Sensex, Nifty Clock Best Weekly Gain In A Month Ahead Of Karnataka Polls
Indian equity benchmarks resumed upmove after taking a breather in the previous session ahead of Karnataka assembly elections led by HDFC twins, Asian Paints, ITC and Infosys.
The S&P BSE Sensex rose 0.82 percent or 289.52 points to 35,535.79 and the NSE Nifty 50 index climbed 0.84 percent or 89.95 points to 10,806.50.
“The way market is reacting, it is factoring in a BJP victory. But if it does not win, there can be a correction of 100-200 points in Nifty,” Gaurang Shah of Geojit Financial Services told BloombergQuint over phone.
On weekly basis, the benchmarks clocked their best gain in a month. Both the Sensex and the Nifty advanced 1.7 percent.
Twelve out of 19 sector gauges compiled by the BSE Ltd. ended higher led by the S&P BSE Metal index's 1.56 percent gain. On the other hand, the S&P BSE Telecom index was the top loser, down 4.25 percent. (Here’s why)
Stocks Moving on Heavy Volumes
- Sheela Foams: The Ghaziabad-based mattress maker fell 0.4 percent to Rs 1,454. Trading volume was 10.8 times its 20-day average.
- Akzo Nobel: The Gurugram-based paint maker rose 1.25 percent to Rs 1,944. Trading volume was 9.4 times its 20-day average.
- Astral Polytechnik: The Ahmedabad-based PVC plumbing system maker fell 0.14 percent to Rs 959. Trading volume was 7.77 times its 20-day average.
- Berger Paints: The Kolkata-based paint maker rose 4.6 percent to Rs 279. Trading volume was 9.5 times its 20-day average.
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Shares of the Mumbai-based McDonald’s restaurant operator in west and south India rose as much as 3.76 percent to Rs 425 after its net profit rose 59 percent in March quarter.
Key earnings highlights:
- Other income up 64.4 percent at Rs 9.7 crore versus Rs 5.6 crore (YoY)
- Margin at 6 percent versus 4.3 percent (YoY)
- EBITDA up 87.6 percent at Rs 18.2 crore versus Rs 9.7 crore (YoY)
- Revenue at Rs 302.7 crore versus Rs 224.8 crore (YoY)
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