1. Sensex zooms, Nifty at record high as Airtel trades firm; here are the stocks in action

Sensex zooms, Nifty at record high as Airtel trades firm; here are the stocks in action

BSE Sensex opened on a strong positive note today, on the back of a higher positive handover from Wall Street on Friday and reports that Emmanuel Macron is set to be elected as the new French President.

By: | Updated: May 10, 2017 11:33 AM
Sensex opened up 0.29% at 30018.96 points. The broader CNX Nifty50 opened up 0.33% at 9,347.95 points.

BSE Sensex opened on a strong positive note today on reports of a normal monsoon this year. Sensex had opened up 0.29% at 30018.96 points and touched a life-time high of 30197.66 points. The broader CNX Nifty50 opened up 0.33% at 9,347.95 points and touched a life-time high of 9390.15 points. Bharti Airtel opened in the negative on the back of weak Q4 Fy2017 results (Read: Full results update | Key figures in a nutshell), but soon recouped the losses to gain 1.61% and was trading at Rs 351.15 at 10:00 am.

Three stocks pulling the Sensex up:

Reliance Industries

The share price of Reliance Industries was up 1.05% at Rs 1,344.55. The stock price of India’s most profitable conglomerate has risen 0.98% in the last two trading sessions after being under pressure due to profit booking since the announcement of Q4FY17 results on 25 April and had lost 10.99% since then to drop to Rs 1,320.00. The drop in stock price was due to profit booking after 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. Last week, 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

ITC

The share price of ITC was up 1.33% at Rs 275.15. The stock was on a downward spiral since hitting a new 52 weeks high of Rs 292.85 on 26 April. It had declined 3.4% in last 4 trading sessions.

HDFC

The share price of Housing Development Finance Corporation Ltd was up 1.06% at Rs 1,539.45. The stock was on a downward spiral since last 6 trading sessions declining 3.77% during that 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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Three stocks dragging the Sensex down:

TCS

The share price of Tata Consultancy Services was down 0.84% at Rs 2,332.95. The stock lost 0.8% in the last trading session.

ICICI Bank

The share price of ICICI Bank, India’s largest private lender, was down 0.48% at Rs 299.85. The stock had gained 9.46% after ICICI bank released its results for the fourth quarter of FY2016-17. Earlier last week, ICICI Bank’s fourth quarter standalone profit jumped 188.4 percent (nearly 3-fold) to Rs 2,024.6 crore but bad loans increased sharply due to one account in the cement sector. Net interest income 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.

Wipro

The share price of Wipro was down 0.68% at Rs 505.25. The stock was under selling pressure after gaining 2.95% in the last Eight trading sessions.

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