Sensex, Nifty Gain For Second Day Led By Private Banks, I.T.
The CNX Nifty logo is displayed on a glass wall at the National Stock Exchange (NSE) in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg) 

Sensex, Nifty Gain For Second Day Led By Private Banks, I.T.

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Markets At Close

  • Benchmark indices end with gains for the second straight day
  • Nifty ends 1.4 percent higher at 9,313
  • Nifty futures end with discount of 27 points
  • Sensex ends 1.5 percent higher at 31,863
  • Nifty Bank ends 2.9 percent higher at 20,267
  • Nifty Midcap Index ends 1.2 percent higher
  • Nifty Smallcap Index ends 1.7 percent higher
  • India Volatility Index ends 8.9 percent lower at 39
  • Nifty FMCG ends as top sectoral laggard; down 1.4 percent
  • Nifty I.T. ends as the top sectoral gainer; up 4.4 percent
  • Kotak Mahindra Bank ends as the top Nifty gainer; up 8.3 percent
  • Titan ends as the top Nifty laggard; down 3.7 percent
  • 1,151 stocks on the NSE end with gains while 638 post losses

Contributors To Nifty's Gains

Closing Bell: Second Day Of Gains

Indian equity markets ended higher for the second day, led by gains in private banking stocks as well as Information Technology heavyweights.

The S&P BSE Sensex ended at 31,863, up by 483 points or 1.54 percent. The NSE Nifty 50 index too ended above the 9,300 mark at 9,313, up by 1.4 percent. Kotak Mahindra Bank emerged as the top index gainer, with gains of over 8 percent. I.T. majors like Infosys and TCS also contributed to gains.

Among sectoral indices, the Nifty Bank and the Nifty I.T. index gained 2.6 and 4 percent respectively. The Media index cooled off in the second half of trade to end 1 percent higher.

1,151 stocks on the National Stock Exchange ended the day with gains while 638 declined.

Stock Update: Mahindra Logistics

  • Down for the third straight day
  • Among the worst performers on the Nifty 500 index
  • Locked in a 5 percent lower circuit
  • Lower circuit for the last three days
  • Longest losing streak in a month
  • Down 14 percent in the last three sessions
  • Today's volumes are 0.9 times higher than its 30-day average
  • Faced resistance at its 50-day Moving Average of Rs 314.48 and has been correcting since
  • 11 out of the 12 analysts tracking the stock have a buy recommendation
  • Return potential for the stock as per Bloomberg data is 50.1 percent

Stock Update: Indiabulls Housing Finance

The company has informed the stock exchanges that it has remitted repayments of External Commercial Borrowing (ECB) worth approximately Rs 1,140 crore or $150 million. The said payments were due tomorrow, April 24.

The stock currently trades 1.3 percent higher at Rs 117 after rising as much as 4 percent. The stock may snap a two-day losing streak.

Earnings Estimates: Bharti Infratel Q4FY20

  • Revenue seen 1 percent lower at Rs 3,638 crore
  • Ebitda seen 2 percent lower at Rs 1,841 crore
  • Ebitda Margin seen at 50.6 percent from 51.1 percent
  • Net profit seen 1 percent lower at Rs 791 crore
  • Tenancy ratio seen flat at 1.85x
  • Will continue to get Rs 90 crore as revenue from tenancy cancellations
  • All estimates are BloombergQuint estimates, consolidated and compared on a sequential basis

Key Factors To Watch For Bharti Infratel:

  • Commentary on trends in gross tenancy additions and exits
  • Update on merger with Indus Towers
  • Dividend strategy due to implications of AGR case
  • Change in Dividend Distribution Tax regime
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