Sensex Extends Gains, Up Over 200 Points; HDFC, Axis Bank Lead


1.45 p.m.: Sensex was up 225 points, while the Nifty traded 65 points higher at 7,925 amid broad-based buying. Banks, auto, IT are the major sectoral gainers in the market. Broader markets also traded higher. BSE Midcap and BSE Smallcap indices were up 0.42 and 0.49 per cent respectively.

1.40 p.m.: Motherson Sumi shares surged nearly 9 per cent to Rs 291.85 as it reported better than estimates earning for the fourth quarter. (Read)

12:59 p.m.: From the Nifty50 basket of stocks, 38 were advancing while 13 were declining. ONGC was the top Nifty gainer, up 4.4 per cent to Rs 211.50. Axis Bank, HDFC, Mahindra & Mahindra, HCL Technologies, GAIL India, BPCL and Larsen & Toubro were also among the gainers, up 1.72-3.2 per cent each.

12:38 p.m.: Tata Coffee shares fell as much as 3 per cent on Tuesday after its net profit dropped 13 per cent to Rs 34 crore. Tata Coffee’s revenue was nearly flat at Rs 457 crore compared with Rs 451 crore in the year ago period.

Tata Coffee attributed the fall in net profit to the underperformance of its plantation segment.(Read)

12:27 p.m.: Analysts attribute today’s rise in stock markets to the exit polls predicting a first time victory for BJP in Assam.

12:08 p.m.: The stock markets extended gains in the noon deals led by buying in heavyweights like HDFC, Axis Bank, Larsen & Toubro and Infosys. The Sensex was up 214 points at 25,867 and Nifty was at 7,925, up 64 points.

11:46 a.m.: The stock markets continue to trade firmly higher. The Sensex advances 153 points to 25,806 and Nifty was at 7,908, up 47 points.

11:37 a.m.: BSE Oil & Gas index jumps 1.4 per cent on the back of gains in ONGC, Oil India, Cairn India, BPCL, GAIL India, Petronet LNG and HPCL.

11:30 a.m.: Capital goods stocks were witnessing buying interest. The BSE Capital Goods index was up 1.25 per cent; Havells India was the top gainer from this space, up 3.2 per cent to Rs 369. Suzlon Energy, Sadbhav Engineering, Mahindra CIE, Alstom T&D, Solar Industries, SKF India and Larsen & Toubro were also among the gainers, up 1.66-2.82 per cent.

11:15 a.m.: PSU banking stocks continue to witness selling pressure for the second day. The Nifty PSU Bank index was down 0.6 per cent; Syndicate Bank was the top loser from this space, down 2.5 per cent to Rs 61.85. Union Bank of India, Punjab National Bank, Bank of Baroda, State Bank of India, Canara Bank and Allahabad Bank were also among the losers.

11:06 a.m.: From the Nifty50 basket of stocks, 34 were advancing while 17 were declining. ONGC was the top Nifty gainer, up 3 per cent to Rs 209. Axis Bank, BPCL, GAIL India, HCL Technologies, HDFC, Larsen & Toubro, Hero MotoCorp and Yes Bank were also among the gainers, up 1.5-2.75 per cent each.

10:57 a.m.: The market breadth was positive as 1,217 stocks were advancing while 769 were declining.

10:50 a.m.: Swati A Hotkar, technical research analyst at Nirmal Bang Securities, expects Nifty to break above 8,000 as long as the index holds 7,750. Investors should hold on to long position in markets till Nifty is trading above 7,750, she added.(Watch full interview)

10:35 a.m.: The stock markets were trading firmly higher. The Sensex was up 144 points at 25,797 and Nifty was at 7,906, up 45 points.

10:23 a.m.: Petronet LNG shares jumped over 2 per cent on Tuesday as the gas importer reported strong earnings for the March quarter.

Petronet LNG’s Q4 net profit of Rs 239 crore was lower as compared to Rs 301 crore in the year ago period. However, Petronet’s bottom line in the year ago period was boosted by tax reversals. Adjusted for exceptional gains, Petronet had reported a net profit of Rs 102 crore in the year-ago quarter.(Read)

10:16 a.m.: Power stocks were witnessing buying interest. Alstom T&D was the top gainer from this space, up 2.45 per cent to Rs 360. Suzlon, ABB, Torrent Power, CESC, Power Grid, GMR Infra and NHPC were among the gainers.

10:01 a.m.: Sun TV shares jumped as much as 9.5 per cent on Tuesday after exit poll results predicted a victory for opposition DMK in Tamil Nadu. Chennai-based Sun TV is owned by Kalanithi Maran, the grandnephew of DMK President M Karunanidhi.(Read)

09:41 a.m.: Sun TV was the top mid-cap gainer, up 9.2 per cent to Rs 429.30. Piramal Enterprises, HPCL, Peteronet LNG, Shriram Transport Finance, Yes Bank, Titan, Zee Entertainment and Alstom T&D were also among the gainers.

09:34 a.m.: The broader markets were broadly in-line with the benchmark indices. The BSE mid-cap and small-cap indices were up 0.4 per cent each.

09.18 a.m. Markets opened higher as expected, with the BSE Sensex rising over 150 points above 25,800 and the Nifty reclaiming the 7,900 levels. Banking stocks rebounded, whilethe energy index outperformed tracking the rise in global crude oil prices.

On the Nifty, Axis Bank, ONGC and HDFC traded with 1.5-2 per cent gains. Bank of Baroda, which slumped nearly 10 per cent on Q4 loss yesterday, rebounded to trade 1.4 per cent higher.

Tata Motors, Bosch and Adani Ports were among the top Nifty losers in early trade.

08.45 a.m. The BSE Sensex and the broader Nifty are likely to open higher on Tuesday, according to futures trading on the Singapore Exchange (SGX). As of 08.47 a.m., SGX Nifty traded 0.4 per cent or 30 points higher at 7,909, suggesting a strong opening for domestic markets.

Analysts said exit polls showing a BJP victory in Assam should be well received by markets. Results for assembly elections held in Assam, West Bengal, Tamil Nadu and Kerala are due on Thursday.

“If BJP makes strong inroads in Kerala, Tamil Nadu and West Bengal, then the market will interpret it as a positive development for reforms going ahead. But if BJP does poorly, then the market will believe that the BJP will announce unwanted populist policies, which will be negative for the markets,” said market expert Hemindra Hazari.

Corporate earnings will continue to be in focus, with state-run Syndicate Bank and United Bank of India set to report their Q4 numbers today. So far, March quarter earnings have been better than expectations, with the exception of the banking sector, which continues to struggle because of rising bad loans.

Local equities are likely to get support from global cues, withAsian shares recovering from two-month lows on Tuesday. MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up 0.1 per cent. Japan’s Nikkei gained about 1 per cent.

Wall Street rallied sharply on Monday, juiced by a jump in Apple shares and gains from energy stocks that were backed by stronger oil prices.

Oil prices hit six-month highs on Monday on global supply outages and long-time bear Goldman Sachs taking a more positive view on the market.