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Markets Finish Strong; Nifty Closes at All Time High
Tue, 25 Apr Closing

Indian share markets continued to witness buying momentum in the afternoon session fueled by a rally in Reliance Industries and other blue chips on upbeat earnings. The sentiments also remained upbeat on strong global cues after centrist candidate and market favorite Emmanuel Macron won the first round of the French presidential election.

At the closing bell, the BSE Sensex stood higher by 287 points, while the NSE Nifty finished up 89 points at 9,306.60. Meanwhile, the S&P BSE Mid Cap and the S&P BSE Small Cap finished up by 1.1% and 0.6% respectively. Gains were largely seen in FMCG stocks, realty stocks and oil gas stocks.

Reliance Industries share price finished up by 1.1% in today's trade after the company reported a 12.3% YoY increase in its consolidated March quarter profit, boosted by higher refining margins and better earnings from its petrochemical unit.

Asian stock markets finished broadly higher today with shares in Hong Kong leading the region buoyed by Wall Street gains as well as relief that North Korea did not conduct another missile test to mark a military anniversary. The Hang Seng is up 1.31% while Japan's Nikkei 225 is up 1.08% and China's Shanghai Composite is up 0.16%. European markets are mixed today. The CAC 40 is up 0.22% while the FTSE 100 gains 0.12%. The DAX is off 0.05%.

The rupee was trading at Rs 64.28 against the US$ in the afternoon session. Oil prices were trading at US$ 49.34 at the time of writing.

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Reiterating that the problem of bad loans in the banking system is not "insurmountable" for India, Finance Minister Arun Jaitley has said that a large economy like India can deal with this problem, as it is not a problem spread over hundreds or thousands of accounts but is confined to only 20 to 30 big accounts. However, he stated that the problem of Non-performing assets (NPAs) has just persisted too long and is certainly adversely impacting the banking system.

Jaitley stressed that at present, the resolution of NPAs is a top priority for the government as it will encourage private investments and to resolve the problem, some precipitative action must be taken and this may involve some cuts by the banks, which would be a bona fide commercial consideration. He also added that the defaulting companies must find partners and go in for either change of management or search of investors.

The Big Rescue Plan for Weak Public Sector Banks

The Finance Minister blamed the anti-corruption laws of pre-liberalisation era as one of the constraints because of which banks are not able to take bold decisions.

Bank stocks finished the day on a strong note with Bank of India share price and Axis Bank share price leading the gains.

In news from telecom sector. Bharti Airtel share price surged 3.2% in today's trade after it was reported that the company is set to enter home automation and smart home segment soon. The new segment will be driven by Internet of Things (IoT) and machine-to-machine solutions which enables users to control house-hold utility such as heating, air conditioning, music, lighting and security systems through smartphones.

Reportedly, the home automation market in India is expected to reach Rs 88 billion by 2017. The key growth drivers for this demand are increasing consumer awareness and financial ability, product innovations (like smart phone apps), builders' requirement for market differentiation and an increase in the preference for energy efficient systems.

Also, electronics major LG is looking for partners among telecom operators in India to bring up its smart appliances connected with IoT technology.

Moving on to news from stocks in engineering sector. According to a leading financial daily, BHEL has bagged its largest ever export order worth Rs 100 billion, for setting up 1,320 MW (2x660 MW) Maitree super thermal power project in Bangladesh. The project has taken-off, following the issuance of the Notice to Proceed by the developer.

Significantly, won against stiff international competitive bidding, this is the company's largest power project order in the international market. The order has been secured from Bangladesh India Friendship Power Company (BIFPCL), a 50:50 JV company of NTPC. India and BPDB, Bangladesh. BHEL has arranged debt financing for the project from the EXIM Bank of India for which the loan agreement between EXIM Bank of India and BIFPCL has been signed in March, 2017.

BHEL share price finished up by 0.9% on the BSE.

In another development, Niti Aayog vice chairman Arvind Panagariya has expressed his confidence that the size of the Indian economy will see over three-fold expansion at US$ 7.25 trillion by 2030 and clock an average growth rate of 8% in rupee and 10% in dollar terms, over the next 15 years. He also noted that in 2015-16 the country's GDP stood at US$ 2.11 trillion.

And here's a note from Profit Hunter:

Indian Bank is up 10% for the day. Let's have a look at the chart.

Indian Bank at a Crucial Level
Indian Bank at a Crucial Level 

After the stock listed on the exchange, it had rollercoaster ride, rallying to Rs 250 in January 2008 and then slipping to Rs 65 in March 2009. It again ran to Rs 300 in September 2010 before it slipped back to Rs 65 in September 2013. But it wasn't done. The stock went up to Rs 225 in January 2015 but again fell to Rs 75 in February 2016.

Today, Indian Bank hit a new life high of Rs 319 on heavy volumes, but ended the session just under its September 2010 high.

It will be interesting to see if the stock finds resistance from this level and snaps back to 65-75, or if the current momentum will continue and drive the stock into uncharted territory.

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Mar 16, 2018 (Close)