BSE Sensex closed higher by 282.48 points at 36,548.41, while the Nifty 50 ended 74.90 points up at 11,023.20. Here are the latest highlights from the markets
Mumbai: BSE Sensex has surged over 400 points to an all time high on Thursday led by gains in banking and energy stocks. NSE’s Nifty 50 reclaimed 11,000. Energy shares, including heavyweight Reliance Industries, rallied after crude oil prices on Wednesday posted their biggest one-day drop in two years. In global markets, stocks advanced as prospect of more trade talks between the US and China helped steady nerves. Traders are awaiting CPI inflation and IIP data due to be released later in the day. Retail inflation likely rose to a near two-year high in June, driven by surging oil and food prices, a Reuters poll showed. Here are the highlights from the stock markets:
12 Jul 2018, 03:35:00 PM IST
Closing bell: Sensex at record high, Nifty holds 11,000
BSE Sensex closed higher by 282.48 points, or 0.78%, to 36,548.41, while the Nifty 50 rose 74.90 points, or 0.68%, to close at 11,023.20. During the day, Sensex hit an all-time high of 36,699.53, while Nifty 50 touched a record high of 11,078.30. On the other hand, BSE MidCap and SmallCap ended in negative territory by falling 0.52% and 0.06%, respectively.Among the sectoral indices on BSE, energy gained most at 3.07% followed by oil and gas 1.60%, bankex 0.92% and finance 0.91%. Realty, auto, IT, teck and basic materials declined most.Reliance Industries led the gains and rose 4.42%. BPCL, Wipro, L&T and HDFC were among other top gainers. Vedanta, Infosys, Bajaj Auto and Mahindra were among the major losers.Meanwhile, foreign investors bought shares worth a net of Rs 636.27 crore on Wednesday, while local investors purchased shares worth a net of Rs 15.33 crore, provisional data showed.
12 Jul 2018, 03:25:00 PM IST
Karnataka Bank shares jump 7% as Q1 net profit rises 22%
Shares of Karnataka Bank Ltd jumped 7.25% to Rs127.15. The bank said its first-quarter net profit rose 21.96% on the back of higher interest income and lower employee cost. Net profit rose to Rs 163.24 crore for the three months ended 30 June from Rs 133.85 crore in the same quarter last year. Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 10.40% to Rs 468.58 crore from Rs 424.42 crore in the corresponding period last year.
12 Jul 2018, 02:55:00 PM IST
Cadila Healthcare shares down 2% as unit gets EIR from USFDA
Cadila Healthcare Ltd shares fell 2.28% to Rs 363 after the company said that a unit of Zydus Cadila, Zydus Hospira Oncology, has received an establishment inspection report (EIR) from USFDA concluding the the inspection as closed and classifying the facility as ‘Voluntary Action Indicated’. Zydus Hospira Oncology is a 50: 50 joint venture company between Zydus Cadila and Hospira Inc. USA.
12 Jul 2018, 02:40:00 PM IST
Trent, HDFC Standard Life shares rise
Trent Ltd notched up volume of 70180 shares on BSE, a 5.21 fold spurt over two-week average daily volume of 13482 shares. The stock rose 1.50% to Rs.356.40. Volumes stood at 28597 shares in the last session.HDFC Standard Life Insurance Company Ltd witnessed volume of 2.2 lakh shares by 10:47 IST on BSE, a 3.53 times surge over two-week average daily volume of 62302 shares. The stock increased 1.62% to Rs.476.65. Volumes stood at 54707 shares in the last session.Mangalore Refinery And Petrochemicals Ltd added 4.99% to Rs 80.95. The stock was the fourth biggest gainer in ‘A’ group. On the BSE, 1.71 lakh shares were traded on the counter so far as against the average daily volumes of 1.2 lakh shares in the past one month.
12 Jul 2018, 02:20:00 PM IST
Rupee rises against US dollar ahead of CPI data
The Indian rupee strengthened against the US dollar on Thursday, tracking gains in equity market. At 2.01pm, the rupee was trading at 68.54 a dollar, up 0.34% from its Wednesday’s close of 68.77. It opened at 68.75 a dollar and touched a high and a low of 68.51 and 68.76, respectively.The 10-year bond yield was trading at 7.82% compared to its previous close of 7.87%. Bond yields and prices move in opposite directions. So far this year, rupee lost 6.83%, while foreign institutional investors have sold $887.88 million in equity and $8.71 billion in debt, respectively.
12 Jul 2018, 02:05:00 PM IST
Market watch: Time Technoplast, GMR Infra and India Cements
Time Technoplast Ltd spiked 6.44% to Rs 143.75. The stock was the biggest gainer in the BSE’s ‘A’ group. On the BSE, 84799 shares were traded on the counter so far as against the average daily volumes of 36161 shares in the past one month.GMR Infrastructure Ltd surged 6.18% to Rs 18.05. The stock was the second biggest gainer in ‘A’ group. On the BSE, 11.3 lakh shares were traded on the counter so far as against the average daily volumes of 19.41 lakh shares in the past one month.India Cements Ltd soared 5.66% to Rs 114.85. The stock was the third biggest gainer in ‘A’ group. On the BSE, 3.84 lakh shares were traded on the counter so far as against the average daily volumes of 3.18 lakh shares in the past one month.
12 Jul 2018, 01:35:00 PM IST
European stock markets rebound at open
Europe’s main stock markets rebounded slightly at the open following a recovery in Tokyo. London’s benchmark FTSE 100 index rose 0.2% to 7,610.46 points compared with the close on Wednesday. Frankfurt’s DAX 30 index climbed 0.4% to 12,464.06 points and the Paris CAC 40 grew 0.3% to 5,369.19. World stocks had slumped on Wednesday after Washington threatened to hammer Beijing with tariffs on a further $200 billion of Chinese imports, ratcheting up the global trade war. AFP
12 Jul 2018, 01:10:00 PM IST
RIL market cap hits $100 billion, shares surge 5%
Shares of Reliance Industries Ltd (RIL) jumped sharply today, helping its market capitalisation touch $100 billion. RIL shares rose as much as 5% to a day’s high to ₹ 1,091, giving the company a market cap of close to ₹ 6.9 trillion.
Market watch: Schaeffler India, Persistent Systems, Inox Leisure
Schaeffler India Ltd notched up volume of 5006 shares on BSE, a 24.54 fold spurt over two-week average daily volume of 204 shares. The stock slipped 0.84% to Rs.5,500.00. Volumes stood at 66 shares in the last session.Persistent Systems Ltd registered volume of 3.06 lakh shares on BSE, a 12.37 fold spurt over two-week average daily volume of 24768 shares. The stock slipped 0.30% to Rs.841.50. Volumes stood at 1.78 lakh shares in the last session.Inox Leisure Ltd recorded volume of 2 lakh shares on BSE, a 8.44 times surge over two-week average daily volume of 23709 shares. The stock lost 0.97% to Rs.255.15. Volumes stood at 2434 shares in the last session.
12 Jul 2018, 12:47:00 PM IST
Coffee Day shares rise over 2% on tie up with UberEats
Shares of Coffee Day Enterprises Ltd rose 2.39% to Rs 270.35 after the company said it has signed an agreement with UberEats for distribution of food products for five years. The announcement was made after market hours on 11 July.
12 Jul 2018, 12:35:00 PM IST
Uptrend won’t last long, volatility will return: William O’Neil India
“Overall, market seems to be trending upwards with blue-chips faring well. This year, there are a lot of uncertainties like monsoon, crude oil prices, (U.S.-China) trade war, general elections. So, I believe volatility will continue and although it is not going to be a continuous uptrend, things are definitely looking positive for the market,” said Sudhakar Pattabiraman, head of research operations at William O’Neil India. Reuters
12 Jul 2018, 12:04:00 PM IST
L&T Construction gets orders worth ₹ 2,388 crore
Larsen and Toubro Ltd (L&T) on Thursday said its construction unit, L&T Construction, has received orders worth ₹ 2,388 crore. The order was received by the water and effluent business.
12 Jul 2018, 11:59:00 AM IST
Shilpa Medicare gains most in 21 months, gets EIR from US FDA
Shilpa Medicare Ltd on Thursday gained most in 21 months, after it received the establishment inspection report (EIR) from US FDA. Shares of Shilpa Medicare jumped as much as 13.8% to ₹ 434, their highest since 29 May. The stock posted the biggest intraday percent gain since 26 October 2016. An EIR clears the way for exports from the facilities to the United States.Over 467,000 shares change hands, compared with their 30-day moving average of 22,202 shares. The stock is down 38% this year, as of last close.
12 Jul 2018, 11:54:00 AM IST
UltraTech Cement hits near two-month high; further upside seen
Shares of UltraTech Cement have gained as much as 2.48% to ₹ 4,050, highest since 16 May. The Stock has broken above a resistance at ₹ 4,007, the 38.2% Fibonacci retracement level of the uptrend from 27 December 2016 low to 17 January 2018. The breakout suggests that the UltraTech Cement stock may rise towards the next resistance at ₹ 4,201, the 14.6% Fibonacci projection level of the uptrend from 25 November 2008 low to 17 January 2018 high. The stock is down 8.54% this year as of last close, while broader NSE Index up about 4% in the same period. Reuters
12 Jul 2018, 11:51:00 AM IST
Stock market update: BSE Sensex up 400 points, Nifty close to 11,100
BSE Sensex surges 1.11%, or 404.20 points, to 36,670.13 points. Nifty up 1.06% to 11,064.75 points.
12 Jul 2018, 11:42:00 AM IST
Hindalco, Vedanta shares fall as metal prices slump
Shares of Indian copper, zinc, and aluminium companies are down as much as between 2.9% and 4.3%, as metal prices slumped to their weakest in about a year, while other metals sank after fresh US tariff threat.Hindustan Zinc has fallen up to 4.34%, its biggest intraday percent drop since 26 June. Hindalco Industries slipped as much as 3.3% to ₹ 221.50, their biggest intraday percent fall since 2 July. Vedanta Ltd is down as much as 3.5%, National Aluminium Co Ltd shares slide up to 2.9%. About 2 million Hindustan Zinc shares change hands, compared with 30-day moving average of 1.9 million shares.Nifty Metal index is down as much as 3%, posting the biggest intraday drop since 2 July. Three-month copper on the London Metal Exchange drops as much as 3.8% to $6,092.50 a tonne, its lowest since 25 July 2017. On Shanghai Futures Exchange, most-traded copper falls as far as 47,800 yuan ($7,175) a tonne, weakest since 23 June 2017. Reuters
12 Jul 2018, 11:37:00 AM IST
Airline stocks jump on lower crude oil prices
Airline stocks jumped after crude oil prices posted their biggest one-day drop in two years. Interglobe Aviation Ltd, which owns India’s biggest carrier IndiGo, and Jet Airways (India) Ltd trade 4% higher, while SpiceJet Ltd gains over 3%.Global benchmark Brent crude slumped nearly 7% on Wednesday as escalating US-China trade was threatened to hurt oil demand, and news that Libya would reopen its ports raised expectations of growing supply.
12 Jul 2018, 11:35:00 AM IST
FY19 growth outlook ‘strong’ for most Indian FMCG firms: HSBC
Low base effect, expected pick-up in rural demand indicate earnings growth trajectory for FY19 remains reasonably strong for the consumer sector, HSBC says. A look at a few of HSBC observations:■ prices for wheat, sugar, milk, palm, tea and coffee still remain quite benign, and hence, commodity tailwinds should continue for Britannia Industries Ltd, ITC Ltd, Dabur India Ltd, Hindustan Unilever Ltd and Nestle India Ltd.■ Marico Ltd is only player facing significant headwinds due to copra prices, which are expected to ease in the second half of the year.■ Grocery retail is a significant compounding opportunity and D-Mart’s (Avenue Supermarts Ltd) a winning business model for India.■ On an average, price performance of most of consumer firms (barring ITC, Emami and Marico) has been very strong and now builds in rich earnings growth expectations, if not excessive.■ Nifty FMCG index has gained 11% this year as of Wednesday’s close compared to a gain of pct for the broader index. Reuters
12 Jul 2018, 11:30:00 AM IST
HCL Tech shares rise 2% as board will consider share buyback today
Shares of HCL Technologies Ltd gained as much as 2.48% to Rs 1019.70 after the company’s board of directors will meet today to consider the share buyback proposal. Analysts largely believe the size of the buyback would be around Rs 3,500 crore. Last year, it had offered buy-back of shares at Rs1,000 apiece, a 17% premium over its prevailing trading price at that time.According to Edelweiss Securities, HCL Tech is estimated to clock 1.7% constant currency revenue growth in the June 2018 quarter and margin is expected to remain flat. “Management is expected to maintain revenue growth and margin guidance for FY19. Traction in ER&D business, strategy behind acquisitions, update on IP deals and outlook on IMS business are key monitorables”, added Edelweiss.
12 Jul 2018, 11:22:00 AM IST
Dr Reddy’s rises on US drug hopes, UK rival Indivior cuts guidance
Shares of Dr Reddy’s Laboratories Ltd rise as much as 3.8% to Rs 2,387.65, its highest in 3 weeks. Rival British drugmaker Indivior lowered its full-year sales forecast saying it was losing sales of its opioid addiction drug Suboxone to a copycat launched last month by Dr Reddy’s and US firm Mylan NV. Suboxone, which Indivior launched in the US in February, contributes 80% to its total revenue.Indivior filed an injunction last month against FDA decision allowing sale of the Dr Reddy’s and Mylan drug, and a US court ruled to restrain Dr Reddy’s from selling their generic Suboxone till end of June.“We will get to know the court’s word on Friday about whether or not Reddy’s can launch Suboxone. But with Indivior having pulled up their guidance, it is giving off the sentiment that it is likely they may lose in the court,” says Vishal Manchanda of Nirmal Bang. Reuters
12 Jul 2018, 11:13:00 AM IST
Rupee gains against US dollar ahead of CPI data
The Indian rupee strengthened against the US dollar, tracking gains in equity market. The rupee opened at 68.75 a dollar and touched a high and a low of 68.59 and 68.76, respectively. The 10-year bond yield was trading at 7.83% compared to its previous close of 7.87%. Bond yields and prices move in opposite directions. So far this year, rupee lost 6.96%, while foreign institutional investors have sold $887.88 million in equity and $8.71 billion in debt, respectively. Ashwin Ramarathinam/Mint
12 Jul 2018, 11:05:00 AM IST
Alembic Pharma shares rise 2% on USFDA approval
Alembic Pharmaceuticals Ltd shares rose 2.45% to Rs 531.60 after the company said that it has received tentative approval from USFDA for its abbreviated new drug application Ticagrelor tablets, equivalent to the reference listed drug product Brilinta Tablets of Astrazeneca Pharmaceuticals LP. The drug has an estimated market size of $625 million for 12 months ending December 2017, according to IQVIA.
12 Jul 2018, 10:52:00 AM IST
1,000 NPA accounts under scanner in ICICI Bank probe
ICICI Bank Ltd is preparing to submit details of at least 1,000 loan accounts that turned sour since April 2010 to an independent panel, as part of a board-instituted probe into alleged wrongdoings by the lender’s top executives, including its off-duty CEO Chanda Kochhar, two people aware of the development said.The panel, headed by former Supreme Court judge B.N. Srikrishna, has started investigating, among other issues, three of the most serious allegations made by a whistleblower—impropriety in lending decisions; conflict of interest in loans made to business groups; and that Kochhar favoured certain borrowers. (read more)
ICICI Bank CEO Chanda Kochhar. Photo: Mint
12 Jul 2018, 10:49:00 AM IST
Why Q1 results won’t change sentiment for oil stocks
So far in 2018, barring shares of Reliance Industries Ltd (RIL), stocks of other oil firms have lagged the BSE 500 index by a wide margin. The RIL stock has increased 12.5%, beating the 1.2% decline in the BSE 500 index. On the other hand, stocks of state-run oil companies have declined in the range of 15-36%.The upcoming June quarter results may not offer investors in state-owned oil firms any solace either. Blame strong crude oil prices for this. (read more)
12 Jul 2018, 10:47:00 AM IST
Uncertain times for metal stocks as Dr Copper flashes red
Investors in metal stocks would be rooting for the US and China to kiss and make up. Shares of non-ferrous metal companies have declined on the back of falling metal prices and an uncertain outlook. A tightening of interest rates in developed markets and the strength of the dollar are factors that reduce the attractiveness of commodities as an asset class. But this was known.The escalating trade war between two big economies has the potential to hurt China’s economic growth. The US is hoping that a threat to its economic growth will bring China to the negotiating table, to give the US more access to China’s market. But so far, public muscle-flexing has been the stock response. (read more)
Metal stocks have underperformed the market in the current fiscal year.
12 Jul 2018, 10:15:00 AM IST
TCNS IPO on 18 July, firm targets Rs 1,125 crore
TCNS Clothing Co. Ltd will launch its Rs 1,125 crore initial public offering on 18 July. The company has priced its shares in range of ₹714-716. The public offer closes on 20 July. The IPO is a pure offer for sale by the existing shareholders and TCNS does not intend to raise any fresh capital. Promoters of the company, along with private equity investor TA Associates, are selling 15.71 million shares or 25.63% stake through the IPO. TA Associates is selling 11.27% stake that will fetch ₹495 crore at the upper end of the price band. TA Associates holds 40.6% in TCNS Clothing.
12 Jul 2018, 10:00:00 AM IST
Novartis India, Themis Medicare shares fall on drug recall
Shares of Novartis India Ltd fell over 1% to Rs 668.20, while Themis Medicare shares dived 6.66% to Rs 381.50 in the opening trade. India’s drug regulator has ordered the withdrawal of the popular diclofenac painkiller injection marketed by Novartis India and made by Themis Medicare Ltd, following safety concerns raised by a health ministry panel. The drug controller general of India (DCGI) on 4 July directed the state drug controller in Dehradun, Uttarakhand, and the drug licensing authority of Daman and Diu to cancel the manufacturing licence granted to Themis Medicare for diclofenac sodium injection 75 mg/ml using Transcutol-P.
12 Jul 2018, 09:50:00 AM IST
Fortis shares rise over 2%
Shares of Fortis Healthcare rose 2.50% to Rs 141.25 after The Economic Times reported that Malaysian healthcare giant IHH Healthcare is poised to win the bid for Fortis after it offered to pay Rs 180/share, valuing the hospitals chain at Rs 9,335 crore. Moreover, Fortis board would meet on 13 July to consider raising funds through issue of securities on a preferential allotment basis.
12 Jul 2018, 09:45:00 AM IST
Shares of oil companies trade higher
Shares of oil companies advanced after Brent oil prices slumped 6.9% on Wednesday in its biggest one-day drop in two years. However, Brent crude rose 1.8% on Thursday on news that Libya would resume oil exports and US-China trade tensions. Nifty Energy Index was up nearly 2% led by HPCL, IOC, BPCL and Reliance Industries.
12 Jul 2018, 09:33:00 AM IST
Market update: Sensex, Nifty at all time high
BSE Sensex surged 249.82 points, or 0.67%, to 36,515.75, while the Nifty 50 jumped 66.90 points, or 0.61%, to 11,015.20. BSE MidCap and SmallCap advanced 0.87% and 0.69%, respectively.All the sectoral indices on BSE, except telecom, gained with oil and gas, energy and bankex rising over up to 1.98%. Reliance Industries rose 2% to trade at an time high. SBI, Yes Bank and HPCL and BPCL were among other top gainers. Mahindra, TCS, Adani Ports and Wipro were among the major losers.
12 Jul 2018, 09:18:00 AM IST
Sensex, Nifty open higher
BSE Sensex traded higher by 189.68 points, or 0.52%, to 36,455.61, while the Nifty 50 rose 58.65 points, or 0.54%, to 11,006.95.
12 Jul 2018, 08:55:00 AM IST
Opening bell: Cues to look out for before trading today
■ Asian markets are subdued in morning trade. Escalating US-China trade war is making investors wary. Overnight, US stocks closed lower with S&P 500 losing 0.7% at 2,774.■ ICICI Bank Ltd is preparing to submit details of at least 1,000 loan accounts that turned sour since April 2010 to an independent panel, as part of a board-instituted probe into alleged wrongdoings by the lender’s top executives, reports Mint, citing two people aware of the development.■ V. Srinivasan, deputy managing director of Axis Bank Ltd and P.S. Jayakumar, chief executive officer (CEO) of state-owned Bank of Baroda are two of the three names that Axis Bank has recommended for its CEO post, reports Mint, citing two people aware of the matter.■ After getting a go-ahead from the indurance regulator, Life Insurance Corporation of India (LIC) is preparing to complete the 51% acquisition of debt-ridden IDBI Bank Ltd by the end of September, reports Mint.■ Aurobindo Pharma Ltd has approached bankers to raise debt to purchase Mallinckrodt’s speciality generics business in US which is likely to be signed this month, reports Business Standard.■ Malaysian healthcare giant IHH Healthcare is poised to win the bid for Fortis Healthcare Ltd after it offered to pay Rs 180/share, valuing the hospitals chain at Rs 9,335 crore, reports The Economic Times.■ HCL Technologies Ltd will consider buyback of equity shares today, roughly a year after it announced its first buyback, reports ET.(R. Sree Ram/Mint)