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Closing Report

Sensex crosses 31,000 mark


Key benchmark indices surged on broad-based buying support. The barometer index, the S&P BSE Sensex, rose 278.18 points or 0.90% to settle at 31,028.21. The Nifty 50 index rose 85.35 points or 0.90% to settle at 9,595.10. The Sensex and the Nifty, both, settled at their their record high levels on closing basis.

The Sensex settled above the psychologically important 31,000 mark after crossing that level in intraday trade. The Nifty settled a tad below the psychologically important 9,600 mark after hitting that level in intraday trade. Gains in index heavyweight Reliance Industries (RIL) and ITC boosted key benchmarks higher.

On the national front, the Indian Army today, 26 May 2017, reportedly said its troops foiled an attack by Pakistan's Border Action Team (BAT) on a patrol party along the Line of Control (LoC) in Uri sector of Kashmir, killing two militants. The BAT attack was effectively repulsed, the Indian Army official reportedly said.

Overseas, Asian ended on a mixed note while most European stocks were trading lower as a slump in crude prices spoiled global risk appetite. In the global commodities markets, Brent crude oil futures fell overnight as the Organization of the Petroleum Exporting Countries (OPEC) extended the production cut, but was silent on a long term plan.

Brent for July 2017 settlement was up 27 cents at $51.73 a barrel. The contract fell $2.50 a barrel or 4.63% to settle at $51.46 a barrel in the previous trading session.

OPEC and some non-OPEC members agreed yesterday, 25 May 2017 to extend oil supply cuts of 1.8 million barrels per day for a further nine months in a bid to stem sliding prices.

Back home, the Sensex rose 278.18 points or 0.90% to settle at 31,028.21, a record closing high. The index rose 324.04 points, or 1.05% at the day's high of 31,074.07. The index fell 4.46 points, or 0.01% at the day's low of 30,745.57.

The Nifty 50 index rose 85.35 points or 0.90% to settle at 9,595.10, a record closing high. The index rose 95.15 points, or 1% at the day's high of 9,604.90. The index fell 14.35 points, or 0.15% at the day's low of 9,495.40.

Among secondary barometers, the BSE Mid-Cap index rose 2.06%. The BSE Small-Cap index rose 1.60%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,829 shares rose and 836 shares fell. A total of 183 shares were unchanged.

The total turnover on BSE amounted to Rs 3811.93 crore, higher than turnover of Rs 3398.89 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P BSE Metal index (up 3.40%), the S&P BSE Energy index (up 2.20%), the S&P BSE Basic Materials index (up 2.11%), the S&P BSE Oil & Gas index (up 2.08%), the S&P BSE Industrials index (up 1.83%), the S&P BSE FMCG index (up 1.77%), the S&P BSE Power index (up 1.61%), the S&P BSE Consumer Durables index (up 1.56%), the S&P BSE Capital Goods index (up 1.47%), the S&P BSE Auto index (up 1.34%), the S&P BSE Consumer Discretionary Goods & Services index (up 1.29%), the S&P BSE Utilities index (up 1.11%) and the S&P BSE Finance index (up 1%), outperformed the Sensex. The S&P BSE Bankex (up 0.78%), the S&P BSE Telecom index (up 0.52%), the S&P BSE Realty index (up 0.49%), the S&P BSE Teck index (up 0.45%), the S&P BSE IT index (up 0.29%) and the S&P BSE Healthcare index (down 0.76%), underperformed the Sensex.

Cigarette major ITC rose 2.99% to Rs 308.65 after net profit rose 12.13% to Rs 2669.47 crore on 6.2% growth in total income to Rs 15410.92 crore in Q4 March 2017 over Q4 March 2016. The result was announced during market hours today, 26 May 2017. The stock hit a high of Rs 313.40 and a low of Rs 300 in intraday trade.

Index heavyweight Reliance Industries (RIL) rose 2.53% to Rs 1,335.80. The stock hit a high of Rs 1,344.05 and a low of Rs 1,301 in intraday trade.

Drug major Sun Pharmaceutical Industries lost 3.93% to Rs 568.55, with the stock extending recent sharp slide ahead of the company's Q4 earnings today, 26 May 2017.

Metal shares were in demand. Tata Steel (up 5.46%), Jindal Steel & Power (up 5.32%), Bhushan Steel (up 4.75%), Hindalco Industries (up 4.72%), Vedanta (up 4.02%), Steel Authority of India (up 3.77%), JSW Steel (up 3.32%), Hindustan Zinc (up 2.96%), Hindustan Copper (up 2.86%) and National Aluminium Company (up 2.55%), edged higher.

NMDC fell 0.72% to Rs 116.65. NMDC's net profit rose 11.5% to Rs 511.88 crore on 87.69% rise in total income from operations to Rs 2871.98 crore in Q4 March 2017 over Q4 March 2016. The announcement was made after market hours yesterday, 25 May 2017.

Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for July 2017 delivery was currently down 0.27% at $2.5905 per pound on the COMEX.

Private sector banks rose. City Union Bank (up 2.05%), Yes Bank (up 1.99%), Federal Bank (up 1.63%), ICICI Bank (up 1.28%), IndusInd Bank (up 1.11%), Axis Bank (up 1%), Kotak Mahindra Bank (up 0.62%) and HDFC Bank (up 0.53%), edged higher. RBL Bank fell 5.31% to Rs 516.35.

Public sector banks settled on a mixed note. Corporation Bank (up 3.06%), Bank of Maharashtra (up 2.62%), Dena Bank (up 1.57%), Vijaya Bank (up 1.33%), Punjab & Sind Bank (up 1.20%), IDBI Bank (up 1.13%), UCO Bank (up 1.13%), Canara Bank (up 0.36%) and Punjab National Bank (up 0.30%), edged higher. Bank of India (down 0.1%), State Bank of India (down 0.53%), Bank of Baroda (down 0.8%), Syndicate Bank (down 0.82%), Central Bank of India (down 1.05%), Andhra Bank (down 1.07%), Allahabad Bank (down 1.14%), Indian Bank (down 1.73%) and Union Bank of India (down 2.1%), edged lower.

Meanwhile, the Sensex has risen 726.57 points, or 2.40% in two trading sessions from its close of 30,301.64 on 24 May 2017. The Sensex has gained 1,109.81 points or 3.71% in May 2017 (till 26 May 2017). The barometer index has gained 4,401.75 points or 16.53% in the calendar year 2017 (till 26 May 2017). From a 52-week low of 25,181.47 hit on 24 May 2016, the barometer index has risen 5,310.28 points or 20.65%.

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