Markets Live: Sensex logs longest winning run in over 3 years

Global markets

A gradual return of risk appetite lifted world shares, while there were milestones aplenty as sterling hit a post-Brexit high and US sanctions on Russia drove aluminium prices to a 7-year peak. Read more

 

Closing bell

Domestic indices ended higher for a ninth straight session on Tuesday, marking their longest winning streak in over three years, as consumer stocks gained on forecasts of average monsoon this year.

After two years of normal monsoons, the India Meteorological Department has predicted yet another year of normal rains, raising the possibility of higher farm and economic growth in Asia's third-biggest economy.

 

The broader NSE index ended up by 20.35 points or 0.19 per cent at 10,548.70, marking its longest winning streak since late January 2015.

 

The benchmark BSE index posted its longest winning run since early September 2014, after closing higher by 89.63 points or 0.26 per cent at 34,395.06.

 

The Nifty FMCG index ended nearly a per cent higher, with Kit Kat chocolate maker Nestle India Ltd and diversified consumer goods manufacturer Hindustan Unilever Ltd hitting their record highs during the session.

 

Top 10 Nifty gainers

Top 10 Nifty losers

 

European markets

The pan-regional STOXX 600 index was up 0.1 per cent by 0740 GMT, while other European benchmarks were also trading in positive territory, catching up slightly with a strong close on Wall Street. Read more

 

RBI bad loan norms take a toll on NBFCs

The tightening of the NPA norms for non-banking financial companies (NBFCs), announced by the RBI in 2014, has led to a steady deterioration in asset quality for NBFCs over the past three years. Read more

 

Bank scams: Par Panel to quiz RBI Governor on May 17

A parliamentary panel has called Reserve Bank Governor Urjit Patel on May 17 to answer queries on a spate of banking scams unearthed in the last few months. Read more

 

Gulf Oil Lubricants

Demonetisation and the rollout of GST had put lubricant maker Gulf Oil Lubricants India’s revenues on the back-foot in late 2016 and in the first half of calendar 2017. But the company still did much better than the industry on volumes and profit growth. Read more

 

Bajaj Finance: Driving growth

With focus on consumer, SME, commercial and rural lending, Bajaj Finance has been the darling of the market, quadrupling in value over the past three years. Strong fundamentals, robust opportunity in the company’s key segments, investments in technology and a sound risk management system, should keep the growth momentum intact, going ahead. Read more

 

Benchmark indices were trading higher by 0.3 per cent on heavy buying in power, realty, FMCG and consumer durables stocks amid firm European cues. However, IT, TECk, capital goods and auto stocks succumbed to selling pressure.

 

At 2.25 pm, the Sensex was up 86.58 points or 0.25 per cent at 34,392.01 and the Nifty up 24 points or 0.23 per cent at 10,552.35.

Domestic sentiment was buoyed as the India Meteorological Department has forecast that the monsoon this year will be normal, with rainfall of 97 per cent of the long period average (LPA) with an error of plus or five per cent.

Top five Sensex gainers were PowerGrid, NTPC, ICICI Bank, HUL and ITC, while the major losers were Wipro, Sun Pharma, Axis Bank, Adani Ports and Infosys.

 

“There's some secular buying taking place in the markets. Consumption theme, including retail and FMCG, are playing out very well after monsoon forecast,” said Krish Subramanyam, co-head and equity adviser at Altamount Capital.

Capricorn IPO

Capricorn Food Products India Ltd, an integrated food processing company, has received SEBI nod to float an initial public offering. Read more

 

ONGC files arbitration claim

The foreign acquisition unit of Oil and Natural Gas Corporation has filed an arbitration claim against the government of Sudan in a London court, seeking to recover dues pending for years from a project hit by the breakaway of South Sudan in 2011. Read more

 

Jaitley on cash crunch

In a bid to allay the fears of cash shortage in the country, Finance Minister Arun Jaitley has said there is more there adequate currency in circulation. Read more

 

Sovereign gold bonds

Looking at the consumer demand for gold during Akshaya Tritiya, the Centre has opened the first series of the Sovereign Gold Bond for 2018-19. While these bonds are attractive relative to other form of investment in gold due to a coupon payment on value of investment, there has been an ambiguity on taxability of the bond since its launch in 2015. Read more

 

Benchmark indices were largely unchanged after an eight-session winning run as gains in financials and utilities were offset by losses in information technology stocks.

At 1.15 pm, the broader NSE index was down 11.55 points or 0.11 per cent at 10,516.80, while the benchmark BSE index was 21.9 points or 0.06 per cent at 34,283.53.

Financial heavyweights such as Housing Development Finance Corp Ltd and ICICI Bank Ltd gained over 1 per cent each while information technology stocks such as Wipro Ltd witnessed selling pressure.

“There's some secular buying taking place in the markets. Consumption theme, including retail and FMCG, are playing out very well after monsoon forecast,” said Krish Subramanyam, co-head and equity adviser at Altamount Capital.

Shares of PSU banks gained and the Nifty PSU Bank index looked set to halt a 4-session losing streak.

Power Grid Corp of India Ltd gained for a third straight session and was the top percentage gainer on both the indexes. - Reuters

HUL hits record high

Shares of Hindustan Unilever Ltd rose as much as 1.3 per cent to a record high of Rs 1,437.90. Read more

 

Nifty futures

The contract has a near-term support at 10,500. An emphatic breach of this base level can drag the contract down to 10,475 and 10,450 levels. Next key supports are placed at 10,430 and 10,410 levels. Read more

 

M&M joins Rs 1-lakh cr m-cap club

Mahindra & Mahindra Ltd has joined the coveted Rs 1 lakh crore market capitalisation club, after its share price hit a fresh 52-week high on the BSE on normal monsoon forecast Read more

 

Metropolis IPO

Diagnostic chain Metropolis Healthcare Ltd is planning to raise Rs 1,500 crore via IPO to fund acquisitions. Read more

 

Ashoka Buildcon jumps 2%

Shares of Ashoka Buildcon jumped as much as 2 per cent to Rs 269.20 as the company has bagged orders worth Rs 756.79 crore from DVVNL for electrification work in Uttar Pradesh. Read more

 

Benchmark indices erased their early gains and were trading marginally lower due to selling pressure in IT, TECk and capital goods stocks amid mixed Asian cues.

The BSE index was down 19.7 points or 0.06 per cent at 34,285.73 and the NSE index down 10.35 points or 0.1 per cent at 10,518.

Top five Sensex losers were Wipro, Tata Motors, Sun Pharma, Axis Bank and TCS, while the major gainers were PowerGrid, NTPC, M&M, HUL and Coal India.

 

Among BSE sectoral indices, power index gained the most followed by consumer durables, PSU and metal.

 

Meanwhile, foreign portfolio investors sold shares worth Rs 308.13 crore on a net basis, while domestic institutional investors sold equities to the tune of Rs 28.97 crore yesterday, provisional data showed.

Trading resumes at NCDEX

Trading resumed at NCDEX after the commodity bourse was shut down yesterday due to a minor fire that broke out at its headquarters here. Read more

 

Bajaj Electricals hits 52-week high

The stock surged to a 52-week high of Rs 665.85, up 7.53 per cent over its previous closing price as the company has bagged orders worth Rs 3,577.93 crore from Madhyanchal Vidyut Vitaran Nigam Ltd. Read more

 

Fortis Healthcare shares down

Fortis Healthcare shares fell as much as 1.7 per cent to Rs 146.45 on the BSE. On the NSE, the stock dropped as much as 1.6 per cent to Rs 146.40. At 11.45 am, the shares were trading down by 1.28 per cent at Rs 146.85.

 

According to an official release, the company board will meet later this week to look at all eligible options related to offers made for its hospitals business and determine the future course of action.

The release added that the Fortis Board will take a decision that is in the “best interests” of the company, employees and shareholders.

The Sensex and Nifty pared their early gains and were trading flat due to selling pressure in IT and TECk stocks amid mixed Asian cues.

At 11.20 am, the BSE index was trading up 46.01 points or 0.13 per cent at 34,351.44 and the NSE index up 6.7 points or 0.06 per cent at 10,535.05.

Sensex gainers, losers

 

Asia stocks wavered after data showed both hot and cold patches in the Chinese economy, but losses were limited as investors turned their focus to corporate earnings from Syria.

Spreadbetters expected European stocks to open higher following overnight Wall Street gains, with Britain's FTSE rising 0.15 per cent, Germany's DAX gaining 0.3 per cent and France's CAC climbing 0.3 per cent.

Nestle India hits all-time high

Shares of Nestle India climbed as much as 2 per cent to an all-time high of Rs 8,924.90. The stock was on track to gain for a fourth straight session. Read more

 

5Paisa Capital

5Paisa Capital is scheduled to declare its quarterly and annual financial performance for the year ended March 2018 today. Read more

 

Hindustan Zinc: Raising the bar

Shares of Hindustan Zinc may see some buying, as the London Bullion Market Association added the company’s silver refinery to its 82-strong ‘Good Delivery List’, a leading benchmark for silver bar quality. Read more

 

Asian markets

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.22 per cent. Japan's Nikkei climbed 0.2 per cent. South Korea's KOSPI gained 0.2 per cent and Australian stocks added 0.45 per cent. Read more

 

Rupee weakens to 65.58

The rupee weakened to 65.58 on fresh dollar demand from importers. According to forex dealers, a weak dollar against other currencies overseas capped the rupee's losses. Read more

 

The Sensex was trading higher by 80 points as the Indian Meteorological Department has said the country will receive “normal” monsoon rainfall this year, raising hopes for higher farm output and a boost to the rain-dependent rural economy.

Mixed trend at other Asian markets following a positive lead from Wall Street also influenced the domestic sentiment.

The 30-share BSE index Sensex was trading up by 78.84 points or 0.23 per cent at 34,384.27 and the 50-share NSE index Nifty up 15.9 points or 0.15 per cent at 10,544.25.

Among BSE sectoral indices, power index gained the most by 1.17 per cent, metal 1.03 per cent, realty 0.8 per cent and PSU 0.57 per cent. On the other hand, IT index fell 0.56 per cent, TECk 0.48 per cent, healthcare 0.08 per cent and oil & gas 0.05 per cent.

New order win

Steel Strips Wheels   has bagged another repeat order for 41,000 caravan wheels from Europe. Read more

 

 

 

SPML Infra wins contract

The company with its joint venture partner Om Metals Infraprojects has secured an international order from the Ministry of Food and Agriculture, Republic of Ghana, for work related to rehabilitation and completion of the Kpong left bank irrigation project in Ghana, Africa, for $32,012,453 (about ₹205 crore). Read more

 

 

Crisil, Tata Sponge Iron results

Crisil, Gujarat Hotels, International Travel House, Muthoot Finance, Orchid Chemicals and Pharmaceuticals, Schaeffler India and Tata Sponge Iron will declare their results today. Read more

 

Broker's call: Infosys (Buy)

CMP: ₹1,132.80

Target: ₹1,220

Retain target price at ₹1,220/share (16x FY20E EPS vs 15.5x FY20 EPS earlier) and maintain ‘buy’. Read more

 

 

Online trading services

Indian Overseas Bank has entered into a strategic alliance with SMC Global Securities for offering online trading services to IOB customers through the portal www.smctradeonline.com. Read more

 

Kotak Mahindra pips SBI

Uday Kotak-led Kotak Mahindra Bank has pipped SBI to become India’s second-most-valued lender after HDFC Bank in terms of market capitalisation. Read more

 

 

Day Trading Guide

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

₹1938 • HDFC Bank

 

₹1132 • Infosys

 

Click here to view the full table

 

The Sensex opened higher by 40.45 points at 34,345.88 against the previous close of 34,305.43 and the Nifty up 9.65 points at 10,538 against 10,528.35.

Today's stock pick

NRB Bearings (₹172.7): Buy

The stock of NRB Bearings gained 5.8 per cent accompanied with good volume on Monday, breaching a key resistance at ₹165. Investors with a short-term perspective can buy the stock at current levels. Read more