First Published: IST
The BSE Sensex and the NSE Nifty 50 closed higher on Friday after extending gains through the day on value buying and positive investor sentiment. All sectoral indices were positive with MidCaps rising on both indexes. Top index gainers include Reliance Industries, HDFC and FMCG majors Hindustan Unilever and ITC. Market breadth favours advances with advance-decline ratio at 3:1. Only 10 Nifty stocks ended in the red. Nifty Bank closes with gains pulled largely by HDFC Bank; the index’s decline for the week was recorded at 1.5 percent. For the week, Nifty lost 1.4 percent, while the Sensex declined by 0.7 percent. Here are the main highlights from the markets today:
Only 10 stocks end in the red on Nifty##Only 10 stocks end in the red on Nifty
Major index gainers today##Major index gainers today
Market Close: Sensex, Nifty end week high, rising over 1 percent each##Market Close: Sensex, Nifty end week high, rising over 1 percent each
The BSE Sensex and the NSE Nifty 50 higher on Friday, reversing yesterday's losses. The Sensex closed at 35,423.48, 385.84 higher, or 1.10 percent, while the Nifty ended the day at 10,714.30, rising 125.20 points, or 1.18 percent. Reliance, L&T, HDFC & FMCG majors ITC & HUL were top gainers. All sectoral indices end in the green.
No discussion on LIC's plan to inject Rs 13,000 crore, clarifies IDBI Bank##No discussion on LIC's plan to inject Rs 13,000 crore, clarifies IDBI Bank
Debt-ridden IDBI Bank on Friday clarified to exchanges that there is no plan to inject Rs 13,000 crore by insurance behemoth Life Insurance Corporation (LIC) in to the state-run bank. Read in detail
In other news, Piyush Goyal, the interim finance minister, says the rupee is volatile due to external factors and there is no need for a knee-jerk reaction. Read more
Nearly 3 crore shares of Adani Ports change hands in 2 blocks on NSE##Nearly 3 crore shares of Adani Ports change hands in 2 blocks on NSE
Market update: Sensex, Nifty consolidate##Market update: Sensex, Nifty consolidate
The Sensex was trading higher by 309.22 points, or 0.88 percent, to 35,346.86, while the Nifty 50 was at 10,686.70, up by 97.60 points, or 0.92 percent. Energy stocks led the gains on the indexes, with oil-to-telecom conglomerate Reliance Industries Ltd rising as much as 3.2 percent. Beaten down counters such as state-run lenders recovered with the Nifty PSU Bank index gaining over 2.5 percent. The index was on track to snap a four-day losing streak. A weaker rupee coupled with a shift in sectoral funds have helped the pharma and information technology stocks shrug off the weakness in the broader markets in June. Metal stocks rose, with Hindalco Industries Ltd, the top percentage gainer on the NSE index, jumping more than 4 percent. Shares of Tata Steel Ltd gained as much as 3.5 percent after key labour representatives of Thyssenkrupp on Thursday signalled their support for a planned joint venture with the Tata Group-owned steelmaker.
Rupee recovers 34 paise from day's low of 68.70 against US Dollar##Rupee recovers 34 paise from day's low of 68.70 against US Dollar
Market update: Sensex rise over 300 points, Nifty eyes 10,700 mark##Market update: Sensex rises over 300 points, Nifty eyes 10,700 mark
The BSE Sensex and the NSE Nifty 50 further advanced at 1.30 pm, with the Sensex rising by 309.06 points, or 0.88 percent, to 35,346.70, while the Nifty was up by 95.85 points, or 0.91 percent, to 10,685.95. Both BSE and NSE MidCap were trading higher by up to 1.3 percent.
IndiGo shares hit 9 month low, downside likely##IndiGo shares hit 9 month low, downside likely
Shares of airline operator InterGlobe Aviation Ltd fell as much as 2.73 percent to Rs 1,070.1, their lowest since September 29, 2017. IndiGo stock breaks below a support at Rs 1,084 rupees, the 61.8 percent Fibonacci retracement level of the uptrend from February 14, 2017 low to April 20, 2018 high. The stock on Thursday broke below a symmetrical triangle pattern, suggesting, as long as Rs 1,084 is the resistance, it may fall up to Rs 910.75, the 86.4 percent retracement level, though some support is expected near Rs 981.2. The stock’s 50-day exponential moving average (EMA) cut below its 200-day EMA on Thursday, forming a “death cross” which is seen as a bearish signal. MACD is also negative and below its signal line. The stock is down 11.9 percent for the last one month as of Thursday’s close, underperforming the broader NSE index’s 0.93 percent decline.(From Reuters)
At 1.15pm, InterGlobe Aviation shares were trading at Rs 1099.30, down 0.25 percent. Spicejet ltd was trading at Rs 109.70, higher by 3.34 percent, while Jet Airways shares rose 3.58 percent at Rs 343.90. Finance secretary Hasmukh Adhia on Thursday said jet fuel may come under GST.
Market update: Sensex, Nifty extend gains##Market update: Sensex, Nifty extend gains
The BSE Sensex extended gains riding on positive sentiment with the 30-share index advancing by 267.58 points, or 0.76 percent, to 35,305.22, while the NSE Nifty 50 was trading higher by 88.50 points, or 0.84 percent, to 10,677.60. MidCaps lead the gains on both indexes rising up to 1.25 percent. The rupee recovering added to the sentiment. Tech Mahindra shares were trading lower for third consecutive day as traders fear the IT company may post a weak quarter one result. Citi has maintained ‘sell’ rating for Tech Mahindra. According to PTI, domestic institutional investors (DIIs) bought shares worth a net Rs 442.64 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 951.51 crore yesterday, as per provisional data.
Here's how the market did in first half of 2018##Here's how the market did in first half of 2018
The first half of this year hasn’t been that great, Watch Nigel D’Souza explaining the performance of the market.
Tata Steel gains most in 3 weeks##Tata Steel gains most in 3 weeks
Shares of Tata Steel Ltd climb as much as 3.1 percent to Rs 565.7, its highest since June 21. The steel company's stocks posted biggest intraday percent gain since June 7 on reports of labour representatives of Thyssenkrupp on Thursday signalling their support for a planned joint venture with Tata Steel. The merger, first announced in September, would create the Europe’s second-largest steelmaker after ArcelorMittal. Tata Steel stock has risen nearly 17 percent in 12 months up to Thursday. (From Reuters)
Just In: ICICI Bank appoints Girish Chandra Chaturvedi as non-exec part-time chairman##Just In: ICICI Bank appoints Girish Chandra Chaturvedi as non-exec part-time chairman
ICICI Bank appoints Girish Chandra Chaturvedi as non-executive part-time chairman. Chaturvedi is 1977-batch IAS officer and retired as Oil Secy in January 2013. He has a rich and wide administrative experience of more than 34 years, including serving as an Additional Secretary (Financial Services) of Govt. of India.
Market update: Sensex, Nifty consolidate gains##Market update: Sensex, Nifty consolidate gains
At 11.25am, the BSE Sensex was up by 205.69 points, or 0.59 percent, to 35,243.33, while the NSE Nifty 50 was higher by 69.25 points, or 0.65 percent, to 10,658.35.
Hello July series: what 'move' you have!##Hello July series: what 'move' you have!
Tech Mahindra, IndusInd Bank keep Nifty gain in check##Tech Mahindra, IndusInd Bank keep Nifty gain in check
Market expert Manish Hathiramani explains the Nifty's choppy movements##Market expert Manish Hathiramani explains the Nifty's choppy movements
The Nifty has been derailed from its upward movement since Thursday last week. It has been trading below its short-term support of 10,850. At the same time, it has been respecting the short-term support of 10,750. We are now trapped in a 100-point sideway bracket. Hence, we are witnessing choppy movements. If we are successful in moving out of the 10,850 price mark, we should be headed to the previous high, which is around 10,930 and then 11,000. On the other side, if we break 10,750, we could see a slide to levels closer to 10,600.
Market update: Sensex, Nifty extend gains##Market update: Sensex, Nifty extend gains
The BSE Sensex and the NSE Nifty 50 extended gains on Friday at 10.30am with the 30-share benchmark index Sensex rising by 203.07 points, or 0.58 percent, to 35,240.71, while the broader 50-share benchmark index Nifty 50 rose 66.20 points, or 0.63 percent, to 10,655.30 at 10.30am.
Tata Steel was the top gainer on Sensex, rising 2.15 percent, followed by the SBI, Vedanta, ONGC, Reliance gaining by up to 1.65 percent. Nifty gainers include BPCL at 2.47 percent, followed by Tata Steel, HPCL, ONGC, SBI, rising by up to 2.11 percent. Dr Reddys Labs, NTPC, Axis Bank, Asian Paints, Tech Mahindra fell by up to 1.25 percent on the NSE, while Sensex laggards include Axis Bank, NTPC, Asian Paints, HDFC Bank, Hero Motocorp. Almost all sectoral indices on both benchmark indexes were trading positive.
Just In: Bank of Baroda raises base rate by 10 bps to 9.25 percent##Just In: Bank of Baroda raises base rate by 10 bps to 9.25 percent
Bank of Baroda has raised its base rate by 10 bps to 9.25% and benchmark prime lending rate by 10 bps to 13.55%. Share of Bank of Baroda were trading higher by 1.77 percent at Rs 115.10 on the BSE.
In a separate development, UltraTech Commissions 2.5 mtpa clinker capacity at Dhar, MP. The cement company's shares were trading higher by 0.78 percent at Rs 3772.00 on the BSE.
IRDA board likely to clear IDBI Bank-LIC deal in meet today##IRDA board likely to clear IDBI Bank-LIC deal in meet today
IDBI Bank shares rise over 10 percent##IDBI Bank shares rise over 10 percent
IDBI Bank ltd shares gained over 10 percent to Rs 55, after reports that the Irdai is likely to give its approval for the IDBI Bank-LIC deal in today's meeting, paving way for capital infusion of Rs 130 billion. Read more about the IDBI-LIC deal.
Market update: Sensex rises over 200 points##Market update: Sensex rises over 200 points
At 9.50am, the Sensex was trading higher by 200.18 points, or 0.57 percent, to 35,237.82, while the Nifty 50 was up by 68.75 points, or 0.65 percent, to 10,657.85. Tata Steel, SBI, Vedanta, ONGC, Reliance were top gainers on the BSE, while Axis Bank, NTPC, Asian Paints, HDFC Bank, Hero MotoCorp were the laggards. On the NSE, shares of BPCL, Tata Steel, HPCL, ONGC, SBI gained, while the shares of Dr Reddys Labs, NTPC, Axis Bank, Asian Paints, Tech Mahindra were trading lower. As many as 38 scrips advanced against the 12 declines on the NSE. Most of the broader market and sectoral indices on the 50-share benchmark index were trading in the green, with Metal, PSU Bank and Realty leading the sectors up to 2.13 percent gain. MidCaps and SmallCaps on both indices were also trading positive.
Bullish on tech stocks, says Edelweiss Securities’ Nischal Maheshwari##Bullish on tech stocks, says Edelweiss Securities’ Nischal Maheshwari
Opening Bell: Sensex, Nifty open higher##Opening Bell: Sensex, Nifty open higher
The BSE Sensex opened and the NSE Nifty 50 opened higher tracking sharp recovery in Asian markets on Friday, the last day of trading in the week.
Rupee opens at 68.70 a dollar##Rupee opens at 68.70 a dollar
The Indian rupee opened at 68.70 against the US dollar. On Thursday, the rupee had touched an all-time low of 69.09 a dollar, breaching the previous low of 68.86 achieved on 24 November 2016. The rupee closed at 68.79 a dollar yesterday.
ALSO READ | The rupee story – quo vadis?
Top stocks to watch out for today##Top stocks to watch out for today
Stocks likely to be in the green
Kalpataru Power: Received New Orders Of Rs 1,235 crore.
Wipro: Divestment of Wipro Data Centre & Cloud Services, Data Centre Business concluded.
Newgen Software: Bags Rs 63 crore order.
Adani Ports: Completes acquisition of Kattupalli Port from L&T.
Tata Communications: Launches service for Microsoft Teams Direct Routing
GMR Infra: Promoter Buys 3.42 crore shares from June 26-28 from open market.
Strides Shasun: Birla Sunlife Mutual Fund buys 5 lakh shares at Rs 338 per share.
Graphite India: Macquarie Initiates with an outperform call, target at Rs 1,260 per share.
HEG: Macquarie initiate with an outperform call, target at Rs 4,810 per share.
Inspiring quote from Warren Buffett: "Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years." (From brainyquote.com)
Stocks likely to be in the red
Titan: Rakesh Jhunjhunwala & family sell 1.4% equity from May 22-June 28.
IndiGo: CS downgrades to neutral, target cut to Rs 1,200 from `Rs ,575 per share.
ICRA: PNB exits ICRA, sells its entire 3.4 lakh shares for Rs 108.6 crore.
IDFC Bank: JM Fin MF sells 83.3 lakh shares at Rs 46 per share.
Manpasand Beverages: Nomura India Investment Fund sells 12.85 lakh shares at Rs 137 per share.
PTC India: UBS Capital Asia sells 16.5 lakh shares at Rs 73 per share.
Kwality: Brickwork Downgrades long-term rating for NCD To BWR A-.
Here's what you should know before the opening bell##Here's what you should know before the opening bell
US oil prices on Friday held around three-and-a-half year highs touched the previous day as a Canadian production outage disrupted the North American market. International oil markets also remained firm as looming sanctions by Washington against Iran are expected to lead to a sharp drop in supplies from the OPEC-member.
The US dollar ended higher against the rupee at Rs 68.78 per dollar, after touching an all-time high of 69 per dollar, and the pound sterling finished higher at Rs 90.03 at the close of the Interbank Foreign Exchange (forex) market.
India's oil ministry has asked refiners to prepare for a 'drastic reduction or zero' imports of Iranian oil from November, two industry sources told Reuters, the first sign that New Delhi is responding to a push by the United States to cut trade ties with Iran.
Indian automobile components manufacturer Varroc Engineering Ltd's initial public offering to raise about Rs 19.55 billion ($284.2 million) was subscribed more than three times on the last day of sale on Thursday.
Rice export prices in top exporter India fell this week to the lowest in over a year due to a plunge in the rupee as demand remained subdued, while rates in Thailand fell on expectations of fresh supplies and weakness in the domestic currency.
The final reading on GDP growth rate of the United States was announced to be at two percent as opposed to the expected growth rate of 2.2 percent.
India and the United States may withdraw contentious tariffs that were imposed in the backdrop of an ongoing trade war. The US may be willing to exempt India from tariffs on steel and aluminium and if that happens, the country will withdraw the notification imposing additional duties on 29 US products, that was to be effective from August 4, government sources told CNBC-TV18 news.
HDFC Asset Management Co. Ltd on Thursday received Securities and Exchange Board of India’s (Sebi) approval to float an initial public offer (IPO). HDFC Mutual Fund had filed draft papers with Sebi in March.
Here's what happened in global, Asian markets##Here's what happened in global, Asian markets
Asian shares remained near nine-month lows on Friday despite small gains on Wall Street overnight, as ongoing concerns over global trade frictions dampened sentiment, though a move to ease foreign investment curbs in China could boost markets there. MSCI's broadest index of Asia-Pacific shares outside Japan was flat, Australian shares were 0.1 percent higher, while Japan's Nikkei stock index was down 0.2 percent.
Stocks on Wall Street posted small gains on Thursday, helped by financial and technology shares, but broader market sentiment remained subdued on lingering concerns over US-driven trade tensions. The Dow Jones Industrial Average rose 98.46 points, or 0.41 percent, to 24,216.05, the S&P 50 gained 16.68 points, or 0.62 percent, to 2,716.31, and the Nasdaq Composite added 58.60 points, or 0.79 percent, to 7,503.68.
The US dollar index, which measures the greenback against a basket of six currencies, pulled back from near one-year highs to 95.253. The currency has risen in recent weeks, helped by the US Federal Reserve's move to raise interest rates in June, and expectations of further hikes this year. The dollar was mainly flat against the yen, at 110.43. The euro was also flat on the day at $1.1571.
Oil prices stepped back from the three-and-a-half-year highs on Thursday over concerns that US sanctions could sharply cut crude exports from Iran. US crude dipped 0.1 percent to $73.38 a barrel. Brent crude was also 0.1 percent lower at $77.79 per barrel.
Despite broad interest in safe-haven investments, gold remained near six-month lows, weighed down by trade worries, interest rate expectations and the strong dollar. On Friday, spot gold was trading slightly higher at $1248.56 per ounce. (From Reuters) Read in detail