Sensex, Nifty resume record run on F&O expiry

Closing bell

The 30-share BSE index Sensex rallied 329.92 points or 0.84 per cent to end at 39,831.97. The index was led on gains in heavyweights RIL, HDFC and TCS amid expiry of May derivative contracts.

Moreover, sentiment was driven by renewed hopes from the new government as investors have been keenly awaiting the allocation of key portfolios to ministers. Narendra Modi and his council of ministers are all set to take oath at 1900 hours Wednesday.

After soaring over 400 points, the 30-share index ended 329.92 points, or 0.84 per cent, higher at 39,831.97 -- its fresh-closing high. The gauge hit an intra-day high of 39,911.92 and a low of 39,500.56.

Nifty ended 0.71 per cent or 84.80 points higher at 11,945.90.

The top gainers in the Sensex pack were NTPC, Bharti Airtel, Bajaj Finance, TCS and YES Bank while the laggards were Sun Pharma, Mahindra & Mahindra, IndusInd Bank, Vedanta, and ONGC.

In the broader index, the stocks of NTPC, Bharti Airtel, TCS, Yes Bank and Bajaj Finance led the positive zone while the scrips of Sun Pharma, Mahindra & Mahindra, Eicher Motors, Zee Entertainment and ONGC ended in red.

Foreign institutional investors (FIIs) sold equities worth Rs 304.27 crore on Wednesday and domestic institutional investors (DIIs) offloaded shares to the tune of Rs 189.58 crore, provisional data available with stock exchanges showed.

Asian bourses ended on a mixed note, while Europe was trading in the green in opening deals. Meanwhile, the Indian rupee was trading 5 paise lower at 69.88 against the US dollar. Brent crude, the global benchmark, slipped 0.06 per cent to 67.83 per barrel.

Below normal rain until June 11

An alternating dry phase of the MJO wave is generating searing heat over many parts of the country.

A below-normal rainfall regime would prevail over the Indian subcontinent and South-East Asia until June 11, according to the Climate Prediction Centre of the US National Weather Service. It is likely that the date of June 6 set by India Met Department (IMD) with a model error of +/-four days, may get shifted to the upper margin of the elongated onset window. Read more on the monsoon forecast here

GMR Infrastructure suffers ₹2,341-cr loss in Q4

GMR Infrastructure suffered ₹2,341.25 crore loss on consolidated basis during the quarter ended March 31, owing to impairment losses of some of the power assets, the infra major said in a filing with bourses on Thursday. The company reported ₹4.81 crore profit after tax during the same quarter in FY18. Read the GMR Infrastructure Q4 results here

The stock of GMR Infra was trading lower by 0.31 per cent at Rs 16

Wheels India nets ₹20-cr profit

Srivats Ram, MD, Wheels India Ltd, at a press conference in Chennai, on Wednesday

Amid a slump in the domestic automobile market, Wheels India, a leading manufacturer of steel wheels for trucks, recorded a net profit of ₹19.7 crore for the fourth quarter of FY2019, a marginal increase from ₹19.5 crore registered for the corresponding quarter in the previous fiscal. Wheels India’s export income increased from ₹384 crore in 2017-18 to ₹608 crore in 2018-19. Read Wheels India's Q4 results report here

The stocks of Wheels India were trading higher by 4.41 per cent at Rs 879.20.

Nava Bharat Ventures sees worst session in over 1 year

Shares of Nava Bharat Ventures fell as much as 10 per cent, marking their worst day since Feb 2, 2018. The  stock of Nava Bharat Ventures  was trading lower by 8.14 per cent at ₹97.65.

Total M&A, PE deal value drops

Total M&A value in April was USD 735 million.

Merger and acquisition and private equity deal values witnessed 79 per cent drop in April despite easing of Indo-Pakistan tensions, strengthening of rupee against dollar and encouraging domestic sentiment on the back of easing inflation, says a report. The report further said despite 96 per cent fall in M&A deal value in April compared to same month last year, PE investors did not fail to impress with increased investment activity. Click here to read more on the merger & acquisition and PE deal value

Sensex, Nifty cheer as Cabinet Ministers list is ready

The 30-share BSE index Sensex surged 370.33 points or 0.94 per cent, cushioned by the stocks of Reliance Industries, TCS and Infosys.

The top gainers in the Sensex pack were NTPC, Bharti Airtel, Reliance, TCS and Bajaj Finance while the laggards were Sun Pharma, M&M, Vedanta, Tata Motors and ONGC.

The 50-share NSE index Nifty surged 97.45 points or 0.82 per cent to 11,958.55. The stocks trading in positive were NTPC, Bharti Airtel, TCS, Yes Bank and Bajaj Finance, while the scrips of Sun Pharma, M&M, Eicher Motors, Zee and ONGC were in the red.

West Coast Paper Mills to buy majority stake in International Paper APPM

WCPM will acquire APPM stake at ₹275 per share (File photo)

West Coast Paper Mills (WCPM)  has entered into a share-purchase agreement to acquire about 51-60 per cent stake in NYSE-listed International Paper’s (IP) Indian unit, International Paper APPM Ltd. The deal, which is pursuant to regulatory approvals and an open offer, would be for about ₹558-656 crore in cash. Read more on the acquisition deal between West Coast Paper Mills and International Paper APPM here

The stocks of WCPM were trading higher by 6.65 per cent at Rs 279.80

Sudhir Valia steps down from role of Sun Pharma’s whole-time director

Sudhir Valia, brother-in-law of Sun Pharma’s Managing Director Dilip Shanghvi, has stepped down from the position of whole-time director but will continue as non-executive director of the company, a regulatory filing said. The stock of Sun Pharma was trading lower by 2.13 per cent at Rs 413.85.

Nifty Call

The NSE co-location scam is all about market manipulation at the exchange

The key benchmark indices have gained about 0.78 per cent. Market breadth of the Nifty index is biased towards advances. The India VIX has tumbled 4.9 per cent to 15.6 levels. The Nifty May month contract started the session at 11,865. Read our Nifty Call for May futures here

Sensex zooms 370 points

The 30-share BSE index Sensex zoomed 368.66 points or 0.93 per cent to 39,870.71 ahead of Prime Minister Narendra Modi swearing-in ceremony. BJP president Amit Shah and Modi have finalised the list of cabinet ministers and the swearing-in will take place at 7 pm.

The industry heavyweights - Reliance, TCS and Infosys - were cushioning the index. The top gainers were NTPC, Bharti Airtel, TCS, Yes Bank, and Bajaj Finance while the losers were Sun Pharma, Mahindra and Mahindra, ONGC, Tata Motors and Vedanta.

Sectorally, telecom stock index emerged the biggest gainer followed by information technology, teck and power.

The 50-share NSE index Nifty was trading 0.81 per cent or 95.85 points higher at 11,956.95. The major gainers were NTPC, Bharti Airtel, TCS, Yes Bank and Bajaj Finance while the stocks trading in red were Sun Pharma, M&M, Eicher Motors, Zee and ONGC.

Broker's Call

Indiabulls Ventures

Ashoka Buildcon (Buy)

CMP: ₹149.9

Target: ₹165

(file photo)

Ashoka Buildcon is one of the leading highway developers in India. Ashoka Buildcon reported stupendous set of 4QFY19 numbers whereby revenue grew by 86 per cent y-o-y to ₹1,307 crore as against ₹702 crore in 4QFY18 and EBITDA grew by 123 per cent y-o-y to ₹181 crore as against ₹81 crore in 4QFY18. Read our Broker's call on Ashoka Buildcon here

M&M consolidated Q4 net falls 16%

Mahindra & Mahindra (M&M) posted a 16.07 per cent decline in its consolidated net profit to ₹969.25 crore for the fourth quarter of FY19 from ₹1,154.88 crore of last year’s corresponding quarter.

The stock of M&M was trading lower 1.79 per cent at Rs 660.25

Gold and precious metals market

Spot gold was down 0.1 per cent at $1,277.71 per ounce.

Gold prices inched down as bonds rallied and the dollar hovered near a two-year high, negating the support from an increasingly bitter Sino-US trade dispute that rekindled doubts about global economic growth.

Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.5 per cent to 740.86 tonnes on Wednesday. Click here to read more on the gold and precious metals price

Adani Power rises to 5-week high

Shares of Adani Power Ltd rose 6.3 per cent to ₹51.40, highest since April 25. The company on Wednesday  posted a consolidated net profit of ₹635 crore  ($90.99 mln), compared with a loss of ₹653 crore a year ago. The company benefited from a tax gain of about ₹741 crore.

The  stock of Adani Power  was trading higher by 5.27 per cent at ₹50.95. Read more on the stock activity of Adani Power here

Commodities market

Oil prices rose after an industry report showed a decline in US crude inventories that exceeded analyst expectations. US West Texas Intermediate (WTI) crude futures were up 26 cents, or 0.4 per cent, at $59.07 a barrel by 0258 GMT.

Brent crude futures, the international benchmark for oil prices, were up 14 cents, or 0.2 per cent, at $69.59 a barrel. More on the commodities market , read here

Sensex, Nifty trade higher led by industry heavyweights

The 30-share BSE index Sensex was trading higher by 222.04 points or 0.56 per cent at 39,724.09. The industry heavyweights - TCS and RIL - were lending support to the index.

The major gainers were NTPC, Yes Bank, Bharti Airtel, TCS, and Asian Paints while the laggards were Sun Pharma, M&M, ONGC, Tata Motors and Vedanta.

Sectorally, the power stock index was trading higher by 1.07 per cent emerging the biggest gainer. Auto, metal and consumer durables stock indices were in the negative zone.

The 50-share NSE index Nifty was trading higher by 56.15 points or 0.47 per cent at 11,917.25. The stocks leading the positive pack were NTPC, Yes Bank, Bharti Airtel, TCS, and UPL while the major losers were Sun Pharma, Zee Entertainment, M&M, Cipla and Eicher Motors.

ABB India restructuring move

The BSE and the National Stock Exchange of India have issued no-objection letter for the draft scheme of arrangement between  ABB lndia  and ABB Power Products and Systems India. The shares of ABB India were trading lower by 0.30 per cent at Rs 1,577.75 in the BSE index while in the broader index slipped 0.74 per cent to Rs 1,576.10. Read more on the ABB India's restructuring move

Tata Tele (Maharashtra) sees best day in over 5 months

Shares of Tata Teleservices (Maharashtra) Ltd rose as much as 19.05 per cent to ₹3.75, their biggest percentage gain since December 2018. The telecommunication services provider posted a profit of ₹580 crore ($83.16 mln) compared to a loss of ₹680 crore last year. The  stock of Tata Teleservices (Maharashtra) were trading 15.14 per cent higher at ₹3.65. Read more on the Tata Tele (Maharashtra) stock activity and Q4 results

US stocks

All 11 S&P sectors close lower. File Photo

US stocks fell, with the S&P 500 and Nasdaq closing just above key support levels, as worries that a lengthy US-China trade war would crimp global growth pushed investors into the safety of government bonds. Each of the major US indexes suffered their fourth decline in five sessions. Click here to read more on the US stock market report

Shares rise ahead of Modi's swearing-in ceremony

Shares rose ahead of May derivative contracts' expiry, with Bharti Airtel Ltd and NTPC Ltd leading gains, as investors awaited appointments for key ministries at Prime Minister Narendra Modi's swearing-in ceremony.

The shares have witnessed a rally over Modi's landslide victory in the general elections last week. Modi will be sworn-in for a second term later in the day and is expected to name his new cabinet ministers.

The broader NSE index was up 51.70 points or 0.44 per cent at 11,912.80, while the benchmark BSE index was trading 208.88 points or 0.53 per cent higher at 39,710.93. The Indian rupee rose 0.18 per cent to 69.705 against the dollar.

“A stable government is attractive and stocks are outperforming on hopes of new policies,” said AK Prabhakar, head of research at IDBI Capital in Mumbai. “After today's ceremony (ministry announcements), we'll look at budget, tax reforms and based on these markets are positive.”

Shares of telecommunications service provider Bharti Airtel and energy conglomerate NTPC Ltd rose nearly 2 per cent. Shares of IT services provider Tata Consultancy Services Ltd were set to extend gains for the fourth straight day, rising as much as 1.5 per cent. It was among the top three gainers on NSE index.

Shares of Adani Power Ltd rose 6.3 per cent, its highest in over a month. The conglomerate on Wednesday reported quarterly results and said it would raise about Rs 7,000 crore ($1 billion).

Shares of Oil and Natural Gas Corporation Ltd were down as much as 1.19 per cent, the Delhi based company is scheduled to post quarterly results later in the day. Shares of Mahindra and Mahindra fell 1.9 per cent in their worst intraday percentage fall in over a week. On Wednesday, the car maker posted a drop in quarterly profit and said it was making 'conscious efforts' to reduce production in its automotive business. - Reuters

Forex market

The dollar held steady against its key rivals as escalating Sino-US trade tensions forced investors to take shelter in safe-haven assets, including government bonds. Against a basket of six major currencies, the dollar inched 0.03 per cent lower to 98.113, hovering within reach of a two-year high of 98.371 reached a week ago. More on the forex market report , read here

Sensex surges nearly 200 points

The 30-share BSE index Sensex surged 192.14 points or 0.49 per cent to 39,694.19 led by industry heavyweights Reliance and TCS.

The top gainers in the sensex pack were NTPC, Bharti Airtel, YES Bank, Asian Paint and TCS while the laggards were Mahindra & Mahindra, Sun Pharma, ONGC, Tata Steel and Hero MotoCorp.

Among the sectoral indices, auto and metal stocks alone were trading in negative zone.

The broader index Nifty was trading at 11,909.55, higher by 48.45 points or 0.41 per cent, reclaiming the 11,900 mark. The stocks of NTPC, Bharti Airtel, TCS, Asian Paints and IBUL Housing Finance were leading the positive pack while the stocks trading in red were Eicher Motors, Mahindra and Mahindra, Sun Pharma, Adani Ports and Vedanta.

Rupee market

The rupee opened strong at 69.76 at the interbank forex market.

The rupee appreciated by 12 paise to 69.71 against the US dollar in opening trade, driven by positive opening in domestic equities and weakening of the greenback in overseas markets. The rupee opened strong at 69.76 at the interbank forex market then gained further ground to touch 69.71 per dollar. More on the local currency market here

Iran oil import: US rules out exemption from sanctions

The US has ruled out any exemption from its punitive sanctions on Iran for countries buying oil from that country (including India), saying America’s pressure campaign was working and the Donald Trump administration remains “unwavering” in its tough policy on Tehran. Click here to read more on US sanctions on Iran oil imports

Sensex, Nifty start on a positive note

Domestic equity benchmarks opened on a positive note led by gains in index heavyweights TCS, RIL and ITC, ahead of the expiry of May derivatives contracts.

After rising over 100 points in opening session, the BSE Sensex was trading 166.12 points, or 0.42 per cent, higher at 39,674.94. Similarly, the broader NSE Nifty rose 38.50 points, or 0.32 per cent, to 11,899.60.

In the previous session on Wednesday, the 30-share gauge ended 247.68 points, or 0.62 per cent, lower at 39,502.05. Likewise, the Nifty dropped 67.65 points, or 0.57 per cent, to 11,861.10.

Top gainers in the Sensex pack include NTPC, Coal India, Bharti Airtel, Bajaj Auto, TCS, Asian Paints, PowerGrid, Tata Motors, RIL and ITC, rising up to 2 per cent. On the other hand, M&M, Vedanta, ONGC, Sun Pharma, HDFC, Maruti, Tata Steel and ICICI Bank were among the losers in the index, shedding up to 1.29 per cent.

Investors are also cautious ahead of the expiry of May futures and options (F&O) contracts, traders said.

According to Narendra Solanki, Head Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares and Stock Brokers, the market currently waiting for new government to form and is more likely waiting for policy guidance and follow up announcements on same. “As the earnings season is almost over, the new triggers for the markets are going to be RBI policy due next month, full budget by new government and policy roadmap for growth in major sectors of the economy,” he added.

Meanwhile, foreign institutional investors (FIIs) sold equity worth Rs 304.27 crore on Wednesday, and domestic institutional investors (DIIs) also offloaded shares to the tune of Rs 189.58 crore, provisional data available with stock exchanges showed.

Elsewhere in Asia, bourses in China, Japan and Korea were trading on a negative note in their respective early sessions. Benchmarks on Wall Street too ended in the red in Wednesday’s session.

On the currency front, the rupee appreciated 8 paise to 69.75 against the US dollar. Brent crude, the global benchmark, rose 0.31 per cent to 68.08 per barrel. - PTI

Asian markets

File Photo

Asian stocks tracked Wall Street losses as latest exchanges between Beijing and Washington signalled the heightened risk of a prolonged trade war, stoking investors' concerns about the impact on global economic growth. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.1% lower after briefly slipping to a fresh four-month low. Read more on the Asian markets report here

Stocks in focus

The delisting offer of Hindustan Wires will open today and close on June 6. Shares of the company are currently listed on the BSE and Calcutta SE. Kashipur Holdings proposes to acquire 24.88 lakh shares, representing 25.34 per cent of the total paid-up equity capital of Hindustan Wires at a floor price of ₹42. LIC holds 1.91 per cent stake in the company while around 3,300 small investors have 4.31 lakh shares or 4.40 per cent stake in the company.

Over 250 companies including Ahluwalia Contracts, Anant Raj, Berger Paints, BGR Energy, Bharat Dynamics, Bombay Rayon, Coal India, DB Realty, Dredging Corp, EIH, Emami Realty, Godfrey Philips, IDBI Bank, IVRCL, Jain Irrigation, KSK Energy, MTNL, MBR Infra, McNally, MMTC, Nalco, NLC India, ONGC, OMDC, Pricol, Reliance Infra, SAIL, Sonata Software, Sundaram Fin, Suzlon, TTK Healthcare, Ujjivan and Unitech will declare their Q4 and FY19 results on Thursday.

The board of Vaibhav Global will meet today to consider a proposal for buyback of fully paid-up equity shares. Shareholders will closely monitor the buyback issue size, the number of shares to be bought back and the price to be offered. Besides, the mode of purchase — via open market or through tender route — will also be keenly watched by shareholders. Also, promoters’ intention on participation in the buyback will also be an interesting factor.

Opening bell

The 30-share BSE index Sensex opened 78.23 points higher at 39,580.28 against the previous close of 39,502.05. The 50-share NSE index Nifty 9 points higher at 11,870.10 against the previous close of 11,861.10.

Day Trading Guide

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹2415 • HDFC Bank

₹727 • Infosys

₹288 • ITC

₹171 • ONGC

₹1313 • Reliance Ind.

₹348 • SBI

₹2105 • TCS

11862 • Nifty 50 Futures

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

Today's Pick

We recommend a buy in the stock of Ramco Systems at the current levels of Rs 201.2. The stock has been in a long-term downtrend since encountering a key resistance at ₹570 in January 2018. On Wednesday, the stock gained 5.8 per cent accompanied by above average volume. Read our stock recommendation and stock activity of Ramco Systems here

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