Moneycontrol
Apr 09, 2018 05:15 PM IST | Source: Moneycontrol.com

Banks, FMCG, oil stocks lift Sensex by 162 points amid positive global cues; Infosys dips

Lemon Tree Hotels opened 10 percent higher over the issue price of Rs 56 and then rallied as much as 32 percent intraday, before closing up 28 percent at Rs 71.65.

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The market extended gains for the third consecutive session on Monday as the Sensex rallied more than 200 points intraday following positive lead from global stocks after US-China trade war tensions abated.

Banks, oil and gas, auto and FMCG stocks pushed the Nifty closer to 10,400 levels while technology stocks capped upside.

The 30-share BSE Sensex was up 161.57 points at 33,788.54 and the 50-share NSE Nifty rose 47.80 points to 10,379.40.

"Overall the markets are displaying more strength than weakness, the inherent malaise from the last couple of months seems to have passed. FII and DII numbers are looking up again, MF and SIP investments are also picking up," Nikhil Kamath, Co-Founder, Zerodha said.

He maintained a long outlook at this point and recommended adding or initiating stock purchases towards a long-term portfolio.

Hemang Jani, Head - Advisory, Sharekhan expects markets to outperform in anticipation of better numbers this quarter particularly from sectors like auto, auto ancillary, select private banks and NBFCs.

The broader markets also participated in the rally, with the Nifty Midcap index rising 0.4 percent on positive breadth. About three shares advanced for every share falling on the BSE.

Global markets were trading higher after the trade war between US and China eased. France's CAC was up 0.3 percent and Germany's DAX gained 0.7 percent at 5 pm IST.

Asian stocks closed higher as markets shrugged off declines seen on Wall Street. Japan's Nikkei, China's Shanghai Composite, Hong Kong's Hang Seng and South Korea's Kospi gained 0.3-1.3 percent.

Back home, oil retailers HPCL, BPCL and IOC rallied more than 3 percent on steady crude oil prices while Titan Company was up 2 percent after analysts saw strong Q4 growth in jewellery and watch segments.

Infosys lost 1.4 percent and TCS was down 0.9 percent ahead of March quarter earnings while Tata Motors declined 1.6 percent as Jaguar Land Rover reported disappointing sales for March.

ITC, Axis Bank, IndusInd Bank, M&M, HUL and Hindalco among others rallied 1-3 percent followed by HDFC Bank, Reliance Industries, L&T and HDFC that gained up to a percent.

Zee Entertainment fell over 2 percent that pushed the Nifty Media index down by 1 percent. TCS, Vedanta, Bharti Airtel, Lupin, GAIL, Adani Ports and Grasim declined by up to 2 percent.

Lemon Tree Hotels opened 10 percent higher over the issue price of Rs 56 and then rallied as much as 32 percent intraday, before closing up 28 percent at Rs 71.65.

Jubilant Foodworks rose a percent after CLSA retained a buy call on the stock with a target of Rs 2,800, citing strong same store sales growth and margins.

ICICI Bank fell 2 percent intraday before ending flat as a media report indicated that directors are likely to meet this week and discuss the way ahead for CEO Chanda Kochhar. Rating agency Fitch has cautioned about "reputational risks" to the bank on the basis of investigative developments.

Reliance Infrastructure gained 1 percent after it received a purchase order of Rs 1,081 crore from Nuclear Power Corporation of India for engineering, procurement and construction (EPC) contract for common services system.

Bombay Dyeing, Tata Global, Delta Corp, Jet Airways, Dish TV, Venky's, Godrej Agrovet, Take Solutions, Allahabad Bank, Union Bank and South Indian Bank gained up to 13 percent while Jaypee Infratech, Dalmia Bharat, Just Dial and Kajaria Ceramics fell by around 3 percent.
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