Sensex, Nifty end in green; Tata Steel best performer; Rupee up 0.22%
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The Dalal Street may open in green after when the Indian Metereological Department (IMD) stated that India will receive monsoon two days ahead of schedule.
On Tuesday, Sensex closed at 30,582.60 above 260 points or 0.86%, while Nifty finished at 9,512.25 up 66 points or 0.71%.
In the broader market, the S&P BSE Midcap index and the S&P BSE Smallcap index added 0.2% and 0.4%, respectively. NSE cash turnover was at Rs. 24, 852 crore.
Analysts at HDFC Securities said, "If Nifty sustains trades 9520 level for first hour of trade then traders may see down move, which could take Nifty towards 9480 level followed by 9440 level."
A Reuters Report said, "The monsoon is expected to arrive in the country two days ahead of schedule, with Kerala likely to be hit on May 30, the Indian Metereological Department (IMD) said on Tuesday.The normal date of arrival of monsoon in Kerala is June 1, which marks its official onset in the country."
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The Indian markets ended on a positive note with Sensex closing above 76 points or 0.25% at 30,658.77 and Nifty finishing mostly flat at 9,518.
Top gainers on BSE involved Tata Steel at Rs 492.05 a piece above 7.67%, followed by Tata Motors at Rs 448.90 a piece (2.65%), ICICI Bank at Rs 309.15 a piece (2.13%), Asian Paints at Rs 1154.50 a piece (0.94%) and Hindustan Unilever at Rs 1007 a piece (0.89%).
Losers were Adani Ports at Rs 348.40 a piece down 1.64%, followed by Wipro at Rs 508 a piece (1.32%), HDFC at Rs 1550.10 a piece (1.06%), Cipla at Rs 560.50 a piece (0.69%) and ONGC at Rs 184 a piece (0.59%).
Indian Rupee ended at 64.114 up 0.139 paisa or 0.22% against US dollars.
Outlook on the trade in commodity market.
Market in a range, Nifty trading above the levels of 9500.
Dr Reddy's Laboratories on Wednesday announced that it has received approval from the USFDA to launch Doxorubicin Hydrochloride Liposome injection.
Alok Sonig, Executive Vice President and Head of North America Generics business at Dr Reddy said, "This approval represents the first of its kind for the company in the complex depot injectables arena."
At 1319 hours, the company was trading at Rs 2,735.70 a piece above Rs 12 or 0.46% on BSE.
Investors dampened Edelweiss Financial Services' shares by nearly 5% despite the company reporting 40% growth in net profit for March 31, 2017 result.
Edelweiss reported net profit of Rs 170.03 crore, which increased by 39.65% yoy and 9.56% qoq. It total revenue of Rs 1,929.30 crore also recorded growth of 27% yoy and 20.19% qoq.
At 1231 hours, the company was trading below Rs 8 or 4.50% at Rs 181.25 per piece on BSE.
A day before the Q4 announcement, Edelweiss clocked a 52-week high of Rs 191.80 per piece.
Share price of Astra Microwave Products surged by nearly 4% after when the company reported over 58% rise in its consolidated net profit for the fourth quarter ended March 31, 2017 result.
The company posted consolidated net profit of Rs 30.25 crore, witnessing growth of 58.29% year-on-year (YoY) and a whopping 137.25% quarter-on-quarter (QoQ).
While total income stood at Rs 156.38 crore, rising by 25.75% yoy and 29.11% qoq.
At 1152 hours, the company was trading at Rs 141.45 per piece above Rs 4 or 3.21% on BSE.
Mixed indications from the global market.
LIC Launched new insurance policy named "Jeevan Umang".
The Indian Rupee was trading at Rs 64.035 up 0.070 paisa or 0.11% against US dollar.
Top gainers on BSE involved Tata Steel trading at Rs 477.10 a piece above 4.40%, ICICI Bank at Rs 307.20 a piece (1.47%) and Bharti Airtel at Rs 379.45 a piece (1.20%), Tata Motors at Rs 442 a piece (1.07%), Lupin at Rs 1303.95 a piece (1.04%) and Hero Motocorp at Rs 3656 a piece (1.02%).
While losers were - ITC at Rs 280.30 a piece down 1.11%, followed by Wipro (Rs 510.60 a piece), Dr Reddy (Rs 2709 a piece), Infosys (Rs 952.05 a piece), HDFC (Rs 1560.20 a piece) and SBI at Rs 306 a piece trading negative in the range of 0.30% - 0.85%.
Both Sensex and Nifty made a negative opening as its global peers take a hit after after when a Reuters reports said President Donald Trump asked then-FBI Director James Comey to end a probe into Trump`s former national security advisor
At 9.20 am, Sensex was trading at 30,534.90 down 47 points or 0.16%, while Nifty was lower by 10 points or 0.10% trading at 9,503.
HDFC Securities said, "The Nifty is likely to open flat on Wednesday, tracking muted closing on Wall Street. Banking & Realty are expected to trade in positive zone, while Metal is expected to trade in negative zone. Crucial support for Nifty is at 9480 level, while strong immediate resistance is at 9520."
While Motilal Oswal said, "Corporate performance has been encouraging raising hopes of a recovery in earnings momentum in 2018. On the do- mestic front, positive bias could continue on back of results, liquidity."
Key events to watch:
Companies like Hindustan Unilever, Bajaj Finance, Indian Overseas Bank, JSW Steel, United Breweries Limited, Kirloskar Brothers and Allahabad Bank will be announcing their fourth quarter ended March 31, 2017 result.
Stocks in focus will be:
Fertilizer Stocks will be in focus as on Tuesday the Indian Metereological Department (IMD) stated that the monsoon is expected to arrive in India two days ahead of schedule.
Tata Steel: The company narrowed its consolidated net loss to Rs 1,168 crore for the fourth quarter ended March 31, 2017, result against a loss of Rs 3,042 crore posted during the same period last year. An exceptional loss of Rs 4,068.6 crore was posted by the firm. This was largely boosted by an outperformance by operating profits.
Maruti Suzuki: On Tuesday, the company launched the much awaited 2017 Dzire sedan price starting at Rs 5.45 lakh (ex-showroom Delhi). While the petrol variants are priced between Rs 5.45 lakh to Rs 7.94 lakh (ex-showroom Delhi). The diesel variant of the Dzire is priced between Rs 6.45 lakh – Rs 9.41 lakh (ex-showroom Delhi).
Punjab National Bank: In its Q4FY17, the bank reported standalone net profit of Rs 261.90 crore in the fourth quarter ended March 31, 2017, compared to net loss of Rs 5,367.14 crore in the similar period of the previous year.
Gati: In a BSE filing, the company said that it will settle its dispute with foreign currency convertible bonds bond holders related to conversion terms.
Symphony: The company reported a marginal increase in standalone net profit to Rs 46.69 crore for Q4FY17, as against net profit of Rs 46.53 crore a year ago same period.
Kotak Mahindra Bank: The bank on Tuesday said that board of directors have approved its proposal to raise as much as Rs 5,000 crore though unsecured, redeemable, non-convertible debentures (NCDs, or bonds) on private placement basis.
The Dalal Street may open in green after when the Indian Metereological Department (IMD) stated that India will receive monsoon two days ahead of schedule.
On Tuesday, Sensex closed at 30,582.60 above 260 points or 0.86%, while Nifty finished at 9,512.25 up 66 points or 0.71%.
In the broader market, the S&P BSE Midcap index and the S&P BSE Smallcap index added 0.2% and 0.4%, respectively. NSE cash turnover was at Rs. 24, 852 crore.
Analysts at HDFC Securities said, "If Nifty sustains trades 9520 level for first hour of trade then traders may see down move, which could take Nifty towards 9480 level followed by 9440 level."
A Reuters Report said, "The monsoon is expected to arrive in the country two days ahead of schedule, with Kerala likely to be hit on May 30, the Indian Metereological Department (IMD) said on Tuesday.The normal date of arrival of monsoon in Kerala is June 1, which marks its official onset in the country."
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