3:30 pm Market closing: The market ended with super gains boosted by index heavyweights. The Sensex closed up 286.92 points or 1 percent at 26653.60, and the Nifty was up 79.90 points or 0.9 percent at 8149.55. About 1401 shares have advanced, 1173 shares declined, and 189 shares are unchanged. SBI gained 6 percent while Sun Pharma was up 6 percent. Adani Ports, Reliance and Bajaj Auto were other gainers in the Sensex. Among losers were ONGC, Axis Bank, ITC, GAIL and NTPC. 2:59 pm Market Update: The Sensex rose 269.16 points or 1.02 percent to 26635.84 and the Nifty jumped 81.80 points or 1.01 percent to 8151.45. About 1363 shares advanced against 1135 declining shares on BSE. 2:45 pm Earnings: State-run oil marketing company Hindustan Petroleum Corporation’s (HPCL) fourth quarter earnings beat analysts’ expectations on all counts. Profit shot up 49 percent sequentially to Rs 1,553 crore, partly driven by other income and better operational performance. Revenue declined 3 percent to Rs 42,195 crore in March quarter compared to Rs 43,500 crore in December quarter while other income doubled to Rs 408 crore from Rs 204 crore on sequential basis. Operating profit (EBITDA – earnings before interest, tax, depreciation and amortisation) increased 18.8 percent to Rs 2,661 crore and margin has seen expansion of 110 basis points at 6.3 percent for the quarter. According to analysts polled by CNBC-TV18, profit was expected at Rs 1,216 crore on revenue of Rs 38,791 crore with operating profit at Rs 2,273 crore and margin at 6 percent in Q4. 2:30 pm Big leap: Shares of Jet Airways surged 6 percent intraday after its posted first annual profit after 8 years. Lower fuel expenses and cost control measures aided the airline’s performance in FY16. The airline company’s net profit zoomed to Rs 397 crore in fourth quarter of FY16 from a loss of Rs 1729 crore in corresponding quarter last fiscal. During the quarter, its fuel expenses fell 25 percent at Rs 999 crore against Rs 1334 crore in year-ago period. Its total income, in Q4, rose 3.6 percent at Rs 5245.3 crore compared to Rs 5064 crore year-on-year. Other income in the period was at Rs 206 crore versus Rs 225 crore (YoY). In Q4, its EBITDA stood at Rs 815.9 crore from EBITDA loss of Rs 340 crore (YoY). Don’t miss: BPCL at record high, up 10%; OMCs rally as analysts bet on GRM recovery The market gained more steam in afternoon trade with the Sensex rising over 250 points, driven by index heavyweights Infosys and Reliance Industries. The broader markets continued to outperform the BSE Midcap index climbing 1.5 percent. The 30-share BSE Sensex surged 276.09 points or 1.05 percent to 26642.77 and the 50-share NSE Nifty rose 85.35 points or 1.06 percent to 8155 but the market breadth was not that strong. About 1373 shares advanced against 1047 declining shares on Bombay Stock Exchange. Sun Pharma spiked 5 percent after Taro earnings. Its subsidiary’s profit declined 24.5 percent but operational performance was strong due to a 16.4 percent fall in R&D cost. Operating margin expanded by 400 basis points at 69 percent YoY. Lupin gained over 1 percent after Mandideep and Aurangabad units have received establishment inspection report from US FDA. Mandideep is the 2nd largest revenue contributor to US business after Goa unit. Infosys, Reliance Industries, HDFC, ICICI Bank, Adani Ports and HUL gained 1-4 percent. SBI came off day’s high, up 0.8 percent after higher-than-expected slippages of Rs 30,313 crore and more than 2-fold increase in provisions in Q4. Profit declined 66 percent while NII grew by 4 percent during the quarter. European stocks were on lower as investors looked ahead to comments from US Federal Reserve Chair Janet Yellen. France’s CAC and Germany’s DAX declined 0.2 percent each. 13:00 Nifty breaches 8150, Sensex strong; Reliance, Infosys surge 2% Sun Pharma, Adani Ports, Lupin, Reliance and Infosys are top gainers while ONGC, Axis Bank, NTPC, L&T and ITC are losers in the Sensex.