India"s correlation with global markets approaches 10-year low https://t.co/Lww41ixdbE— Livemint (@livemint) May 28, 2018
Market Wrap: Sensex surges 240 points, Nifty settles at 10,688, Sun Pharma shares up 7%
BSE Sensex closed 240.61 points higher at 35,165.48, while the Nifty 50 ended 83.50 points up at 10,688.65. Here are the highlights from the markets
Last Modified: Mon, May 28 2018. 04 57 PM IST
- 3.34 pm ISTClosing bell
- 3.25 pm ISTMangalam Drugs shares down 11% as Q4 net profit declines
- 3.20 pm ISTGNA Axles share jump 12% after Q4 earnings
- 2.55 pm ISTGold prices plunge Rs405, slip below Rs32,000 on global cues
- 2.40 pm ISTLovable Lingerie shares tank 11% as Q4 loss widens
- 2.10 pm ISTRupee trades higher against US dollar
- 2.07 pm ISTPiramal Enterprises shares rise over 1% after Q4 earnings
- 1.27 pm ISTFortis Healthcare says Hero, Burman agree to re-open bidding
- 12.47 pm ISTMarket update: Sensex, Nifty trade higher
- 12.43 pm ISTBafna Pharma gets renewal from European regulatory agency
- 12.40 pm ISTShree Renuka Sugars says report about Adani deal incorrect
- 11.57 am ISTCadila Healthcare shares trade lower
- 11.33 am ISTSun Pharma shares surge 8%; CLSA, Macquarie upgrade ratings
- 10.50 am ISTMarket update: Sensex, Nifty extend gains
- 10.45 am ISTIndia’s correlation with global markets approaches 10-year low
- 10.40 am ISTBank of Baroda shares up 1% after Q4 earnings
- 10.05 am ISTManpasand Beverages shares fall 20%
- 9.33 am ISTSun Pharma shares rise 4% after Q4 results
- 9.30 am ISTOMC, aviation stocks gain
- 9.27 am ISTMarket update: Sensex, Nifty open higher
- 9.25 am ISTRupee hits two-week high as oil prices, geopolitical tension ease
- 9.20 am ISTAsian shares trade higher
- Mumbai: benchmark indices BSE Sensex and NSE’s Nifty 50 gained for a third straight day on Monday following a decline in oil prices and easing geopolitical tensions. Asian stocks and US futures rose after President Donald Trump said that US and North Korea were still working towards holding a summit. Moreover, the Indian rupee strengthened for the third session to a two-week high against the US dollar as oil prices declined. Meanwhile, DIIs bought shares worth a net of Rs887.76 crore, while foreign investors sold shares worth a net Rs768.29 crore on Friday, provisional data showed. Here are the highlights from the markets:
- 3.34 pm IST Closing bellBSE Sensex closed higher by 240.61 points, or 0.69%, to 35,165.48, while the Nifty 50 rose 83.50 points, or 0.79%, to close at 10,688.65. BSE MidCap rose 1.35% and SmallCap gained 1.60%.All the sectoral indices on BSE, except IT and teck, closed higher with capital goods, oil and gas, and healthcare rising over 2%. IT and teck fell 1.72% and 1.33%, respectively. Sun Pharma, Coal India, Asian Paints and L&T were among the top gainers, whereas TCS, Power Grid, Infosys and M&M were among the major losers.
- 3.20 pm IST GNA Axles share jump 12% after Q4 earningsGNA Axles Ltd shares surged 11.58% to Rs551 after the company reported that its net profit rose to Rs16.45 crore in the fourth quarter ended 31 March, compare to Rs6.11 crore a year ago. Total revenue for the quarter was Rs205 crore, up from Rs126 crore in the same period last year.
- 2.55 pm IST Gold prices plunge Rs405, slip below Rs32,000 on global cuesGold prices dipped below the Rs32,000-mark, tumbling Rs405 to Rs31,965 per 10 gram at the bullion market Monday amid a weak trend overseas and slump in demand from local jewellers. Silver prices followed suit and cracked Rs41,000-mark by falling Rs370 to Rs40,830 per kg. Read more
- 2.40 pm IST Lovable Lingerie shares tank 11% as Q4 loss widensLovable Lingerie Ltd shares fell 11.43% to Rs155 after the company reported a net loss of Rs14.29 crore in the fourth quarter of 2018, higher than the Rs3.93 crore a year ago. Revenue from operations fell to Rs28.59 crore in Q4 of 2018, compared to Rs36.54 crore a year ago.
- 2.10 pm IST Rupee trades higher against US dollarThe Indian rupee strengthened for the third session on Monday to a two-week high against US dollar after crude oil prices posted its biggest drop in about a year and the US-Korea summit appears to be back on track.At 2pm, the home currency was trading at 67.44 against the US dollar, up 0.49% from its previous close of 67.77. The currency opened at 67.50 a dollar and touched a high of 67.32—a level last seen on 11 May.
- 2.07 pm IST Piramal Enterprises shares rise over 1% after Q4 earningsPiramal Enterprises Ltd shares rose 1.43% to Rs2,440 after the company reported a consol net profit of Rs3,944 crore in the fourth quarter of 2018, compared to a profit of Rs311 crore last year. Revenue from operations stood at Rs2,991 crore in the quarter up from Rs2,463 crore last year. The March 2018 quarter profit included deferred tax assets of Rs3,569 crore recorded on tax deductible goodwill arising on the merger of units.
- 1.27 pm IST Fortis Healthcare says Hero, Burman agree to re-open biddingFortis Healthcare Ltd shares rose 1.59% to Rs147.10 after the company said that the consortium of Hero Enterprise Investment Office and Burman Family Office has permitted re-opening the bidding process, amid shareholder concerns over the board’s choice of the underdog.
- 12.43 pm IST Bafna Pharma gets renewal from European regulatory agencyBafna Pharmaceuticals Ltd said the company’s received renewal approval for a facility after an audit conducted by Medicines and Healthcare products Regulatory Agency (MHRA) as per the guidelines of European good manufacturing practices. Shares rose 4.89% to Rs24.65
- 12.40 pm IST Shree Renuka Sugars says report about Adani deal incorrectShree Renuka Sugars Ltd said in a BSE filing that a report about the company’s possible acquisition by Adani group is “factually incorrect, speculative and completely misleading.” Mint on Monday reported that Adani Group may acquire the sugar business of Shree Renuka Sugars, India’s largest sugar manufacturer, from Wilmar Sugar Holdings through Adani Wilmar Ltd
- 11.33 am IST Sun Pharma shares surge 8%; CLSA, Macquarie upgrade ratingsShares of India’s top drug-maker Sun Pharmaceuticals Industries Ltd on Monday surged over 8% after the company reported its first profit growth in six quarters, helped by lower material costs and a one time tax write back.Sun Pharma shares jumped 8.18% to Rs504.70 a share on BSE in intraday trade. At 11.23am, the script was trading at Rs501.45, up 7.5% from previous close. So far this year, it has declined nearly 12%.CLSA upgrade Sun Pharma to “buy” from “sell” and increased its target price to Rs600 a share from Rs445 a share. Macquarie has also upgraded the stock to “neutral” from “underperform.” Read more
- 10.50 am IST Market update: Sensex, Nifty extend gainsBSE Sensex traded higher by 223.43 points, or 0.64%, to 35,148.30, while the Nifty 50 rose 74.10 points, or 0.70%, to 10,679.25. Sixteen out of 19 sectoral indices on BSE traded higher led by healthcare, which was up 2.35%, oil and gas 2.03%, realty 1.23% and capital goods 1.40%. IT, teck and consumer durables fell 1.52%, 1.21% and 0.34%, respectively.BSE Midcap and SmallCap were up 1.03% and 1.22%, respectively. Sun Pharma, Coal India, Asian Paints and Maruti Suzuki were among the top gainers, whereas TCS, Infosys, ONGC and IndusInd Bank were major losers.
- 10.45 am IST India’s correlation with global markets approaches 10-year lowA shrinking correlation between financial markets in India and those in the rest of the world is one reason to buy its assets. The weighted average correlation of India’s currency, bonds and stocks with those in other global economies fell to 0.32 last month, approaching a more than 10-year low of 0.29 set in November. The reading was as high as 0.68 in 2010, data compiled by Bloomberg show.Global investment managers say this divergence provides them with an asset class that can smooth out returns in their portfolios. (Bloomberg)
- 10.40 am IST Bank of Baroda shares up 1% after Q4 earningsBank of Baroda shares gained 1.10% to Rs142.75. Bank of Baroda Friday reported a net loss of Rs3,102 crore in the March 2018 quarter compared to a profit Rs154.72 crore in the year-ago period. Provisions during the quarter increased to Rs6,672 crore as against Rs2,623 crore in the year-ago quarter. Read more
- 9.33 am IST Sun Pharma shares rise 4% after Q4 resultsSun Pharmaceuticals Industries Ltd shares rose 4% to Rs484. The company reported 7% year on year increase in its net profit to Rs1,310 crore in March quarter.
- 9.30 am IST OMC, aviation stocks gainShares of oil marketing companies and aviation companies were trading higher after crude oil prices fell. Indian Oil Corp rose 7%, Hindustan Petroleum Corp 7%, Bharat Petroleum Corp Ltd 5%. Among Aviation companies, SpiceJet Ltd rose 6%, Jet Airways India Ltd 5%, InterGlobe Aviation Ltd rose 3%.
- 9.25 am IST Rupee hits two-week high as oil prices, geopolitical tension easeThe Indian rupee on Monday strengthened for the third session to a two-week high against US dollar after crude oil prices posted its biggest drop in about a year and the US-Korea summit appears to be back on track.At 9.15am, the home currency was trading at 67.51 against the US dollar, up 0.43% from its previous close of 67.77. The currency opened at 67.50 a dollar and touched a high of 67.45—a level last seen on 11 May. The 10-year bond yield stood at 7.742% from its Friday’s close of 7.797%.
- 9.20 am IST Asian shares trade higherAsian stocks and US share futures gained on signs the US and North Korea were still working towards holding a summit. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2%. Japan’s Nikkei lost steam to trade flat and the broader Topix dipped 0.2%.South Korea’s KOSPI rose 0.7%, buoyed by stocks which are seen as benefitting from a further thawing in tensions with Pyongyang. US S&P500 mini futures rose 0.4% in Asian trade, but market holidays in the world’s two biggest financial centres—London and New York—could make trading slow and illiquid for the day.
First Published: Mon, May 28 2018. 09 28 AM IST