Moneycontrol
Last Updated : Apr 16, 2018 06:33 PM IST | Source: Moneycontrol.com

Podcast | Sensex rallies over 100 points as geopolitical concerns fade; Nifty above 10500

The S&P BSE Sensex and Nifty50 gain for the 8th straight day outperforming global peers. The S&P BSE Sensex recovers 406 points from lows to close 113 points in the green. The Nifty recovered 132 points from the lows to close above 100 & 50-days moving average (DMAs).

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India markets climbed the wall of worries for yet another day on Monday on expectations that the weekend’s missile attacks on Syria would not mark the start of the greater conflict between Russia and US.

The United States, Britain, and France said the missile strikes targeted Syria’s chemical weapons capabilities and were not aimed at toppling Assad or intervening in the civil war, said a Reuters report.

U.S. President Donald Trump tweeted “mission accomplished” after the attack, underlining expectations that Western action would be limited, it said.

The S&P BSE Sensex and Nifty50 gain for the 8th straight day outperforming global peers. The S&P BSE Sensex recovers 406 points from lows to close 113 points in the green. The Nifty recovered 132 points from the lows to close above 100 & 50-days moving average (DMAs).

The S&P BSE Sensex closed 112 points higher or 0.3 percent at 34,305. The Nifty50 rose above its crucial psychological resistance level of 10500. It finally closed 47 points higher or 0.46 percent at 10,528.

The Nifty Midcap index and the Nifty bank gain more than 100 points each. The market breadth was in favour of declines despite gains. The advance-decline ratio stood at 1:1.

Top Sensex gainers include Kotak Bank (up 1.8%), followed by Hero MotoCorp (up 1.84%), Bajaj Auto (up 1.81%), M&M (up 1.6%), HDFC (up 1.6%), NTPC (up 1.5%), and Adani Ports (up 1.5%).

Top Sensex losers include names like Tata Motors (down 4.9%), followed by Tata Motors DVR (down 4.5%), Infosys (down 3.1%), Wipro (down 1.1%), and SBI (down 0.7%).

Sectorally, S&P BSE Realty index rose 1.8%, followed by the Healthcare index which gained 1.1 percent, and the FMCG index which rose 0.9%. The BSE It index lost 0.78%, and the S&P BSE Telecom index dropped 0.5%.

The S&P BSE Smallcap index rose 0.55, and the S&P BSE Midcap index gained 0.3%.

Stocks in news:

Infosys:

Shares of Infosys lost 3 percent as investors reacted to the company’s March quarter results, particularly on the margin guidance. The global and domestic brokerages remain mixed about the results as some of them have been surprised on lowering of margin guidance.

Tata Motors:

Shares of Tata Motors fell nearly 5 percent after Jaguar Land Rover said it is planning to cut jobs to scale back production at some of its UK sites.

UCO Bank:

Shares of UCO Bank plunged 6.4 percent after the CBI booked Arun Kaul, former chairman-cum-managing director of the lender, and others in connection with an alleged Rs 621-crore loan fraud.

DCB Bank:

Private sector lender DCB Bank share price rallied nearly 6 percent after reporting good earnings growth and improvement in asset quality performance. The net profit for the March quarter grew by 21.5 percent to Rs 64.2 crore and net interest income grew by 19.7 percent to Rs 263.7 crore compared to year-ago.

Gruh Finance Ltd:

The share price of Gruh Finance, the subsidiary of HDFC Limited, rallied 4 percent after reporting good March quarter earnings due to fall in provisions. Standalone net profit for the quarter ended March 2018 stood at Rs 130.5 crore, which grew by 18 percent over a year-ago.

Bhansali Engineering Polymers:

Bhansali Engineering Polymers share fell 6.2 percent despite good March quarter earnings performance. On a standalone basis, its net profit grew by 82 percent year-on-year to Rs 28.6 crore and revenue from operations increased 56.5 percent to Rs 301.8 crore for the quarter ended March 2018.

Kotak Mahindra Bank:

Kotak Mahindra Bank entered into a list of top 10 stocks that have maximum market capitalisation. Kotak Mahindra Bank toppled country's largest lender SBI in market cap, became the 10th most valued listed stock after TCS, Reliance Industries, HDFC Bank, ITC, HDFC, HUL, Maruti Suzuki, Infosys, and ONGC. The stock was up 1.8%.

ICICI Securities Ltd:

ICICI Securities share price 1.5 percent after the broking subsidiary of ICICI Bank reported a solid performance for the quarter ended March 2018. The

Fortis Healthcare Ltd:

Malaysia's IHH Healthcare Bhd said India's Fortis Healthcare declined to engage with the company regarding a takeover offer, citing binding agreements with other parties. The stock fell nearly 2%.

In other news:

The Wholesale price index inflation for March eased to 2.47 percent from 2.48 percent in previous month. Vegetable inflation contracted 2.7 percent in March against a rise of 15.26 percent in February 2018.

Oil fell 1 percent as markets opened following western air strikes in Syria over the weekend, while a rise in US drilling for new production also dragged on prices.

The United States, France, and Britain launched 105 missiles on Saturday, targeting what they said were three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack in Douma on April 7.

Global Update:

Asian stocks closed mixed as investors digested geopolitical tensions on the back of US-led airstrikes on Syria last week. China's Shanghai Composite and Hong Kong's Hang Seng ended down 1.5 percent each while Japan's Nikkei, Australia's ASX 200 and South Korea's Kospi ended marginally in the green.

European markets were also mixed amid Middle East tensions and imminent prospect of fresh US sanctions against Russia. Britain's FTSE was down 0.4 percent while Germany's DAX was up 0.2 percent at the time of writing this article.

Crude oil prices declined over a percent following western air strikes in Syria over the weekend and rise in US drilling for new production.
First Published on Apr 16, 2018 06:33 pm
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