Indian Benchmark Indices opened today with an upside gap inspite mixed cues from Asian markets following the bounce in oil prices after the energy ministers of Russia and Saudi Arabia announced output cuts should be extended till March 2018. BSE Sensex, the marquee Indian index, opened at 30,391.48 points, up 0.23% from its yesterday’s close, while Nifty 50, the broader benchmark, opened at 9,461.00, up 0.17% from its last close.
Both the indices built upon the momentum of a strong opening and quickly shot to their respective lifetime highs with BSE Sensex touching 30,518.78 points and NSE Nifty 50 reaching a new high of 9,492.60 points. At 10:00 am, BSE Sensex was trading 0.52% up at 30,478.44 points, while NSE Nifty 50 was up 0.39% at 9,482.15 points.
The Indian rupee, tracking Asian currencies, saw a marginal drop of 6 paise to 64.11 against the US dollar in opening session today but is trading near a nine-month high. Yesterday, the rupee had shot up by a whopping 26 paise to end at a fresh 21-mth high of 64.05 driven by robust macro data even as exporters had aggressively offloaded the American currency. This was rupee’s highest closing since August 10, 2015, when it had ended at 63.87 against the US dollar.
Here are the top stocks fuelling Sensex:
The stock price of Reliance Industries was up 1.74% at Rs 1,367.00 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.
The stock price of Tata Consultancy Services was up 2.14% at Rs 2,414.95. Yesterday, TCS announced that it will commence its Rs 16,000-crore mega-buyback offer will open on May 18 and close on May 31 with the Letter of Offer for the buyback to eligible shareholders being dispatched on or before May 16. The share buyback, if successful, will be India’s biggest, surpassing Reliance Industries’ 2012 share repurchase of Rs 10,400 crore.
The stock price of Tata Consultancy Services was up 0.40% at Rs 955.80. Earlier, in the beginning of May, the IT company had reportedly started mediation with its founders who had alleged corporate misgovernance involving high compensation packages to top executives including the CEO, Vishal Sikka.
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Here are the top stocks dragging Sensex down:
The shares of Asian Paints were down 1.26% at Rs 1,132.75 on the BSE. Last week, the company had posted a 10 percent rise in Q4 net profit at Rs 479.6 crore against Rs 435.5 crore during the corresponding quarter last year while revenue rose 8.9 percent to Rs 4,416.2 crore against Rs 4,054 crore year on year. The paints maker recommended a final dividend of Rs 5.65 per equity share of face value of Re 1 each. Meanwhile, it also recommended a one-time special dividend of Rs 2 per equity share of face value of Re 1 each for celebrating 75 years of excellence at Asian Paints.
The stock of Axis Bank was down 0.74% at Rs 496.30. The stock has been under pressure since 10 May and has lost 4.94% in the last three trading sessions.
The stock of HDFC Bank was down 0.14% at Rs 1,553.00. The stock had been under pressure since hitting a life-time high of Rs 1,572.30 on 27 April on the back of robust results of fiscal fourth quarter 2016-17. Yesterday, following in the footsteps of SBI, HDFC bank cut home loan rates to 8.40%.