Sensex today: Kotak Mahindra Bank, ITC top gainers; index ends flat ahead of Fed outcome
Sensex today: Kotak Mahindra Bank, ITC top gainers; index ends flat ahead of Fed outcome
Sensex today: The benchmark indices were little changed on Wednesday as gains in auto stocks on the back of solid monthly sales offset losses in IT counters after HCL Technologies posted a lower-than-expected March quarter profit. Investors remained cautious ahead of the US Federal Reserve's monetary policy outcome that will be released later in the day for cues on the future pace of US monetary tightening.
The Sensex ended at 35,151, up 8.54 points, while the broader Nifty50 settled at 10,730, down 9 points. In the broader market, the BSE Midcap and the BSE Smallcap indices underperformed to lose over 1 per cent each. Market breadth, indicating the overall health of the market, turned negative. On the BSE, 914 stocks gained, 1,784 stocks fell, while 121 stocks remained unchanged.
Overseas, global markets traded mixed. European shares rose on Wednesday, boosted by some strong earnings updates and a rising tech sector after results from Apple exceeded weak expectations, while investors’ focus turned to euro zone GDP figures and the US Fed meeting.
The Fed is seen set to hold interest rates steady but will likely encourage expectations that it will lift borrowing costs in June on the back of rising inflation and low unemployment.
On Monday, the Sensex closed 0.55 per cent higher at 35,160.36 and was up 6.6 per cent for the month. The broader Nifty ended 0.44 per cent higher at 10,739.35, posting a monthly gain of 6.2 per cent.
Foreign institutional investors sold scrips worth Rs 385.47 crore, while the domestic institutional investors purchased stocks worth Rs 261.98 crore, provisional data available with BSE showed. The markets were closed on Tuesday to observe Maharashtra day.
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Mustafa Nadeem, CEO, Epic Research
Nifty continues to make higher high though profit booking drags it lower making a bearish belt hold. After three days of upward momentum, Nifty made a higher high though profit booking due to mixed cues from Asian markets and critical events such as FOMC Meet put a stop to raging bulls. Overall cues were mixed and amid above said events it was expected to see some minor correction. A bearish belt hold is seen, though, the body is comparatively smaller but it's a not a high probability pattern which ascertains the fact that basic undertone is bullish and we may see a continuation of the trend.
The Range of the market is now seen between 10,600-10,800 while in bank Nifty it is at 25300 - 25700. Derivatives data suggest that breaking of 10800 for Nifty may be hard since we have seen aggressive writing at those levels on the upside while 10600 continues to hold momentum. At this point in time, We suggest the traders and investors utilize these dips which mare more than of a percent to enter into the main trend and maintain the buy on dips.
Market Breadth Turns Negative
Market breadth, indicating the overall health of the market, turned negative. On the BSE, 914 stocks gained, 1,784 stocks fell, while 121 stocks remained unchanged.
Broader Market Underperforms
In the broader market, the BSE Midcap and the BSE Smallcap indices underperformed to lose over 1 per cent each.
Markets at Close
The Sensex ended at 35,151, up 8.54 points, while the broader Nifty50 settled at 10,730, down 9 points.
Hero Motocorp Q4FY18 standalone PAT rises 35% yoy; how investors reacted
One of the largest two-wheeler manufacturers Hero Motocorp surpassed analysts estimates by reporting a whopping 35% rise in standalone net profit during the fourth quarter ended March 2018 result. The company registered net profit of Rs 967.4 crore which was up by 34.78% from Rs 717.75 crore in the corresponding period of the previous year. Q4FY18 net profit also witnessed growth of 20.11% versus net profit of Rs 805.43 crore in the preceding quarter. A Bloomberg poll of analysts had estimated Hero’s net profit at Rs 958 crore in Q4FY18.
18 of 28 Rakesh Jhunjhunwala portfolio stocks tank in 2018, but the Big Bull sails through and how!
Ace investors such as Rakesh Jhunjhunwala do not bother about short-term market fluctuations. They hold stocks for years. This was evident in the March quarter, where the Big Bull held on to his favourite stocks. And guess what, even as 18 of 28 of his known portfolio stocks delivered negative returns this calendar, his portfolio value is on the rise. While Jhunjhunwala tinkered with his portfolio a little - buying further into Titan Company, Federal Bank and Agro Tech Foods and selling shares of Prozone Intu Properties during the March quarter - a few well-performing stocks helped the ace investor's portfolio to swell even more.
HCL Tech Q4 results 2018 key takeaways: From profit, attrition to dividend, what you must know
HCL Tech Q4 results 2018: HCL Technologies on Wednesday came out with disappointing set of numbers with HCL Tech share price plunging 5 per cent on the BSE. The IT major posted a 9.8 per cent decline in consolidated net profit at Rs 2,230 crore for the quarter ended March 2018 compared to the year-ago period. The country's fourth largest software services firm had registered a net profit of Rs 2,474 crore in the January-March 2017 quarter as per Indian Accounting Standards (Ind AS), HCL said in a BSE filing. The company's total income was up 2.2 per cent to Rs 13,480 crore in the quarter under review from Rs 13,183 crore in the corresponding quarter last year.
Fast Money: 20 best calls for Intra-day @ May 2, 2018
Markets Slips in Red
At 9:45 am, the Sensex was trading at 35,151, down 8.54 points, while the broader Nifty50 was ruling at 10,730, down 9 points.
HCL Tech Q4 FY18 results: Net profit slips 10% to Rs Rs 2,230 crore
HCL Technology, country's fourth largest software services firm, on Wednesday reported a 9.86 per cent year-on-year drop and 7.46 per cent quarter-on-quarter rise in consolidated net profit at Rs 2,230 crore for the March quarter, below Street's expectations. The IT firm had reported a net profit of Rs 2,075 crore in the December quarter of financial year 2017-18 and Rs 2,474 crore in the corresponding quarter of last year.
Revenue from operations rose 2.2 per cent to Rs 13180 crore. The company said it expected revenue in the current year to rise 9.5 per cent-11.5 per cent in constant currency terms.
Wall Street on Tuesday
The S&P 500 edged higher on Tuesday after comments from a Trump administration official on trade with China and the Mexican economy minister on the renegotiation of the North American Free Trade Agreement provided cause for optimism. The Dow Jones Industrial Average fell 64.1 points, or 0.27 percent, to 24,099.05, the S&P 500 gained 6.75 points, or 0.25 percent, to 2,654.8 and the Nasdaq Composite added 64.44 points, or 0.91 percent, to 7,130.70.
Asian markets steady, dollar near four-month high ahead of US Fed decision
Asian equities held steady on Wednesday, while the dollar traded near a four-month high as investors await the Federal Reserve’s upcoming policy statement for clues on the future pace of U.S. monetary tightening. MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed, while Japan’s Nikkei eased 0.2 percent and South Korea’s KOSPI slipped 0.3 percent.
Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore, said that in addition to focusing on the Fed’s policy statement, equity investors may be turning cautious on the outlook for corporate profits, given potential cost pressures from recent rises in oil prices.
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The Sensex closed 0.55 per cent higher at 35,160.36 and was up 6.6 per cent for the month. The broader Nifty ended 0.44 per cent higher at 10,739.35, posting a monthly gain of 6.2 per cent. In the borader market, the BSE Midcap gained 0.6 per cent, while BSE Smallcap added nearly 1 per cent each. Market breadth, indicating the overall health of the market, turned positive. On the BSE, 1,401 stocks rallied, 1,260 stocks declined, while 146 stocks remained unchanged.
Foreign institutional investors sold scrips worth Rs 385.47 crore, while the domestic institutional investors purchased stocks worth Rs 261.98 crore, provisional data available with BSE showed.
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