Finally, BSE Sensex closed at 20,958 up 249 points, while NSE Nifty closed at 6241 up 80 points over the previous close.
The Indian equity market ended with strong gains on Thursday snapping a two-day losing streak as exit polls predicted a strong position for the key opposition party, the BJP, in state elections held over the past month. Sentiment also got a boost after the Indian rupee rose to a five-week high against the US dollar. The rupee rose to as high as 61.52 against the dollar, its strongest level since October 31. It was last trading at around 62.0 compared to its 62.05/06 close on Wednesday.
Today’s rally was led by the banking stocks which lifted the BSE Bankex higher by over 4%, the largest gainer among the BSE sectoral indices. Among the other top performers were the capital goods, realty, power and oil and gas index up by 3.5%, 1.5%, 1.5% and 1.3% respectively.
Amar Ambani, Head of Research at IIFL said, the market is pinning its hopes on a BJP-led Government at the centre*. While we believe believe it’s premature to predict a thumping BJP majority just yet, the fact remains that this very hope is driving the market. Likely BJP wins in the state elections of Rajasthan, MP and Chhattisgarh may further boost the current rally.” *(Disclaimer: this is not our political opinion on the quality of governance of different political parties but only a reportage of the discernibly prevalent market perception)
Even the mid-cap and the small-cap stocks witnessed some buying momentum.
Finally, BSE Sensex closed at 20,958 up 249 points, while NSE Nifty closed at 6241 up 80 points over the previous close.
IDFC, ICICI Bank, HDFC Bank, L&T, BHEL, Axis Bank, Maruti, Bank of Baroda and IndusInd Bank were among the top gainers in the Nifty.
On the other hand, Sun Pharma, Dr Reddy’s Labs, Lupin. ITC, HUL, Ranbaxy, Sesa Sterlite and HCL Tech were among the top losers.
The advance-decline ratio was almost even.On the BSE, 1268 stocks advanced against 1248 declining stocks, while 167 remained unchanged.
The INDIA VIX was down 9% at 21.68. It hit a day’s high of 22.07 and low of 20.08.
Stock News
Wipro announced that it is ramping down production at its PC manufacturing and assembly factories in Uttarakhand and Puducherry. The stock ended marginally higher by 0.2% to close at Rs. 492.5 per share.
Shares of Jubilant Life Sciences plunged over 9% to close at Rs. 126 after the company received a warning from the U.S. Food and Drug Administration over manufacturing practices at one of its U.S. facilities. The FDA said it could withhold approval of new products from Jubilant HollisterStier LLC until the company takes action to comply with the regulator's good manufacturing practices.
Cipla wholly owned subsidiary acquired 100% stake in Croatia-based firm Celeris d.o.o.The company however, did not share the financial details of the acquisition. Celeris is the distributor of Cipla’s products in Croatia. The stock ended marginally lower by 0.8% to close at Rs. 386 per share.
Bharti Airtel announced that its wholly-owned subsidiary - Bharti Airtel International (Netherlands) B.V. - has priced euro 750 million 4% Guaranteed Senior Notes due 2018. The stock was up 0.7% and close at Rs. 334.5 per share.
Strides Arcolab announced that it completed sale of its Agila Specialties Division to Mylan Inc. for a total consideration of up to US$1.75bn. The stock plunged over 15% to close at Rs. 841 per share.
Today’s rally was led by the banking stocks which lifted the BSE Bankex higher by over 4%, the largest gainer among the BSE sectoral indices. Among the other top performers were the capital goods, realty, power and oil and gas index up by 3.5%, 1.5%, 1.5% and 1.3% respectively.
Amar Ambani, Head of Research at IIFL said, the market is pinning its hopes on a BJP-led Government at the centre*. While we believe believe it’s premature to predict a thumping BJP majority just yet, the fact remains that this very hope is driving the market. Likely BJP wins in the state elections of Rajasthan, MP and Chhattisgarh may further boost the current rally.” *(Disclaimer: this is not our political opinion on the quality of governance of different political parties but only a reportage of the discernibly prevalent market perception)
Even the mid-cap and the small-cap stocks witnessed some buying momentum.
Finally, BSE Sensex closed at 20,958 up 249 points, while NSE Nifty closed at 6241 up 80 points over the previous close.
IDFC, ICICI Bank, HDFC Bank, L&T, BHEL, Axis Bank, Maruti, Bank of Baroda and IndusInd Bank were among the top gainers in the Nifty.
On the other hand, Sun Pharma, Dr Reddy’s Labs, Lupin. ITC, HUL, Ranbaxy, Sesa Sterlite and HCL Tech were among the top losers.
The advance-decline ratio was almost even.On the BSE, 1268 stocks advanced against 1248 declining stocks, while 167 remained unchanged.
The INDIA VIX was down 9% at 21.68. It hit a day’s high of 22.07 and low of 20.08.
Stock News
Wipro announced that it is ramping down production at its PC manufacturing and assembly factories in Uttarakhand and Puducherry. The stock ended marginally higher by 0.2% to close at Rs. 492.5 per share.
Shares of Jubilant Life Sciences plunged over 9% to close at Rs. 126 after the company received a warning from the U.S. Food and Drug Administration over manufacturing practices at one of its U.S. facilities. The FDA said it could withhold approval of new products from Jubilant HollisterStier LLC until the company takes action to comply with the regulator's good manufacturing practices.
Cipla wholly owned subsidiary acquired 100% stake in Croatia-based firm Celeris d.o.o.The company however, did not share the financial details of the acquisition. Celeris is the distributor of Cipla’s products in Croatia. The stock ended marginally lower by 0.8% to close at Rs. 386 per share.
Bharti Airtel announced that its wholly-owned subsidiary - Bharti Airtel International (Netherlands) B.V. - has priced euro 750 million 4% Guaranteed Senior Notes due 2018. The stock was up 0.7% and close at Rs. 334.5 per share.
Strides Arcolab announced that it completed sale of its Agila Specialties Division to Mylan Inc. for a total consideration of up to US$1.75bn. The stock plunged over 15% to close at Rs. 841 per share.
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