News End-Session

Sensex, Nifty rise for 2nd straight session
25-May-18   16:32 Hrs IST

The market jumped on broad-based buying support as sustained buying by domestic institutional investors (DIIs) in equity market propped up investors sentiment. The barometer index, the S&P BSE Sensex, rose 261.76 points or 0.76% to settle at 34,924.87. The Nifty 50 index rose 91.30 points or 0.87% to settle at 10,605.15. Strength in oil & gas, metals and banks shares boosted key indices higher. The Sensex trimmed gains after hitting the psychologically important 35,000 mark in late trade. The Sensex and the Nifty, both, settled at their highest closing levels in more than one week. The key benchmark indices rose for second session in a row.

Overseas, European shares were trading higher as market participants' fears were calmed by North Korea's response to President Donald Trump's decision to cancel a landmark summit. North Korea's vice foreign minister said the country was still hopeful of a Trump formula in order to resolve a standoff over its nuclear weapons program. The isolated regime also said it would remain open to resolving issues with the US.

Asian shares ended mixed after US President Donald Trump cancelled a planned meeting with North Korean Leader Kim Jong Un that had been set to take place in Singapore on 12 June 2018. Trump said participating in the summit would be inappropriate given the tremendous anger and open hostility displayed by North Korea, which had reportedly suspended direct communication with the US this week.

US stocks finished lower Thursday as a sharp decline in energy-related shares pressured the broader market lower. On the data front, initial jobless claims rose by 11,000 to 234,000 in the week ended 19 May 2018. Separately, existing-home sales ran at a seasonally adjusted annual 5.46 million pace in April.

Back home, the Sensex rose 261.76 points or 0.76% to settle at 34,924.87, its highest closing level since 17 May 2018. The index rose 354.82 points, or 1.02% at the day's high of 35,017.93. The index rose 37.41 points, or 0.11% at the day's low of 34,700.52.

The Nifty 50 index rose 91.30 points or 0.87% to settle at 10,605.15, its highest closing level since 17 May 2018. The index rose 114.20 points, or 1.09% at the day's high of 10,628.05. The index rose 10.15 points, or 0.10% at the day's low of 10,524.

Among secondary barometers, the BSE Mid-Cap index rose 1.55%. The BSE Small-Cap index rose 1.17%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,630 shares rose and 1,004 shares fell. A total of 150 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Oil & Gas index (up 3.05%), the S&P BSE Metal index (up 2.2%), the S&P BSE Basic Materials index (up 1.77%), the S&P BSE Utilities index (up 1.76%), the S&P BSE Auto index (up 1.7%), the S&P BSE Telecom index (up 1.51%), the S&P BSE Energy index (up 1.49%), the S&P BSE Power index (up 1.37%), the S&P BSE Consumer Discretionary Goods & Services index (up 1.3%), the S&P BSE Realty index (up 1.27%), the S&P BSE Finance index (up 1.25%), the S&P BSE Industrials index (up 1.16%), the S&P BSE Healthcare index (up 1.05%) and the S&P BSE Bankex (up 1.02%), outperformed the Sensex. The S&P BSE Capital Goods index (up 0.65%), the S&P BSE Teck index (up 0.37%), the S&P BSE FMCG index (up 0.21%), the S&P BSE IT index (up 0.15%) and the S&P BSE Consumer Durables index (down 0.29%), underperformed the Sensex.

Drug major Sun Pharmaceutical Industries rose 0.97% to Rs 466.55. On a consolidated basis, net profit rose 6.97% to Rs 1308.96 crore on 1.11% decline in total income to Rs 7279.85 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours today, 25 May 2018.

Shares of oil exploration and production (E&P) companies edged higher. Reliance Industries (up 0.62%), ONGC (up 4.59%) and Oil India (up 1.77%) edged higher.

Among state-run oil marketing companies, HPCL (up 4.39%), BPCL (up 2.72%) and Indian Oil Corporation (up 4.80%) gained.

Metal shares were in demand. Hindalco Industries (up 4.87%), JSW Steel (up 3.8%), Steel Authority of India (up 3.72%), Tata Steel (up 3.43%), Jindal Steel & Power (up 3.25%), National Aluminium Company (up 2.89%), Hindustan Zinc (up 1.9%), Hindustan Copper (up 1.42%), NMDC (up 1.3%) and Vedanta (up 0.6%), edged higher.

Among private sector banks, RBL Bank (up 3.87%), Yes Bank (up 2.71%), IndusInd Bank (up 2.29%), Federal Bank (up 2.06%), Axis Bank (up 1.88%), Kotak Mahindra Bank (up 1.78%) and HDFC Bank (up 1.3%), edged higher. City Union Bank (down 0.05%) and ICICI Bank (down 0.25%), edged lower.

Among state-run banks, Indian Bank (up 3.71%), Canara Bank (up 3.33%), Bank of India (up 3.15%), Union Bank of India (up 3.1%), Punjab & Sind Bank (up 2.24%), Bank of Maharashtra (up 2.07%), Syndicate Bank (up 2.03%), Corporation Bank (up 2%), Bank of Baroda (up 1.8%), Punjab National Bank (up 1.46%), Andhra Bank (up 1.4%), UCO Bank (up 1.4%), Allahabad Bank (up 1.25%), Dena Bank (up 0.93%), Central Bank of India (up 0.45%) and United Bank of India (up 0.44%), edged higher. Vijaya Bank (down 0.43%), State Bank of India (down 0.56%) and IDBI Bank (down 3.13%), edged lower.

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