Hindustan Copper just made investors richer by 12%; Sensex gains 95 points; TCS Q4 results eyed
Hindustan Copper just made investors richer by 12%; Sensex gains 95 points; TCS Q4 results eyed
The benchmark indices settled higher on Thursday on the back of gains in metal stocks as global aluminium prices soared, while the country’s biggest software services exporter, Tata Consultancy Services (TCS) rose ahead of its March quarter results. The Sensex ended at 34,427, up 95.61 points, while the broader Nifty50 ended at 10,565, up 39.10 points.
In the broader market, the BSE Midcap and BSE Smallcap indices gained 0.6 per cent each. Market breadth, indicating the overall health of the market, turned positive. On the BSE, 1,360 stocks rallied, 1,294 stocks declined, while 163 stocks remained unchanged.
The Nifty metal index jumped as much as 4.2 per cent as aluminium prices on the London Metal Exchange surged 5 percent to their highest in almost seven years on Thursday. Hindustan Copper (up 12 per cent) and Hindalco (up 9 per cent) contributed most to the index.
Vedanta share price, the Indian unit of diversified miner Vedanta Resources Plc, rose as much as 6.1 per cent to their highest since March 19, while National Aluminium Co gained 8.6 per cent to hit its highest in over three months.
Overseas, MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.9 per cent, with energy up over 2.6 per cent.
Japan’s Nikkei faded late in the day to end up 0.15 per cent, but basic materials and utilities both climbed more than 2 per cent.
Industrial and commodities-focused stocks also led the pack in London, Paris, Frankfurt and Milan though the pan-regionally STOXX 600 was showing some signs of fatigue after a two-day rally had taken it to a six-week high.
The bullish sentiment in markets comes amid wider optimism about economic growth. E-Mini futures for the S&P 500 were pointing to a steady start in New York later.
On Wednesday, the Sensex ended at 34,331, down 63.38 points, while the broader Nifty50 closed at 10,537, down 11.10 points. In the broader market, the BSE Midcap remained little changed, while BSE Smallcap shed 0.3 per cent.
Meanwhile, foreign institutional investors sold scrips worth Rs 915.71 crore, while the domestic institutional investors bought stocks worth Rs 869.70 crore, provisional data with the exchanges showed.
Latest Updates
Sensex Heatmap at Close
Source: BSE
Market Breadth
Market breadth, indicating the overall health of the market, turned positive. On the BSE, 1,360 stocks rallied, 1,294 stocks declined, while 163 stocks remained unchanged.
Markets at Close
The Sensex ended at 34,427, up 95.61 points, while the broader Nifty50 ended at 10,565, up 39.10 points. In the broader market, the BSE Midcap and BSE Smallcap indices gained 0.6 per cent each.
Why metal stocks are rallying
Aluminium prices surged 5 per cent to highest in almost 7 years on Thursday; LME aluminium climbed as far as $2,664.50 a tonne, highest since August 2011. US sanctions on Rusal, alumina output curtailment at Alunorte refinery in Brazil should support higher aluminium prices in the near term; Hindalco to benefit, according to Jefferies.
Source: Reuters
Nifty Metal index top gainer
Nifty Metal index rallied over 4 per cent and was the top sectoral gainer. Hindustan Copper, NALCO, Hindalco, Vedanta and JSW Steel contributed most to the gains, rallying in the range of 5 per cent to 14 per cent on the NSE.
IOC, HPCL, BPCL share prices hit fresh 52-week lows as Brent crude tops $74
IOC, HPCL, BPCL share prices were trading sharply lower on Thursday, hitting their fresh 52-week lows, after global oil prices jumped nearly 10 per cent in last 15 days and that is making difficult for oil marketing companies to maintain their marketing margins. Oil prices remained close to late 2014-highs as US crude inventories declined, while top exporter Saudi Arabia pushed for higher prices. Brent crude was trading above $74 per barrel.
HPCL share price plunged as much as 6 per cent to Rs 300.2, hitting its lowest since early January 2017. BPCL share price dropped 5.7 per cent to Rs 382.1, lowest since late September 2016, while IOC share price declined as much as 4 per cent to Rs 158.2, lowest since later December 2016. The stocks were the leading losers on Nifty50 index.
TCS Q4 results 2018: Key things to watch out for
TCS Q4 results 2018: Tata Consultancy Services, country's largest software services firm, is scheduled to report its March quarter results later in the day post market hours with the IT major expected to report over 1 per cent revenue growth in constant currency terms, while net profit may fall marginally due to a dip in other income. "Despite Retail turning around, overall revenue momentum during the quarter will be affected due to slow decision making amongst its top BFS clients," said brokerage Edelweiss Securities. It estimated TCS to post sequential revenue growth of 2.3 per cent in dollar terms and 1.1 per cent in constant currency (CC) terms.
"Healthy momentum in rest of business (RoB) will continue spurred by high traction in digital and renewed focus on Europe. Also, digital is expected to sustain its robust growth trajectory as deal size gains scale," said Edelweiss.
Sensex Heatmap at Open
Source: BSE
Nifty outlook by Emkay
From past 14 trading session Nifty is continuously moving towards North and in this up run index has reached near to its previous reversal area. Previous session was on the note of volatility and it has witnessed both side move. However, Nifty found its selling pressure near 10580 level which is immediate resistance and managed to close below that. So going forward, we need to see how nifty act around mentioned support and resistance level but as far as bias is concerned, Traders need to be cautious on higher side.
- Support: 10460/10400
- Resistance: 10580/10630
FAST MONEY: Hindustan Zinc, Shalby among top ten intraday trading calls
V Guard (Buy)
Target: Rs 250
Stoploss: Rs 241- Buying with heavy volumes in last hour of trade
- OI increased 24 per cent in futures trade
Markets at Open
At 9:25 am, the Sensex was trading at 34,409, up 78.26 points, while the broader Nifty50 was ruling at 10,556, up 29.95 points.
Oil near late-2014 highs as Saudi pushes for higher prices, US crude stocks decline
Oil prices on Thursday remained close to late 2014-highs reached in the previous session as U.S. crude inventories declined and as top exporter Saudi Arabia pushes for prices of $80 to $100 per barrel by continuing to withhold supplies.
Brent crude oil futures LCOc1 were at $73.82 per barrel at 0325 GMT, up 34 cents, or 0.5 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 28 cents, or 0.4 percent, at $68.75 a barrel.
Brent on Wednesday marked its highest level since November, 2014 at $73.93 per barrel. WTI hit its strongest since December, 2014 at $68.91 a barrel.
Wall Street on Wednesday
The S&P 500 eked out a smallgain while the Dow declined after a volatile trading session onWednesday, with weakness in sectors such as consumer staples andfinancials offsetting strong gains in the energy and industrialindexes.
The Dow Jones Industrial Average fell 38.56 points,or 0.16 percent, to 24,748.07, the S&P 500 gained 2.25points, or 0.08 percent, to 2,708.64 and the Nasdaq Composite added 14.14 points, or 0.19 percent, to 7,295.24.
-
The benchmark indices pared all intraday gains to slip in red in late afternoon deals as pressure on the banking stocks pulled Sensex and Nifty lower. The indices snapped their nine-day gaining spree. The Sensex ended at 34,331, down 63.38 points, while the broader Nifty50 closed at 10,537, down 11.10 points. In the broader market, the BSE Midcap remained little changed, while BSE Smallcap shed 0.3 per cent. Market breadth, indicating the overall health of the market, turned negative. On the BSE, 1,512 stocks declined, 1,141 stocks gained, while 156 stocks remained unchanged.
Nifty PSU Bank (down 1 per cent) was the leading sectoral loser, followed by Nifty Bank (down 0.9 per cent).
Good Morning!
Welcome to Zee Business market liveblog.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.