Closing Bell: Sensex ends at record high, up over 400 points; Nifty closes above 9500

 3:30 pm Market at Close: Benchmark indices ended the session on an extremely strong note, with the midcaps too bouncing back after days of correction. Sensex clocked a fresh record high, surpassing its earlier mark of 30712, while the Nifty gained nearly 2 percent.

The Sensex was up 448.39 points at 30750.03, while the Nifty ended 140.95 points higher at 9501.50. The market breadth was healthy as 1,875 shares advanced against a decline of 807 shares, while 152 shares were unchanged.

Larsen & Toubro, HDFC Bank, ICICI Bank and Bank of Baroda were among the top gainers, while Lupin, Dr Reddy’s Laboratories and Cipla lost the most.

Banks outperformed, with the Bank Nifty ending 3 percent higher, while the midcaps gained over a percent, snapping its 6-day bearish run in the recent past.

3:15 pm Earnings: Automobile major Ashok Leyland reported its March quarter net profit at Rs 476 crore against a loss of Rs 140.8 crore during the same period last year.

The company’s revenues were up 13.2 percent at Rs 7,057 crore against Rs 6,237 crore during the corresponding quarter last year.

The earnings before interest, taxes, depreciation and amortisation came in lower by 7 percent at Rs 730 crore against Rs 783.5 crore year on year. Meanwhile, the EBITDA margin came in at 11 percent against 13.1 percent YoY

3:00 pm IOC results: Indian Oil Corporation (OIL) reported 6.8 percent quarter-on-quarter (QoQ) fall in the net profit to Rs 3,720 crore for the quarter ended March 31 on Thursday which was slightly below CNBC-TV18 poll of Rs3,796 crore.

It reported a net profit of Rs 3,995 crore for the quarter ended December 2016, IOC said in a statement.

Total revenues rose 6.09 percent on a QoQ basis and 24.5 percent on a year-on-year basis to Rs 1.22 lakh crore for the quarter ended March 31 which was above CNBC-TV18 estimates of Rs98,697 crore.

2:40 pm Buzzing Stock: Shares of PC Jeweller gained 6.5 percent intraday Thursday on the back of robust Q4 numbers.

The company has reported 39.7 percent growth in its Q4 (Jan-March) net profit at Rs 110 crore versus Rs 78.8 crore, in the same period last year.

Revenue of the company increased by 15.3 percent at Rs 2158 crore versus RS 1871.4 crore.

Its operating profit (EBITDA) rose 6.7 percent at Rs 177 crore, while EBITDA margin was at 8.2 percent.

Other income of the company was up 300 percent at Rs 50.8 crore against Rs 12.8 crore.
The board has recommended a dividend of Rs 1.30 per preference shares (13 percent) and equity dividend of Re 1 (10 percent) on equity shares for the year

ended March 31, 2017.

2:10 pm Market Check: Benchmark indices registered a sharp surge in the afternoon session, with the Nifty crossing 9450-mark with ease.

The Sensex was up 306.56 points at 30608.20, while the Nifty gained 96.60 points at 9457.15. The market breadth was steady as 1,687 shares advanced against a decline of 868 shares, while 133 shares were unchanged.

Larsen & Toubro and ICICI Bank gained the most on both indices, while Lupin, Dr Reddy’s Laboratories lost the most.

1:50 pm Advisory firm takes on Raymond: Raymond is in focus as the company has presented a resolution at its annual general meeting (AGM) to make an offer to sell premium real estate to its promoters at throw-away prices as per proxy investor firm. The Institutional Investor Advisory Services (IiAS) has recommended that the shareholders should vote against this resolution.

In an interview to CNBC-TV18, Amit Tandon, MD, IiAS spoke about the the above development.

1:35 pm EPFO to help subscribers get unsold homes: Close on the heels of allowing withdrawals of 90 percent of provident fund (PF) corpus for housing, the Employees’ Provident Fund Organisation (EPFO) is now planning to help its subscribers to set up cooperative housing societies that would negotiate deals for its members for unsold homes built by state housing boards.

In a communication to its field offices, the EPFO has asked its Regional Provident Fund Commissioners (RPFCs) to establish contact with the state housing boards or other government authorities constructing houses to urge them to allot unsold units to provident fund subscribers.

“There are a number of state housing boards or other authorities owned by the government which construct and sell houses. In certain cases their houses remain unsold. Considering this it is advised that RPFCs in charge of Regional Offices should contact all such housing board/authorities in their jurisdiction and persuade them for allotment of such unsold houses directly to the PF Workers’ Cooperative societies,” the communication has said.

1:15 pm Europe Check: European markets opened higher Thursday as investors look ahead to OPEC talks and the latest leg of U.S. President Donald Trump’s first foreign trip since taking office.

The FTSE started trading 0.17 percent higher at 7,525; the DAX opened up by 0.42 percent at 12,693; and the CAC was higher by 0.37, opening at 5,361.

1:10 pm Market Check: Continuing with its upward trend, the market traded firm and remained rangebound on a day when derivative contracts for May series is set expire.

The Sensex was up 149.03 points at 30450.67, while the Nifty was up 50.45 points at 9411.00. The market breadth was narrow as 1,572 shares advanced against a decline of 898 shares, while 144 shares were unchanged.

Pharma stocks continued to bleed, with Lupin and Dr Reddy’s Laboratories losing the most, while L&T, GAIL and ICICI Bank gained the most.

Also Read: Why this smallcap is a rare combination of quality, consistency and value

12:55 pm Pharma sulks: Pharmaceutical stocks have continued their downfall, posting losses for the second consecutive session. The Nifty Pharma has touched a 52-week low. Let’s take a look at the index’s 1-year chart, which reflects weakness in the sector.

Pharma_Nifty25052017

12:35 pm Oil cuts: Oil producers within and outside Organization of the Petroleum Exporting Countries (OPEC) headed today towards an agreement maintaining cuts in output into next year after a joint committee recommended a nine-month extension.

Late last year 24 countries, including those in the Organization of the Petroleum Exporting Countries, agreed to cut production by 1.2 million barrels per day.

The aim was to reduce a global supply glut that had seen the oil price plunge from more than USD 100 per barrel in 2014 to almost USD 25 in early 2016.

12:05 pm Market Check: Benchmark indices strengthened their position, gaining over half a percent during the morning session, with the Nifty looking to hold 9400-mark.

The Sensex was up 186.04 points at 30487.68, while the Nifty was up 58.75 points at 9419.30. The market breadth was positive as 1,582 shares advanced against a decline of 792 shares, while 133 shares were unchanged.

Tata Motors DVR, GAIL and L&T continued to gain on both indices, while Lupin, Cipla, and Sun Pharma were the top losers.

European markets are expected to open higher Thursday as investors look ahead to OPEC talks and the latest leg of U.S. President Donald Trump’s first foreign trip since taking office.

The FTSE is seen opening 18 points higher at 7,527; the DAX is expected up 44 points at 12,775; and the CAC is on track for a 23-point gains, opening at 5,356.

11:50 am Smallcap pick: At a time when mid- and small-cap companies with earnings disappointment are also quoting at a premium to their large cap counterparts, it is difficult to imagine a listed entity that exists in a promising industry, while having a steady and consistent track record of profitability, healthy balance sheet, a history of steady dividend payments and quotes at an attractive valuation.

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11:30 am Buzzing Stock: Shares of Ashoka Buildcon added nearly 3 percent intraday Thursday as the board will consider fund raising plan on May 30.

The company’s board meeting will be held on May 30, to consider and approve the audited financial results for the quarter & year ended March 31, 2017 (Q4FY17).

The company will also consider/recommend final dividend, if any, on the equity shares of the company.

The board will discuss the proposal for fund raising by way of debt issue, qualified institutional placement, preferential allotment or any other method in the said board meeting.

11:10 am Market Check: The benchmark indices were trading higher after a positive opening in the morning trade.

The Sensex was up 182.96 points at 30484.60, and the Nifty was up 60.05 points at 9420.60. About 1537 shares have advanced, 709 shares declined, and 121 shares are unchanged.

Top gainers includes Gail, Larsen ,TCS and Infosys, while top losers are Lupin, Dr Reddy’s Lab, Sun Pharma and Cipla.

10:45 am Global Earnings: HP reported better-than-expected results in what its chief executive termed a “breakthrough” quarter as both its PC and printer businesses grew for the first time since 2010.

Shares of the company rose 3.6 percent to $ 19.7 after the bell on Wednesday.

Revenue from personal systems business, which makes notebooks, desktops and workstations, jumped 9.6 percent to $ 7.66 billion in the second quarter ended April 30. The business accounts for nearly two-thirds of the company’s total sales.

Worldwide shipments of PCs rose for the first time in five years in the first quarter of 2017, with HP taking the top spot, according to research firm IDC.

10:30 am HCL Tech Buyback: India’s fourth largest software services firm HCL Technologies today said it will buyback shares at Rs 1,000 apiece, a 17 per cent premium over current trading price.

Moneycontrol had first reported HCL Tech buyback plans on February 22.

The company is proposing an offer for buyback of equity shares for cash at a price of Rs 1,000 per equity shares on a proportionate basis through tender offer process, HCL Technologies said in a regulatory filing.

Also Read: Bots take over jobs of 12,000 employees at Wipro

10:05 am Market Check: Benchmark indices extended their gains from the opening session, with the Nifty reclaiming 9400-mark, while the Sensex gained nearly half a percent.

The 30-share Sensex was up 133.30 points at 30434.94, while the Nifty gained 41.30 points at 9401.85. The market breadth was healthy as 1,262 shares advanced against a decline of 678 shares, while 85 shares remained unchanged.

GAIL, BHEL and Indiabulls Housing Finance were the top gainers on both indices, while Lupin and Sun Pharma lost the most.

9:45 am Midcap Chart: The midcap index, after seeing continuous corrective action is finally trading in the green on Thursday. Here is a look at its one-week performance chart.

Midcap

9:30 am Buzzing Stock: Shares of Videocon continued with its trend of hitting the lower circuit, with investors looking to dump the stock based on negative news flow.

The stock hit 10 percent lower circuit on Thursday after Central Bank of India declared the company as a non-performing asset in the first quarter of FY18.

Central Bank of India has one of the highest exposures to the consumer durables and oil company at Rs 2,700 crore.

Also Read: FII betting on leverage play! Top 10 stocks which have given up to 120% return in last 1 year

9:15 am Market Opens: Benchmark indices gained on the opening tick on Thursday, tracking handover from the global markets, with the Nifty looking to reclaim 9400.

The Sensex was up 81.32 points at 30382.96, while the Nifty was up 26.15 points at 9386.70. The market breadth was narrow as 588 shares advanced against a decline of 225 shares, while 39 shares were unchanged.

Midcaps were back in the green after a corrective phase over the previous sessions. The index was up 0.43 percent.

Lupin fell over 7 percent as the company suffered a double whammy of poor results and observations by the US FDA at the Indore Plant. Dish TV fell 6 percent post its dismal Q4 results as well.

Adani Ports, Infosys and Bajaj Auto gained the most, while Sun Pharma and Aurobindo Pharma fell the most as well.

The Indian rupee gained in the early trade on Thursday. It has opened higher by 19 paise at 64.54 per dollar versus 64.73 Wednesday.
On Wednesday the rupee closed with marginal gains. The rise was primarily on the back of some custodian banks selling the dollar in exchange for the rupee, likely for their foreign portfolio investor clientele, dealers said. So far this year, FPIs have bought

USD 7.6 billion and USD 9.7 billion in the Indian equity and debt markets, respectively.

Asian shares eked out modest gains on Thursday while the dollar and US bond yields slipped after the US Federal Reserve signalled a cautious approach to future rate hikes and the reduction of its USD 4.5 trillion of bond holdings.

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.3 percent, with South Korea leading with a 0.4 percent rise. .

Japan’s Nikkei dipped 0.1 percent though MSCI Japan rose 0.4 percent in dollar terms .

Wall Street rose, while the US dollar and bond yields fell on Wednesday after Federal Reserve meeting minutes signalled a gradual approach to interest rate hikes, and oil prices dipped on a draw of US gasoline stocks that was smaller than expected.

While the yield curve flattened, the S&P 500 closed at a record high after minutes from the US central bank’s May 2-3 policy meeting indicated the Fed would gradually raise rates and wind down its USD 4.5 trillion of bond holdings.
The Dow Jones Industrial Average rose 74.51 points, or 0.36 percent, to 21,012.42, the S&P 500 gained 5.97 points, or 0.25 percent, to 2,404.39 and the Nasdaq Composite added 24.31 points, or 0.4 percent, to 6,163.02.