May 30, 2013, 05.00 PM | Source:

Sensex ends up ahead of Q4 GDP data; Tata Motors, M&M lead

The BSE Sensex gained 68 points to close at 20215, and the Nifty ended the day at 6124, up 20 points over the previous close. Action continued to be centered around earnings candidates in the absence of any other key trigger.

Moneycontrol Bureau

Equity benchmarks finished higher Thursday after trading in a narrow range for most part of the day. Dealers attributed the late spike to squaring of short positions in the derivatives segment, today being the settlement day for May series.

The BSE Sensex gained 68 points to close at 20215, and the Nifty ended the day at 6124, up 20 points over the previous close.

Action continued to be centered around earnings candidates in the absence of any other key trigger.

Tata Motors shares gained over 4 percent after the company's fourth quarter numbers announced post-market hours Wednesday, beat analyst estimates by a comfortable margin. Most brokerages retained their positive ratings on the stock, but warned of a volatile stock performance in the coming months because of a similar trend in profitability.

Mahindra & Mahindra was the other big gainer among frontline shares, climbing over 4 percent after reporting strong fourth quarter numbers . Net profit was boosted by an extraordinary income of Rs 90 crore from shares of sales of group company Mahindra Holidays.

State-owned steel major SAIL closed around 1 percent lower after its quarterly net profit plunged 72 percent on higher interest charges . Brokers said the weak performance was largely on expected lines.

Key gainers among Sensex stocks included BHEL, HDFC, HDFC Bank, NTPC and ITC, which rose between 1-3 percent.

Cipla, Tata Steel, Hindalco and ICICI Bank were the key laggards, down between 3-5 percent.

Mphasis was the star performer among mid-caps, shrugging off a sluggish second quarter performance, on reports that parent Hewlett Packard was looking to sell its entire 60 percent stake in the company.

The stock closed around 8 percent higher at Rs 484.70, after touching a 52-week high of Rs 513 intra-day.

At a broader level, fourth quarter earnings were not as weak as feared, but that alone may not be good enough to propel the market higher, feel some experts.

"It is going to be a slow (earnings) recovery process. Even the markets will move in line with that because today the markets are trading at fair valuations and so we cannot expect markets to rerate based on these earning numbers," Harsha Upadhyaya of Kotak Mutual Fund said in an interview to CNBC-TV18 .

Liquidity will be the key driver near term, amid speculation on whether or not the US Federal Reserve will start cutting back on its monetary stimulus.

IOC gains 2 percent just as the March quarter earnings are announced. IOC's net profit rose to Rs 14512 crore from Rs 3332 crore quarter-on-qaurter. Its reveneue stood at Rs 1.28 lakh crore while gross refining margin was at USD 2.39 per barrel.

Read More »

Equity benchmarks are trading in a choppy water; the 50-share NSE Nifty continues to hover around 6100 level. Mahindra and Mahindra shares extended rally to 4.25 percent on better-than-expected earnings in January-March quarter.

Read More »

Indian equities remain lacklustre ahead of F&O expiry and amid ongoing offer for sale issues. Index heavyweights ITC and HDFC gained 2 percent each while Tata Motors is the top gainer since early trade after better-than-expected fourth quarter earnings.

Read More »

Key equity benchmarks were trading flat despite Japan's benchmark index tanked by more than 5 percent to hit one-month low on Thursday. Japanese yen strengthened against the dollar. The benchmark has lost 14 percent since last Thursday's plunge.

Read More »

Asian stocks are under pressure today with Japan’s Nikkei down 4.9 percent after US stocks dropped and the yen strengthened while caution over the recent volatility in Japanese market keeping investors on edge.

Read More »

BSE Sensex was consolidating in the morning trade. The volatility will pick up in the later half of the session on account of the future positions being rolled over to the next expiry, said dealers.

Read More »

Tata Motors delivered better-than-expected earnings with a strong performance by JLR. JLR margins were at 17 percent and for the standalone business, losses narrowed sequentially to Rs 312 crore. The stock zoomed 3.7 percent on the BSE.

Read More »

READ MORE ON  market, nifty, nse, bse, sensex,


video of the day

May see one RBI rate cut post Budget: JP Morgan

Explore Moneycontrol

Copyright © Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of is prohibited.