Sensex today: Axis Bank, SBI top gainers, index at three-month high

Maruti Suzuki Q4 FY18 results

Maruti Suzuki Q4 net profit up 10 per cent at Rs 1,882.1 crore, net sales rise 14.4 per cent to Rs 20,594.3 crore.

Axis Bank share price extends gains; stock surges over 8% post Q4

Here's why Axis Bank share price rallied most in 6 months despite Shikha Sharma row, tepid Q4

Axis Bank share price rallied most in six months even as country's third largest private sector lender by assets reported quarterly losses for the first time ever. It is also going through a big controversy due to which its chief Shikha Sharma will be quitting. Net losses for the March quarter of financial year 2018 came in at Rs  2,188.74 crore due to higher provisioning for bad loans. Axis Bank had registered a net profit of Rs 1,225.10 crore in the same quarter of fiscal ended March 2017.

The Axis Bank share price rallied as much as 5.5 per cent to Rs 522 on the BSE. Analysts believe recognition of bad loans at a greater scale and a positive management commentary soothed investors who believe worst is now over for Axis Bank. The lender substantially raised its provisioning to cover for bad loans and contingencies during the quarter to Rs 7,179.53 crore, while it had parked aside Rs 2,581.25 crore in the same quarter a year ago, it said in a regulatory filing.

Investing in stock markets: Time to junk 100-age formula and get radical?

Even today if you call up a financial advisor and ask for your ideal debt/equity mix, the immediate answer will the (100-age) formula. What this formula says is that the equity component in your portfolio should be the difference between 100 and your actual age. For example, if you are 30 years old then you should have 70% exposure to equities and the balance in debt. On the other hand if you are 60 years old then you should have 40% exposure to equities and the balance in debt. Frankly, this rule does not have any scientific basis although it does appear to be intuitively correct. While it is true that your risk appetite reduces with age, using this kind of a template is hardly a scientific approach.

Reliance Industries share price at record high ahead of Q4 FY18 results; stock crosses Rs 1000 mark

Reliance Industries share price surged over 3 per cent to hit its record high of Rs 1010.70 ahead of its March quarter results scheduled for later in the day. Although the energy-to-telecom conglomerate may report net profit for the thirteen quarters in a row, overall quarter is expected to remain modest. RIL's gross refining margin (GRM) may slip in Q4 FY18. 

RIL share price rallied as much as 3.62 per cent to hit its lifetime high of Rs 1010.70 on the BSE. The company could possibly be the next Indian firm to hit the $100 billion mark after Tata Consultancy Services achieved this fiat on Monday. RIL needs just 3 per cent gains from from its lifetime high to hit the $100 billion mark in terms of market capitalisation.

Nifty hits 10,700 on first day of May series

The markets extended gains with the Nifty50 reclaiming its crucial 10,700 level in the morning trade thanks to gains in index heavyweights Axis Bank, Reliance Industries and YES Bank.

Sensex Heatmap at Open

Source: BSE

Markets at Open 

At 9:30 am, the Sensex was trading at 34,935, up 221.70 points, while the broader Nifty50 was ruling at 10,685, up 67.85 points.

FAST MONEY: Axis Bank, Cipla among 10 intraday trading tips

Cipla (Buy)

Target: Rs 608
Stoploss: Rs 594

• The stock is trading above all key averages
• Buying continued for second week in row

Wall Street on Thursday

US stocks advanced on Thursday with each of Wall Street’s major indexes ending the session up 1 percent or higher, boosted by solid earnings results and a rebound in technology stocks as U.S. bond yields pulled back. The tech-heavy Nasdaq snapped a five-day losing streak while the S&P technology index booked its first up day in six sessions. The Dow Jones Industrial Average rose 238.51 points, or 0.99 percent, to 24,322.34, the S&P 500 gained 27.54 points, or 1.04 percent, to 2,666.94 and the Nasdaq Composite added 114.94 points, or 1.64 percent, to 7,118.68.

Rakesh Jhunjhunwala gets big on gaming; check out his 2 bets in this space

Ace investor Rakesh Jhunjhunwala's stock-picking art is unique as is visible by the mouth-watering returns Jhunjhunwala portfolio stocks have delivered in the past. Jhunjhunwala never fails at cracking the trend that the future may throw at us. Perhaps that's why two companies in which he holds stakes are into gaming space, a sector that is growing rapidly on the back of millennials' lifestyle. Rakesh Jhunjhunwala who stayed away from digital space for long finally saw growth potential in a gaming startup named Nazara Technologies. The big bull of Dalal Street is already invested in Delta Corp, India’s first listed pureplay gaming company.

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Markets on Thursday

The benchmark indices settled higher on Thursday, boosted by private lenders after YES Bank's fourth-quarter profit came in above estimates, but gains were capped as broader sentiment was subdued on the day of expiry of derivatives contracts. The Sensex ended at 34,713.60, up 0.62 per cent, while the broader Nifty50 closed at 10,617.80, up 0.45 per cent. Both the indices marked their highest close since February 5.  

YES Bank share price rallied 8 per cent to settle at Rs 352.05 after the private lender reported a rise of 29 per cent in standalone net profit at Rs 1,179.44 crore in the March quarter, 2017-18. The bank had logged a net profit of Rs 914.12 crore during January-March of 2016-17.