Sensex rises over 350 points, Nifty ends near 11,000; midcaps surge
Premium- Buying was seen in most sectors, barring IT stocks
- Banking, auto and energy stocks led the advance
PremiumIndian markets surged today, led by gains in banking and auto stocks. Investors looked beyond US President Donald Trump’s plans to end key trade benefits for India. Sensex rose 378 points to 36,442 while Nifty ended at 10,987, up 1.14%. Buying was broad-based across all sectors, barring some profit-taking in IT stocks.
Extending their recent outperformance, the midcap and smallcap stocks surged today. The BSE midcap index surged 2% while smallcap index rose 3%. (Read: Midcaps, smallcaps back in favour, outpace Sensex)
“The buoyancy in the market sentiment is clearly evident from last few sessions, where mid and small caps have come to the fore and started to outperform," said Devang Mehta, head of equity advisory at Centrum Wealth Management .
"With corporate India’s balance sheet deleveraged in the last couple of years, capacity utilizations rising, corporate profit to GDP bottoming out and in a low inflation and low interest rate environment, quality large, mid and even small caps which corrected due to technical reasons or subdued sentiment can come back on the investor radar and portfolios," he said.
Among the sectoral indices, the NSE banking index rose 1.9% while the auto index surged 3%. Among the auto stocks, Tata Motors shares surged 7%, Eicher Motors rose 8% and Hero MotoCorp advanced 4.5%.
Among financials, Indiabulls Housing Finance gained 10% while Axis Banks rose 4.5%. Energy stocks also witnessed strong buying. HPCL, BPCL and Indian Oil advanced between 4% and 7%.
A fall in global oil prices supported the advance in shares of oil marketing companies. Global oil prices today fell as China cut its 2019 economic growth target, dimming the outlook for fuel demand, although OPEC-led efforts to cut output still offered some support. Brent crude futures fell to $65.37 per barrel, down 30 cents, or 0.5%.
Among the decliners, Wipro fell 3.5%, Tech Mahindra declined 2.5% while Infosys slipped over 1%.
The rupee today also rose sharply against the US dollar, trading at 70.50 a dollar in afternoon trade. (With Agency Inputs)
05 Mar 2019, 05:58:08 PM IST
Nifty could extend gains, midcap outperformance may continue: Analysts
The broader markets continued their outperformance for fourth straight session with BSE midcap and smallcap ending with healthy gains of 2% and 3.1% respectively.(Read More)
05 Mar 2019, 01:41:45 PM IST
Eicher Motors surges 6%
Eicher Motors shares recovered from intraday low of ₹19,340 to rise over 6% to ₹21,163 amid broad-based buying in auto stocks.
05 Mar 2019, 12:43:17 PM IST
Auto stocks in limelight
Ashok Leyland, Hero MotoCorp, Eicher Motors and TVS Motors were up between 2% and 3%. Auto stocks have underperformed the broader markets in recent months amid a sales slowdown.
05 Mar 2019, 12:42:49 PM IST
Tata Motors shares surge 10% today
Shares of Tata Motors surged as much as 10%to ₹198, continuing their recovery since hitting a 52-week low of ₹141.90 last month. Tata Motors shares had hit a 52-week low of ₹129 on 8 February, 2019 on NSE, and from that level it has since rebounded over 50%.
05 Mar 2019, 10:32:46 AM IST
L&T Construction bags contracts for water effluent treatment business
Water effluent treatment business of L&T has secured orders from many states. In Tamil Nadu, the business has secured two orders from the Water Resources Department, Govt. of Tamil Nadu. In Jharkhand, the business has won two orders. The business has also bagged a repeat order from the Rural Water Supply and Sanitation Department of Odisha. L&T shares were trading 1% lower at ₹1,296.
05 Mar 2019, 10:00:03 AM IST
Midcaps, smallcaps back in limelight
Beaten down mid- and small-cap stocks are in the limelight again. In the last nine sessions, starting 18 February, the BSE MidCap index has risen 5.13%, while the BSE SmallCap index has gained 6.58%, outpacing the benchmark BSE Sensex. (Read: Midcaps, smallcaps back in favour, outpace Sensex)
05 Mar 2019, 09:57:45 AM IST
Eicher Motors shares drop after Feb motorcycle sales falll
Eicher Motors Ltd fell 1.5% to ₹19,650 after the company reported a 14% drop in its February motorcycle sales to 62,630 units.
05 Mar 2019, 09:12:48 AM IST
Central Bank puts four stressed accounts for sale
State-owned Central Bank of India has put up for sale four stressed accounts, including Bhushan Power & Steel and Essar Steel India, to recover dues of ₹3,321 crore. "In terms of the bank's policy on sale of financial assets in line with the regulatory guidelines, we place the following accounts for sale to banks/ARCs/NBFCs/FIs," Central Bank of India has said in a bids invite document on its website. Alok Industries and Bombay Rayon Fashions are the two other stressed assets that lender wants to get rid off.
05 Mar 2019, 09:07:26 AM IST
Rupee opens marginally lower
Indian rupee today traded marginally lower against US dollar tracking losses in its Asian currencies market. The rupee was trading at 70.97 a dollar, down 0.07% from its previous close of 70.91.
05 Mar 2019, 09:06:12 AM IST
Tata Motors denies reports of JLR unit stake sale
Tata Motors Ltd on Friday denied media reports that it was exploring options for its ailing luxury car unit Jaguar Land Rover Automotive Plc. The reports of a potential stake sale drove Tata Motors shares up as much as 3.7% on Friday to ₹184. The stock later pared some of the gains and ended up 1.6%.
"There is no truth to the rumours that Tata Motors is looking to divest its stake in JLR," a Tata Motors spokesperson told Reuters.
05 Mar 2019, 08:58:58 AM IST
Jet Airways shares in focus
Turbulence-hit Jet Airways on Monday grounded another two aircraft due to non-payment issue making its 20% fleet non-operational, according to Press Trust of India. As of now, 25 of its planes, which account for almost 20% of its fleet are on ground due to severe liquidity crunch in the airline and subsequent failure to pay rentals to various lessors, the report said.
05 Mar 2019, 08:33:05 AM IST
Shanghai metals fall as China cuts growth target
Shanghai base metal futures fell on Tuesday, with nickel retreating from a near five-month high, as the U.S. dollar strengthened and China cut its economic growth target and pledged measures to support its cooling economy.
A stronger greenback makes dollar-denominated metals more expensive for holders of other currencies, which can weigh on prices.
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