Indiabulls Ventures, Gruh Finance stocks shine while Tata Motors, Infosys drop

Benchmark equity indices opened with a gap down, as they followed the negative tone set by their Asian peers. Asian and European markets fell in opening trade, as investors assessed the airstrikes against Syria over the weekend and the potential global impact of the same.

However, a bout of volatility and some stable macro-economic updates later, benchmark indices in India regained lost ground to finally close the day with gains of over 0.30%.

On the macro front, the annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 2.47% yoy (provisional) in March 2018 as compared to 2.48% (provisional) for the previous month and 5.11% during the corresponding month of the previous year.

Barring PSU banking and Information Technology, all other sectoral indices on the NSE traded with gains.

The S&P BSE Sensex rose 0.3% to 34,302, while the NSE Nifty 50 gained 0.5% to 10,530.

State Bank of India lost its place in the list of the country’s 10 most valued companies in terms of market capitalisation after the stock price of bank declined for the fourth straight trading days on the BSE. Stock ended lower 1%.

Gainers
Indiabulls Ventures hit a new high today, gaining 37% in past two trading days on back of heavy volumes. Stock zoomed 20%.

Gruh Finance rallied 4% after the board of directors recommended the issue of bonus shares in the ratio of 1:1 i.e. one equity share for every one equity share held on the record date.

Nifty Pharma index closed higher by 1.5% in today’s trade. The stock has been continuously surging and has gained more than 1% during the morning session on Monday.

DCB Bank share price soared 6% after reporting good earnings growth and improvement in asset quality performance. The net profit for the March quarter grew by 21.5% to Rs64cr and net interest income grew by 19.7% to Rs263.7cr compared to year ago.

Losers
Infosys stock fell 3% after the IT firm said it expects its operating margin in 22-24% range this year, lower than previous year’s 23-25%.

Shares of UCO Bank hit lowest since August 30, 2016 after The CBI has booked former UCO Bank CMD Arun Kaul and others for allegedly cheating the bank to the tune of Rs621cr. The agency is carrying out searches at 10 locations, eight in Delhi and two in Mumbai in this connection.

Shares of Tata Motors cracked over 4.5% on the NSE amid weakening demand for subsidiary JLR. Media sources reported that this could put about 1,000 contract (temporary) jobs in danger. The company will, however, continue to hire engineers, graduates and apprentices for investing in new products and technologies. Also, its commitment to the UK plant will continue.

Fortis Healthcare stock fell 3% after it confirmed getting interest from IHH Healthcare Bhd.

Top gainers and losers
Cipla (+5.3%), Grasim (+2.9%), Hero MotoCorp (+2.2%), UPL (+2%) and NTPC (+2%) were the top gainers on the Nifty50.

Tata Motors (-4.8%), Infosys (-3.1%), Wipro (-1.7%), SBI (-0.78%) and Titan (-0.72%) were the top losers.

Of the 1,681 stocks traded on Nifty, 746 advanced, 850 declined, and 85 remained unchanged.

Source: Indiainfoline