The News International Team
The market ended at fresh record closing high on Thursday, gaining for the sixth consecutive session ahead of European Central Bank meeting outcome later in the day.
The 30-share BSE Sensex closed above 29000 for the first time, up 117.16 points at 29006.02 while the 50-share NSE Nifty rose 31.90 points to 8761.40. The broader markets ended on a flat note amid consolidation.
Dipen Sheth of HDFC Securities says the cycle triggered by the new government is gathering pace. There are multiple macro triggers available at the moment and that global fund managers are increasing bullish bias on India,” he adds.
Globally, markets gained strength ahead of the European Central Bank meet outcome. Expectations are of 50 billion euros per month of bond buying by the ECB. European markets were mixed while Asian markets closed higher with the Hang Seng and Shanghai rising over 0.5 percent. Brent crude prices traded below USD 50 a barrel.
Back home, healthcare, metals, capital goods, select technology and auto stocks supported the market. However, the fall in index heavyweights like ITC, Reliance Industries and HDFC capped the upside.
Sun Pharma was the biggest gainer on the Sensex, up 3.65 percent while its rivals Cipla and Dr Reddy’s Labs gained 1-1.7 percent. Among banking & financials, Axis Bank was up 3.3 percent. ICICI Bank and HDFC Bank closed marginally higher whereas State Bank of India declined 0.44 percent.
Housing finance company HDFC fell 0.4 percent on profit taking after rising nearly 8 percent in previous two consecutive sessions.
Tata Motors surged 2.7 percent on launching Bolt petrol variant at Rs 4.65-6.35 lakh (ex-Mumbai) and diesel variant at Rs 5.75-7.32 lakh (Ex-Mumbai) today. The company said it already received 50,000 bookings so far.
Among others, Infosys, ONGC, Wipro, Tata Steel and Coal India gained 1-2 percent. However, Reliance Industries and NTPC plunged more than 2 percent. Hero Motocorp, Maruti Suzuki, PNB, Tech Mahindra and HCL Tech were down over a percent.
In the broader space, Suzlon Energy declined 7.5 percent. The turbine maker is going to reduce its debt by selling its German arm, Senvion to US-based PE Centerbridge Partners for 1 billion euros in an all cash deal. Chairman Tulsi Tanti told CNBC-TV18 that Suzlon will make profits by FY16 end as the interest costs will fall by 50 percent from Rs 1,600 crore to Rs 800 crore.
Sun TV Network shed 5 percent, possibly impacted by news of CBI arresting three persons including a close aide of Dayanidhi Maran in connection with a telephone exchange case. However, statements from Dayanidhi Maran today say the arrest does not have anything to do with Sun TV.
Hitachi Home surged 20 percent to end at record closing high of Rs 1,169.15 on the Bombay Stock Exchange. The company announced divesting of stake in the company into global joint venture which is formed by Johnson Controls and Hitachi Appliances.
India Cements climbed 9 percent after Supreme Court gave N Srinivasan clean chit on issue of IPL case cover-up. SC found Meiyappan and Raj Kundra guilty of IPL betting.
In the earnings, Dish TV gained 4.5 percent after it managed to lower its net loss at Rs 2.8 crore in the third quarter from Rs 38 crore in the year-ago period, supported by strong operational performance. Mastek was up nearly 4 percent as profit after tax surged five-times sequentially to Rs 8.7 crore in Q3 on strong operational performance.
Muthoot Finance’s third quarter net profit fell 20.7 percent year-on-year to Rs 154 crore, dented by lower net interest income. The stock lost 1.6 percent.
The market breadth was negative as declining shares outnumbered advancing ones on the Bombay Stock Exchange by a ratio of 1580 to 1347.