The BSE Sensex and the NSE Nifty 50 ended flat on Wednesday tracking weaker Asian cues amid US China trade war concerns. The Sensex ended at 36,265.93, marginally higher by 26.31 points, or 0.07 percent, while the Nifty settled at 10,948.30, up by just 1.05 points, or 0.01 percent. MidCaps on both indexes underperformed. IT stocks led by TCS and Infosys saved the day for indexes, offsetting sharp losses seen in metal, auto and bank stocks. Asian markets also ended lower with the Trump administration announcing more tariffs on Chinese imports. Here are the main highlights from the markets today:
Jul 11, 2018
Closing bell: Sensex, Nifty end flat
The BSE Sensex and the NSE Nifty 50 ended flat on Wednesday tracking weaker Asian cues amid US China trade war concerns. The Sensex ended at 36,265.93, marginally higher by 26.31 points, or 0.07 percent, while the Nifty settled at 10,948.30, up by just 1.05 points, or 0.01 percent. MidCaps on both indexes underperformed. IT stocks led by TCS and Infosys saved the day for indexes, offsetting sharp losses seen in metal, auto and bank stocks. Asian markets also ended lower with the Trump administration announcing more tariffs on Chinese imports.
The BSE Sensex traded higher by 92.25 points, or 0.25 percent, to 36,331.87, while the NSE Nifty 50 was up by 14.70 points, or 0.13 percent, to 10,961.95 at 2.40 pm. The BSE Sensex and the NSE Nifty 50 edged higher in the afternoon trade, ahead of the closing, primarily led by gains in TCS, which added Rs 41,000 crore today in market cap. TCS results on Tuesday beat estimates. Asian shares traded lower as jitters from the ongoing US China trade tariff war spooked investor sentiment. The US has announced it will slap more tariffs to the tune of $200 billion on Chinese imports. Apart from TCS, which gained over 6 percent on both indexes, shares of Infosys added over 2 percent to the two indexes. Shares of Bajaj Auto, Hindustan Unilever, Reliance, Adani Ports also gained. Coal India, Vedanta, Tata Motors, Tata Steel, Hero MotoCorp, SBI, ICICI Bank traded lower.
Jul 11, 2018
TCS market cap now at Rs 7.6 lakh crore
TCS total market cap now at Rs 7.6 lakh crore, with the IT giant adding Rs 41,000 crore. TCS market cap added today is equal to total market cap of UPL, Dr Reddys, HPCL and Lupin.
Jul 11, 2018
Market update: Sensex, Nifty edge higher
The BSE Sensex and the NSE Nifty 50 edged higher with the 30-share index adding 60.40 points, or 0.17 percent, to 36,300.02, while the 50-share broader index gaining by 10.85 points, or 0.10 percent, to 10,958.10 at 1.40pm. Asian markets traded lower with Japan's Nikkei down by 1.19 percent at close. Hang Seng dived nearly 400 points or 1.43 perent lower. TCS shares rose over 6 percent after Q1 results beats estimates, offsetting losses in both indexes. Infosys and Wipro also traded higher by over a percent. Coal India, Vedanta, ICICI Bank, Tata Motors, Tata Steel, SBI are among the laggards.
The BSE Sensex traded higher by 27.56 points, or 0.08 percent, to 36,267.18 at 12.21pm, while the NSE Nifty 50 was trading higher by 8.95 points, or 0.08 percent, at 10,956.20. IT stocks continue to perform after TCS reported a strong Q1 earning. Apart from TCS which has surged over 3 percent, top Sensex gainers include Bajaj Auto, Axis Bank, HUL, while the laggards were Coal India, which fell below 50-day moving average in early trade today, Vedanta, Tata Motors, Tata Steel, SBI.
NSE gainers were Bharti Infratel, TCS, Bajaj Auto, Tech Mahindra, Axis Bank, while top losers were Hindalco, Coal India, Vedanta, Idea Cellular, Tata Motors. MidCaps on both indexes underperform, with BSE MidCap falling over half a percent. Among sectoral indices on the BSE, Information Technology gained by 1.59 percent and Teck rose 1.34 percent. All other sectoral indices were trading lower or flat. BSE Metal was trading lower by 2.80 percent, while Basic Materials was down by 1.41 percent. On the NSE, as many as 22 scrips advanced on the broader index against 26 declines, while two remain unchanged.
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Jul 11, 2018
Ramco Systems shares rise over 6%
Ramco Systems bags order from Hong Kong Aircraft Engineering Company. The company's stocks were trading at Rs 373.70, up by 6.09 percent on the BSE at 11.28am. In other news, Aurobindo Pharma gets US FDA nod for anti-bacterial drug, Azithromycin tablet. Aurobindo Pharma's shares were trading at Rs 616.35, down by 0.15 percent.
Jul 11, 2018
Market update: Sensex, Nifty trade flat
Indian markets continue to trade flat with the BSE Sensex trading lower by 39.57 points, or 0.11 percent, to 36,200.05. The Nifty also traded marginally lower by 9 points, or 0.08 percent, to 10,938.25. TCS rose nearly 2.7 percent capping the losses on the 30-share index. Other gainers include Baja Auto, Axis Bank, HUL, Kotak Bank, ITC, Sun PHarma, M&M, Infosys. Reliance trades flat at 0.14 percent, while shares of Asian Paints, HDFC Bank, ONGC, Wipro, HDFC, ICICI Bank were notable losers.
Jul 11, 2018
IDBI Bank rises nearly 10%
Shares of IDBI Bank rose as much as 9.9 percent to an over two-week high of Rs 58.6 on Wednesday. The debt-laden firm’s shares are on track to post gains for the fourth straight session after reports that the Life Insurance Corporation of India’s (LIC) planned investment of a majority stake in the state-run bank may trigger an open offer and preferential allotment of shares. At 11.08 am, shares of IDBI Bank were trading at Rs 56.85, rising 6.86 percent. The stock has fallen nearly 11 percent this year as of last close. It has so far traded between Rs 58.50 and Rs 54.60. Read in detail
Jul 11, 2018
Anisha Jain’s quick take on Adani Enterprises 8% rise today
Adani Enterprises gains over 8% after reports suggest that Adani might be the top bidder for city gas licenses. Adani Gas Ltd has bid for 32 cities on its own and another 20 cities in an equal joint venture with state-owned Indian Oil Corp (IOC). Some of the CGD licenses on offer are for Bhopal in Madhya Pradesh; Ahmednagar in Maharashtra; Ludhiana and Jalandhar in Punjab; Barmer, Alwar and Kota in Rajasthan; Coimbatore and Salem in Tamil Nadu; Allahabad, Faizabad, Amethi and Rai Bareli in Uttar Pradesh; Dehradun in Uttarakhand and Burdwan in Bengal. Adani Enterprises in January had decided to spin off the gas business into a separate entity and list it separately. The demerger was planned to provide financial flexibility to the business for raising capital. As part of the demerger, shareholders of Adani Enterprises will receive one share of Adani Gas for each one held.
Jul 11, 2018
Market update: Sensex, Nifty trade in the green
The BSE Sensex added 97 points, or 0.27 percent, to trade at 36,336.59 at 10.30am, while the Nifty 50 rose to 10,966.70, or by 19.45 points. Sensex earlier crossed all-time closing high of 36,283 hit on January 29,2018. TCS, Bajaj Auto, Axis Bank, Sun Pharma, HUL, ITC, Kotak Bank, Reliance were trading higher on the BSE, while Coal India, Vedanta, Tata Motors, Hero MotoCorp, SBI, Tata Steel were among the laggards. BSE Metal traded lower by 1.76 percent, while BSE Realty, Teck, Information Technology, FMCG were trading higher by 1.04 percent, 1.18 percent, 1.40 percent, 0.72 percent respectively. BSE MidCap was marginally lower, while Nifty MidCap was slightly higher.
The Sensex opened higher by 23.84 points, or 0.07 percent up, at 36,263.50, while the Nifty 50 started lower by 4 points, or 0.04 percent, at 10,943.30. IT stocks after TCS reported a strong Q1 earning. Shares of Tech Mahindra, TCS, Wipro, HCL Technologies, IndiaBulls Housing Finance rose in early trade by up to 1.88 percent. Shares of Vedanta, Hindalco, Hero MotoCorp, Cola India, UPI declined by up to 1.86 percent.In fact, Coal India slipped below 50-day moving average in early trade. Among sectoral indices on the BSE, Information Technology gained by 1.35 percent and Teck rose 1.08 percent. All other sectoral indices were trading lower or flat. BSE Metal was trading lower by 1.24 percent.
Jul 11, 2018
V Ramakrishnan, CFO, TCS speaks on double-digit growth
Talking about double-digit growth, V Ramakrishnan, CFO, TCS, further said, “We are well poised to get to that from various aspects. Definitely banks, financial services & insurance (BFSI) and retail where we were seeing quite a bit of muted growth in the last couple of years, we are seeing that coming back and also all the other verticals are doing well. Our business 4.0 framework is resonating very well with clients and with significant digital opportunities which throw up, I think we are well poised for that.”
Jul 11, 2018
Here are the top 10 developments before the opening bell
US China trade war: The Trump administration on Tuesday announced a list of tariffs on $200 billion in Chinese goods. The tariffs will not go into effect immediately, but will undergo a two month review process, with hearings on August 20 through August 23.
Inflation data: Indian inflation likely rose to a near two-year high in June, driven by surging oil and food prices, a Reuters poll showed, a development that would strengthen calls for more monetary policy tightening by the Reserve Bank of India. According to a July 4-9 Reuters poll of 37 economists, retail prices rose at an annual 5.30 percent last month.
Investors: Domestic institutional investors (DIIs) picked up shares worth a net Rs 740.39 crore yesterday, while foreign portfolio investors (FPIs) offloaded equities to the tune of Rs 569.91 crore, provisional data showed.
SGX Nifty: The Singapore-traded SGX Nifty, which is an early indicator of the NSE Nifty’s performance in India, traded lower by 0.31 percent at 0735 IST, hinting flat-to-negative start for benchmark indexes.
Asian markets: Markets in Asia were down over trade war concerns. Nikkei traded lower by 1.72 percent, while Hong Kong’s Hang Seng was down nearly 2 percent at 0740 IST. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4 percent. The index had gained for the past two sessions, having enjoyed a lull from the trade war fears that lashed global markets last week. South Korea's KOSPI lost 1 percent.
US markets: US stocks shook off some midday doldrums and rose for the fourth day in a row overnight on Tuesday. The S&P 500 index added 9.67 points, or 0.3 percent, to 2,793.84. The Dow Jones Industrial Average rose 143.07 points, or 0.6 percent, to 24,919.66. The Nasdaq composite picked up 3 points to 7,759.20.
Oil: Crude oil prices fell on Wednesday, with Brent dropping by more than $1, after the United States said it would consider requests for waivers from sanctions due to snap back into place on Iranian crude exports. Brent crude futures were down $1.10, or 1.4 percent, at $77.76 a barrel by 0112 GMT. US crude was down 68 cents, or 0.9 percent, at $73.43.
Rupee: The Indian rupee on Tuesday closed marginally weaker against the US dollar, tracking losses in Asian currencies. The rupee ended at 68.82 a dollar, down 0.15% from its previous close of 68.72. The currency opened at 68.72 a dollar and touched a high and a low of 68.72 and 68.86, respectively.
Bond yields: The 10-year bond yield stood at 7.9 percent, from its Monday’s close of 7.890 percent. Bond yields and prices move in opposite directions.
Markets at Close: The Sensex closed at 36,239.62, up 304.90 points or 0.85 per cent, while the Nifty closed at Rs 10,947.25.
Jul 11, 2018
Rupee opens flat
The Indian rupee opened flat on Wednesday against the US dollar at 68.82. It had closed at 68.82 on Tuesday, down 0.15% from its previous close of 68.72.
Jul 11, 2018
TCS well poised to get to double digits growth: V Ramakrishnan
Speaking with Latha Venkatesh, TCS’s V. Ramakrishnan says the company is well poised to get to double digits growth as we are gaining market share in BFSI. The BFSI is seeing strong momentum in multiple geographies and the BFSI growth could be in line with the company’s average. European banks and organizations have been doing well. North American banks were in house focused, that is changing. Our investments are bearing fruit. The indications are that we can get to 26-28 percent margins. At present, manpower cost takes a chunk of the SG&A costs. These expenses depend on how efficiently we manage our manpower costs. Ramakrishnan also said that we are reducing our H1B applications and that the total number of applications was similar to last year, which was one-third of the previous year.
Jul 11, 2018
Wedbush Securities’ Moshe Katri says hope this is inflection point for TCS earnings
Moshe Katri of Wedbush Securities says hope this is the inflection point for TCS earnings. TCS is seeing a pick-up across North America. Believe BFSI in Europe is doing well whereas the Laggard is North America.
TCS: Beats estimates on all metrics; 4.1% CC revenue growth highest in 15 quarters.
IndusInd Bank: B/S growth remains strong; Bharat Finance merger will aid margin.
GAIL, Adani Enterprises: GAIL bids for 30 cities, Adani for 52 for city gas distribution.
KEC: Wins new orders of Rs 1,357 crore.
Fortis: To mull raising fund on July 13; May announce final bid winner.
Axis Bank: Board recommends 3 names for MD & CEO post.
Shalimar Paints: Establishes new regional distribution centre in Nashik.
Kridhan Infra: Associate company wins order worth Rs 74.2 crore.
Stocks likely to trade in the red
Pharma Stocks: Pfizer to roll back price hike; Trump expects others to do the same.
IDFC Bank: India Ratings downgrades ratings for NCDs.
Max Group Companies: SEBI rejects promoter request for open offer exemption.
Indiabulls HSG: Redeems NCDs of Rs 160 crore; cost of funds may rise.
PNB Housing Finance: PNB & Carlyle to sell at least 51% stake in company.
Jul 11, 2018
What to expect in markets today
Indian shares are set for a muted start tracking global cues after US-China trade war concerns took centre stage spooking trade sentiment on Wednesday. The Singapore-traded SGX Nifty, which is an early indicator of the NSE Nifty’s performance in India, traded lower by 0.31 percent at 0735 IST, hinting flat-to-negative start for benchmark indexes. Asian stocks were down over trade war concerns. Nikkei traded lower by 1.72 percent, while Hong Kong’s Hang Seng was down nearly 2 percent at 0740 IST. Read in detail
IDBI Bank: A member of IRDA said that insurance company LIC has no plans to own the state-run bank and will make a phased exit.
TCS: The IT leader’s shares traded lower at Rs 1,877, declining by over half a percent, ahead of the June results. India’s largest software services exporter reported a 24% rise in first-quarter net profit, beating analyst expectations. TCS’ net profit for the period rose to Rs 7,362 crore for the quarter ended June 30, up from Rs 5,950 crore last year.
IndusInd Bank: The bank’s shares declined by over a percent on the BSE yesterday due to profit booking. The sixth largest private sector lender reported stable earnings and a 24 percent jump in its first-quarter net profit on Tuesday.
NMDC: The public sector mineral producer has increased prices for iron ore lumps, fines by Rs 150 per tonne.
Aviation stocks: Aviation secretary on Tuesday said that aviation turbine fuel should come under GST. The secretary added that he had discussed lowering GST rates on MRO services with finance secretary.
Auto stocks: India’s domestic auto sales rose 25 percent to 2,279,151 units in June this year, driven by robust sales in passenger vehicles and increase in demand for two-wheelers in rural areas.
Axis Bank: The board of Axis Bank has recommended names of three candidates for the position of MD and CEO, the bank said in a release to the exchanges. Incumbent MD and CEO, Shikha Sharma’s term is due to expire on December 31 this year.
United Bank: To consider employee share purchase scheme on July 13.
Nava Bharat Ventures: The company says it can achieve $60 million worth of annual profits from Zambia Project, have 65% stake in Zambia project, while also adding that it is looking at selling assets in Odisha and Andhra Pradesh.
Reliance Industries: The oil-to-telecom conglomerate has bid for city gas distribution license in JV with British Petroleum in 15 cities. As many as 86 permits for selling CNG and piped cooking gas in 174 districts in 22 states and union territories, are at stake and closed on Tuesday evening.
HDFC: The financial services conglomerate HDFC group on Tuesday saw the market capitalisation of its listed firms cross Rs 10 lakh crore mark, making it only the second Indian business house after Tatas to achieve this feat.
Telecom shares: The Telecom Commission, the apex decision-making body in the telecom department, is scheduled to meet today to discuss proposed new telecom policy, PTI reported.
Bharti Airtel: The firm on Tuesday said the NCLT has cleared a scheme of arrangement between the company and Bharti Digital Networks, previously known as Tikona Digital Networks. The scheme is now awaiting the approval of the Telecom Department.