The Indian stock market ended with smart gains on Tuesday as the Sensex and Nifty hit its highest level since October 13, 2016. The Nifty Bank index, which gained 2.2%, was the top performing sectoral gauge led by ICICI Bank. This was the indices biggest single day jump since May 25 of this year. Nifty closed with a gain of 158 points at 8,678, while BSE Sensex ended with a gain of 521 points at 28,051.
On the global front, Asian stock markets rose on Tuesday ahead of China’s release of quarterly growth data and a policy meeting of the European Central Bank later in the week. Japanese shares recovered from a weak start to end modestly higher ahead of the earnings season starting later this week. Hang Seng and Shanghai Composite closed 1% each, while Nikkei 225 closed marginally higher.
European shares were trading in green, up by over 1%.
Cairn India inched up 1.3% to Rs 224 on the BSE after the Delhi High Court dismissed its plea seeking permission to export crude oil extracted from Rajasthan block.
Mastek Ltd jumped 12% to Rs 148 on the BSE. The company reported a net profit of Rs 7.65 crore for quarter-ended September, compared to Rs 3.6 crore previous quarter.
Suven Life Sciences Ltd gained 1.5% after the company announced that it has granted one product patent from Europe and Israel corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and these Patents are valid through 2029 and 2030 respectively.
Bharat Financial Inclusion zoomed 3.5%. Bharat Financial Inclusion has issued Commercial Papers of an aggregate amount of Rs 100 crore on October 17, 2016, which have been rated ‘A1+’ by a leading rating agency. The aggregate Commercial Papers outstanding as on date is Rs 450 crore. Instruments with the aforesaid rating are considered to have a very strong degree of safety regarding timely payment of financial obligations. Such instruments carry the lowest credit risk.
Ashok Leyland rallied 3%. Ashok Leyland unveiled its Circuit series electric bus, the country’s first such indigenously made vehicle. Designed and engineered in India, it’s in line with the company’s vision for the future of mass mobility.
HDFC zoomed 3.8%. HDFC Life has reported 12% increase in net profit at Rs 464 crore during the first half of the 2016-17 financial year.
UltraTech Cement ended maginally higher. UltraTech Cement said its net profit in the quarter ended 30 September rose 25.27% from a year ago because of higher other income.
Logistics stocks closed higher on Tuesday ahead of GST council meeting that begins later in the day. A crucial three-day meeting of the Goods and Services Tax (GST) Council, comprising state finance ministers, starts today, 18 October 2016. The meeting is crucial because the government has set a deadline of 1 April 2017 for the GST rollout. GATI jumped 4.8%, while VRL Logistics gained 2%.
Zensar Technologies dipped 1.1% to Rs 998. The consolidated net revenue for the quarter grew by 2% QoQ to Rs 772 crore against Rs 757 crore in the previous quarter. The consolidated net profit declined by 2.5% QoQ to Rs 74.5 crore against Rs 76.5 crore of last quarter due to fall in other income.
Aarti Industries zoomed 5.3%. The company informed BSE that the Board of Directors approved the buyback up to 12,00,000 fully paid-up equity shares of face value of Rs 5 representing up to 1.44% of the total number of Equity Shares of the Company at a price of Rs 800.
Shriram EPC jumped 12.6% after the company bagged a Rs 61 crore contract for a water supply scheme in Bengaluru. The company has informed the BSE, that it has bagged the contract for a water supply scheme to Robertsonpet (KGF) City under the Centre’s Atal Mission for Rejuvenation and Urban Transformation scheme.
Indian Hume Pipe Company hit 20% upper circuit at Rs 804. Indian Hume Pipe Company Ltd has informed BSE that the Board of Directors will consider the proposal for issue of bonus shares by capitalization of free reserves at their meeting to be held on October 26.
USDINR trading marginally up 18 paise at 66.70 per US dollar.
Out of 1,492 stocks traded on the NSE, 356 declined and 1,093 advanced today.
Top 5 Nifty Gainers: BHEL (4.37%), Wipro (2.32%), GAIL (2.22%), Adani Ports & Sez (2.02%) and Lupin Ltd (1.57%).
Top 5 Nifty Losers: ICICI Bank (-1.78%), ITC Ltd (-1.59%), M&M (-1.28%), Hero Motocorp (-1.03%) and Tata Motors (-0.88%)
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