BSE Sensex and NSE Nifty closed higher on Monday. Photo: Mint
BSE Sensex and NSE Nifty closed higher on Monday. Photo: Mint

Market Wrap: Sensex, Nifty gain for fourth session led by ICICI Bank, Axis Bank

BSE Sensex closed higher by 91.71 points at 33,880.25, while the Nifty 50 ended 22.90 points up at 10,402.25. Here are the highlights from the markets

MUMBAI : Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 gained for a fourth straight session on Tuesday led by Axis Bank and ICICI Bank. BSE Sensex closed 92 points higher and NSE’s Nifty 50 settled above 10,400. Shares were also helped by gains in Asian and European shares after Chinese President Xi Jinping in key address on Tuesday pledged opening up economy and lowering tariffs, easing trade war tensions between US and China. Here are the highlights from the markets:

10 Apr 2018, 03:35:00 PM IST

Closing bell

BSE Sensex closed higher by 91.71 points, or 0.27%, to 33,880.25, while the Nifty 50 gained 22.90 points, or 0.22%, to close at 10,402.25. BSE MidCap was up 0.16%, while SmallCap edged down 0.02%. Sixteen out of 19 sectoral indices on BSE ended higher led by metal 2%, realty 1.25%, capital goods 1.08% and bankex 0.93%. Axis Bank, ICICI Bank, Adani Ports and Tata Steel were top gainers, whereas Tata Motors, M&M, Hero MotoCorp. and HCFC were among the major losers.

10 Apr 2018, 03:10:00 PM IST

Delhi HC asks DMRC to take over debt servicing of Reliance Infra unit

Reliance Infrastructure Ltd said the Delhi High Court has directed Delhi Metro Rail Corp. to take over servicing of all debt liabilities of Reliance Infra unit Delhi Airport Metro Express Pvt. Ltd amounting to Rs1,618 crore. Reliance Infra shares were trading 2.42% up at Rs462.90.

10 Apr 2018, 02:22:00 PM IST

Market update

BSE Sensex traded higher by 123.25 points, or 0.36%, to 33,911.79, while the Nifty 50 gained 33.85 points, or 0.33%, to 10,413.20.

10 Apr 2018, 02:18:00 PM IST

Cyient merges units

Cyient Ltd said the company has merged its unit Techno Tools Precision Engineering Pvt. Ltd with its holding company Cyient DLM Pvt. Ltd. Cyient shares were up 0.75% to Rs638.40.

10 Apr 2018, 02:15:00 PM IST

European shares trade higher

Europe’s major stock markets advanced in opening deals on Tuesday after China moved to calm worries of a trade war with the United States, dealers said. In initial deals, London’s benchmark FTSE 100 index advanced 0.6% to 7,238.30 points. In the eurozone, Frankfurt’s DAX 30 index rose almost 1.1% to 12,389.90 points, and the Paris CAC 40 won nearly 0.7% to stand at 5,299.58.Asian markets also rallied Tuesday after Chinese President Xi Jinping eased worries over a simmering US trade conflict by promising new measures to open his country’s massive economy “wider and wider”. (AFP)

10 Apr 2018, 01:30:00 PM IST

Swan Energy unit signs contact with Hyundai Heavy Industries

Swan Energy Ltd said unit Triumph Offshore Pvt Ltd has executed a ship building contract with Hyundai Heavy Industries Co. Ltd for the construction of a floating storage and regasification unit vessel for LNG port project of Swan LNG Pvt. Ltd. Swan Energy shares were down 1.86% to Rs176.65.

10 Apr 2018, 01:27:00 PM IST

SBI launches UK subsidiary with £225 million capital commitment

The State Bank of India (SBI) has announced the launch of its UK subsidiary, SBI (UK) Ltd, with an initial capital commitment of £225 million from its parent entity. SBI, which celebrated the new subsidiary with a special event in London on Monday, becomes the first foreign bank in the UK to ringfence its retail division from its wholesale business.

10 Apr 2018, 01:05:00 PM IST

Market update

BSE Sensex traded higher by 77.89 points, or 0.23%, to 33,866.43, while the Nifty 50 gained 19.25 points, or 0.19%, to 10,398.60. Among the sectoral indices on BSE, metal, bankex, capital goods and basic materials were trading higher, while auto, telecom, consumer discretionary goods and services declined. BSE MidCap inched up 0.06%, while SmallCap edged down 0.02%. Axis Bank, ICICI Bank, Adani Ports and Tata Steel were top gainers, whereas M&M, Hero MotoCorp, HDFC Bank and Dr. Reddy’s Labs were among the major losers.

10 Apr 2018, 01:03:00 PM IST

Minda Industries board approves Toyoda Gosei Minda India stake purchase

Minda Industries Ltd said its board has approved the acquisition of a 41.67% stake of Toyoda Gosei Minda India Pvt. Ltd. Minda shares were trading 0.28% lower at Rs1123.50.

10 Apr 2018, 09:30:00 AM IST

Welspun shares rise over 2% on receipt of new contract

Welspun Corp. Ltd shares jumped 2.36% to Rs145.20 after the company said it has received a contract for supply of 417,000 MTs of large diameter pipes for a water project in the MENA Region.

10 Apr 2018, 12:55:00 PM IST

Oil prices rise by over 1% on hopes US trade spat with China may ease

Oil markets rose by more than 1% on Tuesday, extending strong gains from the previous session, on hopes a trade dispute between US and China may be resolved without greater damage to the global economy. Brent crude futures were at $69.62 per barrel at 12.21pm, up 96 cents, or 1.4%, from their last close. US West Texas Intermediate (WTI) crude futures were at $64.31 a barrel, up 89 cents, or 1.4%. The gains followed a more than 2% rally on Monday, but that was a rebound from a 2% decline on Friday.

10 Apr 2018, 11:55:00 AM IST

Market update

BSE Sensex traded higher by 82.01 points, or 0.24%, to 33,870.55, while the Nifty 50 gained 18.60 points, or 0.18%, to 10,397.95.

10 Apr 2018, 11:47:00 AM IST

Asian shares rise after Xi Jinping speech

Asian shares rose alongside oil and metals and Treasuries extended losses with gold and the yen. Xi said Cold War and zero-sum mentalities were “out of place,” and backed free trade and dialogue to resolve disputes in his keynote speech Tuesday to the Boao Forum for Asia, Bloomberg reported.Japan’s Topix index rose 0.4 %, while South Korea’s Kospi index added 0.2%. Hong Kong’s Hang Seng Index gained 1.1% and the Shanghai Composite Index climbed 0.3%.

10 Apr 2018, 11:42:00 AM IST

Dr. Reddy’s Labs gets EIR from USFDA for Mexico plant

Dr. Reddy’s Laboratories Ltd said it has received an establishment inspection report from the USFDA for its API Cuernavaca plant in Mexico. Shares traded 1.23% down at Rs2095.75.

10 Apr 2018, 10:38:00 AM IST

Market update

BSE Sensex traded higher by 104.59 points, or 0.31%, to 33,893.13, while the Nifty 50 gained 26.05 points, or 0.25%, to 10,405.40. Among the sectoral indices on BSE, metal gained most at 1.44%, capital goods 0.94% and bankex 0.77%, while telecom was down 0.58%, oil and gas 0.46% and auto 0.33%. BSE MidCap and SmallCap gained 0.17% and 0.18%, respectively.

10 Apr 2018, 10:35:00 AM IST

Sugar companies’ shares trade higher

Shares of sugar companies jumped in early trade after Reuters reported on Monday that the government is likely to provide financial support to cane farmers for produce sold to sugar mills, citing sources. The government plans to pay Rs55 a tonne to cane farmers, while mills would pay the rest of the state-set price. Balrampur Chini Mills Ltd surges as much as 8.6%. Triveni Engineering and Industries Ltd and Dalmia Bharat Sugar and Industries Ltd jumped more than 7%. Dhampur Sugar Mills Ltd gains over 6%, while Bajaj Hindusthan Sugar Ltd climbs 9%. (Reuters)

10 Apr 2018, 10:30:00 AM IST

China’s Xi Jinping pledges greater openness amid Trump trade dispute

Chinese President Xi Jinping reiterated pledges to open sectors from banking to auto manufacturing, in a speech that also warned against returning to a “Cold War mentality” amid trade disputes with US counterpart Donald Trump.Xi pledged a “new phase of opening up” in his keynote address Tuesday to the Boao Forum for Asia, China’s answer to Davos. While the speech offered little new policy, Xi affirmed or expanded on proposals to increase imports, lower foreign-ownership limits on manufacturing and expand protection to intellectual property—all central issues in Trump’s trade gripes.

10 Apr 2018, 09:40:00 AM IST

Axis Bank shares gain over 2% over CEO Shikha Sharma’s early departure

Axis Bank shares rose 2.3% to Rs529.65 after its board approved request to cut managing director and chief executive officer Shikha Sharma’s term. She will leave now on 31 December. Sharma’s fourth term as MD and CEO, which was granted last year, was originally set to end in June 2021.

10 Apr 2018, 09:37:00 AM IST

Metal stocks trade higher

Metal stocks were trading higher after US sanctions on Russian tycoons. Hindalco Industries Ltd rose 5%, National Aluminum Co Ltd rose 4%, Vedanta Ltd 2.2%, Steel Authority Of India 1.4%, Tata Steel Ltd 1.2%, JSW Steel Ltd 1.1%, NMDC Ltd 1.1%, Jindal Steel and Power Ltd 1%.

10 Apr 2018, 09:35:00 AM IST

Wipor shares fall 2% over earnings losses related to Aircel

Wipro Ltd shares fell 2% to Rs279 after the company said in a notice to BSE that the bankruptcy of telecom operator Aircel Ltd will hit Wipro Ltd’s March quarter profit by up to 75 basis points (bps) and also hurt revenue growth.

10 Apr 2018, 09:33:00 AM IST

M&M most preferred Sensex stock, Sun Pharma drops down the list

Data from Bloomberg showed that M&M has 95.24% or 40 of the total 42 analysts tracking the company, recommending a buy or outperform rating on the stock

10 Apr 2018, 09:30:00 AM IST

Rupee trades higher against US dollar

The Indian rupee strengthened against US dollar tracking gains in Asian currencies market. The rupee opened at 64.88 a dollar, and was trading at 64.90 a dollar, up 0.22% from its Monday’s close of 65.03. The 10-year bond yield was at 7.247% compared to its previous close of 7.226%. Bond yields and prices move in opposite directions.

10 Apr 2018, 09:28:00 AM IST

Market update

BSE Sensex traded higher by 115.43 points, or 0.34%, to 33,903.97, while the Nifty 50 gained 34.45 points, or 0.33%, to 10,413.80.