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PremiumMUMBAI :Mumbai: Benchmark indices BSE Sensex and NSE Nifty closed higher for a seventh straight session on Friday, in their longest winning streak since November 2017 led by heavyweights Reliance Industries and Infosys. Positive macro economic data also boosted sentiment. India’s factory output grew at a robust 7.1% in February while retail inflation decelerated for the fourth consecutive month to 4.28% in March, leading to expectation that the Indian economy may be on a sustained recovery path. Investor will watch for March-quarter earnings season beginning today with Infosys due later in the day. Here are the highlights from the markets:
BSE Sensex closed higher by 91.52 points, or 0.27%, to 34,192.65, while the Nifty 50 rose 21.95 points, or 0.21%, to close at 10,480.60. Fifteen out of 19 sectoral indices on BSE ended higher with metal, basic materials and healthcare leading the gains. BSE MidCap and SmallCap were up 0.46% and 0.26%, respectively. Adani Ports, Wipro, Kotak Bank and Coal India were among the top gainers, whereas SBI, Axis Bank, Yes Bank and Maruti Suzuki India were major losers.
Sysco Industries Ltd shares dived 10.74% to Rs31.15 after the company said State Bank of India has reclassified its credit accounts as non-performing assets.
Tata Steel Ltd reported fourth-quarter India sales at 3.01 million tons versus 3.21 million tons in the year-ago period. The company said its India production stood at 3.07 million tons, down from 3.20 million tons a year ago. Tata Steel shares were down 0.56% to Rs596.50.
HDFC Bank said it has proposed to raise up to Rs50,000 crore by issuing perpetual debt instruments, Tier II capital bonds and long term bond in the period of next twelve months through private placement mode. Shares fell 0.21% to Rs1922.25
Reliance Infrastructure Ltd said it has bagged three out of five packages of Mumbai Metro Line-4 with total bid value around Rs1,584 crore. Reliance Infra shares were up 1.40% to Rs458.70.
BSE Sensex traded higher by 39.47 points, or 0.12%, to 34,140.60, while the Nifty 50 was up 1.10 points, or 0.01%, to 10,459.75.
BSE Sensex traded higher by 189.38 points, or 0.56%, to 34,290.51, while the Nifty 50 rose 50.40 points, or 0.48%, to 10,509.05. Among the sectoral indices on BSE, IT gained most at 1.15% followed by metal 1.12% and healthcare 0.81%, while capital goods was down 0.22% and FMCG fell 0.08%. BSe MidCap and SmallCap gained 0.66% and 0.60%, respectively. Adani Ports, TCS, Wipro and Kotak Bank were top gainers, whereas Bharti Airtel, Hindustan Unilever, L&T and SBI were among the major losers.
The problems at ICICI Bank and Axis Bank show private banks too are vulnerable to the issues that have crippled public sector banks. Mint chronicles the troubles faced by two of India’s largest private sector banks.
ICICI Bank and Axis Bank: Cracks in India's banking edifice https://t.co/wYNChI6Srp
— Livemint (@livemint) April 13, 2018
Watches and accessories company Titan Co. Ltd said it plans to grow its revenue to Rs50,000 crore by 2022-23. The company hopes to get to that revenue goal—on a uniform consumer price (UCP) basis—by touching 50 million customers across all its businesses, it said in a filing with the BSE on Friday. In 2016-17, Titan earned Rs12,717 crore in revenue. It has not reported results yet for the year that ended 31 March 2017. But going by the 2016-17 numbers, it expects revenue to nearly quadruple by 2022-23.
Premier Explosives Ltd shares jumped 3.26% to Rs367.70 after the company said she has partnered with French defence company NEXTER for manufacturing bi-modular charge systems in order to respond to the needs of the Indian Ministry of Defence.
Reliance Industries Ltd (RIL) on Friday said it has entered into agreements to acquire close to 73% stake in education technology provider Indiavidual Learning Pvt. Ltd (Embibe) and will invest $180 million into the company over the next three years.“Reliance Industries has entered into agreements on April 12, 2018, to acquire 34,33,767 equity shares of Indiavidual Learning Private Ltd for cash consideration, translating to 72.69% shareholding of Embibe on a fully diluted basis,” the company said in a regulatory filing.
Bitcoin climbed 12% as of 5pm in New York, piercing both the $7,000 and the $8,000 levels in less than an hour early in the trading day, leaving investors guessing as to what was the catalyst. Bitcoin had swung wildly between gains and losses in December while reaching a record high of almost $20,000 before crashing.
BSE Sensex traded higher by 168.64 points, or 0.49%, to 34,269.77, while the Nifty 50 rose 43.75 points, or 0.42%, to 10,502.40. BSE MidCap and SmallCap gained 0.67% and 0.71%, respectively. All the sectoral indices on BSE, except FMCG and capital goods, traded higher led by realty, healthcare, metal and utilities.
Real estate firm Shriram Properties Pvt. Ltd plans to raise around Rs1,000 crore from an initial public offering (IPO) and enter the low-cost housing segment with homes in the Rs15-25 lakh price range, said a top executive.“As an organization, we are IPO-ready. We had a good 2017-18 and are putting the house in order and preparing ourselves for an even better year. We will be realistic about the IPO, but we know this is the best time because the men have been separated from the boys in real estate; and if it’s a good company, it should do well,” managing director M. Murali said in an interview.
Ashok Leyland Ltd said that it has won an order worth Rs100 crore from the ministry of defence for supplying high mobility 10x10 vehicles. Shares jumped 3.04% to Rs149.30.
Banking stocks gained. Kotak Bank rose 1.3%, Axis Bank 1.2%, Punjab National Bank 1%, ICICI Bank 1%, Bank of Baroda 0.7%, Federal Bank 0.6%, Yes Bank 0.6%, State Bank of India 0.4%.
Infosys Ltd shares rose 0.4% to Rs 1167.25 ahead of its March quarter earnings. According to 26 Bloomberg analyst estimates, the company may report a net profit of Rs 3702 crore, while revenues will be at Rs 18116 crore.
Fortis Healthcare Ltd shares rose 2% to Rs157 after the company said it got unsolicited binding offer from Hero Enterprises and Burman family to invest Rs1,250 crore through preferential allotment.
Infosys will declare its Q4 and FY18 result today and meet analysts to unveil its new strategy on 23 April
#Infosys will declare its Q4 and FY18 result today and meet analysts to unveil its new strategy on 23 Aprilhttps://t.co/U9UG5WciWM
— Livemint (@livemint) April 13, 2018
The Indian rupee on Friday opened little changed against US dollar, tracking mixed Asian currencies market. At 9.15am, the home currency was trading at 65.28 against US dollar, down 0.02% from its Thursday’s close of 65.26. It opened at 65.33 a dollar. Yields on 10-year government bond stood at 7.484% from its previous close of 7.468%.
BSE Sensex traded higher by 129.38 points, or 0.38%, to 34,230.51, while the Nifty 50 rose 34.15 points, or 0.33%, to 10,492.80.
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