Back
PremiumOTHERS :Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 surged over 1% on Thursday led by a rally in financial stocks with market heavyweight HDFC Bank rising over 5%. Gains were also supported by expectations that GDP growth has expanded in the fourth quarter of 2018. Government will release GDP data after 5.30pm. Growth in the fourth quarter ended in March likely picked up to 7.4%, according to a Bloomberg survey. Moreover, stocks in Europe and Asia traded higher over easing political turmoil in Italy and developments in US-North Korea summit talks. Here are the highlights from the markets:
BSE Sensex closed higher by 416.27 points, or 1.19%, to 35,322.38, while the Nifty 50 rose 121.80 points, or 1.15%, to close at 10,736.15. However, BSE MidCap and SmallCap fell 0.24% and 0.57%, respectively.Among the sectoral indices on BSE, bankex gained most at 1.91%, finance 1.71%, oil and gas 1.17%, and energy 0.80%, while consumer durables fell 0.97%, realty 0.85%, capital goods 0.63% and industrials 0.58%. On NSE, Nifty Bank rose 2.39%.In the Sensex kitty, Adani Ports, HDFC Bank, IndusInd Bank and Mahindra were top gainers, whereas Sun Pharma, Tata Motors, Hero MotoCorp and Dr. Reddy’s Labs were among the major losers.
The Indian rupee weakened marginally against the US dollar on Thursday as traders awaits gross domestic product (GDP) and fiscal deficit data due later in the day.At 2.06pm, the rupee was trading at 67.51 against the US dollar, down 0.11% from its previous close of 67.44. The currency opened at 67.43 a dollar and touched a high and a low of 67.32 and 67.60 respectively. The 10-year bond yield stood at 7.834% from its Wednesday’s close of 7.782%.
Mahindra and Mahindra Ltd said that it has signed two memoranda of understanding with the Government of Maharashtra to further its next phase of expansion in electric vehicles. Shares gained 2.72% to Rs919.95.
The Indian economy probably gained a little momentum in the first three months of 2018 which should ensure that it remains the world’s fastest growing major economy, a Reuters poll found. Gross domestic product (GDP) expanded an annual 7.3% in the first three months of 2018, the 24-29 May poll of 55 economists predicted, a touch faster than the 7.2% achieved in the last three months of 2017—and well above China’s pace of 6.8% for the quarter ending in March. Forecasts ranged from 6.9 to 7.7%. Read more
BSE Sensex traded higher by 196.13 points, or 0.56%, to 35,102.24, while the Nifty 50 rose 57.10 points, or 0.54%, to 10,671.45. However, BSE MidCap and SmallCap declined 0.24% and 0.38%, respectively.Among the sectoral indices on BSE, oil and gas gained most at 0.89%, IT 0.81%, finance 0.78% and teck 0.61%, while power declined 0.70%, healthcare 0.51%, basic materials 0.35% and realty 0.33%. HDFC Bank, ONGC, M&M and Hindustan Unilever were top gainers, whereas Tata Motors, Sun Pharma, Power Grid and Hero MotoCorp were among the major losers.
Shares of State-owned Oil and Natural Gas Corp. Ltd (ONGC) gained 3.5% on Thursday after the company reported its highest profit in 17 quarters on back of higher oil prices.Fourth-quarter net profit jumped 37% to Rs5,915.12 crore compared to a profit of Rs4,340.18 crore in the same period last year, the company said in a statement on Wednesday.
Indian stocks are expected to erase recent losses and rise a little this year, but an array of political developments at home and overseas along with just a steady economic growth outlook will likely restrain the market, a Reuters poll showed.While the Indian stock index gained nearly 7% in January and hit a lifetime high, it is down about 4% since then, tracking the rout in global equities as worries of a trade war between the US and China intensified. Read more
BSE Sensex traded higher by 147.73 points, or 0.42%, to 35,053.84, while the Nifty 50 rose 43.30 points, or 0.41%, to 10,657.65.
Orient Cement Ltd shares jumped 10.70% to Rs134 after the company said that it has terminated agreements signed with Jaiprakash Associates Ltd related to the acquisition of Bhilai Jaypee Cement Ltd and Nigrie cement grinding unit.
GMR Infrastructure Ltd on Thursday reported a standalone net loss of Rs819.53 crore for the quarter ended 31 March, compared to a loss of Rs2,478.78 crore a year ago. Total revenue in the quarter stood at Rs321.29 crore, up from to Rs272.47 crore in the year-ago period, GMR Infrastructure said in a regulatory filing. GMR Infra shares traded 2.74% lower at Rs17.75 apiece.
BSE Sensex traded higher by 97.51 points, or 0.28%, to 35,003, while the Nifty 50 rose 26.20 points, or 0.25%, to 10,640.55. Among the sectoral indices on BSE, telecom, energy, consumer durables and oil and gas gained, while power, auto, basic materials and industrials declined.BSE MidCap was flat, while SmallCap fell 0.07%. ONGC, HDFC Bank, Coal India and Infosys were top gainers, whereas Sun Pharma, ICICI Bank, Hero MotoCorp and Dr. Reddy’s Labs were among the major losers.
Atlanta Ltd shares dived 20% to Rs51.10 after the company said in a notice to BSE that its statutory auditor PWC resigned with immediate effect.
ICICI Bank Ltd shares fell 1.2% to Rs 281.70 after the bank said it will institute a fresh enquiry into an alleged nexus between the husband of chief executive Chanda Kochhar and Videocon Group chairman Venugopal Dhoot over a loan extended by the bank to the conglomerate.
Coal India shares gained 4% to Rs298 after brokerage firms CLSA and Glodman Sachs have upgraded the stock. CLSA has upgraded the stock to buy from outperform and increased its target price to Rs360 a share from Rs335. Goldman Sachs upgraded the recommendation on the company to neutral from sell.
HDFC Bank Ltd shares surged 3.6% to Rs2,120 as window for foreign investors in the bank will open on 1 June. Analyst sees buying more than $1 billion from foreign investors. The bank’s ADRs, rallied 7% at 12:20pm in New York, set for the biggest jump since January 2015.
Reliance Communications Ltd (RCom) shares soared 15% to Rs20.10 after NCLAT on Wednesday stayed the corporate insolvency resolution process initiated against RCom and two group companies—Reliance Infratel and Reliance Telecom. The NCLAT order came after telecom equipment manufacturer Ericsson India Pvt. Ltd, which had initiated the insolvency proceedings, accepted RCom’s offer to pay Rs550 crore by 30 September.
BSE Sensex traded higher by 151.67 points, or 0.43%, to 35,057.78, while the Nifty 50 rose 58 points, or 0.55%, to 10,672.35.
The Indian rupee opened marginally higher against US dollar as traders awaits gross domestic product (GDP) and fiscal deficit data due later on Thursday.The rupee was trading at 67.37 against the US dollar, up 0.09% from its previous close of 67.44. The currency opened at 67.43 a dollar. The 10-year bond yield stood at 7.821% from its Wednesday’s close of 7.782%. Bond yields and prices move in opposite directions.
Asian stocks rebounded from a two-month trough on Thursday, while the euro enjoyed a respite after sinking to its lowest in 10 months as political turmoil in Italy that had roiled global financial markets showed signs of easing.MSCI’s index of Asia-Pacific shares outside Japan gained 0.56% after slumping to its weakest since the start of April. Hong Kong’s Hang Seng rose 0.5%, South Korea’s KOSPI added 0.6% and Japan’s Nikkei advanced 0.5%.The Shanghai Composite Index rose 0.9% after data showed China’s factory growth in May accelerated strongly and well above forecasts to an eight-month high. Overnight, the Dow rose 1.25% and the S&P 500 climbed 1.27%. (Reuters)
Download the App to get 14 days of unlimited access to Mint Premium absolutely free!
