Market

Markets close in the green; financials lead the way

Updated : April 27, 2018 04:13 PM IST

The Nifty settled at 10,692, while the Sensex at 34,970, with a gain of about 0.7% each.

The stock surges 9% on the management commentary of Q4 being the last quarter of an asset pain.

Markets close in the green; financials lead the way

Markets on Friday closed at its highest in over two-months. The Nifty settled at 10,692, while the Sensex at 34,970, with a gain of about 0.7% each.

The financials have led the market higher on the first day of May series. Banking-heavy, financial sector contributed 40 points to the Nifty gains, with major gains seen in the Axis bank post Q4 earnings.

The stock surges 9% on the management commentary of Q4 being the last quarter of an asset pain. Reliance too had a significant upmove, with stock trading at record high, and knocking the door of $100 billion market cap.

Market breadth remain balanced with advance-decline ratio at 1:1 as any recovery in the midcap index is being sold into.

The Nifty Midcap Index had a mild gain of 0.7% to 20,122. Gains in the Midcap Index were kept under check largely by one stock that is PC Jeweller, which saw a fall of 25%. Over the past week, the stock saw a fall of 42% on the news of one promoter gifting some of his holdings to one of his relatives.

In an interaction with CNBC-TV18, PC Jweller CFO, Sanjeev Bhatia said, “Promoter holding fallen down to 58.5-59% as a result of gifting of shares by promoter Padam Chand Gupta. But, main promoter Balram Garg continues to hold 34% stake and do not see no further gifting of shares.”

In the derivatives, May series started with Nifty 10,600 Put adding 8 lakh shares and 11,000 call adding 7 lakh shares in open interest. Nifty May futures trade at a premium of 32 points.

On the global front, Asian markets closed in the green with South Korean Index gaining 0.7%, after North and South Korean leaders agreed for no more conflict in in the Korean Peninsula. Positive cues also helped other markets with the Nikkei gaining 148 points to 22,468 and the Hang Seng 273 points.

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