Midcap and smallcap stocks have outperformed over past few sessions. (Mint)
Midcap and smallcap stocks have outperformed over past few sessions. (Mint)

Closing Bell: Sensex rises for third day, Nifty ends above 11,050

  • Energy, FMGG and IT stocks led the markets higher
  • Midcap and smallcap stocks continued to rise

Indian markets extended gains to the third day, with Sensex rising 193 points to 36,636 while Nifty settled at 11,053, up 0.55%. Energy, metal and pharma stocks led the gains today. The broader markets remained strong, with BSE midap and smallcap stocks indices rising about 0.5% and 0.1% respectively.

Among the Nifty50 stocks, Bajaj Finance, BPCL, Bharti Infratel, ICICI Bank, RIL, Titan, Hindalco, Wipro and Vedanta rose between 2% and 3%.

Some profit-taking was seen in Tata Motors, Indiabulls Housing Finance, Axis Bank and HUL.

“Despite mixed global cues, Indian bourses continued their momentum going throughout the day. The broader indices have been strong this week as the correction in small and mid-cap stocks is way overdone, hence, serious buying is emerging in these counters," says Umesh Mehta, head of research at Samco Securities.

Elara Capital also remains positive on midcap stocks. "The relative valuation of midcaps vs largecaps are at a historically low level. We believe valuations are compelling at these levels for a revival in performance of midcaps, particularly the quality midcaps which have also taken a substantial beating," the brokerage said in a note.

06 Mar 2019, 03:21:42 PM IST

Quick Heal Technologies surges on buyback approval

Shares of Quick Heal Technologies surged as much as 7% to 239 after the company approved buyback of up to 63,63,636 equity shares, aggregating up to 9.02% of fully paid-up equity share capital of the company, at 275 per equity share.

06 Mar 2019, 01:31:40 PM IST

Midcaps at the cusp of recovery: Elara Capital

"The relative valuation of midcaps vs largecaps are at a historically low

level. We believe valuations are compelling at these levels for a revival in performance of midcaps, particularly the quality midcaps which have also taken a substantial beating," the brokerage said in a note.

06 Mar 2019, 12:25:44 PM IST

Wipro shares jump 5%, stock trades ex-bonus

Shares of Wipro climbed nearly 5% in early trade today as the stock turned ex-bonus today, meaning the stock was adjusted for bonus issue. At day’s high, shares jumped to 285.9 on NSE. In January, Wipro had approved the issuance of bonus equity shares in the proportion of 1:3, that is one bonus equity share of for every three fully paid-up equity shares held as on the record date.  

06 Mar 2019, 11:33:14 AM IST

ITC shares up after cigarette price hike

Cigarette maker ITC has increased the price of three brands - Bristol, Flake Excel and Capstan, Press Trust of India reported. The Kolkata-headquarted company has increased the prices by about 7% to 14%. Price of Flake Excel is hiked by 11 per cent, Bristol by 6.7 per cent and Capstan by 14.5 per cent by the company, the report said. These three brands together contribute around 10 per cent to 13 per cent of total cigarette sales of ITC.

06 Mar 2019, 10:36:29 AM IST

Endurance Technologies shares fall nearly 10%

Shares of Endurance Technologies fell nearly 10% at day’s low of 1,140 after its promoter said it will sell 63.6 lakh equity shares or 4.52% of paid-up equity share capital of the company with greenshoe option of additional 41.9 lakh equity shares or 2.98% equity to non-retail investors on March 6 and retail investors on March 7. The floor price for the offer for sale is set at 1,100 – a discount of 12.6% of its Tuesday’s closing price. 

06 Mar 2019, 09:52:12 AM IST

Edelweiss Financial Services surges 12%

Shares of Edelweiss Financial Services surged as much as 12% to 172.7 today. Canadian pension fund CDPQ has signed an agreement to invest more than 1,800 crore in ECL Finance Ltd, the non-banking financial company (NBFC) of Edelweiss Group said on Tuesday.

06 Mar 2019, 09:43:21 AM IST

Midcap, smallcap stocks extend rally

The broader markets continued their outperformance for fifth straight session with BSE midcap and smallcap rising about 1%. Analysts have attributed the rally to the emergence of value-buying after underperformance of midcap and smallcap stocks vis-à-vis largecaps over past few months. "The premium valuations of mid and small caps vis-a-vis large caps, post correction have normalized and hence value buying seem to be emerging," said Devang Mehta, head of equity advisory at Centrum Wealth Management.

06 Mar 2019, 09:37:48 AM IST

DHFL shares surge 20%

DHFL shares surged 20% to 160 after the company released an independent chartered accountant firm's report on CobraPost allegations. "There are no indications to confirm the allegations that the company has created shell companies to divert funds," the report said.

"We were unable to find evidence to support the allegations that the promoters have concealed shareholding in the company neither did we find any evidence to support the allegation of insider trading," the report added.

The independent CA firm did find some lapses in relation to monitoring of post disbursal end use of funds by the borrowers. "There are certain instances of deviations and non-adherence to the terms of sanction of loans having major risk implications, especially in relation to post-sanction monitoring of fund use by borrowers. As such, non-compliances with the terms of the borrowing and possible diversion of funds, if any, by the borrowers would have escaped attention of the company," the report said.

06 Mar 2019, 09:11:23 AM IST

Rupee opens marginally lower

Indian rupee on Wednesday weakened marginally tracking losses in its Asian peers on the back of dollar strength. The rupee was trading at 70.97 a dollar, down 0.07% from its previous close of 70.91. The home currency opened at 70.95 a dollar.

06 Mar 2019, 09:07:32 AM IST

Asian markets rangebound

Asian stocks clung to tight ranges on Wednesday, as investors awaited fresh directional cues from U.S.-China trade negotiations and a weaker Wall Street finish capped broader gains, while robust U.S. economic data supported the dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan was barely changed. Australian stocks added 0.2 percent while Japan's Nikkei declined 0.5 percent.

Wall Street dipped on Tuesday as a drop in General Electric shares countered positive retailer earnings and investors eyed a key resistance level for the benchmark S&P 500 after the market's run to a five-month peak on Monday. 

06 Mar 2019, 08:32:40 AM IST

Oil falls on rising U.S. production, stockpile build 

 Oil prices fell nearly 1 percent on Wednesday as bullish output forecasts by two big U.S. producers and a build in U.S. crude stockpiles outweighed ongoing OPEC-led efforts to rein in crude production.

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