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Sensex surges 250 points, Nifty recliams 9,200; Adani Ports top gainer

TCS was trading flat as investors awaited Q4 results after shareholders approved buyback yesterday.

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Pranati Deva New Delhi
Last Updated : Apr 18 2017 | 12:18 PM IST
Breaking the three-day losing streak, benchmark indices started the day in green as investors awaited positive corporate results after a poor outlook by IT major Infosys. TCS, which Rs 16,000 crore share buyback plan yesterday and 8 other companies are expected to report their earnings today.
 
Globally, escalating tensions over North Korea capped the gains.
 
At 12:18 pm, the S&P BSE Sensex was trading at 29,639 up 225 points, while the broader Nifty50 was ruling at 9,209 up 70 points.
 

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In the broader market, BSE Midcap gained 0.7% while BSE Smallcap was up 1%.

"The 9,150 region discussed led managed to resist long liquidation attempts, but the pull back there of failed to gain momentum suggesting a renewed bear swing could be in order, if unable to float above 9,170/9,200 region. However, a collapse is less expected though, and slippages, whenever they occur are likely to be stepped, rather than steep," said Geojit Financial Services in a note.
 
On Monday, foreign portfolio investors (FPIs) sold shares worth a net Rs 250.54 crore, while Domestic institutional investors (DIIs) also sold shares worth a net Rs 52.38 crore, provisional data available with BSE showed.

Buzzing Stocks

Adani Ports, Tata Steel, GAIl and NTPC were the top gainers on BSE Sensex while Coal India, M&M and Cipla were the biggest laggards.

TCS was trading flat, up 0.12% as investors awaited its Q4 results after the shareholders approved buyback plan yesterday.

Gruh Finance gained 6.54 % after the company announces an increase of 25.7% in its net profit at Rs 110.45 crore for the fourth quarter ended March 31, 2017. The company had reported net profit of Rs 87.82 crore during the January-March period of 2015-16. 

Punjab National Bank gained over 1% and Bank of Baroda was up 0.71 % after reports that these public banks may take over smaller lenders in a move to raise fresh capital, and changes in the hiring policy, including increased lateral entry. 
 
TCS shareholders approve buyback, Q4 awaited
 
Tata Consultancy Services, the country's largest software exporter, said its shareholders had approved a Rs 16,000-crore share buyback plan.
 
Passed through a special resolution by the board of directors, the proposal saw 99.81% of the valid votes being in favour, the company said. The shares in the buyback represent 2.85% of the total paid-up equity share capital, at Rs 2,850 a share. 
 
The board had approved the proposal in February, to buy back up to 56.1 million shares, for an aggregate not exceeding Rs 16,000 crore.
 
Global Markets
 
Asian stocks pulled back in early trade on Tuesday, while the dollar bounced back from a five-month low after the US Treasury Secretary's comments supported a stronger currency, although escalating tensions over North Korea capped gains.
 
MSCI's broadest index of Asia-Pacific shares outside Japan was 0.15% lower. Japan's Nikkei jumped 0.8%, its biggest one-day gain in three weeks, thanks to a weaker yen.
 
Australian shares slipped 0.8% on their first trading day this week while South Korea's KOSPI climbed 0.1%.
 
In overnight trade, the Dow Jones Industrial Average index advanced 0.9% while S&P500 index rose 0.86% and Nasdaq Composite index gained 0.89%.

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