Sensex settles above 26,000 on firm global cues, corporate earnings, Nifty gains 108 points

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New Delhi | Updated: April 26, 2016 4:37:56 PM

Benchmark indices BSE Sensex and NSE Nifty surged over a percentage point on Tuesday led by firm opening in European markets and robust earnings data on domestic front.

BSE Sense, NSE Nifty - market weekly reviewBenchmark indices BSE Sensex and NSE Nifty surged over a percentage point on Tuesday led by firm opening in European markets and robust earnings data on domestic front.

3.30 pm: Benchmark indices BSE Sensex and NSE Nifty surged over a percentage point on Tuesday led by firm opening in European markets and robust earnings data on domestic front. Sensex closed 328 points up at 26,007, while Nifty gained 107.60 points at 7,962.65.

In the 50-share index, Hindalco, Idea Cellular, IndusInd Bank, Yes Bank and Tata Power gained between 3.50 per cent and 4.94 per cent. On the other hand, Adani Ports, Bharti Infratel, Hero MotoCorp, Ultratech Cements and BPCL gained slid between 0.33 per cent and 1.22 per cent.

Sectorwise, the BSE Bankex and BSE Metal and BSE Realty surged 2.02 per cent, 1.98 per cent and 1.93 per cent, respectively. Rest all other sectoral indices on the Bombay Stock Exchange also ended the day in green.

Dipen Shah, senior vice-president and head of private client group research, Kotak Securities, said, “After a sluggish start, markets surprisingly rallied sharply to end about 1.4 per cent higher for the day. European markets traded higher when they opened, which provided support to Indian markets. The US Fed meets today and a decision on interest rates is expected tomorrow. There are expectations that the US Fed would put rate hikes on hold and continue with its dovish outlook. Apart from this, good results from large companies such as Maruti and Reliance also kept sentiments positive.”

Maruti Suzuki reported its highest-ever annual profit of Rs 4571 crore for the year ended March 31, up almost 25 per cent. Shares of Maruti Suzuki settled 3.62 per cent up at Rs 3,869.45.

Asian equity markets ended mixed on Tuesday as weak overnight cues from Wall Street and Europe as well as the oil price volatility kept investors in a defensive mode ahead of central bank meetings in the US and Japan. Chinese shares reversed early losses to end slightly higher, as a rally in healthcare and real estate shares offset initial gloom triggered by falling commodity prices in the wake of a government crackdown on speculation. Japanese shares fell for a second straight day as the yen held Monday’s gains against the dollar despite speculation the Bank of Japan will expand stimulus at its April 27-28 policy meeting.

2.53 pm: Sensex was trading 338 points up at 26,016. Mahindra Lifespace Developers shares surged as much as 11.61 per cent on Tuesday after the company reported 58.81 per cent rise in its consolidated net profit figures at Rs 48.63 crore for the quarter ended March 2016. The company had reported net profit of Rs 30.62 crore in the corresponding quarter a year ago.

2.29 pm: Sensex was trading 332 points up at 26011. Sentiment turned better, in tandem with a higher opening in Europe, with all eyes now on the US Federal Reserve as it prepares for its latest policy meeting. Maruti Suzuki led the pack of gainers, followed by Tata Steel, BHEL, M&M, Tata Motors, HDFC Bank, Cipla, Asian Paint and ITC, rising by up to 3.29 per cent.

2.06 pm: Maruti Suzuki was trading 4 per cent up at Rs 3,880. Read more: Maruti Suzuki shares gain over 4% despite fall in Q4 net profit

1.24 pm: Sensex was trading 307.55 points up at 25,986. The benchmark index BSE Sensex rebounded over 450 points from the day’s low of 25,549.05 and it hit a high of 26,010 so far.

1.02 pm: Maruti Suzuki shares surged over 2 per cent after it reported better-than-expected financial results in terms of revenue and margins growth for the quarter ended March 2016. Total income from operations (net) of Maruti Suzuki surged 12.34 per cent year-on-year to Rs 15,305.70 crore. Sensex was trading 291 points up at 25,970. Nifty was up 94.10 points at 7,949.

12.26 pm: Great Eastern Shipping Company informed bourses that it has contracted to sell its 1999 built Aframax ship Jag Laxmi. The Korean-built vessel will be delivered to the new buyer in Q1 FY 2016-17. Shares of Great Eastern Shipping were trading almost flat at Rs 334.80.

12.15 pm: Sensex was up 3.23 points at 25,682. DCB Bank has revised its Base Rate to 10.64% per annum from the earlier Base Rate of 10.70% per annum and Benchmark Prime Lending Rate (BPLR) to 17.89% per annum from 17.95% per annum. Besides, interest rates on all rupee loans sanctioned and credit limits renewed effective from May 04, 2016 will be priced with reference to Marginal Cost of Funds based Lending Rate (MCLR) benchmarks. Shares of DCB Bank were trading 1.94 per cent up at Rs 97.

11.45 am: Hindalco was trading 4.48 per cent up at Rs 102.70. Australian company, Metal X intends to acquire shares of Hindalco’s arm Aditya Birla Minerals Ltd (ABY) and will offer 1 share for every 4.5 ABY shares. Hindalco holds a 51 per cent stake in ABY. Sensex was up 16 points at 25695. Nifty was up 12.75 points at 7,867.

11.31 am: The initial public offerings (IPO) of Thyrocare Technologies Limited (TTL) is going to hit capital markets on April 27. Read more: Thyrocare Technologies IPO :10 things to know before investing

11.14 am: Meanwhile, Bharat Forge (BFL) announced that the company has entered into a contract with Boeing for developing and manufacturing 777x titanium forgings. BFL has started supplying titanium forged flap tracks for the Boeing Next Generation 737 airplane earlier this year. BFL will also supply forgings for the 737 MAX, scheduled to enter services in 2017. Shares of BFL were trading 1.95 per cent up at Rs 811.90. Sensex was down 10 points at 25,668. Read more

11.08 am: Shares of Aurobindo Pharma gained on Tuesday after it informed bourses that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Amlodipine and Valsartan Tablets USP, 5 mg/160 mg, 10 mg/160 mg, 5 mg/320 mg and 10 mg/320 mg. This product is expected to be launched in Q1 FY16-17. Aurobindo Pharma was trading 1.12 per cent up at Rs 773.80.

11.02 am: Meanwhile IndusInd Bank hit its fresh 52-week high of Rs 1,006.45.

10.33 am: Apollo Hospitals Enterprise Ltd shares fell as much as 1.4 per cent on Tuesday after Nomura cut Apollo Hospital rating to ‘neutral’ from ‘buy’. The Japanese brokerage firm believes that the current valuations already capture the longer-term growth prospects. Nomura prefers Fortis Healthcare because of its less risky strategy on brownfield expansions. Fortis Healchare was trading 0.11 per cent up at Rs 178.50.

10.25 am: In the 50-share index, Hindalco was trading 3.81 per cent up at Rs 102.15. Tata Steel, Idea Cellular and Mahindra & Mahindra were up 1.89 per cent, 1.74 per cent and 1.29 per cent, respectively. Nifty was down 9.05 points at 7,846.

10.17 am: Sensex was down 40.78 points, or 0.16 per cent, at 25,638.15. Read more: Godfrey Phillips, ITC, VST stocks slip on report on FDI ban in tobacco sector

10.05 am: Rupee weakened by 17 paise to 66.79 against the US dollar in early trade at the Interbank Foreign Exchange market on sustained demand for the American currency from banks and importers amid lower domestic equities.

9.38 am: Engineers India (EIL) has formally entered into a contract with Bangladesh Petroleum Corporation (BPC) to render Project Management Consultancy (PMC) for installation of ERL Unit-2 in Chittagong, Bangladesh for $16,545,000 plus BDT 82,281,025/- (inclusive of local taxes in Bangladesh such as AIT and VAT). This will be the largest ever single consultancy assignment for EIL in Bangladesh. Shares of EIL were trading 0.83 per cent up at Rs 182. Sensex was down 103 points at 25,575.

9.36 am: According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net buyers of Rs 772.22 crore in index futures and options segments, as per Tuesday’s data, April 25, 2016. FIIs were net buyers of index futures to the tune of Rs 12.79 crore and they bought index options worth Rs 759.43 crore. In the stock segment, FII’s were net sellers of stock futures worth Rs 43.20 crore, while they sold stock options worth Rs 136.98 crore.

9.16 am: The BSE Sensex fell 129.88 to 25549.05. Godfrey Phillips India shares were trading 10 per cent down at Rs 1,016.50. Shares of Godfrey Phillips plunged on reports that the government is working on a proposal to completely ban foreign direct investment (FDI) in the tobacco sector.

9.15 am: Taking weak cues from overseas markets, domestic equity indices opened lower on Tuesday. The BSE Sensex opened 74.01 points, or 0.29 per cent, down at 25,604.92, while Nifty 50 index opened 26.90 points, or 0.34 per cent down at 7,828.15.

8.46 am: Domestic benchmark indices BSE Sensex and NSE Nifty are likely to open lower on Tuesday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and bleak global cues.

At 8.31 am (IST), SGX Nifty was down 26 points, or 0.33 per cent, at 7,849.

Asian stocks retreated on Tuesday as investors braced for central bank policy meetings in the United States and Japan this week.

A surprise drop in new US home sales data for March published on Monday supported a view of bleak US economic growth, which may keep the Fed from raising interest rates.

US stocks slid on Monday as weaker oil prices weighed on energy shares, with the S&P 500 dipping 0.18 per cent to 2,088, slipping further from a 4-1/2-month closing high of 2,102 hit last Wednesday. Oil prices recovered on Tuesday, pushed up by a weaker dollar and a flood of new cash into the market, but analysts warned of further weakness as producers continue to battle for customers in the Middle East.

The BSE Sensex tumbled by over 159 points to 25,679 on Tuesday on account of profit-booking amid weak global cues ahead of two key central bank meetings.

Biocon and Maruti Suzuki will announce their Q4 results on Tuesday.

(With agency inputs)

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