Markets Live: Sensex spurts 318 points; Bharti Airtel zooms 4.1%, Infosys over 3%

Closing bell

The Sensex rebounded over 318 points on robust buying in IT, banking, metal and pharma stocks amid mixed global cues.

This is the benchmark’s biggest single session gain since April 5, when its had surged by 577.73 points. Unabated buying by domestic institutional investors contributed to the uptrend.

The BSE Sensex stayed in the positive terrain throughout the session and hit a high of 34,741.46 intraday, before ending at 34,663.11 -- showing a sharp rise of 318.20 points, or 0.93 per cent. The gauge had lost 306.33 points yesterday.

The Nifty scaled a high of 10,535.15 before closing at 10,513.85, up 83.50 points, or 0.80 per cent.

Technology stocks rallied, with the IT index up 2.45 per cent as TCS, Infosys, Wipro and HCL Technologies surged on favourable rupee movement. Pharma, banking, financials and metals stocks also lent support to the market.

Nifty gainers, losers

Meanwhile, domestic institutional investors had bought shares worth Rs 789.78 crore, while foreign portfolio investors sold equities worth Rs 311.11 crore yesterday.

Uptrend gains momentum in MCX-Lead

Lead futures contract on the Multi Commodity Exchange has risen sharply in the past week. After hovering at Rs 160 per kg in the initial part of the week, the contract surged breaking above this level.  Click here to read more

Gold extends gains on Fed stance

Spot gold had edged up 0.1 per cent to $1,293.93 per ounce by 0612 GMT, after gaining nearly 0.2 per cent in the previous session. Read more

Manipal-TPG combine has said it has extended the validity of its modified offer for Fortis Healthcare to June 6, 2018. In a letter to the directors of Fortis Healthcare, Manipal-TPG combine said it understands that the FHL board is still in the process of considering the modified new offer. More on this

Vedanta hits near 1-year low

Vedanta shares fell as much as 4.95 per cent to Rs 240.15, their lowest since June 28, 2017. Read more

Jet Airways hits 52-week low

FILE PHOTO: Jet Airways aircraft stand on tarmac at the domestic airport terminal in Mumbai, India September 9, 2009. REUTERS/Punit Paranjpe/File Photo

Shares of Jet Airways today plunged over 12 per cent after the company reported a standalone net loss of Rs 1,036 crore in the March quarter. More on this

PNB seeks appointment of Chapter 11 trustee

After the US Bankruptcy court ordered a probe into Nirav Modi’s ties to Firestar Diamond, PNB’s latest motion seeking appointment of a Chapter 11 trustee, if granted, would clearly indicate underlying issues in the manner in which Nirav Modi’s companies — Firestar Diamond Inc, A Jaffe Inc and Fantasy Inc — filed for bankruptcy in the US. Click here to read more

Customs duty on wheat hiked to 30%

The government has raised the customs duty on wheat from 20 per cent to 30 per cent in order to curb cheaper imports and protect domestic growers.  More on this

Windfall oil tax on ONGC in the offing

The government may levy a windfall tax on oil producers like Oil and Natural Gas Corp as part of a permanent solution it is working on for moderating the spiralling retail prices of petrol and diesel. Click here to read more

The Sensex was trading higher by nearly 250 points on heavy buying in IT, TECk, healthcare and banking stocks amid weak global cues. Sustained DII buying propped up the domestic sentiment.

The BSE index was up 231.25 points or 0.67 per cent at 34,576.16 and the NSE index up 56.95 points or 0.55 per cent at 10,487.30.

The Nifty IT index rose as much as 2 per cent, its biggest intraday gain in nearly four weeks, and has gained 15.4 percent so far this year.

IT and TECk stocks remained investors' favourite as the rupee has weakened by more than 7 per cent so far this year, hitting its lowest since December 2016 at 68.46 per dollar on Wednesday, as surging crude oil prices weigh on India, the world's third largest importer of the commodity, raising fears that soaring costs could drive up inflation and widen the trade deficit.

Nifty gainers, losers

Bearish bets on the rupee climbed to their highest since August, a Reuters poll showed last week, with sentiment further soured by rising oil prices. A weaker rupee could translate into higher returns from the US market, the biggest source of revenue for IT companies.

With the market factoring in that the rupee will stay at current levels going forward, this will be an advantage for IT companies, said Sudheer Guntupalli, a technology sector analyst with Ambit Capital.

“Market is also expecting an uptick in IT spending in key client verticals such as BFSI (Banking, Financial services and Insurance), retail, etc after the recent US tax reform,” said Guntupalli.

NCLAT admits banks' plea over Jaypee land

jaypee-infratech

The National Company Law Appellate Tribunal has admitted a petition filed by banks against the NCLT order which had directed Jaiprakash Associates to return nearly 760 acres of land to its subsidiary Jaypee Infratech. Click here to read more

City Union Bank net up 18%

City Union Bank, Anna Salai Branch, Chennai.

City Union Bank has reported an 18.04 per cent rise in net profit at ₹152.12 crore for the quarter ended March 31, 2018 against ₹128.87 crore in the corresponding period of the previous year. The lender shares were trading down by 0.71 per cent at Rs 182.75 on the BSE. More on this

Tata Motors hits 52-week low

The logos of carmakers Tata Motors of India (L), Jaguar and Land Rover (bottom R) are seen on the first media day of the 78th Geneva Car Show, in this file combination picture from March 4, 2008. Chinese demand for its luxury Jaguar Land Rover (JLR) models propelled fourth-quarter net profit at Tata Motors, capping a bumper year in 2011 for the Indian automaker. REUTERS/Denis Balibouse/Arnd Wiegmann/Files (SWITZERLAND - Tags: TRANSPORT BUSINESS LOGO)

The stock opened the day on a weak note and further slumped 7.93 per cent to Rs 284.70 -- its 52-week low -- on the BSE. On the NSE, shares of the company cracked 8.19 per cent to hit a one-year low of Rs 284.10. More on this

OVL net profit dips 76%

ONGC Videsh has reported a standalone net profit of Rs 411 crore for the financial year 2017-2018. This is 76 per cent lower than Rs 1,749 crore reported during the financial year 2016-2017. Read more

Nifty 50 May Futures (10,453)

Short-term traders with a high-risk appetite can go long on a break above 10,465 with a stop-loss at 10,445 and for the target of 10,495.  Click here to read more

JM Financial Credit NCD issue

Shashwat Belapurkar, CEO, JM Financial Credit Solutions

JM Financial Credit Solutions, the NBFC arm of the JM Financial Group, will be raising up to ₹750 crore by issuing non-convertible debentures next week. Click here to read more

Ashoka Buildcon subsidiary has received an arbitral award of Rs 383.80 crore against various claims filed by it. More on this

The Sensex was trading higher by over 160 points on heavy buying in IT, TECk and healthcare stocks amid weak global cues. However, auto, oil & gas, consumer durables and realty stocks succumbed to selling pressure.

Sustained DII buying and strengthening of rupee against the dollar also boosted the domestic sentiment.

The BSE index was up 169.04 points or 0.49 per cent at 34,513.95 and the NSE index up 36.25 points or 0.35 per cent at 10,466.60.

Sensex gainers, losers

BSE sectoral indices

US-China trade deal

US President Donald Trump with auto industry leaders, including General Motors CEO Mary Barra (4th left) and United Auto Workers (UAW) President Dennis Williams (4th right) at the American Center for Mobility in Ypsilanti Township, Michigan, US. (file photo)

US President Donald Trump has signalled a new direction in US-China trade talks and said any deal would need “a different structure,” fuelling uncertainty over current negotiations. Click here to read more

Fortis deal

Even though the Munjal-Burman combine’s bid for Fortis Healthcare has not proposed any open offer, going by SEBI regulations, such an offer could automatically get triggered. Click here to read more

Mechanism to appeal against credit ratings on cards

Now companies that raise a dispute over credit ratings assigned to them by any credit rating agency will have to be given a hearing. SEBI may soon issue guidelines with regard to how CRAs should set up an independent body to deal with appeals in case of dispute over ratings. Click here to read more

Motilal Oswal Focused 25

alexmillos/shutterstock.com

From being a big benchmark-beater and a top quartile category performer not so long ago, the fund’s performance has slipped. Its one-year return (9.3 per cent) is much below the nearly 15 per cent return of the benchmark (Nifty 50 TRI) and the category average of 13 per cent. Click here to read more

Rupee rebounds from 18-month low

The rupee recovered from a near 18-month low by rising 13 paise to 68.29 against the dollar on fresh selling of the US currency by exporters and banks. More on this

US launches auto import probe

US President Donald Trump with auto industry leaders, including General Motors CEO Mary Barra (4th left) and United Auto Workers (UAW) President Dennis Williams (4th right) at the American Center for Mobility in Ypsilanti Township, Michigan, US. (file photo)

The Trump administration has launched a national security investigation into car and truck imports that could lead to new US tariffs similar to those imposed on imported steel and aluminium in March. Click here to read more

The Sensex was trading higher by over 120 points on fresh buying in IT, TECk, capital goods and healthcare counters amid weak global cues. Buying by domestic institutional investors and strengthening of rupee against the dollar boosted the domestic sentiment.

The BSE index was up 124.34 points or 0.36 per cent at 34,469.25 and the NSE index up 20.7 points or 0.2 per cent at 10,451.05.

Major gainers were Infosys, Sun Pharma, TCS, Tata Steel and Axis Bank, while the top five losers were Tata Motors, ONGC, Adani Ports, Maruti and Hero MotoCorp.

State-run lender SBI also extended its gaining streak for the third straight session. The stock gained as much as 1.25 per cent to Rs 266.50.

However, Tata Motors plunged as much as 8 per cent as the company had yesterday reported a 49.82 per cent decline in consolidated net profit at Rs 2,176.16 crore for the March quarter with its British arm JLR continuing to face challenges in the UK and Europe, in addition to one time impairment charge.

Meanwhile, domestic institutional investors had bought shares worth a net Rs 789.78 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 311.11 crore yesterday.

Asian markets

Asian shares fell after the US government launched a national security probe into auto imports that could lead to new tariffs, and President Donald Trump's comments indicated fresh setbacks in US-China trade talks. More on this

What to watch

GAIL, MOIL, CUB and Amrutanjan are among the 75 firms that will declare their quarter/full year results for the period ended March 2018 today. Read more

What to watch

The board of Kaveri Seed Company will meet on Thursday to consider the audited financial results for the quarter/year ended March 31, 2018. Read more

Broker's call

Ashok Leyland (Buy)

CMP: ₹145.35

Target: ₹175

 Click here to read more

DQ Entertainment has signed an exclusive indoor theme park deal with Chiliad Procons to open multiple indoor theme parks around DQE’s IPs such as the Jungle Book, Peter Pan and Robinhood. The company shares were trading higher by 4.82 per cent at Rs 10.44 on the BSE. More on this

Mukta A2 Cinemas, a wholly-owned subsidiary of Mukta Arts , has signed an MoU for taking over the operations of two-screen Sun City Multiplex, Vile Parle (East), Mumbai. The multiplex has around 600 seats. Shares of Mukta Arts were up 1.06 per cent at Rs 62.20 on the BSE. Read more

Day Trading Guide

₹1966 • HDFC Bank

₹1185 • Infosys

₹273 • ITC

Click here to view the full guide

The 30-share BSE index Sensex jumped 97.45 points to 34,442.36 against the previous close of 34,344.91 and the 50-share NSE index climbed 33.65 points to 10,464 against 10,430.35.

Today's stock pick

Indian Oil Corporation (₹153.6): Sell

Investors with a short-term perspective can sell the stock of Indian Oil Corporation at current levels. The stock has been in an intermediate-term downtrend since registering a new high at ₹231 (adjusted) in August 2017. Click here to read more

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