A man uses a mobile phone in front of electronic screens displaying stock prices in the trading hall. (Photographer: Asim Hafeez/Bloomberg)

Tech Shares Help Sensex, Nifty Extend Gains For Second Trading Session

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Closing Bell: Sensex, Nifty Set To End Higher Led By Infosys, TCS

Indian equity benchmarks ended higher for the second consecutive trading session, led by the gains in Infosys Ltd. and Tata Consultancy Services Ltd.

The gains benchmarks indices were in line with their Asian and European peers after the U.S. President Donald Trump suspended plans for punitive tariffs on goods from Mexico.

The S&P BSE Sensex closed 0.43 percent or 169 points higher at 39,784.52 and the NSE Nifty 50 ended at 11,922.70, up 0.44 percent. The broader market index represented by the NSE Nifty 500 Index closed 0.31 percent higher.

The markets are recovering from the declines that was witnessed in the past few days, KRChoksey’s Hemen Kapadia told BloombergQuint in an interaction. “The markets are not expected to touch fresh records in the near-term given the expensive valuations and that it is overbought.”

The market breadth, however, was tilted in favour of sellers. About 1,083 stocks declined and 701 shares advanced on National Stock Exchange.

Six out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty IT Index’s 1.57 percent gain. On the flipside, the NSE Nifty Media Bank Index was the top sectoral loser, down 1.69 percent.

With inputs from Bloomberg

Hero MotoCorp Says Company Prepared For BS-VI Transition

Hero MotoCorp said that the company will be ready for the BS-VI transition much ahead of the April 1, 2020 deadline, according to its statement on the exchanges. The company the first two-wheeler manufacturer in India to receive BS-VI certification, the statement added.

Shares of the country’s largest two-wheeler maker traded 0.8 percent lower after the announcement.

Dealing Room Recommendations: Bharti Airtel, Deepak Nitrite, SRF

Bharti Airtel

  • Stock rose as much as 1.7 percent to Rs 363.30.
  • Domestic funds have been accumulating the stock.

Deepak Nitrite

  • Stock fell as much as 9.2 percent to Rs 291.
  • HNIs are said to have been accumulating at lower levels

SRF

  • Stock rose 1.2 percent to Rs 2,910.50. The stock rose 2.7 percent intraday.
  • Few domestic funds have been accumulating.

Fab 4 Stocks Of The Day

DHFL

  • Stock rose 7.9 percent to Rs 89.85. The scrip rose 9.8 percent intraday.
  • The company paid investors around Rs 276.05 crore on its principal and interest obligations towards its non-convertible debentures.

L&T

  • Stock rose as much as 1.2 percent to Rs 1,530.80. The scrip rose 1.9 percent intraday.
  • The company secured contracts for various business valued at Rs 2,500-5,000 crore.

Vaibhav Global

  • Stock rose as much as 9.7 percent to trade at over a four-year high at Rs 840.
  • The Relative Strength Index was above 70, indicating that the stock may be overbought.

Manappuram Finance

  • Stock rose as much as 5.4 percent to Rs 139.20.
  • Trading in the company’s call options totaled 1,546 contracts, compared with the average of 606 over the past 20 days, Bloomberg data showed. Trading in the company’s put options totaled 694 contracts, compared with the average of 241 over the same period.

Market Check: Sensex, Nifty Subdued

Indian equity benchmarks were subdued 45 minutes before the close as the gains in technology shares were offset by the losses in private banks.

The S&P BSE Sensex traded 70 points higher at 39,686 and the NSE Nifty 50 traded below 11,900. The broader market index represented by the NSE Nifty rose 0.08 percent. The NSE Nifty Midcap 100 and the NSE Nifty Smallcap 100 fell 0.19 percent and 0.76 percent respectively.

Seven out of 11 sectoral gauges compiled by NSE declined, led by the NSE Nifty PSU Bank Index's 1.9 percent fall. On the flipside, the NSE Nifty IT Index was the top sectoral gainer, up 1.39 percent.

Bloomberg Quint

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