MARKET WRAP: Sensex ends 318 pts higher, Nifty holds 10,500; IT stocks gain
Benchmark indices rose on Thursday, driven by IT stocks such as Infosys and TCS on the back of a weak rupee
 "Stock Markets, BSE, NSE, Nifty, Sensex")
Bonds, Stock markets, Shares, Trading
Benchmark indices rose on Thursday, driven by IT stocks such as Infosys and Tata Consultancy Services on the back of a weak rupee.
The S&P BSE Sensex ended at 34,663, up 318 points while the broader Nifty50 index settled at 10,514, up 84 points.
The S&P BSE Sensex ended at 34,663, up 318 points while the broader Nifty50 index settled at 10,514, up 84 points.
The rupee has weakened by more than 7% so far this year, hitting its lowest since December 2016 at 68.46 per dollar on Wednesday, as surging crude oil prices weigh on India, the world’s third largest importer of the commodity, raising fears that soaring costs could drive up inflation and widen the trade deficit.
The Nifty IT index rose over 2%, its biggest intraday gain in nearly four weeks, and has gained 18% so far this year. Infosys rose as much as 2.9% and TCS climbed 3%.
Meanwhile, Oil and Natural Gas Corporation (ONGC) trimmed losses to end 4% lower after falling 10% in intra-day trade after the media reports suggested that the government may ask the company to share the burden to reduce fuel price.
GLOBAL MARKETS
GLOBAL MARKETS
In the global markets, Asian shares fell on Thursday after the US government launched a national security probe into car imports that could lead to new tariffs, and President Donald Trump’s comments suggested setbacks in US-China trade talks.
MSCI’s broadest index of Asia-Pacific shares outside Japan was about 0.1% higher, but Japan’s Nikkei stock index fell 1.1% as auto shares slumped. South Korea’s KOSPI lost 0.2%.
MSCI’s broadest index of Asia-Pacific shares outside Japan was about 0.1% higher, but Japan’s Nikkei stock index fell 1.1% as auto shares slumped. South Korea’s KOSPI lost 0.2%.
In commodities markets, US crude was down 0.3 per cent at $71.63 a barrel. Oil prices fell on Wednesday after an unexpected rise in US crude and gasoline inventories. Brent futures were 0.4 per cent lower at $79.50 a barrel, continuing to move lower after rising above $80 last week for the first time since November 2014 last week.
(with Reuters inputs)
3:44 PM
Top gainers in Nifty IT index:
| COMPANY | LATEST | PREV CLOSE | GAIN() | GAIN(%) |
| KPIT TECH. | 270.85 | 258.25 | 12.60 | 4.88 |
| TCS | 3603.70 | 3495.10 | 108.60 | 3.11 |
| INFOSYS | 1221.00 | 1184.90 | 36.10 | 3.05 |
| TECH MAHINDRA | 711.35 | 697.45 | 13.90 | 1.99 |
| HCL TECHNOLOGIES | 911.70 | 894.35 | 17.35 | 1.94 |
3:40 PM
Top losers in BSE Oil & Gas:
| COMPANY | LATEST | PREV CLOSE | LOSS() | LOSS(%) |
| OIL INDIA | 214.50 | 230.55 | -16.05 | -6.96 |
| GAIL (INDIA) | 305.00 | 323.15 | -18.15 | -5.62 |
| O N G C | 167.90 | 175.55 | -7.65 | -4.36 |
| INDRAPRASTHA GAS | 253.35 | 263.35 | -10.00 | -3.80 |
| CASTROL INDIA | 163.20 | 167.15 | -3.95 | -2.36 |
3:37 PM
Nifty sectoral performers of the day
3:35 PM
BSE Sensex: Gainers and losers of the day
3:32 PM
Market at close
The S&P BSE Sensex ended at 34,663, up 318 points while the broader Nifty50 index settled at 10,514, up 84 points.
3:14 PM
Avenue Supermarts up 6% after block deals
Shares of Avenue Supermarts - the operators of retail chain D-Mart, have moved higher by 6% to Rs 1,437 on the BSE in noon deal trade on Thursday, after nearly one per cent or 5 million equity shares of the company changed hands through multiple block deals. READ MORE
3:00 PM
Crude oil price rise could moderate later, suggests Spanish survey
FocusEconomics, a Spain-based economic think tank, says after surveying economists and analysts: “We do not expect the current sweet spot in oil prices will be sustainable further down the road. Higher prices are allowing an increasing number of shale oil producers to ramp up production, especially in the United States. More, rising trade disputes and elevated political tensions across the globe are threatening to derail an otherwise promising global growth trajectory. Prices could be averaging $66.5 a barrel in Q4 (October to December) of 2018.” READ MORE
2:44 PM
Despite SBI reporting Rs 77-bn loss in Q4, worst is likely over for PSBs
Despite the country's largest lender, State Bank of India (SBI), reporting its biggest quarterly loss of Rs 77 billion and a worsening of asset quality during January-March 2018 (Q4) on Monday, the Nifty index of PSU banks surged 2.8 per cent on Tuesday. The gains came on a day the Nifty and the Sensex fell by almost 1 per cent each.
According to experts, even though the Q4 numbers of PSBs that have announced results so far are weaker than expected, earnings visibility is emerging and, in all probability, asset quality worries of PSBs have peaked. READ MORE
2:29 PM
Mid, small-caps outperform in four years of Narendra Modi government
Mid-and small-cap indices have outperformed large-caps in the four years of Narendra Modi – led National Democratic Alliance (NDA) at the centre. Between May 26, 2014 when the Modi government was sworn in and May 23, 2018, the S&P BSE Mid-cap and the S&P BSE Small-cap indices have rallied 86 per cent and 81 per cent respectively, as compared to around 39 per cent rise in the S&P BSE Sensex, ACE Equity data shows.
Analysts attribute this outperformance to the government’s proactive economic reform measures and low crude oil prices that translated into a better operational performance for the mid-and-small cap companies that eventually got translated into the stocks rallying at the bourses. Ample liquidity, especially from the mutual funds also aided sentiment, they said.
2:14 PM
ONGC falls 10%
Oil and Natural Gas Corporation (ONGC) dipped 10% to Rs 157, extending its previous day’s nearly 5% fall on BSE, after the media report suggested that the government may ask the company to share the burden to reduce fuel price. READ MORE
2:03 PM
Market Check
| S&P BSE Sensex | 34,594.49 | 0.73% | |
| Nifty 50 | 10,495.25 | 0.62% | |
| S&P BSE 200 | 4,545.17 | 0.37% | |
| Nifty 500 | 9,104.60 | 0.38% | |
| S&P BSE Mid-Cap | 15,639.87 | -0.38% | |
| S&P BSE Small-Cap | 16,955.58 | -0.13% | |
1:45 PM
Deteriorating macroeconomic conditions and lacklustre earnings have prompted brokerages to cut their price targets for mid- and small-cap stocks. Over three-fourths of the BSE 500 stocks saw their price targets cut in the last three months, with 98 stocks witnessing a downgrade of more than 10 per cent. READ MORE
Three-fourths of BSE 500 stocks see downward revision in price targets
Deteriorating macroeconomic conditions and lacklustre earnings have prompted brokerages to cut their price targets for mid- and small-cap stocks. Over three-fourths of the BSE 500 stocks saw their price targets cut in the last three months, with 98 stocks witnessing a downgrade of more than 10 per cent. READ MORE
1:30 PM
Stocks at 52-week high
» More on 52 Week High
| COMPANY | PRICE() | 52 WK HIGH | CHG() | CHG(%) |
| BRITANNIA INDS. | 5760.45 | 5790.00 | 48.95 | 0.86 |
| INFOSYS | 1223.40 | 1224.90 | 38.15 | 3.22 |
| KPIT TECH. | 270.40 | 271.70 | 11.60 | 4.48 |
| TCS | 3596.00 | 3607.50 | 98.95 | 2.83 |
| ZENSAR TECH. | 1296.40 | 1345.35 | 24.85 | 1.95 |
1:18 PM
IT shares gain on weak rupee; Infosys nears 52-week high
Shares of information technology (IT) companies were trading higher as rupee extended weakness against the dollar. The frontline IT stocks such as Infosys, Tata Consultancy Services, HCL Technologies and Tech Mahindra were up in the range of 1% to 2% on the National Stock Exchange (NSE).
Persistent Systems, Larsen & Toubro Infotech, Intellect Design Arena, Zensar Technologies, Firstsource Solutions, Hexaware Technologies, SQS India BFSI, Sasken Technologies, Sonata Software and NIIT Technologies were up between 1% and 4% on the BSE. READ MORE
1:00 PM
Welspun Enterprises up for 11th straight trading day post Q4 results
Shares of Welspun Enterprises were trading higher for the 11th straight session, rising 5% to Rs 202 per share on the BSE after the company reported a nearly four-fold jump in its consolidated net profit at Rs 253 million in March quarter. It had profit of Rs 67 million in the same quarter last fiscal.
The stock of construction & engineering company was trading at its new high rallying 32% from Rs 153 on May 9, 2018. On comparison, the S&P BSE Sensex has dipped 2.4% during the same period. READ MORE
Topics :
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: May 24 2018 | 3:30 PM IST
