Key benchmarks rose for a fifth straight session on Wednesday, led by gains in Reliance Industries, ICICI Bank and IT heavyweights. The barometer index, the S&P BSE Sensex, rose 358.42 points or 0.98% to 36,975.23, as per the provisional closing data. The Nifty 50 index rose 128.10 points or 1.17% to 11,062.45, as per the provisional closing data. The Nifty provisionally ended above the psychologically important 11,000 mark after crossing that level in early trade.
Investors awaited the outcome of a three-day central bank policy meeting that ends on Thursday. The resolution of the Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) will be placed on the RBI website at 11:45 IST on 7 February 2019.
Indices opened higher and hit fresh intraday high in early trade. Benchmarks pared gains in morning trade. Barometers firmed up once again in mid-morning trade. Indices firmed up further in afternoon trade.
Broader market underperformed. Among secondary barometers, the BSE Mid-Cap index fell 0.12%. The BSE Small-Cap index rose 0.05%.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1043 shares rose and 1521 shares fell. A total of 148 shares were unchanged.
Reliance Industries (up 1.53%), ICICI Bank (up 1.83%), TCS (up 1.30%) and Wipro (up 0.99%), advanced.
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IT major Infosys was up 0.99% at Rs 763. The stock hit a 52-week high of Rs 766.15 in intraday today.
Zee Entertainment Enterprises jumped 6.62% to Rs 389.50.
Pizza chain operator Jubilant FoodWorks fell 1.17% at Rs 1,288. The company clarified after market hours yesterday, 5 February 2019, that Jubilant Enpro (a promoter group company), has decided not to charge the corporate brand royalty of 0.25% of the consolidated revenues of the company and the same stands withdrawn.
Tech Mahindra surged 8.11% after consolidated profit after tax rose 13% to Rs 1203 crore on 3.6% rise in revenue to Rs 8944 crore in Q3 December 2018 over Q2 September 2018. The result was announced at fag end of the day's trading session yesterday, 5 February 2019, when the stock rose 0.08% to settle at Rs 750.
Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 6.4% to Rs 1723 crore in Q3 December 2018 over Q2 September 2018. C P Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra said the Q3 December 2018 has been impressive on all fronts, delivering steady growth in Enterprise and Communications business along with margin expansion.
Cipla gained 6.71%. Cipla's consolidated profit after tax fell 17% to Rs 332 crore on 2% rise in total revenue from operations to Rs 4008 crore in Q3 December 2018 over Q3 December 2017. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) fell 12% to Rs 720 crore in Q3 December 2018 over Q3 December 2017. Umang Vohra, MD and Global CEO, Cipla said the company's US business has delivered strongly in Q3 December 2018 as a result of scale-up of new launches. The result was announced during market hours today, 6 February 2019.
Adani Ports & Special Economic Zone fell 3.09%. Consolidated profit after tax rose 42% to Rs 1410 crore on 5% rise in revenue to Rs 2824 crore in Q3 December 2018 over Q3 December 2017. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) (excluding forex loss/gain) rose 3% to Rs 1843 crore in Q3 December 2018 over Q3 December 2017. EBITDA margin stood at 65% in Q3 December 2018. Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said the company will continue its strategy to diversify cargo mix and continuously add economic hinterland reach. The result was announced during market hours today, 6 February 2019.
Overseas, European stocks traded lower Wednesday, as market participants monitored another batch of earnings results. Market focus was largely attuned to President Donald Trump's state of the union address on Tuesday, after he vowed to build a wall that is a source of a deep partisan divide.
Japan's benchmark Nikkei 225 ended higher. China and several other markets in the region are closed for the Lunar New Year holiday.
US stocks closed higher Tuesday, as investors continued to sort through corporate earnings while awaiting President Donald Trump's State of the Union address in the evening.
President Donald Trump called for unity in his opening remarks at his second State of the Union address, and promised to lay out the agenda of the American people. Trump added that he wants a US immigration system that is safe, lawful, modern and secure as he seeks funding for a border wall rejected by Democrats.
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