Sensex regains 24,000 level on strong global cues
Metal, auto and banking sector stocks led the rally on the domestic bourses triggered by a rebound in global stocks, with the barometer index, the S&P BSE Sensex, reclaiming the psychologically important 24,000 mark. The Sensex surged 473.45 points or 1.98% to settle at 24,435.66. The 50-unit Nifty 50 index gained 145.65 points or 2% to settle at 7,422.45. The Sensex and the Nifty traded in positive zone throughout the trading session after both these indices opened with upward gap. The two key benchmark indices snapped a 2-day losing streak.
Shares of engineering and construction major L&T surged after announcing a large order win. Mahindra & Mahindra (M&M) jumped after announcing the launch of its mHawk new 1.99 litre diesel engine. Axis Bank extended previous day's gains triggered by the bank reporting good Q3 results. Stocks of oil exploration and production (E&P) companies rose as global crude oil prices recovered. Idea Cellular fell sharply after the company's third-quarter earnings fell short of street estimates.
The broad market depicted strength. More than three stocks rose against each stock that fell on BSE. 2,060 shares gained and 598 shares fell. A total of 164 shares were unchanged. A number of small-cap stocks surged. Quite a few stocks forming part of the BSE Small-Cap index registered gains exceeding 5%. Among the BSE Mid-Cap constituents, top 26 gainers registered gains ranging from 3.01% to 6.52%. The BSE Mid-Cap index has a total of 83 constituents at present.
The BSE Small-Cap index rose 2.25%, outperforming the Sensex. The BSE Mid-Cap index rose 1.9%, underperforming the Sensex.
In overseas stock markets, European stocks extended gains registered during the previous trading session triggered by prospect of further monetary stimulus for the eurozone economy. European Central Bank (ECB) President Mario Draghi yesterday, 21 January 2016, signaled at a news conference that the ECB governing council may provide more stimulus at its next meeting in March, noting that the outlook for inflation had weakened significantly. The ECB left its key interest rates unchanged after a monetary policy review.
US stock index futures pointed at further gains for US stocks. Trading in US index futures indicated that the Dow Jones Industrial Average could gain 205 points at the opening bell today, 22 January 2016. US stocks edged higher yesterday, 21 January 2016, as oil prices bounced back.
Earlier during the global day, Japan and Hong Kong led gains in Asian stocks triggered by hints of more stimulus from European Central Bank (ECB) President Mario Draghi. In Japan, the Nikkei 225 Average closed 5.88% higher. In Hong Kong, the Hang Seng index rose 2.9%.
The Sensex surged 473.45 points or 1.98% to settle at 24,435.66, its highest closing level since 19 January 2016. The Sensex jumped 510.67 points or 2.13% at the day's high of 24,472.88. The barometer index rose 157.83 points or 0.65% at the day's low of 24,120.04.
The 50-unit Nifty 50 index gained 145.65 points or 2% to settle at 7,422.45, its highest closing level since 19 January 2016. The Nifty gained 156.60 points or 2.15% at the day's high of 7,433.40. The index rose 50.80 points or 0.69% at the day's low of 7,327.60.
The total turnover on BSE amounted to Rs 3488 crore, higher than turnover of Rs 3007.27 crore registered during the previous trading session.
Among the sectoral indices on BSE, the BSE Metal index (up 4.09%), the S&P BSE Energy index (up 2.39%), the BSE Finance index (up 2.51%), the BSE Utilities index (up 2.47%), the BSE Auto index (up 2.92%), the BSE Bankex index (up 2.98%) and the BSE Oil & Gas index (up 2.79%) outperformed the Sensex. The S&P BSE FMCG index (up 1.04%), the BSE Telecom index (down 2.93%), the BSE Power index (up 1.7%) and the BSE Realty index (up 1.77%) underperformed the Sensex.
Index heavyweight and cigarette major ITC shed 0.75% to Rs 304.25. The stock hit a high of Rs 312.75 and low of Rs 302.90 in intraday trade. ITC's net profit rose 0.67% to Rs 2652.82 crore on 3.46% rise in total income to Rs 9854.66 crore in Q3 December 2015 over Q3 December 2014. The result hit the market at the closing bell.
Shares of engineering and construction major L&T surged after announcing a large order win. The stock advanced 3.81%. The company has won a contract worth Rs 1213 crore from the Dedicated Freight Corridor Corporation of India. The freight corridor project has been secured by a consortium of L&T and Sojitz Corp., Japan.
Auto stocks edged higher on renewed buying. Tata Motors (up 3.19%), Maruti Suzuki India (up 5.39%), Bajaj Auto (up 2.3%), Hero MotoCorp (up 5.11%), TVS Motor Company (up 4.34%), Eicher Motors (up 5.56%) and Ashok Leyland (up 2.75%) gained.
Mahindra & Mahindra (M&M) jumped after announcing the launch of its mHawk new 1.99 litre diesel engine. The stock rose 5.06%. M&M said that the new diesel engine would be available for customers within the Delhi and NCR Region to begin with. The new 1.99 litre engine will power the New Generation Scorpio and will deliver 120 HP while for the New Age XUV500, it will deliver 140 HP, it added.
Idea Cellular fell sharply after the company's third-quarter earnings fell short of street estimates. The stock lost 6.01% to Rs 107.05. The stock hit a low of Rs 105.60 in intraday trade, which is a 52-week low for the counter. The stock hit a high of Rs 115 in intraday trade. The company's consolidated net profit fell 0.37% to Rs 764.21 crore on 10.92% rise in total income to Rs 9040.48 crore in Q3 December 2015 over Q3 December 2014. The net profit was dragged down by sharp fall in other income to Rs 30.79 crore in Q3 December 2015 from Rs 132.62 crore in Q3 December 2014. The EBITDA (earnings before interest, taxation, depreciation and amortization) margin improved 0.4% on year-on-year basis at 34.7% in Q3 December 2015. The result was announced after market hours yesterday, 21 January 2016.
Banks stocks saw across the board gains on renewed buying. Among PSU bank stocks, State Bank of India (SBI) (up 4.66%), Punjab National Bank (up 4.1%), Bank of Baroda (up 4.41%), Canara Bank (up 6.83%), IDBI Bank (up 3.91%), Bank of India (up 6.09%) and Union Bank of India (up 5.74%) advanced.
Among private bank stocks, HDFC Bank (up 0.82%), Kotak Mahindra Bank (up 2.81%), ICICI Bank (up 3.07%) and Yes Bank (up 4.82%) gained.
Axis Bank surged 3.69%, with the stock extending previous day's gains triggered by the bank reporting good Q3 result. Shares of Axis Bank had jumped 5.21% to settle at Rs 408.90 yesterday, 21 January 2016. The bank's net profit rose 14.5% to Rs 2175.30 crore on 14.66% rise in total income to Rs 12531.11 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours on 20 January 2016.
IndusInd Bank rose 2.3%. IndusInd Bank during market hours today, 22 January 2016, announced that the board of directors of the bank has approved, in principle, a Sponsored Level 1 American Depository Receipt Programme (ADR 1) of 10 million Depository Receipts (DRs) against 20 million equity shares of the bank. The Sponsored ADR is a non-capital raising programme and is subject to receipt of detailed regulatory guidelines in the matter, IndusInd Bank said.
Gas utility stocks surged. GAIL (India) (up 8.16%), Gujarat State Petronet (up 2.88%), Indraprastha Gas (up 4.32%) and Gujarat Gas Company (up 1.97%) gained.
Metal and mining stocks gained on renewed buying. Vedanta (up 4.16%), JSW Steel (up 3.66%), Tata Steel (up 5.01%), Steel Authority of India (Sail) (up 4.1%), National Aluminium Company (up 0.73%), Hindustan Zinc (up 2.58%), Jindal Steel & Power (up 4.86%), NMDC (up 4.23%) edged higher. Hindustan Copper shed 0.1%.
Hindalco Industries jumped 5.42%. Grasim Industries shed 0.08%. Hindalco Industries today, 22 January 2016, announced that the company has received 7.5 lakh equity shares of Grasim Industries in exchange for 1.2 crore equity shares held by the company in Aditya Birla Chemicals (India) (ABCIL). It may be recalled that ABCIL was merged with Grasim Industries recently.
Stocks of oil exploration and production (E&P) companies rose as global crude oil prices recovered. Oil India (up 3.24%), ONGC (up 4.53%) and Reliance Industries (up 2.04%) edged higher. Higher crude oil prices would result in higher realization from crude sales for oil exploration firms.
Cairn India rose 1.68% ahead of its Q3 December 2015 result today, 22 January 2016.
Crude oil prices rebounded, as prices drew support from freezing weather conditions and snowstorms that have gripped the US East Coast and parts of continental Europe, lifting demand for heating oil. Brent for March settlement was currently up $1.53 a barrel at $30.78 a barrel. The contract had risen by $1.37 a barrel or 4.91% to settle at $29.25 a barrel during the previous trading session.
Stocks of public sector oil marketing companies (PSU OMCs) also edged higher. HPCL (up 0.75%), BPCL (up 0.75%) and Indian Oil Corporation (up 2.42%) gained.
The Sensex and the Nifty snapped a 2-day losing streak. The Sensex had dropped 517.63 points or 2.11% in the preceding two trading sessions to settle at 23,962.21 yesterday, 21 January 2016, from its close of 24,479.84 on 19 January 2016. The Sensex has fallen 1,681.88 points or 6.43% in this month so far (till 22 January 2016). The Sensex is up 595.90 points or 2.49% from a 52-week low of 23,839.76 hit on 20 January 2016. The Sensex is off 5,589.08 points or 18.61% from a record high of 30,024.74 hit on 4 March 2015.
Shares of engineering and construction major L&T surged after announcing a large order win. Mahindra & Mahindra (M&M) jumped after announcing the launch of its mHawk new 1.99 litre diesel engine. Axis Bank extended previous day's gains triggered by the bank reporting good Q3 results. Stocks of oil exploration and production (E&P) companies rose as global crude oil prices recovered. Idea Cellular fell sharply after the company's third-quarter earnings fell short of street estimates.
The broad market depicted strength. More than three stocks rose against each stock that fell on BSE. 2,060 shares gained and 598 shares fell. A total of 164 shares were unchanged. A number of small-cap stocks surged. Quite a few stocks forming part of the BSE Small-Cap index registered gains exceeding 5%. Among the BSE Mid-Cap constituents, top 26 gainers registered gains ranging from 3.01% to 6.52%. The BSE Mid-Cap index has a total of 83 constituents at present.
The BSE Small-Cap index rose 2.25%, outperforming the Sensex. The BSE Mid-Cap index rose 1.9%, underperforming the Sensex.
In overseas stock markets, European stocks extended gains registered during the previous trading session triggered by prospect of further monetary stimulus for the eurozone economy. European Central Bank (ECB) President Mario Draghi yesterday, 21 January 2016, signaled at a news conference that the ECB governing council may provide more stimulus at its next meeting in March, noting that the outlook for inflation had weakened significantly. The ECB left its key interest rates unchanged after a monetary policy review.
US stock index futures pointed at further gains for US stocks. Trading in US index futures indicated that the Dow Jones Industrial Average could gain 205 points at the opening bell today, 22 January 2016. US stocks edged higher yesterday, 21 January 2016, as oil prices bounced back.
Earlier during the global day, Japan and Hong Kong led gains in Asian stocks triggered by hints of more stimulus from European Central Bank (ECB) President Mario Draghi. In Japan, the Nikkei 225 Average closed 5.88% higher. In Hong Kong, the Hang Seng index rose 2.9%.
The Sensex surged 473.45 points or 1.98% to settle at 24,435.66, its highest closing level since 19 January 2016. The Sensex jumped 510.67 points or 2.13% at the day's high of 24,472.88. The barometer index rose 157.83 points or 0.65% at the day's low of 24,120.04.
The 50-unit Nifty 50 index gained 145.65 points or 2% to settle at 7,422.45, its highest closing level since 19 January 2016. The Nifty gained 156.60 points or 2.15% at the day's high of 7,433.40. The index rose 50.80 points or 0.69% at the day's low of 7,327.60.
The total turnover on BSE amounted to Rs 3488 crore, higher than turnover of Rs 3007.27 crore registered during the previous trading session.
Among the sectoral indices on BSE, the BSE Metal index (up 4.09%), the S&P BSE Energy index (up 2.39%), the BSE Finance index (up 2.51%), the BSE Utilities index (up 2.47%), the BSE Auto index (up 2.92%), the BSE Bankex index (up 2.98%) and the BSE Oil & Gas index (up 2.79%) outperformed the Sensex. The S&P BSE FMCG index (up 1.04%), the BSE Telecom index (down 2.93%), the BSE Power index (up 1.7%) and the BSE Realty index (up 1.77%) underperformed the Sensex.
Index heavyweight and cigarette major ITC shed 0.75% to Rs 304.25. The stock hit a high of Rs 312.75 and low of Rs 302.90 in intraday trade. ITC's net profit rose 0.67% to Rs 2652.82 crore on 3.46% rise in total income to Rs 9854.66 crore in Q3 December 2015 over Q3 December 2014. The result hit the market at the closing bell.
Shares of engineering and construction major L&T surged after announcing a large order win. The stock advanced 3.81%. The company has won a contract worth Rs 1213 crore from the Dedicated Freight Corridor Corporation of India. The freight corridor project has been secured by a consortium of L&T and Sojitz Corp., Japan.
Auto stocks edged higher on renewed buying. Tata Motors (up 3.19%), Maruti Suzuki India (up 5.39%), Bajaj Auto (up 2.3%), Hero MotoCorp (up 5.11%), TVS Motor Company (up 4.34%), Eicher Motors (up 5.56%) and Ashok Leyland (up 2.75%) gained.
Mahindra & Mahindra (M&M) jumped after announcing the launch of its mHawk new 1.99 litre diesel engine. The stock rose 5.06%. M&M said that the new diesel engine would be available for customers within the Delhi and NCR Region to begin with. The new 1.99 litre engine will power the New Generation Scorpio and will deliver 120 HP while for the New Age XUV500, it will deliver 140 HP, it added.
Idea Cellular fell sharply after the company's third-quarter earnings fell short of street estimates. The stock lost 6.01% to Rs 107.05. The stock hit a low of Rs 105.60 in intraday trade, which is a 52-week low for the counter. The stock hit a high of Rs 115 in intraday trade. The company's consolidated net profit fell 0.37% to Rs 764.21 crore on 10.92% rise in total income to Rs 9040.48 crore in Q3 December 2015 over Q3 December 2014. The net profit was dragged down by sharp fall in other income to Rs 30.79 crore in Q3 December 2015 from Rs 132.62 crore in Q3 December 2014. The EBITDA (earnings before interest, taxation, depreciation and amortization) margin improved 0.4% on year-on-year basis at 34.7% in Q3 December 2015. The result was announced after market hours yesterday, 21 January 2016.
Banks stocks saw across the board gains on renewed buying. Among PSU bank stocks, State Bank of India (SBI) (up 4.66%), Punjab National Bank (up 4.1%), Bank of Baroda (up 4.41%), Canara Bank (up 6.83%), IDBI Bank (up 3.91%), Bank of India (up 6.09%) and Union Bank of India (up 5.74%) advanced.
Among private bank stocks, HDFC Bank (up 0.82%), Kotak Mahindra Bank (up 2.81%), ICICI Bank (up 3.07%) and Yes Bank (up 4.82%) gained.
Axis Bank surged 3.69%, with the stock extending previous day's gains triggered by the bank reporting good Q3 result. Shares of Axis Bank had jumped 5.21% to settle at Rs 408.90 yesterday, 21 January 2016. The bank's net profit rose 14.5% to Rs 2175.30 crore on 14.66% rise in total income to Rs 12531.11 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours on 20 January 2016.
IndusInd Bank rose 2.3%. IndusInd Bank during market hours today, 22 January 2016, announced that the board of directors of the bank has approved, in principle, a Sponsored Level 1 American Depository Receipt Programme (ADR 1) of 10 million Depository Receipts (DRs) against 20 million equity shares of the bank. The Sponsored ADR is a non-capital raising programme and is subject to receipt of detailed regulatory guidelines in the matter, IndusInd Bank said.
Gas utility stocks surged. GAIL (India) (up 8.16%), Gujarat State Petronet (up 2.88%), Indraprastha Gas (up 4.32%) and Gujarat Gas Company (up 1.97%) gained.
Metal and mining stocks gained on renewed buying. Vedanta (up 4.16%), JSW Steel (up 3.66%), Tata Steel (up 5.01%), Steel Authority of India (Sail) (up 4.1%), National Aluminium Company (up 0.73%), Hindustan Zinc (up 2.58%), Jindal Steel & Power (up 4.86%), NMDC (up 4.23%) edged higher. Hindustan Copper shed 0.1%.
Hindalco Industries jumped 5.42%. Grasim Industries shed 0.08%. Hindalco Industries today, 22 January 2016, announced that the company has received 7.5 lakh equity shares of Grasim Industries in exchange for 1.2 crore equity shares held by the company in Aditya Birla Chemicals (India) (ABCIL). It may be recalled that ABCIL was merged with Grasim Industries recently.
Stocks of oil exploration and production (E&P) companies rose as global crude oil prices recovered. Oil India (up 3.24%), ONGC (up 4.53%) and Reliance Industries (up 2.04%) edged higher. Higher crude oil prices would result in higher realization from crude sales for oil exploration firms.
Cairn India rose 1.68% ahead of its Q3 December 2015 result today, 22 January 2016.
Crude oil prices rebounded, as prices drew support from freezing weather conditions and snowstorms that have gripped the US East Coast and parts of continental Europe, lifting demand for heating oil. Brent for March settlement was currently up $1.53 a barrel at $30.78 a barrel. The contract had risen by $1.37 a barrel or 4.91% to settle at $29.25 a barrel during the previous trading session.
Stocks of public sector oil marketing companies (PSU OMCs) also edged higher. HPCL (up 0.75%), BPCL (up 0.75%) and Indian Oil Corporation (up 2.42%) gained.
The Sensex and the Nifty snapped a 2-day losing streak. The Sensex had dropped 517.63 points or 2.11% in the preceding two trading sessions to settle at 23,962.21 yesterday, 21 January 2016, from its close of 24,479.84 on 19 January 2016. The Sensex has fallen 1,681.88 points or 6.43% in this month so far (till 22 January 2016). The Sensex is up 595.90 points or 2.49% from a 52-week low of 23,839.76 hit on 20 January 2016. The Sensex is off 5,589.08 points or 18.61% from a record high of 30,024.74 hit on 4 March 2015.
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