In cheer for media stocks, ad spending sustain for second quarter in a row https://t.co/gzIUDCZlJg— Livemint (@livemint) June 13, 2018
Stock Market Today: Sensex, Nifty gain for 3rd day; Pharma, IT stocks lead
BSE Sensex closed 46.64 points higher at 35,739.16, while the Nifty 50 ended 13.85 points up at 10,856.70. Here are the highlights from the markets
Last Modified: Wed, Jun 13 2018. 05 01 PM IST
- 3.33 pm ISTClosing bell
- 3.10 pm ISTGold prices rise by Rs150
- 2.37 pm ISTIn cheer for media stocks, ad spending sustain for second quarter in a row
- 2.20 pm ISTRupee weakens against US dollar as inflation rises
- 2.10 pm ISTLIC raises stake in BPCL, Power Grid
- 1.40 pm ISTEuropean stock markets steady at open
- 1.00 pm ISTGovt to launch 2nd tranche of Bharat-22 ETF on 19 June
- 12.42 pm ISTMarket update: Sensex, Nifty hold gains
- 12.12 pm ISTRural stocks lose sheen despite optimism about recovery
- 11.47 am ISTBharti Airtel, Idea shares fall after Reliance Jio offers more data
- 11.27 am ISTPage Industries shares hit record high
- 11.20 am ISTBharat Forge shares rise 2% on Tevva Motor acquisition
- 11.08 am ISTOil prices drop on prospect of rising supplies
- 10.57 am ISTRuchi Soya shares rise 5% after Adani group offer
- 10.45 am ISTAccumulate marquee names in pharma space: Sameet Chavan of Angel Broking
- 10.30 am IST10,860 is a crucial level for Nifty 50: Sameet Chavan of Angel Broking
- 10.17 am ISTPage Industries shares up over 3%
- 9.50 am ISTRupee hits two-weak low against US dollar
- 9.35 am ISTSun Pharma shares gain over 2% on Halol plant clearance
- 9.30 am ISTTCS shares rise 2% as board to consider buyback
- 9.20 am ISTMarket update: Sensex, Nifty open higher
- 9.05 am ISTRupee to rebound against US dollar but path rife with pitfalls
- 8.57 am ISTStocks in focus today
- 8.53 am ISTOpening Bell: Cues to look out for before trading today
- Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 closed higher for the third straight day on Wednesday led by gains in IT majors Tata Consultancy Services Ltd and Infosys Ltd. However, gains were limited as investors were cautious ahead of the US Federal Reserve policy decision later in the day for clues on future rate hikes. Moreover, India’s retail inflation in May rose to a four-month high of 4.87%, marginally higher than RBI’s revised inflation projection, raising prospects of more rate hikes in the year. Here are the highlights from the markets:
- 3.33 pm IST Closing bellBSE Sensex closed higher by 46.64 points, or 0.13%, to 35,739.16 after hitting an intraday high of 35,877.41 points. The Nifty 50 rose 13.85 points, or 0.13%, to close at 10,856.70 after touching a high of 10,893.25.BSE MidCap and SmallCap, however, declined 0.46% and 0.21%, respectively. Among the sectoral indices on BSE, IT (1.29%), teck (0.94%), healthcare (0.58%) and consumer durables (0.57%) gained, while telecom (1.29%), capital goods (0.66%), FMCG (0.42%) and industrials (0.42%) declined.Dr. Reddy’s Labs, TCS, SBI and Power Grid were among the major gainers, whereas Tata Steel, Adani Ports, Hindustan Unilever and Bharti Airtel were top losers.
- 3.10 pm IST Gold prices rise by Rs150Gold prices rose by Rs150 to Rs31,950 per 10 grams on Wednesday over fresh demand from local jewellers despite weakness in global gold prices, reported PTI. Moreover, depreciating rupee against the US dollar also made imports of gold costlier. Silver prices, however, edged down by Rs10 to Rs41,550 on selling pressure, added the report.Global gold prices held steady after falling to a one-week low in the previous session, as investors waited for clues on the pace of future interest rate hikes by the US Federal Reserve when its policy meeting concludes later in the day. Spot gold was little changed at $1,295.02 per ounce at 12.05pm after it touched a one-week low of $1,292.60 in the previous session. US gold futures for August delivery were 0.1% lower at $1,298.50 per ounce.
- 2.37 pm IST In cheer for media stocks, ad spending sustain for second quarter in a rowAdvertising expenses of the non-financial sector have increased 20% year-on-year for the March quarter. Analysts foresee an upbeat outlook on advertising revenues for fiscal year 2019 (FY19) for both television and print media stocks.
- 2.20 pm IST Rupee weakens against US dollar as inflation risesThe Indian rupee on Wednesday weakened against the US dollar after retail inflation rose to a four-month high. Traders will also keep an eye on the US Federal Reserve policy decision later in the day. At 2pm, the rupee was trading at 67.69 against the US dollar, down 0.30% from its previous close of 67.49. The currency opened at 67.60 a dollar and touched a low of 67.70 a dollar. The 10-year bond yield stood at 7.93% from its Tuesday’s close of 7.97%. Bond yields and prices move in opposite directions.
- 2.10 pm IST LIC raises stake in BPCL, Power GridLife Insurance Corp. of India Ltd (LIC) has increased its stake in Bharat Petroleum Corp. Ltd 3.85% to 5.01%, and in Power Grid Corp. of India Ltd by 2.02% to 7.03%. Meanwhile, LIC has cut its stake in EIH Ltd by 2.01% to 3.03%. BPCL shares were up 1%, Power Grid 1.355 and EIH 0.25%.
- 1.40 pm IST European stock markets steady at openEuropean stock markets steadied at the start of trading on Wednesday, with London’s benchmark FTSE 100 index of major blue-chip companies down 0.2% at 7,692.11 points. In the eurozone, Frankfurt’s DAX 30 added 0.1% to 12,857.16 points and the Paris CAC 40 grew 0.1% to 5,457.31, compared with the closing levels on Tuesday. (AFP)
- 1.00 pm IST Govt to launch 2nd tranche of Bharat-22 ETF on 19 JuneThe Finance Ministry will launch the second tranche of Bharat-22 exchange traded fund (ETF) on 19 June which will help raise up to Rs8,400 crore from the markets. The issue will open for anchor investors on 19 June and for other institutional and retail investors the next day. The ETF follow on offer will remain open till 22 June. The investors would get a 2.5% discount over the issue price.The state-owned companies that are part of the new Bharat ETF-22 include ONGC, IOC, SBI, BPCL, Coal India and Nalco. The other central public sector enterprises on the list are Bharat Electronics, Engineers India, NBCC, NTPC, NHPC, SJVNL, GAIL, PGCIL and NLC India. Only three public sector banks—SBI, Indian Bank and Bank of Baroda—figure in the Bharat-22 index. (PTI)
- 12.42 pm IST Market update: Sensex, Nifty hold gainsBSE Sensex traded higher by 130.74 points, or 0.37%, to 35,823.26, while the Nifty 50 rose 33.95 points, or 0.31%, to 10,876.80. BSE MidCap and SmallCap rose 0.23% and 0.33%, respectively.Among the sectoral indices on BSE, healthcare, IT, teck, auto and bankex gained, while telecom, oil and gas, capital goods and metal declined. Dr. Reddy’s Labs, TCS, Axis Bank and Sun Pharma were top gainers, whereas Tata Steel, ONGC, Hindustan Unilever and Bharti Airtel were among the major losers.
- 12.12 pm IST Rural stocks lose sheen despite optimism about recoveryRural stocks, barring fast-moving consumer goods (FMCG), have underperformed so far this year, despite widespread optimism about growing demand from the rural sector. According to Bloomberg data, BSE FMCG index gained 5.91%, while BSE Auto, BSE Consumer Durables and BSE Consumer Discretionary Goods slipped 6-8.78% between January and May. In contrast, the BSE Sensex gained nearly 5% during the period.Analysts said the factors contributing to the revival in overall rural demand include expectations of normal monsoons, the fading effect of demonetisation, the government’s renewed focus on the rural economy in FY19 budget allocation and the overall cyclical recovery in rural demand. Read more
- 11.47 am IST Bharti Airtel, Idea shares fall after Reliance Jio offers more dataShares of India’s telecom operators Bharti Airtel Ltd and Idea Cellular Ltd declined after rival Reliance Jio started offering more data and proposed discount offers on recharges. Bharti Airtel shares fell as much as 1.9% to Rs373.3, while Idea Cellular shares were down more than 5% to Rs61.95. The BSE Telecom Index was down 0.87%.Reliance Jio, a unit of Reliance Industries Ltd, will now provide additional 1.5GB data per day to all users who recharge with any daily-recurring data pack, countering Airtel’s offer of additional data of 1.5GB on certain price points for limited users. Reliance Jio has also proposed discount of Rs100 on all recharges of Rs300 and above and 20% on recharges below the Rs300 price point, subject to certain conditions.Reliance Jio’s market share jumped to 19% in the March 2018 quarter, surging past that of rival Idea’s 16%, Jefferies analysts said in a note, citing the latest data from telecom regulator.(Reuters)
- 11.27 am IST Page Industries shares hit record highShares of Page Industries Ltd surged 6.5% to hit their record high of Rs26,320.00 on NSE after the company said that its license agreement with Jockey International Inc. has been extended till December 2040. The stock posts its biggest intraday pct gain since 25 May. More than 42,900 shares change hands versus their 30-day moving average of 16,709. Page Industries shares have risen nearly 51% in 12 months up to Tuesday. (Reuters)
- 11.20 am IST Bharat Forge shares rise 2% on Tevva Motor acquisitionShares of Bharat Forge Ltd rose 1.88% to Rs665.45 after the company said that it, together with unit Bharat Forge International Ltd UK, has acquired a combined 35.26% stake in Tevva Motor (Jersey) Ltd for a total consideration of 10.1 million pound.
- 11.08 am IST Oil prices drop on prospect of rising suppliesOil prices fell, pulled down by rising supplies in the United States and expectations that voluntary output cuts led by producer cartel Opec could be loosened. Brent crude futures, the international benchmark for oil prices, were at $75.65 per barrel at 9am, down 23 cents, or 0.3%, from their last close. US West Texas Intermediate crude futures were at $65.99 a barrel, down 37 cents, or 0.6%, from their last settlement.Opec, together with some non-Opec producers including Russia, started withholding output in 2017 to reduce a global supply overhang and push up prices. Opec on Tuesday said that the oil market outlook in the second-half of 2018 is highly uncertain and warned of downside risks to demand. The group is due to meet on June 22 in Vienna, Austria, to discuss future production policy.(Reuters)
- 10.57 am IST Ruchi Soya shares rise 5% after Adani group offerShares of Ruchi Soya Industries Ltd advanced 5% to Rs12.74 after PTI reported that Adani Group company offered about Rs6,000 crore to emerge as the highest bidder for acquisition of bankruptcy-hit edible oil firm Ruchi Soya. Baba Ramdev-promoted Patanjali Ayurved, the only other qualified player in the race, has bid for around ₹5,700 crore, they added. However, Patanjali will have a right to match the offer under an auction being done under so called Swiss challenge method.(Ravindra Sonavane/Mint)
- 10.45 am IST Accumulate marquee names in pharma space: Sameet Chavan of Angel BrokingSameet Chavan of Angel Broking said there is possibility of pharma stocks “bottoming out and there could be some potential bets seen within the basket. This is what we have been witnessing since last three days and now if we have to take slightly broader view, traders with a medium term view should continue to accumulate marquee names within this space.” The pharma index outperforms today with NSE Pharma index up 2.3%. Dr Reddy’s, Cipla and Lupin shares were among the top gainers in Nify 50 stocks, up between 3% and 4%.
- 10.30 am IST 10,860 is a crucial level for Nifty 50: Sameet Chavan of Angel BrokingMarket view from Sameet Chavan of Angel Broking: 10,860 is a crucial level for Nifty and it needs to sustain above this level to continue its march towards 10,900-10,920 levels, he said. As of now, the bias remains on the positive side but if Nifty fails to surpass the 10860 barrier, then it could lead to some immediate profit booking in the market, he adds. On the other hand, Nifty has immediate support at 10,777-10,700 levels, Chavan added.
- 9.50 am IST Rupee hits two-weak low against US dollarThe Indian rupee on Wednesday weakened to a two-week low against the US dollar after retail inflation rose to a four-month high. The rupee was trading at 67.57 against the US dollar, down 0.12% from its previous close of 67.49. The currency opened at 67.85 a dollar and touched a low of 67.85 a dollar—a level last seen on 30 May. The 10-year bond yield stood at 7.949% from its Tuesday’s close of 7.966%. Bond yields and prices move in opposite directions.(Ravindra Sonavane/Mint)
- 9.35 am IST Sun Pharma shares gain over 2% on Halol plant clearanceSun Pharmaceuticals Industries Ltd’s shares rose 2.2% to Rs552.50 after the company said it has received US drug regulator’s report for its Halol, Gujarat plant that paves the way for fresh approvals for its products in its largest market. The resolution of the issue paves way for Sun Pharma to resume selling to the US market from this facility. The US business accounts for 35-40% of the revenue for Sun Pharmaceutical. Prior to the FDA action in 2014, the plant accounted for 8-10% of Sun Pharma’s US business, especially injectables.(Ravindra Sonavane/Mint)
- 9.30 am IST TCS shares rise 2% as board to consider buybackShares of Tata Consultancy Services Ltd gained 2% to Rs1,815 after the company said its board will meet on Friday to consider shares buyback. Moreover, the IT company expects to generate $1.36 billion in revenue over 10 years from its partnership with a unit of British insurer Prudential Plc., Mint reported. TCS said on Tuesday that it will get $668 million in business from the Prudential unit in addition to the $690 million order it got from the UK insurer in January.(Ravindra Sonavane/Mint)
- 9.05 am IST Rupee to rebound against US dollar but path rife with pitfallsThe Indian rupee will erase some of this year’s losses against the US dollar over the coming 12 months, but high volatility in the run up to general elections in 2019 could send it off-piste, a Reuters poll found. A selloff in emerging markets and a widening fiscal deficit, exacerbated by rising oil prices—India’s biggest import bill—has hurt the rupee this year.The rupee hit an 18-month low of 68.47 per dollar in May and is down over 5% so far this year, making it one of the worst performers in Asia.But the rupee is forecast to rebound and gain slightly to 66.87 in a year from about 67.45 on Tuesday, according to the poll of about 30 foreign exchange analysts taken after the Reserve Bank of India (RBI) hiked interest rates on 6 June.That median, although slightly weaker than in May, was driven by expectations for Asia’s third largest economy to remain the fastest growing major economy as it did in the first three months of 2018 and on predictions for further interest rate hikes from the RBI. (Reuters)
- 8.57 am IST Stocks in focus todayTCS eyes $1.36 billion over 10 years from deal with Prudential armTata Consultancy Services Ltd (TCS) expects to generate $1.36 billion in revenue over 10 years from its partnership with a unit of British insurer Prudential Plc, reports Mint. Moreover, the board of the company will consider a proposal for buyback of equity shares in a meeting on 15 June.Adani group firm offers Rs6,000 crore for Ruchi SoyaAdani’s group company offered about Rs6,000 crore to emerge as the highest bidder for acquisition of bankruptcy-hit edible oil firm Ruchi Soya, reports PTI.Issues raised by USFDA on Halol resolved: Sun PharmaThe quality cloud over the Halol plant of Sun Pharmaceutical Industries Ltd has lifted, with the company stating that all the issues raised by the US Food and Drug Administration (USFDA) have been satisfactorily resolved, reports Mint.Tata Steel’s joint venture with Thyssenkrupp hits delayTata Steel’s proposed joint venture with German steel major Thyssenkrupp is likely to be hit by delays as workers and investors questioned the viability of the current business plan, reports PTI.Govt mulls selling 100% stake in Air IndiaLastly, the government is considering revising the terms of sale for Air India, including offering a 100% stake, after its latest attempt to sell 76% failed to draw even a single bid, reports Business Standard.(R. Sree Ram/Mint)
- 8.53 am IST Opening Bell: Cues to look out for before trading todayAsian stocks mixed as investors await US Fed decisionAsian shares moved slightly lower in morning trade as investors looked to the US Federal Reserve policy decision expected later in the day, reports Reuters. Overnight US stocks closed little changed.Retail inflation at four-month highIndia’s retail inflation in May rose to a four-month high of 4.87%, while industrial production recovered marginally to grow at 4.9% in April, data from the Central Statistics Office (CSO) showed.(R. Sree Ram/Mint)
First Published: Wed, Jun 13 2018. 08 58 AM IST