Sensex rallies 100 points as BoJ initiates negative interest rates, Nifty50 above 7,450

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NEW DELHI: The S&P BSE Sensex surged over 100 points in trade on Friday, led by gains in ITC, HDFC, Sun Pharma, HDFC Bank, Infosys, and TCS.

The Nifty50 managed to surge past its crucial psychological level of 7450, supported by gains in oil & gas, metal, consumer durable, and IT stocks.

Investor sentiment improved sharply after Bank of Japan in a statement said that it retains plan for ¥80 trillion annual rise in monetary base, and will cut rates further if needed.

Shares of ICICI Bank tumbled over 5 per cent as the private lender reported increase in its asset quality issues. Maruti Suzuki, too, saw its shares dip about 3 per cent after Q3 numbers.

Most other Asian markets traded mixed. Japan’s Nikkei slid 0.52 per cent ahead of Bank of Japan meet while South Korean Kospi was down 0.26 per cent. Hong Kong’s Hang Seng index traded surged 1.12 per cent. Mainland China’s CSI 300 index saw gains of 2.56 per cent.

Markets @ 10:10

Sensex 24,551, up 81 points, Nifty 7,449, up 25 points

Top Gainers:

COAL INDIA (3.27%), SUN PHARMA (3.27%), GAIL (2.48%), ONGC (1.77%), ITC LTD (1.59%)

Top Losers:

ICICI BANK (4.12%), SBI (2.89%), TATA MOTORS (2.81%), BHARTI AIRTEL (2.64%), AXIS BANK (2.56%)

WHAT TOP EXPERTS ARE SAYING:

Like Tata Motors on back of attractive valuations: Centrum Wealth

OPEC members have certain concerns about Iran, Venezuela economics: Jonathan Baratt

Maintain Neutral on Dabur; cut target to Rs 270 from Rs 305: Credit Suisse

Maintain Underweight on Bharti Airtel; target of Rs 300: Morgan Stanley

Here is a list of top twelve stocks that are in focus today:

Maruti Suzuki India Ltd: The country’s largest car maker Maruti Suzuki India Limited ( MSIL) reported a 27.1 per cent increase in net profit at Rs 1019.3 crore during the third quarter ended December 31, 2015.

Bharti Airtel Ltd: Bharti Airtel’s Africa net loss for the fiscal third quarter narrowed to $74 million from $136 million a year ago, on the back of data customer base growing, even as overall revenue growth was marginal weighed down by currency depreciation in key markets.

ICICI Bank Ltd: ICICI Bank reported a lower than expected net profit for the quarter ended December 2015 burdened by a rise in bad loans after Reserve Bank of India (RBI) directions which told banks to classify some accounts as bad in an attempt to clean up bank books.

HCC Ltd: Infrastructure major Hindustan Construction Company (HCC) reported 28.5 per cent dip in standalone net profit at Rs 19.38 crore for the quarter ended December 31.

United Bank of India: State-owned lender United Bank of India (UBI) plans to raise up to Rs 1,500 crore through Qualified Institutional Placement, rights or public issue.

Financial Technologies Ltd: FTIL exited Dubai Gold and Commodity Exchange (DGCX) by selling its entire stake to the government-owned Dubai Multi Commodity Centre (DMCC), for about Rs 75 crore. PC Jeweller Ltd: Foreign Institutional Investors can now invest up to 49 percent of the paid-up capital of PC Jeweller, the Reserve Bank said on Thursday.

EIL: The government fixed the floor price of Rs 189 per share for selling its 10 percent shareholding in Engineers India Ltd that would fetch it about Rs 637 crore.

Titan Co. Ltd: Watch and jewellery maker Titan Co. Ltd on Thursday reported an 18.4% jump in net profit to Rs.225 crore in the fiscal third quarter, benefiting from higher demand generated by discounts in the festive season.

Majesco Ltd: The company announced that Clear Blue Financial Holdings LLC has selected Majesco to implement an MGA partner integration portal and an operational data store as important foundational components to enable their program business growth strategies.

Wockhardt Ltd: The US Food and Drug Administration’s inspection at Indian drug maker Wockhardt’s plant at Shendra earlier this month found a series of violations, including lack of controls to ensure that only authorised personnel could make changes to records and a bag of unaccounted shredded documents in a laboratory.

Apar Industries Ltd: The manufacturer of Speciality Oils, reported standalone net profit of Rs. 68.02 crore for the quarter, jumping over 26 folds year-on-year (YoY) and nearly three-folds quarter-on-quarter (QoQ).

Tide Water Oil Company (India): The board of Tide Water Oil Company (India) on Thursday approved a proposal to split every one share of face value Rs 10 each into two shares of face value Rs 5 each, subject to shareholder approval. The board also gave its consent to a bonus issue of shares to the company’s existing shareholders in the ratio of 1:1, said a media report.

MARKET THROUGH THE DAY:

Markets @ 9:20

The 30-share index was trading at 24,590, up 120 points or 0.49 per cent. It touched a high of 24,623.56 and a low of 24,340.06 in morning trade.

The Nifty50 was at 7,467 up 42 points or 0.57 per cent. It touched a high of 7,479.00 and a low of 7,402.80 in the first 30 minutes of trade.

The S&P BSE Midcap Index was up 0.35 per cent and BSE S&P Smallcap Index was trading 0.28 per cent higher.

Sun Pharma (up 2 per cent), M&M (up 2.3 per cent), Coal India (up 2.1 per cent), Gail India (up 2.1 per cent), and ONGC (up 1.9 per cent), were the major Sensex gainers.

ICICI Bank (down 5.2 per cent), Maruti Suzuki (down 3.1 per cent), Axis Bank (down 2.1 per cent), State Bank of India (down 0.7 per cent), and DRL (down 0.3 per cent), were the major Sensex gainers.

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