An employee looks at a computer monitor at a brokerage firm in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Sensex, Nifty End With Small Gains Ahead Of Inflation Data

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Closing Bell: Sensex, Nifty End With Small Gains

Indian equity benchmarks ended with small gains a day ahead of the inflation data.

The S&P BSE Sensex rose 0.11 percent or 40 points to 35,483 and the NSE Nifty 50 index advanced 0.18 percent or 19 points to 10,787.

For most part of the day, Sensex and Nifty traded firmly higher but pared gains in last hour of trade as profit booking creeped in heavyweights like Reliance Industries, HDFC twins and Larsen & Toubro.

Meanwhile, India’s annual inflation is expected to remain below 5 percent in May, according to the median estimate of 19 economists in a Bloomberg survey.

Thirteen out of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Telecom index’s 1.56 percent gain. On the other hand, the S&P BSE Realty index was the top loser, down 0.7 percent.

Sensex, Nifty End With Small Gains Ahead Of Inflation Data

Elliott Urges Thyssenkrupp To Negotiate Better Tata Steel Deal

Shares of the Mumbai-based steel maker fell as much as 1.21 percent to Rs 592 after activist shareholder Elliott urged Thyssenr-Krupp to negotiate better Tata Steel’s European unit.

  • Elliott letter highlighted the divergence in performance in Tata and Thyssenkrupp’s steel businesses.
  • Eliott: Weakness in Tata’s recent performance means that a tie-up is now less favorable for Thyssenkrupp
  • Eliott: If 50:50 JV needs to be maintained Tata Steel would have to pay Thyssen-Krupp
  • Eliott: Calculation suggests Thyssen-Krupp would have to get 82 percent of JV with balance 18 percent with Tata Steel Europe

Source: Bloomberg

Stocks Climb as Busy Week Begins; Italy Spurs Euro

European stocks rose with most Asian shares as investors braced themselves for one of the busiest weeks of the year, during which three of the world’s major central banks will set interest rates, President Donald Trump will meet North Korea’s leader and Brexit will return to the fore.

Sensex, Nifty End With Small Gains Ahead Of Inflation Data

Fab Four Stocks Of The Day

  • Suven Life Sciences: The Hyderabad-based drugmaker rose as much as 6.10 percent to Rs 228 after brokerage firm Emkay initiated coverage on the stock with a buy for target price of Rs 270, implying upside of 26 percent.
  • Alembic Pharma: The Vadodara-based drugmaker was locked in a 20 percent upper circuit at Rs 522.30 after it received U.S. FDA nod for Bupropion Hydrochloride Tablets in strength of 75 and 100 milligrams.
  • Ajmera Realty: The Mumbai-based real estate developer rose as much as 7.13 percent at Rs 234.40 after it acquired 5.5 acres of land at Electronic City-2 in Bengaluru. The company may generate around Rs 300 crore by developing this land parcel.
  • United Breweries: The Bengaluru-based beer maker rose for fourth session in a row to record high of Rs 1,291. Trading volume was double its 20-day average.

Expect 25 Basis Points Rate Hike By U.S. Fed: Daiwa Capital

Expect a 25-basis points rate hike by the U.S. Federal Reserve in its upcoming meet, Paul Kitney - chief strategist at Daiwa Capital Markets told BloombergQuint in an interview.

Key highlights of the conversation:

  • Do not expect much guidance from Bank of Japan and European Central Bank this week
  • Five stocks out of the top 20 in Asia are Indian stocks