Markets Live: Sensex closes down by 63 points; Nifty ends at 10,526

Domestic indices took a breather today after nine sessions of gains due to profit-booking by funds and retail investors and foreign fund outflows despite positive global cues.

After opening higher at 34,443.42, the Sensex hit intraday high of 34,591.81 on buying by domestic institutional investors and retail investors.

However, investors preferred to lock in gains towards the close of the session, with the benchmark finally ending at 34,331.68, down 63.38 points, or 0.18 per cent. The gauge had risen 1,375.99 points, or 4.17 per cent in the previous nine sessions.

Similarly, NSE index Nifty closed down by 22.50 points or 0.21 per cent down at 10,526.20 after hitting the day’s high of 10,594.20 and a low of 10,509.70. It had gained 420.30 points, or 4.15 per cent in the past nine sessions.

Among BSE sectoral indices, FMCG was the star-performer followed by realty and metal. On the other hand, consumer durables, oil & gas and banking indices succumbed to selling pressure.

Top five Sensex gainers were ITC, Wipro, Bharti Airtel, Tata Steel and Adani Ports, while the major losers were Axis Bank, M&M, IndusInd Bank, Hero MotoCorp and Coal India.

 

Investor sentiment got a boost after the IMF had yesterday said India is expected to grow at 7.4 per cent in 2018 and 7.8 per cent in 2019, leaving its nearest rival China behind.

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The Sensex and Nifty erased their early gains and were trading marginally lower due to heavy selling in consumer durables, banking and oil & gas stocks amid firm European cues. However, FMCG, metal and realty stocks remained investors' favourite.

At 2.55 pm, the BSE index was down 38.36 points or 0.11 per cent at 34,356.70 and the NSE index down 9.35 points or 0.09 per cent at 10,539.35.

Top five Sensex gainers were ITC, Wipro, NTPC, Tata Steel and YES Bank, while the major losers were Axis Bank, IndusInd Bank, M&M, Coal India and State Bank of India.

 

“Markets will be range-bound with stock specific moves taking place based on earnings. Volatility of rupee and a tepid outlook forecast from Infosys Ltd is weighing on IT stocks,” says Siddharth Sedani, Vice President - Head Equity Advisory, Anand Rathi.

ITC Ltd, India's biggest cigarette maker which also sells biscuits under the Sunfeast brand, was the top contributor on both the indexes and was on track to gain for a third straight session.

Consumer staples stocks such as Dabur India Ltd rose as much as 2.8 per cent to hit a near 11-week high, while Hindustan Unilever Ltd hit an all-time high.

Media stocks also gained with Nifty media index up 1.5 per cent. Zee Entertainment Enterprises Ltd rose as much as 3.3 per cent to hit a 3-week high of Rs 594.90.

However, information technology stocks continued to be under selling pressure following Infosys March quarter results on Friday.

Meanwhile, shares of cement maker ACC Ltd and IT firm Mindtree Ltd were trading largely unchanged ahead of their quarterly results due later in the day.

DB Corp: Making a mark

DB Corp, the publisher of one of India’s most widely circulated Hindi Newspaper, Dainik Bhaskar, appears well-placed to meet or exceed the industry levels in advertising, given that many positives are set to play out over the next year or so. Read more

 

Due to unavoidable circumstances, the next update will be at 2.30 pm.

 

Domestic indices continued their winning spree for 10th straight session on positive global cues and sustained by domestic institutional investors and retail investors. Robust macroeconomic data also boosted the domestic sentiment.

At 12 noon, the Sensex was trading up by 70.49 points or 0.2 per cent at 34,465.55 and the Nifty up 19 points or 0.18 per cent at 10,567.70.

 

Among BSE sectoral indices, FMCG, realty, capital goods and power found investors' support, while consumer durables, oil & gas, PSU and banking succumbed to selling pressure.

 

Top five Sensex gainers were ITC, Wipro, Bharti Airtel, YES Bank and ONGC, while the major losers were Coal India, M&M, Kotak Bank, Axis Bank and IndusInd Bank.

 

Meanwhile, on a net basis, DIIs bought shares worth Rs 723.81 crore, while foreign funds sold shares to the tune of Rs 951.39 crore yesterday.

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Gold dips after 3 sessions of gains

Spot gold fell 0.2 per cent to $1,344.06 per ounce at 0414 GMT, while US gold futures for June delivery dipped 0.18 per cent to $1,347.10 per ounce.  Read more

 

Nifty 50 April Futures (10,567)

Short-term traders can make use of dips and go long at 10,550 and also accumulate at 10,540. Stop-loss can be placed at 10,525 for the target of 10,595. Read more

 

Dabur India at near 11-week high

Shares of Dabur India climbed as much as 2.8 per cent to Rs 353.6, their highest since February 2, i.e. near 11-week high. Read more

 

Asian markets

MSCI's broadest index of Asia-Pacific shares outside Japan bounced 0.5 per cent, though that follows four straight sessions of losses. Japan's Nikkei climbed 1.2 per cent, with investors waiting for any developments on trade as Japanese Prime Minister Shinzo Abe meets President Donald Trump at his Mar-a-Lago resort. Read more

 

Fortis gets offer from China's Fosun

Fortis Healthcare has received a fourth offer for its hospital chain business — this time from China’s Fosun International Group. Read more

 

Rupee hits fresh 7-month low

The rupee weakened by another 14 paise, nearing a fresh seven-month low of 65.78, on fresh dollar demand from importers and banks. Read more

 

Hotel Leelaventure defaults on NCD interest

Hotel Leelaventure has defaulted on interest and principal payments since 2016, on the ₹90-crore non-convertible debentures issued to Life Insurance Corporation of India. Read more

 

The Sensex and Nifty continued their winning spree for the 10th straight session, on positive global cues and sustained buying by domestic institutional investors and retail investors.

The BSE index was trading up by 36.26 points or 0.11 per cent at 34,431.22 and the NSE index up 9.35 points or 0.09 per cent at 10,558.15.

Among BSE sectoral indices, FMCG, realty, infrastructure and healthcare found investors' support, while consumer durables, IT, oil & gas and TECk succumbed to selling pressure.

Top five Sensex gainers were Wipro, ITC, YES Bank, ONGC, and Bharti Airtel, while the major losers were M&M, Kotak Bank, Coal India, IndusInd Bank and Infosys.

 

Meanwhile, on a net basis, DIIs bought shares worth Rs 723.81 crore, while foreign funds sold shares to the tune of Rs 951.39 crore yesterday.

Lupin shares fall

Lupin has received tentative approval for its Testosterone Gel, 1.62 per cent from the USFDA to market a generic version of AbbVie Inc’s AndraGel, 1.62 per cent. The company shares were trading down by 0.19 per cent at Rs 802.80 on the BSE.

 

 

HDFC Standard, ACC results

The board of directors of ACC will meet on Wednesday to declare its unaudited financial results for the first quarter ended March 2018. Read more

 

What to watch

Srinagar Banihal Expressway, a subsidiary of Ramky Infrastructure , which was awarded the project entailing rehabilitation, strengthening and four-laning of the Srinagar-Banihal section of the highway, has received provisional completion certificate from the Independent Engineer. Shares of Ramky Infra were trading down by 0.47 per cent at Rs 202.30 on the BSE. Read more

Ashoka Buildcon has received Letters of Intention from Dakshinanchal Vidyut Vitaran Nigam for orders worth ₹756.79 crore.  The company shares were up 1.04 per cent at Rs 266.75 on the BSE. Read more

 

What to watch

Indian Hume Pipe Company has secured a work order worth ₹108.19 crore from Narmada Water Resources, Water Supply & Kalpsar Department, Gujarat, for a lift irrigation project entailing transmission of 100 cusecs of water from Kherva to Visnagar. The company shares were trading up by 6.4 per cent at Rs 359.30 on the BSE. Read more

 

 

The Sensex opened higher by 52.93 points at 34,447.99 against the previous close of 34,395.06 and the Nifty up 19.25 points at 10,567.95 against 10,548.70.

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