Financials outperformed propelling Nifty bank by nearly 1 percent, led by gains in ICICI Bank, Federal Bank, SBI, Bank of Baroda, and Axis Bank. ICICI Bank contributes 280 points to Nifty Bank gains.
It was a quiet day on D-Street but the action was in individual stocks. The S&P BSE Sensex, and Nifty50 closed flat with a positive bias on Tuesday but nearly stocks on the BSE rose to their fresh 52-week high.
Stocks which touched their respective 52-week high include names like Jubilant FoodWorks, Pfizer, HIL, Quess Corp, Godrej Properties, Gruh Finance, Indiabulls Ventures, Divi’s Laboratories, Godrej Properties, Astral Poly, and Bombay Dyeing etc. among others.
Financials outperformed propelling Nifty bank by nearly 1 percent, led by gains in ICICI Bank, Federal Bank, SBI, Bank of Baroda, and Axis Bank. ICICI Bank contributes 280 points to Nifty Bank gains. The market breadth was in favour of declines with Advance-Decline ratio at 1:4.
On the sectoral front, the S&P BSE Banking index rose 1.3 percent, followed by the S&P BSE Realty index which rose 1.06 percent, and the S&P BSE PSU index gained 0.8 percent.
On the losing front, the S&P BSE Capital Goods index slipped 0.85 percent, followed by the S&P BSE Consumer Durable index which dipped by 0.8 percent, and the S&P BSE IT index which was down 0.5 percent. The S&P BSE Midcap index slipped 0.10 percent, and the S&P BSE Smallcap index rose 0.10 percent.
Top Sensex gainers include names like ICICI Bank (up 6.8 percent), SBI (up 1.4 percent), Axis Bank (up 1.1 percent), Power Grid (up 1.14 percent), and Tata Motors (DVR) (up 0.7 percent). Top Sensex losers include names like L&T (down 1.7 percent), Infosys (down 1.5 percent), Yes Bank (down 1.1 percent), and IndusInd Bank (down 0.9 percent).
Stocks in news:
Shares of ICICI Bank rose 6.8 percent on Tuesday despite poor YoY performance. ICICI Bank still remains one of global investment banks’ top picks. They see the private sector lender rallying up to 48 percent in the next one-year post its recent fall.
CLSA maintains a buy rating on ICICI Bank with a target price of Rs430. The Q4 net profit was below estimates, but operationally, the numbers were largely in-line with estimates.
Jubilant FoodWorks, operator of Domino’s Pizza in India, posted a net profit of Rs 68.1 crore against Rs 6.7crore posted during the corresponding quarter of last year. The company’s Board also approved a bonus issue in the ratio of 1:1. The stock closed 1.8 percent lower after hitting a 52-week high of Rs 2,668.
FMCG major Godrej Consumer Products’ (GCPL) Q4 FY18 consolidated net profit rose 59.2 percent year-on-year to Rs 617 crore led by strong performance by its soaps business. The stock closed 2 percent higher at Rs 1123.05.
Shares of PNB Housing Finance fell over 8 percent as investors reacted to a block deal. Around 2.6 percent equity has exchanged hands in a block deal.
Shares of Trident Ltd fell as much as 6.6 percent after its Q4 net profit plunged by 49 percent to Rs 50.9 crore against Rs 99.7 crore for the same quarter last year. Revenues fell 10.9 percent to Rs 1,182 crore.
Shares of Tata Coffee lost 7.4 percent after its Q4 net profit fell by 62 percent to Rs 22.4 crore and revenue stood at Rs440.4 crore.
In other news/Global Update:
The market regulator SEBI is planning to make trading even more secure by adopting a process of calculating an investor’s financial strength based on his income tax return, a report by Times of India said.
TK Vishwanathan-headed Sebi committee is expected to recommend this, the daily said quoting sources. Moneycontrol could not independently confirm the information.
Investors have pumped Rs1.4 trillion into mutual funds in April, driving the industry asset base to a staggering Rs23.25 trillion, a surge of 9% from the preceding month.
Oil prices retreated from 3-1/2 year highs on Tuesday as investors waited on an announcement by President Donald Trump on whether the United States will reimpose sanctions on Iran, said a report.
Among global markets, indices in Europe were trading mildly higher as investors looked for cues from US-Iran nuclear developments. European Stoxx 600 moved up around 0.1 percent in the morning trade.
Meanwhile, Asian markets closed higher on Tuesday as oil prices marginally cooled off and the Street there too awaited cues from Iran nuclear accord. The Nikkei 225 closed higher by 0.18 percent and the Topix was up by 0.37 percent.
