PremiumBSE Sensex closed 221.76 points up at 37,887.56, while the Nifty 50 ended 66.10 points higher at 11,455.55. Here are the highlights from the markets
OTHERS : Mumbai: BSE Sensex and NSE’s Nifty 50 continued their record run on Wednesday led by market heavyweight Reliance Industries and banking stocks. Also, positive cues from global stocks amid ongoing earnings season supported gains. In intraday trade, Sensex surged 265.62 points to a new high of 37,931.42 and the Nifty 50 advanced 70.5 points to a fresh record high of 11,459.95. The Indian rupee was trading marginally higher against the US dollar, tracking gains in local equity markets. World shares held near one-week highs, supported by robust US earnings and expectations of additional stimulus from Beijing that could temper the impact of US-China trade tensions. Brent futures held firm around $75 a barrel as US sanctions on Iran went into effect. Meanwhile, FIIs purchased shares worth Rs 314.83 crore on net basis on Tuesday, while DIIs sold shares worth Rs 319.9 crore. Sensex and Nifty 50 closed flat in the previous session. Here are the highlights from the markets:
BSE Sensex closed higher by 221.76 points, or 0.59%, to 37,887.56, while the Nifty 50 rose 66.10 points, or 0.58%, to close at 11,455.55. In intraday trade, Sensex surged 265.62 points to a new high of 37,931.42 and the Nifty 50 advanced 70.5 points to a fresh record high of 11,459.95.BSE MidCap and SmallCap gained 0.13% and 0.03%, respectively. Among the sectoral indices on BSE, energy, consumer durables and telecom rose over 1% followed by bankex, oil and gas and industrials. Auto, power, IT and pharma declined.ONGC, Reliance Industries, ICICI Bank and SBI were among the top gainers, whereas Lupin, Maruti, HPCL and Bajaj Auto were among the major losers. During the day, RIL rose as much as 3.14% to hit a fresh record high of Rs 1,222.
IDBI Bank said that the Government of India have conveyed their no objection to reduction in its shareholding in IDBI Bank below 50%, relinquishment of management control by GoI in IDBI Bank and acquisition of controlling stake in IDBI Bank by Life Insurance Corp. of India. IDBI Bank shares rose 0.57% to Rs 62.20.
Sundaram Clayton Ltd shares jumped as much as 5.1% to Rs 4,180. The company reported a profit of Rs 7.02 crore in the quarter ended 30 June, compared to a profit of Rs 3.81 crore a year ago. Revenue from operations in the quarter stood at Rs 469 crore compared to Rs 402 crore in the same period last year.
All forecasts about an economy as complex as India’s should be taken with a pinch of salt
All forecasts about an economy as complex as India's should be taken with a pinch of salt. https://t.co/ZdB7odWSeq
— Livemint (@livemint) August 8, 2018
Future Supply Chain Solutions has reported a 37.7% rise in its standalone net profit to Rs 17.9 crore for the quarter ended 30 June, compared to Rs 13 crore for the same period a year ago. The standalone revenue from operations of the company stood at Rs 227.9 crore for the quarter under consideration. It was Rs 152 crore in the corresponding period of the previous fiscal. Shares traded 1.21% down at Rs 635.
Gold prices softened by Rs 20 to Rs 30,565 per 10 grams at the local market owing to a slackened demand from local jewellers despite a firm trend in overseas markets. Silver followed suit and cracked below the Rs 39,000-mark by falling Rs 85 to Rs 38,915 per kg due to reduced offtake by industrial units and coin makers. Marketmen attributed the slide in gold prices to easing demand from local jewellers and retailers at current levels in the domestic spot market but a firm trend overseas capped the fall. Globally, gold rose 0.32% to $1,214.40 an ounce and silver by 0.39% to $15.40 an ounce in Singapore. PTI
Greenply Industries Ltd shares fell as much as 7.16% to Rs 205.45 after the company reported a net profit of Rs 23.82 crore in the quarter ended 30 June, compared to a profit of Rs 30.63 crore a year ago. Revenue from operations during the quarter came in at Rs 405 crore, down from Rs 422 crore in the same period last year.
Lupin Ltd shares fell as much as 2.30% to Rs 845.10 after the company posted a 43% fall in first-quarter profit, widely missing analysts’ estimates. Net profit was Rs 203 crore in the quarter ended 30 June, compared with a profit of Rs 358 crore a year earlier, Lupin said. Analysts on average had expected a profit of 3.51 billion rupees, according to Thomson Reuters I/B/E/S. Total revenue from operations declined marginally to Rs 3,856 crore.
APL Apollo Tubes Ltd reported a June-quarter profit of Rs 27.02 crore compared to Rs 24.16 crore in the same period last year. Total revenue from operations stood at Rs 1,374 crore in the quarter as against Rs 999 crore a year ago. Shares rose 0.91% to Rs 1777.040
Europe’s stock markets dipped in opening trade. London’s benchmark FTSE 100 index of major blue-chip firms declined 0.1% to 7,709.31 points compared with the close on Tuesday. In the eurozone, Frankfurt’s DAX 30 dropped 0.2% to 12,622.98 points and the Paris CAC 40 shed almost 0.1% to 5,518.49. AFP
BSE Sensex traded higher by 218.16 points, or 0.58%, to 37,883.96, while the Nifty 50 rose 53 points, or 0.47%, to 11,442.45. In intraday trade, Sensex surged 219.97 points to a new high of 37,885.77 and the Nifty 50 advanced 59.9 points to a fresh record high of 11,449.35.BSE MidCap and SmallCap edged up 0.17% and 0.53%, respectively. Among the sectoral indices on BSE, consumer durables, energy, industrials, bankex and finance led gains. IT, tech, power and utilities declined.ONGC, Reliance Industries, Tata Motors and Lupin were among the top gainers, whereas HPCL, Maruti, Bharti Airtel and Infosys were among the major losers.
Dai Ichi Karkaria Ltd shares dived 10.17% to Rs 330 after the company reported a net loss of Rs 1.24 crore in the June quarter, compared to a profit of Rs 2.05 crore a year ago. Revenue from operations stood at Rs 28.35 crore in the quarter ended 30 June, compared to Rs 31.85 crore in the same period last year.
PNB Housing Finance Ltd traded 0.95% lower ahead of June-quarter earnings today. Moreover, parent Punjab National Bank said that it expects to complete the stake sale in PNB Housing Finance by the end of the financial year.
Bombay Dyeing and Mfg Co. Ltd shares fell as much as 4.9% at Rs 248.45, its lowest since 30 July. The company’s June-quarter loss after tax widened to Rs 93.74 crore from Rs 32.71 crore last year. Revenue from operations fell 36.2% to Rs 397 crore in the quarter.
When it comes to the Indian stock market, analysts are not following investors’ exuberance. A booming economy and encouraging corporate results have sent the benchmark S&P BSE Sensex racing past 22 record highs this year. While gains have accelerated in the past six weeks, analysts have failed to keep up, and the average price estimate for members of the gauge is now just 14 percent above their stock prices, the narrowest gap since February, data compiled by Bloomberg show. Read more
Punjab National Bank shares traded 0.24% higher at Rs 83.05. The PNB stock hit a high of Rs 83.80 and a low of Rs 81.60 during the day. The bank, which reported a $2-billion fraud in February, on Tuesday declared a June quarter loss of ₹940 crore, against a profit of ₹343 crore a year ago.
PNB has done massive provisioning, taken two consecutive quarterly losses and put a horrific fraud behind it. But it still has a long healing road ahead, writes @aparnaviyer02 https://t.co/ksb2wk4c1R
— Mint Mark to Market (@livemint_m2m) August 8, 2018
GOCL Corporation Ltd rose 4% to Rs 400 in early trade, but gave all the gains. The company said it got explosives order worth Rs 203.09 crore from Singareni Collieries.
Patel Engineering Ltd rose 16% to Rs 51 after the company said it got two hydroprojects and tunnel projects order worth Rs 2400 crore
Adani Enterprises Ltd fell 5% to Rs 180 after the company reported 43% fall in June quarter net profit to Rs 80.14 crore from Rs 141.15 crore a year ago.
Mahindra & Mahindra Ltd rose 1% to Rs 934 after the company reported 63% increase in standalone quarterly net profit supported by a low base effect. It also recorded higher tractor sales following a revival in rural demand during the quarter. The company’s net profit in the three months ended 30 June was at ₹ 1,220.96 crore, from ₹ 749.46 crore in the corresponding quarter of last year, and surpassing the ₹ 1,176.70 crore forecast in a Bloomberg survey of analysts.Read: After a strong Q1, it’s now crunch time for Mahindra
Inox Wind Ltd rose 9% to Rs 107.40 after the company said it reported a profit of Rs 10 crore in June quarter against a loss of Rs 39 crore last year same quarter.
BSE Sensex traded higher by 72.29 points, or 0.19%, to 37,738.09, while the Nifty 50 rose 23.05 points, or 0.20%, to 11,412.50.
The Indian rupee was trading marginally higher against the US dollar, tracking gains in local equity markets. At 9.12am, the rupee was trading at 68.64 a dollar, up 0.05% from its previous close of 68.69. The currency opened at 68.66 a dollar.Bond yields gained for the fifth consecutive session after crude oil prices rose. Crude prices which were trading up at $ 74/bbl and advanced further during the day threatening to breach the $75/bbl mark. The 10-year bond yield stood at 7.791%, from its Tuesday’s close of 7.786%. Bond yields and prices move in opposite directions.So far this year, the rupee has weakened 7%, while foreign investors have sold $410.30 million and $5.62 billion in equity and debt markets, respectively.
Analysts believe CreditAccess Grameen Ltd’s (CAGL) IPO to raise upto Rs 1,131 crore is priced aggressively with a price band of Rs 418-422 per share, and have expressed concerns over near term gains. CAGL is a Bangalore-based NBFC with forte in microfinance lending. They are focused on rural India and the under penetrated rural market provides growth opportunities. Read more
■ Overnight, US markets closed with gains. S&P 500 rose 0.28% to 2,858 as investors tracked corporate earnings. Following Wall Street, Asian stocks opened higher.■ Alok Sonig, the CEO of developed markets at Dr Reddy’s Laboratories Ltd, has quit barely five months after he was promoted to the role, reports The Economic Times.■ Punjab National Bank expects to complete the stake sale in its mortgage lending arm, PNB Housing Finance, by the end of the financial year, reports Mint. It is also planning to list its insurance venture, PNB Metlife, on the bourses.■ Tata Motors plans to bring around 10-12 new products in passenger vehicles segment in the next five years, reports PTI.■ Indian Oil Corporation has got clearance from the Odisha Pollution Control Board for expansion of its Paradip-Haldia-Durgapur LPG pipeline, reports Business Standard.■ Malaysia Airports Holdings Berhad is evaluating a potential minority share purchase in GVK Airports Holdings, which runs Mumbai international airport and has rights to develop a second one in the city, reports The Times of India.■ Tata Teleservices (Maharashtra) said accumulated losses have exceeded its paid-up capital, adding that it is in talks to monetise assets, proceeds from which will be used to meet financial obligations, reports The Economic Times.■ Earnings today: BEML Ltd, Blue Star Ltd, BPCL Ltd, Cipla Ltd, HPCL Ltd, PNB Housing Finance Ltd, Natco Pharma Ltd, Nalco Ltd, Lupin Ltd, and Thermax Ltd are some of the companies that will release their earnings for the June quarter today.(R. Sree Ram/Mint)
Download the App to get 14 days of unlimited access to Mint Premium absolutely free!
