Stock Market

Nifty ends above 7600, Sensex up 275 pts; TCS, SBI gainers


Chillicious Team

3:30 pm Market closing:

The market has ended with robust gains. The Sensex was higher 275.37 points or 1.1 percent at 24952.74, and the Nifty ended up 91.80 points or 1.2 percent at 7604.35. About 1297 shares have advanced, 1291 shares declined, and 196 shares are unchanged.

Hindalco, TCS, SBI, Adani Ports and GAIL were top gainers while Lupin, Sun Pharma, HUL and Maruti Suzuki were losers in the Sensex.

3:10 pm BSE: The number of investors in the stock market has reduced in the last 20 years despite many technological advances and there is a need to introspect as to what led to the fall, BSE Chief Executive Officer Ashishkumar Chauhan said today.

“We have done tremendous automation in the stock markets, we have set up automated exchanges. Even old exchanges have been automated. We have set up clearing houses, we have set up derivatives markets, but the number of investors in the last 20 years actually reduced,” Chauhan said at the Skoch event here.

“25 years back in 1991, there were three crore investors, today there are less. What has been done wrong, probably we need to introspect”, he said.

2:59 pm Nifty hits 7600: The market extended rally in last hour of trade with the Nifty reclaiming 7600, driven by Infosys, HDFC, HDFC Bank and Reliance Industries.

The Sensex rallied 256.74 points or 1.04 percent to 24934.11 and the Nifty jumped 92.45 points or 1.23 percent to 7605.

2:40 pm ENIL raises funds: Entertainment Network India (ENIL), which runs Radio Mirchi channel, today said it has raised Rs 249.43 crore by issuing unsecured commercial papers (CPs) to BNP Paribas.

“The company has on March 18, 2016 issued unsecured commercial papers (CPs) to BNP Paribas. The amount raised through issuance of CPs is Rs 249.43 crore,” Entertainment Network (India) Ltd said in a BSE filing.

It further said: “The CPs have a tenor of one year and will mature on March 17, 2017. The maturity value of CPs is Rs 270 crore. The effective yield of the CPs is 8.25 percent per annum. The proceeds from the CPs will be used to fully repay the outstanding bank loans.”

2:20 pm Sugar exports: India, the world’s second-biggest sugar producer, is likely to export 1.9 million tonnes to 2 million tonnes of sugar in the 2015/16 marketing year started on October 1, a leading trade body said in a statement on Friday.

Sugar mills have so far contracted 1.4 million tonnes for exports and another 500,000 tonnes to 600,000 tonnes could be shipped by September end, the Indian Sugar Mills Association said.

In the current year, so far mills have produced 22.13 million tonnes of sugar, almost steady compared with last year’s output of 22.16 million tonnes during the same period, it said.

The first back-to-back drought in nearly three decades has trimmed cane supplies and forced 189 sugar mills to close operations, including 91 mills in top producing western state of Maharashtra, it said.

Also read – Q4 slippages expected to be near Q3 level: SBI

2:00 pm Market Check

The market remained higher in afternoon trade with the Sensex rising 85.77 points to 24763.14 and the Nifty advancing 33.45 points to 7546. The market breadth was weak as about 1345 shares declined against 1083 advancing shares on the Bombay Stock Exchange.

GAIL and Hindalco Industries topped buying list on Sensex, up 3-4 percent followed by TCS with 2.6 percent upside. Infosys, Tata Motors, SBI, Axis Bank, Adani Ports, Wipro and Tata Steel gained around a percent.

Lupin extended losses, falling 8 percent after CLSA downgraded the stock to underperform from buy and slashed target price to Rs 1,800 from Rs 2,162 earlier as there is no near-term catalyst. It expects the stock to remain rangebound until clarity emerges on the Goa observations.