The equity benchmark indices ends positive for the second straight session with gains in the IT and FMCG stocks.
Sensex close at 39,784.52 rising 168.62 points, or 0.43% while the 50-share Nifty advanced 58.25 points, or 0.49%, ending at 11,928.90.
The broader market staged a mixed performance with BSE Midcap gaining 0.11% but Smallcap index losing 0.49%.
TCS, Bharti Airtel, Infosys, HCL Technologies and ITC were the most contributing stocks on BSE rising as much as 2.21%.
Market at close
Sensex closes at 39,784.52 rising 168.62 points, or 0.43% while the 50-share Nifty advanced 58.25 points, or 0.49%, ending at 11,928.90.
Reliance Power drops almost 21% post Q4 results
Shares of Reliance Power fell as much as 21% to ₹4.85 after the company posted its biggest-ever quarterly loss on Monday.
1) Net loss of ₹3,558.5 crore versus net profit of ₹189 crore
2) Revenue down 32.5% to ₹1,586 crore
Elara Capital downgrades Hindustan Unilever
“We believe HUVR of the the company will continue to deliver strong double-digit value CAGR of 13% over FY19-21E, given its core portfolio (45% of sales) is growing in the double digits, cost savings programs (7% of sales) and precision marketing and enhanced demand-capturing abilities, due to huge data collection online and points of sale (POS),” a report from the company added.
“We downgrade our rating to Reduce from Accumulate with an unchanged target price of ₹1,872 based on 45x FY21E EPS of₹41.6, including GSKCH, due to the run-up the stock price by 7.4% in the past three months,” the report added.
Suzlon Energy slumps 15%
Shares of Suzlon Energy tanked over 15% on reports of deal with Vestas likely to be called off. On BSE, the company was trading at ₹4.42 down 15.33% while on NSE it tumbled 15.38% at ₹4.40.
Yes Bank slips over 4%
The shares of Yes Bank fell almost 4.5% on both the equity benchmark indices after the bank said it is looking at expanding its capital base by over 10% through the issue of fresh equity under the private placement route.
Eros International reiterates strong financial position
Film production and distribution company Eros International Plc has reiterated a strong financial position today after its shares nosedived by as much as 20% on Friday.
Earlier, rating company CARE had cut the creditworthiness of the entertainment firm, citing delays or likely defaults in serving debt availed from banks.
“Eros has a strong liquidity profile and healthy balance sheet with no meaningful near-term debt maturities. As of 31 March, 2019, we had over $135 million of cash and cash equivalents on our balance sheet and our net debt position was $145 million,” Prem Parameswaran, group financial officer and president of North America, said in a statement on Monday.
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Shared of OMCs fall amid rising crude oil prices
Shares of the oil marketing companies (OMC) slipped after the Brent crude extended gains for the third straight day to trade near $64 a barrel. BSE Oil and Gas was declined 1.27% with BPCL (-3.56%), Hindustan Petroleum (-2.57%), Indian Oil (-2.10%), GAIL (-1.42%) and ONGC (-0.72%) being the biggest laggards.
Broader market check
BSE Midcap and Smallcap gives up early gains as both the indices slips 0.01% and 0.29% respectively.
Shares of DHFL rises
Shares of DHFL rises after the company cleared its dues of retail investors. Though the stock was almost up 10% during the early trade, it is trading at ₹88.10 rising 5.21% while on NSE it was up 6%.
Top gainers on Sensex
The most contributing stocks on Sensex are Power Grid (2.14%), Yes Bank (2.11%), TCS (1.81%), Tata Steel (1.71%) and IndusInd Bank (1.60%).
Nifty IT most gaining sector
Nifty Information Technology up over 200 points ,or 1.37%, with Tech Mahindra, NIIT Tech and Tata Consultancy Services (TCS) being the most contributors, rising as much as 2.09%.
J&K Bank tanks almost 20%
Jammu and Kashmir Bank slipped almost 20% to ₹47.80 on BSE as the chairmain of the bank, Parvez Ahmed, was removed by Anti Corruption Bureau (ACB) on Saturday.
On NSE, the bank was trading at ₹48.25 plunging 18.77%.
Sectoral indices trades positive
All the 11-sectoral indices compiled on NSE opened positive with Nifty PSU Banks taking the pole position rising 1.17%.
Sensex opens above 200 points, Nifty above 11900-mark
Sensex opened at 39,923.45 rising 293.04 points, or 0.74% at 9:18 am, while Nifty was up 71.20 points, or 0.60%, at 11,957.25.
Rupee opens marginally higher
The Indian rupee on Monday strengthened marginally against the US dollar tracking gains in local equity markets.
At 9.10 am, the rupee traded at 69.43 a dollar, up 0.07% from its previous close of 69.47. The Indian had currency opened at 69.44 a dollar.
The 10-year bond yield was at 6.982% compared with Friday’s close of 6.974%.
Market at pre-open
During the opening-bell, the 30-share Sensex soared 168.47 points, or 0.43%, at 39,784.37 while the broader Nifty opened at 11,870.65 rising 26.90 points, or 0.23%.
Rupee, Bond update
The Indian rupee is likely to edge higher against the dollar after weak US jobs data increased the probability of a Federal Reserve interest rate cut.
Indian government bonds are expected to rise today as a weaker-than-expected US jobs report has boosted the case for monetary easing by the Federal Reserve. The yield on the benchmark 7.26% bond maturing in 2029 is likely to trade in a range of 6.65%-7.00% today.
Key triggers for market this week
Industrial production and inflation data as well as global factors like the US-China trade conflict and crude oil prices will set the tone for stock markets this week, say analysts.
Liquidity concerns in the NBFC space played spoilsport for the equity markets last week and investors would keep a tab on this as well, they added.
Industrial production data and inflation rate are scheduled to be announced on Wednesday. WPI inflation is due to come on Friday post market hours. Analysts said that foreign fund flows, rupee and crude oil movement would also be crucial for the market.
SGX Nifty trades positive
Nifty futures were trading around 11,956-level on the Singaporean Exchange. Trends on SGX Nifty indicate a positive start for the broader indices in India.