Closing bell: Sensex, Nifty close at record highs; Midcaps, metals surge10 min read . Updated: 24 Jul 2018, 04:59 PM IST
BSE Sensex closed 106.50 points up at 36,825.10, while the Nifty 50 ended 49.55 points higher at 11,134.30. Here are the highlights from the markets
OTHERS : Mumbai: BSE Sensex closed to a fresh record high on Friday on the back of continued capital inflows and positive cues fro global stock markets. In intraday trade, the 30-share index jumped 183 points to hit an all-time high of 36,902.06. Gains were capped after market heavyweights Kotak Bank, Reliance Industries and TCS came under selling pressure. NSE’s Nifty 50 touched a peak of 11,143.40, merely 28 points shy of its all-time high of 11,171. The Indian rupee weakened along with emerging market currencies as the US dollar advanced on the back of higher US Treasury yields. Stocks in Europe and Asia gained for the third straight day, as China vowed fiscal action to support its economy and strong results from internet giant Alphabet boosted the tech stocks. Meanwhile, foreign investors bought shares worth a net of Rs 259.37 crore, while local investors bought shares worth a net of Rs 124.82 crore on Monday, provisional data showed. Here are the highlights from the markets:
Closing bell: Sensex closes at all-time high, Nifty holds above 11,100
BSE Sensex closed higher by 106.50 points, or 0.29%, to 36,825.10, while the Nifty 50 rose 49.55 points, or 0.45%, to close at 11,134.30. BSE MidCap and SmallCap advanced 1.77% and 2.21%, respectively.All the sectoral indices on BSE, except energy and bankex, ended with gains led by basic materials, which was up 3.73%, metal 2.87%, capital goods 2.56% and industrials 2.29%. Energy and bankex fell 0.01% and 0.13%, respectively.L&T, Asian Paints, Vedanta, Hindalco and Tata Steel were among the top gainers, whereas Kotak Bank, Hero MotoCorp, Bajaj Auto and Hindustan Unilever were among the major losers.
Alkem Labs shares rise 8%
Alkem Laboratories Ltd shares jumped 7.84% to Rs 2,030 per share after the company said it has submitted a detailed corrective and preventive action plan to the USFDA in response to an establishment inspection report issued to the company’s Daman facility in March. The US regulator had pointed out 14 observations for objectionable conditions at its manufacturing units at Amaliya in Daman and St Louis in US following inspections.
GSK Pharma shares surge 17% after Q1 results
GlaxoSmithKline Pharmaceuticals Ltd shares jumped 17.45% to Rs 3,249 after the company reported a profit of Rs 88.59 crore in the first quarter ended 30 June, compared to Rs 26.42 crore a year ago. The company’s revenue from operations rose to Rs 736 crore in the June quarter from Rs 607 crore a year ago. The company also approved a bonus issue of 1:1 ratio.
Metal stocks trade higher
Shares of metal companies rallied led by Hindalco Industries Ltd, Welspun Corp. Ltd, National Aluminium Ltd and Jindal Steel Ltd.
Bajaj Auto shares trade lower for 3rd day
Bajaj Auto shares extended losses to third straight day and was trading 0.33% down at Rs 2680.60. During the day, the stock fell as much as 2.71% to Rs 2616.“Bajaj Auto is better positioned than competition this time around given higher surplus cash, exports revival and the entry level segment’s lower profit share. However, we remain concerned about the price war spreading to other segments (especially premium) where players like Hero do not have much to lose,” said Edelweiss Securities Ltd. The brokerage maintained “hold” rating, and revised the target price to Rs 2,899 from previous Rs 3,300.
Rupee trades lower against US dollar
The Indian rupee on Tuesday weakened along with emerging market currencies as the US dollar advanced on the back of higher US Treasury yields. At 2.10pm, the rupee was trading at 68.98 a dollar, down 0.26% from its previous close of 68.86. The currency opened at 68.96 a dollar and touched a low of 69.09. The 10-year bond yield stood at 7.806%, from its Monday’s close of 7.81%. Bond yields and prices move in opposite directions. So far this year, the rupee has weakened 7.25%, while foreign investors have sold $951.10 million and $6.21 billion in equity and debt markets, respectively.
Radico Khaitan shares up 5% as Q1 profit rises
Radico Khaitan Ltd shares jumped 5% to Rs 380.45 after the company reported a profit of Rs 47.37crore in the first quarter ended 30 June, compared to a profit of Rs 25.69 crore in the same period last year. Q1 revenue from operations rose to Rs 2,115 crore from Rs1,375 crore a year ago.
Kajaria Ceramics profit falls in Q1, shares up over 2%
Kajaria Ceramics Ltd traded 2.45% up at Rs 430.80. The company reported a consolidated net profit of Rs 45.57 crore in the June 2018 quarter, compared to a profit of Rs 50.98 crore a year ago. The company’s consolidated revenue from operations stood at Rs 657 crore, compared to Rs 700 crore last year.
Sensex off record high, Nifty holds 11,100
BSE Sensex traded higher by 39.51 points, or 0.10%, to 36,758.11. In intraday trade, it hit a high of 36,902.06. The Nifty 50 rose 25 points, or 0.23%, to 11,109.75. During the day, it touched a high of 11,143.40. BSE MidCap and SmallCap were up 0.88% and 1.58%, respectively.All the sectoral indices on BSE, except FMCG and bankex, advanced led by basic materials, metal, telecom and realty. Vedanta, Hindalco, L&T, Asian Paints and Coal India were among the top gainers, whereas Kotak Bank, Hindustan Unilever, Bajaj Finance, Reliance Industries and yes Bank were among major losers.
European stock markets climb at open
European stock markets rose at the start of trading on Tuesday, with shares in Peugeot-owner PSA surging on strong earnings. London’s benchmark FTSE 100 index climbed 0.2% to 7,674.17 points compared with the close on Monday. In the eurozone, Frankfurt’s DAX index gained 0.3% to 12,590.79 points and the Paris CAC won 0.4% to 5,399.19. Shares in French car giant PSA shot up 9.45% to 22.36 euros on higher profits. AFP
HDFC AMC IPO: Brokerage views, key details to know before you invest
The lot size of HDFC AMC IPO is 13 shares and in the retail category investors can apply up to a maximum of Rs 2 lakh. Shares are priced in the band of Rs 1,095 to Rs 1,100.
HDFC AMC IPO: Brokerage views, key details to know before you invest https://t.co/yr796NSvAf— Livemint (@livemint) July 24, 2018
Idea shares jump 16% after announces payments to DoT
Shares of Idea Cellular Ltd surged 15.95% to Rs 61.05. Idea Cellular and Vodafone India have made a joint payment of Rs 7,248.78 crore to the department of telecom for merger of their mobile business. On 9 July, the telecom department gave conditional approval for the Vodafone-Idea merger and asked the companies to meet the demand raised for taking the deal on record.
Symphony, Radico Khaitan, Asian Paints to report earnings today
Symphony Ltd (up 3.10%), Radico Khaitan Ltd (up 2.15%), Kajaria Ceramics Ltd (up 2.20%), ICICI Prudential Life Insurance Co Ltd (up 1.99%), GSK Pharmaceuticals Ltd (up 1.46%), Asian Paints Ltd (up 1.16%), and Hexaware Technologies Ltd (down 0.14%) are some of the companies that will release their earnings for the March quarter today.
Tejas Networks shares rise 10%
Shares of telecom equipment maker Tejas Networks Ltd rose 10.9% to Rs 288.95 per share on NSE. The company reported a consolidated profit after tax of Rs 45.03 crore in the first quarter ended 30 June, up two folds from year-ago. As of Monday, stock had fallen 34.1 pct this year.“Solid performance following a dismal show in Q4, 2018,” said Nomura’s Anirudh Gangahar. The brokerage has “buy” on stock, with target price of Rs 410. “Strong showing in Q1 suggests Tejas’ earnings growth prospects are intact and Q4 performance was a blip,” noted Nomura, adding that the stock price is likely to rally ahead of earnings conference call later in the day. Reuters
Just Dial shares up over 2%
Edelweiss Securities Ltd says, “Strong user engagement matrix and robust unearned revenue growth indicate potential to achieve higher revenue growth. EBITDA margin can improve further given operating leverage in the business. Considering robust cash generation, 23.9% PAT CAGR and high return ratios, we believe at current level the stock is available at attractive valuations (17.1x FY20E EPS).”The brokerage maintained “buy” rating, with a target price of Rs 650. In intraday trade, Just Dial shares rose 2.61% to Rs 570.25.
Hero MotoCorp shares fall 4%
Shares of Hero MotoCorp Ltd dived as much as 4.2% to Rs 3,033.75, their lowest since 16 January, 2017. So far this year, Hero MotoCorp shares were down 16.4% as of last close, while the broader NSE index is up 5.3% in the same period. Reuters
ACC shares soar 13% on June quarter earnings, demand outlook
Shares of ACC Ltd surged as much as 13%, its biggest jump since September 2008, following better-than-expected June quarter earnings and positive outlook for 2018 cement demand. In intraday trade, ACC shares touched a high of Rs 1,482.90 a share, up 13.6%—its maximum gains since 2 September 2008. At 10.50am, the stock was trading 12.84% up at Rs 1472.90 on BSE. Read more
Sebi probes fall in midcap stocks: report
The Securities Exchange Board of India has launched an investigation into the decline in shares of small- and mid-cap companies after its surveillance system raised red flags, reports Business Standard, citing sources.Read: Mayhem in mid-caps continues despite Sensex scaling fresh peaks
Market update: Sensex, Nifty extend gains
BSE Sensex traded higher by 173.77 points, or 0.47%, to 36,892.37, while the Nifty 50 rose 53.20 points, or 0.48%, to 11,137.95. BSE MidCap and SmallCap advanced 1% and 1.33%, respectively. All the sectoral indices on BSE traded in green, with basic materials gaining most at 3.24%. Metal, realty, telecom rose over 1%.BPCL, Ultratech, Vedanta and Maruti were among the top gainers, whereas Bajaj Auto, Hero MotoCorp, Wipro and Bajaj Finance were among the major losers.
Oil prices drop on worries about oversupply
Oil prices extended declines into a second session as attention shifted to the risk of oversupply, with market participants shrugging off escalating tensions between the United States and Iran. Brent crude oil was down 19 cents, or 0.3%, at $72.87 a barrel by 9.15am, after settling down 1 cent on Monday. US crude was down 21 cents, or 0.3%, at $67.68 a barrel. The contract fell 37 cents the previous day. Earlier in Monday’s session, the market had risen after President Donald Trump warned of dire consequences for Iran if it threatened US. Reuters
Only 3 stocks responsible for over 50% of the rise in Nifty’s market cap
On Monday, NSE’s Nifty 50 was less than 100 points away from touching a record high, while BSE’s Sensex hit an all-time high. But the indices do not tell the whole story
Only 3 stocks responsible for over 50% of the rise in Nifty's market cap https://t.co/dqhGG4cI11— Livemint (@livemint) July 24, 2018
L&T Infotech shares gain 7% on Q1 profit
Shares of Larsen and Toubro Infotech Ltd rose 7% to Rs 1,844 after the company said its net profit increased 24.8% in June quarter to Rs 361.20 crore. Revenue rose 8% to Rs 2155.70 crore.
L&T Tech shares rise 8% on positive Q1 earnings
L&T Technology Services Ltd’s shares surged 8% to Rs 1,411 after the company registered a 101% surge in net profit for June quarter to Rs 197.50 crore. First-quarter revenue rose 9% to Rs 1,152.20 crore.
ACC shares jump 9% after Q1 results
Shares of ACC Ltd rose 9% to Rs 1,422.70. The company reported a profit of Rs 328 crore ion the first quarter ended 30 June, marginally up from Rs 326 crore during the same period last year. First-quarter revenue from operations slid to Rs 3,768 crore from Rs 3,818 crore last year even as volume registered a growth of 7%.
Sensex hits all-time high
BSE Sensex traded higher by 94.19 points, or 0.26%, to 36,812.79, while the Nifty 50 rose 27.70 points, or 0.25%, to 11,112.45.
Rupee weakens further against US dollar
The Indian rupee weakened along with emerging market currencies as the US dollar advanced on the back of higher US Treasury yields. At 9.15am, the rupee was trading at 69.01 a dollar, down 0.15% from its previous close of 68.95. The currency opened at 68.96 a dollar and touched a low of 69.01. The 10-year bond yield stood at 7.806%, from its Monday’s close of 7.807%. Bond yields and prices move in opposite directions. So far this year, the rupee has weakened 7.25%, while foreign investors have sold $951.10 million and $6.21 billion in equity and debt markets, respectively.
Opening bell: Cues to look out for before trading today
■ Overnight US markets closed higher on buying in shares of banking and technology companies. Tracking the cues, Asian stocks opened with gains on Tuesday.■ India’s largest liquor company United Spirits Ltd reported a 29% rise in fiscal-first quarter profit, boosted by higher sales of its premium brands and aided to some extent by a lower base in the year-ago period.■ Cement manufacturer ACC Ltd reported a net profit of Rs 329 crore for the quarter ending 30 June, flat from its corresponding quarter last year.■ Vodafone-Idea Cellular deposited Rs 72 billion in cash and bank guarantee putting an end to the speculation on the delay in their merger, reports Business Standard.■ A policy that proposes to take polluting commercial vehicles off the road is likely to go for cabinet clearance soon, reports The Economic Times. According to the report vehicles that are 20 years and older will stop plying from 2020.■ Earnings today: Symphony Ltd, Radico Khaitan Ltd, Kajaria Ceramics Ltd, ICICI Prudential Life Insurance Co Ltd, GSK Pharmaceuticals Ltd, Asian Paints Ltd, and Hexaware Technologies Ltd are some of the companies that will release their earnings for the March quarter today.(R. Sree Ram/Mint)