MARKETS ON THURSDAY: Sensex, Nifty gain for 6th session; IT stocks lead

All that happened in the markets on Thursday

Benchmark indices ended higher on Thursday and extended their gains into a sixth session, driven by information technology stocks, although falls in banks and oil marketing companies capped the rise.

The S&P BSE Sensex ended at 34,101, up 161 points while the broader Nifty50 index settled at 10,459, up 42 points.

The Nifty IT index rose over 3% to its highest since February 2 and gaining for a third consecutive session of gains on a weakening rupee and expectations of positive quarterly results.

Investors now await March retail inflation data due after market hours on Thursday for cues about the economy. Retail inflation likely eased to a five-month low in March as increases in food prices slowed once again but remained above the central bank’s medium-term target, a Reuters poll found.

In the global markets, Asian stocks came under pressure on Thursday as the threat of imminent US military action in Syria rattled investors and sent oil prices to their highest levels since late 2014 on concerns about supply.

Trump declared that missiles “will be coming” in Syria, taunting Russia for supporting Syrian President Bashar al-Assad after a suspected chemical attack on rebels. Damascus and Moscow have denied any responsibility.

His comments raised the prospect of direct conflict over Syria for the first time between the two world powers backing opposing sides in the seven-year-old civil war, which has also escalated a rivalry between Saudi Arabia and Iran.

(with Reuters inputs)

3:42 PM

Nifty IT index ends 3.21% higher. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN()	GAIN(%)
HCL TECHNOLOGIES	1010.05	967.30	42.75	4.42
TCS	3139.25	3014.15	125.10	4.15
INFOSYS	1162.60	1124.25	38.35	3.41
TECH MAHINDRA	652.80	633.35	19.45	3.07
TATA ELXSI	1069.90	1042.60	27.30	2.62

3:38 PM

Sectoral Trend

3:34 PM

BSE Sensex: gainers and losers of the day

3:31 PM

Market at close

 

The S&P BSE Sensex ended at 34,101, up 161 points while the broader Nifty50 index settled at 10,459, up 42 points.

3:18 PM

Buzzing Stock

National Aluminium Company is quoting at Rs 77.3, up 3.07% on the day as on the NSE. National Aluminium Company Ltd is up 6.62% in last one year as compared to a 13.99% gain in Nifty and a 24.4% gain in the Nifty Metal index.

3:10 PM

After 1,400% gain in 2 years, rally in Venky's stock may pause for now

 

Over the past few years, this company has not only satiated the hunger of consumers of its products, but also investors who had an appetite for risk.

 

In the past two years, Venky’s (India) has jumped nearly 1,400 per cent from Rs 383 levels to Rs 4,500 levels now, ACE Equity data shows. In comparison, the S&P BSE Sensex has moved up 36 per cent during this period. In the last one year alone, the stock has gained an impressive 323 per cent.

 

The rally, analysts say, came on the back of strong earnings that led to a better perception among investors, aiding a re-rating. This rally, they now suggest, could be nearing an end for now. READ MORE

3:00 PM

Indian banks need to improve risk management, governance practices: S&P

 

Global credit agency Standard and Poor's (S&P) said the Indian banks need to improve risk management and governance practices in the light of troubles faced by the two private lenders ICICI Bank and Axis Bank.

 

"As a number of banks in India confront serious governance and risk issues, the 'tone at the top' is crucial. Leadership groups in Indian banks need to ensure that they enhance the risk culture, reputation, and financial strength of banks," said S&P Global Ratings credit analyst Michael Puli. READ MORE

2:48 PM

Top BSE500 gainers

COMPANY	LATEST	PREV CLOSE	GAIN()	GAIN(%)
TATA SPONGE IRON	1199.60	1081.40	118.20	10.93
HATSUN AGROPROD.	750.00	700.00	50.00	7.14
TATA METALIKS	845.00	799.65	45.35	5.67
DISH TV	77.60	73.80	3.80	5.15
JBF INDS.	110.30	105.05	5.25	5.00

2:31 PM

MARKET COMMENT Ridham Desai, head of India research and India equity strategist at Morgan Stanley

India's relative growth is likely to accelerate in the coming months. The recent RBI policy meeting has convinced the market that a rate hike is not around the corner. Therefore, we think that the relationship between India's short rate differential with the US and equity market performance relative to the world will likely be reestablished (falling relative rates = outperformance). The third factor is the collapse in India's beta to a 13-year low.

While fundamentally this means that India's prospective absolute returns have shrunk, if beta remains low and the world is in a low-return phase, India will likely outperform. Finally, FPI positioning, which has been falling for three years, is now at 2011 levels.

Ridham Desai

2:16 PM

Dish TV India up 6% after promoters make open offer at Rs 74 per share

Dish TV India has moved higher by 6% to Rs 78.20 on the BSE in noon deal, after the promoters have made an open offer at price of Rs 74 per share.
“World Crest Advisors LLP together with Veena Investments Pvt Ltd and Direct Media Distribution Venture Pvt Ltd have made an open offer to acquire around 500 million equity shares, which represents about 26% of the emerging share capital of Dish TV at a price of Rs 74 per share aggregating to Rs 37 billion,” Dish TV said in a regulatory filing. READ MORE

2:01 PM

Market Check

 

S&P BSE Sensex	34,114.42		0.51%
Nifty 50	10,461.30		0.42%
S&P BSE 200	4,593.64		0.29%
Nifty 500	9,254.55		0.26%
S&P BSE Mid-Cap	16,619.99		-0.01%
S&P BSE Small-Cap	17,992.38		0.05%

1:46 PM

OMCs extend losses as crude oil soars on escalating Syria tensions

Share of oil marketing companies (OMCs) — Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL) and Indian Oil Corporation (IOC) — extended losses, falling by six to eight per cent on Wednesday on concerns of a military escalation in Syria. HPCL, BPCL and IOC were down over 2.5% each on the BSE. READ MORE

1:30 PM

MRF shares hit new high of Rs 78,234 per share

Shares of MRF hit a new high of Rs 78,234, up 2% on the BSE. The stock of tyre company gained 13% or Rs 9,045 from its recent low of Rs 69,189 on March 23, 2018. On comparison, the S&P BSE Sensex was up 4.3% during the same period. So far in the calendar year 2018, MRF shares have beat the market by gaining 8% against 0.05% decline in the benchmark index. READ MORE

1:16 PM

US Federal Reserve officials discuss 'slightly steeper' future rate hikes

US Federal Reserve officials signalled that the central bank may have to accelerate the pace of future rate hikes amid stronger economic growth and inflation, according to the minutes of the Fed's latest monetary policy meeting. READ MORE

1:02 PM

Market Check

 

S&P BSE Sensex	34,017.92		0.23%
Nifty 50	10,428.55		0.11%
S&P BSE 200	4,586.34		0.13%
Nifty 500	9,236.10		0.06%
S&P BSE Mid-Cap	16,628.15		0.04%
S&P BSE Small-Cap	17,998.41		0.08%