Nifty ends at all time-high, crosses over 9,300-mark
Indian markets may open between flat to positive amid strong global cues and better than expected quarterly performance of few companies.
France led gains in European equities as investors speculated that pro-growth centrist candidate Emmanuel Macron will win the presidential election after he made it through to the second round. US Future gained over 1%.
On Domestic front sectors like Cement, Realty, Capital Goods, Banking, Auto and Metal stocks are recording smart rally. However, Pharma stocks declined.
Motilal Oswal said,"It formed a Bullish candle on daily chart and closed near to its falling supply trend line. It made a strong conviction bar indicates that buyers firmly in control of the market. Now a decisive hold above 9218 could lead the index towards new life time high territory of 9280 while on the downside supports are seen at 9191 and 9135."
Indian markets may open between flat to positive amid strong global cues and better than expected quarterly performance of few companies.
France led gains in European equities as investors speculated that pro-growth centrist candidate Emmanuel Macron will win the presidential election after he made it through to the second round. US Future gained over 1%.
On Domestic front sectors like Cement, Realty, Capital Goods, Banking, Auto and Metal stocks are recording smart rally. However, Pharma stocks declined.
Motilal Oswal said,"It formed a Bullish candle on daily chart and closed near to its falling supply trend line. It made a strong conviction bar indicates that buyers firmly in control of the market. Now a decisive hold above 9218 could lead the index towards new life time high territory of 9280 while on the downside supports are seen at 9191 and 9135."
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Markets closed up nearly 1% with Nifty touching all-time high. Sensex ended at 29,943.24, up 287.40 points or 0.97% while Nifty closed at 9,306.60, up 88.65 points or 0.96%.
On BSE, among top gainers were Mahindra & Mahindra (3.40%), Axis Bank (3.40%), Bharti Airtel (3.18%), Hero MotoCorp (2.93%) and Asian Paint (2.40%). Among losers were TCS (-0.76%), Cipla (-0.58%), Gail (-0.39%), NTPC (-0.30%) and HDFC Bank (-0.08%).
Minutes before Indian markets could end, Nifty touches an all new high of 9,300-mark.
At 1519 hours, Nifty was trading at 9,307.05 above 89 points or 0.97%.
Can Fin Homes on Tuesday reported 49% increase in its standalone net profit for the fourth quarter ended March 31, 2017.
The company registered net profit of Rs 70.86 crore in Q4, a rise of 49.36% as against Rs 47.44 crore in the corresponding period of the previous year.
This net profit also increased by 18.89% from Rs 59.60 crore in the preceding quarter.
Standalone total income stood at Rs 361.48 crore, growing by 22.42% year-on-year (YoY) and 3.38% quarter-on-quarter (QoQ) basis.
After the release of Q4 numbers, shares of Can Fin surged over Rs 13 or 0.52% on BSE trading at Rs 2,595 per piece.
Rally in sectors like Energy, FMCG, Telecom, Oil & Gas and Realty boost Sensex to reach above 29,900- mark after 11 days of trading session.
S&P BSE Telecom was top gainer on Sensex, trading at 1256.95 above 29.15 points or 2.32%, followed by S&P BSE Fast Moving Consumer Goods which saw surge of over 123.98 points or 1.34%.
S&P BSE Energy climbed over 38.51 points or 1.07% trading at 3593.77, while S&P BSE OIL & GAS jumped over 154.70 points or 1.08% trading at 14,388.93.
S&P BSE REALTY was trading at 1979.22 up 17 points or 0.87%.
At 1435 hours, Sensex was trading at 29,911.52 above 255 points or 0.86%.
Experts outlook and suggestion on the stocks of Coal India, Talwalkars, Aptech etc.
Nifty Bank surged over 99 points or 0.45% on Tuesday, trading at 21,956.45.
Except State Bank of India (SBI), all stocks were trading positive.
On the Nifty Bank index, top gainers involved Punjab National Bank trading at Rs 158.25 per piece up 2%, followed by Bank of Baroda at Rs 181.75 per piece (1.59%), IndusInd Bank at Rs 1,451.50 per piece (1.25%), IDFC Bank at Rs 59.45 per piece (1.19%).
Other gainers had - Federal Bank (Rs 93.80 per piece), Canara Bank (Rs 331.80 per piece), ICICI Bank (Rs 270.15 per piece), HDFC Bank (Rs 1,538.75 per piece), Kotak Mahindra Bank (Rs 897 per piece), Axis Bank (Rs 499.30 per piece) and Yes Bank (Rs 1,555.55 per piece) trading positive in the range of 0.05% - 1%.
Share price of SBI was trading at Rs 285.60 per piece down 0.16%.
Overall, Nifty PSU Bank surged over 10 points or 0.31% trading at 3,533.85, while Nifty Private Bank was trading at 12,071.55 up 59 points or 0.50%.
Shares of Indian Bank touched an 52-week high on Tuesday after when the bank reported a whopping 241% rise in its net profit for the fourth quarter ended March 31, 2017 result.
The bank reported net profit of Rs 319.70 crore in Q4, rising by 241.48% compared to Rs 93.62 crore in the corresponding period of the previous year.
However, this net profit was a decline of 14.39% from Rs 373.47 crore in the preceding quarter.
Net Interest Income this Q4 stood at Rs 1,384.91 crore, growing by 22.05% year-on-year (YoY) and 11.09% quarter-on-quarter (QoQ) basis.
This Q4, provisions were at Rs 806.91 crore, which was sequentially down by 0.81% yoy but up by 49.34% qoq. Gross non-performing assets stood at 7.47%, expanding by 81 basis point yoy but contracted by 22 basis point qoq.
At 1324 hours, Indian Bank rose over Rs 27 or 9.80% on BSE, trading at Rs 313.10 per piece.
Cement and Banking stocks showing good trend in the market.
Glenmark Pharmaceuticals on Tuesday announced that the U.S. Food and Drug Administration (FDA) cleared the company’s Investigational New Drug (IND) application to initiate a first-in-human study of GBR 310, a proposed biosimilar.
Kurt Stoeckli, President and Chief Scientific Officer at Glenmark Pharmaceuticals said, "This marks the second IND activation in 2017 for our growing respiratory portfolio." Adding he said,“In the seven years since the U.S.approval process for biosimilar medicines was signed into law, there have been few candidates successfully developed. GBR 310 has the potential to be among the first biosimilar candidates to be submitted for approval for a respiratory or allergic disease.”
Shares of Glenmark was trading at Rs 893 per piece on BSE, up by Rs 9 or 1.12%.
Alembic Pharmaceuticals on Tuesday announced that the company has received approvals from USFDA for its olmesartan medoxomil tablets.
"The company has received final approvals from the US Food & Drug Administration (USFDA) for its abbreviated new drug applications (ANDAs) for Olmesartan Medoxomil Tablets with Hydrochlorothiazide tablets," Alembic Pharma said in a BSE filings.
The approved ANDAs are therapeutically equivalent to the reference listed drug products Benicar tablets.
Benicar and Benicar HCT have an estimated market size of $1.8 billion for twelve months ending December 2016.
Shares of Alembic Pharma was trading at Rs 620.50 per piece on BSE, climbing over Rs 15 or 2.54%.
Stellar indications from the global market.
Bharat Heavy Electrical Limited (BHEL) on Tuesday proceeded with its largest ever export order valued at Rs 10,000 crore.
In a BSE filing, BHEL said, "The company's largest ever export order valued at Rs 10,000 crore for setting up 1,320 mega watts Maitree Super Thermal Power Project in Bangladesh, has taken off, following the issuance of the notice to proceed by the developer."
On BSE, share price of BHEL was trading at Rs 180.85 per piece above Rs 4 or 2.64% at 1040 hours.
Results of RIL came better than expected.
INR was trading with appreciation bias against USD. The rupee on Tuesday was trading at 64.295 down 0.140 paisa or 0.21% against dollar.
Share price of Reliance Industries took lead in gainers category by trading at Rs 1459.95 per piece, surging over Rs 43 or 3.07%.
Other gainers were Mahindra & Mahindra trading at Rs 1,291 per piece up (2.10%), followed by Wipro at Rs 496.50 per piece (0.96%), HDFC at Rs 1,543.60 per piece (0.83%) and ICICI Bank at Rs 270.45 per piece (0.65%).
Losers were - ITC (Rs 275.35 per piece), Tata Motors (Rs 444.05 per piece), Maruti Suzuki (Rs 6,304 per piece), Adani Ports (Rs 330.85 per piece) and Bajaj Auto (Rs 2,857.45 per piece) trading negative in the range of 0.05% - 0.50%.