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News End-Session

 
Sensex settles at over four-week high
10-Apr-18   16:50 Hrs IST

Key benchmark indices logged modest gains in steady session of trade on firm global cues. The barometer index, the S&P BSE Sensex, rose 91.71 points or 0.27% to settle 33,880.25. The Nifty 50 index rose 22.90 points or 0.22% to settle at 10,402.25. Shares across the globe edged higher after a speech by Chinese President Xi Jinping calmed investor jitters over an escalating US-China trade row. Domestic stocks logged gains for the fourth day in a row today, 10 April 2018.

The Sensex settled at over four-week high while the Nifty settled at almost four-week high. The market opened higher and hit fresh intraday high in morning trade. Indices pared gains in mid-morning trade as profit selling emerged at higher levels. The market turned range bound since early afternoon trade and ended with decent gains.

The barometer index, the S&P BSE Sensex, rose 91.71 points or 0.27% to settle 33,880.25, its highest closing level since 12 March 2018. The Sensex rose 161.44 points, or 0.48% at the day's high of 33,949.98 in morning trade. The index rose 24.76 points, or 0.07% at the day's low of 33,813.30 in mid-morning trade.

The Nifty 50 index rose 22.90 points or 0.22% to settle at 10,402.25, its highest closing level since 14 March 2018. The Nifty rose 45.50 points, or 0.44% at the day's high of 10,424.85 in morning trade. The index rose 2.15 points, or 0.02% at the day's low of 10,381.50 in mid-morning trade.

Among secondary barometers, the BSE Mid-Cap index rose 0.18%. The BSE Small-Cap index fell 0.02%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,430 shares fell and 1,274 shares rose. A total of 136 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Metal index (up 2%), the S&P BSE Realty index (up 1.25%) and the S&P BSE Capital Goods index (up 1.08%) outperformed the Sensex. The S&P BSE Consumer Discretionary Goods & Services index (down 0.35%), the S&P BSE FMCG index (down 0.02%) and the S&P BSE Healthcare index (down 0.05%) underperformed the Sensex.

Coal India (up 2.2%), L&T (up 1.68%) and Bharti Airtel (up 1.01%) edged higher from the Sensex pack.

Tata Motors (down 1.37%), M&M (down 1.02%) and Hero MotoCorp (down 1.01%) edged lower from the Sensex pack.

Bank stocks saw mixed trend. Among private bank stocks, ICICI Bank (up rose 2.78%), RBL Bank (up 1.01%), Bandhan Bank (up 0.85%) and Yes Bank (up 0.98%) rose. HDFC Bank (down 1%), Kotak Mahindra Bank (down 0.62%) and IndusInd Bank (down 0.66%) fell.

Axis Bank jumped 5.43% at Rs 546. The bank's managing director and CEO Shikha Sharma wanted her new term to be reduced to seven months from three-year tenure that has been approved by the bank's board. The Axis Bank board has accepted her request for a shorter seven-month term (from 1 June to 31 December 2018), subject to the approval of the Reserve Bank of India (RBI). The announcement was made after market hours yesterday, 9 April 2018.

Among PSU bank stocks, State Bank of India (SBI) (up 1.04%), Punjab National Bank (up 0.1%), Canara Bank (up 0.53%), IDBI Bank (up 0.54%) rose. Bank of Baroda (down 0.26%), Bank of India (down 0.26%) and Union Bank of India (down 0.86%) dropped.

HDFC shed 0.65%. The company has increased its retail prime lending rate (RPLR), on which its adjustable rate home loans (ARHL) is benchmarked, by 20 basis points, with effect from 1 April 2018. The announcement was made after market hours yesterday, 9 April 2018.

Metal shares were in demand after copper price edged higher in the global commodities markets. Hindalco Industries (up 4%), NMDC (up 3.52%), National Aluminium Company (up 2.78%), Tata Steel (up 2.58%), Hindustan Copper (up 1.97%), Steel Authority of India (up 1.93%), Vedanta (up 1.05%), Jindal Steel & Power (up 0.76%), JSW Steel (up 0.52%) and Hindustan Zinc (up 0.56%) edged higher.

Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for May 2018 delivery was currently up 0.73% at $3.0995 per pound on the COMEX.

Infosys rose 0.29%. Calix announced a strategic multi-year partnership with Infosys, that will accelerate communications service provider (CSP) adoption of AXOS, its Software Defined Access (SDA) Platform. Calix and Infosys will jointly invest to co-create new services and value-added offerings on the award winning AXOS platform. By reducing time-to-market for new AXOS capabilities and greatly broadening AXOS offerings, the partnership will enable service providers to accelerate deployments of next generation access networks that will dramatically reduce their operating cost and enable them to deploy new services at a rapid pace. The announcement was made after market hours today, 10 April 2018.

Wipro rose 0.35% in volatile trade, with the stock reversing initial losses triggered after the company said that its profitability may be impacted in Q4 March 2018 as one of its clients is undergoing insolvency proceedings. The announcement was made after market hours yesterday, 9 April 2018.

Wipro said that in 2008, the company had signed a multi-year outsourcing services agreement with a telecom services provider (client) in India, which was subsequently renewed in the year 2013. On 28 February 2018, the client filed a petition to initiate its Corporate Insolvency Resolution Process (CIRP) with the National Company Law Tribunal (NCLT).

Wipro subsequently submitted its claim on 28 March 2018. Since then, the company has been engaged with the Insolvency Resolution Professional (IRP) to discuss the potential outcome of the process. It is estimated that this development will have an impact on both revenue and profitability. The company is likely to see an impact on profitability at the net income level in the range of 65-75 basis points of the consolidated revenues for the quarter ended 31 March 2018, Wipro said. The impact of this client insolvency petition will reflect in the financial results of the company for the quarter and year ended 31 March 2018, it added.

Dr Reddy's Laboratories fell 0.45%. As informed on 21 July 2017 with regard to the audit of APJ Cuemavaca plant at Mexico, the company during market hours today, 10 April 2018 said that it has received an Establishment Inspection Report (EIR) from the USFDA, for the facility.

Maruti Suzuki India fell 0.34%. The company announced that Suzuki Motor Corporation (SMC) has started export of the all-new Swift produced at Suzuki Motor Gujarat (SMG), SMC's 100% subsidiary to produce automobiles in India. Production of the all-new Swift started at SMG in January 2018. It was shipped from Mumbai Port to South Africa, with Maruti Suzuki as its merchant exporter. The announcement was made during trading hours today, 10 April 2018.

Future Supply Chain Solutions rose 2.63%. The Reserve Bank of India after market hours yesterday, 9 April 2018 notified that the foreign portfolio investors (FPIs) investment limit under portfolio investment scheme in Future Supply Chain Solutions has increased from 24% to 49% of its paid up capital.

Overseas, European shares rose on Tuesday, led higher by gains in Bayer after a report that the US approved its takeover of Monsanto, while a solid update from LVMH lifted luxury sector stocks.

Asian markets advanced as investors digested comments from Chinese President Xi Jinping on measures planned to further open up the Chinese economy. Those measures, which Xi brought up in his speech at the Boao Forum for Asia, included lowering import tariffs for autos and other products, as well as enforcing legal intellectual property of foreign firms.

US stock futures also edged up amid improved investor confidence. Dow Jones industrial average futures were higher by 270 points in Asian trade.

US stock market finished well off session highs on Monday following a report that the Federal Bureau of Investigation (FBI) officers had raided the office of Michael Cohen, Trump's longtime personal lawyer. US stocks had rallied earlier in the session as comments from Trump and administration officials alleviated fears about rising trade hostilities between the US and China.

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