Active Stocks

Thu Apr 18 2024 15:59:07

Tata Steel share price
160.00 -0.03%

Power Grid Corporation Of India share price
280.20 2.13%

NTPC share price
351.40 -2.19%

Infosys share price
1,420.55 0.41%

Wipro share price
444.30 -0.96%

Business News/ Markets / Live Blog/ Late rebound pulls Sensex nearly 500 points higher, UltraTech Cement surges 5%

Back

Late rebound pulls Sensex nearly 500 points higher, UltraTech Cement surges 5%

2 min read . Updated: 24 Apr 2019, 04:38 PM IST

Staff Writer

Banking stocks rebounded today, Nifty Bank index rose 1.3%
Reliance Industries, which rose 2%, led gains in energy stocks

After struggling for most part of the session, Indian markets ended sharply higher today, led by a late rebound. Strong earnings from UltraTech Cement helped lift the sentiment. The Sensex rose 490 points to 39,054 while Nifty settled at 11,726, up 1.5%. A slide in oil prices also helped to ease investor concerns. Higher crude prices had put pressure on domestic share markets and the rupee in recent days. Oil pulled back from a six-month high as an industry report signaling a gain in US crude inventories partly offset concerns over US measures to halt Iranian exports.

Here are 10 things to know about today's trade:

1) "After three consecutive days of decline, the bulls staged a smart comeback as the Indian benchmark indices ended with strong gains of led by supportive global cues," said Jayant Manglik, president of retail distribution at Religare Broking.

2) Manglik expect markets to remain volatile in the near term due to election uncertainty and earnings outcome. The price of crude and would be closely monitored along with currency movement, he added.

3) The rupee came close to breaching the 70 level against US dollar, falling to 69.98 at day's low before pulling back.

4) UltraTech Cement shares surged over 5% to ₹4,435. The cement maker reported a consolidated net profit of ₹1,014 crore for the fourth quarter ended March 31. Shares of other cement companies like India Cements and Ramco Cements also settled higher.

5) However, another cement maker ACC fell 3%. ACC had announced earnings on Tuesday, disappointing investors with poor realisations growth. (Read: Why the ACC stock is reacting negatively to Q4 results)

6) Banking stocks rebounded today. Nifty Bank index rose 1.3%, with SBI, Yes Bank, HDFC Bank, IndusInd Bank and PNB among top gainers.

7) Reliance Industries, which rose 2%, led gains in energy stocks. Oil marketing companies BPCL, HPCL and Indian Oil surged today after struggling in the past few sessions amid elevated global oil prices.

9) Indiabulls Real Estate surged 10% to ₹115 after the company decided to sell its London property for ₹1800 crore to promoters. Post this transaction, Net debt of the Company would be below ₹3,000 crore.

10) The broader markets under-performed but the BSE midcap and smallcap indices still rose around 0.40% each.

10) The global cues were mostly positive with Wall Street overnight hitting record highs. Asian markets ended mixed today while European markets were flat. (With Agency Inputs)

24 Apr 2019, 10:59:04 AM IST

Lupin shares fall after US FDA Classifies Indore unit for Official Action

Drugmaker Lupin in a communication to the exchanges said the company received a letter from the US FDA classifying the inspection conducted at its Pithompur (Indore) Unit-2 facility in January 2019 as Official Action Indicated (OAI). The US FDA has stated that this facility may be subject to regulatory or administrative action and that

it may withhold approval of any pending applications or supplements in which this facility is listed, Lupin said, adding that "the company does not believe that this classification will have an impact on disruption of supplies or the existing revenues from operations of this facility."

Lupin said it is in the process of sending further updates of its corrective actions to the US FDA and is hopeful of a positive outcome. Shares were down about 1% to ₹853 on BSE in pre-noon trade.

24 Apr 2019, 09:22:19 AM IST

OMCs gain as oil prices come off 6-month highs

Shares of Indian Oil, HPCL and BPCL were up over 1% in early trade. The shares of oil marketing companies had fallen sharply over the past few sessions amid as crude prices hit 6-month highs. Global oil prices inched lower today on signs that global markets remain adequately supplied despite a jump to six-month highs this week on US push for tighter sanctions against Iran. Brent crude futures were at $74.24 per barrel, down 27 cents, or 0.4%%, from their last close.

24 Apr 2019, 09:14:39 AM IST

Asian markets edge higher after Nasdaq, S&P 500 hit record highs

Equity markets in Asia rose on Wednesday morning after upbeat earnings helped the Nasdaq and S&P 500 indexes reach record closing highs on Wall Street overnight. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1% in early trade in Asia. The gains followed a strong performance on Wall Street, driven by robust results from Coca-Cola, Twitter, United Technologies and Lockheed Martin.

24 Apr 2019, 09:14:39 AM IST

S&P 500, Nasdaq hit record closing highs

Overnight, the S&P 500 index and the Nasdaq registered record closing highs after a broad-based rally, as a clutch of better-than-expected earnings reports eased concerns about a slowdown. In Tuesday's trading the benchmark index finally erased all the steep losses it saw in late 2018 by ending the day above the previous record reached on September 20. It closed just 0.3% below its intra-day record of 2,940.91 hit on Sept. 21.

The S&P has risen 17% so far this year, with help from a dovish Federal Reserve and hopes of a US-China trade resolution as well as the upbeat start to the first-quarter earnings season. (Reuters)

Download the App to get 14 days of unlimited access to Mint Premium absolutely free!

OPEN IN APP

Late rebound pulls Sensex nearly 500 points higher, UltraTech Cement surges 5%

Banking stocks rebounded today, Nifty Bank index rose 1.3%Reliance Industries, which rose 2%, led gains in energy stocks

Lupin shares fall after US FDA Classifies Indore unit for Official Action

OMCs gain as oil prices come off 6-month highs

Asian markets edge higher after Nasdaq, S&P 500 hit record highs

S&P 500, Nasdaq hit record closing highs

Wait for it…

Wait for it…

Congratulations!

Subscribe to continue

Banking stocks rebounded today, Nifty Bank index rose 1.3%
Reliance Industries, which rose 2%, led gains in energy stocks