BSE Sensex ends at 1-month high; HUL rallies 17%

Moneycontrol Bureau

Key equity benchmarks closed at one-month highs, boosted by heavy buying in FMCG, metal and telecom shares. Hindustan Unilever (HUL) rose 17 percent after parent Unilever announced an open offer to buy 22 percent stake in the company at Rs 600 apiece.

The Sensex closed at 19504 up 117 points and the Nifty ended at 5930 up 26 points.

Earnings remained the focal point for the market. The exchanges will remain close tomorrow on account of Maharashtra and Labour Day. All eyes will be set on the upcoming RBI's monetary policy on May 3. The consensus estimates a rate cut of 50 basis points.

The open offer for HUL lifted the sentiments of the entire FMCG sector. Shares of Dabur, Nestle and ITC recorded fresh 52-week highs on possible re-rating of the stocks.

Key gainers in the Nifty were HUL, HCL Tech, M&M, Lupin and Sesa Goa.

Laggards included IDFC, Jaiprakash Associates, PNB, IndusInd Bank and HDFC, down between 2 to 2.5 percent.

Major movers in the market were companies that reported earnings today. TVS Motor Company disappointed the street by reporting a net loss of Rs 33 crore in the fourth quarter due to an exceptional loss of Rs 91.63 crore against provision for diminution in value of investment in Europe plant. It had reported a profit of Rs 41.7 crore in a year ago period.

Godrej Consumer reported flat profit growth in the fourth quarter excluding an exceptional gain of Rs 129 crore. The operating profit margins also saw a drop of 290 basis points at 16 percent compared to previous year figures. The stock was down 2 percent.

Midcap stocks like Ajanta Pharma and SKF India disappointed the street with their fourth quarter earnings. Ajanta Pharma was down 9 percent from its intraday high of Rs 836 post results announcement.

Kolte Patil on the other hand reported five-fold jump in its net profit at Rs 50.5 crore over previous year. The stock ended flat.