Closing bell: Sensex gains 145 points, Nifty reclaims 11,000 ahead of no-trust vote10 min read . Updated: 20 Jul 2018, 05:14 PM IST
BSE Sensex closed 145.14 points up at 36,496.37, while the Nifty 50 ended 53.10 points higher at 11,010.20. Here are the highlights from the markets
OTHERS : Mumbai: Indian benchmark indices BSE Sensex and NSE’s Nifty 50 gained on Friday ahead of a vote on the no-confidence motion tabled by opposition parties against the Narendra Modi government. In global markets, European stocks and US futures traded mixed, even after Asian equities reversed declines amid signs the Chinese central bank stepped in to stem weakness in the yuan. The Indian rupee recovered from its all-time low as state run banks sold dollars, Bloomberg reported. Here are the latest updates from the markets:
Closing bell: Sensex, Nifty close higher
BSE Sensex closed higher by 145.14 points, or 0.40%, to 36,496.37, while the Nifty 50 rose 53.10 points, or 0.48%, to close at 11,010.20. BSE MIdCap and SmallCap rose 0.73% and 0.41%, respectively.Among the sectoral indices on BSE, IT, teck, telecom and healthcare rose over 1%. Basic materials, consumer discretionary goods and services, auto, metal and oil and gas declined. Sun Pharma, Infosys, Reliance Industries and Bajaj Finance were among the top gainers, whereas Bajaj Auto, Vedanta, BPCL and IOC were among the top losers.Meanwhile, foreign investors sold shares to the tune of Rs 315.69 crore on Thursday, local investors bought shares worth a net of Rs 470.02 crore, provisional data showed.
PC Jeweller shares hit 52-week low
PC Jeweller Ltd’s shares plunge as much as 7.8% to a 52-week low of Rs 65.30. PC Jeweller stock was down 84.5% this year as of last close, while the broader NSE index is was 4.05% in the same period. Reuters
Bajaj Group financial firms hit record highs on strong results
Shares of Indian non-banking financial firm Bajaj Finserv and unit Bajaj Finance Ltd climbed 5.7% and 6.7%, respectively, to all-time highs. Shares of Bajaj Finance had gained 43% this year as of last close, while Bajaj Finserv had risen 20.4%. Bajaj Finserv posted 41% surge in consolidated Q1 profit on Thursday, while Bajaj Finance reported 81 pct surge in June-quarter consolidated PAT.Kotak Institutional Equities raises target price for Bajaj Finserv to Rs 6,100 from Rs 5,900 to factor in higher value of Bajaj Finance, but downgrades to “reduce” from “add”. Jefferies raises TP for Bajaj Finance to Rs 2,900 from Rs 2,400, keeping “buy” rating.Bajaj Finance posted another strong quarter and its core fundamentals are intact, noted Jefferies, while adding that valuations appear steep for Bajaj Finance, but this may sustain unless growth slows or asset quality slips, which is unlikely in near term. Reuters
Rupee rebounds after hitting fresh record low
The Indian rupee recovered from its all time low as state run banks sold dollars, according to a Bloomberg report quoting two Mumbai-based traders. At 1.50pm, the rupee was trading at 68.89, up 0.20% from its previous close of 69.05. It opened at 68.97. Earlier in morning trade, the currency touched a fresh record low of 69.13 a dollar after China weakened the fixing yuan by the most since June 2016, just a day after cutting it beyond the 6.7 per dollar level, which was previously thought to be a key threshold. PBOC weakens yuan fixing by 0.9% to 6.7671 per dollar, weaker than average estimate of 6.7654.“Price action suggests that the RBI intervened via state banks and that has helped the rupee recover”, the Bloomberg report added. Asian currencies also reversed earlier declines triggered by China weakening the yuan’s daily fixing by the most in more than two years. The shift came after a sudden paring in the yuan’s drop, which spurred speculation of some type of intervention by Peoples Bank Of China.
Kansai Nerolac Paints shares dip 3% as Q1 profit remains flat
Kansai Nerolac Paints Ltd reported a profit of Rs 140 crore in the June quarter, compared to Rs 141 crore in the same quarter last year. Income from operations stood at Rs 1,367 crore in the quarter compared to Rs 1,321 crore last year. Kansai Nerolac Paints shares fell 3.05% to Rs 466.20.
European stock markets mixed at open
Europe’s main stock markets diverged at the start of trading on Friday, with London’s benchmark FTSE 100 index up 0.1 percent at 7,687.86 points. In the eurozone, Frankfurt’s DAX 30 index fell 0.2 percent to 12,664.45 points and the Paris CAC 40 slipped 0.1 percent to 5,409.67 compared with Thursday’s closing levels. AFP
HDFC Life shares rise over 1% after Q1 earnings
HDFC Standard Life Insurance Company Ltd reported a profit of Rs380 crore for the quarter ended 30 June, compared to Rs 316 crore in a year ago quarter. Net premium income rose to Rs 5,001 crore in the quarter from Rs 3,662 crore last year. HDFC Life share rose as much as 1.6% to Rs 479.05.
Bajaj Auto shares dive 5% as misses estimates in Q1
Bajaj Auto Ltd slumped 5.26% to Rs 2949.05 after the company missed Street expectation in June quarter. The company reported a profit Rs1,115 crore in the June 2018 quarter, compared to a profit of Rs 924 crore last year, lower than Reuters consensus forecast for of Rs 1,247 crore. Total revenue from operations stood at Rs 7,419 crore, up from Rs 5,854 crore last year.
Vedanta shares fall over 3%
Vedanta Ltd shares fell as much as 3.62% to Rs 200.75. Vedanta chairman said that the company will incur a loss of $100 million if its Tuticorin smelter in Tamilnadu remained closed for one full year, reports ET Now. The Tamil Nadu government in May ordered its permanent closure in the wake of firing that killed 13 people protesting against the plant. Minutes after the government issued the order, Thoothukudi district collector Sandeep Nanduri sealed the Sterlite campus.
Sensex rises nearly 200 points
BSE Sensex traded higher by 195.81 points, or 0.54%, to 36,547.04, while the Nifty 50 rose 57.65 points, or 0.53%, to 11,014.75.
Ashok Leyland shares rise 4% on new orders
Ashok Leyland Ltd said that its West Africa unit has bagged its third project order for 147 buses valued $9.57 million. Ashok Leyland shares rose as much as 3.91% to Rs 110.05.
IT stocks rally as rupee trades near record low
Shares of information technology companies advanced as the Indian rupee hit a fresh record low in early trade, triggered by China weakening the yuan’s daily fixing by the most in more than two years. The Nifty IT Index rose nearly 2% led by Infosys, Tech Mahindra and HCL Tech.
Bajaj Finance shares jump nearly 7%
Bajaj Finance Ltd shares jumped 6.77% to Rs 2,488.65. The company reported a 69% surge in net profit on the back of a 42% rise in core income for the quarter ended June. The company’s main consumer lending business grew 35%, loans to small business rose 42%, rural business increased at a breakneck speed of 75% and even the mortgage business, newly housed under a separate subsidiary, gained 27% in the quarter. Read more
Market update: Sensex, Nifty extend gains
BSE Sensex traded higher by 156.16 points, or 0.43%, to 36,507.39, while the Nifty 50 rose 52.10 points, or 0.48%, to 11,009.20. BSE MidCap and SmallCap rose 0.41% and 0.17%, respectively.Fourteen out of 19 sectoral indices on BSE traded higher with IT, capital goods and teck rising over 1%. Metal, oil and gas, power, basic materials and FMCG declined. Infosys, L&T, ICICI Bank and Bajaj Finance were among the top gainers, whereas Vedanta, BPCL, HDFC and ONGC were among the major losers.
Gayatri Projects shares gain on new orders worth over Rs 2700 crore
Gayatri Projects Ltd said it has received new orders worth Rs 1,483 crore and Rs 1,276.00 crore for development of Purvanchal Expressway Project from Uttar Pradesh Expressways Industrial Development Authority on EPC basis. Shares rose 2.48% to Rs 191.75.
Jain Irrigation shares gain on Rs 975 crore contract
Jain Irrigation Systems Ltd said that it has received a letter of intent from Madhya Pradesh government to execute Mohanpura major project valued at Rs 975 crore. Jain Irrigation shares rose 1.6% to Rs 49.45.
Rupee recovers from record low against US dollar
The Indian rupee along with Asian currencies reversed earlier declines on Friday triggered by China weakening the yuan’s daily fixing by the most in more than two years. The shift came after a sudden paring in the yuan’s drop, which spurred speculation of some type of intervention by Peoples Bank Of China, Bloomberg reported. At 9.45am, the rupee was trading at 68.97, up 0.13% from its previous close of 69.05. It opened at 68.97.
Ahead of no-trust vote, PM Modi says important day for democracy
Today is an important day in our Parliamentary democracy. I am sure my fellow MP colleagues will rise to the occasion and ensure a constructive, comprehensive & disruption free debate. We owe this to the people & the makers of our Constitution. India will be watching us closely.— Narendra Modi (@narendramodi) July 20, 2018
Alembic Pharma shares rise 2% on receipt of EIR from USFDA
Shares of Alembic Pharmaceuticals Ltd rose 2% to Rs 523 after the company said it got EIR from USFDA for API facility at Karakhadi, Gujarat. All plants of the drugmaker are now FDA compliant.
Sensex, Nifty trade higher
BSE Sensex traded higher by 59.63 points, or 0.16%, to 36,410.86, while the Nifty 50 rose 15.10 points, or 0.14%, to 10,972.20. Infosys, ICICI Bank, Wipro and Reliance Industries were among the major gainers, whereas BPCL, Vedanta, HDFC and IOC were among top losers.
Sugar stocks trade lower
Sugar stocks fell. Bajaj Hindusthan Sugar Ltd fell 3%, Balrampur Chini Mills Ltd 1.4%, Shree Renuka Sugars 5%, Mawana Sugars Ltd 1%, Dwarikesh Sugar Industries Ltd 1.4%, Avadh Sugar & Energy Ltd 2%.Two developments this week have added to the despair of investors in sugar mills. The government has hiked the central benchmark price for procuring sugarcane in 2018-19. In a free market, prices would have fallen but politics trumps economics in an election year. Read more
Rupee plunges to fresh record low
The Indian rupee plunged further to hit a fresh record low against the US dollar as Asian currencies fell following China’s decision to depreciate yuan the most in two years. The rupee opened at 68.97 a dollar and touched a fresh low of 69.13 a dollar. At 9.15am, the rupee was trading at 69.09, down 0.07% from its previous close of 69.05.China weakened the fixing by the most since June 2016, just a day after cutting it beyond the 6.7 per dollar level, which was previously thought to be a key threshold. PBOC weakens yuan fixing by 0.9% to 6.7671 per dollar, weaker than average estimate of 6.7654.
BJP to use no-confidence motion debate today as launch pad for 2019 election
Senior leaders and parliamentarians of the BJP said Prime Minister Narendra Modi is expected to lead the response of the Union government against the charges made by Congress-led opposition parties.
BJP set to use no-trust motion debate as launch pad for 2019 election https://t.co/4QtondlWfe— Livemint (@livemint) July 19, 2018
Opening bell: Cues to look out for before trading today
■ US stocks fell on Thursday amid criticism of the Federal Reserve by President Donald Trump. A decline in bank shares also pushed the broader market down. Asian shares were muted on the last trading day of the week as investors searched for direction after stocks stateside slipped amid U.S. President Donald Trump’s criticism of the Federal Reserve, while the dollar eased from a one-year high.■ Bharti Airtel Ltd is looking to slash its debt by half over the next 18 months by raising a total of ₹56,000 crore from the sale of a stake in its African unit and a phased sale of its holding in the entity created by the merger of Indus Towers and Bharti Infratel Ltd.■ Infosys scrambles to find buyers for the Israeli automation technology firm that is now valued at less than half the price Infosys paid for it.■ The telecom regulator has asked operators to adopt blockchain technology to ensure only registered telemarketers have access to phone databases and that user consent to receive such communication is explicitly recorded.■ JSW Cement, a privately held company within Sajjan Jindal’s JSW Group, announced investments of $150 million to set up a 1 million tonne per annum (mtpa) clinker unit in Fujairah, UAE. ■ Novartis AG agreed to buy the rights to a skin-disease drug from developers Galapagos NV and MorphoSys AG in a deal that could reach $1 billion as Chief Executive Officer Vas Narasimhan centers the Swiss drugmaker on developing innovative prescription medicines.■ The National Company Law Tribunal (NCLT) has approved the bid of AION Capital-JSW Steel to acquire Monnet Ispat & Energy Ltd, providing major relief to the consortium.■ State-owned fuel retailers Indian Oil Co. Ltd and Bharat Petroleum Corp. Ltd as well as the Adani group were the top bidders for gas retailing licences in the country’s biggest city gas distribution auction.■ The Asian Development Bank upgraded its inflation projection for India to 5% from 4.6% earlier for 2018-19 blaming higher oil prices, depreciation of the Indian rupee and hike in minimum support prices.■ The Indian rupee on Thursday weakened past the 69-mark against US dollar, tracking losses in its Asian peers after Chinese yuan fell to a one year low. ■ Kotak Mahindra Bank Ltd said its net profit for the June quarter rose 12.3% from a year ago helped by higher net interest income and other income. Standalone net profit for the first quarter stood at Rs 1,024.94 crore against Rs 912.73 crore a year ago. ■ Earnings corner: Bajaj Auto, Bata India, Ceat Ltd, Havells India, HDFC Life, Kansai Nerolac and Wipro are among the companies that will be announcing their June quarter earnings today.