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News End-Session

 
Sensex, Nifty log modest gains on positive global stocks
09-Apr-18   16:41 Hrs IST

Key benchmark indices logged modest gains as global stocks rose on hopes that a full blown trade war between the United States and China could be averted. The barometer index, the S&P BSE Sensex, rose 161.57 points or 0.48% to settle at 33,788.54. The Nifty 50 index rose 47.75 points or 0.46% to settle at 10,379.35. Continuing its rising trend for third-day in a row, the Sensex and the Nifty settled at over 3-1/2 -week closing high.

Bank stocks rose. Oil & gas stocks gained. Auto major Tata Motors fell after the company's subsidiary Jaguar Land Rover reported fall in sales in March 2018. Shares of Lemon Tree Hotels surges on debut.

After opening on a dull note, the market moved higher and hit fresh intraday high in morning trade. Indices turned range bound in mid-morning trade. Indices extended intraday gains and hit fresh intraday high in mid-afternoon trade. Indices pared gains in late trade as profit selling emerged at higher levels.

The Sensex rose 161.57 points or 0.48% to settle at 33,788.54, its highest closing level since 14 March 2018. The Sensex rose 219.53 points, or 0.65% at the day's high of 33,846.50 in mid-afternoon trade. The index fell 48.06 points, or 0.14% at the day's low of 33,578.91 in early trade.

The Nifty 50 index rose 47.75 points or 0.46% to settle at 10,379.35, its highest closing level since 14 March 2018. The Nifty rose 66.10 points, or 0.64% at the day's high of 10,397.70 in mid-afternoon trade. The index fell 3.10 points, or 0.03% at the day's low of 10,328.50 in early trade.

Among secondary barometers, the BSE Mid-Cap index rose 0.16%. The BSE Small-Cap index rose 0.38%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,654 shares rose and 1,069 shares fell. A total of 183 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Oil & Gas index (up 1.52%), the S&P BSE Consumer Durables index (up 1.7%) and the S&P BSE FMCG index (up 1.15%) outperformed the Sensex. The S&P BSE Teck index (down 0.99%), the S&P BSE IT index (down 0.92%) and the S&P BSE Realty index (down 0.13%) underperformed the Sensex.

M&M (up 2.15%), ITC (up 2.05%), Hindustan Unilever (up 1.18%), L&T (up 1.16%) and Asian Paints (up 1.14%) edged higher from the Sensex pack.

Infosys (down 1.62%), Bharti Airtel (down 1.21%) and TCS (down 0.97%) edged lower from the Sensex pack.

Bank stocks rose. Among private bank stocks, Axis Bank (up 3.44%), IndusInd Bank (up 1.9%), HDFC Bank (up 0.8%), RBL Bank (up 0.45%) and Yes Bank (up 0.6%) gained. Kotak Mahindra Bank (down 0.09%) and ICICI Bank (down 0.05%) fell.

Among PSU bank stocks, Allahabad Bank (up 2.44%), Vijaya Bank (up 2.05%), Punjab National Bank (up 3.04%), Bank of Baroda (up 2.03%), IDBI Bank (up 0.41%), Bank of India (up 2.39%) and Union Bank of India (up 2.11%) gained. Canara Bank (down 0.21%) fell.

State Bank of India rose 0.29% to Rs 260.55. The bank announced that a meeting of executive committee of the central board of the bank is scheduled on 13 April 2018 to examine the status and decide on extension of validity period for raising of ATI capital by way of Basel III Compliant debt instruments in single/multiple tranches in domestic/international markets in INR/USD through private placement at appropriate time. The announcement was made during trading hours today, 9 April 2018.

Oil & gas stocks gained. Among shares of oil exploration and production (E&P) companies, Reliance Industries (up 0.69%) and ONGC (up 0.85%) edged higher. Oil India (down 1.15%) fell.

Among PSU OMCs, BPCL (up 3.64%), HPCL (up 3.62%) and Indian Oil Corporation (up 2.92%) edged higher.

Auto major Tata Motors fell 1.53% to Rs 358.30 after the company said that sales of its subsidiary Jaguar Land Rover dropped 7.8% to 83,732 units in March 2018 over March 2017. The announcement was made during trading hours today, 9 April 2018.

Jaguar sales dropped 12.7% to 24,300 units. Land Rover sales declined 5.7% to 59,432 units. Jaguar Land Rover reported retail sales of 614,309 vehicles for the financial year ended 31 March 2018, up 1.7% on the prior year. Retail sales for the financial year were up year-on-year in China (19.9%), North America (4.7%) and in Overseas markets (3.4%) but down in the UK (12.8%) and in Europe (5.3%).

Felix Brautigam, Chief Commercial Officer, Jaguar Land Rover said that weaker market conditions in the UK and Europe, driven by lack of consumer confidence and lower demand for diesel, are impacting growth.

NMDC rose 0.21%. The company has set prices of lump ore at Rs 3000 per ton and fines at Rs 2660 per ton with effect from 4 April 2018. The announcement was made after market hours on Friday, 6 April 2018.

Shares of Lemon Tree Hotels settled at Rs 71.60, a premium of 27.86% over the issue price of Rs 56 on its debut on the bourses today, 9 April 2018. The stock listed on the BSE at Rs 61.60, a premium of 10% over the issue price of Rs 56. The stock had hit a high of Rs 73.90 and low of Rs 57.30 during the day. The stock saw high volume of 88.01 lakh shares on the BSE.

The initial public offer (IPO) of Lemon Tree Hotels received bids for 15.49 crore shares, as per the National Stock Exchange of India (NSE) data. The issue was subscribed 1.19 times. The issue opened for subscription on 26 March 2018 and closed on 28 March 2018. The price band for the issue was fixed at Rs 54 to Rs 56 per share. Lemon Tree Hotels (LTH) is India's largest chain in the mid-priced hotels sector and third largest overall.

Tata Chemicals fell 0.46%. The company signed a business transfer agreement with Allied Silica to acquire their business of precipitated silica, on a slump sale basis. The announcement was made on Sunday, 8 April 2018.

The transaction includes the acquisition of an existing manufacturing site for manufacturing precipitated silica in Tamil Nadu, which has been recently commissioned. The acquisition involves cash consideration of upto Rs 123 crore to be paid subject to fulfillment of certain agreed conditions and milestones.

This acquisition is a part of the Rs 295 crore investment approved by the board of Tata Chemicals in February 2017, for entry into the Highly Dispersible Silica (HDS) business, which was informed to the Stock Exchanges on 9 February 2017. The acquisition is expected to be closed within 3 months.

Nitesh Estates rose 2.6% after the company said that it has settled the dispute in respect of the lease rights of land situated at Chennai. Under the settlement as decreed through the arbitral award, the company will receive Rs 15 crore, as per the terms of the award. The announcement was made after market hours on Friday, 6 April 2018.

Overseas, European shares rose as hopes that a full blown trade war between the United States and China could be averted. Asian stocks finished higher as investors looked past the trade worries that fueled Friday's declines on Wall Street.

US officials on Sunday, 8 April 2018, reportedly noted that any penalties on Beijing are not imminent and there is ample time to work out a deal and step back from a possible trade war. President Donald Trump said in a tweet Sunday he expects China to lower trade barriers with the US acting reciprocally on taxes.

A bounce in US stock futures also boosted sentiment across Asian markets. Trading in US index futures indicated that the Dow could jump 188 points at the opening bell today, 9 April 2018.

Meanwhile, some media reported that US forces had struck at sites in Syria, presumably in retaliation for an alleged chemical attack on civilians there.

China has tightened restrictions on exports to North Korea of items with potential dual use in weapons of mass destruction and conventional arms. The ban on exports of potential dual-use items, including software, machinery and chemicals, is in line with UN Security Council resolution number 2375. That resolution was passed in September.

US stocks closed sharply lower on Friday, 6 April 2018, led by a selloff in industrials and financials, as investors continued to fret over an escalating China-US trade fight.

The selling pressure followed Federal Reserve Chairman Jerome Powell's speech in which he backed a patient approach to raising interest rates. The Fed chairman said going slow on rate hikes has also reduced the risk of an unforeseen blow to the economy that might have pushed the economy into recession.

Investors also digested a weaker-than-expected jobs report that showed that wage growth remains tepid. The US economy added just 103,000 new jobs in March. The unemployment rate was unchanged at 4.1%.

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