Sensex & Nifty Close at All-Time Highs; M&M Tops the Gainers

Wed, 26 Apr Closing

   Previous Close   

   Pre-Open   

   09:30 am   

   11:30 am   

   01:30 pm   

Share markets in India finished on a strong footing on positive global cues, strengthening of rupee, healthy corporate earnings and FII inflows into the market. At the closing bell, the BSE Sensex closed higher by 190 points, whereas the NSE Nifty finished higher by 45 points. The S&P BSE Midcap and the S&P BSE Small Cap Index ended down by 0.1% and 0.6% respectively.

Among the BSE sectoral indices, realty sector and information technology sector witnessed the selling pressure. Gains were largely seen in stocks from FMCG sector, automobile sector and banking sector.

Asian equity markets finished broadly higher today following the rise in US indexes overnight on the back of strong earnings announcements. The Nikkei 225 soared 1.10% while Hong Kong's Hang Seng gained 0.50% and China's Shanghai Composite finished up by 0.20%. European markets are mixed. The CAC 40 is higher by 0.04%, while the FTSE 100 is leading the DAX lower. They are down 0.08% and 0.07% respectively.

The rupee was trading at Rs 64 against the US$ in the afternoon session. Oil prices were trading at US$ 49.54 at the time of writing.

The banking space saw some good buying today following remarks by the central bank governor Urjit Patel about ways to resolve the problem of stressed assets of banks.

Reportedly, Urjit Patel has voiced his opinion on the merger of public sector banks and said that fewer banks would be good for the banking sector and also help in dealing with the problem of non-performing assets (NPAs).

According to him, the consolidation would help banks become more efficient in return for government assistance to deal with the NPA issue. He further said that market share of weaker banks was declining and that of stronger banks was increasing, especially the private sector banks, which in a way was a good thing.

One must note that, five associate banks of the State Bank of India (SBI) and the Bharatiya Mahila Bank became part of SBI on 1 April in a merger seen as the likely first step in the consolidation of India's banking system, weighed down by Rs 7 trillion of stressed assets. Thus, Bank consolidation could entail the sale of real estate where branches become redundant as well as offering voluntary retirement schemes to manage headcount.

Dr. Patel said a challenge that India's central bank was grappling with was the large stressed banking sector balance sheets. He noted that a series of measures have been taken in the past year on resolving the problem of the NPAs, including completion of a comprehensive asset quality review of the banks.

Bad Loans Inventory Bloats Up

However, the RBI has done well to focus its attention on the willful defaulters. However, this seems to be a curative measure than a preventive one. Unless the root cause i.e. the initial lending process of banks is put in order, bad debt is likely to remain a cancer on economic growth.

In the instance of the insolvency and bankruptcy code, the RBI has been preparing actively for the next step in an orderly resolution and this will be undertaken concomitantly with the resolution of the weakest bank balance sheets under a revised prompt corrective action framework, he stated.

Meanwhile, Yes Bank share price surged by 1.5% after the bank announced alliance with Paisabazaar.com under which the bank will offer conditionally approved loans to the latter's existing customers.

As part of the partnership, the bank will help Paisabazaar.com through its advanced analytics and data mining capabilities to offer customers of the financial marketplace with customised and conditionally approved offers across retail lending products.

This is for the first time in the industry that a large financial marketplace has entered into a unique customer level alliance with a bank to offer conditionally approved loans to their existing customers. The aim is to make the process of availing a loan easy and seamless and act as a one stop financial solution provider for all retail lending needs of the customer, the reports noted.

Bank stocks finished the day on a mixed note with Andhra Bank & Bank of India leading the gains.

Moving on to news from stocks in automobile sector. M&M share price rallied 3.6% after it a leading financial daily reported that, Mahindra & Mahindra (M&M)'s wholly owned subsidiary - Mahindra Overseas Investment Company (Mauritius), has acquired 100% of the equity share capital of Mahindra Automotive North America Inc. (MANA) in USA.

Owing to this deal, MANA has become a wholly owned subsidiary of Mahindra Overseas Investment Co and in turn, of the company with effect from 25 April 2017.

Post-acquisition, MANA would promote the Mahindra brand in US and expand its reach into US to promote off-road vehicles, the reports noted.

In another development, it was reported that, VE Commercial Vehicles, a joint venture between Volvo AB and Eicher Motors, would invest Rs 5 billion to make trucks that comply with the latest emission norms.

This move comes after India skipped a stage in the chronologically progressive set of standards monitoring automobile pollution. Car and truck makers selling in India have less than four years to transition from BS-IV to BS-VI norms.

The JV has already invested Rs 4 billion on upgrades related to BS-IV compliance and the development of other products. It is India's fourth-biggest maker of heavy-duty trucks.

Eicher Motors share price ended the day down by 0.5%

In another development, Wipro share price surrendered their early gains and fell over 1% after the company offered a muted outlook while announcing its March quarter earnings. The stock had opened on a positive note and gained nearly 4%, but later fell over 1% to Rs 489.4 on BSE during afternoon trade.

Wipro yesterday registered a marginal rise in net profit for the March quarter and offered a muted outlook, but sought to cheer investors by announcing a bonus issue and a likely share buyback. To know more about the company's financial performance, subscribers can access to Wipro's latest result analysis and Wipro stock analysis on our website.

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