Sensex Ends At Over Two-Month High; Nifty  Shy Of February Record 
A man looks at a screen displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai. (Photo: Bloomberg)

Sensex Ends At Over Two-Month High; Nifty Shy Of February Record 

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Closing Bell

Indian equity benchmarks gained amid investors optimism that the economy will rebound strongly from the world's worst Covid-19 outbreak.

The S&P BSE Sensex gained 0.75% to 51,017.52, its highest close since March 10. Fourteen of the 19 sector sub-indexes compiled by BSE Ltd. climbed, led by a gauge of realty companies.

NSE’s Nifty 50 ended 0.61% higher at 15,301.45 and was 12 points away from its February record close. The stock benchmark has risen about 9% so far this year, compared to a 3% rise in the regional benchmark MSCI Asia Pacific Index.

Sensex Ends At Over Two-Month High; Nifty  Shy Of February Record 

“Indian stocks have showed no reaction to the local Covid-19 situation so far,” UBS Global Wealth Management strategists Adrian Zuercher and Crystal Zhao wrote in a recent note. “This is because the market is already looking to its growth recovery, which has likely been pushed out by a quarter.”

India remains one of UBS’s most preferred markets alongside China, Singapore and Malaysia, the strategists added.

India’s government is preparing a stimulus package for sectors worst affected by the deadly outbreak, people familiar with the matter have told Bloomberg News.

Also read: Credit Suisse Downgrades Tata Steel, JSW Steel And JSPL; Shares Drop

Manappuram Q4 Net Income Misses Estimates

Manappuram reported net income for the fourth quarter that missed the average analyst estimate.

  • Net income Rs 468 crore, +18% YoY, estimate Rs 476 crore
  • Revenue Rs 1620 crore, +0.6% YoY, estimate Rs 1,072 crore
  • Total costs Rs 1010 crore, -6.5% YoY
  • Other income Rs 7.93 crore, -38% y/y
  • Dividend per share Rs 0.75

Berger Paints Q4 Net Income Beats Estimates

Berger Paints reported net income for the fourth quarter that beat the average analyst estimate.

  • Net income Rs 210 crore vs. Rs 104 crore YoY, estimate Rs 190 crore
  • Revenue Rs 2,030 crore, +50% y/y
  • Total costs Rs 1,760 crore, +45% y/y
  • Ebitda Rs 336 crore, estimate Rs 297 crore
  • Dividend per share Rs 2.80

Eicher Motors, Grasim, Titan Co in Focus: Options Watch

  • Grasim options volume 3x the 20-day average, with 14,680 calls changing hands vs 3,066 puts
    • Stock up 2.4%, volume 2x the 20-day average for this time of day
  • Eicher Motors options volume 1.9x the average, with 5,666 calls vs 2,129 puts
    • Stock down 0.2%, volume 1x the average
  • Titan Co options volume 1.8x the average, with 26,556 calls vs 10,286 puts
    • Stock up 1.8%, volume 1.6x the average
  • India VIX Index down 0.6%

Thermax Surges After Q4 Shows Normalcy in Business Ops

Shares of the Pune-based maker of energy-conservation equipment rose as much as 8.6% in Mumbai, in their biggest single-day gain since April 7, after its fourth-quarter earnings.

Thermax’s order inflows have seen a broad-based recovery across various sectors from cement, steel, food & beverages, with the company witnessing normalcy returning to its operations, ICICI Securities Ltd. said in a note.

  • Q4 Ebitda more than doubled to Rs 140 crore on a YoY basis but dropped 5.4% on a QoQ basis; the year-on-year Ebitda rise was aided by cost control measures and better execution in key business segments through higher raw material costs weighed on the numbers
  • The company won contracts valued Rs 1500 crore in during the quarter, taking its order book to Rs 5220 crore, flat on YoY basis
  • Order inflows and order book continue to remain the key concerns for analysts of the company, given private capex is muted, ICICI Securities said.
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