Sensex ends at fresh high; Sintex gains 39% on trading debut
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The Dalal Street may open between flat and positive after when a Reuters reports stated that the U.S. Federal Reserve signalled a cautious approach to future rate hikes and the reduction of its $4.5 trillion of bond holdings.
On Wednesday, Sensex closed at 30,301.64 down 63.61 points or 0.21%, while Nifty ended lower by 25.60 points or 0.27% at 9,360.55.
The market breadth, indicating the overall health of the market, remained negative. On BSE, 2,019 shares fell and 700 shares rose. A total of 150 shares were unchanged. NSE cash turnover was at Rs. 27,356 crore.
HDFC Securies said, " If Nifty sustains above 9360 level then traders could expect positive move in the Nifty towards 9420 followed by 9475 level. If Nifty trades below 9360 level for first hour of trade then traders may see down move, which could take Nifty towards 9340 level followed by 9320 level."
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Vinod Nair, Head of Research, Geojit Financial Services Ltd said, "The market rebounded from previous days fall as FOMC minutes shared its concern over the hike in US rate in the future due to slowdown in economic growth, which is positive for EMs. While short covering ahead expiry and appreciation in INR added impetus to the rally.."
Indian Rupee closed at 64.596 down 0.089 paisa or 0.14% against US dollar on Thursday.
Indian markets ended on a higher note with Sensex touching a 52-week high of 30793-mark.
Sensex closed at 30,750.03 above 448.39 points or 1.48%, while Nifty ended at 9,509.75 higher by 149.20 points or 1.59%.
Rally in sectors like automobile, IT, banking, capital goods, finance and realty boosted Sensex to touch a new high on Thursday.
Top gainers on BSE were L&T at Rs 1768.70 a piece up 4.97%, followed by ICICI Bank at Rs 316.20 a piece (3.06%), HDFC Bank at Rs 1617.15 a piece (3.04%), Infosys at Rs 981.90 a piece (2.97%) and TCS at Rs 2619.95 a piece (2.43%).
Losers involved Lupin at Rs 1137.95 a piece down 7.31%, Dr Reddy at Rs 2427.30 a piece (3.70%), Cipla at Rs 504.10 a piece (3.12%), Sun Pharma at Rs 591.80 a piece (1.87%) and Power Grid at Rs 198.70 a piece (0.58%).
Share price of Ashok Leyland soared over 6% as the company reported net profit of Rs 476 crpre for January 2017 - March 2017 period.
The company posted net loss of Rs 141 crore during the same period of the previous year.
For the entire FY17, net profit stood at Rs 1223 crore, recording a whopping rise of 214% compared to Rs 390 crore in FY16.
Share price of Ashok Leyland closed at Rs 87.30 a piece above Rs 5 or 6.08% on BSE.
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State-owned Indian Oil Corporation (IOC) registered a whopping 85% rise in its net profit for the fourth quarter ended March 31, 2017 result. The company posted net profit of Rs 3,720.62 crore, a rise of 85.48% from Rs 2,005.89 crore in the corresponding period of the previous year.
However, Q4FY17 net profit decline by 6.86% from Rs 3,994.91 crore of the preceding quarter.
A Bloomberg poll estimated IOC to report net profit of Rs 3,710 crore in Q4.
Share price of Indian Oil surged over 2.10% on BSE, trading at Rs 439.70 a piece.
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Stocks of Indiabulls Housing Finance, GAIL, Ambuja Cements etc are the Nifty Gainers.
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PC Jewellers missed analysts estimates on Thursday by reporting nearly 40% rise in its standalone net profit for the fourth quarter ended March 31, 2017 result.
The company posted net profit of Rs 110.05 crore in Q4, a rise of 39.69% from Rs 78.78 crore in the corresponding period of the previous year.
Share price of PC Jeweller soared over Rs 11 or 2.73% on BSE trading at Rs 442.50 a piece.
A Bloomberg estimated PC Jewellers net profit to be slightly higher at Rs 114 crore in Q4.
Total income for the period stood at Rs 2208.91 crore, increasing by 17.23% from Rs 1884.19 crore a year ago same period.
Tata Consultancy Services on Thursday announced that the company has partnered with Nexperia B.V to transform its applications and infrastructure services.
V Rajanna, Vice President & Global Head of Technology Business Unit, TCS commented, "TCS' expertise in the semiconductor industry coupled with its deep contextual knowledge of the parent company, positions us strongly to drive immense value for Nexperia."
Nexperia which recently spun off from NXP selected TCS to enhance its digital core through its end-to-end enterprise application stack hosted on the TCS cloud.
Share price of TCS was trading at Rs 2605 a piece above Rs 47 or 1.85% on BSE at 1153 hours.
Job loss cover advisable in the wake of looming job cuts scenario.
Suven Life Sciences on Thursday surged over 3% after when the company announced the initiation of Phase 1 Trail of SUVN-911.
In a BSE filing, Venkat Jasti, CEO of Suven Life Sciences said, "“Progression of SUVN-911 into Phase 1 clinical development is a significant achievement in enhancing our clinical pipeline beyond Dementia into mental illness arena, Major Depressive Disorder (MDD)."
However, at 1049 hours, the company was trading at Rs 175.80 a piece higher by 1.01%.
Top gainers on BSE involved TCS at Rs 2592.50 a piece up 1.36%, followed by Gail India at Rs 395.30 a piece (1.20%), Infosys at Rs 964.50 a piece (1.15%), HDFC at Rs 1540.45 a piece (1.02%), Larsen & Toubro at Rs 1702 a piece (1.02%) and ITC at Rs 302.85 a piece (0.90%).
Losers had Lupin on top spot trading at Rs 1141.95 a piece down 6.98% on BSE after when the company reported 49% decline in net profit for its Q4FY17. The company also touched a 52-week low of Rs 1,133.70 a piece.
Other losers involved Dr Reddy was trading at Rs 2462 a piece (2.32%), Sun Pharma at Rs 591.55 a piece (1.91%), Adani Ports at Rs 334.50 a piece (1.63%) and Power Grid at Rs 198.25 a piece (0.80%)
Indian Markets opened in green on Thursday following its strong global cues as the U.S. Federal Reserve signalled a cautious approach to future rate hikes and the reduction of its $4.5 trillion of bond holdings.
At 9.27 am, Sensex was trading at 30,405.13 above 103.49 points or 0.34%, while Nifty 50 surged over 32.35 points or 0.35% trading at 9,392.90.
HDFC Securities said, "Indian equity markets are likely to open in the green following strong Asian cues but will remain volatile due to the F&O expiry. Positive news on rainfall by the MET department would play out in the markets. Metals, PSU Banks and Auto sectors are expected to trade in positive zone, while Pharma and Engineering sectors are expected to trade in negative zone. Crucial support for Nifty is at 9340 level, while strong immediate resistance is at 9420."
In pre-market opening Sensex was trading at 30,396.11 higher by 94.47 points or 0.31%.
Stocks in focus are:
Bharat Forge: The company surpassed analysts estimates by reporting over 25% net profit for its fourth quarter ended March 31, 2017 result. Net Profit for Q4F1Y7 stood at Rs 207.50 crore compared to Rs 165.57 crore in the corresponding period of the previous year. Total income increased by 10.67% to Rs 1205.37 crore as against Rs 1089.07 crore a year ago same period.
Sun Pharma: In a BSE filing on Wednesday, Sun Pharmaceutical Industries announced that the USFDA has accepted biologics licence application (BLA) for tildrakizumab for the treatment of psoriasis.
"The FDA filing acceptance follows the acceptance of the regulatory filing of tildrakizumab by the European Medicines Agency (EMA) in March 2017. Tildrakizumab is an investigational IL-23p19 inhibitor being evaluated for the treatment of moderate-to-severe plaque psoriasis," Sun Pharma said in a regulatory filing.
Adani Ports and Special Economic Zone Limited (APSEZ): In its Q4FY17, the company had clocked profit after tax of Rs1,179 crore which grew by 27% from Rs928 crore in the fourth quarter of FY16.
Lupin: The company on Wednesday posted 49.2% decline in net profit to Rs.380.2 crore in Q4 versus Rs.747.9 crore of in the same period previous year , on account of drop in US sales Revenues rose by 1.3% to Rs 4253.3 crore.
Adani Enterprises Ltd (AEL): The flagship company of the Adani Group, witnessed standalone net loss to Rs 30.82 crore during Q4FY17 as against the standalone net profit of Rs 70.50 crore in the similar period of the previous year.
DishTV: The company recorded a consolidated net loss of Rs 28.33 crore in Q4 compared to a net profit of Rs 482.77 crore a year ago same period.
The Dalal Street may open between flat and positive after when a Reuters reports stated that the U.S. Federal Reserve signalled a cautious approach to future rate hikes and the reduction of its $4.5 trillion of bond holdings.
On Wednesday, Sensex closed at 30,301.64 down 63.61 points or 0.21%, while Nifty ended lower by 25.60 points or 0.27% at 9,360.55.
The market breadth, indicating the overall health of the market, remained negative. On BSE, 2,019 shares fell and 700 shares rose. A total of 150 shares were unchanged. NSE cash turnover was at Rs. 27,356 crore.
HDFC Securies said, " If Nifty sustains above 9360 level then traders could expect positive move in the Nifty towards 9420 followed by 9475 level. If Nifty trades below 9360 level for first hour of trade then traders may see down move, which could take Nifty towards 9340 level followed by 9320 level."
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