Closing bell: Sensex reclaims 36,000; Sun Pharma, Bajaj Finance top gainers
9 min read.Updated: 28 Dec 2018, 08:47 PM ISTNirav Vyas
The BSE Sensex closed 269.44 points, or 0.75%, up at 36,076.72, and the Nifty 50 ended 80.10 points, or 0.74%, higher at 10,859.90. Here are the latest updates from the markets
Mumbai: Indian benchmark indices BSE Sensex and NSE’s Nifty 50 advanced on Friday, extending gains for a thrid day, led by finance stocks such as HDFC, Bajaj Finance and HDFC Bank. A rally in European and US stocks also boosted sentiment despite a mixed session in Asian markets. After rising over 1% intraday, the Sensex closed 269.44 points, or 0.75%, up at 36,076.72, and the Nifty 50 ended 80.10 points, or 0.74%, higher at 10,859.90.The BSE midcap and smallcap indices rose 0.9% and 0.8%, respectively. All the sectoral indices on BSE, except telecom, posted gains led by consumer durables, which rose over 2%. Healthcare, finance, industrials, capital goods and bankex were up over 1%.The Nifty PSU Bank Index advanced over 1% after reports that the government plan to infuse Rs 28,615 crore into seven public sector banks (PSBs) through recapitalisation bonds by the end of this month. United Bank of India shares surged 9.2% after the government decided to infuse Rs 2,159 crore in the bank.“I think PSU banks’ results for the December-quarter will be keenly watched. If a couple of them do well, good operational performance, it could be a big boost to the markets,” said Krish Subramanyam, co-head, equity advisory at Altamount Capital. “In the near term, it may be difficult for Nifty to cross 11,000.”Sun Pharma, Bajaj Finance, Vedanta, HDFC, Titan and Indian Oil were among the major gainers on the key indices, whereas TCS, Bajaj Auto, BPCL, Bharti Airtel, Hero MotoCorp and Coal India were among the major losers.For the week, the Sensex rose 0.94% and the Nifty 50 added 0.98%. So far this year, the NSE Nifty has gained 3.13%, while the Sensex has risen 5.93%. Both indexes are on track for a fourth yearly gain in five.“There are three ‘E’s’ playing on sentiments now: the elections will have a short-term impact on the markets, but earnings and economic growth are the long-term drivers,” said Abhijit Bhave, CEO at Karvy Private Wealth.In global markets, European shares rallied, while Asian stocks were mixed and US equity futures held steady as traders struggled to make sense of wild price swings in the final sessions of the year. Oil prices rebounded over 2% but remained close to their lowest levels in more than a year as rising US inventories and concern over global economic growth kept markets under pressure. Here are the highlights from the markets:
28 Dec 2018, 03:37:00 PM IST
Closing bell: Sensex, Nifty gain for 3rd day
The BSE Sensex closed 269.44 points, or 0.75%, up at 36,076.72, and the Nifty 50 ended 80.10 points, or 0.74%, higher at 10,859.90.
28 Dec 2018, 03:36:00 PM IST
Nifty sectoral indices
28 Dec 2018, 03:22:00 PM IST
SAIL chairman wants to sign JV with ArcelorMittal next month
Steel Authority of India Ltd (SAIL) wants to sign JV agreement with ArcelorMittal next month, SAIL’s chairman said on Friday. Higher input costs mean no scope for a cut in local steel prices, SAIL Chairman Anil Kumar Chaudhary said.
28 Dec 2018, 03:16:00 PM IST
Peninsula Land buys majority stake in 3 firms
Peninsula Land said it has entered into a securities purchase agreement to acquire 86% of Rockfirst Real Estate Ltd. Moreover, the company signed securities purchase agreements to acquire 86% Goodhome Realty Ltd and Truewin Realty Ltd. Peninsula Land shares traded 4.7% up at Rs 11.32 per share after rising as much as Rs 12.10 per share.
28 Dec 2018, 02:43:00 PM IST
European shares climb after Wall Street bounce
European shares edged up on Friday, buoyed by a bounce on Wall Street as a turbulent week drew to a close and investors licked their wounds after the region’s benchmark STOXX 600 sank to its lowest level since U.S. President Donald Trump’s election.The STOXX 600 was up 1 percent by 0827 GMT with Britain’s FTSE 100 up 1.2 percent. The pan-European benchmark hit a low of 327.34 points on Thursday, its lowest level since Nov. 9, 2016. Volumes remained very light with many investors away for the Christmas holidays. Just 5 percent of the 30-day average daily volume was traded in the first 30 minutes, usually the busiest. Reuters
28 Dec 2018, 02:30:00 PM IST
Steel stocks rise as govt said to seek tariff relief from US, Canada
Shares of steel companies advanced after Reuters reported that India is in talks with the United States over exemptions on steel tariffs, the country’s steel secretary said on Friday. India will also seek relief from Canada over quotas and tariffs next month, Binoy Kumar, the top most bureaucrat in India’s steel ministry, told reporters, as Indian steel companies have been affected by Canadian tariffs.SAIL shares rose 5.2% to Rs 54.20 per share, Jindal Steel shares added 3.1% to Rs 163.45 per share, Jindal Stainless gained 2.5% to Rs 88.70 per share and JSW Steel advanced 2.6% to Rs 300.60 per share.
28 Dec 2018, 02:16:00 PM IST
Market update: Sensex, Nifty extend gains
The BSE Sensex traded 356.20 points, or 0.99%, up at 36,163.48, and the Nifty 50 rose 105.70 points, or 0.98%, to 10,885.50. The BSE midcap and smallcap indices rose 0.94% and 0.75%, respectively. All the sectoral indices traded in positive territory led by consumer durables, capital goods, bankex, finance and FMCG.
28 Dec 2018, 01:45:00 PM IST
Japan’s Nikkei books first annual loss since 2011
Japan’s Nikkei fell on its final trading day of the year on Friday as energy-related shares sagged, leading the index to its first annual loss in seven years. The Nikkei share average ended the session 0.31 percent down at 20,014.77. The benchmark index booked a 12.1 percent decline in 2018, its first annual loss since 2011 and breaking the longest winning streak since the late 1980s. The broader Topix lost 0.50 percent to 1,494.09, and recorded a 17.8 percent decline over the year, its biggest annual loss since 2011. Read more
28 Dec 2018, 01:00:00 PM IST
3M India shares rise over 2%
3M India said 3M Electro and Communication India Pvt Ltd has become a 100% subsidiary of the company with effect from December 27 after payment of consideration and transfer of shares. 3M India shares traded 2.45% up at Rs 20,870.05.
28 Dec 2018, 12:20:00 PM IST
Tata Motors shares up nearly 2%
Tata Motors shares traded 1.72% up at Rs 171.70 per share. Tata group Chairman N Chandrasekaran said Tata Motors is working closely with other group entities such as Tata Capital and Tata Power to create electric vehicle (EV) ecosystem in the country.
28 Dec 2018, 11:33:00 AM IST
Moderation in bond yields positive for PSU banks: Motilal Oswal
“The sharp moderation in bond yields should significantly boost the treasury performance of the banking sector, especially public sector banks (PSBs),” said Motilal Oswal in a research note. “We expect banks to report healthy write-backs of investment provisions that they have been making.”
28 Dec 2018, 11:12:00 AM IST
Dilip Buildcon shares rise on Rs 677 crore contract
Dilip Buildcon Ltd said it has executed an EPC agreement with NHAI for Lalganj-Hanumanha, NH-7 (pkg-3) in Uttar Pradesh for Rs 677 crore. Shares traded 0.81% up at Rs 422.10 per share.
28 Dec 2018, 10:35:00 AM IST
Capital infusion for PSU banks should broadly cover needs: Nomura
The planned capital infusion should broadly be enough to cover their capital needs, Nomura said. Latest tranche of infusion, according to reports, is largest for Bank of India which could possibly get bank out of prompt corrective action (PCA) framework, Nomura noted. The brokerage said it continues to prefer corporate private banks like Axis Bank Ltd and ICICI Bank Ltd followed by state-owned State Bank of India Ltd. Reuters
28 Dec 2018, 10:14:00 AM IST
Financial services companies gain on capital infusion plan
Shares of financial services companies surged on the government’s plan to infuse Rs 28,615 crore into seven public sector banks (PSBs) through recapitalisation bonds by the end of this month, reported PTI. The recapitalisation, the finance minister said, would enhance the lending capacity of PSBs and help them come out of RBI’s PCA framework.
28 Dec 2018, 09:43:00 AM IST
Market update: Sensex, Nifty rise over 0.8%
The BSE Sensex traded 310.24 points, or 0.87%, up at 36,117.52, and the Nifty 50 rose 77.40 points, or 0.72%, to 10,857.20. The BSE midcap and smallcap indices rose 0.46% and 0.54%, respectively. All the sectoral indices on BSE traded in positive territory led by finance, which was up 1%. Capital goods, consumer durables, bankex and basic materials rose over 0.8%.
28 Dec 2018, 09:34:00 AM IST
United Bank of India shares jump 11% on govt capital infusion
Shares of United Bank of India jumped as much as 11.4% to Rs 12.85 per share after the government decided to infuse Rs 2,159 crore in the bank as part of Rs 28,615 crore capital infusion to be done in about half a dozen banks. Read more
28 Dec 2018, 09:22:00 AM IST
Lemon Tree shares surge 12% on JV with Warburg Pincus
Shares of Lemon Tree Hotels Ltd surged as much as 12.13% to Rs 77.15 after the company on Thursday said it has entered into a joint venture with global private equity firm Warburg Pincus to form a platform that would jointly invest about ₹3,000 crore to develop student housing and other co-living space in India. Read more
28 Dec 2018, 09:10:00 AM IST
Rupee gains against US dollar
The rupee strengthened marginally against the US dollar, tracking gains in its Asian peers as a government shutdown in the US weighs on the dollar. At 9.10am, the rupee was trading at 70.06 a dollar, up 0.42% from its Thursday’s close of 70.36. Rupee opened at 70.06 a dollar. The 10-year gilt yield was trading at 7.27% from its previous close of 7.276%. So far this year, the rupee has declined 8.85%, while foreign investors have sold $4.61 billion and $6.84 billion in the equity and debt markets, respectively.
28 Dec 2018, 08:58:00 AM IST
Equity markets witnessed net FII outflow of $5 billion
This year has been a brutal one for emerging markets (EMs), including India, with investor portfolios sinking deeper into the red. Amid stock market volatility, foreign institutional investors (FIIs) fled India and equity markets saw a net outflow of $4.58 billion, the steepest sell-off in a decade. FIIs dumped domestic stocks in the midst of the rupee weakening against the dollar, high crude oil prices, increase in US treasury yields and stronger economic growth in the US, according to analysts. Read more
28 Dec 2018, 08:50:00 AM IST
HDFC group surpasses Tatas in market cap
Financial services conglomerate HDFC group has become the most valuable business house in the country, surpassing Tatas, with the cumulative market valuation of its five listed companies surging to Rs10.40 trillion.At close of trade Thursday, the combined market valuation of five HDFC group firms stood at Rs10,40,689.89 crore on BSE. HDFC Bank with a market capitalisation of Rs 572,754.19 crore is the country’s third most valuable firm after TCS and RIL. HDFC has a market cap of Rs 334,684.54 crore, HDFC Standard Life Rs 78,824.31 crore, HDFC AMC Rs 31,540.03 crore and Gruh Finance Rs 22,886.82 crore.As many as 22 Tata group firms have a combined market valuation of Rs10,38,290.08 crore, as per data available on BSE Thursday. Read more
28 Dec 2018, 08:32:00 AM IST
Commodity corner: Oil prices rise, gold steady
Oil prices jumped as much as 3% to win back a chunk of the ground they lost in the previous session, but growth in U.S. crude stockpiles and ongoing concerns about the global economy kept markets under pressure. Brent crude was up $1.18, or 2.26%, at $53.34 a barrel, having earlier risen as much as 3.1%. It dropped 4.24 percent, or $2.31, the day before to settle at $52.16 per barrel. US WTI crude futures, were at $45.62 a barrel, up 2.26%, or $1.01, after earlier rising 3.6%. They ended Thursday down 3.48 percent, or $1.61, at $44.61 a barrel.Metals: London copper prices climbed for a second session on Friday amid gains in stock and oil markets, but worries over slowing growth in China were expected to drag. Three-month LME copper had risen 0.5% to $6,016 a tonne, while the most-traded contract in Shanghai fell 0.4% to $7,028.72 a tonne.Gold prices were steady near six-month highs, supported by worries over economic growth but pressured by gains in global equity markets. Spot gold had risen 0.1% to $1,276.15 per ounce. The metal on Wednesday hit its highest level since June 19 at $1,279.06. US gold futures inched down 0.2 percent to $1,278.1 per ounce. Reuters
28 Dec 2018, 08:13:00 AM IST
Late rally in US stocks fails to lift Asian markets
Wall Street’s wild afternoon rebound failed to reverberate through to Asia on Friday, with the region’s benchmarks putting in a mixed performance and U.S. futures retreating. The yen edged up, heading for its best two-week advance since February. Equity benchmarks fell in Tokyo, saw modest gains in Sydney, Seoul and Hong Kong. Earlier, the the S&P 500 Index erased a drop of almost 3% in its afternoon recovery -- the biggest upward reversal since 2010. In other markets, 10-year Treasury yields held below 2.80%, and oil traded around $46 in New York.The MSCI Asia Pacific Index was little changed as of 10:40 a.m. in Tokyo. Japan’s Topix dropped 0.6% and the Nikkei 225 slipped 0.5%. Australia’s S&P/ASX 200 rose 0.6%. Kospi advanced 0.5%. Hang Seng was little changed, and the Shanghai Composite rose 0.1%. Futures on the S&P 500 Index dipped 0.1% after the underlying gauge climbed 0.9% at the close in New York. The Nasdaq 100 rose 0.4%. Bloomberg