Sensex Finishes on a Positive Note; Energy & Bank Stocks Rally

Wed, 22 Feb Closing

   Previous Close   

   Pre-Open   

   09:30 am   

   11:30 am   

   01:30 pm   

Stock markets in India continued to trade on a positive note in the afternoon session amid firm European markets. At the closing bell, the BSE Sensex stood higher by 103 points, while the NSE Nifty finished up by 19 points. Meanwhile, the S&P BSE Mid Cap finished & the S&P BSE Small Cap finished down by 0.6% respectively. Gains were largely seen in bank stocks, energy stocks and FMCG stocks.

Axis Bank share price surged 3.9% in today's trade after the bank described reports of a merger between itself and Kotak Mahindra Bank as 'baseless'. The clarification came even as there was speculation that other private banks, including ICICI Bank, might show interest in the government stake in Axis Bank.

While Axis Bank is India's third largest private-sector lender, it has reported a string of poor results in the past few quarters because of a rise in bad loans.

Asian stock markets finished mixed as of their recent closing prices. The Hang Seng gained 0.99% while the Shanghai Composite was higher by 0.24%. The Nikkei 225 was even. European markets are higher today with shares in France leading the region. The CAC 40 is up 0.38% while Germany's DAX is up 0.30% and London's FTSE 100 is up 0.13%.

The rupee was trading at Rs 66.96 against the US$ in the afternoon session. Oil prices were trading at US$ 54.07 at the time of writing.

According to a leading financial daily, Hindalco Industries is planning to invest Rs 10 billion in downstream expansion to increase the contribution of aluminum and copper value added products in overall sales.

Moreover, the company has secured an enabling resolution to raise up to Rs 50 billion through qualified institutional placement (QIP) to pre-pay loans and embark on downstream expansion.

As of the December quarter, the company has consolidated debt, including that of its American subsidiary Novelis Inc, of Rs 672.48 billion spread over five years. The company plans to accelerate deleveraging and want to reach a debt Ebitda level of 3 from current 4.5.

If aluminum and copper prices on LME stay higher, the company can deleverage faster and invest in less capital intensive downstream projects. Hindalco plans to set up a third copper rod plant of 2.30 lakh tonnes at Dahej in Gujarat by February next year, taking the overall capacity to 3.90 lakh.

Meanwhile, Hindalco expects higher growth in the next fiscal year because of the implementation of the Goods and Services Tax (GST), and higher consumption of aluminum and copper because of a rise in budgetary allocation to the infrastructure sector. Electricity, packaging, building and construction, automobile, defense, and transportation are the sectors the company has identified as growth areas for consumption demand.

Hindalco Share Price Has Surged 164% in Last One Year

Hindalco reported a net profit in the December 2016 quarter from a loss in the year-ago period. Net profit in the third quarter stood at Rs 3.20 billion compared to a loss of Rs 327.5 million a year earlier. Net sales rose 13.7% to Rs 99.14 billion from Rs 87.15 billion a year earlier because of a rise in average realization for both aluminum and copper, weaker rupee and higher aluminum volume.

Hindalco share price finished the day down by 1.3%.

Moving on to news from stocks in FMCG sector. According to an article in The Livemint, ITC Ltd is set to increase prices of its leading cigarette brands, India Kings, Classic and Gold Flake, by 11-13%.

The increase in cigarette prices was expected as the Union budget on 1 February had proposed hiking the excise duty on cigarettes between 2.5% and 6%. ITC is passing on the increased duty to the consumers.

ITC had, before the budget, increased prices by around 14% for cigarettes including top-selling brands. Last year, ITC had increased cigarette prices by 12.8% after the budget proposed to increase excise duty by 10-15%.

Increasing cigarette prices is an annual exercise as the government hikes excise duty on tobacco products every year in its budget proposals.

In another development, ITC plans to set up multi-specialty hospitals and leverage its experience in hospitality for tapping into the expanding medical tourism segment in India. The move is in the context of the company's vision to sub-serve national priorities which has driven the company's operations, diversification initiatives and CSR policies and practices.

ITC share price finished the day up by 0.2% on the BSE.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers