Market Live: Sensex rises 150 points, Nifty above 10,500, telecom, metal stocks gain
Mumbai: Benchmark equity indices Sensex and Nifty touched a record high in early Friday trade, mirroring the gains in world equities, and investors were now awaiting December quarter earnings, and upcoming Union Budget for further cues. Asian markets climbed closer to record levels on Friday, while Dow Jones Industrial Average sail past the 25,000-mark for the first time on Thursday, after U.S. jobs data pointed to firm economic growth in the world’s largest economy.BSE’s 30-share Sensex rose to a record high of 34,175.21 points, while National Stock Exchange’s 50-share Nifty rose to a record of 10.562.80 points.
Here are the latest updates from the markets:
■ 12.28pm: All the sectoral indices on BSE, except oil & gas and energy, are trading in the positive territory led by telecom, which was up 2.23%, followed by realty 0.76% and consumer durables 0.70%.
■ 12.25pm: Apollo Micro Systems Ltd on Thursday said it has fixed a price of Rs270-275 per share for its initial share sale offering, through which it is estimated to raise Rs156 crore. The initial public offer (IPO) will open on 10 January and close on 12 January, Apollo Micro Systems said in a statement. Proceeds of the issue will be used to meet additional working capital and other general corporate purposes.
■ 12.23pm: Kedaara Capital-backed microfinance institution Spandana Sphoorty Financial Ltd has initiated talks with investment banks for an initial public offering (IPO), said three people aware of the development. The proposed IPO could see the microfinance company raise as much as Rs1,000 crore, said one of the three people cited above, requesting anonymity as he is not authorized to speak to reporters.
■ 11.27am: BSE Sensex traded higher by 144.58 points, or 0.43%, to 34,114.22, while the Nifty 50 rose 38 points, or 0.36%, to 10,542.80.
■ 11.25am: Larsen and Toubro Ltd said its unit L&T Hydrocarbon Ltd has signed a Rs1,483 crore offshore contract with Oil and Natural Gas Corp. Shares traded 0.47% up at Rs1,321.60.
■ 11.20am: Subros Ltd said it has begun production of blower for trucks, and that it has started supplying to customers from 1 January. Shares rose 8.78% to Rs342.
■ 11.18am: Marathon Nextgen Realty Ltd said its board has approved acquisition of Marathon FutureX IT Park for a consideration of Rs93 crore. Shares traded 0.82% lower at Rs626.05.
■ 10.15am: BSE Sensex traded higher by 180.87 points, or 0.53%, to 34,150.51, while the Nifty 50 rose 53.05 points, or 0.51%, to 10,557.85.
■ 10.08am: Varun Beverages Ltd rose 5.3% to Rs 725 after the company said it has entered into a strategic partnership with PepsiCo India for Tropicana.
■ 10.05am: Bharat Forge Ltd rose 2.3% to Rs 741 after the company said its U.S. North America Class 8 truck sales for December at 37,200 units, up 77 percent year-on-year.
■ 9.31am: BSE Sensex traded higher by 121.10 points, or 0.36%, to 34,090.74, while the Nifty 50 rose 31.45 points, or 0.30%, to 10,536.25
■ 9.28am: Reliance Communications Ltd (RIL) shares gained 3.3% to Rs34.45 on new report that China Development Bank to withdraw insolvency filing.
■ 9.25am: Idea Cellular Ltd shares rose 4% to Rs108.70. Mint reported that promoters of Idea Cellular Ltd will invest Rs3,250 crore and the company plans to raise a similar amount to strengthen its balance sheet amid intense competition and before a planned merger with Vodafone India Ltd. The board constituted a panel to evaluate ways to raise an additional Rs3,500 crore, a company statement said on Thursday. Following the equity infusion by Idea’s promoters, their stake in India’s third largest telecom operator will rise to 47.2% from 42.4% now. Vodafone India’s parent also plans to invest nearly Rs9,350 crore as part of the merger conditions.
■ 9.23am: Indian Overseas Bank shares jumped 10% to Rs25 after the company said it has decided to dip into the share premium account to wipe out its accumulated loss. The move has already been cleared by the board of the bank. The bank has ₹7,650.06 crore in the share premium account as of the end of March 2017.
■ 9.18am: The rupee opened at 63.36 a dollar and touched a fresh 29-month high of 63.33 a dollar. The home currency was trading at 63.37 a dollar, up 0.12% from its Thursday’s close of 63.54
■ 9.15am: Bond yield fell as traders focus on sale of a new 10-year government security. The 10-year bond yield was at 7.328% compared to its previous close of 7.333%. Bond yields and prices move in opposite directions.
■ 9.13am: Asian currencies were trading higher. Malaysian ringgit was up 0.38%, Taiwan dollar 0.25%, Philippines peso 0.24%, Thai Baht 0.18%, China Offshore 0.17%, China renminbi 0.15%, Indonesian rupiah 0.08%, Singapore dollar 0.06%. However, Japanese yen was down 0.06%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 91.847, down 0.01%, from its previous close of 91.853.