 "Expect strong returns in new Samvat")
Markets continue to trade higher on fresh buying by participants amid strength in the European equities. A weak jobs data dampened hopes for a Federal Reserve interest-rate hike next month further boosting the sentiments.
By 13:55 pm, the S&P BSE Sensex was higher 389 points at 25,617 and the Nifty50 was trading 114 points higher at 7,847.
GLOBAL MARKET
The Asian stocks closed mixed with China stock losing steam after the latest data showed that China's exports and imports fell more than expected in April, underlining weak demand at home and abroad. The Shanghai Composite closed 2.8% lower%. However, Japan’s Nikkei and Hong Kong’s Hang Seng ended 0.6% higher.
Meanwhile, the nonfarm payrolls in the USA for the month of April rose by a seasonally adjusted 160,000 in April, the weakest gain since September and the unemployment rate held steady at 5% resulting in gains across the US benchmark indices. Tracking gains in US, European equities surged today with CAC 40, FTSE 100 and DAX climbed between 0.2%-0.8%.
GAINERS & LOSERS
HUL is trading 1.4% higher ahead of fourth quarter earnings due today and Asian Paints has gained 2% ahead of the results due tomorrow.
Tobacco major ITC has surged 2% after the company said there is "progressive resumption" of production at its cigarette factories, which was suspended from May 4 over the large pictorial warning issue.
Meanwhile, domestic passenger car sales increased 1.87% to 1,62,566 units in April as against 1,59,588 units in the year-ago period. Also, motorcycle sales rose by 16.24% to 10,24,926 units from 8,81,743 units a year earlier, according to data released by SIAM. Among prominent gainers, Bajaj Auto, Hero Motocorp and Maruti Suzuki climbed between 0.4%-3%.
Financials contributed the most to the gains on the Sensex with ICICI Bank, HDFC, Axis Bank, HDFC Bank and SBI trading higher between 1%-3%.
Another pack that hogged limelight was the shares of sugar companies trading higher up to 10% on the BSE on expectation of strong earnings for quarter ended March 31, 2016 (Q4FY16).
Upper Ganges Sugar & Industries , Andhra Sugars, Kakatiya Cement Sugar & Industries, Mawana Sugars, Parry Sugar Industries and Ugar Sugar Works trading higher up to 10%.
State run NTPC gained 1% after the company announced that it has raised Rs 1000 crore through private placement of secured non-convertible debentures.
On the flip side, Claris Lifesciences dipped 6% after the company reported 60% year on year (YoY) decline in consolidated net profit of Rs 4 crore for the quarter ended March 31, 2016 (Q4FY16). Among its peers, Sun Pharma, Cipla and Dr Reddy’s Lab lost between 0.2%-0.6%.
