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Closing Bell
Equity benchmark Sensex rallied 307 points on Friday, propelled by gains in index-heavyweights HDFC Bank, ICICI Bank and SBI.
After hitting a high of 34,405.43, the 30-share index settled 306.54 points or 0.90 per cent higher at 34,287.24.
Similarly, the NSE Nifty rose 113.05 points or 1.13 per cent to 10,142.15.
State Bank of India (SBI) was the top gainer in the Sensex pack, surging around 8 per cent, after the country’s largest lender reported an over four-fold jump in standalone net profit at Rs 3,580.81 crore for the March quarter.
Tata Motors, Tata Steel, Bajaj Finance, HDFC Bank, NTPC, Axis Bank and ICICI Bank also ended with firm gains.
On the other hand, TCS, HUL, Bajaj Auto and Infosys were among the laggards.
Reliance Industries (RIL) succumbed to profit-booking, ending flat after touching its one-year high in intra-day trade. The company announced sale of 1.85 per cent stake in its digital unit Jio Platforms to Abu Dhabi-based sovereign investor Mubadala for Rs 9,093.60 crore.
According to traders, besides stock-specific action, persistent foreign fund inflows and positive cues from global markets led to bullish sentiment here.
On a net basis, foreign portfolio investors bought equities worth Rs 2,905.04 crore on Thursday, provisional exchange data showed.
“The current week has been a good one for the global markets as major frontline markets posted a strong rally,” said Sanjeev Zarbade, VP PCG Research, Kotak Securities.
The rally has been driven by positive sentiment generated from gradual lifting of lockdown across economies, despite weak economic readings and civil unrest in the US, he said.
Bourses in Shanghai, Hong Kong, Seoul and Tokyo ended with significant gains.
Stock exchanges Europe too opened up to 2 per cent higher.
International oil benchmark Brent crude futures rose 2.73 per cent to $41.08 per barrel.
On the currency front, the rupee closed flat at 75.58 against the US dollar.
SBI Q4 net profit jumps four-fold to ₹3,581 crore
State Bank of India (SBI) reported a huge jump in fourth quarter standalone net profit at ₹3,581 crore against ₹838 crore in the year ago quarter.
Sun Pharma developing plant-based drug as a potential treatment to Covid-19
Mumbai-based Sun Pharmaceutical Industries Ltd announced on Friday that it is testing a plant-derived drug, AQCH, for the potential treatment of COVID-19. The trial has surpassed the early-stage and the researchers are now conducting mid-stage trial. The results of which is expected by October, Reuters reported.
Tata Motors zooms 10 per cent on resumption of operations
Shares of Tata Motors zoomed more than 10 per cent today after the automobile major announced that it has resumed operations across all its manufacturing plants in the country.
The stock jumped Rs 10 or 10.10%, to Rs 108.45 on the BSE. Traded volumes were to the extent of 59.23 lakh shares against the 2-week average quantity of 33.45 lakh shares.
In its regulatory filing on Tuesday it said, Jamshedpur facility had also received approval to begin operations on May 27.
In the passenger vehicles segment, 59 per cent of its showrooms have resumed operations, covering 69 per cent of the retail market, it said.
In the commercial vehicles (CV) segment, 70 per cent of the 3S (showroom, sales and service) outlets and 43 per cent of the 1S outlets have opened, which cover around 56 per cent of the retail market.
About 80 per cent of the dealer workshops and Tata Authorised Service Stations (TASS) have commenced operations in the CV segment and 69 per cent in PV segment, it added.
Trading call: Tata Motors - DVR - Buy
The stock of Tata Motors - DVR has jumped 8 per cent accompanied by above average volume in today's session, decisively breaking above a key resistance at ₹42.5.
Nifty call: Nifty 50 June Futures (10,102)
Following a gap-up open and initial hour rally, the Sensex and the Nifty slipped and took support at the previous close. But, the benchmark indices once again started to trend upwards.
NIFTY SECTORAL INDICES
Hexaware makes 20 per cent upper circuit
Shares of Hexaware Technologies surged 20 per cent and locked in upper circuit on the bourses today following the announcement of delisting plans at the board meeting to be held on June 12.
On the NSE, Hexaware Technologies stock was quoted at Rs 311.40, up by Rs 51.90 or 20 per cent over its previous closing price of Rs 259.50.
On the BSE, the stock was locked 20 per cent upper circuit at Rs 311.30, up by Rs 51.85 over its previous closing price.
Hexaware in its release to the BSE has said that its Board will meet on June 12 to discuss on the proposal by the promoter to acquire all the equity shares held by the public and then subsequently delist.
As a part of the delisting offer, HT Global IT Solutions Company, the promoter has given an indicative offer of ₹285 per share, which is a 9.8 per cent premium on the closing price of the shares on June 4.
BSE A Group Upper Circuit
Opening Session
Equity benchmark Sensex surged over 200 points in early trade on Friday, led by strong buying in Tata Steel, ONGC, SBI, Sun Pharma, Kotak Bank, M&M, HDFC Bank, Reliance and Bajaj Finance amid buying from institutional investors.
The 30-share index was trading 264.95 points or 0.82 per cent higher at 34,259.05.
Similarly, NSE Nifty rose 77.60 points or 0.77 per cent to 10,106.70.
Tata Steel and Tata Motors wre the top gainers in the Sensex pack, rising over 3 per cent.
However, TCS, PowerGrid, HindustanUniLever and Infosys were the losers.
USDINR20JUNE FUTURES
Wockhardt (Rs 245.8)
Breaking above a key long-term resistance at ₹235, the stock of Wockhardt jumped 5 per cent on Thursday with above average volume. The recent rally has also enabled the stock
Broker's call
Emkay Global
Cholamandalam Investment (Buy)
CMP: ₹142.9
Target: ₹240
Cholamandalam Investment and Finance Company (CIFC) reported weak momentum in disbursement growth for the vehicle finance business, which fell by about 36.3 per cent y-o-y (-20.9 per cent q-o-q) to ₹4,700 crore, whereas Home Equity disbursements fell about 43 per cent y-o-y (-35.1 per cent q-o-q) to ₹590 crore.
Nikkei, Hang Seng trade in a tight range
Asian markets were in a tight range on Friday after a mixed Wall Street session and as investors awaited key U.S. jobs data while sustained hopes about a global economic recovery kept pressure on the safe-haven dollar.
The week's global equity rally lost some steam on Thursday as traders took winnings from seven days of gains, backing away ahead of Friday's nonfarm payrolls data, which is expected to show further deterioration in the U.S. jobs market.
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