Sensex hits triple century, Nifty above 8600; RIL, HDFC up

The market staged strong performance Wednesday, recouping two-day losses with the Sensex hitting a triple century led by banking & financials and oil & gas stocks. In fact, equity benchmarks outperformed global peers. The 30-Sensex BSE Sensex rallied 322.79 points or 1.15 percent to 28504.93 and the 50-share NSE Nifty rose 104.05 points or 1.22 percent at 8633.50. Experts believe the market can top 8800-8900 before July expiry if June quarter earnings support (which is unlikely) and parliament clears any important bill (like GST or Land Bill).
Sun Pharma (up 3.35 percent), Hindustan Unilever (up 2.65 percent) and Asian Paints (up 3.2 percent) reversed previous day's losses. Sun Pharma crashed yesterday 15 percent post profit warning for FY16 and Asian Paints & HUL reacted to Q1 earnings. Petrochemical major Reliance Industries was the biggest gainer and contributor to the Sensex's gains, up 4.26 percent followed by HDFC with 2.7 percent upside. ICICI Bank (up 1.8 percent), HDFC Bank (up 1.4 percent), Mahindra & Mahindra (up 3.4 percent) and State Bank of India (up 1.7 percent) were other leading gainers while Bharti Airtel and TCS fell over a percent. Bajaj Auto surged 3 percent and Lupin plunged 3.3 percent ahead of their June quarter earnings. A CNBC-TV18 poll expects Bajaj Auto's bottoline to grow a whopping 27.7 percent year-on-year and Lupin's Q1 profit to fall 8.4 percent. In the broader space, Entertainment Network India (operates Radio Mirchi) rallied 12 percent on getting information & broadcasting ministry's approval to buy 4 radio stations of TV Today that operates Oye FM ratio channel. Zensar Technologies gained 11 percent on reseller agreement with Jive Software. Kalyani Steels was locked at 20 upper circuit after reporting a 88.9 percent rise in profit year-on-year.
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