Domestic stocks resumed uptrend after taking a one-day pause yesterday, 18 April 2018 on steady buying in index pivotals. At 9:27 IST, the barometer index, the S&P BSE Sensex, was up 97.38 points or 0.28% at 34,429.06. The Nifty 50 index was up 32.85 points or 0.31% at 10,559.05.
Domestic shares had corrected yesterday, 18 April 2018 after rising in past nine consecutive sessions. On that day, the barometer index, the S&P BSE Sensex, fell 63.38 points or 0.18% at 34,331.68 while the Nifty 50 index fell 22.50 points or 0.21% at 10,526.20. The Sensex had jumped 1,375.99 points, or 4.17% in nine trading sessions to settle at 34,395.06 on 17 April 2018, from its low of 33,019.07 on 4 April 2018.
Coming back to today's trade, the S&P BSE Mid-Cap index was up 0.26%, underperforming the Sensex. The S&P BSE Small-Cap index was up 0.32%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 925 shares rose and 488 shares fell. A total of 65 shares were unchanged.
Overseas, Asian stocks rose, building on gains a day earlier, with oil prices at 3-year highs helping to boost sentiment for the region's equities.
In US, the Dow industrials ended lower yesterday, 18 April 2018 as IBM's shares got walloped; however, gains in shares of energy-related firms helped the broader market post modest gains. Wall Street showed a muted reaction to the release of the Beige Book report, which underscored that economic activity remained at a modest to moderate pace in March and early April.
The Fed's Beige Book showed that economic activity remained at a modest to moderate pace, though nine of the 12 regional banks expressed concerns about trade tariffs, centered on the tit-for-tat spat between Beijing and Washington.
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Back home, ONGC (up 1.49%), Tata Steel (up 1.15%) and ITC (up 1.13%) edged higher from the Sensex pack.
ACC gained 2.19% after the company said its consolidated profit after tax rose 18.48% to Rs 250 crore on 14.45% increase in net sales to Rs 3557 crore in Q1 March 2018 over Q1 March 2017. Operating EBITDA rose 17.99% to Rs 492 crore in Q1 March 2018 over Q1 March 2017. Cement sales volume rose 7.73% to 7.11 million tonnes in Q1 March 2018 over Q1 March 2017. The result was announced after market hours yesterday, 18 April 2018.
In its outlook, ACC said increased government spending on infrastructure development including roads and railways, housing and other schemes as announced in the Union Budget are expected to reinvigorate the construction sector and boost demand for cement and concrete during 2018.
Sun Pharmaceutical Industries rose 0.18%. Sun Pharmaceutical Industries said that one of the wholly-owned subsidiaries has increased its shareholding in Ranbaxy Malaysia Sdn Bhd, Malaysia, by way of further purchase of 394,404 shares of face value of MYR 1 each (equivalent to 4.93%) of Ranbaxy Malaysia Sdn Bhd. The announcement was made after market hours yesterday, 18 April 2018.
Ranbaxy Malaysia Sdn Bhd., is a subsidiary of the company, and the total shareholding of Sun Pharmaceutical Industries, alongwith its wholly owned subsidiary is 90.74%, prior to this purchase of shares. Post completion of this purchase of shares, the total holding of the company along with its wholly owned subsidiary will increase to 95.67% in Ranbaxy Malaysia Sdn Bhd.
Infosys rose 0.11%. With reference to media article titled, "Whistleblower allegations unfounded: Shaw", Infosys clarified that it has not, till date, received the alleged anonymous whistleblower complaint through its whistleblower complaint reporting channels or from Sebi or SEC and is therefore unable to comment on the complaint or the allegations made therein. In the event the anonymous whistleblower complaint is received by the company through its whistleblower complaint reporting channels or from Sebi or SEC, it will deal with it in accordance with the company's whistleblower policy. The announcement was made after market hours yesterday, 18 April 2018.
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