Sensex Clocks Best Fiscal Since FY15
Closing Bell: Sensex Clocks Best Fiscal Since FY15
Indian equity benchmark Sensex clocked its best fiscal returns in four years.
The S&P BSE Sensex advanced 17.30 percent this financial year, the highest since 2014-15. The NSE Nifty 50 returned 14.93 percent during the period, the highest since the financial year ended March 2017.
On Friday, the 31-share index closed 0.33 percent higher at 38,672.91 and the 50-stock index closed at 11,623.90, up 0.47 percent. The broader market index represented by the NSE Nifty 500 Index closed 0.64 percent higher.
The market breadth was tilted in favour of buyers. About 970 shares advanced and 772 stocks declined on National Stock Exchange.
Nine out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty Metal Index’s 2.37 percent advance. On the flipside, the NSE Nifty PSU Bank Index was the top sectoral loser, down 0.21 percent.
From Bloomberg: Iron Ore Soars As Bullish Triptych Supercharges Strong Power
Iron ore is heading for the biggest quarterly gain since last 2016 as Vale SA finally detailed the extent of the hit to full-year sales from its Dam Burst; Australia warned the impact from that disruption will be felt for years; and Rio Tinto Group said a cyclone prompted a force majeure notice.
Futures in Singapore rallied as much 4.7 percent on Friday after the series of announcements, while shares in Australian mining companies jumped. In Sydney, Rio stock advanced to the highest level since 2008, while Fortescue Metals Group Ltd. posted a a quarterly climb of 70 percent.
Europe Market Check: Equities Set For Best Quarterly Gains In Four Years
Metal Shares Rally, JSP Jumps Nearly 9%
The NSE Nifty Metal Index jumped over 2 percent, led by the gains in Jindal Steel & Power and Steel Authority of India.
Oil Marketers Rally After HSBC Hikes Price Target
Shares of the oil marketing companies rallied in today’s trade after brokerage and research firm HSBC hiked price target.
Here’s what HSBC had to say:
- Concern over marketing margins short-lived; even GRMs are normalising from lows.
- Strong earnings outlook for OMCs should drive further upside.
- Both pace and quantum of recovery in marketing margins has surprised.
- Refining should improve further in 2019-20.
- IOCL: Maintained ‘Buy’; hiked price target to Rs 199 from Rs 168.
- BPCL: Maintained ‘Buy’; hiked price target to Rs 460 from Rs 429.
- HPCL: Maintained ‘Buy’; hiked price target to Rs 341 from Rs 298.