Market wrap: Sensex closes 289 points up led by HDFC twins, Nifty ends above 10,800
BSE Sensex closed 289.52 points higher at 35,535.79, while the Nifty 50 ended 89.95 points up at 10,806.50. Here are the highlights from the markets
Last Modified: Fri, May 11 2018. 07 08 PM IST
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- 6.35 pm ISTBSE metal gained the most among sectoral indices
- 6.02 pm ISTTelecom shares performed worst
- 5.32 pm ISTRupee closes flat against US dollar
- 3.34 pm ISTClosing bell
- 3.10 pm ISTMarket update
- 2.52 pm ISTGold prices maintain uptrend on jewellers’ buying, global cues
- 2.15 pm ISTMarket update
- 2.07 pm ISTRupee erases gains, trades flat against US dollar
- 2.03 pm ISTIndostar Capital Finance IPO subscribed 1.42 times so far
- 2 pm ISTNeuland Laboratories shares fall after Q4 net profit declines
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- 11.55 am ISTMarket update
- 11.53 am ISTAsian Paints shares jump 5% after Q4 results
- 11.45 am ISTTata Motors April global wholesales rise 40%
- 11.43 am ISTApril retail inflation seen climbing on higher oil prices
- 10.15 am ISTFortis Healthcare shares fall 3%
- 10.12 am ISTGlenmark Pharma unit gets USFDA approval
- 9.35 am ISTIdea Cellular shares fall 7%, Bharti Airtel down 3%
- 9.32 am ISTPC Jeweller shares surge 17% after board approves buyback plan
- 9.25 am ISTMarket update
- 9.20 am ISTRupee opens higher against US dollar
- 9.17 am ISTAsian stocks trade higher
- Mumbai: Shares closed higher on Friday, tracking gains in global equities after softer US inflation was seen reducing pressure on the US Federal Reserve to hike rates at the faster pace. BSE Sensex closed 289.52 points higher at 35,535.79, while the Nifty 50 rose 89.95 points to close at 10,806.50. Traders are cautious ahead of key inflation data and Karnataka election results due next week. Karnataka elections will be held on 12 May and results will be announced on 15 May. Here are the highlights and developments from the markets:
- 7.05 pm IST Market wrap: Sensex gainersAsian Paints led the gainers’ list in the Sensex pack by surging 6.17% after the company on Thursday reported a 3.39% increase in consolidated net profit at Rs495.91 crore for the quarter ended March 2018. Other winners included Tata Steel (2.17%), L&T (1.69%), Yes Bank (1.52%), HDFC Ltd (1.50%), Kotak Bank (1.46%), ITC Ltd (1.45%), ICICI Bank (1.34%), SBI (1.19%), Infosys (1.15%), HDFC Bank (1.07%), M&M (1.01%), Axis Bank (1.01%), HUL (0.90%), RIL (0.80%) and Wipro (0.78%).
- 6.35 pm IST BSE metal gained the most among sectoral indicesAmong sectoral indices, BSE metal gained the most by rising 1.56%, followed by bankex 1.13%, oil & gas 1.07%, capital goods 1%, FMCG 0.98%, IT 0.63%, PSU 0.58%, auto 0.28% and infrastructure 0.08%. Telecom lost the most at 4.25%. Consumer durables, healthcare, power and realty indices also ended in the negative zone. Broader markets showed a mixed trend, with the BSE mid-cap index rising 0.40% but small-caps losing 0.12%.
- 6.02 pm IST Telecom shares performed worstTelecom shares were the worst performers in today’s session, a day after Reliance Jio announced a new post-paid plan. Bharti Airtel declined 6.44%, Idea Cellular 11.83%, Tata Teleservices 2.41%, Reliance Communications 1.79% and MTNL 2.78%. Other index losers were Sun Pharma (5.05%), Tata Motors (0.78%), Hero MotoCorp (0.74%), NTPC (0.36%), Bajaj Auto (0.35%) and ONGC (0.32%). Shares of PC Jeweller dropped 3.76% after its board on Thursday approved buyback of shares worth Rs 424 crore. Fortis Healthcare fell 2.66% after its board yesterday recommended the binding offer of the Munjal-Burmans combine after 18 months of hectic parleys with several potential investors.
- 5.32 pm IST Rupee closes flat against US dollarThe Indian rupee on Friday closed little changed against US dollar ahead of key Karnataka election exit polls and inflation data due next week. The rupee ended at 67.33 against US dollar, down 0.02% from its previous close of 67.32. The currency opened at 66.17 a dollar.
- 3.34 pm IST Closing bellBSE Sensex closed higher by 289.52 points, or 0.82%, to 35,535.79, while the Nifty 50 rose 89.95 points, or 0.84%, to close at 10,806.50. BSE MidCap was up 0.40%, while SmallCap fell 0.12%. Among the sectoral indices on BSE, metal gained most at 1.56% followed by oil and gas 1.07%, bankex 1.13% and capital goods 1%. Telecom declined most at 4.25%, consumer durables 1.19% and realty 0.60%. Asian Paints, Tata Steel, Yes Bank and HDFC were among the top gainers, whereas Bharti Airtel, Sun Pharma, Hero MotoCorp and Tata Motors were major losers.
- 2.52 pm IST Gold prices maintain uptrend on jewellers’ buying, global cuesRising for the sixth straight day, gold prices spurted Rs100 to a two-week high of Rs32,400 per 10 grams at the bullion market on Friday on persistent buying by local jewellers amid a firm trend overseas. Silver too recaptured the Rs41,000-mark by surging Rs330 to Rs41,100 per kg backed by increased offtake by industrial units and coin makers. Read more
- 2.07 pm IST Rupee erases gains, trades flat against US dollarThe Indian rupee erased most of its morning gains and was trading little changed against US dollar as traders avoided taking long positions ahead of key Karnataka election results and inflation data due next week.At 1.58pm, the home currency was trading at 67.30 against US dollar, up 0.02% from its previous close of 67.32. The currency opened at 66.17 a dollar. The 10-year bond yield stood at 7.739%, up from its previous close of 7.714%. Bond yields and prices move in opposite directions.
- 2.03 pm IST Indostar Capital Finance IPO subscribed 1.42 times so farThe initial public offer of Indostar Capital Finance was subscribed 1.42 times till afternoon trade on the third day of bidding. The issue received bids for 31,959,590 shares against the total issue size of 22,575,438 shares, data available with NSE till 1.30pm showed.The IPO is of fresh issue of up to Rs700 crore and an offer for sale of up to 2 crore equity shares (including anchor portion of 9,671,328 equity shares). The issue, which opened on Wednesday, is in a price band of Rs570-572.
- 11.55 am IST Market updateBSE Sensex traded higher by 101.83 points, or 0.29%, to 35,348.10, while the Nifty 50 rose 36.65 points, or 0.34%, to 10,753.20. BSE MidCap and SmallCap were up 0.50% and 0.11%, respectively. Among the sectoral indices on BSE, oil and gas (0.99%), metal (0.94%), energy (0.83%) and basic materials (0.67%) gained, while telecom (3.22%), consumer durables (0.30%) and teck (0.31%) declined. Asian Paints, Tata Steel, ICICI Bank and Kotak Bank were top gainers, whereas Bharti Airtel, Sun Pharma, Hero MotoCorp and Dr. Reddy’s Labs were among the major losers.
- 11.53 am IST Asian Paints shares jump 5% after Q4 resultsAsian Paints shares rose 5.68% to Rs1,283. Asian Paints Ltd reported a 4.1% rise in net profit for the March quarter, but missed average analysts’ estimates. Net profit rose to Rs481 crore in the three months ended 31 March, from Rs462 crore a year earlier, the company said on Thursday.
- 11.43 am IST April retail inflation seen climbing on higher oil pricesA three-month slide in India’s inflation rate likely ended in April due to higher energy prices, a Reuters poll found, which could intensify pressure on the central bank to hike interest rates. A jump in the global price of oil, India’s costliest import, plus overestimated government expenditure and a sharp weakening in the rupee could cause the Reserve Bank of India (RBI) to review its long-standing neutral stance.The median forecast in the poll of nearly 30 economists was for April’s annual rate of consumer inflation to rise to 4.42% from March’s 4.28%. (Reuters)
- 10.15 am IST Fortis Healthcare shares fall 3%Fortis Healthcare Ltd shares fell 3.41% to Rs147.25. The board of Fortis Healthcare Ltd late on Thursday approved a binding offer from Sunil Munjal’s Hero Enterprise and Dabur chairman Anand Burman’s family office. As per the current offer, the Hero-Burman consortium will infuse Rs800 crore through a preferential allotment of equity shares at Rs167 a share. The group will put in another Rs1,000 crore through warrants at Rs176 per share. Read more
- 10.12 am IST Glenmark Pharma unit gets USFDA approvalGlenmark Pharmaceuticals Ltd said its US unit received the final approval by USFDA for Clobetasol Propionate cream USP, 0.05%, the generic version of Temovate cream, 0.05%, of Fougera Pharmaceuticals. Glenmark Pharma shares declined 0.72% to Rs512.35.
- 9.20 am IST Rupee opens higher against US dollarThe Indian rupee along with Asian currencies on Friday strengthened against US dollar after softer US inflation was seen reducing pressure on the US Federal Reserve to hike rates at the faster pace. The currency opened at 66.17 a dollar. The home currency was trading at 67.13 against US dollar, up 0.29% from its previous close of 67.32. The 10-year bond yield stood at 7.709%, up from its previous close of 7.714%. Bond yields and prices move in opposite directions.
- 9.17 am IST Asian stocks trade higherAsian stocks rallied after their U.S. counterparts gained amid relief the latest reading on American inflation suggested less need for the Federal Reserve to accelerate monetary tightening. The dollar steadied after dropping the most since March. The MSCI Asia Pacific Index is heading for a weekly gain of 1.7%. Japan’s Topix index rose 0.6%. Hang Seng rose 0.9%. Futures on the S&P 500 were little changed after the underlying gauge closed up 0.9%. The Kospi advanced 0.6%. (Bloomberg)
First Published: Fri, May 11 2018. 09 26 AM IST
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