Markets trade at record high: Sensex up 100 points, Nifty tests 9,450

HCL Technologies pared all gains to trade in negative after rising nearly 2% on strong Q4

The benchmark indices remained in the grip of bulls, continued trading at all time highs for the second consecutive session lifted by Asian markets on positive global cues. Hopes of higher agricultural and economic growth post better monsoon forecast by IMD added to the sentiment.

The 30-share Sensex rose as much as 118 points to its record high of 30,366 surpassing its previous peak of 30,271 reached yesterday, while the 50-share Nifty added 43 points to its lifetime high of 9,450, moving beyond its last milestone of  9,415, also hit in the previous session.
 
At 11:07 am, S&P BSE Sensex was trading 102 points higher at 30,350 while the broader Nifty50 was ruling at 9,449, up 42 points. Both indices also ended at new closing highs yesterday.

Broader markets also ectended their record highs with with BSE Midcap index up 0.6% and BSE smallcap trading 0.5% higher.

"Having broken above the recent congestion band, the 9,550 objective is clearly in play. A rise in volatility is expected though and downside pivot needs to be moved higher to 9,386," said Geojit Financial Services in a note.
 
Meanwhile, jump in oil prices of more than 3% bolstered by the biggest one-week drop in US inventories so far this year lifted the global market sentiment, led by the energy stocks.
 
Back home, 46 companies are going to report their Q4 results today including Arvind, Asian Paints, Glenmark Pharma and Gujarat Pipavav.

 
Buzzing Stocks

Bajaj Auto, Hero Moto Corp, ITC and Axis Bank gained the most on BSE Sensex while Bharti Airtel, GAIL, De Reddy's and HUL shed the most on the index.
 
HCL Technologies pared all gains to trade in negative after rising nearly 2% on 12.3% rise in Q4 net profit at Rs 2,325 crore, while its rupee revenue came in 2% higher at Rs 12,053 crore. For the current fiscal, the company has guided revenues to grow between 10.5% and 12.5% in constant currency terms.

All indices were trading in green at open led by Metal, Pharma and PSU Banks. 

Hindalco gained over 4% after its subsidiary Novelis announced 46% jump in net income at $73 million during the fourth quarter ended March 2017. 

M&M was trading over 1% higher after the company said that India Ratings and Research (Ind-Ra) has affirmed the its long-term issuer rating at IND AAA. 
 
NSE notifies changes in 5 indices
 
NSE has announced changes in five indices including Alpha 50, High Beta 50 and Low Volatility 50 as part of its quarterly review. Nifty 100 Low Volatility 30 and Nifty Midcap Liquid 15 index will also see changes, which will become effective from May 26.

 
Global Markets
 
Asian stocks rose early on Thursday, getting a lift from a record high close on MSCI's global stocks benchmark after strong gains in oil prices buoyed energy stocks globally.
 
Oil prices held on to 3%-plus overnight gains, their biggest one-day jump since December 1, following a steep drop in U.S. inventories and support from Iraq and Algeria for an extension to OPEC supply cuts.
 
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1% early on Thursday, while Japan's Nikkei advanced 0.2%.
 
MSCI's global stock benchmark advanced 0.2% to a record high close overnight, bolstered by an almost 1% jump in energy shares.

 
The US market ended mixed on Wednesday on President Donald Trump's abrupt dismissal of his FBI chief as well as corporate earnings from Walt Disney and Nvidia. However, Nasdaq closed at a record high. The Dow Jones Industrial Average fell 0.1% while the S&P 500 gained 0.11%.