Sensex rises 125 points; consumer durables stocks gain

 

The 30-share bellwether BSE Sensex on Friday was trading over 125 points higher led by shares of consumer durables, power and realty companies.

At 9.53am, the Sensex was trading higher by 0.58%, or 129.02 points, at 22,473.06 points, while the National Stock Exchange’s (NSE’s) broader 50-share Nifty was trading up 0.58%, or 38.80 points, to 6,698.65 points.

 

The gainers included Hindalco Industries Ltd that was trading up 1.94% at Rs.139.10 and Tata Power Co. Ltd that rose 1.9% to Rs.77.75. The Supreme Court virtually marked an end to the power supply monopoly of BEST (Brihanmumbai Electric Supply and Transport) by dismissing its appeal that sought to restrain Tata Power from laying its network in south Mumbai. 

 

Among the losers, Gail India Ltd fell 0.64% to Rs.363.5 and Dr Reddy’s Laboratories Ltd fell 0.35% to Rs.2729.

The BSE consumer durable index was the top sectoral gainer, up 1.05%. The BSE power and realty indices were up 0.84% and 0.74%, respectively. The BSE healthcare index was the top sectoral loser, down 0.11%.

 

Financial Technologies India Ltd (FTIL) was trading at Rs.265.05 on BSE, down 4.21% from its previous close, while Multi Commodity Exchange of India Ltd (MCX) rose 3.35% to Rs.513. On Wednesday, 

 

 

Mumbai police’s Economic Offences Wing (EOW) arrested Jignesh Shah, chairman and group chief executive of FTIL, in connection with the Rs.5,574.34 crore fraud at the National Spot Exchange Ltd (NSEL). A Mumbai court on Thursday sent Shah and Shreekant Javalgekar, former chief executive of MCX, to police custody till 15 May.

 

 

Jet Airways (India) Ltd was trading at Rs.243.25 on BSE, up 3.05% from its previous close, after the Securities and Exchange Board of India (Sebi) exempted Etihad Airways PJSC from having to make an open offer to public shareholders of Jet Airways.

Zuari Agro Chemicals Ltd was trading at Rs.138.30 on BSE, up 6.92% from its previous close. It reported a net profit of Rs.147.19 crore for the quarter ended 31 March, compared with a net loss of Rs.6.65 crore in the corresponding quarter of the previous fiscal year. 

 

GlaxoSmithKline Consumer Healthcare Ltd, Eicher Motors Ltd, Chambal Fertilisers and Chemicals Ltd are some of the companies that will announce their March quarter earnings on Friday.

Since the beginning of this year, the BSE Sensex has gained 5.57%, while foreign institutional investors have bought $5.47 billion from local equity markets.

 

Asian markets were trading mixed following benign inflation data from China and weak cues from Wall Street. China’s Shanghai Composite was trading down 0.32% after consumer prices rose 1.8% in April, providing relief to consumers who are struggling with effects of growth slowdown. Hong Kong’s Hang Seng was down 0.09% and Japan’s Nikkei Stock Average was up 0.59%.

 

 

Wall Street indices ended lower following renewed selloffs in high-flying technology shares, offsetting optimism from better-than-expected jobless claims and dovish comments from European Central Bank (ECB) president Mario Draghi. The Dow Jones Industrial Average closed up 0.2%, S&P 500 was down 0.1% and Nasdaq Composite was off 0.4%.

Rahul kumar Gupta

PGDM,1st year

Source:-Mint