Sensex ends higher for 9th session in a row; Power Grid, HUL top gainers
Sensex ends higher for 9th session in a row; Power Grid, HUL top gainers
Sensex today: In a volatile trading session, the benchmark indices settled higher on Tuesday tracking positive trend in Asian markets which rose modestly after data showed China’s economy grew a little faster than expected in the first quarter. The Sensex settled at 34,395, up 89.63 points, while the broader Nifty50 ended at 10,548, up 20.35 per cent. In the broader market, the BSE Midcap and the BSE Smallcap gained 0.3 per cent each. Market breadth, indicating the overall health of the market, turned positive. On the BSE, 1,399 stocks gained, 1,248 stocks declined, while 156 stocks remained unchanged.
Back home, sentiment turned positive after India Meteorological Department on Monday said The monsoon will be 97 per cent of long period average (LPA), which is normal for the season. The error margin in the forecast is plus/minus 5 per cent. The news instilled fresh rigour in agri-linked stocks.
"Rural recovery is expected thanks to normal monsoon. Rural income will witness a pick-up that will be positive for stocks like ITC, Emami, M&M, Godrej Consumer and Ramco Cement," said global brokerage CLSA in a note.
Power Grid (up 3 per cent), Hindustan Unilever (up 2 per cent) and NTPC (up 1.9 per cent) were the top gainers on Sensex, while Axis Bank, Sun Pharma and Adani Ports shed the most, losing between 1 per cent to 2 per cent.
Overseas, european markets edged as sentiment regarding tensions between the US and Russia eased up with attention shifting to the first-quarter earnings season and deal-making. The pan-regional STOXX 600 index was up 0.1 per cent by 0740 GMT, while other European benchmarks were also trading in positive territory, catching up slightly with a strong close on Wall Street.
Data from China however gave a mixed picture of the country’s economic health as growth hit a welcome 6.8 percent in the first quarter of 2018 but separate figures showed March industrial output missed expectations.
Meanwhile, US crude oil futures rose 0.3 per cent to $66.43 a barrel after tumbling nearly 1.8 per cent overnight on waning concerns about tensions in the Middle East.
On Monday, the Sensex settled at 34,305, up 112.78 points, while the broader Nifty50 ended at 10,528, up 47.75 points. In the broader market, the BSE Midcap added 0.3 per cent, while the BSE Smallcap gained 0.5 per cent. Market breadth, indicating the overall health of the market, turned negative. On the BSE, 1,407 stocks declined, 1,267 stocks rallied, while 202 stocks remained unchanged.
Latest Updates
Sectoral Trend at Close
Source: NSE
Markets at Close
The Sensex settled at 34,395, up 89.63 points, while the broader Nifty50 ended at 10,548, up 20.35 per cent.
Market Update
At 02:40 am, the Sensex was trading at 34,383, up 77.67 points, while the broader Nifty50 was ruling at 10,546, up 17.75 per cent.
Buzzing Stock
Royal Orchid share price rallied over 16 per cent to hit its intraday high of Rs 202. On technical charts, the stock shows an uptrend of 25 per cent to Rs 250.
MRF share price hits lifetime high, nears Rs 80,000
Stock market is all about patience, and if you have that, sky is the limit. Who else to tell you that better than those who actually benefited from it. In retrospect, while we see many stocks generating staggering returns over a long haul, how many of us actually hold these multibagger stocks that long? Not many! But these two investors did! Their fortune-making story is worth paying a heed to. Both stories involve the same stock that has risen a whopping 15,858 per cent since its August 2001 price level of Rs 500. The stock hit its lifetime high of Rs 79,794.95 in Tuesday's trade. The stock is of course MRF, the most expensive stock on Dalal Street in terms of share price. Going by analysts' view, it is just a matter of days that it crosses Rs 80,000, and thereafter eying the six-figure mark of Rs 100,000.
Monsoon impact on stock markets: 14 stocks where analysts are positive
Monsoon impact on stock markets: Dalal Street just heaved a sigh of relief after IMD on Monday projected the monsoon for the year 2018 at 97 per cent of the long term average (LTA). The announcement comes after private weather forecaster Skymet earlier predicted the monsoon at 99 per cent of LTA for this year. This will be third consecutive year of normal monsoon after two successive droughts that India witnessed in 2014 and 2015. Brokerage Kotak Securities noted while the June-September monsoon at 97 per cent of LPA qualifies as 'normal' southwest monsoons, the probabilities are more skewed towards the weaker side.
Sensex heatmap in late morning deals
Source: BSE
Stocks in News
- Bajaj Electricals: Company wins orders worth Rs 3,577.93 crore as part of govt’s Saubhagya Yojna.
- RCOM: No legal restriction any more to proceed with sale of spectrum, MCNs & real estate.
- Blue Star: Signs pact with Sands Intl and its partner Saudi Retail
Market breadth
Market breadth, indicating the overall health of the market, turned positive. On the BSE, 851 stocks rallied, 393 stocks slipped, while 61 stocks remained unchanged.
Markets at Open
At 9:18 am, the Sensex was trading at 34,347, up 42.22 points, while the broader Nifty50 was ruling at 10,537, up 8.65 per cent. In the broader market, the BSE Midcap and the BSE Smallcap indices gained 0.4 per cent and 0.3 per cent, respectively.
Which way the markets will move today? Watch Power Breakfast
FAST MONEY: Fortis, Blue Star among key buy calls
Fortis Healthcare (Buy)
Tgt: Rs 157
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Rupee at Open
Rupee opens at 65.44/$ against Monday’s close of 65.49/$
Asian markets update
Asia stocks rose modestly on Tuesday following data showing China’s economy grew a little faster than expected in the first quarter. The dollar was barely changed, with demand for safe-haven U.S. Treasuries ebbing as investor risk appetite improved in parts of the broader markets as investors took the view Western-led strikes on Syria were a one-off intervention.China’s economy grew a welcome 6.8 percent in the first quarter of 2018 from a year earlier, official data showed on Tuesday, unchanged from the previous quarter.
But separate data showed March industrial output missed expectations and first-quarter fixed-asset investment growth slowed, tempering equity market gains.
MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.05 percent. Australian stocks gained 0.5 percent, South Korea’s KOSPI dipped 0.1 percent and Hong Kong’s Hang Seng gained 0.15 percent. Shanghai rose 0.15 percent and Japan’s Nikkei was flat.
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