Market Wrap: Sensex surges 292 points led by RIL, ICICI Bank, Nifty ends above 10700
BSE Sensex closed 292.76 points higher at 35,208.14, while NSE’s Nifty 50 ended 97.25 points up at 10,715.50. Here are the highlights from the markets
Last Modified: Mon, May 07 2018. 05 34 PM IST
- 3.34 pm ISTClosing bell
- 3.15 pm ISTMarket update
- 3.13 pm ISTExide Industries shares jump 4% as net profit rises in Q4
- 3.10 pm ISTInfibeam to buy Snapdeal’s Unicommerce in Rs 120-crore deal
- 2.40 pm ISTRupee hits 15-month low against US dollar, bond yield slumps 13 bps
- 2.05 pm ISTMarket update
- 2.02 pm ISTVijaya Bank shares rise 1.6% after Q4 earnings
- 1.55 pm ISTSuven Life Sciences shares rise 3% after USFDA completes inspection
- 1.50 pm ISTGold retreats from one-week high on firmer dollar
- 12.50 pm ISTSensex, Nifty extend gains
- 12.43 pm ISTAurobindo Pharma shares trade higher
- 12.40 pm ISTReliance Infra shares rise 1% after contract win
- 12.35 pm ISTOil prices reach highest since November 2014 on Venezuela, Iran worries
- 11.15 am ISTMarket update
- 11.10 am ISTFour things to look for in ICICI Bank earnings
- 11.07 am ISTAvenue Supermarts shares fall 3%
- 9.53 am ISTPC Jewellers shares jump 17% ahead of board meet
- 9.50 am ISTICICI Bank shares trade higher ahead of Q4 results
- 9.23 am ISTSensex, Nifty open higher
- 9.20 am IST10-year bond yield slumps 13 bps
- 9.17 am ISTAsian shares trade mixed
- Mumbai: BSE Sensex closed 292 points higher led by market heavyweights Reliance Industries and ICIC Bank. NSE’s Nifty 50 settled above 10,700. Moreover, gains were supported by positive cues from global peers after tepid US jobs data on Friday eased fears of faster rate hikes by the Federal Reserve. The Indian rupee on Monday weakened past 67-mark to hit a 15-month low against US dollar. Meanwhile, the 10-year bond yield tumbled nearly 13 basis points after RBI said that it will buy government bonds worth up to Rs10,000 crore on 17 May. Here are the highlights from the markets:
- 3.34 pm IST Closing bellBSE Sensex closed higher by 292.76 points, or 0.84%, to 35,208.14, while NSE’s Nifty 50 rose 97.25 points, or 0.92%, to close at 10,715.50. All the sectoral indices on BSE, except healthcare and IT, ended higher, with consumer durables, metal, oil and gas, realty, bankex, capital goods and auto leading the gains by rising over 1%. BSE MidCap and SmallCap gained 0.55% and 0.56%, respectively. M&M, ICICI Bank, Axis Bank and Tata Steel were top gainers, whereas Coal India, Dr. Reddy’s Labs, TCS and Sun Pharma were among the major losers.
- 3.13 pm IST Exide Industries shares jump 4% as net profit rises in Q4Exide Industries Ltd shares jumped 4.47% to Rs259.70 after the company reported a net profit of Rs190 crore in the March 2018 quarter, up 15.8% from Rs164 crore last year. March-quarter revenue from operations stood at Rs2,459 crore versus Rs2,204 crore a year ago.
- 3.10 pm IST Infibeam to buy Snapdeal’s Unicommerce in Rs 120-crore dealAhmedabad-based Infibeam Incorporation Ltd on Monday said it will acquire Snapdeal’s subsidiary Unicommerce, which offers e-commerce enablement software, in a deal worth up to Rs120 crore. “Under the agreement, Infibeam will issue optionally convertible debentures on preferential basis to Jasper Infotech valued up to Rs120 crore, subject to shareholders’ approval,” Infibeam said in a statement.
- 2.40 pm IST Rupee hits 15-month low against US dollar, bond yield slumps 13 bpsThe Indian rupee on Monday weakened past 67-mark to hit a 15-month low against US dollar after foreign investors continued to liquidate its holdings in local equity and debt market. The rupee was trading at 67.12 against US dollar, down 0.37% from its previous close of 66.87. The currency opened at 66.82 and touched a low of 67.17—a level last seen on 8 February 2017. Year to date, it lost over 4.5%.Meanwhile, the government 10-year bond yield tumbled nearly 13 basis points, declining for the fourth straight session, after the Reserve Bank of India (RBI) announced open market operations (OMO) next week. The 10-year bond yield stood at 7.637%, down 9 basis points, from its previous close of 7.728%. Bond yields and prices move in opposite directions.
- 1.55 pm IST Suven Life Sciences shares rise 3% after USFDA completes inspectionSuven Life Sciences Ltd shares jumped 3.56% to Rs187.70 after the company said said that USFDA has issued an establishment inspection report following conclusion of an inspection at their facility in Pashamylaram near Hyderabad. USFDA concluded that the facility is considered to be in an acceptable state of compliance and has determined that the inspection classification of this facility is “no action indicated”.
- 1.50 pm IST Gold retreats from one-week high on firmer dollarGold prices shed earlier gains to edge lower on Monday, as the dollar held near a four-month peak, dampening the appeal of bullion. Spot gold was down 0.2% at $1,311.91 an ounce by 1.46pm. Earlier in the session, it touched $1,318.85, its highest since 30 April. US gold futures for June delivery slipped 0.2% to $1,312.60 per ounce. (Reuters)
- 12.50 pm IST Sensex, Nifty extend gainsBSE Sensex traded higher by 176.64 points, or 0.51%, to 35,092.02, while the Nifty 50 rose 51.75 points, or 0.49%, to 10,670. All the sectoral indices on BSE, except healthcare and IT, traded higher led by metal, consumer durables, realty and basic industries by rising over 1%. BSE MidCap and SmallCap gained 0.31% and 0.53%.
- 12.43 pm IST Aurobindo Pharma shares trade higherShares of Aurobindo Pharma Ltd rose 1% to Rs618.55. Aurobindo Pharma Ltd has submitted an initial bid to buy Novartis AG’s dermatology generics drug business for about $1.6 billion, reported Mint, citing two people directly aware of the development said on condition of anonymity.
- 12.35 pm IST Oil prices reach highest since November 2014 on Venezuela, Iran worriesKey crude oil prices rose by 1% to their highest levels since late-2014 on Monday, pushed up by a deepening economic crisis in Venezuela and a looming decision on whether the United States will re-impose sanctions against Iran.Brent crude oil futures were at $75.57 per barrel at 12.20pm, up 70 cents, or 0.9%, from their last close. Earlier in the session, they touched their highest since November 2014 at $75.89 a barrel. US West Texas Intermediate crude futures rose 70 cents, or 1%, to $70.42 per barrel. Monday was the first time since November 2014 that WTI had climbed above $70 per barrel. (Reuters)
- 11.10 am IST Four things to look for in ICICI Bank earningsICICI Bank will report on Monday its results for fourth quarter of fiscal 2018. Apart from the key numbers—profitability, gross non-performing loans, provisions and loan growth, commentary on the controversy surrounding chief executive officer Chanda Kochhar is awaited. Read more
- 11.07 am IST Avenue Supermarts shares fall 3%Avenue Supermarts Ltd shares fall as much as 3.4% to Rs1,436.05, its lowest since 9 April. The company, which operates supermarket chain DMart, reported a net profit of Rs167 crore for March-quarter on Saturday.Kotak Institutional Equities said the company’s 73% rise in March-qtr net profit was below estimate due to lower margins and slower-than-expected revenue growth of 22.5%.** Kotak and Ambit Capital retain “sell” rating on the stock.Seven out of 13 brokerages have a “sell” or lower rating on co, two have “hold”, while four have “buy” or higher; median target price of Rs1,207.50. (Reuters)
- 9.20 am IST 10-year bond yield slumps 13 bpsThe government 10-year bond yield on Friday tumbled nearly 13 basis points after Reserve Bank of India (RBI) announced open market operations (OMO) next week. This was the fourth consecutive sessions when the bond yield fell. At 9.15am, yields on 10-year government bond stood at 7.609%, down 12.90 basis points, from its previous close of 7.728%. Bond yields and prices move in opposite directions.RBI will buy government bonds worth up to Rs10,000 crore on 17 May. The purchase of securities will be made under the central bank’s open market operations (OMOs), RBI said on Friday. The decision is based on the “assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward”.
- 9.17 am IST Asian shares trade mixedAsian stocks started the week mixed, despite the biggest advance in U.S. shares in almost four weeks Friday as the country’s jobless rate hit an 18-year low. Oil gained to the highest in more than three years and the dollar drifted. Geopolitics remain in focus this week with President Donald Trump saying he’ll decide by 12 May whether the US stays in or pulls out of the Iran nuclear deal. On the economic front, traders will watch out for an expected acceleration in US consumer prices.The MSCI Asia Pacific Index rose 0.2%. Japan’s Topix index dipped 0.3%. Hong Kong’s Hang Seng Index rose 0.5%. The Shanghai Composite Index added 0.8%. Futures on the S&P 500 Index rose 0.3%. (Bloomberg)
First Published: Mon, May 07 2018. 09 24 AM IST