Sensex Sets New Record Close Above 30,000; Rupee At 20-Month High

Indian shares gained for a third straight session, with both Sensex and Nifty closing at fresh record highs, buoyed by better-than-expected quarterly results and positive global cues.

The S&P BSE Sensex rose 0.63 percent to end at 30,133, while the NSE Nifty gained 0.49 percent at 9,351. The rupee, meanwhile, strengthened to as much as 63.99 against the U.S. dollar, its highest since August 2015, compared to previous close of 64.27.

Among the sectoral indices, S&P BSE Bankex and S&P BSE Auto index rose 1 percent and 0.8 percent, respectively. Realty index was the top sectoral loser with declines of 2.9 percent.

The market breadth was skewed in the favour of losers, with about 7 stocks declining to every 3 stocks that advanced.

• Stock up for five consecutive sessions
• Posted highest intraday gain of 11% in five months
• Stock has gained 27% in last five trading sessions
• Volumes at 9.5 times its previous 20-day average

• Leather manufacturer has a market cap of Rs 1,350 crore
• All 6 analysts tracked by Bloomberg have a buy rating on the stock

• Nifty +0.21% at 9,326; Sensex +0.30% at 30,038
• Adani group stocks slide: Adani Ports & SEZ -3.1%, Adani Enterprises -20%, Adani Power -0.7%, Adani Transmission -6.1%, Adani Ports -2.5%
• S&P BSE Realty index -2.6%, S&P BSE Information Technology index -1.1%

• Equitas Holdings has 12.7 lakh shares change hands in single block

*Buyers and sellers were not immediately known

• Nifty +0.56% at 9,359; Sensex +0.66% at 30,138
• Hindalco Industries +2.7%; ITC +2.3%
• S&P BSE Metal index +1.1%, S&P BSE Auto index +1%

• S&P BSE Metal index gained as much as 1.8% to 11,396, most since March 2017
• JSW Steel +2.9%, Hindalco Industries +2.8%, Tata Steel +1.6%
• Base metal prices rose as dollar declined; LME copper, aluminium, zinc up more than 0.8 percent each

• Hubtown stock rose as much as 14.88% to its highest level since July 2014.
• The stock, which is on a five-day winning streak, has gained 23.86% during this period.
• Trading volumes stand at 1.67 times its 20-day average on the National Stock Exchange.
• The real estate developer has a market capitalization of around Rs 1,050 crore.

Nifty rollover stood at 42.7 percent on Tuesday, higher than the three-month average of 40.2 percent, according to the NSE data.

Market wide rollover at 38.59 percent was lower than the three-month average of 43 percent.

April futures and options series is set to expire on Thursday.

• S&P BSE Information Technology index down 0.27%, under-performing the benchmark Sensex
• Zensar Technologies -8.6%, Infosys -1%, Tech Mahindra -0.8%
• Rupee touched 21-month high of 63.99 against the U.S. dollar
• A firm rupee adversely affects operating profit margins of software maker as they get a majority of their revenue via exports

The rupee appreciated by 19 paise to trade at nearly 21-month high of 64.07 against the U.S. dollar at the Interbank Foreign Exchange amid sustained selling of the American currency by exporters and banks.

Forex dealers said that apart from weakness in the dollar against other currencies overseas, foreign fund inflows and a higher opening in the domestic equity market supported the rupee. On August 11, 2015, the rupee had touched an intra-day high of 64.33.

On Tuesday, the rupee had gained 18 paise against the U.S. dollar to end at a near 21-month high of 64.26 on sustained dollar unwinding from exporters and corporates amid positive global cues.

(PTI)

• Allcargo Logistics has 364 lakh shares change hands in single trade
• Stock climbs as much as 6.7% to Rs 192, most since March 2016

Shares of technology services provider fell as much as 11.4 percent to Rs 814, most since August 2015.

Zensar Q4 net profit at Rs 10.7 crore vs estimate Rs 75.2 crore

Volume at 105.4 times its 30-day average.

• ICICI Prudential: (-0.8%): Q4 net income Rs 408 crore vs Rs 403 crore last year
• IDFC Bank (+4.7%): Q4 net income Rs 176 crore vs estimate Rs 132 crore
• LIC Housing (-0.5%): Q4 net income Rs 530 crore vs estimate Rs 526 crore
• Persistent Systems (+0.6%): Q4 net income Rs 72.8 crore vs estimate Rs 76.4 crore
• Swaraj Engines (+15.2%): Q4 net income up 30% to Rs 15.3 crore
• Zee Learn (+3.9%): Q4 net income Rs 14.7 crore vs estimate Rs 7.8 crore

• Shares up as much as 3.8% to Rs 513, most since January 2015
• Q4 net profit of Rs 2,267 crore beat estimates
• Sees slowdown in U.S. healthcare business
• To consider share buyback proposal around July

Also Read: Wipro Beats Estimates, Fears Slowdown In U.S. Healthcare Business

Indian shares gained for a third straight session, with the broader NSE Nifty index hitting record high of 9,343 as upbeat corporate earnings and U.S. tax reform optimism lifted sentiment.

The S&P BSE Sensex rose 0.25 percent to 30,024 while the NSE Nifty gained 0.22 percent at 9,326. The rupee strengthened to as much as 63.99 per U.S. dollar for the first time since August 2015, compared with its close at 64.27 on Tuesday.

Among the sectoral indices, S&P BSE Metal and S&P BSE PSU bank index rose 0.5 percent and 0.4 percent, respectively.

The market breadth was skewed in the favour of gainers, with about 7 stocks advancing to every 2 stocks that declined.

• Adani Ports and SEZ: Forms joint venture with France's CMA CGM to operate container terminal at Mundra port.
• Reliance Infrastructure: Shareholders approve issue of securities via qualified institutional placement.
• Indiabulls Real Estate: Cinnamon Capital Ltd. buys 50 lakh shares at Rs 153.99 per share.
• Suzlon: Allotted 1.67 crore shares to FCCB holders at a price of Rs 15.46 per share.
• Nucleus Software: Proposes buyback of up to Rs 118 crore at Rs 350 per share.

For a complete list of stocks, click HERE

Sovereign bonds could be under pressure today after the slump in U.S. treasuries overnight. Bankers expect the benchmark 6.97 percent 2026 government bond to decline the most as traders await new 10-year paper.

The 2026 bond is nearing its end of issuance limit. This bond will be auctioned on Friday and that takes its outstanding to 910 billion rupees, which is near RBI's informal sale limit. Later today, RBI will auction 140 billion rupees of treasury bills.

The rupee, which has gained in the last two sessions, may continue its rally. It will be important to see if the currency breaches the 64 per dollar mark.

• JSW Steel: New neutral at Macquarie; price target Rs 202
• LIC Housing: Raised to overweight from equal-weight at Morgan Stanley
• Tata Steel: New underperform at Macquarie; price target Rs 360
• Gujarat Gas: Citi initiates coverage with a buy; price target Rs 1,141

• India panel says auction large assets to solve banks bad loans
• CCI orders probe on Roche’s alleged abuse of dominant spot
• Canadian pension fund seeks buying opportunities in Indian bonds
• India nips at China’s heels in race to collect Lanka port assets

Also Read: 10 ways to get a good return on your cash

• Wilbur Ross: No serious discussions of free trade deal with India
• India’s sugar consumption to fall about 1m tons in 2016-17: ISMA
• Top court agrees to hear plea seeking to lift limit on Karnataka ore mining
• Global funds bought Rs 179 crore of local stocks; domestic funds bought Rs 998 crore on Tuesday: Provisional data
• India policy panel suggests bringing rich farmers into tax net

Also Read: Some banks are forcing customers to furnish their Aadhaar details

Good Morning!

The Singapore traded SGX Nifty, an early indicator of Nifty’s performance in India, rose 0.17 percent to 9,311.

Asian shares rose in early trade, after U.S. markets rallied overnight on strong corporate earnings and tax reform optimism. Japanese equities climbed for a fifth day and yen weakened while gold traded little changed after shedding 1 percent a day before.

Global equities jumped to an all-time high this month as European political risk ebbed and the U.S. economy continues to show signs of improvement amid better-than-forecast earnings results.

Both Dow Jones Industrial Average and the S&P 500 Index ended Tuesday’s session with gains of more than a percent. The Nasdaq Composite Index added 0.7 percent to close at an all-time high above the 6,000-mark.

Investors will keep a close eye on President Donald Trump’s tax plan that’s expected to be unveiled later today. Trump’s plan to cut the corporate tax rate to 15 percent could set up a potential showdown with Republican party leaders, including House Speaker Paul Ryan, according to Bloomberg.

Also Read: Trump's 15% Corporate Tax Rate Push Sets Up Clash With Ryan

A U.S. government shutdown is also possible on April 29 if Congress doesn’t approve a spending bill to fund the government. Besides that, risks remain as investors await central bank meetings this week in Japan and Europe. Tensions around North Korea continues to simmer.

Meanwhile, oil fell to $49 a barrel after industry data showed U.S. crude stockpiles expanded, raising concerns over a global supply glut.