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News End-Session

 
Market advances on upbeat global stocks
07-May-18   16:43 Hrs IST

Domestic stocks logged modest gains on first trading day of the week after tepid US jobs data on Friday eased fears of faster rate hikes by the US Federal Reserve. The barometer index, the S&P BSE Sensex, gained 292.76 points or 0.84% to settle at 35,208.14. The Nifty 50 index gained 97.25 points or 0.92% to settle at 10,715.50. Steady buying in index pivotals pushed the Sensex above the psychologically important 35,000 level. Investors fear that a rate hike in the US could set off capital outflows from emerging market economies like India.

Metal shares were in demand. Realty stocks gained.

The barometer index, the S&P BSE Sensex, gained 292.76 points or 0.84% to settle at 35,208.14, its highest closing level since 1 February 2018. The Sensex rose 344.43 points, or 0.99% at the day's high of 35,259.81 in late trade. The index rose 62.36 points, or 0.18% at the day's low of 34,977.74 in morning trade.

The Nifty 50 index gained 97.25 points or 0.92% to settle at 10,715.50, its highest closing level since 2 May 2018. The Nifty rose 107.40 points, or 1.01% at the day's high of 10,725.65 in late trade. The index rose 17.40 points, or 0.16% at the day's low of 10,635.65 in morning trade.

Among secondary barometers, the BSE Mid-Cap index rose 0.55%. The BSE Small-Cap index rose 0.56%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,405 shares rose and 1,260 shares fell. A total of 176 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Metal index (up 1.68%), the S&P BSE Oil & Gas index (up 1.64%), the S&P BSE Realty index (up 1.51%) outperformed the Sensex. The S&P BSE Healthcare index (down 0.53%), the S&P BSE IT index (down 0.01%) and the S&P BSE Teck index (up 0.12%) underperformed the Sensex.

Mahindra & Mahindra (up 3.68%), Axis Bank (up 2.82%), Hindustan Unilever (up 1.91%), State Bank of India (up 1.88%) and Reliance Industries (up 1.88%) were the major Sensex gainers.

Dr Reddy's Laboratories (down 1.75%), Coal India (down 1.64%), TCS (down 1.53%), Sun Pharmaceutical Industries (down 1%), HDFC Bank (down 0.55%) and Hero MotoCorp (down 0.27%) were the top Sensex losers.

ICICI Bank rose 2.3% at Rs 289.40. The bank will announce Q4 results today, 7 May 2018.

Metal shares were in demand. Jindal Steel & Power (up 6.46%), Steel Authority of India (up 3.52%), National Aluminium Company (up 2.11%), Hindalco Industries (up 2.72%), Vedanta (up 1.22%), JSW Steel (up 2.68%), Tata Steel (up 2.52%), Hindustan Copper (up 0.72%) and NMDC (up 0.46%) edged higher. Hindustan Zinc (down 0.56%) fell.

L&T rose 1.33%. The company said that its subsidiary company, L&T Infrastructure Development Projects (L&TIDPL) has transferred its stake in its five subsidiary companies - Krishnagiri Thopur Toll Road Limited (KTTL), L&T BPP Tollway (BPP), Devihalli Hassan Tollway (DHTL), Krishnagiri Walajahphet Tollway (KWTL) and Western Andhra Tollways (WATL) to Indinfravit Trust through the infrastructure investment trust (InvIT) route on 4 May 2018. The announcement was made after market hours on Friday, 4 May 2018.

Tata Power Company lost 0.24%. The company announced during trading hours today, 7 May 2018, that it produced 53,556 million units of electricity in the financial year 2017-18 from all its units, ranging from thermal, hydel, wind and solar. It marks a rise of 1.36% in total electricity generated in the FY 2018 as compared to 52,512 million units power generated in the previous fiscal. Tata Power generated 14,255 million units of electric in the fourth quarter of the financial year ended 31 March 2018. Tata Power, together with all its subsidiaries and jointly controlled entities, has an installed generation capacity of 10757 MW (as of May 2018) as compared to 10,613 MW in FY 2017 from various fuel sources, such as thermal (coal, gas and oil), hydroelectric power, renewable energy (wind and solar PV) and waste heat recovery.

Realty stocks gained. Godrej Properties (up 5.25%), DLF (up 2.18%), Indiabulls Real Estate (up 0.73%), Housing Development and Infrastructure (up 0.32%), Sobha (up 0.94%), Prestige Estates Projects (up 0.19%) and Oberoi Realty (up 0.73%) rose. D B Realty (down 0.78%) fell.

Avenue Supermarts fell 1.75%. The company's net profit surged 72.86% to Rs 167.10 crore on 22.57% rise in total income to Rs 3824.87 crore in Q4 March 2018 over Q4 March 2017. Avenue Supermarts' earnings before interest, taxation, depreciation and amortization (EBITDA) rose 41.8% to Rs 294 crore in Q4 March 2018 over Q4 March 2017. EBITDA margin rose to 7.7% in Q4 March 2018 from 6.7% in Q4 March 2017. The company declared its Q4 result on Saturday, 5 May 2018.

Neville Noronha, CEO & Managing Director, Avenue Supermarts said that deflation in staples, tax rates not being comparable, store addition not in line with expectation and base effect of demonetization has made March 2018 revenue a little tepid. Grooming talent and store addition shall continue to remain two main challenges as well as focus areas for the company.

Wockhardt slumped 7.82% after the company reported weak Q4 result after market hours on Friday, 4 May 2018. Wockhardt reported consolidated net loss of Rs 152.91 crore in Q4 March 2018 as compared to net loss of Rs 207.22 crore in Q4 March 2017. Total income rose 9.79% to Rs 1009.85 crore in Q4 March 2018 over Q4 March 2017.

Wockhardt said that during the year, reclassification of taxes post GST implementation in India has affected the total sales apart from subdued business sentiments for part of the year. While company's focus on cost containment and rationalisation continues to deliver its intended positive impact on profitability, cost of on-going remedial measures, volatility in various currencies like GBP, EURO & USD had impacted the business, Wockhardt said.

Wockhardt's board of directors has approved issuance of Non-Convertible Debentures (NCDs) on private placement basis up to an aggregate amount not exceeding Rs 1200 crore. They also approved raising of funds by way of equity shares, equity linked securities, or other eligible securities or a combination of any of the aforementioned securities by way of one or more public and/or private offerings, Qualified Institutions Placement and/or any combination thereof or any other method as may be permitted under applicable laws for an amount not exceeding Rs 1500 crore.

NOCIL gained 2.46% after net profit surged 143.66% to Rs 50.95 crore on 44.92% growth in total income to Rs 279.08 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours on Friday, 4 May 2018.

Overseas, European shares were trading higher supported by some good earning updates and gains in Nestle after the Swiss-based food giant agreed a tie-up with Starbucks. Over the weekend, the French government urged Air France managers and unions to resolve the stand-off. Asian shares settled mixed despite the strong closing on Wall Street as investors digested last week's trade talks and US jobs numbers.

China and the US ended the second day of trade talks on Friday. Both sides recognise there are still big differences on some issues and that they need to continue to step up their work to make progress. The two sides exchanged views on expanding US exports to China, trade in services, bilateral investment, protection of intellectual property rights, resolution of tariffs and non-tariff measures.

US stocks logged sharp gains on Friday, 4 May 2018, as technology stocks rallied, overshadowing uncertainty over tense trade talks between the US and China and a weaker-than-expected rise in April nonfarm payrolls.

The US created 164,000 new jobs in April. Separately, the unemployment rate fell to 3.9% in April from 4.1% in March. The first time the jobless rate has dropped below 4% since the end of 2000.

The US Federal Reserve on 2 May 2018, kept a key US interest rate steady, saying that while inflation has moved higher, it's likely to run near the central bank's 2% target in the coming months. The central bank maintained its fed funds at a range of 1.5%-1.75%. In its statement, the Fed noted the latest readings that show both overall and core inflation have moved close to the central bank's 2% goal. Fed officials were split between whether to raise rates three or four times this year.

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