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News End-Session

 
Market mirrors firm global stocks
11-May-18   16:29 Hrs IST

Market ended with strong gains, tracking positive leads from Asian markets and overnight gains on the Wall Street. The barometer index, the S&P BSE Sensex, rose 289.52 points or 0.82% to settle at 35,535.79. The Nifty 50 index rose 89.95 points or 0.84% to settle at 10,806.50. Global risk appetite got a boost from soft US inflation, helping alleviate worries of faster rate hikes by the Federal Reserve. Domestic market sentiment was also driven by encouraging earnings releases. The Sensex and the Nifty, both, settled at their highest closing level in more than 14 weeks.

Overseas, European stocks were trading lower. Asian shares edged higher, tracking gains on Wall Street overnight, as softer-than-forecast US inflation data tempered expectations for faster Federal Reserve interest rate rises this year.

Investors also welcomed continued moves between the United States and North Korea to reduce tensions in the region. US President Donald Trump will meet North Korean leader Kim Jong un in Singapore next month amid high hopes of doing something very meaningful to curtail Pyongyang's nuclear ambitions.

US stocks jumped on Thursday, with equities advancing in a broad rally that gave the Dow Jones Industrial Average its longest winning streak since February. Gains were supported by the latest economic data, which suggested the economy was healthy, but not growing so quickly that it was at risk of overheating.

In US, the consumer-price index rose 0.2% in April, while core CPI, which strips out food and energy, rose 0.1%. In another report on Thursday, the number of people who applied for first-time US unemployment benefits in early May stood at 211,000 for the second straight week, near a 49-year low.

Back home, the market opened higher and trimmed gains in morning trade. Indices firmed up once again in mid-morning trade. After hovering in a narrow range, indices hit fresh intraday high in late trade.

The Sensex rose 289.52 points or 0.82% to settle at 35,535.79, its highest closing level since 1 February 2018. The index rose 349.88 points, or 0.99% at the day's high of 35,596.15. The index rose 15.79 points, or 0.04% at the day's low of 35,262.06.

The Nifty 50 index rose 89.95 points or 0.84% to settle at 10,806.50, its highest closing level since 1 February 2018. The index rose 95.50 points, or 0.89% at the day's high of 10,812.05. The index rose 7.90 points, or 0.07% at the day's low of 10,724.45.

Broader market failed to catch up with the main stock indices. Among secondary barometers, the BSE Mid-Cap index rose 0.40%. The BSE Small-Cap index fell 0.12%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1123 shares rose and 1542 shares fell. A total of 140 shares were unchanged.

Among sectoral indices on BSE, the S&P BSE Telecom index (down 4.25%), the S&P BSE Consumer Durables index (down 1.19%), the S&P BSE Healthcare index (down 0.78%), the S&P BSE Realty index (down 0.6%), the S&P BSE Power index (down 0.39%), the S&P BSE Teck index (down 0.09%), the S&P BSE Utilities index (down 0.09%), the S&P BSE Auto index (up 0.28%), the S&P BSE Industrials index (up 0.41%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.50%), the S&P BSE IT index (up 0.63%), underperformed the Sensex. The S&P BSE Energy index (up 0.86%), the S&P BSE Basic Materials index (up 0.88%), the S&P BSE FMCG index (up 0.98%), the S&P BSE Finance index (up 0.98%), the S&P BSE Capital Goods index (up 1%), the S&P BSE Oil & Gas index (up 1.07%), the S&P BSE Bankex (up 1.13%), the S&P BSE Metal index (up 1.56%), outperformed the Sensex.

Telecom shares tumbled after Reliance Jio announced all-time low tariffs for postpaid customers. Idea Cellular (down 11.83%), Bharti Airtel (down 6.44%), MTNL (down 2.78%), Tata Teleservices (Maharashtra) (down 2.41%), Reliance Communications (down 1.79%), edged lower.

Telecom tower infrastructure provider Bharti Infratel was down 1.26% to Rs 317.50.

Reliance Jio Infocomm (Jio), a subsidiary of RIL, launched post-paid plan with monthly rental of Rs 199, and an ISD calling service at a starting price of 50 paise per minute. The company also announced international roaming service with outgoing calls at Rs 2 per minute onwards. The new Jio plan has expanded the tariff war to the post-paid segment. The announcement was made after market hours yesterday, 10 May 2018.

Index heavyweight Reliance Industries (RIL) rose 0.80% to Rs 988.50.

Asian Paints rose 6.17% to Rs 1,289.60. Consolidated net profit of the company rose 3.4% to Rs 495.91 crore on 13.41% rise in total income to Rs 4527.83 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 10 May 2018.

Nestle India rose 5.70% to Rs 9,498.90. Net profit of the New Delhi-based FMCG major rose 38.2% to Rs 424.03 crore on 10.5% increase in net sales to Rs 2736.84 crore in Q1 March 2018 over Q1 March 2017. The announcement was made after market hours yesterday, 10 May 2018.

Private sector banks were in demand. Yes Bank (up 1.52%), Kotak Mahindra Bank (up 1.46%), ICICI Bank (up 1.34%), HDFC Bank (up 1.07%), Axis Bank (up 1.01%), Federal Bank (up 0.67%), IndusInd Bank (up 0.43%) and RBL Bank (up 0.18%), edged higher. City Union Bank fell 1.08%.

Most public sector banks declined. Punjab National Bank (down 2.9%), Central Bank of India (down 2.16%), United Bank of India (down 1.68%), Vijaya Bank (down 1.25%), Allahabad Bank (down 0.98%), Canara Bank (down 0.92%), Bank of Maharashtra (down 0.65%), Dena Bank (down 0.54%), Corporation Bank (down 0.52%), Punjab & Sind Bank (down 0.44%), Syndicate Bank (down 0.29%) and Bank of India (down 0.2%), edged lower. IDBI Bank (up 0.07%), Andhra Bank (up 0.14%), Union Bank of India (up 0.68%), State Bank of India (up 1.19%), Indian Bank (up 1.29%), UCO Bank (up 1.6%) and Bank of Baroda (up 2.67%), edged higher.

On the political front, election will be held on 12 May 2018 in 223 constituencies out of 224 of the Karnataka Legislative Assembly, 1 constituency has been postponed following the death of B.N. Vijay Kumar, Jayanagar BJP candidate. The counting of votes and announcement of result will take place on 15 May 2018. The tenure of Karnataka assembly ends on 28 May 2018.

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