Closing Bell: Nifty, Sensex end at record closing high; ICICI Bank, IndusInd bank lead

Sectoral Trend at closing: Nifty Bank lift indices, Nifty Realty down 1%##Sectoral Trend at closing: Nifty Bank lift indices, Nifty Realty down 1%

Top Nifty gainers and losers: Banking stocks lead, Wipro falls##Top Nifty gainers and losers: Banking stocks lead, Wipro falls

Closing Bell: Nifty, Sensex end at record closing high; ICICI Bank, IndusInd bank lead##Closing Bell: Nifty, Sensex end at record closing high; ICICI Bank, IndusInd bank lead

Sensex, Nifty extended gains to end at record highs on Tuesday, led by banking stocks like IndusInd Bank and ICICI Bank, amid sustained buying from foreign investors and positive sentiment in global peers. Investors were also optimistic as the earnings season got off to a good start and the IMD forecast average monsoon rains this year.  

The BSE Sensex ended at new closing high of 39,275, up 370 points, while the broader NSE Nifty50 settled at record closing high of at 11,787, adding 97 points. Both indices previously ended at record closing highs on April 2. In intra-day deals, the S&P BSE Sensex gained as much as 458 points to hit new high of 39,364, surpassing previous high of 29,270, hit on April 3. Similarly, the Nifty50 index rose 120 points to hit record high of 11,810.95, surpassing previous high of 11,761 hit on April 3.

Sectoral indices were trading mixed with Nifty Bank, Nifty Auto, and Nifty Fin Services gaining, while Nifty IT, Nifty Realty, and Nifty PSU Banks fell. Meanwhile, Nifty Midcap and Nifty Smallcap ended flat for the day, but in red. Nifty Bank lifted the index to record high, gaining over 1 percent led by gains in IndusInd Bank, ICICI Bank, RBL Bank, Kotak Bank and Axis Bank.

63 Moons jumps 9% backed by good volume##63 Moons jumps 9% backed by good volume

Shares of 63 Moons Technologies rose 9 percent today again with huge volume of about 20 lakh shares exchanging hands on NSE. Since April 1, the stock has advanced 45 percent, however,  it started gathering momentum since last Friday supported by good volume. In last two trading sessions, shares of 63 Moons zoomed 25 percent till current levels, without any particular reason.

On February 19, the company in its press filing said, "The company has decided to file damage suits of Rs 10,000 crore against Mr P Chidambaram and others, in their individual capacities for taking mala fide actions against 63 moons by abusing their powers."

Nirmal Bang prefers SBI Life, ICICI Pru in insurance space##Nirmal Bang prefers SBI Life, ICICI Pru in insurance space

Looking at the consensus earnings for the fiscal year 2020 and 2021, the markets are unlikely to sustain the current rally, said Rahul Arora, CEO of Nirmal Bang Institutional Equities. The recent fervour in the markets was triggered by rising foreign inflows following a series of events, including US Federal Reserve monetary policy and the announcement of elections dated, he noted.

Speaking about SBI Life and ICICI Prudential, Arora said, “We have initiated on the entire sector. In addition to SBI Life and ICICI Prudential, we have also covered Max and HDFC Life. However, SBI Life and ICICI Prudential are our preferred picks in the space.” Watch interview here

Jet Airways CEO Vinay Dube authorised to engage with lenders on funding one last time, sources say ##Jet Airways CEO Vinay Dube authorised to engage with lenders on funding one last time, sources say

IndiGo, SpiceJet shares surge as Jet Airways look to halt operations##IndiGo, SpiceJet shares surge as Jet Airways look to halt operations

Aviation stocks became volatile after new developments suggested Jet Airways operations might shut down as their lenders failed to approve emergency fundings. Intraday, shares of SpiceJet soared 9.24 percent to Rs 129.70 per share on the BSE. Interglobe Aviation, the parent company of IndiGo, gained 3.24 percent to Rs 1,523.40, while Jet Airways fell 18.7 percent to Rs 235.20 on the NSE. READ MORE

ICICI Bank, RIL, Godrej Properties among top stock picks by CLSA for 2019 elections##ICICI Bank, RIL, Godrej Properties among top stock picks by CLSA for 2019 elections

Indian shares have seen a pre-election rally since the beginning of the year on hopes that the current government will come back in the 2019 Lok Sabha elections and CLSA believes that more market upside is likely if the final election result is in line with opinion polls.

Election 2019 started on April 11, 2019, with 91 out of 543 constituencies going to the polls in the first phase. Keeping the political scenario in mind, the brokerage's top picks are ICICI Bank, Axis Bank, IndusInd Bank, HDFC, Godrej Properties, Ramco, ITC, Reliance Industries, ONGC, and NTPC.

In the past five years, IndusInd Bank has gained 268 percent followed by RIL up 187 percent, Axis Bank rising 169 percent and HDFC adding 132 percent. Among the brokerages' top picks, ONGC was the only stock that has delivered negative returns in the last 5 years. READ MORE

Nifty above 11,800 for the first time ever##Nifty above 11,800 for the first time ever

Will repay Rs 85 crore debt with IPO proceeds, says Polycab India CEO##Will repay Rs 85 crore debt with IPO proceeds, says Polycab India CEO

Polycab India made a strong stock market debut on Tuesday, listing at a  17 percent premium over its issue price. Ramakrishnan Ramamurthi, chief executive of the company, spoke to CNBC-TV18 about Polycab's revenue growth and outlook.

"We have maintained a revenue CAGR of 14.3 percent in the last 5 years," Ramamurthi said on Tuesday.

On the debt front, he said, "It has come down to Rs 550 crore as of December 2018. We will repay Rs 85 crore with IPO proceeds." READ MORE

Naresh Goyal opts out from bidding for ailing Jet Airways##Naresh Goyal opts out from bidding for ailing Jet Airways

Jet Airways founder Naresh Goyal has decided not to bid for acquiring stake in the cash-strapped airline, sources said on Tuesday. The full-service carrier, which is currently operating less than 10 aircraft, is awaiting fresh fund infusion under a debt resolution plan. Airline sources said Goyal, who had stepped down as chairman of the carrier last month, has withdrawn the bid for the airline. READ MORE

Deepak Fertilisers shares jump 10% on expansion, fund raising plans##Deepak Fertilisers shares jump 10% on expansion, fund raising plans

Deepak Fertilisers gained 10 percent after the company said it has begun commercial production of Nitric Acid at Dahej, Gujarat, and issuance of bonds worth $30 million. Since April 1, the stock has moved up 15 percent to current levels, and since yesterday, it has escalated 10 by percent. In its press filing, the company said, “The new project will expand commercial footprints in Gujarat. The Rs 550 crore project has production capacities of ~92 KTPA for concentrated nitric acid and ~149 KTPA for diluted nitric acid.” READ MORE

Investors should continue to allocate money into equities, says Sundaram MF##Investors should continue to allocate money into equities, says Sundaram MF

S Krishna Kumar, CIO-equity at Sundaram Mutual Fund, spoke to CNBC-TV18 about the broader markets and shared his earnings expectations. "Usually, when the market rallies after correction, the largecaps attract the initial passive flows and then the flows get more choosy and selective in terms of identifying better alpha," Kumar said on Tuesday.

Kumar said the house would continue to buy at all-time highs. “One should not look at indices alone but if you look at profit of companies have moved over the last two years and look at market cap to GDP etc., broadly there is a lot of steam left,” he said. READ MORE