Jewellery stocks remained in focus and Titan Company closed at a record high ahead of Akshaya Tritiya.
The S&P BSE Sensex rose for the 9th consecutive day in a row on Tuesday for the first time since January 2015. The Nifty50 holds above 10500 levels for the second consecutive day in a row.
The Nifty Bank and the Nifty Midcap Index closed with gains of 0.1 percent each. HDFC, ITC & ICICI Bank were the top index gainers. Finally, the market breadth turned in favour of advances with the advance-decline ratio at 1:1.
Jewellery stocks remained in focus and Titan Company closed at a record high ahead of Akshaya Tritiya.
Sectorally, the S&P BSE power index rose 1.2%, followed by the S&P BSE Realty index which gained 1.2%, and the S&P BSE FMCG index rose 1.05%.
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The S&P BSE IT index dropped 0.3%, followed by the S&P BSE Auto index which fell 0.2%, and the S&P BSE Healthcare index which was down 0.21%.
The S&P BSE Midcap index rose 0.2%, and the S&P BSE Smallcap index rose 0.28%.
Top Sensex gainers include names like Power Grid (up 2.9%), NTPC (up 1.99%), HUL (up 1.8%), ICICI Bank (up 1.5%), and ITC (up 1.2%).
Top Sensex losers include names like Wipro (down 1.5%), followed by Adani Ports (down 1.2%), Sun Pharma (down 1.27%), Infosys (down 0.7%).
Stocks in news:
Ramky Infrastructure:
Ramky Infrastructure share price rose 7 percent after receiving a provisional completion certificate for the project in J&K. Its subsidiary Srinagar Banihal Expressway had received the project 'rehabilitation, strengthening and four laning of Srinagar to Banihal, section of NH-1A on DBFOT (Annuity) basis in Jammu & Kashmir under NHDP-Phase-II from National Highways Authority of India (NHAI).
Bajaj Electricals Ltd:
Bajaj Electricals share price rose 5.6 percent on bagging of orders for rural/urban electrification projects in Uttar Pradesh. The engineering & project business unit of the company has bagged orders for ten rural/urban electrification projects. It hit a 52-week high of 699.90 in intraday trade today.
Jewellery Stocks rallied:
Jewellery makers like Tribhovandas Bhimji Zaveri (up 4.7 percent), Titan Company (up 1.5 percent), PC Jeweller (up 1.5 percent), Vaibhav Global (up 1.2 percent), and Renaissance Jewellery (1.2 percent) were seeing buying interest ahead of Akshaya Tritiya day tomorrow.
Consumption stocks on buyers' radar:
United Breweries rose 2.7%, Parag Milk Foods jumped over 4 percent while Jubilant Foodworks gained a percent. ITC closed with gains of 1.2%. Porinju Veliyath, Equity Intelligence India in an interview with CNBC-TV18 said that consumption theme is something which can make money for investors in the near future and there are stocks which can generate 15-20 percent CAGR in a safe way.
Ramky Infrastructure Ltd:
Ramky Infrastructure share price rallied 7 percent intraday after receiving a provisional completion certificate for the project in J&K.
M&M Ltd:
Mahindra & Mahindra entered the coveted Rs 1 trillion market capitalisation club in an intraday trade after its share price hit a fresh 52-week high on the BSE. CLSA has maintained its Buy call on M&M and raised its target price to Rs 960 per share from Rs 910 earlier. Its rural demand outlook improved with the normal monsoon forecast. The stock rose 1.05%.
In Other News:
The Finance Ministry may come out with a Rs 10,000-crore follow-on fund offer of the Bharat-22 exchange-traded fund (ETF) as it looks to dilute stake in Coal India to meet the minimum public holding norm.
Capricorn Food Products India, an integrated food processing company, has received markets regulator Sebi's go-ahead to float an initial public offering.
The dues by scam-hit PNB's big wilful defaulters grew to Rs 14,904.65 crore in February, up 2.1 percent from the previous month, according to the bank data. These wilful defaulters, who have taken loans of Rs 25 lakh and above, had total outstanding of Rs 14,593.16 crore in January.
Cash Crunch:
Nearly one and a half years after the cash crisis that gripped the nation in the wake of Prime Minister Narendra Modi's sudden demonetisation announcement, parts of the country have again been haunted by a shortage of currency.
For the last few weeks, South Indians states including Telangana and Andhra Pradesh have reportedly seen ATMs go dry. They are now joined by Bihar, Uttar Pradesh, Chhatisgarh, Gujarat, Delhi and Madhya Pradesh, as people in these states are said to be returning home empty-handed from ATMs.
"The cash crunch is a localised phenomenon largely confined to states like Delhi, Karnataka, Maharashtra, Andhra Pradesh, Telengana, Gujarat, Rajasthan. For the country as a whole, there is adequate currency in circulation and in banks," Dr. VK Vijayakumar Chief Investment Strategist at Geojit Financial Services told Moneycontrol.
"This localised shortage can be addressed quickly by moving cash from places where there is cash more than necessary to meet the demand," he said.
Global Update:
European markets were higher, tracking modest overnight gains after data showed China's economy grew slightly more than anticipated in Q1CY18. Germany's DAX, Britain's FTSE and France's CAC were up 0.3-0.9 percent at the time of writing this article.
Asian markets ended lower as investors digested the release of a raft of China data. China's Shanghai Composite ended down 1.4 percent and Hong Kong's Hang Seng declined 0.83 percent.