News End-Session

Sensex, Nifty settle with minor gains
06-Apr-18   16:31 Hrs IST

Key domestic indices reported small gains after alternately moving in positive and negative zone throughout the trading session. The barometer index, the S&P BSE Sensex, rose 30.17 points or 0.09% at 33,626.97. The Nifty 50 index rose 6.45 points, or 0.06% at 10,331.60. Oil & gas stocks gained. Shares of index heavyweight and software major Infosys dropped.

Key benchmark indices drifted lower in early trade amid initial volatility. Stocks hovered in a small range in negative zone till mid-afternoon trade. Indices trimmed gains in late trade amid high volatility soon after hitting intraday high.

The Sensex rose 30.17 points or 0.09% to settle at 33,626.97, its highest closing level since 15 March 2018. The index rose 100.71 points, or 0.30% at the day's high of 33,697.51. The index fell 95.43 points, or 0.28% at the day's low of 33,501.37.

The Nifty 50 index rose 6.45 points, or 0.06% at 10,331.60, its highest closing level since 15 March 2018. The index rose 25.30 points, or 0.25% at the day's high of 10,350.45. The index fell 34.30 points, or 0.33% at the day's low of 10,290.85.

The S&P BSE Mid-Cap index rose 0.65%. The S&P BSE Small-Cap index rose 0.61%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,624 shares rose and 1,056 shares fell. A total of 133 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Healthcare index (up 0.94%), the S&P BSE Oil & Gas index (up 0.83%), the S&P BSE Consumer Durables index (up 0.62%), the S&P BSE Bankex (up 0.59%), the S&P BSE Finance index (up 0.59%), the S&P BSE Realty index (up 0.58%), the S&P BSE Energy index (up 0.53%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.40%), the S&P BSE Utilities index (up 0.40%), the S&P BSE FMCG index (up 0.36%), the S&P BSE Power index (up 0.35%) and the S&P BSE Auto index (up 0.34%), outperformed the Sensex. The S&P BSE Basic Materials index (up 0.02%), the S&P BSE Metal index (down 0.16%), the S&P BSE IT index (down 0.51%), the S&P BSE Capital Goods index (down 0.52%), the S&P BSE Teck index (down 0.7%) and the S&P BSE Telecom index (down 1.29%), underperformed the Sensex. The S&P BSE Industrials index rose 0.09%, matching the Sensex's rise in percentage terms.

Index heavyweight and software major Infosys fell 1.31% to Rs 1,130.

Oil & gas stocks gained. Among shares of oil exploration and production (E&P) companies, Reliance Industries (up 0.33%) and Oil India (up 0.18%) edged higher. ONGC (down 0.14%) fell.

Among state-run oil marketing companies, BPCL (up 2.87%), HPCL (up 1.64%) and Indian Oil Corporation (up 0.58%) gained.

Drug major Lupin rose 3.03% to Rs 809.80 after the company said that it has received the Establishment Investigation Report (EIR) from US Food and Drug Administration (USFDA) for the successful inspection of its Pithampur, Unit 1. The inspection was conducted in July 2017. The announcement was made during trading hours today, 6 April 2018.

Lupin's managing director, Nilesh Gupta, said that the successful outcome of this inspection is encouraging, and further validates the company's commitment to meeting global manufacturing standards.

Engineering and construction major Larsen & Toubro (L&T) fell 1.31% to Rs 1,311.10. According to media reports, Serious Frauds Investigation Office (SFIO) has received a complaint against the company alleging thousands of crores of financial irregularities, including money laundering and tax evasion. The media report further stated that SFlOs Mumbai Regional Office has written to the Head Office in Delhi stating that it is a fit case to be investigated.

With reference to media reports, L&T clarified during trading hours today, 6 April 2018, that it has so far not received any letter or notice from SFIO or any authority on this matter nor any letter or notice from National Highways Authority of India (NHAI) black listing the company on account of any default of its road subsidiaries/projects.

Private sector banks ended on a mixed note. Federal Bank (up 3.90%), ICICI Bank (up 0.97%), HDFC Bank (up 0.79%), Yes Bank (up 0.43%) and Kotak Mahindra Bank (up 0.04%), edged higher. City Union Bank (down 0.06%), Axis Bank (down 0.49%) and RBL Bank (down 0.65%), edged lower.

IndusInd Bank fell 0.50% to Rs 1,822. IndusInd Bank during market hours today, 6 April 2018 announced collaboration with Samsung Electronics to enable its MasterCard and Visa Credit Card customers to use Samsung Pay. IndusInd credit card holders can now tap and pay at merchant outlets having Point of Sale (PoS) terminals using a wide range of Samsung Smartphones. Samsung Pay is a payments system which allows customers to simply tap and pay on the go using their registered IndusInd Bank Credit Cards.

Public sector banks were in demand. Punjab National Bank (up 4.88%), Allahabad Bank (up 3.38%), Andhra Bank (up 2.49%), Bank of India (up 2.08%), Union Bank of India (up 1.79%), Bank of Baroda (up 1.59%), Vijaya Bank (up 1.36%), Dena Bank (up 1.26%), Indian Bank (up 1.04%), Central Bank of India (up 0.92%), Syndicate Bank (up 0.92%), IDBI Bank (up 0.90%), Canara Bank (up 0.74%), Bank of Maharashtra (up 0.70%), State Bank of India (up 0.54%), United Bank of India (up 0.29%), UCO Bank (up 0.22%) and Corporation Bank (up 0.16%), edged higher. Punjab & Sind Bank fell 0.13%.

Overseas, European stocks were trading lower, while most Asian stocks declined as traders digested the latest developments in the US-China trade spat and eyed all-important monthly US jobs data for March later in the day for clues on US monetary policy. Mainland China markets are shut for a holiday.

German industrial output fell in February, data released today, 6 April 2018 showed. Industrial output in adjusted terms fell 1.6% in February month-on-month after a 0.1% increase in January. Industrial output was up 2.6% from February 2017 in calendar-adjusted terms, although the pace of year-on-year growth slowed from 6.3% in January.

Trading in US index futures indicated that the Dow could slide 179 points at the opening bell today, 6 April 2018. In an announcement that came after US stock trading closed yesterday, 5 April 2018 President Donald Trump instructed the US trade representative to consider slapping an extra $100 billion in tariffs on Chinese goods. The latest move is a continuation of a growing trade dispute between the two countries. Trump previously announced $50 billion in proposed tariffs on goods imported from China, which responded by announcing about $50 billion in proposed tariffs on US goods.

US stocks closed higher yesterday, 5 April 2018 with major indexes posting their first three-day rally in several weeks as investors dialed back fears that a trade spat between the US and China will turn into a full-blown trade war.

Meanwhile, the US trade deficit rose 1.6% in February and remained near a 10-year high. The US trade deficit rose to $57.6 billion in February from $56.7 billion in the prior month, data released yesterday, 5 April 2018 showed.

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