1. Sensex, Nifty slip after making new highs; Rupee opens higher

Sensex, Nifty slip after making new highs; Rupee opens higher

Indian benchmark indices, after a stellar run on Tuesday, opened higher today to make new all time highs but soon came under pressure due to profit booking. The rupee opened at the highest level since April 27, 2017.

By: | Updated: May 17, 2017 1:21 PM
BSE Sensex opened at 30,616.53 points, up 0.11% from yesterday’s close but soon slipped into the negative. NSE Nifty, the broader benchmark, opened at 9,517.60 points, up five points from its yesterday’s record close, but it too soon slipped into the red amid selling pressure.

Indian benchmark indices, after a stellar run on Tuesday, opened higher today to make new all time highs but soon came under pressure due to profit booking. BSE Sensex opened at 30,616.53 points, up 0.11% from yesterday’s close but soon slipped into the negative. At 9:40 am, Sensex was trading at 30,579.51, down 3.09 points. NSE Nifty, the broader benchmark, opened at 9,517.60 points, up five points from its yesterday’s record close, but it too soon slipped into the red amid selling pressure. At 9:40 am, Nifty was trading at 9,502.85 points, down 0.1% from yesterday’s close.

On Wednesday, the Rupee opened 9 paise higher at 63.99 per dollar- its highest level since April 27, 2017- against its Tuesday’s close of 64.08.

Hindustan Unilever, JSW Steel, IOB, Allahabad Bank, Bajaj Finserv, Bajaj Finance, MRPL and United Breweries are some of the major companies that will report quarterly earnings on Wednesday.

Tata Steel was up 4.38% at Rs 477.00 on the back of strong Q4 earnings that beat analysts estimates. Let’s have a look at the top stocks in action today.

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Three stocks pulling the Sensex up:

ICICI Bank

The stock of ICICI Bank was up 1.4% at Rs. 306.95. 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.

Tata Steel

The stock of Tata Steel was up 4.92% at Rs. 479.50. Tata Steel on Tuesday reported a consolidated net loss of Rs 1,168 crore during the January-March quarter on the back of provisions made for restructuring, which led to an exceptional expense of Rs 4,068.6 crore, as against a consolidated net loss of Rs 3,041.88 crore for the year-ago quarter.

Tata Motors

The stock of Tata Motors was up 0.73% at Rs. 440.50. The stock has been on an uptrend recently and has gained 4.92% in the last 7 trading sessions.

Three stocks pulling the Sensex down:

ITC

The stock of ITC was down 1.22% at Rs. 280.00. ITC’s stock prices had been on the rise after forecasts of a normal monsoon due to which the FMCG business is expected to do well, especially in the rural markets.

Infosys

The stock of Infosys was down 0.31% at Rs. 953.55. Last week, 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.

HDFC

The stock of Housing Development Finance Corporation Ltd was down 0.19% at Rs. 1,563.75. The stock has been under pressure for the last four trading session and has declined 0.63% during the same time period. Earlier last week, 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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