Stock Market

Late rally in heavyweights lifts Sensex 164pts, Nifty above 7850

15:47

Chillicious Team


Equity benchmarks rebounded in last hour of trade despite mixed global cues, aided by FMCG, technology and HDFC group stocks. However, selling in oil, infra and select banks stocks limited upside. The Nifty broke 7800 level intraday.


The 30-share BSE Sensex climbed 163.66 points or 0.64 percent to 25653.23 and the 50-share NSE Nifty jumped 45.85 points or 0.59 percent to 7860.75, outperforming benchmarks. The BSE Midcap index was up 0.3 percent.


Experts said they believe the market may surpass 8000 level in monsoon, though there may be consolidation in near term.


Market expert Ambareesh Baliga said a one-week delay in monsoon may not be so much of a negative factor for the market but the Mauritius issue could weigh more and the trend would be a range-bound market.


Meanwhile, the wholesale price index (WPI) inflation has finally entered a positive territory after 17 months of decline, coming in at 0.34 percent for April compared to negative 0.85 percent for preceding month and negative 2.43 percent during corresponding month of the previous year.


Cigarette major ITC was the biggest gainer, rising 3 percent ahead of fourth quarter earnings that will be announced on May 20. Dr Reddy’s Labs also surged 3 percent. HUL, HDFC and HDFC Bank gained more than 1.6 percent on short covering and value buying.


State Bank of India plunged 4 percent after disappointed earnings by its peers in PSU segment. Bank of Baroda crashed 8 percent after posting losses of Rs 3,230 crore in Q4 against profit of Rs 598.3 crore in year-ago period due to higher provisions. Union Bank of India was down 6 percent after reporting sharp decline in profit at Rs 96.1 crore against Rs 443.8 crore YoY.


Among others, TCS, Asian Paints, Lupin, Maruti and Tata Steel gained 1 percent each while ICICI Bank, Adani Ports and Cipla fell over 1 percent.


The market breadth was marginally positive as about 1296 shares advanced against 1264 declining shares on Bombay Stock Exchange.


On the global front, Asian markets ended mostly higher today as traders shrugged off data released over the weekend that revived concerns over the Chinese economy. Shanghai Composite and Hang Seng were up 0.84 percent each followed by Nikkei with 0.3 percent upside. However, European markets were trading lower after soggy China data. France’s CAC was down 1 percent and Britain’s FTSE declined 0.4 percent (at 16 hours IST).