Key benchmark indices logged modest gains on steady buying in index pivotals. The barometer index, the S&P BSE Sensex, rose 103.03 points or 0.29% to settle at 35,319.35. The Nifty 50 index rose 23.90 points or 0.22% to settle at 10,741.70.
After opening with an upward gap, stocks continued to gain momentum as the day's trading session progressed. Most IT shares rose as the rupee weakened against the dollar. Capital goods stocks saw mixed trend. Tata Motors surged after good JLR sales in April.
The barometer index, the S&P BSE Sensex, rose 103.03 points or 0.29% to settle at 35,319.35, its highest closing level since 1 February 2018. The Sensex rose 188.51 points, or 0.54% at the day's high of 35,404.83 in afternoon trade. The index fell 82.12 points, or 0.23% at the day's low of 35,134.20 in early trade.
The Nifty 50 index rose 23.90 points or 0.22% to settle at 10,741.70, its highest closing level since 2 February 2018. The Nifty rose 48.45 points, or 0.45% at the day's high of 10,766.25 in afternoon trade. The index fell 27.95 points, or 0.26% at the day's low of 10,689.85 in early trade.
The broader market, however, witnessed selling pressure. The BSE Mid-Cap index fell 0.63%. The BSE Small-Cap index fell 0.13%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,507 shares fell and 1,176 shares rose. A total of 128 shares were unchanged.
Asian Paints (up 1.69%), TCS (up 1.39%), Axis Bank (up 1.36%), Yes Bank (up 1.31%) and Tata Steel (up 1.06%) were the top gainers in the Sensex pack.
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Sun Pharmaceutical Industries (down 1.02%), ICICI Bank (down 0.7%) and Maruti Suzuki India (down 0.7%) were the major losers in the Sensex pack.
Most IT shares rose as the rupee weakened against the dollar. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
MphasiS (up 1.95%), Oracle Financial Services Software (up 1.29%), TCS (up 1.39%), Persistent Systems (up 0.93%), HCL Technologies (up 0.72%), Tech Mahindra (up 0.55%), Hexaware Technologies (up 1.25%) and Infosys (up 0.51%) edged higher. Wipro (down 0.66%) and MindTree (down 1.17%) edged lower.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 67.3750, compared with closing of 67.0775 during the previous trading session.
Tata Motors rose 2.79% after the company said that sales of its subsidiary Jaguar Land Rover rose 11.9% to 45,180 units in April 2018 over April 2017. The announcement was made during trading hours today, 9 May 2018.
Sales were primarily driven by the introduction of new models including the Range Rover Velar, Land Rover Discovery and the Jaguar E-PACE. Jaguar sales rose 8% to 13,289 units. Land Rover sales rose 13.6% to 31,891 units. Retail sales for April were up significantly year-on-year in China (28.9%), the UK (25.9%), Overseas markets (21.3%} and North America (2.5%) but down in Europe (-10.2%), with continuing uncertainty over diesel in the UK and Europe. Jaguar Land Rover is the UK's largest automotive manufacturer, built around two iconic British car brands: Land Rover, the world's leading manufacturer of premium allwheel-drive vehicles; and Jaguar, one of the world's premier luxury sports saloon and sports car marques.
Hindalco Industries shed 0.1%. The company's subsidiary Novelis posted record results for the fourth quarter and fiscal year 2018. In Q4, net income excluding special items increased 38% YoY. Adjusted EBITDA rose 9% to $319 million. Net sales increased 17% to $3.1 billion.
Drug major Lupin fell 1.69%. The company announced that YL Biologics (YLB) its JV with Yoshindo and Kyowa (Lupin's Subsidiary) in Japan has submitted a New Drug Application (NDA) for Marketing Authorization to the Pharmaceuticals and Medical Devices Agency (PMDA) for a biosimilar of Etanercept to treat indications for moderate to severe Rheumatoid Arthritis (RA) and Juvenile Idiopathic Arthritis. YL Biologics and Kyowa filed the NDA in Japan in March, 2018. The announcement was made after market hours yesterday, 8 May 2018.
Capital goods stocks saw mixed trend. Bharat Heavy Electricals (Bhel) (up 0.6%), Bharat Electronics (up 0.42%), L&T (up 0.38%) and Siemens (up 0.26%) rose. Thermax (down 0.72%), BEML (down 1.89%) and Punj Lloyd (down 2.11%) fell.
ABB India fell 0.78%. The company's net profit rose 13.9% to Rs 102.49 crore on 16.92% rise in total income to Rs 2552.39 crore in Q1 March 2018 over Q1 March 2017. The announcement was made after market hours yesterday, 8 May 2018.
Automotive Axles rose 1.47%. The company's net profit rose 58.22% to Rs 28.29 crore on 30.73% rise in total income to Rs 469.97 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 8 May 2018.
Sintex Industries surged 8.28% after consolidated net profit rose 15.91% to Rs 57.42 crore on 6.67% fall in net sales to Rs 617.27 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 8 May 2018.
Overseas, European shares were trading higher, supported by strength in oil stocks after US President Donald Trump pulled the United States out of Iran's nuclear agreement, boosting crude prices. Asian shares saw mixed trend.
US stocks came off their lows on Tuesday to end a choppy session little changed, after Trump announced the US was abandoning the 2015 Iran nuclear deal, which was forged by former President Barack Obama three years ago. The president also said he planned to ramp up penalties against Tehran, including the highest level of economic sanctions.
In US, an index of small-business optimism from the National Federation of Independent Businesses ticked up 0.1 point to 104.8 in April. Separately, a report on US job openings, known as the Job Openings and Labor Turnover Survey, or JOLTS, showed a record 6.6 million job openings in March.
Meanwhile, US Fed Chairman Jerome Powell reportedly said early Tuesday at an event in Switzerland that emerging-market economies should be able to manage as advanced economies move toward tighter monetary policy.
Crude oil prices surged as Trump walking away from an international nuclear deal with Iran could curb the OPEC-member's crude exports in an already tight market. In the global commodities markets, Brent crude oil futures for July 2018 settlement was up $1.91 at $76.76 a barrel.
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