News End-Session

Sensex, Nifty settle at over 11-week high
24-Apr-18   16:55 Hrs IST

Key benchmark indices settled with modest gains in volatile session of trade led by index heavyweights Reliance Industries, HDFC and L&T. The barometer index, the S&P BSE Sensex, gained 165.87 points or 0.48% to settle at 34,616.64. The Nifty 50 index rose 29.65 points or 0.28% to settle at 10,614.35. The Sensex and the Nifty, both, hit over 11-week closing high.

Private bank stocks gained. PSU bank stocks fell. IT stocks declined as the rupee firmed against the dollar. Shares of Reliance Anil Dhirubhai Ambani Group (ADAG) companies dropped.

Key indices opened higher and extended gains as the session progressed amid high volatility.

The barometer index, the S&P BSE Sensex, gained 165.87 points or 0.48% to settle at 34,616.64, its highest closing level since 5 February 2018. The Sensex rose 255.94 points, or 0.74% at the day's high of 34,706.71 in late trade. The index rose 14.72 points, or 0.04% at the day's low of 34,465.49 in morning trade.

The Nifty 50 index rose 29.65 points or 0.28% to settle at 10,614.35, its highest closing level since 5 February 2018. The Nifty rose 52.10 points, or 0.49% at the day's high of 10,636.80 in late trade. The index fell 15.70 points, or 0.15% at the day's low of 10,569 in afternoon trade.

Among secondary barometers, the BSE Mid-Cap index fell 0.02%. The BSE Small-Cap index fell 0.13%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,480 shares fell and 1,188 shares rose. A total of 149 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Oil & Gas index (up 1.5%), the S&P BSE Capital Goods index (up 0.65%) outperformed the Sensex. The S&P BSE Metal index (down 1.82%), the S&P BSE IT index (down 1.69%) and the S&P BSE Teck index (down 1.48%) underperformed the Sensex.

Reliance Industries (up 3.7%), Mahindra & Mahindra (up 1.94%), Adani Ports and Special Economic Zone (up 1.74%), HDFC (up 1.31%) and L&T (up 1.25%) were the top gainers in the Sensex pack.

Tata Steel (down 1.23%), Tata Motors (down 0.58%) and Asian Paints (down 0.51%) edged lower from the Sensex pack.

Private bank stocks gained. Yes Bank (up 3.31%), HDFC Bank (up 0.08%), RBL Bank (up 1.83%), ICICI Bank (up 1.66%) and IndusInd Bank (up 0.28%) rose. Axis Bank (down 0.24%) and Kotak Mahindra Bank (down 0.73%) fell.

PSU bank stocks fell. State Bank of India (SBI) (down 0.87%), Punjab National Bank (down 0.96%), Bank of Baroda (down 1.8%), Canara Bank (down 1.81%), IDBI Bank (down 2.53%), Bank of India (down 1.22%) and Union Bank of India (down 1.23%) dropped.

IT stocks declined as the rupee firmed against the dollar. A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lion's share of revenue from exports.

Infosys (down 2.49%), Wipro (down 3.3%), HCL Technologies (down 1.75%), Oracle Financial Services Software (down 0.99%), TCS (down 0.87%), Tech Mahindra (down 2.68%), MindTree (down 0.05%) and Hexaware Technologies (down 1.81%) fell. Mphasis (up 5.26%) rose.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 66.3265, compared with closing of 66.48 during the previous trading session.

Shares of Reliance Anil Dhirubhai Ambani Group (ADAG) companies slumped. Reliance Communications (down 10.47%), Reliance Capital (down 1.34%), Reliance Power (down 4.18%) edged lower.

Reliance Infrastructure lost 1.89%. The company's net profit surged 62.15% to Rs 332.23 crore on 5.97% rise in total income to Rs 2772.99 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 23 April 2018.

Reliance Naval and Engineering dropped 13.33% after the company reported net loss of Rs 408.68 crore in Q4 March 2018, higher than net loss of Rs 139.92 crore in Q4 March 2017. Total income dropped 86.13% to Rs 34.76 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 23 April 2018.

Overseas, most European stocks were trading higher. Asian shares settled mixed with a decline in tech shares and rising US bond yields weighing on investor sentiment. Stocks ended on a mixed note as investors grappled with rising bond yields and a mixed bag of earnings reports.

The closely watched yield on the 10-year Treasury note climbed, settling just below the psychologically important 3% level.

The Chicago Fed national activity index for March declined to 0.10 from 0.98 in February. Preliminary readings of the manufacturing and services purchasing managers' indexes for April showed that IHS Markit flash manufacturing PMI rose to 56.5 in April from 55.6, while the flash reading for services showed a climb to 54.4 in April from 54.

Meanwhile, existing-home sales in the US increased 1.1% in March from the previous month to a seasonally annual rate of 5.60 million.

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