Sensex and Nifty have hit new highs this month
Sensex and Nifty have hit new highs this month

Sensex extends gains to seventh week; TCS, Infosys lead

  • Metal, IT and banking stocks led the gains today
  • The breadth of the market was strong, with BSE midcap and smallcap indices also notching up strong gains

Indian shares ended higher today, driven by financials and IT stocks, after two sessions of consolidation. Global markets were mostly higher today, with investors hopeful of some headway in the US-China trade talks. US President Donald Trump said that a deal could be announced in about four weeks. The Sensex ended 177 points higher 38,862, closing firmer for a seventh consecutive week and also gaining 0.5% in the first week of the 2019-20 financial year. The Nifty settled 0.60% higher at 11,665.

Nifty's IT index gained over 1% with shares of TCS and Infosys, which were up over 1.5%, leading the gains.

Jayant Manglik, president of retail distribution at Religare Broking, said: "Markets ended with decent gains amid volatility, in continuation to prevailing consolidation phase."

Among financials, Bajaj Finance rose 2% while IndusInd Bank jumped 1.7%. ICICI Bank, HDFC Bank and Kotak Mahindra Bank were among the top gainers.

Drugmaker Cipla Ltd rose 2% after the US FDA completed inspection at the company's Goa unit.

The breadth of the market was strong, with BSE midcap and smallcap indices also notching up strong gains.

Teena Virmani, VP for PCG Research at Kotak Securities, said: "Market sentiment is likely to be governed by upcoming March quarter results as well as impending schedule of elections. RBI has reduced the repo rate by 25 basis point in line with expectations with a room for a further rate cut post elections, we believe."

TCS and Infosys kick off the earnings season when they announce March quarter results on April 12.

"Globally, developments on US-China trade war and oil prices will also be important to look for. Though oil prices have moved up during this calendar year, concerns on global growth may pull down the prices if growth weakens," she said.

05 Apr 2019, 02:35:27 PM IST

India grabs most of foreign inflows into Asian equities in March

Indian equities attracted the biggest foreign money in seven years in March and grabbed a major chunk of inflows into Asia on optimism about the upcoming general election, Reuters reported today. Indian stock markets received $4.89 billion, the biggest since February 2012 with Sensex and Nifty rising about 8% during the month.

05 Apr 2019, 01:00:05 PM IST

Bank of India to divest insurance JV stake worth ₹1,106 crore

State-run Bank of India on Friday offered to sell a 25% stake in its joint venture company with Union Bank Of India Ltd and Japan's Dai-ichi Life Holdings Inc for up to 1,106 crore. Bank of India is looking to sell 64.9 million shares, or 25.02% stake, in Star Union Dai-ichi Life Insurance Co Ltd at a floor price of 170.50 per share, it said in a filing. Bank of India has a 28.96% stake in the joint venture, while Union Bank of India and Dai-ichi Life owns 25.10% and 45.94%, respectively. Bank of India shares were down 1% at 99.85 in noon trade.

05 Apr 2019, 10:39:05 AM IST

Titan shares jump 2% on Q4 update

Shares of the jewellery maker rose 2% to 1130.75 after the company said that the performance of its jewellery business in FY19 was on expected lines and grew by over 22%. Overall, company grew its sales during the year FY19 by around 21%. The company also said that it is targeting around "20% growth in FY 20 despite the muted outlook for the economy."

05 Apr 2019, 09:35:36 AM IST

Godrej Properties surges 5%

Shares of Godrej Properties surged 5% to 959 after the company said that it has increased its equity stake in Wonder Space Properties Private Limited from 25.1% to 96.03% by acquiring equity shares from Shubh Properties Cooperatief U.A. Wonder Space Properties Private Limited is engaged in construction and development of land situated in NCR. Consequent to the acquisition, Wonder Space Properties Private Limited has become subsidiary of Godrej Properties with effect from April 4, 2019. Godrej Properties has announced the addition of a new residential project, in Vashi, Navi Mumbai. Spread across 5 acres, this project will offer approximately 47,000 square

meters (approximately 0.50 million square feet) of saleable area comprising

mainly of residential apartments of various configurations. Godrej Properties shares are now up 18% over five sessions.

05 Apr 2019, 09:25:44 AM IST

Asian markets gain on hopes of US-China trade deal

Shares edged higher in Asia today, with Chinese markets closed for a holiday.

Japan's Nikkei 225 index added 0.3%. Overnight, Wall Street had another wobbly day of trading. Modest gains nudged the market's winning streak to a sixth straight day.

Markets have been wobbly throughout the week as investors wait for the US government's jobs report on Friday and prepare for a new round of corporate earnings reports next week. Investors are also keeping a close watch on the latest rounds of US-China trade negotiations.

President Donald Trump said Thursday that the two sides were "rounding the turn" in the talks, which resumed Wednesday in Washington.

No details were announced but Trump said after meeting with Chinese Vice Premier Liu He that "something monumental" could be announced within weeks.