MARKETS ON FRIDAY: Sensex hits 35k intraday; trims gains to end 256 pts up

Sensex hits 35,000 levels in intraday trade, led by gains in banking stocks. In corporate results, Maruti reported FY18 net at Rs 77.21 billion. Stock ended 1.9% lower at Rs 8,778 levels

Benchmark indices ended sharply up on Friday at two-month highs, triggered by corporate earnings and taking cues from global peers.

The S&P BSE Sensex hit an intra-day high of 35,065, but pared gains to end at 34,970 levels, up 256 points. The broader Nifty50 index settled at 10,692, up 75 points.

In global markets, Asian shares edged higher, after US equities were buoyed by solid quarterly earnings and a rebound in technology stocks, while the euro languished near three-month lows after the European Central Bank kept interest rates unchanged. 

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent, while Japan’s Nikkei gained 0.4 per cent. South Korean equities were up 0.7 per cent.

Back home, Reliance Industries (RIL) hit a record high of Rs 1,000 per share, up 2.5% on the BSE in intraday trade on the BSE, ahead of its Q4FY18 results today. The stock surpassed its previous high of Rs 990 recorded on January 23, 2018 in intra-day deal. The textiles-to-telecom conglomerate, RIL is expected to post its best-ever quarterly consolidated net profit, with the figure expected to be close to Rs 100-billion mark.

Axis Bank gained 9% at Rs 540 per share on the NSE, despite the private sector lender reporting its first net loss of Rs 21.8 billion for the quarter ended March 2018 (Q4FY18).

Country’s largest car maker, Maruti Suzuki, reported a record annual profit of Rs 77.21 billion for the year ended March 31, 2018, helped by a double-digit growth in volumes of cars sold.

The Suzuki-promoted firm clocked a near 17 per cent jump in sales revenue for the year to Rs 781 billion. Profit, however, grew by just five per cent. An increase in effective tax rates and lower non-operating income due to mark-to-market impact on the invested surplus, compared to last year impacted net profit, the company said

(with Reuters inputs)

3:41 PM

Sectoral performers of the day

3:38 PM

BSE Sensex gainers and losers of the day

3:35 PM

Market at close

 

The S&P BSE Sensex ended at 34,970, up 256 points while the broader Nifty50 index settled at 10,692, up 75 points.

3:26 PM

Maruti Suzuki India falls 5% from day's high post Q4 results

Shares of Maruti Suzuki India have dipped 2.5% to Rs 8,721 per share, falling 5% from their intra-day high of Rs 9,142 per share on the BSE, after the automaker reported a lower than expected net profit of Rs 18.82 billion due to higher tax outgo in March quarter (Q4FY18). It had profit of Rs 17.11 billion in year ago quarter. READ MORE

3:18 PM

Sensex reclaims 35,000: IT, FMCG, auto, metal stocks shine in claw-back

The S&P BSE Sensex has regained nearly 2,400 points, or 7.4 per cent, from its recent low hit on March 23, 2018, to reclaim 35,000 levels in intra-day deals on Friday. Stocks from the metal, information technology (IT), fast moving consumer goods (FMCG) and automobiles sectors have been among the top performers during this rally.

 

While Hindustan Unilever, Nestle India, Dabur India and Britannia Industries from the FMCG sector have rallied in the range of 10 per cent to 16 per cent, as many as 18 stocks from the information technology (IT) sector such as Tata Consultancy Services (TCS), Mphasis, Mindtree, Sasken Technologies, Firstsource Solutions and NIIT Technologies have rallied between 20 per cent and 43 per cent during the period. READ MORE

3:07 PM

COMMENT ON MARUTI'S RESULTS Abhishek Jain, analyst at HDFC Securities

We remain positive on Maruti Suzuki's (MSIL’s) growth story based on: (1) steady volume growth plus increase in PV market share (2) Increasing ASP, led by expanding portfolio in the premium segment, (3) incremental volumes from the Gujarat facility (4) Ramp-up in rural demand and 5) healthy ROE/ROCE (25% in FY19/20E) and free cash flows. However, challenges persist in the form of: (1) increasing fuel prices, and (2) slowdown in demand from cab aggregators such as Ola and Uber owing to cut down in incentives for car owners/drivers.

We expect revenue/EPS growth of 13/17% CAGR over FY18-20E. The stock is fairly valued at 23x FY20E (5/10 yr median at 20/16x). Maintain NEUTRAL with target price of Rs 9525, 25x FY20E

3:05 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,964.88	+251.28	+0.72
S&P BSE SENSEX 50	11,187.55	+71.62	+0.64
S&P BSE SENSEX Next 50	34,718.44	+294.99	+0.86
S&P BSE 100	11,097.12	+74.70	+0.68
S&P BSE Bharat 22 Index	3,590.97	+61.63	+1.75

(Source: BSE)

2:57 PM

MUST READ Maruti Suzuki posts record Rs 77 bn profit in FY18 on 17% hike in revenue

Country’s largest car maker Maruti Suzuki has reported a record annual profit of Rs 77.21 billion for the year ended March 31, 2018, helped by a double-digit growth in volumes of cars sold.

 

The Suzuki promoted firm clocked a near 17 per cent jump in sales revenue for the year to Rs 781 billion. Profit, however, grew by just five per cent. An increase in effective tax rates and lower non-operating income due to mark-to-market impact on the invested surplus, compared to last year impacted net profit, the company said. READ MORE

2:48 PM

Earnings impact: Maruti Suzuki shares slip 1.8% on NSE

2:36 PM

Maruti Suzuki Q4FY18: EBITDA margin at 14.2% vs 14% (YoY), reports CNBC TV18

2:35 PM

Maruti Suzuki Q4FY18: Realisation up 3.6% at Rs 4.58 Lk vs Rs 4.42 Lk (YoY), reports CNBC TV18

2:33 PM

Maruti Suzuki Q4FY18: Revenue up 15.4% at Rs 21,165.6 vs Rs 18,333 (YoY), reports CNBC TV18

2:29 PM

Maruti Suzuki Q4FY18: EBITDA up 17.8% at Rs 3,015 cr vs Rs 2,560 cr (YoY), reports CNBC TV18

2:24 PM

Maruti Suzuki Q4FY18: Profit up 10.1% at Rs 1,882 cr vs Rs 1,710 cr (YoY), reports CNBC TV18

2:01 PM

Market Check

 

S&P BSE Sensex	35,013.14		0.86%
Nifty 50	10,701.05		0.78%
S&P BSE 200	4,703.67		0.80%
Nifty 500	9,452.85		0.76%
S&P BSE Mid-Cap	16,932.15		0.88%
S&P BSE Small-Cap	18,290.14		0.69%