1. Sensex gains for fifth day, rallies 72 points; Nifty settles above 8,170; Hindalco Industries surges over 11%

Sensex gains for fifth day, rallies 72 points; Nifty settles above 8,170; Hindalco Industries surges over 11%

The BSE Sensex and NSE Nifty rallied for the fifth consecutive day on Monday on account of buying in frontline blue chip counters.

By: | New Delhi | Updated: May 30, 2016 4:18 PM
bse nse sensex nifty The BSE Sensex and NSE Nifty rallied for the fifth consecutive day on Monday on account of buying in frontline blue chip counters. (Photo: Reuters)

3.30 pm: The BSE Sensex and NSE Nifty rallied for the fifth consecutive day on Monday on account of buying in frontline blue chip counters. Investors however maintained cautious approach as India Ratings and Research stated that the economic growth of the country is expected to be 7.5 per cent in 2015-16, lower than advance estimate of 7.6 per cent by the Central Statistics Office.

Sensex closed 72 points up at 26,725.60, while Nifty index settled 21.85 points up at 8,178.50.

Traders were seen piling position in Metal, IT and TECK stocks while selling was witnessed in Oil & Gas and Realty sector stocks.

In scrip specific development, Hindalco Industries surged over 11 per cent after the aluminium-producer reported over 100 per cent jump in its standalone net profit for the January-March quarter. The company reported a net profit of Rs 356 crore in Q4, supported by increase in profit margin and lower energy costs, compared to a net profit of Rs 160 crore in the corresponding quarter of last fiscal.

Shares of Coal India too remained in action after the index major rallied more than 5.2 per cent in Monday’s session following company’s announcement that it will hike coal prices by 6 per cent effective from Monday. The company has approved the differential price for non-regulated sectors at a lower rate of 20 per cent against 35 per cent earlier over the price of the regulated sector for G6 to G17 coal grades.

On the other hand, Jubilant FoodWorks, which operates Domino’s Pizza and Dunkin Donuts’ outlets in India, tumbled over 7 per cent after it reported weak earnings for the March quarter. The company’s same store sales growth (SSG), a key performance metrics, stood at 2.9 per cent in Q4 compared to 6.6 per cent in the corresponding quarter of last fiscal.

The broader indices also ended the day in green with BSE Midcap and BSE Smallcap index gaining 0.35 per cent and 0.42 per cent, respectively.

3.22 pm: Asian peers ended mostly higher on Monday as a weaker yen and steadier oil prices added to optimism about the health of the US economy. Investors shrugged off comments by Federal Reserve Chair Janet Yellen suggesting than an interest rate hike could be around the corner. Chinese shares closed marginally higher ahead of manufacturing data due on Wednesday, though it is expected to show that growth in China’s manufacturing sector likely stalled in May after slight expansions in the previous two months, throwing more cold water on hopes that the world’s second-largest economy is reviving. Further, Japanese shares hit a one month high as US rate hike bets and media reports that the government would delay a sales tax hike scheduled for next April helped the dollar/yen pair to break above 111 levels for the first time since late April.

Source: Ace Equity

3.15 pm: Maruti Suzuki India shares plunged after the company said that due to unfortunate incident of fire at the Manesar facilities of our supplier, Subros Limited, on Sunday (May 29), supplies of components from that plant have been disrupted. As a consequence, Maruti Suzuki India Limited will have to temporarily suspend manufacture of cars at its facilities in Manesar and Gurgaon, starting second half Monday (May 30). Subros Limited and Maruti Suzuki are jointly assessing the extent of damage to essential equipment. The company is also examining the options available to start supply of components from other facilities. Production will resume as soon as components become available. Shares of Maruti Suzuki were trading 1.60 per cent down at Rs 4,075.

3.02 pm: Mahindra & Mahindra posted a rise of 6.02 per cent in its net profit at Rs 583.73 crore for the quarter ended March 31, 2016 as compared to Rs 550.56 crore for the same quarter in the previous year. Total income of the company has increased by 14.58 per cent at Rs 10912.45 crore for quarter under review as compared to Rs 9,524.04 crore for the quarter ended March 31, 2015. M&M shares were trading 0.08 per cent down at Rs 1,334.

2.20 pm: Nifty was trading 15.10 points up at 8,171.  Traders were seen piling position in Metal, IT and TECK stocks while selling was witnessed in Consumer Durables, Oil & Gas and Realty sector stocks.

2.00 pm: Sensex was up 41 points at 26,694. In the 30-share index, Coal India, Tata Motors, Hero MotoCorp and Dr Reddy’s Labs were up 4 per cent, 3.52 per cent, 2.84 per cent and 1.87 per cent, respectively.

1.08 pm:  Shares of power equipment maker BHEL fell by 5 per cent intraday after the company’s standalone net profit declined 59.5 per cent in the fourth quarter ended March 31, 2015-16. The company’s result came post market hours on Friday. Sensex was up 58 points at 26,712.

12.34 pm: Dynamatic Technologies were trading over 14 per cent higher after the company reported over three-fold jump in consolidated net profit at Rs 19.22 crore for the quarter ended March 2016 (Q4FY16) on the back of strong operational performance. The company had posted net profit of Rs 5.04 crore in a year ago quarter.

12.23 pm: State-owned Coal India on Sunday reported a marginal rise in consolidated net profit at Rs 4,247.93 crore for the fourth quarter ended March 31, 2015-16. It had posted net profit of Rs 4,238.55 crore in the corresponding quarter of financial year 2014-15. Shares of the company were trading 4.19 per cent up at Rs 293.15. Sensex was up 37 points at 26,691.

11.56 am: Sun Pharma was trading 1.30 per cent down at Rs 814.75. The scrip plunged after the drug major on Saturday said the anti-trust division of the US Department of Justice has issued summons to its company’s US arm to appear before a grand jury.

11.21 am: Sensex was up 50 points at 26703. Brokers said sustained buying by investors, foreign
capital inflows and encouraging March quarter earnings by some more companies bolstered sentiment.

10.47 am: Shares of the company were trading 7.39 per cent up at Rs 231.00 after the company on Friday reported 60.56 per cent rise in net profit figures at Rs 265.22 crore for the quarter ended March 31, 2016. It has posted a net profit of Rs 165.19 crore in the corresponding quarter a year. Sensex was trading 10.38 points at 26,663.98, while NSE Nifty was trading 3.80 points up at 8,160.45.

10.17 am: Stocks of the company were trading 10.18 per cent up at Rs 9.35 after its standalone net profit more than doubled to Rs 356 crore for the quarter ended March 2016 helped by growth in sales of value-added products as well as cost efficiencies. Sensex was trading 1.74 points up at 26,655.34, while NSE Nifty was trading 11.40 points up at 8,168.05.

9.54 am: The rupee weakened 25 paise to 67.28 against the dollar in early trade following month-end demand for the American currency from importers and banks.

9.36 am: Meanwhile, Nifty 50- index hit 8,200-mark for the first time since October 28, 2015. Sensex was trading 126 points up at 26779.89.

9.19 am: Sensex was trading 110.64 points, or 0.42 per cent, up at 26764.24. Nifty was up 27.90 points, or 0.34 per cent, at 8184.55. Hindalco shares were trading 9.04 per cent up at Rs 100.15. Aluminium maker Hindalco on Saturday said its standalone net profit more than doubled to Rs 356 crore for the quarter ended March 2016 helped by growth in sales of value-added products as well as cost efficiencies.

9.15 am: The BSE Sensex opened 41.15 points, or 0.15 per cent, up at 26,694.75 on the back of firm Asian markets. Nifty opened 9.85 points, or 0.12 per cent, up at 8,166.50.

8.44 am: Domestic equity indices BSE Sensex and NSE Nifty are likely to open higher on Monday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and firm global cues.

Asian peers, Hang Seng, Nikkei and Shanghai were trading up by 0.57 per cent, 0.89 per cent and 0.23 per cent, respectively, in the morning trade.

On Friday, Wall Street posted daily and weekly gains as investors looked to a three-day weekend in the United States ahead of Monday’s Memorial Day holiday. The Dow Jones Industrial Average index on Friday settled 0.25 per cent up at 17,873.22.

Benchmark BSE Sensex kept its strong run going for the fourth straight session as the 30-share index ended about 287 points higher after investors created fresh long positions in the new June derivative series amid earnings traction and continued foreign inflows.

Sun TV and BHEL will remain in focus on Monday. Chennai-based broadcaster Sun TV Network on Friday reported a 16.26 per cent increase in its net profit at Rs 236 crore for the quarter ended March 31, 2016. The Kalanithi Maran-owned company had reported a net profit of Rs 202.99 crore during the corresponding quarter last year.

State-run power equipment maker BHEL’s standalone net profit declined 59.5 per cent to Rs 359.58 crore in the quarter ended March 31, 2016, due to lower income from operations. The company had posted a net profit of Rs 888.35 crore in the corresponding quarter of 2014-15.

(With agency inputs)

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