Market updates: Nifty ends above 9,000, Sensex up 600 points

Closing bell:

Starting the day on positive note, the benchmark indices stayed in the same territory for the entire session. Although the growth was slow in the first half, post-noon the indices rallied sharply to end the day on a high note.

The NSE Nifty closed at 9,066.55, up 187.45 points or 2.11 per cent. Whereas, BSE Sensex ended at 30,818.61, up 622.44 points or 2.06 per cent. BPCL, Grasim, M&M were the top gainers. While Infratel, IndusInd were the top laggards.

All the sectoral indices ended in green, led by Pharma, Financial services, and Banks.

Results:

Pharma major Dr Reddy’s Laboratories Ltd’s consolidated net profit increased 76 per cent at ₹764 crore in the fourth quarter ended March 31, 2020 as against ₹434 crore in the same quarter in the previous financial year.

NSE Sectoral Indices update:

Results:

L&T Infotech has reported a net profit of ₹427.5 crore for the quarter-ended March, an increase of 12.9 per cent year-on-year. In the corresponding year-ago period, the net profit was ₹378.5 crore. On a sequential basis, the net profit rose 13.48 per cent over the ₹376.7 crore posted in December 2019.

Nifty 50 May Futures (8,971)

In the midst of mixed Asian markets, Sensex and Nifty started the session in a positive territory. The Nikkei 225 has climbed 0.8 per cent to 20,595 and Hang Seng index is hovering flat at 24,363 levels in today's session. Both Sensex and Nifty have advanced 0.7 per cent each. The market breadth of the Nifty index is biased towards advances. The volatility index - India VIX has slumped 6.5 per cent to 36.8 levels. The Nifty mid-cap has advanced 0.8 per cent and small-cap index has increased 0.6 per cent. Among the sectoral indices, Nifty IT index and Nifty PSU Bank index are marginally trading in the red. Top gainers are Nifty Pharma and realty indices which have advanced 1.5 per cent each.

News: Jaguar Land Rover (JLR), a part of Tata Motors, on Wednesday announced the rollout of first unit from Solihull facility in the UK, marking the end of temporary suspension of production at the plant due to coronavirus pandemic.

The first Range Rover made under new social distancing measures drove off the production line at the company’s manufacturing plant in Solihull on Wednesday, JLR said in a statement.

NSE Sectoral update:

Broker's call:

Aarti Drugs (Buy)

CMP: ₹766.7

Target: ₹1,028

Key takeaways: a) Aarti’s API sales were down 5 per cent to ₹400 crore as manufacturing and sales were curtailed in the last 10 days of Q4. Barring this, the company increased the proportion of antibiotics products to 44 per cent in FY20 (41 per cent in FY19), mainly due to higher ciprofloxacin, ofloxacin and norfloxacin sales.

Results:

Apollo Tyres reported a consolidated net profit of ₹78 crore for the fourth quarter ended March 31, down 7 per cent as compared to ₹84 crore in the corresponding period last year.

The consolidated net sales of the company also declined by 15 per cent to ₹3,551 crore during the January-March quarter, as compared to ₹4,176 crore in the same period previous fiscal.

Shares of Apollo Tyres fell over 2 per cent after the firm reported a 7.36 per cent decline in its consolidated net profit for the fourth quarter ended March 2020.

The stock declined 2.23 per cent to Rs 89.70 on BSE.

Daily rupee call:

The rupee (INR) commenced today’s session marginally higher against the dollar (USD) as it has opened at 75.57 versus yesterday’s close of 75.64. Yesterday, the local currency faced resistance at 75.6.

BSE Stock update:

Results:

Ujjivan Small Finance Bank registered a 14.6 per cent increase in its net profit in the fourth quarter of 2019-20 to ₹73.1 crore compared to ₹63.78 crore a year ago.

Its net profit surged by 75.6 per cent in 2019-20 to ₹349.92 crore from ₹199.22 crore in 2018-19.

Oil market update:

Oil prices dipped on Wednesday as concerns over the lasting economic fallout from the coronavirus pandemic outweighed signs of improving demand and production cuts by major oil producers.

Brent crude futures for July delivery were trading down 11 cents, or 0.3%, at $34.54 per barrel at 0031 GMT.

Asian market update:

Asian stocks struggled to extend the week's rally and gold and bonds firmed as a sceptical press report dented some hopes for a COVID-19 vaccine and concerns about bumps in the global recovery from the pandemic returned.

MSCI's broadest index of Asia-Pacific shares outside Japan was flat. The risk-sensitive Australian dollar retreated from an overnight two-month high and safe-haven demand drove US Treasury yields back under 0.7%.

Opening bell:

After a positive but trimmed gains yesterday's close, the markets today opened higher today.

BSE Sensex rose 149.40 points to 30,345.57 in opening session, while NSE Nifty inched 36.45 points higher to 8,915.55.

Today's stock pick:

Adani Ports &  Special Economic Zone (₹319.3): Buy

Investors with a short-term horizon can buy the stock of Adani Ports and Special Economic Zone at current levels.

Day Trading Guide

₹832 • HDFC Bank

₹668 • Infosys

₹170 • ITC

₹77 • ONGC

₹1408 • Reliance Ind.

₹152 • SBI

₹1948 • TCS

8884 • Nifty 50 Futures

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2. 

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