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Nifty up 1%; banks, cap goods, realty, power stocks rally

Sharemarket of Glenmark Pharma slipped 3 percent intraday on Friday after reporting March quarter results as revenue jumped 27.5 percent and EBITDA was at 22.4 percent vs 19.5 percent. However, its quarter profit was lower on account of Tarka settlement.

Stocks like Arvind, Axis Bank, Bajaj Finance, Fulford India, NBCC and Ricoh India were trading at fresh life-high prices today.

Sintex Industries ’ Group President Sunil Kanojia hopes to achieve 15 percent topline growth in FY15. He sees further improvement in their margins going forward, expecting them to trend between 18.5–19 percent after an upward drift of 150 bps YoY in Q4. The stock is up 3 percent.

Bangalore-based Wonderla Holidays debuted at the bourses on Wednesday at Rs 164.75 per share. It touched day’s high of Rs 170 in early trade, up 36 percent from its issue price of Rs 125. The amusement park company entered the primary market offering 1.45 crore equity shares, including 21,75,000 equity shares bought by anchor investors, in a price band of Rs 115-125 each. The company raised about Rs 27 crore from the anchor investors.

HDIL was the top gainer in the midcap space with gains of close to 7 percent. DB Realty (up 4.68 percent), Union Bank (up 4.44 percent), Indiabulls Real (up 4.13 percent) and Torrent Power (up 4.11 percent) also joined the list of top midcap gainers.

The benchmark index Sensex surged one percent in the morning trade as we inch closer towards vital events – May 13 (exit polls) followed by election outcome results on May 16. Heavy buying was seen in rate sensitives and cyclical stocks. Barring pharma all BSE sectoral indices were trading in green.

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