Sensex, Nifty Close Higher As Metals Rally Led By Tata Steel
Closing Bell: Sensex, Nifty End Higher Aided By A Rally In Metal Stocks
Indian equity benchmarks closed higher on the back of a rally in metal stocks triggered by Tata Steel's quarterly earnings.
The S&P BSE Sensex ended 0.87 percent higher at 39,067.33 and the NSE Nifty 50 ended at 11,754.65, up 0.97 percent. The broader market index represented by the NSE Nifty 500 Index ended 0.63 percent higher.
The market breadth, however, was tilted in favour of sellers. About 753 stocks advanced and 957 shares declined on National Stock Exchange.
Eight out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty Metal Index’s 1.83 percent gain. On the flipside, the NSE Nifty Auto Index was the top sectoral loser, down 1.10 percent.
Hindalco Gains After Sale Of Kollur Unit
Shares of the Aditya Birla Group-company rose 2 percent intraday to Rs 200.50.
The company sold its aluminium foil making unit at Kollur in Telangana on a slump sale basis to Mundhra Alufoil, according to its exchange filing.
The stock declined 12 percent so far this year compared to 8.3 percent advance on the Sensex.
Europe Market Check: Equities Trade Flat
European equities were little changed on the final trading day of a week that’s lacked real direction as corporate earnings proved tricky to digest.
Aurobindo Pharma Hits A 30-Month High
Shares of the drugmaker rose as much as 4.8 percent to Rs 833.40 apiece, its highest since October 2016.
The margin of Sandoz’s U.S. business, which Hyderabad-based company agreed to acquire last year, beat expectations for the March quarter.
Thirty three of the 39 analysts tracked by Bloomberg had a ‘Buy’ rating on the stock, while six analysts had recommended ‘Hold’.
3M India Falls The Most This Year
Shares of the mining conglomerate slumped 5 percent intraday, the most in 2019, to Rs 23,642 apiece.
The trading volume was more than four times its 20-day average, according to Bloomberg data. However, the stock advanced 17 percent in the last 12 months compared to 12 percent gain on Sensex.
The U.S.-based company slashed its annual profit forecast as it reported that operating income dropped in all five business units. The company also announced it would cut 2,000 jobs.