Stock market in India started off the week on a bright note despite Reserve Bank of India Governor Raghuram Rajan saying no to a second term. Indices which opened with a gap down, recovered all its losses and managed to close almost near day’s high. The rally was sparked by strong buying seen in the IT, telecom, metals and realty stocks. Even, the mid-cap and small cap stocks participated in the rally. Nifty closed with a gain of 68 points at 8,239, while BSE Sensex ended with a gain of 241 points at 26,867.
On the global front, Asian markets closed in green. The Shanghai Composite index closed marginally higher. Hong Kong’s Hang Seng index and Nikkei 225 gained 2% each.
Aviation stocks ended higher after govt decided to permit 100% FDI under automatic route in Brown field Airport projects. SpiceJet rallied 7.4%. Indigo and Jet Airways rose 6% respectively.
Shares of real estate companies closed higher for the second straight day on the bourses after SEBI proposed further relaxations to the real estate investment trusts (Reits) regulations, to attract real estate developers towards launching these instruments. DLF closed higher 4% each.
Unitech soared 6.7% to Rs.6.04.Court orders proceedings against Unitech, top bosses for cheating. The company clarified that Unitech is a professionally managed company and Directors are not involved its day-to-day affairs.
Max Financial Services climbed 5.8% to Rs.500.The Board of Directors of HDFC Standard Life Insurance Company Limited, Max Life Insurance Company Limited and Max Financial Services Limited at their respective meetings approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential combination through a merger of Max Life and Max Financial Services into HDFC Life by way of a scheme of arrangement.
Gammon India hit 20% upper circuit at Rs.14.89.The company reported a net profit of Rs 53.38 crore for the quarter ended March 31,2016.
Tata Chemicals dropped 1% to Rs.426. The company decided to supply Di-ammonium Phosphate (DAP) to its customers from inventory in hand and imports, and consequently production of complex fertilizers, including DAP, is being temporarily suspended at Haldia, West Bengal.
Axis Bank slipped 1% to Rs.522. The bank said that the bank’s Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 8.95%, the rate for one month will be 9.05% and for three months it will be 9.25%.
Eros International rallied 2.4% to Rs.211 after the company announced strategic partnership with Vashu Bhagnani by signing a term sheet to acquire a 50% stake in his film company, Puja Entertainment & Films Ltd.
Cadila Health care gained 0.85% to Rs.316. Zydus strengthened its US portfolio with the acquisition of two ANDAs from Teva that are being divested by Teva as a per-condition to its acquisition of Allergan’s generic business.
USDINR trade today trading down 36 paise at 67.43 per US dollar.
Out of 1,439 stocks traded on the NSE, 596 declined and 767 advanced today.
Top 5 Nifty Gainers: ONGC (1.19%), Adani Ports & Sez (1.14%), GAIL (1.08%), Bajaj Auto (1.07%) and M&M (0.93%).
Top 5 Nifty Losers: BHEL (-1.09%), Axis Bank (-1.03%), Asian Paints (-0.88%), Reliance Ind. (-0.81%) and L&T (-0.76%)
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