Market Wrap: Sensex surges 416 points, Nifty ends at 10736, HDFC Bank shares jump 4%
BSE Sensex closed 416.27 points higher at 35,322.38, while the Nifty 50 ended 121.80 points up at 10,736.15. Here are the latest updates from the markets
Last Modified: Thu, May 31 2018. 05 20 PM IST
- 3.35 pm ISTClosing bell: Sensex, Nifty gain over 1%
- 2.48 pm ISTRupee trades lower against US dollar
- 2.45 pm ISTMahindra shares rise 3%
- 2.15 pm ISTGDP data due after 5.30pm today
- 1.55 pm ISTMarket update: Sensex, Nifty extend gains
- 1.13 pm ISTONGC shares rise after Q4 profit jumps 37% to Rs5,915 crore
- 12.50 pm ISTPolitical worries set to check Indian stock market bulls: Poll
- 12.25 pm ISTMarket update: Sensex up 150 points
- 11.55 am ISTOrient Cement shares surge 11% after deal termination
- 11.17 am ISTGMR Infra Q4 net loss narrows to Rs819.53 crore
- 10.45 am ISTMarket update: Sensex, Nifty trim gains
- 10.40 am ISTAtlanta shares dive 20% after auditors resign
- 10.00 am ISTICICI Bank shares down 1% over internal inquiry into Videocon loan case
- 9.55 am ISTCoal India shares rise as brokerages upgrade stock
- 9.33 am ISTHDFC Bank shares jump 3%
- 9.30 am ISTRCom shares surge 15% as NCLAT stays insolvency process
- 9.27 am ISTMarket update: Sensex rises 150 points, Nifty above 10,650
- 9.25 am ISTRupee trades marginally higher against US dollar
- 9.23 am ISTAsian stocks trade higher
- Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 surged over 1% on Thursday led by a rally in financial stocks with market heavyweight HDFC Bank rising over 5%. Gains were also supported by expectations that GDP growth has expanded in the fourth quarter of 2018. Government will release GDP data after 5.30pm. Growth in the fourth quarter ended in March likely picked up to 7.4%, according to a Bloomberg survey. Moreover, stocks in Europe and Asia traded higher over easing political turmoil in Italy and developments in US-North Korea summit talks. Here are the highlights from the markets:
- 3.35 pm IST Closing bell: Sensex, Nifty gain over 1%BSE Sensex closed higher by 416.27 points, or 1.19%, to 35,322.38, while the Nifty 50 rose 121.80 points, or 1.15%, to close at 10,736.15. However, BSE MidCap and SmallCap fell 0.24% and 0.57%, respectively.Among the sectoral indices on BSE, bankex gained most at 1.91%, finance 1.71%, oil and gas 1.17%, and energy 0.80%, while consumer durables fell 0.97%, realty 0.85%, capital goods 0.63% and industrials 0.58%. On NSE, Nifty Bank rose 2.39%.In the Sensex kitty, Adani Ports, HDFC Bank, IndusInd Bank and Mahindra were top gainers, whereas Sun Pharma, Tata Motors, Hero MotoCorp and Dr. Reddy’s Labs were among the major losers.
- 2.48 pm IST Rupee trades lower against US dollarThe Indian rupee weakened marginally against the US dollar on Thursday as traders awaits gross domestic product (GDP) and fiscal deficit data due later in the day.At 2.06pm, the rupee was trading at 67.51 against the US dollar, down 0.11% from its previous close of 67.44. The currency opened at 67.43 a dollar and touched a high and a low of 67.32 and 67.60 respectively. The 10-year bond yield stood at 7.834% from its Wednesday’s close of 7.782%.
- 2.15 pm IST GDP data due after 5.30pm todayThe Indian economy probably gained a little momentum in the first three months of 2018 which should ensure that it remains the world’s fastest growing major economy, a Reuters poll found. Gross domestic product (GDP) expanded an annual 7.3% in the first three months of 2018, the 24-29 May poll of 55 economists predicted, a touch faster than the 7.2% achieved in the last three months of 2017—and well above China’s pace of 6.8% for the quarter ending in March. Forecasts ranged from 6.9 to 7.7%. Read more
- 1.55 pm IST Market update: Sensex, Nifty extend gainsBSE Sensex traded higher by 196.13 points, or 0.56%, to 35,102.24, while the Nifty 50 rose 57.10 points, or 0.54%, to 10,671.45. However, BSE MidCap and SmallCap declined 0.24% and 0.38%, respectively.Among the sectoral indices on BSE, oil and gas gained most at 0.89%, IT 0.81%, finance 0.78% and teck 0.61%, while power declined 0.70%, healthcare 0.51%, basic materials 0.35% and realty 0.33%. HDFC Bank, ONGC, M&M and Hindustan Unilever were top gainers, whereas Tata Motors, Sun Pharma, Power Grid and Hero MotoCorp were among the major losers.
- 1.13 pm IST ONGC shares rise after Q4 profit jumps 37% to Rs5,915 croreShares of State-owned Oil and Natural Gas Corp. Ltd (ONGC) gained 3.5% on Thursday after the company reported its highest profit in 17 quarters on back of higher oil prices.Fourth-quarter net profit jumped 37% to Rs5,915.12 crore compared to a profit of Rs4,340.18 crore in the same period last year, the company said in a statement on Wednesday.
- 12.50 pm IST Political worries set to check Indian stock market bulls: PollIndian stocks are expected to erase recent losses and rise a little this year, but an array of political developments at home and overseas along with just a steady economic growth outlook will likely restrain the market, a Reuters poll showed.While the Indian stock index gained nearly 7% in January and hit a lifetime high, it is down about 4% since then, tracking the rout in global equities as worries of a trade war between the US and China intensified. Read more
- 11.17 am IST GMR Infra Q4 net loss narrows to Rs819.53 croreGMR Infrastructure Ltd on Thursday reported a standalone net loss of Rs819.53 crore for the quarter ended 31 March, compared to a loss of Rs2,478.78 crore a year ago. Total revenue in the quarter stood at Rs321.29 crore, up from to Rs272.47 crore in the year-ago period, GMR Infrastructure said in a regulatory filing. GMR Infra shares traded 2.74% lower at Rs17.75 apiece.
- 10.45 am IST Market update: Sensex, Nifty trim gainsBSE Sensex traded higher by 97.51 points, or 0.28%, to 35,003, while the Nifty 50 rose 26.20 points, or 0.25%, to 10,640.55. Among the sectoral indices on BSE, telecom, energy, consumer durables and oil and gas gained, while power, auto, basic materials and industrials declined.BSE MidCap was flat, while SmallCap fell 0.07%. ONGC, HDFC Bank, Coal India and Infosys were top gainers, whereas Sun Pharma, ICICI Bank, Hero MotoCorp and Dr. Reddy’s Labs were among the major losers.
- 10.00 am IST ICICI Bank shares down 1% over internal inquiry into Videocon loan caseICICI Bank Ltd shares fell 1.2% to Rs 281.70 after the bank said it will institute a fresh enquiry into an alleged nexus between the husband of chief executive Chanda Kochhar and Videocon Group chairman Venugopal Dhoot over a loan extended by the bank to the conglomerate.
- 9.55 am IST Coal India shares rise as brokerages upgrade stockCoal India shares gained 4% to Rs298 after brokerage firms CLSA and Glodman Sachs have upgraded the stock. CLSA has upgraded the stock to buy from outperform and increased its target price to Rs360 a share from Rs335. Goldman Sachs upgraded the recommendation on the company to neutral from sell.
- 9.33 am IST HDFC Bank shares jump 3%HDFC Bank Ltd shares surged 3.6% to Rs2,120 as window for foreign investors in the bank will open on 1 June. Analyst sees buying more than $1 billion from foreign investors. The bank’s ADRs, rallied 7% at 12:20pm in New York, set for the biggest jump since January 2015.
- 9.30 am IST RCom shares surge 15% as NCLAT stays insolvency processReliance Communications Ltd (RCom) shares soared 15% to Rs20.10 after NCLAT on Wednesday stayed the corporate insolvency resolution process initiated against RCom and two group companies—Reliance Infratel and Reliance Telecom. The NCLAT order came after telecom equipment manufacturer Ericsson India Pvt. Ltd, which had initiated the insolvency proceedings, accepted RCom’s offer to pay Rs550 crore by 30 September.
- 9.25 am IST Rupee trades marginally higher against US dollarThe Indian rupee opened marginally higher against US dollar as traders awaits gross domestic product (GDP) and fiscal deficit data due later on Thursday.The rupee was trading at 67.37 against the US dollar, up 0.09% from its previous close of 67.44. The currency opened at 67.43 a dollar. The 10-year bond yield stood at 7.821% from its Wednesday’s close of 7.782%. Bond yields and prices move in opposite directions.
- 9.23 am IST Asian stocks trade higherAsian stocks rebounded from a two-month trough on Thursday, while the euro enjoyed a respite after sinking to its lowest in 10 months as political turmoil in Italy that had roiled global financial markets showed signs of easing.MSCI’s index of Asia-Pacific shares outside Japan gained 0.56% after slumping to its weakest since the start of April. Hong Kong’s Hang Seng rose 0.5%, South Korea’s KOSPI added 0.6% and Japan’s Nikkei advanced 0.5%.The Shanghai Composite Index rose 0.9% after data showed China’s factory growth in May accelerated strongly and well above forecasts to an eight-month high. Overnight, the Dow rose 1.25% and the S&P 500 climbed 1.27%. (Reuters)
First Published: Thu, May 31 2018. 09 31 AM IST