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After a shaky start, the Indian equity market closed with handsome gains on Tuesday amid relentless buying in the stocks across sectors. Interest rate sensitives like banking, auto and realty stocks led the rally followed by capital goods, IT and utilities stocks. Sentiment got a boost after Maruti announced its quarterly earnings, which were better than expected.
Maruti reported 11.7% YoY decline in net profit at Rs11.34bn for the quarter ended March 2016. Net sales however increased by 12.5% to Rs149.3bn. Commenting on Maruti earnings, Amar Ambani, Head of Research, IIFL, said, “Maruti Q4 FY16 performance was better than expectations at topline and operating profit levels. Outperformance on topline was driven by realizations which were ahead of estimates.OPM at 15.4% was much ahead of our expectations. OPM was lower by 53bps on yoy basis but were higher by 96bps on sequential basis. Lower than expected other income and higher than estimated tax rate resulted in below estimates PAT. PAT was at Rs1,134cr a decline of 11.7% yoy but an increase of 11.2% qoq.”
According to reports, Indian government is considering to impose a complete ban on the Foreign Direct Investment (FDI) in the tobacco sector. The Union Ministry of Commerce and Industry is reportedly working on a proposal to ban FDI in the tobacco industry.
Major cigarette, tobacco manufacturing companies like ITC and VST Industries after sharply falling in opening trades recovered smartly towards the end to close in the green. On the other hand Godfrey Philips plummeted over 17% to close at Rs932.
The BSE Sensex ended with a gain of 328 points at 26,007. The BSE Sensex opened at 25,605 touched an intra-day high of 26,055 and low of 25,549.
The NSE Nifty closed with a gain of 107 points at 7,963. The NSE Nifty opened at 7,828 hitting a high of 7,975 and low of 7,823. The India VIX (Volatility) index was up 0.86% to 16.5225. The BSE Midcap and Smallcap indices ended with marginal losses.
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