News End-Session

Sensex, Nifty rally on upbeat global cues
07-Jun-18   16:55 Hrs IST

Local stocks logged sharp gains on upbeat global cues. The barometer index, the S&P BSE Sensex, rose 284.20 points or 0.81% to settle at 35,463.08. The Nifty 50 index rose 83.70 points or 0.78% to settle at 10,768.35. Gains were led by index heavyweights Reliance Industries, ICICI Bank and Infosys. The Sensex and the Nifty, both, settled at over 3-week high.

Sustained buying by domestic institutional investors also boosted sentiment. Domestic institutional investors (DIIs) bought shares worth a net Rs 712.31 crore yesterday, 6 June 2018, as per provisional data. Foreign portfolio investors (FPIs) sold shares worth a net Rs 81.40 crore yesterday, 6 June 2018, as per provisional data released by the stock exchanges.

The barometer index, the S&P BSE Sensex, rose 284.20 points or 0.81% to settle at 35,463.08, its highest closing level since 15 May 2018. The Sensex rose 449.61 points, or 1.28% at the day's high of 35,628.49 in afternoon trade. The index rose 99.50 points, or 0.28% at the day's low of 35,278.38 in morning trade.

The Nifty 50 index rose 83.70 points or 0.78% to settle at 10,768.35, its highest closing level since 15 May 2018. The Nifty rose 133.35 points, or 1.25% at the day's high of 10,818 in afternoon trade. The index rose 37.95 points, or 0.36% at the day's low of 10,722.60 in morning trade.

Broader market witnessed strong buying support. Among secondary barometers, the BSE Mid-Cap index rose 1.40%. The BSE Small-Cap index rose 1.96%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1961 shares rose and 747 shares fell. A total of 111 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Realty index (up 2.77%), the S&P BSE Metal index (up 1.44%), the S&P BSE Power index (up 1.23%) outperformed the Sensex. The S&P BSE Consumer Durables index (down 0.23%), the S&P BSE Auto index (up 0.6%), the S&P BSE Bankex (up 0.69%) underperformed the Sensex.

ICICI Bank (up 2.52%), Axis Bank (up 2.48%), Wipro (up 1.99%), Asian Paints (up 1.9%) and Hindustan Unilever (up 1.84%) were the major Sensex gainers.

Coal India (down 0.69%), IndusInd Bank (down 0.58%) and Kotak Mahindra Bank (down 0.57%) were the major Sensex losers.

Index heavyweight Reliance Industries (RIL) rose 1.89%. With regard to the news item titled Had no option but to file defamation suit against COAI, says JIO, RIL clarified during trading hours today, 7 June 2018, that the news is about a subsidiary viz. Reliance Jio lnfocomm (RJIL). RJIL has filed a suit for damages against COAI and its Director General, Rajan Mathews, in the Delhi High Court for making maliciously false, disparaging and defamatory statements against it over a period of time. The Delhi High Court, in its Order dated 30 May 2018, after referring to certain words used by COAI and its Director General, Rajan Mathews, in the past, has restrained them from making disparaging and defamatory statements against RJIL. The High Court has listed the matter for further hearing in August 2018. Since the matter is sub-judice, it would not be appropriate for the company to make any further statements on the matter.

Auto major Tata Motors rose 3.32%. The company announced during trading hours today, 7 June 2018, that Jaguar Land Rover (JLR) reported total retail sales of 48,281 vehicles in May 2018, up 6.1% year on year. The sales growth was primarily driven by the introduction of new models including the Range Rover Velar, the Jaguar E-PACE and the new Land Rover Discovery.

Retail sales for May were up significantly year-on-year in Overseas markets (24.0%), in the UK (20.9%) and in North America (16.7%) but down in Europe (8.7%) and in China (8.1%) as import duty reduction is resulting in deferred purchases in advance of the 1 July effective date.

Tata Consultancy Services (TCS) rose 0.43% after the company announced that Bahrain National Holding (BNH) has selected TCS BaNCS for insurance as part of its transformation strategy to enhance both enterprise agility and customer- centric growth in Bahrain. The announcement was made during market hours today, 7 June 2018.

Power Grid Corporation of India rose 0.47%. POWERGRID Parli Transmission, a 100% wholly owned subsidiary of Power Grid Corporation of India, secured through tariff based competitive bidding (TBCB), has successfully completed the Project-progressively and the same has been declared commercial operation on 4 June 2018. The announcement was made during market hours today, 7 June 2018.

Metal shares were in demand. Jindal Steel & Power (up 4.2%), Hindustan Copper (up 3.64%), Vedanta (up 0.26%), Steel Authority of India (up 6.66%), Tata Steel (up 3.73%), JSW Steel (up 1.75%), Hindalco Industries (up 0.28%), NMDC (up 1.79%) and National Aluminium Company (up 2.58%) edged higher. Hindustan Zinc (down 0.03%) fell

Realty shares moved higher. Unitech (up 19.86%), Godrej Properties (up 8.32%), Parsvnath Developers (up 4.46%), Housing Development and Infrastructure (HDIL) (up 7%), Prestige Estates Projects (up 8.45%), Mahindra Lifespace Developers (up 4.62%), D B Realty (up 5.62%), Sunteck Realty (up 2.61%), Oberoi Realty (up 0.77%), Sobha (up 2.35%), DLF (up 0.75%) and Omaxe (up 0.07%) edged higher. Indiabulls Real Estate (down 0.23%) edged lower.

Lemon Tree Hotels rose 1.21%. The company has signed a License Agreement for a 104 room property at Gwalior, Madhya Pradesh under the company's brand 'Lemon Tree Hotel'. The hotel is expected to be operational by June, 2020. Carnation Hotel Private, the hotel management arm of the company will be operating and marketing this hotel. The announcement was made during market hours yesterday, 6 June 2018.

Majesco rose 4.11% after the company announced that a new start-up selected Majesco Core Suite for P&C platform on the Majesco Cloudlnsurer platform to support their market launch and growth strategies in a SaaS model. The evaluation process was rapid and focused on minimum viable product that could leverage out-of-thebox capabilities as much as possible to achieve speed to value. The announcement was made during market hours yesterday, 6 June 2018.

Majesco Cloudlnsurer platform leverages Majesco's experience with over 35 cloud customers, providing a business platform with broad appeal for all insurers from greenfields, new start-ups and incubators to mid-market and tier one insurers.

Prateek Kumar, EVP for the P&C Business for Majesco said that this startup is part of a growing number of new greenfields and startups that are aggressively executing strategies to capture new market opportunities focused on rapid launch.

HCL Infosystems rose 3.35%. Apple India said that the distribution agreement for iPhone and other Apple products with HCL Infosystems will end on 30 March 2019. The announcement was made during market hours yesterday, 6 June 2018.

On the macro front, the Indian economy will see a robust GDP growth of 7.3% in 2018-19 and 7.5% for the next two as factors holding back growth in India fade, the World Bank has forecast. India's economy is robust, resilient and has potential to deliver sustained growth, Ayhan Kose, Director of the Development Prospects Group at the World Bank, told the media. Growth in India is projected to advance 7.3% in FY 2018-19 (1 April 2018-31 March 2019) and 7.5% in FY 2019-20, reflecting robust private consumption and strengthening investment, the bank said in its June 2018 edition of the Global Economic Prospect report. The report, released on Wednesday, is the global lender's flagship publication on the state of the world economy.

Overseas, Europe stocks rose while Asian equities settled higher, boosted by an overnight rally in US stocks, which saw the Dow Jones industrial average close above 25,000.

In US, the Dow Jones Industrial Average recorded its best daily gain since mid April as a rally in bank shares amplified a broad-market run-up that has been supported by gains in internet and technology shares. Market participants attributed Wednesday's rally to rising government bond rates. Higher rates tend to benefit the business of financials.

A rise in the yield of the benchmark 10-year Treasury note was supported by remarks from European Central Bank (ECB) senior officials, which showed the central bank remained on track to debate the timetable for ending its asset purchases soon.

Underlying strength in the euro area economy was making ECB confident that inflation will move toward target. The institution would next week discuss how it will wind down its 30 billion euro (about $35 billion) monthly-purchase program.

On the data front, the US trade deficit shrank 2.1% in April and tumbled to a seven-month low. Meanwhile, the productivity of American businesses rose at a revised 0.4% annual pace in the first quarter instead of 0.7% as originally reported. Output—or goods and services produced—climbed 2.7% instead of 2.8%, while unit-labor costs, or how much it costs to make each product, rose by 2.9%, a bit higher than the preliminary 2.7% estimate.

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