Sensex, Nifty End Little Changed; Bharti Airtel Closes At 8-Year High
Indian equity benchmarks were little changed as gains in Bharti Airtel, Cipla and Bharat Petroleum were offset by losses in banking shares.
The S&P BSE Sensex was little changed at 32,609 and the NSE Nifty 50 Index added 4 points to rise to all-time closing high of 10,234. The broader markets outperformed the benchmarks as the S&P BSE MidCap Index rose 0.4 percent and the S&P BSE SmallCap Index advanced 0.5 percent.
Fifteen out of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Telecom Index's 2.7 percent surge. On the other hand, S&P BSE Bankex Index was the top sectoral loser, down 0.2 percent.
Fab Four Stocks Of The Day
- Snowman Logistics: The logistics service provider gained the most in over three months after it announced that it has partnered with IKEA to manage back end of their in-store restaurants business in India.
- Aries Agro: The stock gained as much as 18 percent to hit fresh 52-week high of Rs 244.70 on the NSE after well-known investor Vijay Kedia bought additional 2 percent stake in the company.
- Prime Focus: The stock was locked in 20 percent upper circuit after brokerage firm Motilal Oswal imitated coverage on the stock with a buy rating for target price of Rs 130.
- Panacea Biotech: The stock rose more than 7 percent after the company received compliance certificate for 22 medicinal products from Ukraine.
Mukul Kochhar of Investec To BloombergQuint
- At this point we are advising clients to be mindful of valuations
- Private financials good space to be in we like Yes Bank ICICI Bank, DBS Bank and Chola
- Despite the steep run up in markets there are stocks which investors can look at
ACC Rises As Profit Nearly Doubles In Q3, Beats Estimates
Shares of the cement maker jumped as much as 1.6 percent, the most since October 13, to Rs 1,818 after its net profit in the September quarter rose 98 percent beating consensus analysts estimate compiled by Bloomberg.
Key Q2 Highlights:
- Net profit jumped 98 percent to Rs 177.69 crore from Rs 89.5 crore in September against estimate of Rs 165 crore (YoY)
- Revenue came in at Rs 3,054 crore against estimate of Rs 2,810 crore
- Total costs at Rs 2,880 crore
- Other income at Rs 23.77 crore
- EBITDA up 47.4 percent at Rs 414.9 crore versus Rs 281.5 Cr (YoY)
- Standalone margins at 13.3 percent versus 11.4 percent (YoY)
- Sales volume rose 17.6 percent to 5.96 million tonnes on a year-on-year basis