MARKETS ON FRIDAY: Sensex ends 289 points higher ahead of Karnataka polls

The markets ended higher on Friday ahead of the Karnataka Assembly elections. The southern state will vote on Saturday and the poll outcome will be known on May 15.

The S&P BSE Sensex ended at 35,536, up 289 points while the broader Nifty50 index settled at 10,807, up 90 points.

Among individual stocks, Asian Paints hit a record high on strong March-quarter results and was among the top contributors to index gains. Stock was the top gainer of the broader Nifty50 index.

Shares of Fortis Healthcare ended 3% lower at Rs 148 on the BSE, after the company said the board chooses the Hero Enterprises-Burman Family Office offer as the best for the hospital and diagnostic chain.

GLOBAL MARKETS

Asian peers also rose following an overnight rally in US equities after soft inflation data in the world’s largest economy indicated that the Federal Reserve may not increase interest rates at a faster pace.

US consumer prices rose less than expected in April, indicating a moderate rise in inflation which could allow the Federal Reserve to continue gradually raising interest rates.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.9 per cent.

(with inputs from Reuters)

3:43 PM

Top gainer of the day: Asian Paints

3:40 PM

Nifty Metal index ends 1.56% higher. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
JINDAL STEEL	256.40	244.70	11.70	4.78
HIND.COPPER	74.00	71.05	2.95	4.15
VEDANTA	286.95	279.70	7.25	2.59
TATA STEEL	607.25	594.15	13.10	2.20
NATL. ALUMINIUM	78.10	76.95	1.15	1.49

3:37 PM

Nifty Sectoral gainers and losers of the day

3:34 PM

BSE Sensex: Asian Paints top gainer of the day, Bharti Airtel, Sun Pharma among top losers

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 35,536, up 290 points while the broader Nifty50 index settled at 10,807, up 90 points.

3:19 PM

Pharma shares under pressure;Glenmark hits 52-week low, Sun Pharma falls 6%

Shares of select pharmaceutical companies were under pressure, falling by up to 6% ahead of US President Donald Trump speech today about controlling prescription drug prices. Sun Pharmaceutical Industries slipped 6% to Rs 468 on the BSE in noon deal on back of heavy volumes. Novartis India, Marksans Pharma, Ajanta Pharma, Morepen Laboratories, Alkem Laboratories, Sun Pharma Advanced Research Company (SPARC) and Aarti Drugs were down in the range 3% to 4% on the BSE. READ MORE

3:02 PM

IPO subscription update

3:01 PM

How TCS CEO Rajesh Gopinathan came to lead India's most valuable firm

The CEO and MD of Tata Consultancy Services (TCS), a company which touched the $100-billion market capitalisation mark last month, is not the typical head of an information technology (IT) company.

 

Unlike most of his peers in other tech companies who have cut their teeth in software delivery or sales roles, Rajesh Gopinathan comes from the finance function. READ MORE

2:45 PM

PC Jeweller board approves buy-back of shares worth Rs 4.24 billion

PC Jeweller on Thursday announced its board has approved buy-back of shares worth Rs 4.24 billion amid a sharp plunge in stock price in recent weeks. The shares will be bought back at Rs 350 per unit, which is 67 per cent higher than the closing price of Rs 209 apiece on the BSE on Thursday. Promoters will not participate in the buy-back process. In a regulatory filing, the jeweller said the board at its meeting held on Thursday considered and approved the buy-back of up to 1,21,14,286 fully paid-up equity shares of Rs 10 each. READ MORE
 

2:17 PM

Paint stocks rise after Asian Paints posts good Q4 results

Shares of paint companies were trading higher by up to 6% on the BSE in intra-day trade after Asian Paints said its decorative paint business reported a double digit volume growth in March 2018 quarter (Q4FY18) with improved demand conditions.
 

Asian Paints has surged 6% to Rs 1,287, surpassed its previous high of Rs 1,261 touched on September 14, 2017 on the BSE in intra-day trade. READ MORE

2:01 PM

Market Check

S&P BSE Sensex	35,351.59		0.30%
Nifty 50	10,759.80		0.40%
S&P BSE 200	4,683.35		0.44%
Nifty 500	9,396.60		0.38%
S&P BSE Mid-Cap	16,385.23		0.65%
S&P BSE Small-Cap	17,870.46		0.17%

1:45 PM

$19-bn fund's contra advice to investors: Go against crowd voice on polls

 

If stocks start to rise on expectations of a stable administration, investors must book profit and re-enter should the results confirm the outcome, said Nilesh Shah, who oversees $19 billion as chief executive officer of Kotak Asset Management Co. Conversely, declines driven by fears of a coalition government should be bought into. The reward -- if the vote surprises positively -- will likely outweigh the risks if results indeed signal a multi-party alliance.

 

“We ask investors to consult their astrologer on who the next Prime Minister will be and the shape of the new government because we don’t have the ability to predict,” Shah said. “If you don’t have an astrologer, please play contra.” READ MORE

1:30 PM

ArcelorMittal gives upbeat outlook, beats earnings forecast

The world's largest steelmaker ArcelorMittal said the outlook for 2018 had improved after a sharp pick-up in steel prices and increased iron ore shipments helped it deliver higher-than-expected first-quarter earnings on Friday.

 

The group did not give a specific forecast for its own prospects, but repeated that it saw 2018 global apparent steel consumption, which takes into account inventory changes, growing by between 1.5 and 2.5 percent. READ MORE

1:17 PM

Cryptojacking attack hits over 2,000 computers at Aditya Birla Group

In the first instance of a major 'cryptojacking' attack in India, more than 2,000 computers of the Aditya Birla Group were reportedly hacked by miners to mine cryptocurrencies. READ MORE

1:04 PM

Asian Paints hits all-time high post Q4 results

Asian Paints hit an all-time high of Rs 1,279, up 5% on the BSE in early morning trade, after the decorative paint business reported a double digit volume growth in March 2018 quarter (Q4FY18) with improved demand conditions. The stock surpassed its previous high of Rs 1,261 touched on September 14, 2017 on the BSE in intra-day trade. READ MORE