The BSE 30-share benchmark Sensex ended a busy day of trade in the green, up 100 points at 19387.50.
Broking house Religare expects to see some correction in Indian stocks in May due to macroeconomic headwinds. The May selloff is likely despite the satisfactory Jan-March corporate results so far and a possible 25 basis points reduction in interest rates by the RBI on May 3.
Key gainers in the Sensex were HUL, Wipro, Hero Motocorp, Sterlite Industries and ITC, up between 2-7 percent. Laggards included Jindal Steel, Coal India, Sun Pharma, HDFC and Tata Steel, down 1-4 percent.
Largecap IT stocks ended in green on the back of short covering. However, midcap IT stocks disappointed the street mirroring lackluster earnings performance of some of the largcap IT stocks. Hexaware, Polaris and Geometric missed street estimates on the operation front.
Realty stocks also surged in trade today ahead of the RBI credit policy on May 3. Shares of DLF, HDIL, Indiabulls Real Estate and Unitech were up between 1-6 percent.
Auto majors Hero Moto and Maruti Suzuki continued their good run after companies outperformed earnings estimate on Friday.
ITC closed at all-time high after its rival Hindustan Unilever (HUL) posted better-than-expected results despite challenging environment. HUL registered a 14.6 percent year-on-year rise in its net profit to Rs 787 crore. The street was surprised by volume growth of 6 percent in March quarter as against forecast of 5 percent.
The biggest earning shocker of the day so far was Indian Overseas Bank. The bank reported net profit of Rs 58.7 crore, ad drop of close to 90 percent over the previous year figures. The stock closed with 7 percent losses.
Bank of Maharashtra on the other hand ended 20 percent higher over its previous close. The bank’s net profit jumped more than 300 percent to Rs 259 crore in the fourth quarter compared to previous year.
Lanco Infratech announced that the long drawn litigation for a claim of AUD 3.5 billion intiated by Perdamn Chemicals against Griffin Coal (a Lanco subsidiary), Lanco Group and its officers ended in the Supreme Court of West Australia. The development pulled the stock up 11%.
The market recovered some of its early losses as the Nifty managed to scale just above 5900. The Nifty gained 40.85 points to be at 5912.30 while the Sensex surged 125.66 points to 19412.38.
The Nifty was trading flat in the afternoon trade as traders cited cautious stance ahead of the RBI credit policy on May 3. The uncertainty on the political front was also keeping traders in check. The market will remain shut on Wednesday.
Key equity benchmarks consolidated in the afternoon trade tracking positive regional shares. Asian shares inched ahead while the dollar lost ground as investors counted on easy money from central banks in the euro zone and United States to offset the risk of further disappointment from global economic data, reported Reuters.
The market continued its uptrend led by technology and oil and gas stocks. The Sensex gained 81.55 points at 19368.27 while the Nifty was up 21.30 points at 5892.75. Boarder market too were in the positive terrain.
Political uncertainty is seen weighing on sentiment near term. The market may have already priced in a 25-basis cut in interest rate by the RBI
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See 8000 Nifty by Dec, bullish energy, cap goods: Religare