BSE Sensex closed 196.19 points up at 36,519.96, while the Nifty 50 ended 71.20 points higher at 11,008.05. Here are the highlights from the markets
Mumbai: Indian benchmark indices BSE Sensex and NSE’s Nifty 50 rose on Tuesday led by gains in banking and oil marketing company stocks. Oil prices have fallen by almost 10% over the last week as crude export terminals in Libya have reopened and exports from other Opec countries and Russia have improved. The Indian rupee strengthened against the US dollar. European stocks drifted with US futures as investors prepared to digest a flood of earnings as well as the latest clues from the Federal Reserve on monetary policy in US. Here are the highlights from the markets:
17 Jul 2018, 03:33:00 PM IST
Closing bell: Sensex, Nifty close higher
BSE Sensex closed higher by 196.19 points, or 0.54%, to 36,519.96, while the Nifty 50 rose 71.20 points, or 0.65%, to close at 11,008.05. BSE MidCap and SmallCap advanced 2.14% and 1.12%, respectively.All the sectoral indices on BSE, except FMCG, ended with gains led by oil and gas, energy, bankex, basic materials and healthcare. FMCG fell 0.80%. On NSE, Nifty PSU Bank Index surged 3.86% led by Union Bank, PNB and Bank of Baroda.HPCL, IOC, SBI, Sun Pharma and ICICI Bank were among the major gainers, whereas Hindustan Unilever, Bharti Airtel, IndusInd Bank, ITC and Eicher Motors were among top losers.Meanwhile, foreign investors sold shares worth a net of Rs 625.68 crore on Monday, while local investors offloaded shares worth a net of Rs 70.30 crore, showed provisional data.
17 Jul 2018, 03:20:00 PM IST
PNB shares soar 8% over government capital infusion buzz
Shares of Punjab National Bank jumped 8.12% to Rs 79.85 after Bloomberg reported that the government is preparing to infuse about Rs 2,000 crore($290 million) into Punjab National Bank (PNB)by next week to help it meet dues on its perpetual bonds.
17 Jul 2018, 02:57:00 PM IST
Ashok Leyland shares rise 6% after Q1 results
Ashok Leyland Ltd shares jumped as much as 6.32% to Rs 133.70 after the company reported over three-fold jump in standalone net profit at Rs 370.1 crore in the first quarter ended 30 June, compared to Rs 111.23 crore in the same quarter last year. The company said revenue from operations during the period under review was at Rs 6,250.12 crore. It was at Rs 4,534.46 crore in the same quarter last fiscal.
17 Jul 2018, 02:45:00 PM IST
Nestle market cap crosses Rs 1 trillion
The maker of Maggi instant noodles, Nestle India Ltd, on Tuesday joined the elite club of companies that have a market capitalisation of over Rs 1 trillion. Nestle’s shares have surged over 34% so far this year. During the day, the company saw its market capitalisation touch Rs 101,201.31 crore, with its shares trading at a record high of Rs 10,496.35, up 2.8% from the previous close, according to data from the BSE. Read more(Ravindra N. Sonavane/Mint)
17 Jul 2018, 02:23:00 PM IST
ICICI Lombard shares jump 5% after Q1 profit rise 35%
ICICI Lombard General Insurance Co. Ltd shares jumped 5.51% to Rs 750.25 after the company reported a 35% increase in its net profit after tax to Rs Rs289 crore in the June 2018 quarter, compared to Rs214 crore last year. The company earned June quarter net premium of Rs1,845 crore versus Rs 1,534 crore last year.
17 Jul 2018, 01:45:00 PM IST
Federal Bank shares jump 13% after Q1 results
Shares of Federal Bank Ltd jumped 13.5% to Rs 84.15 after the bank reported a 25% increase in its June quarter net profit due to lower provisioning and higher net interest income. Net profit for the quarter stood at Rs 262.71 crore against Rs 210.15 crore a year ago. According to 13 Bloomberg analysts’ estimates, the bank was expected to post a profit of Rs 211.70 crore.(Ravindra N. Sonavane/Mint)
17 Jul 2018, 01:05:00 PM IST
European stock markets stable at open
Europe’s main stock markets steadied at the start of trading, with London’s benchmark FTSE 100 index down 0.1% at 7,594.73 points. In the eurozone, Frankfurt’s DAX 30 index gained 0.1% to 12,566.97 points and the Paris CAC 40 lost 0.1% to 5,405.61 points compared with Monday’s closing levels. AFP
17 Jul 2018, 12:31:00 PM IST
UPL shares rise 2.5% as it seeks to raise $3 billion
Shares of UPL Ltd rose 2.59% to Rs 574.30 after Bloomberg reported that the company is seeking a loan of about $3 billion to help fund its bid for a Platform Specialty Products Corp. agricultural pesticides unit backed by shareholder activist Bill Ackman. Read more
17 Jul 2018, 12:23:00 PM IST
LT unit gets order for setting up cracker furnaces
Larsen and Toubro Ltd said that unit L&T Hydrocarbon Engineers has won an EPC contract from HPCL-Mittal Energy for setting up cracker furnaces at their Bathinda refinery in Punjab. L&T shares edged down 0.47% to Rs 1276.55.
17 Jul 2018, 11:50:00 AM IST
Oil prices rise from three-month low
Brent crude prices rose from a three-month low after more oil workers went on strike in Norway, supporting a market that has been dominated by oversupply issues in recent days. Brent crude futures had climbed 28 cents, or 0.4%, to $72.12 a barrel by 9.01am. They fell 4.6% on Monday, at one point touching their lowest since mid-April. US West Texas Intermediate futures were down 1 cent at $68.05. They fell 4.2% on Monday. Read moreAn oil worker strike in Norway intensified on Monday when hundreds more walked out in a dispute over pay and pensions after employers failed to respond to union demands for a new offer. The strike, which began last Tuesday, has had a limited impact on Norway’s oil production so far, but some drillers warned of possible contract cancellations if the dispute goes on for a month or more.
17 Jul 2018, 11:40:00 AM IST
Ajanta Pharma denies any action by drug regulator
Ajanta Pharma Ltd said that no action had been taken against the company by the office of Drug Controller General of India, denying allegations appeared in a news report. The company further added that the action was taken against Safetab Life Sciences, who is the manufacturer of drugs. Central Drugs Standard Control Organisation (CDSCO) officers along with south zone drug inspectors raided Safetab Life Sciences premises from 9-11 July following a tip-off that the firm was manufacturing unapproved FDCs. Ajanta Pharma said, “This would have no bearing on the performance or operations of the company.” Shares of Ajanta Pharma were trading 0.58% up at Rs 975.35.
17 Jul 2018, 11:10:00 AM IST
Why HDFC Bank is the top holding for 107 equity diversified schemes
HDFC Bank also figures among the top 5 holdings for 133 funds. What makes the stock so popular?
Shares of Hindustan Unilever Ltd fell as much as 2.9% to Rs 1,701, in its biggest intraday percent fall since 2 May. HUL stock hit an all-time high of Rs 1,780 in early trading. It was up 28% this year as of last close. The company’s Q1 net profit rose 19% to Rs 1,529 crore, but missed street estimates as cost of materials climbed 16%.HUL delivered a steady Q1, helped by a low base, but volume growth trajectory is likely to taper down as base normalises and overall demand pickup remains modest, sadi Jefferies analysts. “Given additional headwinds of rising input prices and competitive pressures, it would be difficult for co to maintain pace of margin expansion.”Jefferies downgrades HUL stock to “hold” from “buy”, maintaining the target price of Rs 1,680. HUL’s consistency of performance is impressive, noted Kotak Institutional Equities, adding that sustaining these levels of growth would need acceleration in market volume growth from current 5-6% levels.Morgan Stanley retained “underweight” on stock with a target price of Rs 1,260, saying global consumer companies like HUL are likely to face higher risk of a disruption from smaller, more agile companies nibbling at incumbents’ market share. Reuters
17 Jul 2018, 10:15:00 AM IST
Steel Strips Wheels shares rise 1% on new order
Steel Strips Wheels Ltd shares rose 1.03% to Rs 1245.45 after the company said it has received an export order of about 18,000 wheels form European aftermarket.
17 Jul 2018, 09:37:00 AM IST
Sensex, Nifty trade higher
BSE Sensex traded higher by 128.12 points, or 0.35%, to 36,451.89, while the Nifty 50 rose 42.35 points, or 0.39%, to 10,979.20.
17 Jul 2018, 09:28:00 AM IST
Ashok Leyland shares rise over 1% ahead of earnings
Ashok Leyland Ltd’s shares rose 1.5% to Rs 128 ahead of its June quarter earnings. According to 17 Bloomberg analyst estimates, the company may post a net profit of Rs 352.10 crore while net sales will be at Rs 6349.20 crore
17 Jul 2018, 09:25:00 AM IST
OMC stocks trade higher as oil prices fall
Shares of oil marketing companies were trading higher as crude oil prices fell 4% after US officials suggested the US will take a softer stance on countries that import oil from Iran. Hindustan Petroleum Corp ltd rose 2.6%, Bharat Petroleum Corp Ltd 2.3%, Indian Oil Corp Ltd 2.2%
17 Jul 2018, 09:18:00 AM IST
Sensex, Nifty open flat
BSE Sensex traded lower by 12.24 points, or 0.03%, to 36,311.53, while the Nifty 50 edged down 7.45 points, or 0.07%, to 10,929.40.
17 Jul 2018, 09:13:00 AM IST
Rupee opens higher against US dollar
The Indian rupee strengthened against US dollar as crude oil prices declined after comments from US Treasury secretary Steven Mnuchin. At 9.13am, the rupee was trading at 68.36 a dollar, up 0.31% from its previous close of 68.57. The currency opened at 68.38 a dollar and touched a high and a low of 68.36 and 68.41 respectively.The 10-year bond yield stood at 7.761%, from its Monday’s close of 7.801%. Bond yields and prices move in opposite directions. So far this year, the rupee has weakened 6.55%, while foreign investors have sold $800 million and $6.34 billion in equity and debt markets, respectively.(Ravindra N. Sonavane/Mint)
17 Jul 2018, 08:43:00 AM IST
Opening bell: Cues to look out for before trading today
■ In the US, major stock indices struggled for gains for most of the session on Monday as other large US companies released their quarterly results. Asian stocks were subdued early on Tuesday, following the mixed close on Wall Street as investors shifted their focus to corporate earnings and as oil prices fell.■ The International Monetary Fund (IMF) said the Indian economy will grow slower than what it had estimated just three months ago because of higher crude oil prices and speedier interest rate hikes.■ FMCG major Hindustan Unilever Ltd (HUL) reported a 19.17% increase in standalone net profit at Rs 1,529 crore for the first quarter ended June 30, 2018. The company had posted a net profit of Rs 1,283 crore in the same period of the previous fiscal.■ Shares of Infosys Ltd rose by nearly 6% to hit their one-year high level on Monday even as the company posted lower-than-expected earnings for the quarter ended on 30 June. ■ The board of Life Insurance Corporation of India (LIC) has approved the proposal for the insurer to hold a 51% stake in IDBI Bank, said Subhash Chandra Garg, Secretary, Department of Economic Affairs.■ Fitch Ratings said it expects state-owned Indian Oil Corp’s (IOC’s) net debt levels to increase due to its large capital expenditure and investment plans in the medium term and affirmed a rating equivalent to India’s sovereign rating.■ Jaiprakash Associates Ltd (JAL) told the Supreme Court that it is ready to deposit postdated cheques for ₹600 crore with the court’s registry and sell its cement plant at Rewa, Madhya Pradesh in order to settle its ongoing legal battle with homebuyers and creditors.■ Jaguar Land Rover (JLR) India launched F-TYPE sedan with a new petrol engine with price starting at Rs 90.93 lakh (ex-showroom).■ Earnings Corner: Ashok Leyland, Federal Bank, Crisil Ltd and Rallis India are among the companies that will be announcing their June quarter earnings today.(Harsha Jethmalani/Mint)