F&O expiry: Sensex surges 413 points, Nifty ends at 11,570; PSU banks rally

All that happened in markets today

Buying in banks and IT counters helped benchmark indices Sensex and Nifty settle over a per cent higher on the day of March F&O series expiry. 

The S&P BSE Sensex rallied 415 points or 1 per cent to end at 38,546, with HCL Tech being the top gainer and Tata Steel the top loser. Out of 30 constituents of the index, 24 advanced while only six declined.

Market breadth remained in favour of advances as out of 2,819 companies traded on BSE, 1,666 advanced while 975 declined whereas 178 stocks remained unchanged. 

In the broader market, the S&P BSE MidCap index gained 161 points or 1.06 per cent to settle at 15,328 while the S&P BSE SmallCap index added 140 points or 0.95 per cent to close at 14,918. 

The broader Nifty50 index of the National Stock Exchange (NSE) added 125 points or 1.1 per cent to settle at 11,570.

BUZZING STOCKS

HCL Technologies shares ended at Rs 1,082.25 apiece on BSE, up nearly 4 per cent. 

Shares of Titan Company joined the elite club of Rs 1 trillion market capitalization (market-cap) after hitting a new high of Rs 1,129 apiece in the intra-day trade. The stock, eventually closed at Rs 1,134, up 1.8 per cent. 

Hero MotoCorp (HMCL) hit a two-year low of Rs 2,517 during the day on concerns of slowing demand growth. It closed at Rs 2,532, down nearly a per cent.  

SECTOR WATCH

Sectorally, PSU banks rallied the most in trade, followed by media and IT stocks. The Nifty PSU bank index gained 3.62 per cent to settle at 3,346.25, with all the 12 constituents ending in the green.

GLOBAL CUES

Asian share markets were painted red on Thursday as recession concerns sent bond yields spiralling lower across the globe, overwhelming central bank efforts to calm frayed nerves.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.3 per cent, with South Korea down 0.7 per cent and Shanghai blue chips slipping 0.3 per cent. Japan’s Nikkei fell 1.7 per cent. US stocks could not escape the malaise with E-Mini futures for the S&P 500 off 0.5 per cent.

(With inputs from Reuters)

3:41 PM

Top sectoral gainers and losers on NSE

3:40 PM

Top gainers and losers on S&P BSE Sensex

3:39 PM

MARKET AT CLOSE

The S&P BSE Sensex gained 413 points or 1.08 per cent to settle at 38,546 while NSE's Nifty50 index ended at 11,570 up 125 points or 1.09 per cent. 

3:14 PM

NEWS ALERT | Axis Bank joins Rs 2-trillion market-cap club

2:58 PM

March quarter boost for multiplex players PVR and Inox Leisure

Stocks of listed multiplex players PVR and Inox Leisure (Inox) were up sharply as compared to the weak broader indices on expectations of a robust March quarter and growth prospects for FY20. Even as the benchmarks ended in the red, Inox was up nearly 10 per cent while its larger peer PVR was up 2.4 per cent. READ MORE

2:47 PM

Motherson Sumi gains 2.2%

2:36 PM

Titan Company m-cap crosses Rs 1 trillion-mark; stock hits new high

Shares of Titan Company has joined the elite club of Rs 1-trillion market capitalisation (market-cap) after hitting a new high of Rs 1,129, up 1 per cent on the BSE in the intra-day trade on Thursday. The stock surpassed its previous high of Rs 1,123 touched on March 12, 2019. READ MORE

2:15 PM

Bandhan Bank jumps 7%

2:15 PM

NEWS ALERT | Gruh's acquisition will bring down promoter stake to 61%: Bandhan Bank to CNBC TV18

2:14 PM

ICICI Securities on Kewal Kiran

We met the management of Kewal Kiran Clothing to gain an insight into the company’s business outlook. Kewal Kiran is one of India’s leading branded apparel companies with popular home-grown brands like ”Killer”, ‘Integriti’, ‘Lawman’ and ‘Easies’. Though KKCL has a strong brand portfolio, revenue growth has remained sluggish over FY17-9MFY19 owing to the onslaught of discounting by e-commerce players.

KKCL has shied away from discounting its brands, leading to slower revenue growth. However, the management is looking to revive revenue growth by introducing lower priced products as brand extensions rather than diluting the original brand.

2:12 PM

Motilal Oswal on Subros

Despite the near-term sluggishness in the auto industry, the long term growth story remains attractive, given its (i) upcoming new capacity, (ii) focus on newer product and technology development like roof circulators etc., (iii) rising market share, (iv) positive impact of implementation of BS-VI, CAFE norms, EVs etc. and (v) robust pick up in the truck and radiator business.

Additionally, deleveraging of balance sheet, consistent free cash flow generation and improving return ratios, strengthens our narrative. However, we believe the stock would remain lackluster in the near-term until the auto sector revives. The stock is trading at 14.4x FY20E and 11.8x FY21E EPS. We retain Buy with a target price of Rs 386 (20x Sep’20E EPS).

2:11 PM

F&O WATCH :: OPEN INTEREST GAINERS

COMPANY	LAST PRICE(rs)	OPEN INTEREST	PREVIOUS OPEN INTEREST	CHG(%)	CONTRACTS	PREVIOUS CONTRACTS
UNITED BREWERIES	1357.40	1046500	698600	49.80	1108	4643
HAVELLS INDIA	756.00	3023000	2124000	42.33	1778	2343
BAJAJ FIN.	2964.25	2663750	1920000	38.74	7870	19791
PVR	1615.00	434000	317600	36.65	1120	2475
BHARTI AIRTEL	323.75	17969000	13249800	35.62	5854	8411

CLICK HERE FOR MORE

2:08 PM

Bank stocks rally

COMPANY	LATEST(rs)	CHG(rs)	CHG(%)	VOLUME
YES BANK	273.80	5.85	2.18	2895442
PUNJAB NATL.BANK	95.45	2.10	2.25	2314805
ST BK OF INDIA	316.85	8.80	2.86	1900332
BANK OF BARODA	129.30	7.75	6.38	1633185
IDFC FIRST BANK	54.30	0.75	1.40	1622687

1:57 PM

India's first foreign-owned bank is preparing for a $58 million IPO

Canadian investor Prem Watsa’s Indian bank has started preparations for a stock market listing this year, its chief executive said. Catholic Syrian Bank Ltd., in which Watsa’s Fairfax India Holdings Corp. received approval to take a controlling stake, is gearing up for a listing that may involve a Rs 4 billion ($58 million) initial public offering, according to Chief Executive Officer C. VR. Rajendran. READ MORE

1:47 PM

NEWS ALERT | Nifty PSU Bank hits 52-week high of 3,493, surpasses previous high of 3,448 touched on Aug 10, 2018