Sensex ends 108 pts higher, Nifty comfortably above 10,150; PSU banks gain

All that happened in the markets today

Benchmark indices ended higher on Tuesday as a surprise cut in the government’s borrowing programme for the next fiscal year boosted sentiment, with lenders such as the State Bank of India among top gainers.

The S&P BSE Sensex ended at 33,174, up 108 points while the broader Nifty50 index settled at 10,184, up 54 points.

India plans to borrow Rs 2.88 trillion ($44.46 billion) in the first half of the 2018/19 financial year that begins in April, the government said on Monday, adding it will borrow Rs 500 billion less for the full year 2018/19.

Indian government bonds also rose, posting their sharpest intraday gain in more than four years, with the 10-year bond yield dropping to as much as 7.3565 per cent from 7.62 per cent.

Meanwhile, reports of talks between the United States and China to renegotiate tariffs and trade imbalances eased trade war concerns, boosting global equities.

Asian shares rose, with MSCI’s broadest index of Asia-Pacific shares outside Japan rising 1 per cent.

Investors will also look forward to the fiscal deficit data to be released on Wednesday. Also, the expiry of the current month futures and options contracts are due on Wednesday and positions will be rolled over to next month.

 (with inputs from Reuters)

3:50 PM

Nifty PSU Bank ends 2.98% higher

3:45 PM

Top 5 sectoral performers on BSE

INDEX	OPEN	HIGH	LOW	LATEST	PREVIOUS CLOSE	CHG (PTS)	CHG (%)
	4817.96	4919.06	4817.96	4909.05	4807.48	101.57	2.11
	13523.08	13642.88	13454.11	13598.78	13374.05	224.73	1.68
	7831.82	7918.40	7808.33	7900.89	7771.61	129.28	1.66
	325.07	328.43	323.69	327.07	322.04	5.03	1.56
	2600.86	2633.96	2600.82	2627.70	2588.63	39.07	1.51

3:34 PM

BSE Sensex top gainers and losers of the day

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 33,174, up 108 points while the broader Nifty50 index settled at 10,184, up 54 points.

3:20 PM

Gold recoups on positive global leads, jewellers' buying

Gold prices bounced back by Rs 150 to Rs 31,950 per 10 grams at the bullion market on the back of positive global trend and fresh buying by local jewellers. Silver followed suit and recovered by Rs 250 to Rs 39,750 per kg due to increased offtake from industrial units and coin makers. READ MORE

3:07 PM

Nestle India hits record high of Rs 8,090, up 3.5%

 

Nestle India hit a new high of Rs 8,090, up 3.5% on the BSE on Tuesday, surpassed its previous high of Rs 8,001 recorded on December 14, 2017.

 

Since February 9, 2018, the stock of packaged foods company has outperformed the market by surging 16% after reported a healthy 59.5% year-on-year (YoY) growth in net profit at Rs 3,118 million in December 2017 quarter (Q4CY17). On comparison, the S&P BSE Sensex was down 2.3% during the same period. READ MORE

2:57 PM

GSK buys 36.5% stake in Novartis' consumer healthcare venture for $13 bn

 

GlaxoSmithKline said on Tuesday it will buy Novartis's 36.5 per cent stake in their consumer healthcare joint venture for $13 billion in cash, and will also begin a strategic review of some other businesses.

 

GSK last week quit the race to buy Pfizer's consumer healthcare business, endangering an auction the US drugmaker hoped would bring in as much as $20 billion.

 

Instead it will take full control of the Novartis venture formed in 2015 whose products include Sensodyne toothpaste, Panadol headache tablets, muscle gel Voltaren, and Nicotinell patches used by smokers who want to quit their habit.  READ MORE

2:46 PM

Buzzing Stock

United Spirits rose for a third straight session today quoting at Rs 3212, up 3.36% on the day on the NSE. United Spirits Ltd is up 46.85% in last one year as compared to a 11.85% gain in NIFTY and a 11.89% gain in the Nifty FMCG index.

2:30 PM

Fortis Healthcare falls after clarification on merger report

Fortis Healthcare has dipped 3.5% to Rs 142, falling 8% from intra-day high of Rs 154 on the BSE, after the company said that the merger of hospital chains of Fortis and Manipal is still under evaluation by the management and no firm decision in this regard has been taken by the board. READ MORE

2:15 PM

Reliance Securities on Apollo Tyres

 

BUY with Target Price of Rs 335

 

ATL currently enjoys ~28% market share in the TBR segment. As radialisation forms only 45% of domestic TB tyre market, we see a significant scope for radialisation in the domestic CV segment, which would benefit manufacturers like ATL, going forward. Further, steady stabilisation in Hungarian operations and gradual increase in contribution from OEM segment are likely to aid profitability further.

2:01 PM

Market Check

 

S&P BSE Sensex	33,217.41		0.46%
Nifty 50	10,188.50		0.57%
S&P BSE 200	4,463.61		0.73%
Nifty 500	8,982.35		0.76%
S&P BSE Mid-Cap	16,071.26		1.20%
S&P BSE Small-Cap	17,163.01		1.42%

1:56 PM

Shaily Engineering Plastics gains after fund buying

Shaily Engineering Plastics rose 3.03% to Rs 1,190 on BSE after HDFC mutual fund purchased 0.6% equity of the company via bulk deal on the exchange on Monday, 26 March 2018.

HDFC Mutual Fund Small Cap Fund purchased 50,000 shares, or 0.6% equity, of Shaily Engineering Plastics at Rs 1,150 per share through bulk deal on the BSE. READ MORE

1:41 PM

MARKET COMMENT Madan Sabnavis, chief economist at CARE Ratings

The markets have been assuaged by the lower borrowing proposed in the first half as yields have come down. However, there will be challenges in the second half of the year when the balance of gross borrowing competes with growing credit. The government will also issue more securities with lower tenure as well as FRBs; and this development needs to be monitored. The main signpost for the market will however continue to be the RBI policy stance and tone. We do not expect any rate cut this year and there could be an increase- oil is now above $ 70 and hence comfort from stable oil prices has ended. 

 

1:31 PM

Cipla stock: Healthy momentum in sales indicates strong earnings visibility

Shares of Cipla are down 18 per cent from the highs of November but experts say this correction is an opportunity to accumulate the pharmaceutical major, for many reasons.
 

For one, its prospects in the world’s largest health care market, the US, remain firm, given the new products in the pipeline and the increase in new drug filings. READ MORE

1:16 PM

Nifty PSU Bank index surges over 3%. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN()	GAIN(%)	VOLUME
IDBI BANK	76.25	72.25	4.00	5.54	29211947
INDIAN BANK	304.65	292.35	12.30	4.21	1114177
SYNDICATE BANK	57.90	55.85	2.05	3.67	3421725
UNION BANK (I)	94.10	91.10	3.00	3.29	6525990
ST BK OF INDIA	254.00	246.50	7.50	3.04	19248828