Sensex today: TCS, Infosys star performers, spike up to 4%; index rallies 160 points
The benchmark indices edged higher on Thursday and extended their gains into a sixth session, driven by information technology stocks, although falls in banks and oil marketing companies capped the rise. The Sensex ended at 34,101, up 160.69 points, while the broader Nifty50 closed at 10,458, up 41.50 points.
In the broader market, the BSE Midcap and BSE Smallcap underperformed to lose 0.1 per cent and 0.2 per cent, respectively. Market breadth, indicating the overall health of the market, turned negative. On the BSE, 1,514 stocks declined, 1,146 stocks rallied, while 157 stocks remained unchanged.
The Nifty IT index rose as much as 2.9 percent to its highest since February 2 and was headed for a third consecutive session of gains on a weakening rupee and expectations of positive quarterly results. On Wednesday, it broke above a resistance from its descending trend line, suggesting that there was no more selling pressure.
Software services exporter Infosys will kick-start the January-March corporate results season on Friday.
HCL Technologies rose 4.5 per cent, Tata Consultancy Services climbed 4 per cent and Infosys gained 4.2 per cent.
Investors now await March retail inflation data due after market hours on Thursday for cues about the economy. Retail inflation likely eased to a five-month low in March as increases in food prices slowed once again but remained above the central bank’s medium-term target, a Reuters poll found.
On Wednesday, foreign portfolio investors (FPIs) bought Rs 362.30 crore worth of domestic stocks, while DIIs were net buyers to the tune of Rs 111.82 crore, provisional data available with BSE suggested. The Sensex ended at 33,940, up 60.19 points, while the broader Nifty50 ended at 10,417, up 14.90 points. In the broader market, BSE Midcap slipped 0.2 per cent, while BSE Smallcap added 0.2 per cent.
The benchmark indices edged higher on Thursday and extended their gains into a sixth session, driven by information technology stocks, although falls in banks and oil marketing companies capped the rise. The Sensex ended at 34,101, up 160.69 points, while the broader Nifty50 closed at 10,458, up 41.50 points.
In the broader market, the BSE Midcap and BSE Smallcap underperformed to lose 0.1 per cent and 0.2 per cent, respectively. Market breadth, indicating the overall health of the market, turned negative. On the BSE, 1,514 stocks declined, 1,146 stocks rallied, while 157 stocks remained unchanged.
The Nifty IT index rose as much as 2.9 percent to its highest since February 2 and was headed for a third consecutive session of gains on a weakening rupee and expectations of positive quarterly results. On Wednesday, it broke above a resistance from its descending trend line, suggesting that there was no more selling pressure.
Software services exporter Infosys will kick-start the January-March corporate results season on Friday.
HCL Technologies rose 4.5 per cent, Tata Consultancy Services climbed 4 per cent and Infosys gained 4.2 per cent.
Investors now await March retail inflation data due after market hours on Thursday for cues about the economy. Retail inflation likely eased to a five-month low in March as increases in food prices slowed once again but remained above the central bank’s medium-term target, a Reuters poll found.
On Wednesday, foreign portfolio investors (FPIs) bought Rs 362.30 crore worth of domestic stocks, while DIIs were net buyers to the tune of Rs 111.82 crore, provisional data available with BSE suggested. The Sensex ended at 33,940, up 60.19 points, while the broader Nifty50 ended at 10,417, up 14.90 points. In the broader market, BSE Midcap slipped 0.2 per cent, while BSE Smallcap added 0.2 per cent.
Latest Updates
Jayant Manglik, President, Religare Broking
Nifty ended with modest gains today and settled around the day's high, thanks to firm local cues. It opened flat but noticeable buying interest in IT majors pushed the index gradually higher. Also, the news of encouraging FDI inflows in India boosted the sentiment. However, caution ahead of the important macroeconomic data viz. IIP and CPI inflation capped the momentum. IT index single-handedly pushed the benchmark higher and it's indeed positive sign before the Infosys results. However, a word of caution is still recommended, considering the mixed undertone from the global markets. Nifty should hold above 10,400 for further recovery and now the next major hurdle is at 10,600.
Graphite India jumped 800%, turned Rs 1L into Rs 9L; money still to be made? Find out
How would you like to turn your Rs 1 lakh into Rs 9 lakh? Some people did just that as they caught hold of a multibagger. Yes, stock markets can, and do, deliver such riches to investors. But the markets are an unpredictable place. Here fortunes may come and go in a fraction of a second over the most innocuous of occurrences. However, we are at the moment talking about a winner who made a huge number of investors richer! The stock is none other than Graphite India, whose peer HEG has also given stupendous returns to its investors. This best-performing stock of the calendar year 2017 returned over 800 per cent in last five years! Having said that, you should know that certain news from China is not going down well with investors. Only time will tell if this will hinder any future rally in Graphite India. For now investors would do well to revisit their investment plans.
G Chokkalingam, founder and MD, Equinomics Research & Advisory believes Graphite India and HEG stocks are best sell at current prices.
Markets at Close
The Sensex ended at 34,101, up 160.69 points, while the broader Nifty50 closed at 10,458, up 41.50 points. In the broader market, the BSE Midcap and BSE Smallcap underperformed to lose 0.1 per cent and 0.2 per cent, respectively.
Here's why Fortis deal was not in favour of minority shareholders
Buzzing Stock
Fortis Healthcare share price spiked as much as 4.1 per cent at Rs 153.90, their highest since March 27. IHH Healthcare Bhd is proposing an offer here for Fortis Healthcare that could value the Indian firm at as much as $1.3 bln, said a Bloomberg report citing people with knowledge of the matter.
The report added that the offer would top the bid from a TPG-backed consortium. Manipal Hospitals Enterprises, backed by US buyout firm TPG, had raised its offer late on Tuesday to buy Fortis’ hospital business by about a fifth As of Wednesday’s close, stock up about 20 per cent in the past two weeks since Fortis announced the demerger of its hospitals on March 27.
Source: Reuters
40% annualised returns! This Kanpur-based ace investor hailed by Forbes, reveals how
Stock market investment is all about identifying high-quality companies that have consistently reported robust earnings over a period of time, says Ekansh Mittal, a Kanpur-based investor who shot to fame soon after he made it to Forbes India’s 2015 edition of Wealth Wizards list at the age of just 27. Mittal, who runs an equity research firm Katalyst Wealth, has a long-term approach to market and prefers investing in microcap stocks. In an interview with Zee Business, Mittal shared his views on markets and his money-making strategy. Edited excerpts:
This stock turned Rs 1 lakh into Rs 5 lakh; another 200% jump expected
Amid plethora of listed companies on the bourses, catching hold of a multibagger is a tough task. Multibaggers often come into limelight after it is too late to jump on the bus. However, one stock on Dalal Street is showing early signs of turning into a multibagger. The stock of this Radhakishan Damani-owned company has already rallied nearly 400 per cent in just over a year since its debut on Dalal Street, and it still holds potential to surge another 200 per cent in the next three to four years, say analysts. The stock is none other than Avenue Supermarts, which owns and operates India’s most profitable supermarket, D-Mart. On Wednesday, the stock hit a fresh lifetime high, crossing Rs 1500 in intraday trade.
POWER BREAKFAST: Key things to track for Thursday's market action
Sensex Heatmap at Open
Source: BSE
Markets at Open
At 9:25 am, the Sensex was trading at 33,964, up 23.73 points, while the broader Nifty50 was ruling at 10,407, down 9 points.
Nifty outlook by Angel Broking
Nifty seems a bit tired and does not have the similar sort of strength we saw in last couple of weeks. This is quite evident as it has entered a strong resistance zone of 10400 – 10500. For the coming session, 10350 would now be seen as a key support for the Nifty. A sustainable slide below this would apply brakes on the recent relief rally. However, having said that if we look at yesterday’s recovery to close near day’s high, it’s an indication of index extending this move towards the recent swing high of 10478. Hence, first half an hour would be quite crucial and traders are advised to keep a close watch on this development.
Stocks in Focus
- IDBI Bank : RBI Imposes Monetary Penalty of 30M Rupees
- Tata Motors : March Group Global Wholesales Rise 18% to 153,156.
- GMR Infra: The group will set up aerospace & defence manufacturing hub in Tamil Nadu.
- LT: has signed an MoU With BEL To Develop Defence Products
Rupee at Open
Rupee opens at 65.35 per dollar against Wednesday’s close of 65.31 per dollar
The benchmark indices pared intraday losses to turn green on Wednesday even as trend in Asian markets remained tepid as optimism that trade ties between Washington and Beijing were on the mend gave way to questions about the next phase of the diplomatic tit-for-tat between the two countries. The Sensex ended at 33,940, up 60.19 points, while the broader Nifty50 ended at 10,417, up 14.90 points. In the broader market, BSE Midcap slipped 0.2 per cent, while BSE Smallcap added 0.2 per cent.
Oil marketing companies came under pressure after Bloomberg reported that the goverment has asked OMCs to bear the burden of rising crude prices up to Rs 1 per litre. HPCL, IOC and BPCL share prices tanked up to 8 per cent on the NSE, and were the leading Nifty losers. Brent crude is trading at four-month high, crossing $71 mark. The government is unlikely to cut excise duty on Brent crude, reported Bloomberg.
Pre-open trade
The Sensex was trading at 33,987, up 47 points, while the broader Nifty50 was ruling at 10,410, down 6 points.