A staff member from the Motilal Oswal group celebrates on the trading room floor. (Photographer: Santosh Verma/Bloomberg News)

Sensex Posts Biggest Single Day Gain In Over A Month Led By IT Stocks

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Indian equity benchmarks rebounded sharply from losses in the previous session led by strong gains in IT companies and private sector lenders.

The S&P BSE Sensex rose 0.93 percent or 318 points, its biggest single day gain since April 5, to 34,663 and the NSE Nifty 50 index climbed 0.8 percent or 83 points to 10,514.

Ten out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Auto index's 1.56 percent drop. On the other hand, the S&P BSE IT index was the top gainer, up 2.45 percent.

The mid- and small-cap shares underperformed their larger peers as the S&P BSE MidCap index fell 0.2 percent and the S&P BSE MidCap index declined 0.1 percent.

Sensex Posts Biggest Single Day Gain In Over A Month Led By IT Stocks

Fab Four Stocks Of The Day

NCC: The Hyderabad-based construction company rose as much as 6.3 percent to Rs 112 after it profit met Bloomberg consensus estimates in March quarter.

Key earnings highlights:

  • Net profit up 61 percent at Rs 103 crore versus estimate of Rs 111 crore
  • Revenues up 12 percent at Rs 2,395 crore versus Rs 2,139 crore (YoY)
  • EBITDA up 75 percent at Rs 305 crore versus Rs 174 crore (YoY)
  • Margins at 12.7 percent versus 8.1 percent (YoY)
  • Target to receive new orders worth Rs 14,000 crore in FY19
  • Target 45 percent revenue growth in FY19 to Rs 11,000 crore

Kaveri Seed Company: The Secunderabad-based hybrid seed producer rose as much as 6.3 percent, the most in over three months, to Rs 502.60 after couple of block deals in yesterday's session.

MEP Infra: The Mumbai-based toll management company rose as much as 7.5 percent to Rs 81.95 after it raised foreign investment limit to 100 percent from 24 percent.

Varun Beverages: The Gurugram-based bottler of PepsiCo India rose as much as 5.33 percent to record high of Rs 747.85. The stock has been on an upmove since last three trading session and it has risen more than 10 percent.

GAIL Falls After Profit Misses Estimates In March Quarter

Shares of the Delhi-based natural gas distributor fell as much as 3.17 percent to Rs 312.70 after its profit missed Bloomberg consensus estimates in the March quarter.

Key earnings highlights:

  • Net profit at Rs 1,020 crore versus estimate of Rs 1,340 crore
  • Revenue at Rs 15,430 crore versus estimate of Rs 14,470 crore
Sensex Posts Biggest Single Day Gain In Over A Month Led By IT Stocks

Heidelberg Cement Surges After March Quarter Earnings

Shares of the Gurugram-based cement maker rose as much as 7.34 percent, the most in over three months, to Rs 151.45 after it reported March quarter earnings.

Key earnings highlights:

  • Margin at 22.6 percent versus 14.1 percent (YoY)
  • EBITDA up 51 percent at Rs 119.9 crore versus Rs 79.4 crore (YoY)
  • Revenue up 15 percent at Rs 531.3 crore versus Rs 463 crore (YoY)
  • Net profit up 40 percent at Rs 52 crore versus Rs 37 crore (YoY)

Windfall Tax Is A Bad Move On Part Of The Government: Kirit Parikh

Windfall Tax is a bad move on the part of the government, Oil and gas expert Kirit Parikh told BloombergQuint in an interview.

Key highlights from the conversation:

  • Central government needs to reduce excise and state governments need to reduce VAT.
  • Government should reduce excise duty by Re 1.