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Closing Bell: Sensex, Nifty erase gains in the end after surging higher amid trade war concerns, auto, IT, energy stocks rise

Closing Bell: Sensex, Nifty erase gains in the end after surging higher amid trade war concerns, auto, IT, energy stocks rise

Closing Bell: Sensex, Nifty erase gains in the end after surging higher amid trade war concerns, auto, IT, energy stocks rise
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Summary

The BSE Sensex and the NSE Nifty 50 ended higher on Friday led by gains in auto, IT, energy stocks. The Sensex closed 83 points up at 35,657.86, while the Nifty ended below 10,800 mark, down by 22.50 points, at 10,772.25. Both indexes surged higher in the pre-noon and post-noon session but failed to sustain gains amid US-China trade war weighing in on broader market sentiment. Markets earlier opened in the red on Friday with the BSE Sensex lost 30.89 points, or 0.09 percent, falling to 35,543.66 at 9.15am, while the NSE Nifty 50 was trading lower by 5.60 points, or 0.05 percent, at 10,744.15. The Sensex had snapped its two-day winning streak to end about 71 points lower at 35,574.55 on Thursday, while the Nifty ended at 10,749.75. Here are the main highlights from the markets today:

Live Updates

Stocks to watch on July 9: Dish TV, Fortis, JP Associates, RIL##Stocks to watch on July 9: Dish TV, Fortis, JP Associates, RIL

Dish TV and Uttam Galva Steels:  Both the companies will declare its first quarter results later in the day.

Fortis Healthcare: Malaysia’s IHH Healthcare Bhd is likely to acquire control of Fortis Healthcare with a binding offer to buy at least 51 percent for Rs 4,700-5,400 crore, Mint reported.

Varroc Engineering: The company’s shares made a firm debut on Friday, listing at Rs 1,015, gaining nearly 5 percent against the issue price of Rs 967. Shares of the auto component maker closed at Rs 1,037.35 each on the NSE, up 7.28 percent from its issue price of Rs 967.

Tata Group shares: The Mumbai bench of the National Company Law Tribunal will pronounce its judgment on Cyrus Mistry-Tata Sons case on Monday.

IT, energy stocks: The Indian rupee may go past 70 per US dollar this week, news wire PTI reported. The report added that a strengthening US dollar, lack of foreign investment and concerns over rising crude oil prices are likely to keep the rupee under pressure this week.

Jaiprakash Associates: The crisis-hit JP Associates has bagged a Rs 2,850-crore contract from Chenab Valley Power Projects to construct diversion tunnel and concrete face dam for a hydro-electric project in Jammu and Kashmir, taking its order book to about Rs 14,000 crore, PTI reported.

ONGC: State-owned Oil and Natural Gas Corp has pushed back the start of natural gas production from its biggest project in KG basin to December 2019 as it reworked the $5.07 billion development to accommodate new policies like GST and local purchase preference rules.

Bank of Baroda: The state-owned bank is in the process of selling its domestic loan exposure in Essar Steel Ltd worth Rs 1,200 crore to Hong Kong-based loan and bond trading firm SC Lowy, Mint reported.

Cadila: Zydus has received tentative approval from US Food & Drug Administration for Deferasirox tablets for oral suspension, Moneycontrol reported.

Reliance Industries: Reliance Industries plans to ship aviation turbine fuel from its Jamnagar refinery to the Pirpau Jetty in Trombay, and then use the pipelines of Indian Oil and others to transport the fuel to Mumbai airport, Mint reported.

Jul 9, 2018 8:33 AM

Opening Bell: Shares likely to open higher on positive Asian cues##Opening Bell: Shares likely to open higher on positive Asian cues

Indian shares are likely to open higher on Monday, tracking gains in Asian equities following favorable US jobs data. The SGX Nifty, an early indicator of NSE Nifty 50 Index's performance in India, was up 0.48 percent at 10,818 as of 0718 IST. On Friday, the 50-share Nifty advanced 23 points to close at 10,773, while the Sensex rose 83 points to end at 35,658. Stocks are likely to take cues from the upcoming quarterly results season, along with macro-economic data points on industrial output and inflation. 

However, continued strengthening of the US dollar, lack of foreign investment inflows and concerns over rising oil prices are likely to keep the rupee under pressure and push it down to the 70 mark this week, news wire PTI reported. A level of 69.30 remains crucial for the domestic currency, which if breached, could further plumb down to the 70 mark against the dollar, the report said.

In Asia, stocks gained in early trade today, extending Friday’s gains. Shares in Japan nudged higher, while Hong Kong futures pointed to gains. Nikkei was trading higher by over 200 points or nearly 1 percent. Sentiment in other markets was mostly positive after Friday’s US payrolls report showed tame wages and more people looking for work. The balanced report helped Wall Street end last week in the black.

Jul 9, 2018 8:26 AM

Closing Bell: Sensex, Nifty erase gains in the end##Closing Bell: Sensex, Nifty erase gains in the end

The BSE Sensex and the NSE Nifty 50 ended higher on Friday led by gains in auto, IT, energy stocks. The Sensex closed 83 points up at 35,657.86, while the Nifty ended below 10,800 mark, down by 22.50 points, at 10,772.25. Both indexes surged higher in the pre-noon and post-noon session but failed to sustain gains amid US-China trade war weighing in on broader market sentiment. Markets earlier opened in the red on Friday with the BSE Sensex lost 30.89 points, or 0.09 percent, falling to 35,543.66 at 9.15am, while the NSE Nifty 50 was trading lower by 5.60 points, or 0.05 percent, at 10,744.15. The Sensex had snapped its two-day winning streak to end about 71 points lower at 35,574.55 on Thursday, while the Nifty ended at 10,749.75.

Jul 6, 2018 3:40 PM

US tariffs on Chinese imports comes in to effect##US tariffs on Chinese imports comes in to effect


Punishing US tariffs on Chinese imports took effect today, marking the start of president Donald Trump's trade war with the largest American trading partner and intensifying the anxieties of global industry.

Jul 6, 2018 3:27 PM

Andhra Bank to consider fundraising via preferential issue, QIP, FPO on July 10##Andhra Bank to consider fundraising via preferential issue, QIP, FPO on July 10

Jul 6, 2018 3:23 PM

Market update: Sensex, Nifty sustain gains##Market update: Sensex, Nifty sustain gains

The BSE Sensex advanced by 162.37 points, or 0.46 percent, to 35,736.92, while the NSE Nifty 50 gained 52.10 points, or 0.48 percent, to 10,801.85 at 2.55pm. Shares of TCS, Hindustan Unilever, Asian Paints, AU Small Finance, Mahindra & Mahindra surged in the afternoon trade. Nifty sectoral indices trade mixed with Auto, PSU Bank, Realty gaining the most. On the BSE, Realty, Capital Goods, Auto, Industrials, Energy were trading higher by over a percent. 

Jul 6, 2018 3:15 PM

Check the brand new ZenFone5Z with Megha Vishwanath##Check the brand new ZenFone5Z with Megha Vishwanath

Jul 6, 2018 2:44 PM

Market update: TCS, HUL, Asian paints at fresh highs##Market update: TCS, HUL, Asian paints at fresh highs

The BSE Sensex advanced by 188.35 points, or 0.53 percent, to 35,762.90, while the NSE Nifty 50 rose 51.30 points, or 0.48 percent, to 10,801.05 at 2.25pm. Shares of TCS, Hindustan Unilever, Asian Paints, AU Small Finance, Mahindra & Mahindra surged in the afternoon trade. TCS shares were trading at Rs 1918.05, rising 1.93 percent. Hindustan Unilever shares gained 0.47 percent, rising to Rs 1692.05. Asian Paints was up by 0.24 percent at Rs 1325. AU Small Finance gained 2.61 percent at Rs 685.85. Shares of Mahindra & Mahindra ltd climbed 1.58 percent to Rs 924.90.

Jul 6, 2018 2:36 PM

Sonal Butra explains Sobha ltd's surge today##Sonal Butra explains Sobha ltd's surge today

Shares of Sobha Limited surged in trade today on the back of operational data that the company reported for Q1FY19. Shares of Sobha ltd were trading at Rs 497.85, rising 4.40 percent on the BSE today at 1.46pm. The strong volume off take continues for the company and co’s share in Sales Value went up 9% YoY and Sales Volume went up 18% YoY. Volumes were mainly driven by Non-Bengaluru market, which went up by 54% YoY, which was highest in last 21 quarters. This indicated a comeback in demand in the non-Bengaluru markets. Though numbers looked good YoY, sequentially a decline could be seen largely because of change in the product mix.

Pre Sales value (Sobha's share in Rs crore)

1QFY17: 470

2QFY17: 520

3QFY17: 370

4QFY17: 504

1QFY18: 562

2QFY18: 593

3QFY18: 610

4QFY18: 655.8

1QFY19: 611.8

Brokerages are positive on the performance of the company and the future outlook and consider it as one of the key beneficiaries of RERA. CLSA has a BUY rating with a target price of Rs 764, and they expect 13% sales growth in FY19. Axis CAP too has a BUY rating and they expect better volumes in FY19.

Jul 6, 2018 1:45 PM

Market update: Sensex, Nifty consolidiate gains##Market update: Sensex, Nifty consolidate gains

The BSE Sensex and the NSE Nifty 50 are off the day's high. The Sensex was trading in the green, rising by 151.62 points, or 0.43 percent, to 35,726.17, while the Nifty was up by 44.65 points, or 0.42 percent, to 10,794.40 at 1.15pm. Reliance and TCS bat for the bulls, while ICICI Bank and Infosys continue to weigh on the indices. Asian markets recover from early lows, shrugging off off the implementation of the U.S.-china trade tariffs. Shares of Den Networks, Hathway cable and GTPL Hathway extend losses to hit 52-week low, reeling under the impact of Rel jio's launch of ultra high speed fixed line broadband services.

Jul 6, 2018 1:23 PM

JioGigaFiber effect as Cable TV shares plunge for 2nd day##JioGigaFiber effect as Cable TV shares plunge for 2nd day

Stocks of Den Network, Hathway Cable and GTPL Hathway plumbed to new 52 week lows on Friday. The counters have witnessed a sharp sell-off after Reliance unveiled its JioGigarFiber roll-out plan on Thursday in its 41st AGM. The Siti Networks counter, though not at a new 52-week low, too saw selling pressure. What’s noteworthy about the offering, is that it isn’t just a broadband service but a total connected home solution. And given how Reliance has disrupted the telecom services market with Jio, the street is clearly wary about what lies ahead for broadband and cable operators. Shares of Den Networks were trading at Rs 61.45, down by 7.66 percent, while Hathway Cable scrips were down by 11.17 percent to Rs 18.30. Siti Networks was at Rs 12.99, falling 2.84 percent on the BSE at 1 pm.

Jul 6, 2018 1:04 PM

Parag Milk to partner with Sweden’s ColoPlus AB, reports Sonal Sachdev##Parag Milk to partner with Sweden’s ColoPlus AB, reports Sonal Sachdev

Parag Milk Foods ltd, the makers of Govardhan milk have entered a partnership with Sweden-based ColoPlus AB to launch its natural immunity booster, GO Colo Power, in India. Colo Power will be available in all metro cities and e-commerce platforms at Rs 750 per 200 grams. The management told CNBC-TV18 that it expects to corner a 10% market share in the Rs 3,000 crore health and nutrition market by 2020. If you do the simple math, that’s a significant Rs 300 crore revenue addition, and over 15% of total revenue, which stood at Rs 1,918 crore for fiscal ended March 31, 2018. At 12.48pm, Parag Milk Foods shares were trading at Rs 308.00 on the BSE, gaining 2.56 percent.

Jul 6, 2018 12:51 PM

Mangalam Maloo explains Tata Motors’ 4% gain today##Mangalam Maloo explains Tata Motors’ 4% gain today

Tata Motors gained as much as four percent today. The owner of Jaguar-Land Rover recovers after recent under performance as global auto stocks like BMW, Daimler, General Motors rally overnight as the US ambassador to Germany, Richard Grenell, says president Donald Trump could hold off on implementing tariffs on European cars. In response German chancellor Angela Merkel said she would back lowering European Union tariffs on U.S. car imports. At 12.40pm, shares of Tata Motors were trading higher by 3.54 percent at Rs 270.75 on the BSE.

Jul 6, 2018 12:44 PM

Market update: Sensex, Nifty erase gains##Market update: Sensex, Nifty erase gains

The BSE Sensex and the NSE Nifty 50 erased gains in the early afternoon trade, likely due to weak global cues over China retaliating to US tariffs. The move signals a full-blow trade war between the two leading economies of the world. The Sensex was trading higher by 126.56 points, or 0.36 percent up, to 35,701.11, while the Nifty was up by 36.15 points, or 0.34 percent, to 10,785.90.

Jul 6, 2018 12:33 PM

Abhishek Kothari's quick take on decline in AU Small Finance Bank's shares##Abhishek Kothari's quick take on decline in AU Small Finance Bank's shares

Shares of AU Small Finance Bank declined sharply today perturbing the Dalal Street today with no clear reasons behind it. The one factor, however, that could be spooking traders is that the pre-IPO lock-in period for 8 crore shares allotted to anchor investors ends tomorrow. Given that Saturday’s are non-market days, any selling of such shares by the investors will only be possible on Monday, July 9. Since the bank’s IPO, 17 crore shares have been under lock-in. This includes 9 crore shares held by the promoters, in addition to those with anchor investors. Will the promoters or any of these investors sell any of their holdings following this unlocking? That’s hard to say, but the possibility, it seems, is enough to drive market players to lighten their positions.

Importantly, AU Small Finance Bank recently raised Rs 300 crore from Singapore-based fund, Temasek Holdings, through a private placement of 43.3 lakh shares at a price of Rs 692.77 / share—a 9% premium to the current market price. Temasek has also subscribed to 1.01 crore warrants, which are convertible at the same price. Shares of AU Small Finance Bank were trading at Rs 661.10 at 12.25pm on the BSE, falling by 1.09 percent. 

Jul 6, 2018 12:27 PM

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