Sensex ends 164 points higher, Nifty above 11,650; Tata Motors gains 7%


Market Close: Benchmark indices ended higher but off day's high on the back of last hour selling pressure on first day of the financial year 2020. The Sensex touched a record high of 39,115.57 during the day, while Nifty also closed above 11,650 level.

The Sensex rose 164.27 points at 38,837.18, while Nifty was up 31.70 points at 11,655.60. About 1685 shares have advanced, 918 shares declined, and 145 shares are unchanged. 
Tata Motors, Hindalco Industries, Wipro, Bharti Airtel and Maruti Suzuki were the top gainers on the Nifty, while Zee Entertainment, UPL, IOC, Eicher Motors and IndusInd Bank were among major losers.
Among sectoral indices, except bank and FMCG all other indices ended in green led by metal, IT, infra, auto and pharma.
RBI To Cut Repo Rate:
"With the subdued growth outlook (GDP Q3FY19, guidance for GDP Q4FY19 and FY19, IIP since Nov-18) and moderate inflation (both CPI and WPI). The RBI does not seem to have any major reason not to cut the policy rate again during its next meeting. I think that the relevant question is whether the bank would cut the rate by more than 25 bps," Sujan Hajra, Chief Economist and Executive Director at Anand Rathi Shares & Stock Brokers said.
Auto Sales:
Hinduja Group flagship firm Ashok Leyland reported a 4 percent decline in total sales at 21,535 units in March this year as against 22,453 units during the same month of the previous year.
Sales of medium and heavy commercial vehicles during the month under review declined 6 per cent to 16,034 units as against 17,057 units in a year-ago month, Ashok Leyland said in a BSE filing. 
Escorts March Sales Miss Expectations
Escorts shares declined 1.4 percent intraday after its sales volume in March missed analyst expectations due to subdued domestic performance.
The tractor maker sold 11,905 units in March 2019, a 1 percent higher compared to 11,790 units sold in same month last year. It was lower than Credit Suisse estimate of 12,782 units.  
Nitesh Estates Surges 16% Intraday
The company, on January 23 had said it would overall debt by an extent of Rs 700 crore in next 180 days and out of Rs 700 crore it had already reduced its debt by Rs 407.88 crore from the overall consolidated debt by selling the shopping mall in Pune.
It further sold the prime parcel of land in heart of Bangalore City for a deal valuing at Rs 55 crore out of which has utilised Rs 40 crore to reduce debt by from the overall consolidated debt by repaying the lender - HDFC, Nitesh Estates said on April 1.
M&M March sales: Mahindra & Mahindra sold 6,08,596 vehicles during financial year ended March 31, 2019, compared to 5,49,153 vehicles during FY-18, registering a growth of 11%. For the month of March 2019 the company sold 62,952 vehicles, a marginal growth over March 2018.
Market Update: Benchmark indices gained further with Sensex crossing 39,000 for the first time, after a firm opening in the morning trade.
At 10:23 hrs IST, the Sensex is up 347.48 points or 0.90% at 39020.39, and the Nifty up 88.80 points or 0.76% at 11712.70.
Buzzing: Cipla shares fell 2.5 percent on April 1 after its Maharashtra unit received eight good manufacturing practices observations from the US health regulator.
Market Opens: It is a positive start for the Indian indices on Monday with Nifty above 11,650 level.
At 09:18 hrs IST, the Sensex is up 189.65 points or 0.49% at 38862.56, and the Nifty up 53.10 points or 0.46% at 11677.00. About 710 shares have advanced, 222 shares declined, and 46 shares are unchanged. 
Vedanta, JSW Steel, Tata Steel, UltraTech Cement, Adani Ports, Bharti Airtel, Bajaj Auto, Eicher Motors, M&M  are among major gainers on the indices, while losers are Cipla, HCPL, BPCL, IOC, ONGC and Zee Ent.
Except energy, all other sectoral indices are trading higher led by metal, PSU bank, auto, infra, IT and pharma.
MOIL production update: The company has achieved the highest-ever turnover of Rs 1440 crore during financial year 2018-19, registering a growth of 9 percent over previous year. Core production jumped 15 percent during the year, while total production crossed 13 lakh MT in FY’19.
Market at pre-open: Benchmark indices are trading higher in the pre-opening with Nifty above 11,650.
At 09:02 hrs IST, the Sensex is up 173.03 points or 0.45% at 38845.94, and the Nifty up 29.90 points or 0.26% at 11653.80.
Vedanta, JSW Steel, ICICI Bank, Bajaj Auto, are trading higher in pre-opening session, while Cipla is trading lower.
Crude Update: Oil prices rose on Monday, adding to gains in the first quarter when the major benchmarks posted their biggest increases in nearly a decade, as concerns about supplies outweigh fears of a slowing global economy.
SGX Nifty: Trends on SGX Nifty indicate a positive opening for the broader indices in India, a gain of 48.50 points or 0.42 percent. Nifty futures were trading around 11,724-level on the Singaporean Exchange.
Asian markets trade higher: Asian stocks rose on Monday, as signs of progress in US-China trade talks and firmer Wall Street shares supported sentiment, although another defeat for British Prime Minister Theresa May’s proposed Brexit deal added to the pound’s recent woes.