The BSE Sensex and NSE Nifty gained for a third consecutive trading session on Monday as Reliance Industries surged after posting a stronger-than-expected quarterly profit, while sentiment was supported after Chinese economic growth data eased fears of a hard landing. Sensex closed 150.32 points up at 27364.92 while Nifty closed 36.90 points up at 8,275.05.
In the 50-share index, Reliance Industries, Bharti Airtel, HCL Technologies, HUL and Infosys gained between 1.80 per cent and 5.55 per cent. On the other hand, ONGC, Tata Steel, Tata Motors, Ultratech Cements and Adani Ports slid between 1.80 per cent and 2.35 per cent.
Among the sectoral indices on the Bombay Stock Exchange, the BSE Realty index gained the most —2.57 per cent, followed by BSE TECk index (1.35 per cent) and BSE Healthcare index (1.26 per cent).
The BSE Capital Goods index and BSE Metal index declined 0.91 per cent and 0.56 per cent at 16,055.60 and 7,556.16, respectively.
Reliance Industries rose as much as 5.78 per cent on Monday after saying on Friday that its July-September consolidated net profit rose a bigger-than-expected 12.5 per cent from a year earlier.
At the same time, investors were comforted after China’s economy grew slightly better than forecasts in the July-September quarter, even as it dipped below 7 per cent for the first time since the global financial crisis.
The market breadth indicating the overall health of the market was strong. On BSE, 1,565 shares advanced and 1,157 shares fell. A total of 162 shares were unchanged. The BSE Midcap index and BSE Smallcap index gained 0.69 per cent and 0.77 per cent, respectively, on Monday.
Still, traders worried the gains might not sustain. October contracts for Nifty futures were trading not far from the 50-share spot index, indicating little potential upside.
“Selective companies, especially leaders in sectors, would show better results than others as the economy improves,” said Deven Choksey, managing director at KR Choksey Securities.
In the scrip specific development, Amtek Auto was trading firm on reports that the auto component maker is close to reaching a deal with JP Morgan Asset Management Company, which holds its non-convertible debentures worth Rs 200 crore.
Ultratech Cement on Monday reported its results for the second quarter ended September 30, 2015. The company reported 3.94 per cent fall in its net profit at Rs 393.89 crore for the quarter ended September 30, 2015 as compared to Rs 410.05 crore for the same quarter in the previous year. On the consolidated basis, the company has reported 3.07 per cent rise in its net profit after taxes, Minority Interest and Share of Profit/(Loss) of Associates at Rs 426.97 crore for the quarter ended September 30, 2015 as compared to Rs 414.24 crore for the same quarter in the previous year. The share price of Ultratech Cement slid 1.76 per cent to Rs 2,903.
Markets through the day
3.30 pm: Sensex jumped 150.32 points to close at a two-month high of 27,364.92. Nifty gained 36.90 points to end at 8,275.05.
3.03 pm: The BSE Sensex and NSE Nifty continued their firm trade in the late afternoon session on account of buying in frontline blue chip counters. The sentiments were on upbeat mood on report that the government is likely to go for a fresh round of consultations on Goods and Service Tax (GST) with the opposition parties after the Bihar elections. Investors took note of Reserve Bank Governor Raghuram Rajan statement who underlined the need to make taxation more transparent so that the Indian economy is able to attract stable inflow of foreign capital for strong growth. Traders were seen piling position in Realty, Oil & Gas and TECK stocks, while selling was witnessed in Capital Goods, Metal and Power sector stocks.
2.45 pm: Meanwhile, in order to attract more retail investors into the stock markets, the Department of Disinvestment (DoD) has suggested tax incentives for small investors. The department has made a formal proposal for tax incentives to the Department of Economic Affairs (DEA) in the Finance Ministry. Sensex was up 120 points at 27,335.
2.39 pm: Bajaj Finserv clocked volume of 2.74 lakh shares by 2.40 pm on BSE, a 56.61 times surge over two-week average daily volume of 4,840 shares. Shares of Bajaj Finserve were trading 0.94 per cent up at Rs 1787.75.
2.32 pm: The share price of IFCI Ltd was up 16.60 per cent at Rs 29.15. The scrip opened at Rs 25.15 and had touched a high and low of Rs 29.50 and Rs 25.10, respectively, in trade so far. Sensex was up 135 points at 27,349. Malay Mukherjee, chief executive officer and managing director, IFCI Ltd on Friday handed over a Final Dividend cheque of Rs.46.15 crore to the Union Finance Minister Shri Arun Jaitley. This Final Dividend is of Rs. 0.50 per equity share of Rs.10/- each for the financial year 2014-15. This is in addition to the Interim Dividend of Re 1/- per equity share of Rs 10/- each for the financial year 2014-15 paid in February 2015.
2.09 pm: The BSE Metal index was down 0.42 per cent after a raft of subdued economic data in China. Share price of Tata Steel and JSW Steel were down 1.74 per cent and 1.28 per cent at Rs 248.10 and Rs 888.95, respectively. China’s crude steel output fell 3 per cent in September from a year ago to 66.12 million tonnes, government data showed on Monday, as persistent weakness in demand in the world’s top producer forced steekmakers to curb output. Sensex was up 119 points at 27,334.
1.55 pm: FMCG firm Dabur India on Monday said sales of its ‘Real’ brand fruit juices in India may be affected due to blockade of certain Indo-Nepal border crossings. Shares of Dabur India were down 0.20 per cent at Rs 272. Sensex was up 129 points at 27,344.
1.28 pm: Agro Tech Foods shares declined 3.48 per cent to Rs 597 on BSE after net profit fell 35.6 per cent to Rs 5.13 crore yoy in Q2 September 2015. The company posted net profit of Rs 7.96 crore in the corresponding quarter a year ago. Sensex was up 0.54 per cent at 27,361.
1.20 pm: Reliance Industries shares were up 4.69 per cent at Rs 954.65. The blue-chip was the top gainer on both Sensex and Nifty. “Reliance Industries reported its quarterly numbers after market hours on Friday and posted better-than-expected result,” said Jayant Manglik, President, Retail Distribution, Religare Securities.
1.00 pm: Meanwhile, German shares outperformed a rising European market on Monday, with Metro up on a positive outlook and Deutsche Bank gaining after saying it was splitting its investment bank into two separate units. The Frankfurt DAX index was up 0.7 per cent, outperforming the pan-European FTSEurofirst 300 index’s rise of 0.5 per cent to 1,443.82 points by 0715 GMT after closing at its highest level in five weeks in the previous session.
12.56 pm: The share price of Amtek Auto gained as much as 15 per cent intraday on Monday. The Bombay Stock Exchange has sought clarification from Amtek Auto Ltd with reference to the news appeared in a financial daily, Oct. 19, 2015 – “Amtek set to solve debt issue with JP Morgan”. Sensex was up 156 points at 27,370.
12.51 pm: Foreign portfolio investors (FPIs) net bought shares worth Rs 436.79 crore last Friday, provisional data showed. The BSE Midcap index and the BSE Smallcap index were up 0.48 per cent and 0.59 per cent at 11,100 and 11,563, respectively.
12.46 pm: Meanwhile, PNC Infratech announced that its subsidiary, PNC Bareilly Nanital Highways, has commenced toll operations with effect from October 19 on the Bareilly – Almora (Uttarakhand border) section of Uttar Pradesh State Highway -37. PNC Infratech was awarded the project for four laning with paved shoulders from 0.00 km to 54.00 km of SH-37 in the state of Uttar Pradesh by UP State Highways Authority on DBFOT basis. The concession period for the project is 25 years from the appointed date, including 24 months construction period.
12.34 pm: Selling was seen in metal, capital goods, banking and auto sectors. Sensex was up 128 points at 27,342. Nifty was up 27 points at 8,265.
12.03 pm: Meanwhile, Sakthi Sugars announced that Sakthinagar Sugar Unit of the Company has commenced its crushing operation for the sugar season 2015-16 from 19 October 2015. Shares of Sakthi Sugars were up around 6 per cent at Rs 26.60. Sensex was up 100 points at 27,314. Nifty was up 18.25 points at 8,256.
11.31 am: National Buildings Construction Corporation was up 0.75 per cent to Rs 1,023.60 on BSE. The company won a project of civil works for estimated amount of Rs 126.33 crore. Sensex was up 0.17 per cent at 27,259.
11.06 am: Share price of Infosys jumped 1.46 per cent in the morning trade on Monday after the company announced a definitive agreement to acquire Noah, Consulting LLC, a leading provider of advanced information management consulting services for the oil and gas industry. The acquisition was an all-cash deal, with an aggregate purchase consideration of US$70 million.
10.44 am: Sensex was up 81.84 points at 27,296. Nifty was up 13.20 points at 8,251. In the 30 share index, Tata Motors, Tata Steel and ONGC were trading 2.12 per cent, 1.37 per cent and 1.06 per cent down at Rs 378, Rs 249.20 and Rs 261.55, respectively.
10.20 am: Shares of HCL Technologies slid around 1 per cent after the announcement Q1 results. Sensex was up 64 points at 27,278.
9.40 am: The rupee edged higher by 8 paise to trade at 64.73 against the dollar on Monday on fresh selling of the US currency by exporters amid sustained foreign fund
inflows. Sensex was up 50.69 points at 27,265.29. Nifty was up 8.70 points at 8,246.25.
9.25 am: Sensex was up 95.27 points at 27,309.87. Nifty was up 11.50 points at 8,249.65. Reliance Industries shares were trading 4.53 per cent up at Rs 953.50 in the early trade. Reliance Industries on Friday (post market hours) reported highest ever quarterly net profit of Rs 6,720 crore for three months ending September 30 on spike in refinery and petrochemicals margins. Net profit for July-September quarter of the 2015-16 fiscal rose 12.5 per cent to Rs 6,720 crore, or Rs 22.8 per share, from Rs 5,972 crore, or Rs 20.3 a share, in the same period of last fiscal, the company said in a statement.
Domestic equity markets opened in green on Monday tracking positive global cues. Sensex opened 91.83 points up at 27306.43. Nifty opened 30 points up at 8,262.55. Brokers said sustained buying by funds and retailers after Reliance Industries reported its highest ever quarterly net profit of Rs 6,720 crore for the September quarter post trading hours on Friday mainly buoyed sentiment.
HCL Technologies Ltd, India’s fourth-largest software services exporter by revenue, reported a 8 per cent fall in quarterly net profit on Monday, but met street estimates as its core manufacturing clients added more projects. The IT major announced its Q1 result on Monday before market hours. Revenue in dollar terms rose 8 percent to $1.54 billion. In September, HCL Tech said its revenue in U.S. dollars would have adverse impact of 80 bps on a sharp depreciation of multiple currencies against the dollar. The share price of HCL Technologies was down 1.5 per cent in the early trade.
The share price of Lanco Infratech gained over 4 per cent in the opening trade on Monday. Lanco Infratech Limited got a favourable order from the Hon’ble Supreme Court on 16 October, 2015 for its subsidiary company Lanco Kondapalli Power Limited (LKPL) dismissing the appeals filed by Andhra Pradesh Power Coordination Committee and AP DISCOMS and also upholding the orders passed by APTEL and APERC in favour LKPL. As a result of this favourable order LKPL is entitled for the reimbursement of Income-tax of about Rs.175 Cr paid by it, for the financial years 2001 to 2012 along interest till the date of payment after adjusting the adhoc amount of Rs. 70 Crore already received.
(With inputs from agencies)