Telecom, IT and banking stocks led a rally for the two key benchmark indices. The barometer index, the S&P BSE Sensex, surged 324.66 points or 1.32% at 24,998.50, as per the provisional closing data. The gains for the Nifty 50 index were higher than the Sensex's gains in percentage terms. The Nifty index gained 116.20 points or 1.54% at 7,671.40, as per the provisional closing data. The Sensex and the Nifty, both, hit highest level in almost a week as the two key benchmark indices extended gains in late trade. The Sensex provisionally closed a tad below the psychologically important 25,000 mark after surpassing that level in late trade. All the nineteen sectoral indices on BSE registered gains.
The latest rally on the domestic bourses materialized as world stocks rose after data showing low Chinese inflation for March 2016 triggered expectations of more stimulus measures from the Chinese government to boost China's economic growth.
The Sensex snapped a two-day losing streak. The Nifty edged higher for the second day in a row.
The Sensex jumped 376.08 points or 1.52% at the day's high of 25,049.92 in late trade, its highest level since 5 April 2016. The barometer index lost 150.64 points or 0.61% at the day's low of 24,523.20 in afternoon trade, its lowest level since 16 March 2016. The Nifty rose 123.60 points or 1.63% at the day's high of 7,678.80 in late trade, its highest level since 5 April 2016. The index lost 38.35 points or 0.5% at the day's low of 7,516.85 in afternoon trade, its lowest level since 17 March 2016.
In overseas stock markets, Italian banks led gains for European stocks on speculation that a fund may be set up to deal with Italian banking sector's bad loans. A meeting between Italy's central bank and Italian Treasury officials is being convened today, 11 April 2016. Earlier during the global day, Chinese stocks edged higher as data showing low Chinese inflation for March 2016 triggered expectations of more stimulus measures from the Chinese government to boost economic growth. Bullish remarks from a Chinese investment analyst on China A-shares or yuan-denominated stocks trading on the mainland aided the upmove in Chinese stocks. In mainland China, the Shanghai Composite closed 1.64% higher. In Hong Kong, the Hang Seng index settled 0.35% higher.
US stocks registered small gains during the previous trading session on Friday, 8 April 2016, as yen eased from its highest level against the dollar in almost 18-months after Japan's finance minister Taro Aso said he may act against what he termed one-sided yen rise. The yen, typically viewed as a safe-harbor asset, edged higher in recent trading sessions as fears that global central banks won't be able to fix the sluggish global economy sapped investor sentiment and spurred a flight to perceived safety. Meanwhile, New York Fed President William Dudley on Friday, 8 April 2016, said that the US central bank must maintain a cautious and gradual approach to raising interest rates.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,470 shares rose and 1,113 shares fell. A total of 129 shares were unchanged. The BSE Mid-Cap index was provisionally up 1.09%. The BSE Small-Cap index was provisionally up 0.63%. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 3795 crore, higher than turnover of Rs 1956.81 crore registered during the previous trading session.
IT stocks gained. HCL Technologies (up 0.32%), TCS (up 3.02%), Tech Mahindra (up 2.91%) and Wipro (up 3.68%) edged higher.
IT major and index heavyweight Infosys edged higher in volatile trade. The stock gained 1.43% to Rs 1,184. The stock hit high of Rs 1,187.25 and low of Rs 1,151.40 in intraday trade. Aberdeen Asset Management Asia sold 56.26 lakh shares or 0.24% equity in the IT major in open market transaction on 7 April 2016. Aberdeen Asset Management Asia now holds 7.01 crore shares or 3.04% stake in Infosys. The disclosure was made after market hours on Friday, 8 April 2016.
Infosys will announce its Q4 March 2016 result on Friday, 15 April 2016, when the stock market is closed for a holiday.
Auto stocks rose. TVS Motor Company (up 0.72%), Hero MotoCorp (up 2.01%), Eicher Motors (up 0.87%), Bajaj Auto (up 1.67%), Maruti Suzuki India (up 1.17%) and Ashok Leyland (up 2.71%) edged higher. Mahindra & Mahindra declined 0.25%.
Tata Motors rose 3.59% after the company said that its global wholesales including Jaguar Land Rover (JLR) rose 11% to 1.18 lakh units in March 2016 over March 2015. The company announced the monthly global wholesale volume data during market hours today, 11 April 2016.
Lupin declined 1.53% to Rs 1,517.20 on profit taking. The stock had gained 5.43% in the preceding four trading sessions to settle at Rs 1,540.75 on Friday, 8 April 2016, from its close of Rs 1,461.30 on 4 April 2016. Lupin and Novartis Healthcare (NHPL) have entered into a co-marketing agreement to promote Novartis' Indacaterol/Glycopyrronium 110mcg/50mcg inhaler, used for a treatment of chronic obstructive pulmonary disease (COPD) under the brand name of Loftair in India. Lupin would be using its own specialty field force to promote Loftair inhaler. NHPL will continue to market Indacaterol/Glycopyrronium 110mcg/50mcg inhaler under its brand name Sequadra through its own sales force. The announcement was made during market hours today, 11 April 2016.
Rajesh Exports rose 1.85% after the company announced bagging an export order worth Rs 1188 crore for designer range of gold and diamond-studded jewellery and medallions from UAE. The company said the order will be executed from its manufacturing facility in Bengaluru and it is to be completed by 30 June 2016. The announcement was made during trading hours today, 11 April 2016.
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