Nifty reclaims 8800 mark; metals, realty stocks rally helped by positive cues from Asian markets

India Infoline News Service | Mumbai | September 19, 201616:25 IST

The NSE Nifty closed with a gain of 29 points at 8,808. The NSE Nifty opened at 8,788.45 hitting a high of 8,824 and low of 8,774.20.

NSE Building
The Indian equity market rallied for the fourth straight session. Positive cues from Asian markets aided the upmove on the domestic bourses. Today's rally was led by realty, metal, oil & gas, utilities, basic materials, industrial, power, IT, banking and pharma stocks, while, FMCG index was the only losing index on the BSE.

Among the 50-stocks of Nifty, IndusInd Bank, Aurobindo Pharma, TCS, Tata Power, Ambuja Cement, ONGC, Adani Ports and ICICI Bank were among the gainers on NSE, whereas Maruti Suzuki, Bajaj Auto, Axis Bank, Hero MotoCorp, HDFC Bank and Kotak Mahindra Bank were among the losers today.

However, broader markets outperformed the benchmark indices, BSE Midcap and Smallcap indices gained over 0.50% each.

Market participants are awaiting the US Federal Reserve's Open Market Committee meeting scheduled on September 20-21, with Janet Yellen holding a news conference on Wednesday.

Finally, the BSE Sensex ended with a gain of 36 points at 28,635. The BSE Sensex opened at 28,627, touched an intra-day high of 28,715 and low of 28,553.

The NSE Nifty closed with a gain of 29 points at 8,808. The NSE Nifty opened at 8,788.45 hitting a high of 8,824 and low of 8,774.20.

The India VIX (Volatility) index was up 2.46% at 14.9400. Out of 1,535 stocks traded on the NSE, 670 declined and 781 advanced today.

The rupee was trading marginally up by two paise at 66.96 per US dollar.

On the global front, Japanese market is closed on Monday for a public holiday. Shanghai Composite and Hang Seng went up over 0.70%.

European shares were trading higher. The FTSE 100 and the CAC 40 were trading higher by 1% each and DAX index gained 0.73%.

GVK Power & Infrastructure rallied 6.7% after Mumbai International Airport Private Limited (MIAL), a subsidiary of GVK Power Infrastructure & Ltd Company entered into a Slum Rehabilitation Agreement with Housing Development & Infrastructure Limited for implementation of the slum rehabilitation project at Chhatrapati Shivaji International Airport in a time bound manner for the consideration and on the terms and conditions contained therein.

United Breweries (Holdings) hit 20% upper circuit on the BSE. Vijay Mallya remains in “full control” even after relocating to the UK, his UB Group’s holding firm United Breweries Holdings Ltd (UBHL) has said while disclosing remuneration totaling Rs.1.6 crore, as per media reports.

Cox and Kings zoomed 2% to Rs.233.65 on the BSE. According to TV reports, 15.7 lakh shares have changed hands in a single block deal.

NHC Foods slipped 2.7% to Rs.18.10 on the BSE. The company announced that Malaysia based MAP Enterprises picked up a stake. MAP Enterprises has been the NHC’s overseas partner for the last two decades.

Vipul climbed 15.3% to Rs.86.25. The company received Environmental Clearance from State Environment Impact Assessment Authority, Haryana for its project ‘Aarohan’ on Golf Course Road in Gurgaon. By June 2016, the company had already sold more than 26 per cent of flats in Phase 1 of the project. Further, the company had raised debt from DMI Finance (DMI) to the tune of Rs.175 crore.

Motherson Sumi Systems gained 0.57%. The company raised Rs 1,993.44 crore through issuance of 62,884,827 shares to qualified institutional buyers (QIBs). The company’s qualified institutional placement (QIP) issue opened on September 8 and closed on September 13 for receiving applications from investors. For the QIP, 62,884,827 shares were issued to qualified institutional buyers at an issue price of Rs.317 after giving a discount of 2.79 per cent.

Axis Bank slipped 1.1% to Rs.594. Axis Bank signed a Share Purchase Agreement with IFCI for acquistion of 73,28,334 equity shares (13.67% of total outstanding shares) of face value of Rs.10 per share in Assets Care and Resconstruction Enterprise Ltd (ACRE) from IFCI at Rs.31 per share, resulting in a total cash consideration of Rs.22.72 crore. The above transaction is subject to requisite regulatory approvals, including from RBI.

Karur Vysya Bank gained 1.8%. The Board of Directors of private sector Karur Vysya Bank will meet on Monday to consider a stock split. The board will consider the feasibility of sub-division of equity shares.

Sharp India hit 20% upper circuit on the BSE. The Board of Directors meeting will be held on September 28, to constitute the Committee of Independent Directors of the Company to provide the reasoned recommendations on the mandatory open offer made by Sharp Corporation, Japan and the persons acting in concert with them to the public shareholders for acquisition of their shares.

Gujarat Alkalies & Chemicals inched up 1% to Rs.328 on the BSE. The company signed an agreement with Chematur Engineering AB, Sweden and with IBI Chematur for procuring detailed engineering and project management services for the establishment of 14000 MTPA Hydrogen Peroxide Plant at Dahej.

South Indian Bank closed down 0.42%. RBI has restricted overseas investors to make further investment in South Indian Bank as the prescribed foreign shareholding limit has reached the trigger limit.

Heritage Foods rallied 10.2% with Future Group is in advanced talks to acquire the retail business of Heritage Foods, a deal that will give Kishore Biyani sway over a network of more than 100 grocery outlets in Hyderabad, Chennai and Bengaluru, as per media reports.

A total of 58 stocks registered a fresh 52-week high in trades today, whereas 23 stocks touched a new 52-week low on the NSE.
 

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