Markets Live: Sensex ends at over 3-month high of 35,208; Nifty reclaims 10,700-mark

Closing bell

The BSE index closed at an over three-month high of 35,208.14, while the NSE index recaptured the 10,700-mark as investors piled into recently-battered metal, energy, realty and banking stocks amid firm global cues.

Fresh buying by domestic institutional investors added to the momentum.

The Sensex surged 292.76 points or 0.84 per cent to 35,208.14 and the Nifty climbed 97.25 points or 0.92 per cent to 10,715.50.

Barring healthcare and IT, all other BSE sectoral indices ended in the green.

Top five Sensex gainers were M&M, Axis Bank, Tata Steel, ICICI Bank and HUL, while the major losers were Dr Reddy's, Coal India, TCS, Sun Pharma and HDFC Bank.

According to provisional data, domestic institutional investors had bought shares worth Rs 1,084.09 crore, while foreign portfolio investors sold shares worth Rs 1,628.23 crore on Friday.

Global markets

Oil prices jumped to their highest since late 2014 on a deepening economic crisis in Venezuela and worries that the Unites States could re-impose sanctions on Iran, while stocks firmed and the dollar rose towards its 2018 peak.  Read more

 

Lemon Tree Hotels is looking at the option of going ‘asset light’ once the ongoing expansion projects get implemented. The company shares were trading down by 5.06 per cent at Rs 73.10 on the BSE. More on this

 

Suven unit completes USFDA inspection

Suven Life Sciences’ Pashamylaram facility near Hyderabad has undergone successful inspection by the US health regulator. Read more

 

Bullion prices

Gold advanced by Rs 100 to Rs 32,180 per ten gram at the bullion market on sustained buying by local jewellers amid firm global cues. Silver also strengthened by Rs 100 to Rs 40,600 per kg. Click here to read more

 

Near-term view is positive for MCX-Aluminium

The strong recovery in the past week has eased the downside pressure. Technically, the 21-day moving average halted the sharp fall in the contract and has been serving as a strong support by limiting the downside over the last couple of weeks. This leaves the near-term outlook positive for the contract. Click here to read more

 

 

Pre-close trade

Benchmark indices were trading higher by nearly one per cent on heavy buying in metal, oil & gas, consumer durables and realty stocks amid firm global cues.

The Sensex surged 302.13 points or 0.87 per cent to 35,217.51 and the Nifty climbed 92.4 points or 0.87 per cent to 10,710.65.

Barring healthcare, all other BSE sectoral indices were trading in the positive zone.

Top five Sensex gainers were M&M, Axis Bank, Tata Steel, HUL and ICICI Bank, while the major losers were Dr Reddy's, TCS, Coal India, Sun Pharma and HDFC Bank.

 

AMCs to help deal with stressed power assets

With the RBI tightening rules for dealing with stressed assets, top lenders are considering creating a structure similar to an asset management company, to which they could transfer stressed power assets which could then be turned around. Read more

 

Rupee slumps to 67.17

The rupee fell to as low as 67.17 to the dollar, its lowest since February 17 on risk aversion as oil rose above $75 a barrel and amid geo-political tensions related to United States and Iran. Read more

 

European markets

European shares were supported in early trading by some good earning updates and gains in Nestle after the Swiss-based food giant agreed for a tie-up with Starbucks. Click here to read more

 

Shakun Polymers has filed draft papers with SEBI to float an initial public offering. The IPO comprises fresh issue of shares worth Rs 75 crore and an offer for sale of up to 18 lakh equity stocks by the existing shareholders. More on this

 

The Sensex was trading higher by nearly 200 points and the Nifty close to 10,700 level on continued buying by DIIs amid positive global cues.

The BSE index was up 198.13 points or 0.57 per cent at 35,113.57 and the NSE index up 62.3 points or 0.59 per cent at 10,680.55.

Barring healthcare, all other BSE sectoral indices were trading in the green.

Top five Sensex gainers were Axis Bank, HUL, ICICI Bank, State Bank of India and ONGC, while the major losers were Coal India, Dr Reddy's, TCS, Sun Pharma and Asian Paints.

European shares were supported in early trading by some good earning updates and gains in Nestle after the Swiss-based food giant agreed a tie-up with Starbucks.

Asian shares climbed with the MSCI's broadest index of Asia-Pacific shares outside Japan rising 0.21 percent.

Essar Steel is a test case for the new insolvency law

ArcelorMittal is leaving no stone unturned in its bid to acquire Essar Steel, as it fights it out with the only other contender, Numetal Mauritius, a consortium promoted by Russia’s VTB Bank. Click here to read the full interview

 

 

Reliance Infrastructure and Astaldi S p A (Italy) in a joint venture have bagged a Rs 7,000-crore order for the construction of the second sea link in Mumbai. Read more

 

Nestle will pay $7.15 billion for the rights to market Starbucks products around the world, outside of the company’s coffee shops. Nestle India shares were trading down by 0.06 per cent at Rs 9,097.65. More on this

 

Sadbhav Engineering has a bagged a mining project worth Rs 317 crore in Chhattisgarh. The company shares were trading up by 0.5 per cent at Rs 373 on the BSE. Read more

 

 

Nifty 50 May Futures (10,685)

Traders with high risk appetite can short on a break below 10,670. Stop-loss can be placed at 10,695 for the target of 10,625. Click here to read more

 

Hot money risks seen rising

A series of measures from Reserve Bank of India to lure foreign buyers into the country's short-term debt market could easily backfire, investors fear, exposing the economy to volatile “hot money” flows. Read more

 

Post noon trade

Domestic indices continued to trade higher, tracking Asian peers, after tepid US jobs data on Friday eased fears of faster rate hikes by the Federal Reserve.

The Sensex was up 148.72 points or 0.43 per cent at 35,064.10 and the Nifty up 49.75 points or 0.47 per cent at 10,668.

The Nifty PSU Bank index rose 1.6 per cent with Punjab National Bank among the top gainers. The bank had said on Sunday that it targets 10 per cent business growth in 2018-19.

 

ICICI Bank, which is scheduled to report its March-quarter results later in the day, was up 1.5 per cent.

Top 10 Nifty gainers

 

However, analysts said crude oil prices and the rupee would be the other key factors affecting markets.

“Movement of crude oil and rupee are likely to move the markets today apart from corporate results,” said Rahul Sharma, senior research analyst with Equity99.

“Increase in bond yield and depreciation in the rupee are key worries for the market.”

The US jobs report for April showed unemployment dropping to a 17-1/2 year low of 3.9 per cent but wages barely improved, suggesting the Fed would keep raising rates but at a gradual pace.

 

Asian shares climbed with the MSCI's broadest index of Asia-Pacific shares outside Japan rising 0.21 per cent.

Tata Steel (₹581.3)

As long as the stock remains below ₹600, the near-term view will remain negative. A fall to ₹550 looks likely. The level of ₹550 is a crucial long-term trend support.  More on this

 

RIL (₹953.9)

The stock traded under pressure all through the week and tumbled 4 per cent last week. Immediate resistance is at ₹960. As long as RIL remains below this hurdle, it can dip to test the next support at ₹944.  Click here to read more

 

Infosys (₹1,172.9)

Infosys failed to breach the psychological ₹1,200 level for the second consecutive week. The broader ₹1,100-₹1,200 sideways range is intact. The stock has been trading in this range since February. Immediate support is in the ₹1,155-₹1,150 region. Read more

 

ITC (₹277.5)

ITC rallied as expected to test the ₹285-₹290 resistance cluster last week. The stock made a high of ₹289.55, but reversed sharply lower from those levels, giving back all the gains made during the week. Immediate support is at ₹276. A break below it can take the stock lower to ₹272 or ₹270. More on this

 

 

SBI (₹241.9)

The resistance at ₹251 is holding well for SBI. As long as SBI remains below ₹251, a dip to ₹232 or ₹230 is possible. A bounce from the ₹232-₹230 support zone can keep the stock in a sideways range between ₹230 and ₹251 in the short term. Read more

 

Ruchi Soya rallies nearly 15%

The stock rallied as much as 14.93 per cent, in its biggest intraday percentage gain since March 16 as a media report said that Patanjali Ayurved has made the highest bid. Read more

 

Asian markets

Most Asia markets firmed after a tame reading on US wages lessened the risk of faster rate hikes by the Federal Reserve, although Sino-US trade tensions and a looming deadline for an Iranian nuclear deal lurked in the background. Read more

 

Pre-noon trade

The Sensex was trading higher by over 120 points on continued DII buying amid positive global cues. The BSE index was up 122.43 points or 0.35 per cent at 35,037.81 and the NSE index up 38.95 points or 0.37 per cent at 10,657.20.

Barring healthcare and IT, all other sectoral indices were trading in the green.

Top five Nifty gainers were Hindalco, VEDL, Titan, Axis Bank and Tata Steel, while the major losers were Lupin, Dr Reddy's, Coal India, Sun Pharma and TCS.

 

Crude oil near 2014 high

Oil markets were steady, with prices near late-2014 highs as a decision looms on whether the United States walks away from a deal with Iran and instead re-imposes sanctions on Tehran. Read more

 

Gold edges up as dollar pauses rally

Spot gold rose 0.2 per cent to $1,316.62 per ounce at 0034 GMT. US gold futures for June delivery were up 0.2 per cent at $1,317.20 per ounce. Read more

 

Rupee weakens to 67.12

The rupee weakened beyond the 67-to-the-dollar mark on Monday on risk aversion as oil rose above $75 a barrel and amid geo-political tensions related to United States and Iran. Read more

 

10-year bonds rally

The 10-year benchmark bond yield opened at 7.60 per cent, sharply lower from its Friday close of 7.73 per cent. However, traders expect some pullback in the rally as the amount of bonds to be bought by the Reserve Bank of India is too little and too late. Read more

 

Dollar index at 4-month high

The dollar index stood at 92.609, near Friday's high of 92.908, which was its firmest level since late December. The dollar gained broadly, maintaining its strength after Friday's mixed US data. Read more

 

Domestic indices were trading higher on DII buying amid a firm trend in other Asian markets. The Sensex was up 91.89 points or 0.26 per cent at 35,007.27 and the Nifty up 29.15 points or 0.27 per cent at 10,647.40.

Among BSE sectoral indices, realty, consumer durables, metal and FMCG remained investors' favourite, while healthcare and oil & gas succumbed to selling pressure.

 

 

 

Top five Sensex gainers were Axis Bank, Bajaj Auto, HUL, Tata Steel and Adani Ports, while the major losers were Sun Pharma, Coal India, Dr Reddy's, TCS and Asian Paints.

 

Bandu's blockbusters

ICICI Bank

Whirlpool of India

Apollo Tyres

Lakshmi Machine Works

Indiabulls Ventures

Click here to read more

Milestone IPO

Milestone Furniture plans to raise ₹14.84 crore through SME IPO of 32,97,000 equity shares. The company shares have a face value of ₹10 each at a fixed price of ₹45 per share, and will be listed on the BSE SME platform. Read more

 

InterGlobe Aviation: Turbulent times

A lot can happen over a week in Indian aviation. Or so it seems from the sharp dip in fortunes of market leader InterGlobe Aviation (IndiGo Airlines) and its stock on the bourses. From peak levels of ₹1,500 on April 26, the stock is down about 27 per cent. Read more

 

Natco Pharma: Tonic for growth

With the correction in share price, the stock is looking attractive from a valuation perspective. At the current price of ₹794, the stock trades at about 17 times its estimated 2019-20 earnings, compared with the 20-plus times that peers such as Ajanta Pharma and Alembic Pharmaceuticals enjoy. Investors with a two to three-year time horizon can consider buying the stock. Click here to read more

 

Airline shares face turbulence

Stocks of airlines have hit some air pockets, slumping up to 20 per cent in just three trading sessions this month amid rising fuel costs and weak quarterly earnings of InterGlobe Aviation impacting investor sentiment. Read more

 

The BSE index Sensex opened higher by 91.26 points at 35,006.64 against the previous close of 34,915.38 and the NSE index jumped 34.9 points to 10,653.15 against 10,618.25.

Index Outlook

Corrective decline on the cards

Corporate earnings announcements and the Karnataka State elections will be in focus the coming weeks. So traders should tread with caution. Read more