Index graphs run across a computer screen on the investment floor at an Investment firm. (Photographer: Jason Alden/Bloomberg News)

Sensex, Nifty Make A Strong Comeback After Three-Day Fall

Latest First
  • Oldest First

BQ Live

Closing Bell: Nifty Posts Biggest Rise In Eleven Weeks

Indian equity benchmarks snapped their three-day fall and ended higher, led by the gains in oil retailers and banking stocks. Nifty Index registered its biggest rise since January.

The S&P BSE Sensex ended 1.27 percent higher at 39,054.68 and the NSE Nifty 50 was 11,726.15 at close, up 1.30 percent. The broader market index represented by the NSE Nifty 500 Index ended 1.05 percent higher.

The market breadth was tilted in favour of buyers. About 950 stocks advanced and 775 shares declined on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty PSU Bank Index’s 1.54 percent gain. On the flipside, the NSE Nifty Auto Index was the only sectoral loser, down 0.42 percent.

Sensex, Nifty Make A Strong Comeback After Three-Day Fall

Tata Elxsi Falls After Q4 Results

Shares of the software company fell 2.6 percent to Rs 926.25 apiece, its lowest in over a month.

Review (Q4,QoQ)

  • Revenue fell 0.5 percent to Rs 405 crore.
  • EBIT fell 5.8 percent to Rs 91.5 crore.
  • EBIT margin contracted 130 basis points to 22.6 percent.
  • Profit rose 8 percent at Rs 71.3 crore.

The stock declined 22 percent in the past 12 months compared with a 12 percent gain in the Sensex.

Ultratech Cement Erases Losses After Q4 Results

Shares of the cement maker reversed the day’s losses and rose 1.4 percent intraday to Rs 4,254.90 apiece.

Review (Q4, YoY)

  • Total income rose 18 percent to Rs 10,500.3 crore
  • Ebitda rose 21 percent to Rs 2,213.3 crore.
  • Profit after tax doubled to Rs 1,017.50 crore.
  • Ebitda margin expanded 70 basis points to 21 percent.
  • A dividend of Rs 11.50 per share was declared.

The stock traded 38 times its estimated earnings per share for the coming year, Bloomberg data showed.

Bank Of Maharashtra Surges To 14-Month High

Shares of the state-owned lender rose 12.7 percent to Rs 18.25 apiece. The stock was the top gainer on Nifty 500 Index.

The trading volume was more than 11 times the 20-day average for this time of the day, according to Bloomberg data. The relative strength index on the stock was over 70, indicating it may be overbought.

ACC Falls The Most In Six Months

Shares of the cement manufacturer plunged 5.5 percent, the most since October 2018, to Rs 1,570 apiece. The company announced its March quarter results on Tuesday.

The trading volume was more than seven times the 20-day average for the time of the day, Bloomberg data showed.

Sensex, Nifty Make A Strong Comeback After Three-Day Fall

Here’s what the brokerages had to say on the stock:

CLSA

  • Maintained ‘Buy’ with target price of Rs 2,000.
  • Failed to impress with a miss in Q1 results.
  • Volumes inline, but miss on cost and realisation.
  • Management is fairly optimistic on cement demand outlook.

JP Morgan

  • Maintained ‘Neutral’ with target price of Rs 1,700.
  • Operating earnings miss on adverse sales mix and higher costs.
  • Miss seems more due to company specific challenges.
  • Any price correction in other cement companies to offer buying opportunity.