Rising for the third straight session, the Sensex advanced by 103 points as healthy buying in frontline stocks offset lacklustre global cues. IT counters surged after the rupee hit fresh 15-month lows against the US dollar.
The 30-share BSE index opened weak and hit a low of 35,134.20 due to profit-booking in recent gainers amid foreign fund outflows.However, it soon recovered to touch the day’s high of 35,404.83, before closing at 35,319.35, up 103.03 points, or 0.29 per cent. The index had risen 300.94 points in the past two sessions.
The Nifty too moved in a wide range on hectic selling and buying and finally closed up by 23.90 points or 0.22 per cent 10,741.70. Intraday, it hovered between 10,689.85 and 10,766.25.
Nifty sectoral indices
According to provisional data, on a net basis, domestic institutional investors had bought shares worth Rs 923.25 crore, while foreign institutional investors sold shares to the tune of Rs 97.15 crore yesterday.
Crude oil prices jumped back to 3-1/2-year highs after President Donald Trump pulled the United States out of an international nuclear deal with Iran, while the dollar continued its tireless ascent and world stocks held steady. Read more
Fortis directors' letter to shareholders
Four directors in the board of Fortis Healthcare, whose removal was sought by two minority shareholders of the company last month, have written to all shareholders asking them to take an "informed decision" while voting on the matter. Read more
European shares were supported by strength in oil stocks after US President Donald Trump pulled the United States out of Iran’s nuclear agreement, boosting crude prices. Read more
In the national capital, gold of 99.9 per cent and 99.5 per cent purity edged up by Rs 10 each to Rs 32,240 and Rs 32,090 per 10 grams, respectively. The metal had gained Rs 250 in the previous three sessions. Click here to read more
ReNew Power IPO
The IPO comprises fresh issue of shares worth Rs 2,600 crore and an offer for sale of 94,377,109 equity stocks by existing shareholders, including Global Environment Fund, Green Rock Energy and GS Wyvern Holdings, an investment arm of Goldman Sachs. More on this
Arvind shares jump over 5%
Arvind Ltd shares were trading up by 5.17 per cent at Rs 441.75 as the company has posted a standalone net profit of Rs 68 crore for the quarter ended March 2018, against Rs 49 crore in the corresponding quarter a year ago, indicating a growth of 39 per cent on year-on-year basis. More on this
The Sensex was trading higher by nearly 130 points on sustained DII buying and firm European cues. The BSE index was up 127.89 points or 0.36 per cent at 35,344.21 and the NSE index up 33.95 points or 0.32 per cent at 10,751.75.
Among sectoral indices, IT gained the most followed by consumer durables, TECk and capital goods. On the other hand, power, healthcare, PSU and infrastructure lost investors' support.
Top five Nifty gainers were Tata Motors, Titan, Infratel, TCS and Tata Steel, while the major losers were UltraTech Cement, BPCL, Bajaj Finance, Wipro and Lupin.
The bounce from $1,301 in the global spot gold ($1,314 per ounce) prices in the past week is technically significant. This leaves the broader $1,300-$1,370 sideways range intact. Click here to read more
Sugar mills in a spot
Sugar stocks have been in focus recently — first plummeting on concerns of a supply glut and crash in sugar prices, then rallying smartly on the Cabinet’s decision to provide a production subsidy to reduce the burden on mills. Click here to read more
Your Fund Portfolio
Glenmark-Manipal Hospital clinical trial
Glenmark will respond later this week to a showcause notice from the Central Drugs Standard Control Organisation involving a clinical trial done at Jaipur's Malpani Multispeciality Hospital. The hospital is one of 23 sites where Glenmark had initiated Phase II clinical trials on its drug molecule GRC 27864 for osteoarthritis. Click here to read more
‘SEBI norms won’t stifle product innovation’
As Head of Products and Passive Investments, Anil Ghelani, Senior Vice-President, DSP BlackRock Investment Managers, foresees a future where investor interest in passive funds would gain traction. Click here to read the full interview
The Sensex wiped off its early losses and was trading higher by nearly 170 points on heavy buying in IT, TECk, capital goods and metal stocks amid firm European cues.
The BSE index was up 167.41 points or 0.48 per cent at 35,383.73 and the NSE index up 40.45 points or 0.38 per cent at 10,758.25.
Top 10 Nifty gainers, losers
Shares of oil marketing companies slumped as crude hit 3-1/2-year high. Bharat Petroleum Corp Ltd, Indian Oil Corp Ltd and Hindustan Petroleum Corp Ltd fell as much as 3.5-5.5 per cent.
IT companies saw some recovery after the technology index lost 4.3 per cent over the last five sessions. Tata Consultancy Services Ltd was among the top gainers on the index, up as much as 1.4 per cent.
Analysts expect markets to stay range-bound in the short term.
“Because of the upcoming Karnataka (southern state) elections, investors will stick to the sidelines and markets will remain range-bound,” says R.K. Gupta, managing director at Taurus Asset Management.
“Because of ample liquidity in the markets, the overall scenario is largely positive.”
According to provisional data, foreign portfolio investors had sold shares worth Rs 97.15 crore on a net basis, while domestic institutional investors bought equities to the tune of Rs 923.25 crore yesterday.
European shares were supported by strength in oil stocks after US President Donald Trump pulled the United States out of Iran's nuclear agreement, boosting crude prices.
By 0727 GMT, the pan-European STOXX 600 had risen nearly 0.2 per cent, while higher crude prices helped the commodity-stocks-heavy FTSE index gain 0.4 per cent.
L&T Emerging Businesses Fund
L&T Emerging Businesses Fund that predominantly invests in small-cap stocks has a limited track record. It was launched in May 2014 as a close-ended fund, and subsequently got converted into an open-ended equity scheme in 2016. Investors can make use of the SIP route to mitigate volatility. Click here to read more
Nifty 50 May Futures (10,745)
Traders with a high-risk appetite can go long on a break above 10,760. Stop-loss can be placed at 10,740 for the target of 10,795. Click here to read more
Jubilant Foodworks gains over 2%
Shares of Jubilant Foodworks Ltd extended gains to rise as much as 2.1 per cent to Rs 2,614.4 on robust earnings. More on this
Hindalco stock jumps 4%
Hindalco shares gained owing to strong performance by the company's US-based unit Novelis Inc. The stock jumped as much as 4 per cent to Rs 248.35, its highest since April 23. Read more
Oil marketing cos slump
Shares of oil marketing companies slumped as crude hit 3-1/2-year high. Bharat Petroleum Corp Ltd, Indian Oil Corp Ltd and Hindustan Petroleum Corp Ltd fell as much as 3.5-5.5 per cent. Read more
Domestic volumes lose steam for GCPL
After showing good traction in domestic volumes in the last two quarters, Godrej Consumer Products has disappointed a bit on the volume front in the quarter ended March 2018. Overall domestic volume growth has come down to 6 per cent now from the double digit levels seen earlier. Click here to read more
In a bid to further trim its exposure in Europe, Tata Steel has identified five non-core assets for potential sale and has sought buyer interest in the assets. The company shares were trading up 1.17 per cent at Rs 603.15 on the BSE. Click here to read more
Domestic indices were trading flat due to weak global cues as US President Donald Trump pulled the US out of the landmark Iran nuclear deal.
Trump had on Tuesday pulled the United States out of an international nuclear deal with Iran, raising the risk of conflict in West Asia, upsetting European allies and casting uncertainty over global oil supplies.
The Sensex was trading up 28.05 points or 0.08 per cent at 35,244.37 and the Nifty up 3.15 points or 0.03 per cent at 10,720.95.
Top five Sensex gainers were Tata Motors, Asian Paints, Tata Steel, Bharti Airtel and YES Bank, while the major losers were SBI, M&M, HDFC, Maruti and NTPC.
IT, consumer durables, TECk and capital goods stocks found investors' support, while oil & gas, PSU, power and infrastructure succumbed to selling pressure.
Gold slips as dollar regains footing
Spot gold fell 0.2 per cent to $1,311.81 per ounce at 0111 GMT. US gold futures for June delivery slipped 0.1 per cent to $1,312.40 per ounce. Read more
Crude hits 3-1/2-year high
Oil prices rose more than 2 per cent to a three-and-a-half year high after US President Donald Trump abandoned an international nuclear deal with Iran, likely curbing the OPEC-member's crude exports in an already tight market. Click here to read more
Dollar rises to 6-day high
The dollar rose to a six-day high against the yen on Wednesday as crude oil prices rallied and pushed Treasury yields higher after US President Donald Trump pulled out from an international nuclear deal with Iran. Read more
Rupee plunges to 67.45
The rupee plunged 37 paise to 67.45 against the US dollar due to rising dollar demand and foreign capital outflows. The dollar strengthened against major global currencies overseas as crude oil prices zoomed past $76 per barrel level. Read more
MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.1 per cent in early trade while Japan's Nikkei fell 0.4 per cent. On Wall Street caution over rising political risks was palpable. More on this
Lupin's Japanese arm and YL Biologics have submitted a new drug application with the Japanese health regulator PMDA for marketing authorisation of a biosimilar of Etanercept used for treating rheumatoid arthritis at an affordable price. The company shares were trading down by 0.16 per cent at Rs 774.15. Read more
NSE algo trading case
A final report of the investigation done by SEBI on the alleged algo and unfair access-related case of the NSE is likely to be ready by May 15. Click here to read more
Eicher Motors, Fed Bank, OBC results
Close to 40 companies will declare their quarter and year-end results for the period ended March 2018 today. Read more
The board of Manugraph India has considered and approved a scheme of merger. The scheme entails absorption of Constrad Agencies (Bombay) Pvt Ltd, and Maiu Enterprises and Santsu Finance and Investment Pvt Ltd with Manugraph India. Read more
Elpro International has agreed to sell approximately 1.33 per cent shareholding in PNB MetLife India Insurance Company for a total consideration of ₹134.22 crore. The company shares were trading up 1.27 per cent at Rs 67.60 on the BSE. Read more
Domestic indices wiped off their opening losses and were trading flat as traders remained cautious ahead of Karnataka elections later this week. Domestic sentiment was also dampened due to weak global cues.
The Sensex was trading up 16.63 points or 0.05 per cent at 35,232.95 and the Nifty down 1.05 points or 0.01 per cent at 10,718.90.
Among BSE sectoral indices, metal, IT, TECk and capital goods remained investors' favourite, while oil & gas, PSU, auto and banking succumbed to selling pressure.
Top five Sensex gainers were Tata Steel, TCS, YES Bank, Infosys and Asian Paints, while the major losers were ICICI Bank, SBI, HDFC, Maruti and Coal India.
L&T Finance (Buy)
Day Trading Guide
₹1966 • HDFC Bank
₹1165 • Infosys
10735 • Nifty 50 Futures
S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.
The 30-share BSE index Sensex opened lower by 53.29 points at 35,163.03 against the previous close of 35,216.32 and the 50-share NSE index Nifty down 14.9 points at 10,717.80 against 10,702.90.
Today's stock pick
Indian Bank (₹340.8): Buy
Investors with a short-term perspective can buy the stock of Indian Bank at current levels. The stock jumped 6 per cent with above average volume on Tuesday, breaking above a significant long-term resistance at ₹330 as well as its 200-day moving average. Read more