MARKET WRAP: Indices gain for 7th day, Sensex up 268 pts, Nifty tops 11,500
All that happened in markets today
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Extending their winning streak to the seventh day in a row, the equity benchmark indices ended with sharp gains on Tuesday amid heavy buying in banks, IT and energy counters. The S&P BSE Sensex gained 268 points or 0.70 per cent to settle at 38,363. Out of 30 constituents, 24 advanced while 6 declined.
Reliance Industries (RIL), ITC, Infosys and HDFC Bank contributed the most to the index's gains while auto stocks and L&T emerged as the top drags. During the day, the index hit a high and low of 38,396 and 38,078, respectively.
Market breadth remained in favour of advances as out of 2,875 companies traded on BSE, 1,408 advanced and 1,299 declined while 168 scrips remained unchanged.
The broader Nifty50 index of National Stock Exchange (NSE) ended above 11,500 level at 11,532, up 70 points or 0.61 per cent.
Volatility index India VIX eased over 3 per cent to 16.34 levels.
In the broader market, the S&P BSE MidCap index ended at 15,220, up 79 points or 0.52 per cent while the S&P BSE SmallCap index ended at 14,873.36 levels, up 55 points or 0.37 per cent.
Sectorally, PSU bank stocks advanced the most with the Nifty PSU Bank index ending nearly 2 per cent higher at 3,176. On the other hand, the Nifty Auto index continued to struggle and settled 0.70 per cent lower, weighed down by TVS Motor Company and Eicher Motors.
BUZZING STOCKS
Shares of IT firm Mindtree ended 2 per cent lower at Rs 943 apiece on BSE after the engineering and construction major Larsen & Toubro (L&T) last night announced the purchase of a 20.32 per cent stake in the company for Rs 3,269 crore.
Shares of Anil Dhirubhai Ambani Group (ADAG) companies jumped in the trade with Reliance Communications (RCom) hitting upper circuit of 10 per cent at Rs 4.40 on the BSE after the company cleared the entire dues to Ericsson India to purge the contempt of a Supreme Court order.
This apart, blue-chips such as Reliance Industries (RIL) and Axis Bank touched their record highs of Rs 1,378 and 763.20, respectively in the intra-day trade.
GLOBAL MARKETS
Asian shares held to tight ranges on Tuesday ahead of a Federal Reserve policy meeting, but were broadly supported near 6-1/2-month highs on expectations the US central bank might strike a dovish tone, while fresh Brexit worries weighed on the pound.
MSCI’s broadest index of Asia-Pacific shares outside Japan was virtually flat, easing back from its highest level since September 4 hit earlier in the session. Japan’s Nikkei average and Australian stocks both dipped 0.1 per cent.
(With inputs from Reuters)
4:12 PM
TECH VIEW: More gains in store
Nifty continued to show upmove today amidst a range movement and closed the day on decent gains. A small body positive candle was formed today with long lower shadow, which is signaling a positive bias for the market. Nifty moving above the high of Doji-type candle pattern of previous session indicates strength and lack of selling participation in the market. The short-term trend of Nifty is positive and more upside could be in store. Next resistance is 11,610
4:05 PM
MARKET COMMENT :: Vinod Nair, Head of Research, Geojit Financial Services
As the market gained strength towards closing following a range-bound movement, the rally was broad-based characterized by the outperformance of large caps. The rupee witnessed selling pressure following a continuous surge while domestic bond yields inched higher as investors awaited the US FED policy outcome scheduled to be announced tomorrow. RBI’s interference through open market operation will support banks while any further rate cut from their upcoming monetary policy will stimulate the rally
3:39 PM
Sectoral gainers and losers on NSE
3:39 PM
Top gainers and losers on S&P BSE Sensex
3:37 PM
CLOSING BELL
The S&P BSE Sensex added 268 points or 0.70 per cent to settle at 38,363 while NSE's Nifty50 index ended at 11,532, up 70 points or 0.61 per cent.
3:15 PM
Mindtree independent directors should guide shareholders, says IiAS
Corporate governance and proxy advisory firm IiAS has said the independent directors of Mindtree have a key role to play in the ongoing tussle between Larsen and Toubro (L&T) and Mindtree promoters to wrestle control of the company. READ MORE
3:00 PM
Heatmap: S&P BSE Sensex
2:46 PM
NEWS ALERT | Rupee falls sharply
Rupee slips more than 50 paise from day's high, trades at 68.86 against US dollar
2:44 PM
Dilip Buildcon, Manpasand Beverages, CG Power gain over 100% from Feb lows
Shares of Dilip Buildcon, Manpasand Beverages, and CG Power and Industrial Solutions were among five stocks that have rallied more than 100 per cent from their respective one-year lows touched in February. Sulzon Energy and Rolta India too have seen their market price more than double from their one-year lows on the BSE. READ MORE
2:39 PM
NEWS ALERT | Reliance Industries hits market cap of $125 billion
2:34 PM
Bata to clock about 15% annual growth in net sales in two years: Analysts
The stock of Bata India has surged 13 per cent after a healthy December 2018 quarter result, taking the one-year gains to about 98 per cent. The stock has outpaced the S&P BSE FMCG index that rose 4.7 per cent since February 12 and is up about 14 per cent in one year. READ MORE
2:19 PM
BlackRock sees emerging stocks almost recouping last year's loss
Gordon Fraser of BlackRock, who made the call to load up on Brazilian companies just before an election-spurred rally late last year, predicts emerging-market (EM) equities will recover most of their 2018 losses this year. READ MORE
2:09 PM
» More on OI Gainers
STOCK ALERT :: Mindtree sees biggest change open interest position
| COMPANY |
LATEST OPEN INTEREST |
PREVIOUS OPEN INTEREST | CHANGE | CHG(%) |
|---|---|---|---|---|
| MINDTREE | 4080600 | 3114600 | 966000 | 31.02 |
| NTPC | 57691200 | 45552000 | 12139200 | 26.65 |
| JUBILANT FOOD. | 4103500 | 3379000 | 724500 | 21.44 |
| TORRENT POWER | 2250000 | 1890000 | 360000 | 19.05 |
| BANK OF INDIA | 25824000 | 21720000 | 4104000 | 18.90 |
2:07 PM
» More
Sector watch :: IT stocks trade mixed
| COMPANY | LATEST(rs) | CHG(rs) | CHG(%) | VOLUME |
|---|---|---|---|---|
| INFIBEAM AVENUES | 43.65 | 0.20 | 0.46 | 775008 |
| INFOSYS | 709.75 | 0.00 | 0.00 | 307717 |
| FIRSTSOUR.SOLU. | 45.65 | 1.05 | 2.35 | 234976 |
| MINDTREE | 946.00 | -16.50 | -1.71 | 204164 |
| WIPRO | 256.10 | -1.60 | -0.62 | 158827 |
2:06 PM
MARKET COMMENT :: Kotak Securities
The recent rally in the Indian stock market suggests that the market is quite confident about the ruling BJP-led NDA government returning to power post the 2019 general elections in April-May 2019. We do not find meaningful value in most parts of the market barring certain financial stocks and PSUs after the recent strong performance of several stocks across the capitalization spectrum. We would look to exit stocks and sectors with weak fundamentals and rich valuations
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First Published: Mar 19 2019 | 7:46 AM IST