 1%), Canara Bank (down 1%), Punjab National Bank (down 0.78%), Syndicate Bank (down 0.93%) edged lower.

IDBI Bank fell 1.04% after the Reserve Bank of India (RBI) has vide letter dated 10 April 2018 imposed a monetary penalty of Rs 3 crore on the bank, for non-compliance with the directions issued by it on Income Recognition and Asset Classification (IRAC) norms. The penalty will not have any material impact on the bank, IDBI Bank said. The bank made the announcement after market hours yesterday, 11 April 2018.

Metal shares declined. Steel Authority of India (down 3.84%), Vedanta (down 2.46%), Hindustan Zinc (down 1.7%), Tata Steel (down 1.51%), Jindal Steel & Power (down 1.58%), JSW Steel (down 1.67%), Hindustan Copper (down 1.08%), NMDC (down 0.41%) and Hindalco Industries (down 0.66%) edged lower. National Aluminium Company rose 1.6%.

Biocon rose 1.06%. Mylan and Biocon have agreed to accelerate introduction of adalimumab biosimilar in Europe through Mylan's in-licensing arrangement with Fujifilm Kyowa Kirin Biologics (FKB). FKB's product is at an advanced stage of review and could potentially obtain approval in Europe in the second half of 2018. Through this arrangement, Mylan could commercialize FKB's Adalimumab in EU around market formation. Biocon retains its economic interest in this arrangement vis-a-vis Mylan in line with its existing global collaboration with Mylan for monoclonal antibodies. The announcement was made after market hours yesterday, 11 April 2018.

Orissa Minerals Development Company surged 9.65% after the company said that it has received six iron and manganese ore mines from the office of Government of Odisha. The mines include Bhadrasahi Iron and Manganese Ore Mines, Roida-Bhadrasahi Iron Ore Mines, Belkundi Iron and Manganese Ore Mines, Kolha-Roida Iron and/or Manganese Ore Mines, Thakurani Iron and Manganese Ore Mines and Bagiaburu Iron Ore Mines. The announcement was made during market hours today, 12 April 2018.

On macro front, the government will announce industrial production data for February 2018 later today, 12 April 2018. India's industrial production rose by 7.5% year-on-year in January 2018.

The government will also disclose inflation data based on consumer price index (CPI) for March 2017 later today, 12 April 2018. The all-India general CPI inflation dipped to four-month low of 4.44% in February 2018, compared with 5.07% in January 2018.

Overseas, European markets were mixed as investor sentiment was curbed by the threat of imminent US military action in Syria. Asian shares declined after Syria tensions and hawkish statements from the US Federal Reserve dented investors' sentiment. US stocks declined on Wednesday, as worries about geopolitical developments deflated the buying mood on Wall Street. A tweet by President Donald Trump implied the possibility of a military strike in Syria and set the downbeat tone for the session.

Trump's tweet that Russia should get ready for a potential strike on Syria came after a likely chemical weapons attack over the weekend on a rebel-held town in the eastern Ghouta region of Syria. The newfound focus on geopolitics took the focus off a trade spat between the US and China.

Investors also digested the release of minutes from the Federal Open Market Committee's (FOMC) March meeting, which reflected that all policymakers expected the US economy to continue growing and for inflation to rise. Those views strengthened the belief that more interest rate hikes lay ahead.

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