Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.

Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Indian Indices End in the Green
Tue, 10 May Closing

After witnessing buying interest in the post-noon trading session, the Indian equity markets closed the day on a firm note. Stocks from sectors such as capital goods, consumer durables and banking were leading the gains.

The BSE Sensex closed higher by about 84 points (up 0.3%). The NSE Nifty ended higher by about 22 points (up 0.3%). The BSE Mid Cap ended higher by 0.2%, while the BSE Small Cap ended higher by 0.1%.

In the global markets, most of the Asian indices closed the day on a positive note. The Hong Kong's Hang Seng ended higher by 0.43%, while Japan's Nikkei 225 ended higher by 2.15%. The European indices also witnessed buying interest. The FTSE 100 was up 0.77%, France's CAC 40 was up 1.09% and Germany's DAX was up 1.13%. The rupee was trading at Rs 66.61 to the dollar at the time of writing.

Stocks in the steel sector ended the day on a mixed note with Adhunik Metaliks and Bhushan Steel leading the gains. As per a leading financial daily, Tata Steel has received seven expressions of interest (EoI) to acquire the firm's loss-making UK business. According to the company, all of these seven EoI have been immediately taken forward to the next stage of the sales process, which involves inputs from the UK government.

Tata Steel UK's assets include Port Talbot plant in south Wales, UK's largest with around 4,000 workers, as well as sites at Newport, and Rotherham.

Last month Tata Steel sold its Long Products business in Europe to investment firm Greybull Capital. The sale was in exchange for Greybull Capital taking the whole of the business, including assets and relevant liabilities, and securing funding package of 400 million pounds.

It shall be noted that on 29 March, Tata Steel decided to sell its UK operations, called Tata Steel Europe Ltd. This came as the company failed to turn around the business it bought as part of the takeover of Corus at the height of the commodity boom in 2007 for US$12.1 billion. The business suffered almost a decade of losses amid poor demand and cheap Chinese imports.

Radhika Pandit, Managing Editor, ValuePro had written an interesting piece on this matter in one of the editions of The 5 Minute WrapUp titled 'The Perils of Big Acquisitions Spare No One...Not Even the Tatas'.

Moving to the news from the FMCG space. ITC is gradually resuming production at its cigarette factories, which was suspended from May 4 over the large pictorial warning issue.

The company had shut down its production on May 05, till the time it is able to comply with interim requirements of 85% pictorial warnings. The Supreme Court had directed tobacco companies to implement the rule mandating larger pictorial warnings and refused the manufacturers' plea to stay the implementation of new cigarette packaging rules introduced from April 1.

The pictorial warnings will now cover at least 85% of the surface area of the packs, up from 40%. The larger pictorial warnings may lead to further contraction in sales which have been on a declining trend.

However, with 70% of the cigarettes being sold in the loose form, the decision to increase the pictorial warning may not have a significant effect on the sales of the company.

ITC has business interests in cigarettes, hotels, paperboards and specialty papers, packaging, agri-business, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products. The company recently forayed into the super-premium chocolate segment with a luxury offering branded Fabelle. The brand is said to be sold through boutique stores in its luxury hotels. The stock of ITC closed the trading day down by 0.5%.

Stocks in the automobile space ended the day on a mixed note with Maharashtra Scooters and Escorts leading the gains. Tata Motors' subsidiary Jaguar Land Rover (JLR) reported its best ever April retail sales of 41,341 vehicles, up 11% from April 2015. This was recorded as the company's fourth consecutive record-breaking month. The company sold over 2 lakh vehicles in the first four months of 2016, up 24% compared to the same period last year.

Further, retail sales for the month of April were up year-on-year across all regions. Sales in the UK rose 25% YoY in April 2016. While that of China, Europe, North America stood up by 11%, 10% and 2%, respectively. Sales in other overseas markets rose 5% in April 2016 over April 2015.

Tata Motors is India's largest automobile company. Through subsidiaries and associate companies, the company has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Stock of the company closed down by 3.6%.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Equitymaster requests your view! Post a comment on "Indian Indices End in the Green". Click here!


Small Investments
BIG Returns

Zero To Millions Guide 2018
Get our special report, Zero To Millions
(2018 Edition) Now!
We will never sell or rent your email id.
Please read our Terms


Jan 17, 2018 02:33 PM