Firmness continued on the bourses in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, was up 345.95 points or 1.37% at 25,576.43. The gains for the Nifty 50 index were lower than the Sensex's gains in percentage terms. The Nifty was currently up 100.90 points or 1.3% at 7,834.35. The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,545 shares rose and 770 shares fell. A total of 135 shares were unchanged. The BSE Mid-Cap index was currently up 1.05%. The BSE Small-Cap index was currently up 0.9%. Both these indices underperformed the Sensex.
The Sensex jumped 380.09 points or 1.5% at the day's high of 25,608.59 in mid-morning trade, its highest level since 3 May 2016. The barometer index rose 74.36 points or 0.29% at the day's low of 25,302.86 at the onset of the trading session. The Nifty gained 110.45 points or 1.42% at the day's high of 7,843.90 in mid-morning trade, its highest level since 3 May 2016. The index rose 20.10 points or 0.25% at the day's low of 7,753.55 at the onset of the trading session.
In overseas stock markets, Asian stocks witnessed a mixed trend. Stocks fell in mainland China after the latest data showed that China's exports and imports fell more than expected in April, underlining weak demand at home and abroad. The Shanghai Composite was currently down 2.36%. In Hong Kong, the Hang Seng index was currently up 0.36%. China's exports declined 1.8% in April in dollar terms, reversing an increase of 11.5% the previous month, the General Administration of Customs said yesterday, 8 May 2016. Imports in April fell by a sharper-than-expected 10.9% from a year earlier, compared with a 7.6% drop in March.
US stocks posted modest gains on Friday, 6 May 2016, as the weaker-than-expected April job report fanned expectations that the Federal Reserve would have to hike interest rates at a very slow pace. US non-farm payrolls increased by 160,000 in April, the smallest gain since September, and below market expectations.
FMCG stocks gained. Tata Global Beverages (up 0.89%), Nestle India (up 0.47%), Marico (up 1.08%), Britannia Industries (up 0.25%), Jyothy Laboratories (up 2.47%), Procter & Gamble Hygiene and Health Care (up 0.69%), Dabur India (up 1.53%), GlaxoSmithkline Consumer Healthcare (up 0.8%), and Godrej Consumer Products (up 2.46%) gained. Bajaj Corp (down 0.37%) and Colgate Palmolive India (down 0.54%) declined.
Shares of FMCG major Hindustan Unilever (HUL) rose 0.62% ahead of its Q4 results today, 9 May 2016.
Index heavyweight and cigarette maker ITC rose after the company yesterday, 8 May 2016, announced that the manufacturing of cigarettes at its factories will commence progressively. The stock was currently up 1.86%. The company had 4 May 2016 announced temporary closure of its cigarette factories until it is in a position to comply with the rules on pictorial warnings on cigarette packs. While passing an order on 4 May 2016 transferring all writ petitions pending in various courts challenging the rules prescribing 85% pictorial warnings on cigarette packs to the Karnataka High Court, the Supreme Court said at that time all parties should endeavour to follow the existing rules on pictorial warnings on cigarette packs. The government had notified that cigarette companies have to carry warning over 85% of the pack from 1 April 2016, sharply higher than earlier 40% of the pack.
Capital goods stocks gained. Bharat Heavy Electricals (Bhel) (up 0.51%), Havells India (up 0.01%), ABB India (up 1.83%), Bharat Electronics (up 0.49%), L&T (up 2.19%) and Thermax (up 1.45%)gained.
Siemens declined 0.6%. The company's net profit rose 9.61% to Rs 177.42 crore on 4.76% increase in total income to Rs 2810.59 crore in Q2 March 2016 over Q2 March 2015. The result was announced after market hours on Friday, 6 May 2016. Siemens' net profit before exceptional items rose 13.7% on year-onyear basis in Q2 March 2016. The company's order inflow rose 10.5% to Rs 2939 crore in Q2 March 2016 over Q2 March 2015.
The company announced that it has received shareholders' approval for the sale and transfer of its healthcare undertaking as a going concern to Siemens Healthcare, a subsidiary of its parent Siemens AG, effective from 1 July 2016.
Reliance Capital rose 5.18% after consolidated net profit rose 2% to Rs 415 crore on 11.2% growth in total income to Rs 2828 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours on Friday, 6 May 2016. Reliance Capital said that net profit, prior to one-off creation of reserves in Reliance Life Insurance, rose 29% to Rs 526 crore in Q4 March 2016 over Q4 March 2015.
Hikal rose 4.13% after net profit surged 118.3% to Rs 22.24 crore on 35.7% rise in total income to Rs 290.12 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours on Friday, 6 May 2016.
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