Sensex Extends Gain For Fourth Day To End Near Five-Month High
The Bombay Stock Exchange (BSE) logo is displayed in front of a bronze bull statue in the Bombay Stock Exchange in Mumbai, India (Photographer: Dhiraj Singh/Bloomberg)

Sensex Extends Gain For Fourth Day To End Near Five-Month High

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Closing Bell: Sensex Extends Gain For Fourth Day To End Near Five-Month High

Indian equity benchmarks S&P BSE Sensex extended gains for the fourth consecutive trading session to end near a five-month high.

The 31-share index rose 0.55 percent to close above 40,000 for the first time since June 4. The NSE Nifty 50 rose 0.54 percent to end at 11,850.25. The broader markets represented by the NSE Nifty 500 Index rose 0.55 percent.

Sensex Extends Gain For Fourth Day To End Near Five-Month High

The market breadth was tilted in favour of buyers. About 1,008 stocks advanced and 769 shares declined on National Stock Exchange.

Six out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty PSU Bank Index’s 3.9 percent gain. On the flipside, the NSE Nifty Media Index was the top sectoral loser, down 0.6 percent.

Fab Four Stocks Of The Day

BHEL

  • Stock rose as much as 13.6 percent to Rs 61.10.
  • CLSA upgraded the stock to ‘Buy from ‘Sell’; hiked price target to Rs 67 from Rs 54.
  • Upgrade as government looks to unlock value in select CPSEs and allowing private sector to run.
  • Strategic sale could value BHEL near replacement cost vs earnings-based multiples.
  • BHEL has a lot to gain from a strategic partner.

Central Bank of India

  • Stock rose as much as 15 percent to Rs 20.70.
  • Committee approved issuing preferential capital of 158 crore shares worth Rs 3,353 crore to the Government of India.
  • Approval subject to nod from Shareholders and other statutory authorities.

Ramco Cements

  • Stock rose as much as 6.3 percent to Rs 796.50.
  • Strong September quarter due to better operational performance and lower tax expenses.
  • Revenues up 11 percent to Rs 1,316.7 crore.
  • Net profit up 47 percent to Rs 168.2 crore.
  • Ebitda up 19 percent at Rs 295.2 crore.
  • Margin at 22.4 percent versus 20.9 percent.
  • Cements sale volume up 10 percent to 27.24 LkhT
  • Ebitda per tonne up 8.3 percent to Rs 1064.

Indoco Remedies

  • Stock rose rose as much as 15.6 percent to Rs 178.
  • India business grows 17 percent
  • Revenue up 24 percent to Rs 292.6 crore.
  • Net profit at Rs 7.8 crore versus net loss of Rs 7.5 crore.
  • Ebitda up 2.7 times to Rs 32.6 crore.
  • Margin at 11.1 percent versus 5.1 percent.

Market Check: Sensex, Nifty Set To Extend Gains For Fourth Day

Indian equity benchmarks is set to end higher for the fourth consecutive trading session.

The S&P BSE Sensex rose 0.5 percent to 40,045 as of 2:50 p.m. and the NSE Nifty 50 rose 0.39 percent to 11,833. The broader markets represented by the NSE Nifty 500 Index rose 0.4 percent.

Stocks Moving On Heavy Volumes

HDFC Life Insurance

  • Stock rose as much as 5.4 percent after falling as much as 4.9 percent earlier.
  • Trading volume was 11 times its 20-day average.

Caplin Point Labs

  • Stock rose as much as 5.8 percent to Rs 409.40.
  • Trading volume almost 13 times its 20-day average.

ITI

  • Stock rose as much as 16.4 percent to Rs 100.95.
  • Trading volume was more than nine times its 20-day average.

Central Bank of India

  • Stock rose as much as 15 percent to Rs 20.70.
  • Trading volume was almost seven times its 20-day average.

Market Check: Breadth Remains In Favour Of buyers

The Market breadth was tilted in favour of buyers. About 1,034 stocks advanced and 720 shares declined on National Stock Exchange.

Graphite India Falls After Q2 Results

Shares of Graphite India fell as much as 4.9 percent to Rs 299.30 after the company announced September quarter results.

Graphite India (Q2, YoY)

  • Revenue down 58.5 percent to Rs 833 crore.
  • Net profit down 81.7 percent to Rs 167 crore.
  • Ebitda down 91.4 percent to Rs 117 crore.
  • Margins at 14 percent versus 68.1 percent.
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