Sensex closes 271 points up, Nifty above 8,700; Dr Reddy’s, Bhel gain

The Sensex closed 0.95% higher at 28,805.10, while the CNX Nifty ended up 0.98%, or 84.15 points, to 8,711.55

 

India’s benchmark Sensex rose on Thursday, led by gains in shares of select capital goods, auto and pharmaceutical companies.

 

The investors were cautious ahead of the retail inflation and factory output data, due later on Thursday. A Bloomberg poll expects Consumer Price Index (CPI)-based inflation will be 5.5% for January compared with 5% in December while index of industrial production will grow by 1.8% in December compared with 3.8% in November.

 

The 30-share S&P BSE Sensex closed 0.95%, or 271.13 points, higher at 28,805.10, while the National Stock Exchange’s broader 50-share CNX Nifty ended up 0.98%, or 84.15 points, to 8,711.55. Among the gainers, Dr Reddy’s Laboratories Ltd rose 5.49% to Rs.3,327.50, Bharat Heavy Electricals Ltd (Bhel) rose 4.98% to Rs.267.90, Cipla Ltd rose 4.07% to Rs.662, while Maruti Suzuki India Ltd rose 2.20% to Rs.3,540. Among the losers, Hindustan Unilever Ltd (HUL) fell 1.53% to Rs.887.55, Bajaj Auto Ltd shed 1.37% to Rs.2,260.65, while Bharti Airtel Ltd shed 1.01% to Rs.352.70.

 

State Bank of India (SBI) fell 0.56% to Rs.284.40. SBI, the country’s largest lender, is likely to hit the markets in the April-June quarter to raise Rs.10,000-15,000 crore, Mint reported, qouting two investment bankers who are involved in the process. Among the sectoral indices, S&P BSE Capital Goods index and S&P BSE Power index were the top gainers, up 2.51% and 2.33%, respectively.

 

So far in 2015, the Sensex has gained 4.1%, while foreign institutional investors have bought $ 2.53 billion from local equity markets and bought $ 4.45 billion from debt markets. Bank of India fell 5.77% to Rs.227.65 after the bank reported net profit of Rs.173.38 crore in December quarter, down 70.4% from a year ago. India Cement Ltd rose 12.32% to Rs.106.70 after it said its board on Wednesday approved transfer of Indian Premier League team Chennai Super Kings to a wholly-owned subsidiary Chennai Super Kings Cricket Ltd. Voltas Ltd fell 2.5% to Rs.257.50. The company’s net revenue dropped by 15% to Rs.911 crore, which was also significantly below Bloomberg’s 20-broker consensus estimate.

 

Operating profit also dropped by 15% to Rs.57.30 crore. Pipavav Defence and Offshore Eng. Co. Ltd rose 5.32% to Rs.67.35, while Mahindra and Mahindra Ltd (M&M) rose 0.07% to Rs.1,134 after news report said that M&M will purchase a majority stake in Pipavav Defence and Offshore for roughly Rs.3,000 crore at Rs.66 a share in a three-phase deal. Mahindra CIE Automotive Ltd rose 6.6% to Rs.225.25 after the company reported 775% jump in its net profit to Rs.13.16 crore in December quarter as compared to Rs.1.50 crore a year ago.

 

Aditya Birla Chemicals India Ltd rose 4.32% to Rs.232.85 after Grasim Industries Ltd, the flagship company of the Aditya Birla Group, has decided to merge Aditya Birla Chemicals (India) Ltd, or ABCIL, with the company. The swap ratio approved by the board is 1 share of Grasim for every 16 shares of ABCIL. Natco Pharma Ltd fell 2.26% to Rs.1,399.35.

 

The company its marketing partner Mylan Inc. has filed an abbreviated new drug application (ANDA) for the generic version of the same with the US Federal Drug Administration. Claris Lifesciences Ltd rose 19.96% to Rs.248.20 after the news report said that big pharma companies eying takeover of Claris’ injectables business for Rs..2,500-Rs.3,000 crore. Bosch Ltd rose 7.14% to Rs.25,390 after the company has included in the MSCI India Index. So far in 2015, the Sensex has gained 4.1%, while foreign institutional investors have bought $ 2.53 billion from local equity markets and bought $ 4.45 billion from debt markets.

 

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