New Delhi: Indian stocks rallied on Wednesday tracking global markets. They were also boosted by better-than-expected March quarter results, a marginal fall in crude oil prices and forecasts for normal monsoon rains later this year.
HCL Technologies reported a 33% rise net profits from a year ago to Rs 468 crore. Analysts were expecting the company to report net profits of Rs 430 crore. By noon the rally got a fillip from a strong opening in the European stock markets which rallied after robust earnings from automobile and electronic companies.
Sensex: 19,470 +1.83%
Nifty: 5,851 +1.93%
Stoxx 50: 2,911 +1.90%
FTSE 100: 6,014 +1.99%
All sectoral indices closed with gains on the BSE. Automobiles, metals and information technology indices gained the most.
BSE Auto: 9,597 +2.59%
BSE Metal: 16,420 +2.49%
BSE IT: 6,242 +2.30%
Automobile stocks rebounded after the weatherman talked about normal rains this year. Normal rainfall is expected to improve agricultural produce. The benign forecast helped automobile stocks such as Mahindra & Mahindra gain as good harvest boosts rural incomes.
Mahindra & Mahindra: Rs 763 +5.05%
Apollo Tyres: Rs 69 +4.29%
Tata Motors: Rs 1,251 +3.99%
Amtek Auto: Rs 169 +3.16%
Shares of Yes Bank also gained after the bank reported better-than-expected fourth quarter results. The bank’s net profit jumped 45% to Rs 203 crore in the March quarter. Analysts were expecting the bank to report a net profit of Rs 197 crore. Read more...
Yes Bank: Rs 330 +2.24%
Overall it was a good day for the Indian stock markets. 65% of the stocks traded on the BSE closed the day with gains.