Closing bell: Sensex, Nifty extend gains to 4th week, Infosys, TCS shares rally8 min read . Updated: 18 Jun 2018, 08:11 AM IST
BSE Sensex closed 22.32 points higher at 35,622.14, while the Nifty 50 ended 9.65 points up at 10,817.70. Here are the highlights from markets
OTHERS : Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 erased losses in the late trading hours and closed marginally higher on Friday led by rally in major IT stocks Infosys and TCS, offsetting losses in banking stocks. Moreover, world shares fell and were set to end the week in the red, while the dollar climbed to a seven-month high, as investors braced for a list of Chinese goods targeted in a first round of announced tariffs by US, reported Reuters. The Indian rupee weakened past 68 mark against the US dollar on Friday after trade deficit widened to $14.62 billion in May. Here are the highlights from the markets:
Closing bell: Sensex, Nifty close marginally higher
BSE Sensex closed higher by 22.32 points, or 0.06%, to 35,622.14, while the Nifty 50 rose 9.65 points, or 0.09%, to close at 10,817.70. For the week, Sensex gained 0.50% and Nifty rose 0.46%. Both the indices posted their fourth consecutive weekly gain.However, BSE MidCap and SmallCap declined 0.40% and 0.46%, respectively.Sixteen out of 19 sectoral indices on BSE closed lower with metal, oil and gas, power, realty, capital goods losing over 1%. Meanwhile, IT gained 2.24% led by TCS and Infosys, teck was up 1.83% and healthcare 1.88%.Dr. Reddy’s Labs, Infosys, TCS and Sun Pharma were among the top gainers, whereas Yes Bank, SBI, ONGC and Coal India were major losers.
TCS shares jump over 3% on Rs16,000 crore shares buyback plan
TCS shares jumped 3.16% to Rs1,849 after the company announced that its board of directors has approved a proposal to buyback up to 76,190,476 equity shares of the company for an aggregate amount not exceeding Rs16,000 crore
Market update: Sensex, Nifty trade lower
BSE Sensex traded lower by 55.31 points, or 0.16%, to 35,544.51, while the Nifty 50 fell 20.25 points, or 0.19%, to 10,787.80.
Valiant Communications shares jump 17% on receipt of Rs12 crore order
Valiant Communications Ltd shares jumped 16.56% to Rs55.95 after the company said that it has received orders worth Rs12.56 crore from Andhra Pradesh Transmission Corp., Kerala State Electricity Board and Tejas Networks Ltd.
Motilal Oswal maintains “neutral” on Voltas, revises PT
Voltas Ltd shares were down 0.80% at Rs521. Brokerage Motilal Oswal maintained “neutral” rating on the stock and revised the price target to Rs570. The brokerage said, “We cut our earnings by 5% for each of FY19 and FY20 to factor in lower sales in the UCP segment. We now build in 5% growth in the UCP segment in FY19 versus our earlier estimate of 15% growth.”
Trade deficit widens to 4-month high of $14.62 billion
India’s trade deficit widened to a four-month high of $14.62 billion in May as imports surged nearly 15%, the government said. Commerce minister Suresh Prabhu said exports in May rose by 28.18% to $28.86 billion while imports were up 14.85% to $43.48 billion. Trade deficit widened to $14.62 billion from $13.84 billion in May 2017. Oil imports were up 49.46% to $11.5 billion on back of surge in international crude prices. Gold imports were up 16.6% to $1.18 billion in May.(PTI)
Market update: Sensex, Nifty extend losses
BSE Sensex traded lower by 172.70 points, or 0.49%, to 35,427.12, while the Nifty 50 fell 42.60 points, or 0.39%, to 10,765.45.
Rupee falls below 68 mark against US dollar
The Indian rupee weakened past 68 mark against the US dollar on Friday ahead of trade deficit data due later in the day. The rupee was trading at 68.02 against the US dollar, down 0.55% from its previous close of 67.63. The currency opened at 67.89 a dollar and touched a low of 68.03.
Vakrangee shares fall 5% as Q4 net profit declines
Vakrangee Ltd shares 4.96% to Rs41.20 after the company on Thursday reported a net profit of Rs71.02 core in the March 2018 quarter, compared to Rs145 crore a year ago. Income from operations rose to Rs1,835 crore in the latest quarter from Rs1,126 crore last year.
Dr Reddy’s shares jump 4.5% on USFDA approval
Dr. Reddy’s Laboratories Ltd said that it has received final approval from the USFDA and is launching Buprenorphine and Naloxone sublingual film, a therapeutic equivalent generic version of Suboxone in US market. The Suboxone brand had US sales of approximately $1.86 billion MAT for the most recent twelve months ending in April 2018, according to IMS Health. Dr. Reddy’s shares surged 4.54% to Rs2,371.40. The stock has gained for the seventh straight session today.
FII flows to Indian markets may slow as Fed hikes rates
Higher interest rates tempt large foreign funds to move their money to the US, hurting emerging markets including India which are already struggling with a stronger dollar and expensive crude oil
FII flows to Indian markets may slow as Fed hikes rates https://t.co/HcDzLtGEnp— Livemint (@livemint) June 14, 2018
Market update: Sensex, Nifty edge higher
BSE Sensex traded higher by 74.30 points, or 0.21%, to 35,674.12, while the Nifty 50 gained 24.10 points, or 0.22%, to 10,832.15. BSE MidCap and SmallCap rose 0.20% and 0.25%, respectively.Among the sectoral indices on BSE, healthcare led the gains by rising nearly 2%, IT 1.09% and teck 0.81%. Power fell most at 0.93%, utilities 0.83% and telecom 0.62%. Dr. Reddy’s, Sun Pharma, Infosys and Reliance were top gainers, whereas NTPC, Power Grid, Yes Bank and ONGC were among the major losers.
Edelweiss maintains ‘buy’ on CEAT, revises price target
CEAT Ltd shares were trading 0.5% higher at Rs1,351.50. Domestic brokerage Edelweiss maintained “buy” rating on CEAT stock and revises its price target lower to Rs1,649 from Rs1,839.In a report, Edelweiss noted, “We like CEAT’s unwavering and granular focus on branding. We estimate EPS will grow at a CAGR of 31% over FY18–20E. In our view, the stock should trade in the 12–15x PE band depending on product mix, capex cycle and rubber prices. At CMP (current market price), the stock is trading at 11.3x/10.6x FY19E/FY20E PER.”
Punj Lloyd shares rise 5%
Punj Lloyd Ltd shares advanced to a high of Rs15.60, up 5% from its previous close. ICICI Bank Ltd on Thursday moved the National Company Law Tribunal (NCLT) against Punj Lloyd Ltd seeking initiation of insolvency proceeding under the Insolvency and Bankruptcy Code (IBC) for recovery of outstanding dues of Rs852 crore. A two-judge NCLT bench, headed by M.M. Kumar, issued a notice to Punj Lloyd, asking it to file a reply to ICICI Bank’s plea.(Ravindra Sonavane/Mint)
TCS shares trade higher ahead of shares buyback decision
Shares of India’s biggest IT company Tata Consultancy Services Ltd (TCS) traded higher ahead of the company’s decision on share buyback proposal. TCS in a filing with the BSE on Tuesday had informed that its board will consider a proposal for buyback of equity shares at a meeting on Friday. Domestic brokerage Motilal Oswal Securities, which has a neutral rating on TCS shares, anticipates a buyback in the range of Rs20,000 crore. TCS shares were up 0.49% at Rs1801.
ICICI Bank shares rise over 1%
Shares of ICICI Bank Ltd rose 1.2% to Rs288.15. Mint reported that directors on the bank’s nomination panel are readying a succession plan for the chief executive officer’s post as incumbent Chanda Kochhar’s tenure has been clouded by investigations related to loans made to Videocon Group.(Ravindra Sonavane/Mint)
Dr Reddy’s shares gain for 7th session, up 3%
Shares of Dr. Reddy’s Laboratories Ltd jumped 3% to Rs2,337.55. The stock advanced for seventh consecutive sessions and rose 19% in this period. So far this year, it is down 5%.
Market update: Sensex, Nifty open lower
BSE Sensex traded lower by 30.42 points, or 0.09%, to 35,569.40, while the Nifty 50 edged down 12.95 points, or 0.12%, to 10,795.10.
Rupee trades lower against US dollar
The Indian rupee weakened against the US dollar, tracking losses in its Asian peers as a more dovish-than-expected European Central Bank boosted the dollar. At 9.15am, the rupee was trading at 67.94 against the US dollar, down 0.46% from its previous close of 67.63. The currency opened at 67.89 a dollar and touched a low of 67.95. The 10-year bond yield stood at 7.929%, from its Thursday’s close of 7.945%. So far this year, the rupee has weakened 6%, while foreign investors have sold $178.50 million and $5.10 billion in equity and debt markets, respectively.(Ravindra Sonavane/Mint)
Asian stocks mixed over US-China trade concerns
Asian stock markets were mixed after Wall Street largely finished with gains following the European Central Bank’s announcement to phase out its bond-buying stimulus. Upbeat U.S. data helped bolstered sentiment. Also, the Bank of Japan left monetary policy unchanged and cut its assessment of inflation.Japan’s Nikkei 225 added 0.4 percent to 22,827.77 but South Korea’s Kospi retreated 0.5 percent to 2,412.10. Hong Kong’s Hang Seng index inched up 0.1 percent to 30,473.09 while China’s Shanghai Composite Index fell 0.7 percent to 3,020.51. Australia’s S&P-ASX 200 jumped 1.2 percent to 6,089.10. Stocks in Taiwan were lower while in Indonesia, markets were closed for a holiday.(AP)
Opening bell: Stocks in focus today
Asian stocks open mixed, global trade concerns weighAsian stocks opened mixed on Friday as US plan to impose tariffs on Chinese imports revived concerns about global trade growth, reports Bloomberg. Overnight, US stock market indices closed mostly higher, with S&P 500 rising 0.25% to 2,782.TCS board to consider buyback proposalThe board of Tata Consultancy Services Ltd (TCS) will meet on Friday to consider a proposal for buyback of its shares. Market participants expect the buyback to be worth at least Rs10,000 crore, reports The Hindu Business Line.Thyssenkrupp labour leaders see progress in Tata Steel JV talksLabour representatives at Thyssenkrupp have moved closer to an agreement with management over a planned European steel joint venture with Tata Steel Ltd, reports Reuters.Capacity constraints at Maruti weigh on compact SUV salesMaruti Suzuki Ltd’s slowing growth in the compact utility vehicle segment flows primarily from capacity constraints in the production of Vitara Brezza that dominates the segment, reports Mint.ICICI Bank moves NCLT against Punj Lloyd under Insolvency CodeICICI Bank Ltd moved the National Company Law Tribunal (NCLT) against Punj Lloyd Ltd seeking initiation of insolvency proceeding under the Insolvency and Bankruptcy Code for recovery of outstanding dues of Rs852 crore.DoT seeks Rs2,100 crore from Idea before merger with VodafoneThe Department of Telecommunications (DoT) will insist on a bank guarantee for a little over Rs2,100 crore from Idea Cellular Ltd towards one-time spectrum charges as a precondition to approve its merger with Vodafone India, reports Mint.Fortis withdraws amalgamation scheme with SRL, Fortis MalarFortis Healthcare Ltd withdrew the scheme of arrangement and amalgamation with its units Fortis Malar Hospitals Ltd and SRL Ltd, citing a delay in its completion.Dust storms threaten cotton cropCotton plantations across Haryana, Rajasthan and Punjab have come under the threat of stunted growth due to the dust storms that have raised pollution levels in the north-western region in the last fortnight, reports The Economic Times.(R. Sree Ram/Mint)