Key benchmark indices logged strong gains in sync with upbeat global equities after centrist candidate Emmanuel Macron won the first round of the French presidential election on Sunday, 23 April 2017. The barometer index, the S&P BSE Sensex, jumped 287.40 points or 0.97% to settle at 29,943.24. The Nifty 50 index surged 88.65 points or 0.96% to settle at 9,306.60. The Sensex hit its highest closing level in almost three weeks. The Nifty hit a record high on intraday as well as closing basis.

Today's gains were led by index heavyweights ITC, HDFC and Reliance Industries (RIL). Key indices gained for the second day in a row today, 25 April 2017. All the nineteen sectoral indices on BSE edged higher.

The Sensex jumped 287.40 points or 0.97% to settle at 29,943.24, its highest closing level since 5 April 2017. The Sensex rose 305.98 points, or 1.03% at the day's high of 29,961.82 in late trade. The index rose 125 points, or 0.42% at the day's low of 29,780.84 in early trade.

The Nifty 50 index surged 88.65 points or 0.96% to settle at 9,306.60, a record closing high for the index. The Nifty rose 91.25 points, or 0.99% at the day's high 9,309.20 in late trade. The index rose 32.40 points, or 0.35% at the day's low of 9,250.35 in early trade.

Among secondary barometers, the BSE Mid-Cap index rose 1.06%, outperforming the Sensex. The BSE Small-Cap index rose 0.58%, underperforming the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,467 shares rose and 1,444 shares fell. A total of 169 shares were unchanged.

The total turnover on BSE amounted to Rs 4004.17 crore, lower than turnover of Rs 4360.76 crore registered during the previous trading session.

All the nineteen sectoral indices on BSE rose. The BSE FMCG index (up 1.67%), the BSE Oil & Gas index (up 1.23%) and the BSE Realty index (up 1.26%) outperformed the Sensex. The BSE Power index (up 0.49%), the BSE Metal index (up 0.61%) and the BSE Utilities index (up 0.11%) underperformed the Sensex.

Index heavyweight and cigarette major ITC gained 1.79% to Rs 281.20. The stock hit a high of Rs 282.10 and low of Rs 274 in intraday trade.

Index heavyweight HDFC advanced 1.14% to Rs 1,548.40. The stock hit a high of Rs 1,556 and low of Rs 1,533 in intraday trade.

Index heavyweight Reliance Industries (RIL) gained 1.14% to Rs 1,432.50 after consolidated net profit excluding exceptional items rose 16.6% to Rs 8046 crore on 45.2% growth in turnover to Rs 92889 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 24 April 2017.

RIL increase in revenue in Q4 was primarily on account of increase in prices of refining and petrochemical products on the back of higher oil prices. Turnover was also boosted by robust growth in retail business. Gross refining margin (GRM) rose to $11.5 per barrel in Q4 March 2017 from $10.8 per barrel each in Q3 December 2016 and in Q4 March 2016. Earning per share (EPS) excluding exceptional items rose to Rs 27.3 in Q4 March 2017 compared with Rs 25.5 in Q3 December 2016 and Rs 23.4 in Q4 March 2016.

Outstanding debt as on 31 March 2017 was Rs 196601 crore ($30.3 billion) compared to Rs 180665 crore as on 31 March 2016. Cash and cash equivalents as on 31st March 2017 were at Rs 77226 crore ($11.9 billion) compared to Rs 89969 crore as on 31 March 2016. The board of directors recommended a dividend of Rs 11 per share for the financial year ended 31 March 2017.

Meanwhile, RIL said, Reliance Jio Infocomm, a subsidiary of RIL crossed 50 million subscribers in just 83 days, and 100 million in 170 days, adding at an average rate of 6 lakh subscribers per day. Jio continues its rapid ramp-up of subscriber base and as of 31 March 2017, there were 10.89 crore subscribers on the network.

Most FMCG stocks gained. Godrej Consumer Products (up 5.27%), Britannia Industries (up 2.71%), Dabur India (up 0.41%), Procter & Gamble Hygiene and Health Care (up 0.61%) Hindustan Unilever (up 2.13%), Marico (up 2.85%), Nestle India (up 0.22%), Jyothy Laboratories (up 1.2%) and Bajaj Corp (up 1.29%) rose. GlaxoSmithkline Consumer Healthcare (down 0.49%), Colgate-Palmolive (India) (down 0.11%), Tata Global Beverages (down 0.39%) fell.

PSU bank stocks led gains among bank stocks. Among PSU bank stocks, Indian Bank (up 9%), Vijaya Bank (up 2.72%), State Bank of India (SBI) (up 0.16%), Punjab National Bank (up 3.6%), Bank of Baroda (up 1.68%), Canara Bank (up 1.08%), IDBI Bank (up 0.27%), Bank of India (up 3.79%) and Union Bank of India (up 2.03%) gained.

Among private bank stocks, Axis Bank (up 3.4%), Kotak Mahindra Bank (up 0.39%), RBL Bank (up 0.67%), ICICI Bank (up 1.43%) rose. Yes Bank (down 0.02%) and HDFC Bank (down 0.08%) fell.

IndusInd Bank rose 1.48%. The bank's announced that it inaugurated its third branch in Jamshedpur. Expanding presence across Jharkhand, IndusInd Bank recently inaugurated its third branch in Jamshedpur, the first planned industrial city of India. The branch is located at Mango, Jamshedpur. With the inauguration of this branch, the bank now has 19 branches in the state of Jharkhand. The announcement was made after market hours yesterday, 24 April 2017.

Auto major Mahindra & Mahindra advanced 3.4% to Rs 1,307.50 on reports that a foreign brokerage has upgraded the stock to outperform from neutral with increased target price at Rs 1,500 from Rs 1,390 earlier. The brokerage house cited potential for M&M's tractor business that will surprise positively going ahead. Reports suggested that the brokerage believes with number of state governments planning to introduce farm loan waivers, tractor demand could get further boost. The brokerage added that weakness in utility vehicle market already factored in by M&M.

IT major Infosys rose 0.32% to Rs 929 after the company announced that it is strengthening its engineering footprint in Eastern Europe by opening its first office and delivery center in Karlovac, Croatia. The announcement was made after market hours yesterday, 24 April 2017.

Infosys said that in line with the company's strategy to establish global competency centers, offering the best talent in the market and making it available to customers globally, this delivery center (DC) also marks expansion into Eastern Europe's established heavy engineering sector. The new facility will meet near-shoring requirements, support engineering clients worldwide, as well as offer research & development (R&D) services. The Karlovac facility in Croatia is the latest location across 16 regions in Europe which Infosys has opened as part of its ongoing commitment to client servicing and local job creation.

Indiabulls Housing Finance rose 0.76% after consolidated net profit rose 24.4% to Rs 840.53 crore on 21.8% rise in total income to Rs 3224.86 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 24 April 2017.

Indiabulls Housing Finance's board declared interim dividend of Rs 9 per share for the year ended March 2017 (FY 2017). The board has also authorised the company to issue secured non-convertible debentures and unsecured, redeemable, non-convertible subordinate debt in the nature of debentures (NCDs) upto Rs 25000 crore and Rs 2000 crore respectively, on private placement basis, in one or more tranches, from time to time.

Biocon jumped 9.35% after the company said that its board of directors will consider bonus issue of shares at a meeting scheduled on Thursday, 27 April 2017. The announcement was made after market hours yesterday, 24 April 2017. The company will announce its Q4 results on 27 April 2017.

Jubilant Life Sciences gained 1.47% after the company received Abbreviated New Drug Application final approval for Olmesartan Medoxomil Tablets, 5 mg, 20 mg and 40 mg from the United States Food & Drug Administration (USFDA). The announcement was made during market hours today, 25 April 2017.

Olmesartan Medoxomil Tablets, 5 mg, 20 mg and 40 mg is the generic version of Benicar of Daiichi Sankyo, which is used for the treatment of hypertension. This is the second approval that the company has received from the USFDA during the current financial year. The company had a total of 73 ANDAs for oral solids filed in the US, of which 49 have been approved.

Pokarna surged 9.47% after the company said its board will consider stock split proposal when it meets on 8 May 2017, to declare Q4 March 2017 results. The announcement was made after market hours yesterday, 24 April 2017.

Key indices gained for the second day in a row today, 25 April 2017. The Sensex has gained 577.94 points or 1.97% in two trading days from its close of 29,365.30 on 21 April 2017. The Sensex has gained 322.74 points or 1.09% in this month so far (till 25 April 2017). The barometer index has gained 3,316.78 points, or 12.46% in the calendar year 2017 (till 25 April 2017). From a 52-week low of 25,057.93 hit on 6 May 2016, the barometer index has risen 4,885.31 points or 19.5%. From a 52-week high of 30,007.48 hit on 5 April 2017, the barometer index is off 64.24 points or 0.21%. The Sensex is off 81.50 points or 0.27% from a record high of 30,024.74 hit on 4 March 2015.

Overseas, most European stocks nudged higher, with attention turned to earnings reports and a deal involving luxury-fashion company Christian Dior a day after equities rallied on the first-round result in France's presidential election.

Business confidence in France was steady in April amid improved conditions in the factory sector, offset by a slip in service sector confidence. INSEE's headline business confidence index was unchanged in April from the month before at 104.

Asian shares rose across the board. US stocks rallied yesterday, 24 April 2017, as concerns over France's potential exit from the euro currency bloc eased. The Dow Jones Industrial Average jumped 216.13 points, or 1.1%, to close at 20,763.89. The S&P 500 surged 25.46 points, or 1.1%, to 2,374.15.

Macron led the field in the first round of the French presidential election on Sunday, 23 April 2017, with 23.9% of the vote, ahead of far-right candidate Marine Le Pen with 21.4%. The two will now face off in the final round 7 May 2017.

Macron has promised to cut corporate tax rates gradually to 25% from the current 33%. He also wants to make France's 35-hour work week more flexible, and slash housing taxes for most people. He has pledged to cut public spending by €60 billion ($64 billion) a year, and plans an economic stimulus package worth €50 billion over five years. Macron is a free trade supporter and campaigned in favor of the EU's new agreement with Canada. Marine Le Pen wants France to leave the euro, return to the franc, exit the Schengen agreement and close French borders for immigrants.

Powered by Capital Market - Live News