1. Sensex, Nifty end at new highs with FMCG support amid selloff in pharma and realty

Sensex, Nifty end at new highs with FMCG support amid selloff in pharma and realty

The NSE Nifty ended above the 9600-mark the first time ever while the BSE Sensex closed above the 31,100 level. Buying in heavyweight stocks, as well as key FMCG and consumer durables, kept the upside going.

By: | Updated: May 29, 2017 4:59 PM
Extending last week’s record run, the 30-share BSE Sensex hit a life-time high of 31,214.39 points in intraday trade before settling at a new closing basis high of 31,109.28 points, up 81.07 points, or 0.26 percent. The Nifty also made a new all-time high of 9,637.75 points, before settling at its new closing basis high of 9,604.90 points.

Indian benchmark indices began the week on a strong note, with the NSE Nifty ending above the 9600-mark the first time ever while the BSE Sensex closing above the 31,100 level. Extending last week’s record run, the 30-share BSE Sensex hit a life-time high of 31,214.39 points in intraday trade before settling at a new closing basis high of 31,109.28 points, up 81.07 points, or 0.26 percent. The Nifty also made a new all-time high of 9,637.75 points, before settling at its new closing basis high of 9,604.90 points. BSE Mid-cap index closed 2.06% higher at 14,519 points while the BSE Small-cap index closed 150.00 points or 1.03% lower at 14,369.90 points. The Nifty Bank index shed 179.45 points or 0.77% to close at 23,182.75 points

Buying in heavyweight stocks, as well as key FMCG and consumer durables, kept the upside going. Realty, healthcare, IT, technology, industrials, capital goods, banks and auto segments saw investors taking profit off the table.

Share prices of Tech Mahindra Ltd, India’s fifth-largest IT firm, tanked as much as 16.9% on the NSE in the opening minutes of trade to hit an intraday low of Rs 356.65 on the back of Q4 results announced on Friday. The company reported a 30.2% sequential drop in net profit at Rs 589.6 crore for the quarter ended 31st March 2017.

Sun Pharma stock fell over 12% on Monday after the pharma major announced its fourth quarter results on Friday after market hours. Sun Pharma’s consolidated net profit for the March quarter stood at Rs 1,223 crore, registering a decline of 14% as compared to net profit of Rs 1,416 crore for the same period of previous fiscal.

Shares of Reliance Communications Ltd nose dived 20 percent, triggering the lower circuit, to an all-time low of Rs 20.60 on the NSE, after the beleaguered company reported a consolidated net loss of Rs 948 crore for the quarter ended March 31, 2017. The company had posted a net profit of Rs 79 crore in the same quarter of the previous year. A heavy debt load also weighed on the performance of Reliance Communications, which incidentally happens to be the most leveraged among listed Indian telecommunication carriers.

Shares of Videocon Industries fell for the sixth straight day even as the BSE revised circuit limits for the consumer electronics company. BSE had on Friday changed the circuit limits to 5% from 10%, in order to kerb excessive volatility and to ensure that the stock price does not fluctuate beyond a prescribed level during a session. These new limits are applicable from today, 29 May 2017.

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Day’s top gainers on the BSE were HDFC up 3.29% at Rs 1,598.80; Hindustan Unilever up 3.07% at Rs 1,072.70 and Power Grid up 2.76% at Rs 208.45 while the top losers were Sun Pharma down 11.56% at Rs 502.85; Adani Ports down 5.38% at Rs 328.30, ICICI Bank down 2.16% at Rs 314.70.

Indian Rupee gained against the dollar for the third consecutive day. The Rupee gained 20 paise or 0.31 percent to 64.48 against the U.S. dollar. On Friday, the Rupee gained 18 paise to end at Rs 64.44. The domestic currency has appreciated 65 paise in the last four days, rebounding from its one and a half month lows.

Gold prices rose by Rs 100 to Rs 29,350 per 10 grams at the domestic bullion market today on increased buying by local jewellers even as the metal weakened overseas. Globally, gold fell 0.02 per cent to USD 1,266.50 an ounce in Singapore. Silver, however, fell Rs 5 to Rs 40,265 per kg on reduced offtake by industrial units. On the other hand, silver coins maintained a steady trend at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.

A total of 15 scrips on the 30-share Sensex fell whereas 15 scrips ended higher, while on the 51-share Nifty, 25 scrips advanced while 26 scrips declined.

Market breadth turned extremely negative on the BSE as 1,798 stocks declined while 860 stocks advanced and 193 remained unchanged. The total market cap of BSE Sensex was Rs 51.9905 lakh crore. The Price to Earnings (PE) multiple of the Sensex stood at 22.91 while its Price to Book value (PB) multiple was at 3.00 and the Dividend Yield was at 1.29.

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