News End-Session

Sensex, Nifty settle at over 6-week high on upbeat macro data
13-Apr-18   16:48 Hrs IST

Domestic stocks logged modest gains in a volatile trading session led by gains in index heavyweights Reliance Industries, HDFC and Infosys. The barometer index, the S&P BSE Sensex, rose 91.52 points or 0.27% to settle at 34,192.65. The Nifty 50 index rose 21.95 points or 0.21% to settle at 10,480.60. Extending gains for the seventh straight trading session, the Sensex and the Nifty, both, settled at their highest level in over six weeks. Sentiment was boosted by upbeat domestic macro economic data showing robust rise in factory output in February and decelerating retail inflation in March.

Most IT stocks rose ahead of Q4 results of Infosys. Private sector banks saw mixed trend. Public sector bank stocks rose. Most metal shares rose.

Key indices opened higher and hit fresh intraday high in afternoon trade. Stocks sharply pared gains as sudden selling pressure emerged in afternoon trade. The indices gradually recovered and ended with decent gains.

The barometer index, the S&P BSE Sensex, rose 91.52 points or 0.27% to settle at 34,192.65, its highest closing level since 27 February 2018. The Sensex rose 212.01 points, or 0.62% at the day's high of 34,313.14 in early afternoon trade. The index rose 2.40 points, or 0.01% at the day's low of 34,103.53 in mid-afternoon trade.

The Nifty 50 index rose 21.95 points or 0.21% to settle at 10,480.60, its highest closing level since 28 February 2018. The Nifty rose 61.25 points, or 0.59% at the day's high of 10,519.90 in early afternoon trade. The index fell 7.20 points, or 0.07% at the day's low of 10,451.45 in mid-afternoon trade.

The breadth, indicating the overall health of the market, was negative. On BSE, 1,436 shares declined and 1,285 shares rose. A total of 138 shares were unchanged.

Among secondary barometers, the BSE Mid-Cap index rose 0.46%, outperforming the Sensex. The BSE Small-Cap index rose 0.26%, underperforming the Sensex.

Adani Ports & Special Economic Zone (up 2.66%), Coal India (up 1.57%) and HDFC (up 0.67%) were the top Sensex gainers.

Index heavyweight Reliance Industries (RIL) rose 1.22%. RIL has entered into agreements on 12 April 2018 to acquire 34,33,767 equity shares of Indiavidual Learning (Embibe), for cash consideration, translating to 72.69% shareholding of Embibe on a fully diluted basis. RIL has agreed to invest upto rupee equivalent of $180 million into Embibe, (including consideration to be paid for acquiring majority stake from existing investors) over the next three years. The announcement was made beforer market hours today, 13 April 2018.

Embibe is an emerging education technology provider incorporated in India on 28 August 2012. It has operations in India. Embibe operates an AI-based education platform that leverages data analytics to deliver personalized learning outcomes to each student.

Most IT stocks rose ahead of Q4 results of Infosys. TCS (up 0.44%), Wipro (up 2.28%), Oracle Financial Services Software (up 0.11%), Tech Mahindra (up 2.38%) and MindTree (up 1.94%) rose. Hexaware Technologies (down 1%) and Mphasis (down 2.22%) fell.

IT major Infosys rose 0.58%. The company announces its Q4 results today, 13 April 2018.

HCL Technologies (HCL) fell 1.99%. HCL and Sumeru Equity Partners (SEP), a technology and growth-focused private equity firm, have signed a definitive agreement to acquire Actian Corporation. The all-cash deal is valued at $330 million. HCL will own 80% while SEP will own approximately 20% stake of the JV entity which inturn will own 100% shareholding of Actian Corporation. The announcement was made after market hours yesterday, 12 April 2018.

Palo Alto-based Actian-a leader in hybrid data management, cloud integration, and analytics solutions-powers insight-driven enterprises around the globe to help them solve the toughest data challenges.

Private sector banks saw mixed trend. Kotak Mahindra Bank (up 1.69%), IndusInd Bank (up 0.7%), ICICI Bank (up 0.61%), Federal Bank (up 0.25%) edged higher. RBL Bank (down 0.07%), HDFC Bank (up 0.09%), Yes Bank (down 0.66%) and Axis Bank (down 1.17%) edged lower.

Public sector bank stocks rose. Canara Bank (up 1.98%), Indian Bank (up 1.49%), Bank of India (up 1%), Bank of Baroda (up 0.97%), IDBI Bank (up 1.12%), Punjab National Bank (up 0.05%), Vijaya Bank (up 0.62%) edged higher. Andhra Bank (down 0.35%) and State Bank of India (down 1.22%) edged lower.

Most metal shares rose. Steel Authority of India (up 3.58%), Jindal Steel & Power (up 2.91%), Hindalco Industries (up 2.17%), NMDC (up 2.23%), National Aluminium Company (up 1.12%), Vedanta (up 0.88%) and Hindustan Zinc (up 0.5%) edged higher. Hindustan Copper (down 1.43%) and JSW Steel (down 0.16%) edged lower.

Tata Steel fell 0.54%. The company said total production in India was reported at 3.20 million tonnes (MT) in Q4 March 2018 compared with 3.07 MT in Q4 March 2017. Total sales in India was reported at 3.21 MT in Q4 March 2018 compared with 3.01 MT in Q4 March 2017. The announcement was made during trading hours today, 13 April 2018.

Ashok Leyland advanced 3.14%. The company won an order from the Ministry of Defence for supplying Ashok Leyland's High Mobility 10x10 vehicles (HMV 10x10). The initial order is worth over Rs 100 crore. The announcement was made during market hours today, 13 April 2018.

Amandeep Singh, Head - Defence, Ashok Leyland, said this order win will pave the company's way for newer opportunities in providing mobility platforms for other missile carriers, missile launchers, modular bridges and other critical loads.

Reliance Industrial Infrastructure lost 2.08%. The company's net profit dropped 65.21% to Rs 2.54 crore on 11.91% fall in total income to Rs 27.22 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 12 April 2018.

On macro front, the all-India general consumer price index (CPI) inflation eased marginally to five-month low of 4.28% in March 2018, compared with 4.44% in February 2018.

India's industrial production continued to record a healthy growth for the fourth straight month at 7.1% in February 2018 over February 2017. The manufacturing sector's production surged 8.7% in February 2018, contributing to the overall growth in industrial production. However, the growth of electricity generation output moderated to 4.5%, while the mining output declined 0.3% in February 2018.

Overseas, most European and Asian stocks rose after Donald Trump toned down his rhetoric on the timing of a missile attack on Syria. China's trade balance swung to a deficit of $4.98 billion in March from a $33.7 billion surplus in the previous month. Exports declined 2.7% in March from a year earlier, following a 44.5% surge in February. Imports in March expanded 14.4% from a year earlier, compared with a 6.8% increase in February.

US stocks closed sharply higher on Thursday, as geopolitical concerns appeared to fade after President Donald Trump tweeted that a military strike on Syria may not be imminent. Escalating tensions over the Middle Eastern country were seen as a major contributor to weakness in Wednesday's session.

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