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MARKETS ON THURSDAY: Sensex, Nifty gain for 6th session; IT stocks lead

All that happened in the markets on Thursday

SI Reporter  |  New Delhi 

Markets, Stocks, Shares
A share broker monitors market fluctuation

Benchmark ended higher on Thursday and extended their gains into a sixth session, driven by information technology stocks, although falls in banks and oil marketing companies capped the rise.

The S&P ended at 34,101, up 161 points while the broader Nifty50 index settled at 10,459, up 42 points.

The IT index rose over 3% to its highest since February 2 and gaining for a third consecutive session of gains on a weakening rupee and expectations of positive quarterly results.

Investors now await March retail inflation data due after market hours on Thursday for cues about the economy. Retail inflation likely eased to a five-month low in March as increases in food prices slowed once again but remained above the central bank’s medium-term target, a Reuters poll found.

In the global markets, Asian came under pressure on Thursday as the threat of imminent US military action in Syria rattled investors and sent oil prices to their highest levels since late 2014 on concerns about supply.

Trump declared that missiles “will be coming” in Syria, taunting Russia for supporting Syrian President Bashar al-Assad after a suspected chemical attack on rebels. Damascus and Moscow have denied any responsibility.

His comments raised the prospect of direct conflict over Syria for the first time between the two world powers backing opposing sides in the seven-year-old civil war, which has also escalated a rivalry between Saudi Arabia and Iran.

(with Reuters inputs)

MARKETS ON THURSDAY: Sensex, Nifty gain for 6th session; IT stocks lead

Nifty IT index ends 3.21% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) HCL TECHNOLOGIES 1010.05 967.30 42.75 4.42 TCS 3139.25 3014.15 125.10 4.15 INFOSYS 1162.60 1124.25 38.35 3.41 TECH MAHINDRA 652.80 633.35 19.45 3.07 TATA ELXSI 1069.90 1042.60 27.30 2.62

MARKETS ON THURSDAY: Sensex, Nifty gain for 6th session; IT stocks lead

Sectoral Trend

MARKETS ON THURSDAY: Sensex, Nifty gain for 6th session; IT stocks lead

BSE Sensex: gainers and losers of the day

MARKETS ON THURSDAY: Sensex, Nifty gain for 6th session; IT stocks lead

Market at close   The S&P BSE Sensex ended at 34,101, up 161 points while the broader Nifty50 index settled at 10,459, up 42 points.

MARKETS ON THURSDAY: Sensex, Nifty gain for 6th session; IT stocks lead

Buzzing Stock National Aluminium Company is quoting at Rs 77.3, up 3.07% on the day as on the NSE. National Aluminium Company Ltd is up 6.62% in last one year as compared to a 13.99% gain in Nifty and a 24.4% gain in the Nifty Metal index.

MARKETS ON THURSDAY: Sensex, Nifty gain for 6th session; IT stocks lead

After 1,400% gain in 2 years, rally in Venky's stock may pause for now   Over the past few years, this company has not only satiated the hunger of consumers of its products, but also investors who had an appetite for risk.   In the past two years, Venky’s (India) has jumped nearly 1,400 per cent from Rs 383 levels to Rs 4,500 levels now, ACE Equity data shows. In comparison, the S&P BSE Sensex has moved up 36 per cent during this period. In the last one year alone, the stock has gained an impressive 323 per cent.   The rally, analysts say, came on the back of strong earnings that led to a better perception among investors, aiding a re-rating. This rally, they now suggest, could be nearing an end for now. READ MORE

MARKETS ON THURSDAY: Sensex, Nifty gain for 6th session; IT stocks lead

Indian banks need to improve risk management, governance practices: S&P   Global credit agency Standard and Poor's (S&P) said the Indian banks need to improve risk management and governance practices in the light of troubles faced by the two private lenders ICICI Bank and Axis Bank.   "As a number of banks in India confront serious governance and risk issues, the 'tone at the top' is crucial. Leadership groups in Indian banks need to ensure that they enhance the risk culture, reputation, and financial strength of banks," said S&P Global Ratings credit analyst Michael Puli. READ MORE

MARKETS ON THURSDAY: Sensex, Nifty gain for 6th session; IT stocks lead

Top BSE500 gainers COMPANY LATEST PREV CLOSE GAIN() GAIN(%) TATA SPONGE IRON 1199.60 1081.40 118.20 10.93 HATSUN AGROPROD. 750.00 700.00 50.00 7.14 TATA METALIKS 845.00 799.65 45.35 5.67 DISH TV 77.60 73.80 3.80 5.15 JBF INDS. 110.30 105.05 5.25 5.00

MARKETS ON THURSDAY: Sensex, Nifty gain for 6th session; IT stocks lead

MARKET COMMENT Ridham Desai, head of India research and India equity strategist at Morgan Stanley India's relative growth is likely to accelerate in the coming months. The recent RBI policy meeting has convinced the market that a rate hike is not around the corner. Therefore, we think that the relationship between India's short rate differential with the US and equity market performance relative to the world will likely be reestablished (falling relative rates = outperformance). The third factor is the collapse in India's beta to a 13-year low. While fundamentally this means that India's prospective absolute returns have shrunk, if beta remains low and the world is in a low-return phase, India will likely outperform. Finally, FPI positioning, which has been falling for three years, is now at 2011 levels. Ridham Desai

MARKETS ON THURSDAY: Sensex, Nifty gain for 6th session; IT stocks lead

Dish TV India up 6% after promoters make open offer at Rs 74 per share Dish TV India has moved higher by 6% to Rs 78.20 on the BSE in noon deal, after the promoters have made an open offer at price of Rs 74 per share. “World Crest Advisors LLP together with Veena Investments Pvt Ltd and Direct Media Distribution Venture Pvt Ltd have made an open offer to acquire around 500 million equity shares, which represents about 26% of the emerging share capital of Dish TV at a price of Rs 74 per share aggregating to Rs 37 billion,” Dish TV said in a regulatory filing. READ MORE

MARKETS ON THURSDAY: Sensex, Nifty gain for 6th session; IT stocks lead

Market Check   S&P BSE Sensex 34,114.42 0.51%   Nifty 50 10,461.30 0.42%   S&P BSE 200 4,593.64 0.29%   Nifty 500 9,254.55 0.26%   S&P BSE Mid-Cap 16,619.99 -0.01%   S&P BSE Small-Cap 17,992.38 0.05%

First Published: Thu, April 12 2018. 15:30 IST
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MARKETS ON THURSDAY: Sensex, Nifty gain for 6th session; IT stocks lead

All that happened in the markets on Thursday

Benchmark ended higher on Thursday and extended their gains into a sixth session, driven by information technology stocks, although falls in banks and oil marketing companies capped the rise.

The S&P ended at 34,101, up 161 points while the broader Nifty50 index settled at 10,459, up 42 points.

The IT index rose over 3% to its highest since February 2 and gaining for a third consecutive session of gains on a weakening rupee and expectations of positive quarterly results.

Investors now await March retail inflation data due after market hours on Thursday for cues about the economy. Retail inflation likely eased to a five-month low in March as increases in food prices slowed once again but remained above the central bank’s medium-term target, a Reuters poll found.

In the global markets, Asian came under pressure on Thursday as the threat of imminent US military action in Syria rattled investors and sent oil prices to their highest levels since late 2014 on concerns about supply.

Trump declared that missiles “will be coming” in Syria, taunting Russia for supporting Syrian President Bashar al-Assad after a suspected chemical attack on rebels. Damascus and Moscow have denied any responsibility.

His comments raised the prospect of direct conflict over Syria for the first time between the two world powers backing opposing sides in the seven-year-old civil war, which has also escalated a rivalry between Saudi Arabia and Iran.

(with Reuters inputs)

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