1. Sensex, Nifty open higher; here are the top stocks in action

Sensex, Nifty open higher; here are the top stocks in action

Markets started off the week on a positive note on the back of better than expected inflation and industrial production numbers released by the government post market hours on Friday.

By: | Updated: May 15, 2017 11:57 AM
BSE Sensex opened 100 points higher today and at 9:45 am was up 0.38% at 30,303.43 points. The broader CNX Nifty50 too opened 33 points higher and was trading at 9432.50 points, up 0.34%.

Markets started off the week on a positive note on the back of better than expected inflation and industrial production numbers released by the government post market hours on Friday. India’s industrial output grew at a robust 2.7 percent in March from 1.9 percent in February while inflation based on the wholesale price index slipped to 3.85 percent during April as compared to 5.3 percent in March.

BSE Sensex opened 100 points higher today and at 9:45 am was up 0.38% at 30,303.43 points. In the previous week, the index had gained 262 points and also touched an all-time intra-day high of 30,366.43 points.

The broader CNX Nifty50 too opened 33 points higher and was trading at 9432.50 points, up 0.34%. Last week the gauge had soared to a lifetime intra-day high of 9,450.65 points on the forecast of a normal monsoon this year.

Three Stocks pulling the Sensex up:

ICICI Bank

The stock price of ICICI Bank was up 2% at Rs 302.60. The stock had gained 9.46% after the bank released its results for the fourth quarter of FY2016-17 where the standalone profit had jumped 188.4 percent (nearly 3-fold) to Rs 2,024.6 crore but bad loans had increased sharply due to one account in the cement sector. Net interest income had beat analysts’ expectations, growing 10.3 per cent to Rs 5,962.2 crore year-on-year, with loan growth of 6.65 per cent at Rs 4.64 lakh crore year-on-year and net interest margin at 3.57 percent (against 3.12 per cent quarter-on-quarter). ICICI Bank’s board has recommended a dividend of Rs 2.50 per share, and an issue of bonus shares in the ratio of one equity share for every 10 equity shares.

ITC

The stock price of ITC was up 1.2% at Rs 277.60. ITC’s stock prices are on the rise since last week’s renewed forecast of a normal monsoon as the FMCG business is expected to do well in case of a normal monsoon.

HDFC

The stock price of Housing Development Finance Corporation Ltd was up 0.91% at Rs 1,563.00. The stock had gained 1.25% in last week’s trade. Earlier, HDFC had reported a 21.58 per cent year-on-year drop in standalone net profit at Rs 2,044.20 crore for March quarter. Standalone net profit for Q4FY17 rose 20.16% on-quarter from Rs 1,701.21 crore. Consolidated net profit for Q4 declined 11.01% on-year to Rs 3,079.33 crore.

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Three stocks dragging the Sensex down:

Infosys

The stock price of Infosys was down 0.90% at Rs 954.80. Earlier, the IT company reportedly started mediation with its founders who had alleged corporate misgovernance involving high compensation packages to top executives including the CEO, Vishal Sikka.

Reliance

The stock price of Reliance Industries was down 0.90% at Rs 1,338.75. Earlier last month, India’s most profitable conglomerate had announced spectacular Q4FY17 results, where the company’s net profit rose 12.3% on-year to Rs 8,046 crore. In the fourth fiscal quarter of FY17, Reliance Industries’ turnover rose 45.2% on-year to Rs 92,889 crore. Also, Reliance Corporate IT Park Limited (RCITPL) – a subsidiary of Reliance Industries Limited announced that it has signed a Memorandum of Understanding (MoU) with SAP SE to launch ‘SARAL GST’ solution for taxpayers in the GST regime.

Adani Ports

The stock price of Adani Ports was down 0.52% at Rs 355.30. The stock had gained 4.4% in the last week and seems to be under pressure today due to profit-booking.

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