BSE Sensex and NSE Nifty closed higher on Monday. Photo: Mint
BSE Sensex and NSE Nifty closed higher on Monday. Photo: Mint

Market Wrap: Sensex surges 470 points, Nifty above 10,100 helped by banking stocks

BSE Sensex closed higher by 469.87 points at 33,066.41, while the Nifty 50 gained 132.60 points to close at 10,130.65. Here are the highlights from the markets

Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 closed 1.4% higher on Monday following positive cues from European and Asian stock markets. Global equities recovered from losses after reports that the United States and China have quietly started negotiations to improve US access to Chinese markets eased fears of a trade war between the two economic giants, Reuters reported. The Indian rupee strengthened for the third session against the US dollar. Bond yields gained as traders await details of the central government’s borrowing program for the first half of the fiscal year starting 1 April. Here are the highlights from the markets:
26 Mar 2018, 03:33:00 PM IST

Closing bell

BSE Sensex closed higher by 469.87 points, or 1.44%, to 33,066.41, while the Nifty 50 gained 132.60 points, or 1.33%, to close at 10,130.65. BSE MidCap was up 1.19% and SmallCap rose 0.73%. Sixteen out of 19 sectoral indices on BSE closed higher led by bankex, which was up 2.30%, followed by finance 2.26% and consumer durables 2.24%. On NSE, Nifty PSU Bank rose 4.94%. Yes Bank, SBI, HDFC Bank and Tata Steel were among the top gainers, whereas Wipro, Infosys, Power Grid and Kotak Bank were major losers.

26 Mar 2018, 02:45:00 PM IST

Market update

BSE Sensex traded higher by 368.27 points, or 1.13%, to 32,964.81, while the Nifty 50 gained 89.35 points, or 0.89%, to 10,087.40.

26 Mar 2018, 02:43:00 PM IST

Maan Aluminium declares interim dividend

Maan Aluminium Ltd said its board of directors declared an interim dividend of Rs1 per share for the financial year 2017-18. Shares fell 3.04% to Rs114.70

26 Mar 2018, 02:37:00 PM IST

Rupee trades higher against US dollar

The Indian rupee on Monday strengthened for the third session against the US dollar, tracking gains in local equity and Asian currencies. At 2pm, the home currency was trading at 64.87 a dollar, up 0.23% from its Friday’s close of 65.01. The rupee opened at 64.92 a dollar and touched a high and a low of 64.86 and 64.95, respectively. The 10-year bond yield was trading at 7.586% compared to its previous close of 7.557%. Bond yields and prices move in opposite directions.

26 Mar 2018, 01:50:00 PM IST

Market update

BSE Sensex traded higher by 263.25 points, or 0.81%, to 32,859.79, while the Nifty 50 gained 64.85 points, or 0.65%, to 10,062.90. BSE MidCap was up 0.30% and SmallCap added 0.21%. Among the sectoral indices on BSE, consumer durables gained most at 1.84% followed by bankex 1.21% and finance 1.13%. On the other side, oil and gas was down 1.29%, IT fell 0.74% and teck 0.43%. On NSE, Nifty PSU Bank was up 3.79%.

26 Mar 2018, 01:43:00 PM IST

European shares trade higher

European stock markets recovered slightly at the start of trading on Monday following a worldwide slump for equities ahead of the weekend break. London’s benchmark FTSE 100 index rose 0.2% to 6,934.60 points. In the eurozone, Frankfurt’s DAX 30 index climbed 0.3% to 11,919.64 points and the Paris CAC 40 won 0.2% to 5,106.34. (AFP)

26 Mar 2018, 01:40:00 PM IST

KEC International gets new orders worth Rs2,419 crore

KEC International Ltd said it has secured new orders of Rs2,419 crore across its businesses. Shares were trading 0.45% lower at Rs383.

26 Mar 2018, 01:37:00 PM IST

Lemon Tree Hotels IPO subscribed 16% so far on first day

The initial public offering of Lemon Tree Hotels Ltd was subscribed 16% so far on the first day of share sale on Monday. As of 12.30pm, the IPO received bids for 20,807,270 shares against the total issue size of 129,835,580 shares, according to NSE data.

26 Mar 2018, 12:40:00 PM IST

Market update

BSE Sensex traded higher by 66.86 points, or 0.21%, to 32,663.40, while the Nifty 50 rose 4.40 points, or 0.04%, to 10,002.45.

26 Mar 2018, 12:35:00 PM IST

JSW Steel to set up facility in Texas with $500 million investment

JSW Steel Ltd said its US unit would invest up to $500 million to expand its Texas operations, as part of a Memorandum of Cooperation signed with the Texas Governor’s office. The governor has also approved a grant worth $3.4 million from the Texas Enterprise Fund to JSW Steel (USA) Inc, the steelmaker said in a statement. JSW Steel shares rose 1.12% to Rs289.10.

26 Mar 2018, 12:33:00 PM IST

BHEL wins order to set up 75MW power plant in Gujarat

Bharat Heavy Electricals Ltd said it has won an order for setting up a 75MW solar photovoltaic power plant EPC basis in Gujarat. “Significantly, this will be BHEL’s largest Solar PV project till date,” said the company in a BSE filing. Shares were trading flat at Rs81.40.

26 Mar 2018, 12:30:00 PM IST

Oil prices decline on trade war fears

Brent and WTI crude oil futures dipped on Monday as concerns of a looming trade dispute between the United States and China weighed on global markets. This weighed on crude oil futures as well. US WTI crude futures were at $65.49 a barrel at 11.13am, down 39 cents, or 0.6%, from their previous close. Brent crude futures were at $70.18 per barrel, down 27 cents, or 0.4%. (Reuters)

26 Mar 2018, 11:22:00 AM IST

Tata Power sells stake in Tata Communications, Panatone Finvest

Tata Power Co. Ltd said its board of directors has approved the sale of its stake in Tata Communications and Panatone Finvest to Tata Sons and its affiliates. Panatone Finvest holds 30.1% of Tata Communications. Shares traded 0.50% lower at Rs79.35.“The move is a part of the Company’s plan to monetize its non-core assets and improve the balance sheet to set the stage for next phase of growth. The estimated realisation will be about Rs2,150 crores and is subject to shareholders approval,” said the company in a BSE filing.

26 Mar 2018, 11:20:00 AM IST

MMTC, STC shares gain on merger buzz

MMTC Ltd shares were trading 5.3% up at Rs57.50 while State Trading Corp Of India Ltd gains 5% to Rs142.15 after Minister Suresh Prabhu said that STC and MMTC merger on card.

26 Mar 2018, 10:27:00 AM IST

Market update

BSE Sensex traded lower by 32.98 points, or 0.10%, to 32,563.56, while the Nifty 50 fell 20.30 points, or 0.20%, to 9,977.75. BSE MidCap and SmallCap were also down 0.28% and 0.32%, respectively. Among the sectoral indices, consumer durables, realty, bankex and capital goods traded higher, whereas oil and gas, utilities, basic materials and IT traded lower. SBI, ICICI Bank, IndusInd Bank and L&T were top gainers, while Wipro, Bajaj Auto, Tata Motors and Adani Ports were among the major losers.

26 Mar 2018, 10:25:00 AM IST

Lanco Infratech shares rise on report of bidding interest

Lanco Infratech Ltd shares gained 3.7% to Rs1.11 after ET reported that seven firms are ready to bid for the company.

26 Mar 2018, 10:20:00 AM IST

Cadila Healthcare shares gain as CLSA upgrades rating

Cadila Healthcare Ltd shares were up 2.7% at Rs380 after CLSA has upgraded the stock to buy from underperform and increased its price target to Rs 450 a share from Rs 440 a share.

26 Mar 2018, 10:17:00 AM IST

Lemon Tree Hotels IPO opens today: Analysts say valuations steep

As the initial public offer (IPO) of hospitality chain company Lemon Tree Hotels Ltd opens on Monday, analysts said that valuations of Lemon Tree Hotels Ltd are high given it is into risky business. With a price band of Rs54-56 per share, the company aims to raise around Rs1,040 crore through the issue.

26 Mar 2018, 09:45:00 AM IST

Fortis Healthcare shares rise nearly 3%

Fortis Healthcare Ltd shares rose 2.7% to Rs 147.30 after Bloomberg reported that TPG is nearing an agreement to gain control of Fortis Healthcare, India’s second-largest private hospital chain by market value.

26 Mar 2018, 09:43:00 AM IST

MCX shares fall over CBI probe

Multi Commodity Exchange of India (MCX) shares fell 2% to Rs699 after the Central Bureau of Investigation on Friday conducted searches at the Mumbai headquarters of Financial Technologies of India Ltd (FTIL), and the residences of Jignesh Shah (former chairman of FTIL), as well as those of former chairmen of the erstwhile Forward Markets Commission (FMC)—in connection with alleged irregularities in granting recognition to MCX as a national commodity exchange.

26 Mar 2018, 09:40:00 AM IST

Indiabulls Real Estate shares up 4% after deal with Blackstone Group

Indiabulls Real Estate Ltd shares gained 4.1% to Rs199.30 after the company said it has executed a definitive agreement with global private equity investor Blackstone Group to divest 50% stake in its prime commercial properties in Mumbai for Rs4,750 crore.

26 Mar 2018, 09:37:00 AM IST

GST: Firms fear income tax dispute over input tax credits

Indian companies fear that input tax credit claimed for GST paid on raw materials may be disputed by tax officials later and are considering setting aside funds to cover risks arising from rejection of their claims.

26 Mar 2018, 09:35:00 AM IST

Rupee strengthens against US dollar for third session

The Indian rupee strengthened for the third session against the US dollar on Monday, tracking gains in Asian currencies. The rupee opened at 64.92 a dollar. The home currency was trading at 64.90 a dollar, up 0.16% from its Friday’s close of 65.01. The 10-year bond yield was trading at 7.569% compared to its previous close of 7.557%. Bond yields and prices move in opposite directions.

26 Mar 2018, 09:30:00 AM IST

Market update

BSE Sensex traded higher by 12.98 points, or 0.04%, to 32,609.52, while the Nifty 50 edged down 11.25 points, or 0.11%, to 9,986.80.

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