After a shaky start, the Indian equity market closed with handsome gains on Tuesday amid relentless buying in the stocks across sectors. Interest rate sensitives like banking, auto and realty stocks led the rally followed by capital goods, IT and utilities stocks. Sentiment got a boost after Maruti announced its quarterly earnings, which were better than expected. Nifty closed with a gain of 107 points at 7,963 while Sensex ended with a gain of 328 points at 26,007.
According to reports, Indian government is considering to impose a complete ban on the Foreign Direct Investment (FDI) in the tobacco sector. The Union Ministry of Commerce and Industry is reportedly working on a proposal to ban FDI in the tobacco industry.
The India VIX (Volatility) index was up 0.86% to 16.5225. The BSE Midcap and Smallcap indices ended with marginal losses.
Maruti Suzuki surged 3.6% to Rs.3869 on BSE. The company’s net profit stood at Rs. 1133 crore, dipping by ~11.7% as against Rs. 1284 crore.
KSB Pumps Ltd jumped 9% to Rs.671 after the company reported a consolidated net profit of Rs.15.4 crore as against Rs.6.4 crore in the same period a year ago.
IndusInd Bank soared 4% to Rs.1,021. The stock hit 52-week high on BSE. The bank reported standalone net profit of Rs. 620.35 crore for the quarter ended March 31, 2016, registering growth of 25.25% yoy and 6.77%.
DCB Bank jumped 2% to Rs.97 on BSE. The bank revised its base rate to 10.64% p.a. from the earlier Base Rate of 10.70% p.a. and BPLR to 17.89% p.a. from 17.95% p.a. DCB Bank on Tuesday declared its marginal cost of funds based lending rate (MCLR) for one year at 10.52 per cent. Interest rates on all rupee loans sanctioned and credit limits renewed w.e.f May 4,2016 will be priced with references to MCLR benchmark.
Hindalco climbed 4.9% to close at Rs.103.15. The stock was the top Nifty gainer today. The company has announced about the ”Revised Covering Letter- Further to our earlier communication dated 26th April, 2016, regarding Metal X Limited ongoing takeover offer for acquiring shares of Aditya Birla Minerals Ltd (ABML).
Bharat Forge gained 1.5% to close at Rs.808 on BSE. The company announced that the company has entered into a contract with Boeing for developing and manufacturing 777x titanium forgings.
A total of 26 stocks registered a fresh 52-week high in trades today, whereas 15 stocks touched a new 52-week low on the NSE.
USDINR trade today trading down 9 paise at 66.52
Out of 1,358 stocks traded on the NSE, 446 declined and 850 advanced today.
Top 5 Nifty Gainers: ONGC (3.57%) Maruti Suzuki (1.18%), Wipro (1.00%), Bharti Airtel (0.99%), and ITC ltd (0.95%).
Top 5 Nifty Losers: Axis Bank (-2.13%), ICICI Bank (-1.42%), Lupin Ltd (-0.97%), HDFC
(-0.73%) and SBI (-0.50%).
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