Sensex ends 148 points higher; Nifty above 8450; SBI loses steam on higher restructured loans
Investors appear to be buying equities on comfort that the RBI may ease lending rates on June, and the US Federal Reserve may not hike rates soon.
By ET Online |
NEW DELHI: The stock markets closed at their 4-week highs, with the benchmark Sensex ending the day with gains of 148 points. The broader Nifty, too, added 38 points to finish off at 8,459, as investors appear to be buying equities on comfort that the RBI may ease rates in June, while the US Federal Reserve may not raise rates any time soon.
Sentiment was also boosted after the country's largest lender SBI reported decline in bad loans, and strong Q4 profits despite higher provisioning. This led to expectations that the entire banking sector will turn the corner, going ahead.
"Expectation are that sign of reduction in non-performing numbers will give a sentiment boost to the entire banking sector," Daljeet S Kohli, Head of Research at IndiaNivesh Securities said.
"Recent data has also corroborated market expectations that there will be no Fed rate hike in June, that gives some short-term comfort to investors," Kohli said.
Markets @ Close
Sensex: 27,957, up 148 points; Nifty: 8,459, up 38 points
Punj Lloyd zooms over 18% on Q4 numbers
JSPL gains about 4% intraday as trial court grants bail to Naveen Jindal in coal scam case. Read here
SBI erases gains, slips about 3% intraday, despite stellar Q4 numbers. Read here
Voltas jumps 9% intraday post Q4 results. Read here
Indiabulls Real Estate gains 6% on good Q4 show. Read here
Infinite Comp plunges 20%
Allcargo up over 4% on Q4 results
WHAT TOP EXPERTS SAY
See markets gaining momentum after Nifty moves past 8450 levels: Ashwani Gujral
Expect RBI to cut rates in June, thereafter no scope further easing: Radhika Rao, DBS Bank
Rupee performance in line with expectations, may lose more ground: Radhika Rao, DBS Bank
EMs, including India, are experiencing volatility due to rise in global bond yields, and this volatility is expected to continue: Vishnu Varathan, Mizuho Bank.
We are still positive on Jubilant but more from two-year perspective: Girish Pai, Nirmal Bang
Suggest to buy into the market after breakout from 8450 level: Mitesh Thacker
Suggest to buy UPL on declines among chemical companies : Mayuresh Joshi
Coal India is a long bet, will improve once the issues are resolved: Mayuresh Joshi
MARKETS THROUGH THE DAY
Markets @ 2:30
Sensex: 27,956, up 147 points; Nifty: 8,460, 39 points
Top Gainers
Sun Pharma: 2.3%; HDFC: 1.9%; TCS: 1.7%
Top Losers
Wipro: (-1.2%); Hindalco: (-1.1%); Vedanta: (-0.9%)
Markets @ 1:40
Sensex @ 27,998; up 189 points. Nifty @ 8,466; up 45 points.
Top Gainers
SBI: 2.2%; Sun Pharma: 2.0%; HDFC: 1.9%
Top Losers
Vedanta: (-1.3%); Wipro: (-1.1%); Bajaj Auto: (-1.0%)
Markets @ 12:00
Sensex: 28,005, up 196 points; Nifty: 8,471, up 50 points
Top Gainers
SBI: 2.9%; HDFC: 1.7%; ITC: 1.5%
Top Losers
Bajaj Auto: (-1.2%); Wipro: (-1.2%); Vedanta: (-1.2%)
Markets @ 11:00
Sensex: 27,995, up 186 points; Nifty: 8,465, up 44 points
Top Gainers
SBI: 3.3%; ITC: 1.6%; HDFC: 1.5%
Top Losers
Bajaj Auto: (-1.2%); Vedanta: (-1.1%); Hindalco: (-1.1%)
Markets @ 10: 00
Sensex: 27,912.1, up 103 points; Nifty: 8,438.9, up 18 points
Top Gainers
SBI:2.9%; ITC: 1.2%; Tata Steel: 1.2%
Top Losers
Bajaj Auto: (-1.5%); Wipro:(-1.4%); Bharti Airtel:(-1.1%)
At 09:20 a.m.; the 30-share index was at 27,872, up 63 points or 0.23 per cent. It touched a high of 27,887.15 and a low of 27,828.61 in trade today.
The Nifty was at 8421, up 7 points or 0.09 per cent. It touched a high of 8440.35 and a low of 8420.60 in trade today.
The S&P BSE Midcap Index was up 0.43 per cent and BSE S&P Smallcap Index edged higher by 0.23 per cent.
State Bank of India (up 2 per cent), ONGC (up 1.3 per cent), ITC (up 0.64 per cent), GAIL India (up 0.6 per cent) and Cipla (up 0.58 per cent) were among the major Sensex gainers.
Wipro (down 1.3 per cent), Bharti Airtel (down 1.3 per cent), Bajaj Auto (down 1.2 per cent), Sesa Sterlite (down 1.05 per cent) and Hindalco (down 0.80 per cent) were the major index losers.
Sentiment was also boosted after the country's largest lender SBI reported decline in bad loans, and strong Q4 profits despite higher provisioning. This led to expectations that the entire banking sector will turn the corner, going ahead.
"Expectation are that sign of reduction in non-performing numbers will give a sentiment boost to the entire banking sector," Daljeet S Kohli, Head of Research at IndiaNivesh Securities said.
"Recent data has also corroborated market expectations that there will be no Fed rate hike in June, that gives some short-term comfort to investors," Kohli said.
Markets @ Close
Sensex: 27,957, up 148 points; Nifty: 8,459, up 38 points
ADVERTISEMENT
BUZZING STOCKSPunj Lloyd zooms over 18% on Q4 numbers
JSPL gains about 4% intraday as trial court grants bail to Naveen Jindal in coal scam case. Read here
SBI erases gains, slips about 3% intraday, despite stellar Q4 numbers. Read here
ADVERTISEMENT
Britannia surges over 12% after Barclays raises stock price target to Rs 2,102. Read hereVoltas jumps 9% intraday post Q4 results. Read here
ADVERTISEMENT
Shree Renuka runs up 7% on Q4 turnaround. Read hereIndiabulls Real Estate gains 6% on good Q4 show. Read here
Infinite Comp plunges 20%
Allcargo up over 4% on Q4 results
WHAT TOP EXPERTS SAY
See markets gaining momentum after Nifty moves past 8450 levels: Ashwani Gujral
Expect RBI to cut rates in June, thereafter no scope further easing: Radhika Rao, DBS Bank
Rupee performance in line with expectations, may lose more ground: Radhika Rao, DBS Bank
EMs, including India, are experiencing volatility due to rise in global bond yields, and this volatility is expected to continue: Vishnu Varathan, Mizuho Bank.
We are still positive on Jubilant but more from two-year perspective: Girish Pai, Nirmal Bang
Suggest to buy into the market after breakout from 8450 level: Mitesh Thacker
Suggest to buy UPL on declines among chemical companies : Mayuresh Joshi
Coal India is a long bet, will improve once the issues are resolved: Mayuresh Joshi
MARKETS THROUGH THE DAY
Markets @ 2:30
Sensex: 27,956, up 147 points; Nifty: 8,460, 39 points
Top Gainers
Sun Pharma: 2.3%; HDFC: 1.9%; TCS: 1.7%
Top Losers
Wipro: (-1.2%); Hindalco: (-1.1%); Vedanta: (-0.9%)
Markets @ 1:40
Sensex @ 27,998; up 189 points. Nifty @ 8,466; up 45 points.
Top Gainers
SBI: 2.2%; Sun Pharma: 2.0%; HDFC: 1.9%
Top Losers
Vedanta: (-1.3%); Wipro: (-1.1%); Bajaj Auto: (-1.0%)
Markets @ 12:00
Sensex: 28,005, up 196 points; Nifty: 8,471, up 50 points
Top Gainers
SBI: 2.9%; HDFC: 1.7%; ITC: 1.5%
Top Losers
Bajaj Auto: (-1.2%); Wipro: (-1.2%); Vedanta: (-1.2%)
Markets @ 11:00
Sensex: 27,995, up 186 points; Nifty: 8,465, up 44 points
Top Gainers
SBI: 3.3%; ITC: 1.6%; HDFC: 1.5%
Top Losers
Bajaj Auto: (-1.2%); Vedanta: (-1.1%); Hindalco: (-1.1%)
Markets @ 10: 00
Sensex: 27,912.1, up 103 points; Nifty: 8,438.9, up 18 points
Top Gainers
SBI:2.9%; ITC: 1.2%; Tata Steel: 1.2%
Top Losers
Bajaj Auto: (-1.5%); Wipro:(-1.4%); Bharti Airtel:(-1.1%)
At 09:20 a.m.; the 30-share index was at 27,872, up 63 points or 0.23 per cent. It touched a high of 27,887.15 and a low of 27,828.61 in trade today.
The Nifty was at 8421, up 7 points or 0.09 per cent. It touched a high of 8440.35 and a low of 8420.60 in trade today.
The S&P BSE Midcap Index was up 0.43 per cent and BSE S&P Smallcap Index edged higher by 0.23 per cent.
State Bank of India (up 2 per cent), ONGC (up 1.3 per cent), ITC (up 0.64 per cent), GAIL India (up 0.6 per cent) and Cipla (up 0.58 per cent) were among the major Sensex gainers.
Wipro (down 1.3 per cent), Bharti Airtel (down 1.3 per cent), Bajaj Auto (down 1.2 per cent), Sesa Sterlite (down 1.05 per cent) and Hindalco (down 0.80 per cent) were the major index losers.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
