homemarket Newsstocks News

Sensex and Nifty close at two week highs as banks outperform

Sensex and Nifty close at two-week highs as banks outperform

Sensex and Nifty close at two-week highs as banks outperform
Profile image

By Sudarshan Kumar  May 28, 2018 3:58:35 PM IST (Published)

Mainland China markets ended the day in negative territory, with the Shanghai composite slipping 0.2% to 3,135.

The Indian market began the expiry week on a positive note. Benchmark indices Sensex and Nifty closed at 2-week highs, with the 30-stock Index, Sensex gaining 241 points to 35,165, while the Nifty surged 83 points to 10,689.

Recommended Articles

View All

The broader markets relatively outperformed, with the midcap index gaining 264 points to close above 19,000. The Nifty Bank advanced 1.3% or about 341 points to 26,614.
HDFC, L&T & Sun Pharma lifted the market whereas IT majors TCS, Infosys & Tech Mahindra dragged. Sectorally, Financials contributed 39 points to the Index gains while IT dragged 25 points.
On the earnings front, NTPC closed with a gain of over 1% after the PSU company reported profit of Rs Rs 2,926 crore against the poll of Rs 2,663 crore while margin came in lower at 25.6%  against the estimate of 28%. Piramal Enterprises too closed in the green after Q4 earnings that saw profit before tax coming in at Rs 471.5 crore against Rs 407.1 crore in the corresponding quarter. Revenue jumped 22% to Rs 2,991.1 crore.
From the auto ancillary space, GNA Axles reported a strong earnings. Profit of the company jumped 2.5x to Rs 16.4 crore and EBITDA surged 38.5% to Rs 26 crore.
Besides earnings, one stock that was in focus in Monday’s trade was Manpasand Beverages. The stock closed at lower circuit after Deloitee resigned as statutory auditor. Also, company postponed earnings for the January-March quarter.
The company in its filing to exchnages said, “The resignation of Deloitte as auditor & delay in earnings has no correlation. Resignation is only a minor hiccup & it won’t have long-term biz impact.”
In the futures space, major traction was seen in Nifty 10,700 and 10,750 Call options. Both the options saw margin surging by 92% and 74% respectively. In the Put options, 10,600 Put saw its margin slipping by 61%. Nifty May Futures closed with a discount of 13 points against discount of 2.75 points on Friday.
On the global front, Asian markets closed mixed on Monday, following positive weekend news regarding U.S.-North Korea relations. Investors also digested the extended slide in oil prices after top producers indicated output could increase.
The Nikkei 225 eked out gains of 0.1% to close at 22,481 and the broader Topix edged down 0.1%, with the oil subindex falling 4.14% amid weakness in oil prices. South Korea's Kospi rose 0.7% to 2,479 as weekend developments gave rise to optimism that a US-North Korea meeting in June could take place despite being canceled last week.
Mainland China markets ended the day in negative territory, with the Shanghai composite slipping 0.2% to 3,135. The Shenzhen composite closed 0.2% lower.
US market is shut for trade today on the account of Memorial day while UK Market is closed for late May Bank Holiday.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers