Automakers Help Sensex, Nifty Rebound After First Quarterly Drop
Indian equity benchmarks rebounded from first quarterly drop since Dec. 2016 led by strong gains in auto and drug makers.
The S&P BSE Sensex rose 0.87 percent or 286.68 points to 33,255.36 and the NSE Nifty 50 index climbed 0.97 percent or 98.10 points to 10,211.80.
All sector gauges barring the Nifty PSU Bank index ended higher led by the Nifty Pharma index's 3.14 percent gain.
Gains were broad-based as the S&P BSE MidCap index advanced 1.4 percent and the S&P BSE SmallCap index gained 2.3 percent.
ICICI Bank Says Not Received Any Communication From ED On Loan To Videocon
Shares of the country's second largest lender were trading 6 percent lower at Rs 261.75.
Meanwhile, the bank has clarified that it has not received any communication from the Enforcement Directorate enquiring about the loan it gave to Videocon Group.
Fab Four Stocks Of The Day
- Navkar Corp: The Mumbai-based logistics services provider rose as much as 17 percent to Rs 177 after the NCLT, Mumbai approved scheme of amalgamation of Navkar Terminals into Navkar Corporation, the company said in an exchange notification on Saturday.
- Dilip Buildcon: Shares of the Bhopal-based road maker rose as much as 12 percent, the most in over five months, to record high of Rs 1,124 after international brokerage Bank of America Merrill Lynch initiated coverage on the stock with a 'buy' for target price of Rs 1,244.
- Escorts: The Gurugram-based agriculture machinery maker rose 8 percent to Rs 883 after its March tractor sales rose 67 percent to 11,790 units from 7,079 units during the same month year ago.
- Ashoka Buildcon: The Mumbai-based road maker rose nearly 7 percent to Rs 264.85 after it won two EPC orders worth Rs 447.51 crore in Maharashtra.
Navkar Corp Surges After NCLT Approves Scheme Of Amalgamation
The Mumbai-based logistics services provider rose as much as 17 percent to Rs 177 after the NCLT, Mumbai approved scheme of amalgamation of Navkar Terminals into Navkar Corporation, the company said in an exchange notification on Saturday.
Stocks Moving On Heavy Volumes
- Mahindra Holidays: The Chennai-based hospitality firm rose 2 percent to Rs 299.35. Trading volume was 7.8 times its 20-day average.
- Tata Coffee: The Bangalore-based coffee producer rose 5.7 percent to Rs 119.45. Trading volume was 6.5 times its 20-day average.
- GSK Consumer Healthcare: The Gurugram-based packaged food products maker fell 4.2 percent to Rs 5,845. Trading volume was 6.3 times its 20-day average.
- Kesoram Industries: The Kolkata-based auto parts maker rose 11 percent to Rs 120.15. Trading volume was 3.5 times its 20-day average.