Closing bell : The benchmark stock index advanced for the first time in four days as earnings optimism outweighed concerns that Asia's third-biggest economy may be crimped by higher oil prices.

The 30-share BSE index Sensex closed higher by 489.80 points or 1.27 per cent at 39,054.68 and the 50-share NSE index Nifty ended up 150.20 points or 1.30 per cent at 11,726.15.

The market breadth was neutral as 1,247 shares advanced, against a decline of 1,249 shares, while 158 shares were unchanged.

Top five Nifty gainers were UltraTech Cement, BPCL, HCL Technologies, IndusInd Bank and ONGC, while the major losers were Tata Motors, Hero MotoCorp, Maruti, Coal India and Cipla.

UltraTech Cement Q4 net profit at Rs 1,014 crore

Aditya Birla Group firm UltraTech Cement Wednesday reported a consolidated net profit of Rs 1,014.19 crore for the fourth quarter ended March 31. The company had posted a net profit of Rs 446.13 crore in the January-March quarter a year ago, UltraTech Cement said in a BSE filing.

The company’s total income stood at Rs 11,031.27 crore during the quarter under review. It was Rs 9,401.39 crore in the corresponding period previous fiscal.

Market update : The benchmark indices witnessed a sharp surge in the late afternoon trade.

At 3 p.m., the Sensex is up 375.11 points at 38,939.99, while Nifty is up 119.30 points at 11,695.25.

Nifty 50 top 10 gainers

Nifty 50 top 10 losers

VRS package may save Rs 1,080 cr annually, says MTNL chief

The Voluntary Retirement Scheme (VRS) being proposed by the telecom department could save Rs 1,080 crore in annual wage expenses for Mahanagar Telephone Nigam Ltd (MTNL), and the telco expects about 9,500 employees to opt for the scheme as and when it comes up, according to its chairman.

UK stocks fall as concern grows over China's stimulus plans

Britain's FTSE 100 slipped as mining shares fell amid concern that China will reduce its economic stimulus, although gold producer Centamin boosted midcaps after a strong first quarter.

SEBI bars Hotel Leelaventure from selling properties to Brookfield Asset Management

Cash-strapped Hotel Leelaventure on Wednesday said the Securities and Exchange Board of India (SEBI) has barred it from selling its four hotels and other assets to Canadian investment fund Brookfield Asset Management.

On March 18, Hotel Leelaventure Ltd (HLVL) had announced sale of its four hotels located in Bengaluru, Chennai, Delhi and Udaipur, and a property to Canadian investment fund Brookfield for Rs 3,950 crore. It has sought shareholders approval and voting is scheduled to end on April 24. Read more here

Maruti Suzuki India hits three-week low

Shares of top-selling car maker Maruti Suzuki India Ltd fall as much as 1.76 per cent to ₹6,925.

The stocks broke below a support at Rs 7,012.1. Read the fully story here

Surya Roshni bags Rs 231 cr order from IOC

Surya Roshni Ltd on Wednesday informed that it has received order worth Rs 231 crore from Indian Oil Corporation for supplying API SL Grade Pipes of different sizes and specifications.

Nifty Call: Buy in dips with stop-loss at 11,580

Both the Sensex and the Nifty started the session on a positive note despite mixed global cues. Subsequently, the key benchmark indices began to move sideways with a positive bias. The market breadth of the Nifty index is biased towards advances. Read more on Technical Analysis here

Oil dips on well supplied markets despite tighter Iran sanctions

Oil prices fell on Wednesday amid signs that global markets remain adequately supplied, despite a jump to 2019 highs this week on Washington's push for tighter sanctions against Iran.

Brent crude futures were at $74.17 per barrel, down 34 cents, or 0.5 percent, from their last close.

US West Texas Intermediate (WTI) crude futures were at $65.96 per barrel, down 34 cents, or 0.5 percent, from their previous settlement. Click here to read more

Asian shares fall despite strong Wall Street; oil retreats

Equity markets in Asia faltered on Wednesday amid losses in South Korea and uncertainty over China's plans for further stimulus as the economy shows signs of regaining its footing.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.3 percent lower, erasing early gains in the wake of record closing highs on Wall Street overnight. Read more

USFDA retains OAI status of Indoco's Goa Plant I

Indoco Remedies on Wednesday said, the United States Food and Drug Administration (USFDA) has retained the Official Action Indicated (OAI) status for Goa Plant - I. The finished dosages facility was inspected by the USFDA in January 2019.

"We are in the process of sending our responses to the regulators, as and when the commitments given in response to Form 483 observations are fulfilled. We believe that this OAI status will not impact our current commercial supplies to USA or revenues from this manufacturing facility. However, this may withhold approval of our pending ANDAs from this facility", said Aditi Kare Panandikar, Managing Director, Indoco Remedies Limited.

The plant currently supplies against one approved ANDA and has four ANDAs pending for approval.

Indiabulls Real Estate rises on London property sale

Indiabulls Real Estate shares on Wednesday rose as much as 11 per cent to Rs 117.20.  The company said on Tuesday that it is divesting Century Ltd, the firm that houses Hanover Square property, London, to its promoter for 200 million pounds ($258.7 million)

It further stated that the divestiture is in light of sluggish London property market due to Brexit uncertainty and decided to focus only on Mumbai and Delhi's National Capital Region markets. The post-transaction net debt will be around Rs 3,000 crore.

Tata Global Beverages slips on weak Q4 results

Shares of Tata Global Beverages on Wednesday fell as much as 4.3 per cent to Rs 200.65, their biggest daily per cent loss since February 11.

Earlier on Tuesday, it has reported a 61 per cent fall in Q4 net profit.

The company also informed it's intent to buy tea business of Dhunseri Tea & Industries Ltd for Rs 101 crore ($14.46 million).

ACC falls as rising costs, low cement realisations disappoint

Shares of ACC Ltd on Wednesday plunged as much as five per cent to Rs 1578.45. It has posted the worst intra-day fall since October 19.

The cement maker posted over 38 per cent jump in March-quarter profit on Tuesday, but reported nearly eight per cent spike in expenses.

Sri Lanka stock index hits more than 6-year low

Sri Lanka's main stock index traded at its lowest since December 2012 on Wednesday, as investors sold the island nation's risky assets for the second day following deadly Easter Sunday attacks that killed more than 350 people.

Oil eases as supplies adequate for now, despite Iran sanctions

Oil prices fell on Wednesday amid signs that global markets remain adequately supplied despite a jump to 2019 highs this week on Washington's push for tighter sanctions against Iran.

Brent crude futures were at $74.13 per barrel , down 38 cents, or 0.5 percent, from their last close.

Coromandel International rises after Q4 profit jump

Shares of Coromandel International Ltd on Wednesday climbed as much as 6.3 per cent to ₹452.85, their biggest daily per cent gain since Oct 10, 2018.

On Tuesday, the company reported a 22.8 per cent jump in Q4 net profit at ₹110 crore ($14.32 million). Over 441,816 shares change hands in first hour of trade, compared with 30-day average volume of 201,087.

BSE, NSE issue curbs on insider-trading window to promoters, employees

SEBI’s new insider-trading rules come with fresh curbs on promoters, employees and those closely linked to listed companies.

According to a recent diktat of the BSE and the NSE, issued in line with the new regime on unpublished price sensitive information, the compliance officer of a company will no longer be at liberty to decide on the closure of trading window on origination of UPSI. Read the SEBI's recent diktat here

Rupee slips 23 paise to 69.85 against US dollar on fund outflows

The rupee Wednesday declined 23 paise to 69.85 against the US dollar in early trade due to higher demand for the greenback from importers amid foreign fund outflows. Read more

What to watch: Bharti Infratel, ICICI Pru, M&M Fin results eyed

The respective boards of Automotive Stampings and Assemblies, Agro Tech Foods, Benares Hotels, Bharti Infratel, Indiabulls Housing Finance, Hexaware Technologies, ICICI Prudential Life Insurance Company, Mahindra & Mahindra Financial Services, Meera Industries, Muthoot Capital Services, Prakash Industries, Shriram City Union Finance, Tata Elxsi and UltraTech Cement will meet on Wednesday to consider quarterly and annual results for the period ended March 2019.

What to watch - Syngene International: Focus on results, bonus meet

The stock of Syngene International will remain in focus, as the company will declare its quarter as well as annual financial results for the period ended March 2019. The board will also consider a proposal to issue bonus shares. If approved, it would be the maiden bonus issue from the contract research and manufacturing firm since its listing in 2015.

Syngene International had posted a profit of ₹86.70 crore during the October-December 2018 quarter and revenues of ₹467.10 crore.

Lupin shares fall on potential USFDA action at Pithampur plant

Drugmaker Lupin’s shares fell as much as 3.8 per cent to ₹ 835, their biggest daily percentage drop since March 18.

It has received letter from the US FDA classifying the inspection conducted at Pithampur unit-2 facility in January as official action indicated. Read more here

Sasken Technoglies board clears share buyback proposal

The board of Sasken Technologies has approved the proposal to buyback up to 19.98 lakh shares at Rs 850 per share amounting to Rs 169.88 crore.

Broker's call: Marico Industries (Buy)

Marico is a consumer products company operating in the beauty and wellness space. The company’s principal products include edible oils and value added hair oils. The company’s geographic segments include India and international, which includes primarily the West Asia. Read more Technicals here

Market opens

The equity indices opened higher on Wednesday following positive trend in Asian markets. At 9.15 am, the Sensex is up 67 points at 38,631.96 while the Nifty was trading above 11,600 level.

About 444 shares have advanced, 175 shares declined, and 18 shares are unchanged.

According to reuters report, the S&P 500 index and the Nasdaq registered record closing highs after a broadbased rally on Tuesday, as a clutch of better-than-expected earnings reports eased concerns about a slowdown.

Equity markets in Asia rose on Wednesday morning after upbeat earnings helped the Nasdaq and S&P 500 indexes reach record closing highs on Wall Street overnight, while oil retreated from its near six-month highs, it said.

Broker's call: Grasim Industries (Buy)

Grasim Industries is the flagship company of the Aditya Birla Group. It started as a textiles manufacturer in India in 1947. Today, it is a leading global player in VSF (viscose staple fire) and the largest chemicals (Chlor-Alkali-s) player in India.

We believe Grasim Industries is trading at huge discount due to Q2 and Q3 results. In Q2, PAT decline due to exceptional item and in Q3 its PAT increased but other income declined. Company is focusing on backward integration expanding which will improve its margins. Read more

Day Trading Guide for April 24, 2019

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹2245 • HDFC Bank

₹727 • Infosys

₹303 • ITC

₹163 • ONGC

₹1363 • Reliance Ind.

₹305 • SBI

₹2157 • TCS

11586 • Nifty 50 Futures

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

Today's Pick - Deep Industries (₹150): Buy

The stock of Deep Industries had gained 6 per cent accompanied by good volume on Tuesday, surpassing an immediate resistance at ₹146. Investors with a short-term perspective can buy this small-cap stock at current levels. Read more on Technical Analysis

Asian shares up

Equity markets in Asia rose on Wednesday morning after upbeat earnings helped the Nasdaq and S&P 500 indexes reach record closing highs on Wall Street overnight, while oil retreated from its near six-month highs.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 percent in early trade in Asia. The gains followed a strong performance on Wall Street, driven by robust results from Coca-Cola, Twitter, United Technologies and Lockheed Martin.

The Dow Jones Industrial Average rose 0.52 percent to 26,647.97, the S&P 500 gained 0.91 percent to 2,934.31 and the Nasdaq Composite added 1.35 percent to 8,123.25. Click here to read more

COMMENT NOW