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Closing Bell: Sensex ends above 38,000, Nifty at record high, Nifty Bank ends above 28,300

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Closing Bell: Sensex ends above 38,000, Nifty at record high, Nifty Bank ends above 28,300

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Indian equity indexes closed at record highs on Thursday, led by sharp gains in bank shares on sustained buying. The Sensex closed at 38,024.37, higher by 136.81 points, or 0.36 percent, while the Nifty ended at 11,470.70, rising by 20.70 points, or 0.18 percent. Axis Bank, ICICI Bank, SBI, Vedanta emerged as the top index gainers. Bharti Airtel, ONGC, Kotak Mahindra Bank, IndusInd Bank, Cipla were among top losers. The Sensex crossed the 38,000 mark for the first time, jumping over 114 points in initial trade, after opening at 37,994.51. The NSE Nifty 50 traded at 11,489, rising by 39 points. The Nifty Bank opened at 28,173, jumping 116 points. The street will also closely watch June quarter earnings of more than 200 companies today including the likes of Eicher Motors, Venky's, Jindal Steel, Aurobindo Pharma among others. Asian markets ended mixed tracking Wall Street. Chinese stocks surged, but Japan's Nikkei traded lower. Here are the major updates and developments from the stock markets today:

Closing Bell: Sensex ends above 38,000, Nifty at record high, Nifty Bank ends above 28,300
  • ICICI Bank among top index gainers, Bharti Airtel among top laggards on Sensex##ICICI Bank among top index gainers, Bharti Airtel among top laggards on Sensex

    Closing Bell: Sensex ends above 38,000, Nifty at record high, Nifty Bank ends above 28,300
  • Closing Bell: Sensex, Nifty, Nifty Bank end at record highs##Closing Bell: Sensex, Nifty, Nifty Bank end at record highs

    Indian equity indexes closed at record high on Thursday, primarily led by sharp gains in bank shares on sustained buying, negating subdued global cues. The Sensex closed at 38,024.37, higher by 136.81 points, or 0.36 percent, while the Nifty ended at 11,470.70, rising by 20.70 points, or 0.18 percent. Nifty Bank also ended the day with gains, settling above 28,300 mark. Midcaps also ended with gains over half a percent. Among BSE sectoral indices, Telecom, Consumer Durables and Healthcare were under maximum pressure, while Realty, Metal Power, Utilities, Bankex, surged higher by up to 2 percent. Among NSE sectoral indices, Pharma, Media, IT and Auto trade in the negative zone. PSU Bank surged by nearly 3 percent and PVT Bank over a percent and Realty up by 2.08 percent. Axis Bank, ICICI Bank, SBI, Vedanta emerged as the top index gainers. Bharti Airtel, ONGC, Kotak Mahindra Bank, IndusInd Bank, Cipla were among top losers.

  • Whirlpool Q1 net profit up 23.4% (YoY)##Whirlpool Q1 net profit up 23.4% (YoY)

  • Here's a snapshot of June quarter results declared so far##Here's a snapshot of June quarter results declared so far

    Ipca Labs Q1 net profit at Rs 65.5 crore Vs Loss Of Rs 20.2 crore (YoY); Revenue up 19.7 percent at Rs 853.9 crore vs Rs 713.4 crore (YoY); EBITDA at Rs 114 crore vs Rs 22 crore (YoY); EBITDA margin at 13.4 percent vs 3.1 percent (YoY).

    TTK Healthcare Q1 net profit at Rs 7.9 crore vs loss of Rs 13.3 crore (YoY); Revenue up 33.2 percent at Rs 173 crore vs 130 crore (YoY).

    Bajaj Hindusthan Q1 net loss of Rs 167.5 crore vs loss of Rs 25 crore Revenue down 11.8 percent at Rs 1,456.2 crore vs Rs 1,650.9 (YoY)

     J Kumar Infra Q1 net profit up 55.8 percent at Rs 40.2 crore vs Rs 25.8 crore (YoY); Revenue up 49.25 percent at Rs 618.4 crore vs Rs 414.5 crore (YoY); EBITDA up 58 percent at Rs 100 crore vs Rs 63.2 crore (YoY); EBITDA margin at 16.2 percent vs 15.3 percent (YoY).

  • Market update: Sensex, Nifty consolidate gains ahead of close##Market update: Sensex, Nifty consolidate gains ahead of close

    Benchmark indexes trade higher with the BSE Sensex hovering around 38,000 mark. The Sensex was trading at 37,996.21, higher by 108 points, or 0.29 percent, while the Nifty 50 is at 11,465, up by 15.30 points, or 0.13 percent at 3.10 pm. Midcaps trade higher by over half a percent, while Bank Nifty is trading above 28,302 mark, rising by 240 points, or 0.86 percent. PSU Bank is also trading over 3 percent, while Pvt Bank and Realty are also higher by 1.02 and 2.02 percent, respectively. Metal also surged to 1.49 percent. ICICI Bank, Axis Bank, SBI, Adani Ports, Bharti Infratel lead among NSE gainers, while Bharti Airtel, Titan, ONGC, HPCL, HDFC Bank are among top laggards. BSE gainers again include ICICI Bank, Axis Bank, SBI, Vedanta, Coal India, while shares of Bharti Airtel, ONGC, Kotak Bank, L&T, IndusInd Bank are among the laggards.

  • Ekta Batra explains where major pharma firms stand after Q1 results##Ekta Batra explains where major pharma firms stand after Q1 results

    IPCA Labs which has seen a strong run in 2018 with the stock going up over 25% Year to Date saw profit booking post its Q1FY19 Numbers. The company however reported a strong set. Revenue grew 19.7%, Margins improved to 13% vs 3% YoY & stayed flat QoQ while Profit was Rs 65 cr vs a Loss of Rs 20.3 cr. The disappointment however seemed to stem from the export business. It grew 3% YoY to Rs 382 cr with the branded generic business flat YoY and generics fall 15% YoY. India did well with a growth  of 36% YoY.

    Natco Pharma missed elevated expectations in Q1FY19. The co reported a revenue growth of 21%, margins of 40% vs 31% YoY and profit growth of 93% to Rs 181 cr. Analysts say the steep QoQ decline of 30% of revenue was on account of lower sales of Tamilfu generic and slower ramp up of multiple sclerosis drug Copaxone generic they drug they have partnered with Mylan on. ​

    Strides saw follow on buying reacting to the management commentary in the Q1FY19 conference call. Commentary and performance of the US market it seemed impressed. Strides reported revenue of $26m vs $21m of sales in Q4. Expectations are the company’s quarterly US Sales could rise to $35-40m run rate Q3 onwards on account of launches such as painkiller Ibuprofen. Overall, the company upped its guidance for filing of new products to 20-23 vs 18 to 20 earlier and at least 8 more approvals this year. While institutional business was and is still sluggish they expect to eventually pick up. ​

    Lupin reported a weak Q1FY19 with margins disappointing at 13.7% vs expectations of 19.3% and versus 19.86% the previous year. The company’s US business was impacted by generic competition in Methergine a drug used to prevent post partam hemmorage and volume decline in diabetes drugs Fortamet and Glumetza generic. The US business however is expected to pick up in the second half of the fiscal due to ramp of women’s health drug Solosec and sales of flu drug Tamiflu generic. The co expects India that grew 31% in Q1FY19 to grow  at 14-15%. The co is undertaking measures to support margins such as rationalizing R&D costs to focus on limited competition, higher margin products.

    ​The key highlight in Cipla’s Q1FY19 numbers was sequential margin improvement. The margins for the quarter came in at 18% improving 300 bps from the 15% in Q4FY18. Revenue growth this quarter was 11%. While India grew over 20% YoY the US business was impacted on account of supply led disruptions which have now normalized. Going forward Cipla has guided for 15 product launches in FY19 in the US with at least one niche product launch per quarter. The co said the domestic biz should grow 12-14% in FY19 but Q2 will be subdued. Margins continue to be a key focus for the company with guidance that gross margins should improve with new launches in the US. ​

  • Market update: Sensex, Nifty trade near day's high##Market update: Sensex, Nifty trade near day's high

    Equity indexes further expanded gains trading near the day's high. The Sensex was trading at 38,043.65, higher by 156.09 points, or 0.41 percent, while the Nifty 50 rose to 11,484.30, rising by 34.30 points, or 0.30 percent at 2.18 pm. Midcaps outperform indexes with gains by up to half a percent or over 100 points. Banks, realty and metal stocks lead the rally. Nifty Bank is higher by 0.83 percent, trading at 28295, while PSU Bank has surged by nearly 3 percent. PVT Bank is also up by a percent and Nifty Realty is higher by 2.42 percent. Only Media and Pharma are depressed.

  • Here's a snapshot of June quarter results declared so far##Here's a snapshot of June quarter results declared so far

    Venky's Q1 net profit up 36.8 percent at Rs 71  crore vs Rs 51.9  crore (YoY); revenue up 14 percent at Rs 756.2  crore vs Rs  663.5 crore (YoY).

    GMM Pfaudler Q1 net profit up 63.8 percent at Rs 9.1 crore vs Rs 5.6  crore (YoY); revenue up 35.4 percent at Rs 93.2 crore vs Rs 68.9  crore (YoY).

    Aegis logistics Q1 net profit up 17.5 percent at Rs  51.6  crore vs Rs  44  crore (YoY); revenue up 18.8 percent at  Rs  1,016.9  crore vs Rs  856  crore (YoY); Q1 EBITDA up 52.8 percent at Rs  86.4  crore vs Rs 56.6 crore (YoY); EBITDA margin at 8.5 percent vs 6.6 percent (YoY)

    Insecticides India Q1 net profit up 11.5 percent at Rs 34 crore vs Rs 30.5 crore (YoY); Revenue up 2.3 percent at Rs 318.9 crore vs Rs 311.9 crore (YoY); Q1 EBITDA up 10 percent at Rs 55.6 crore Vs Rs 50.5 crore (YoY); EBITDA margin at 17.4 percent Vs 16.2 percent (YoY).

    Varun Beverages Q2 net profit up 25 percent at Rs 306.8 crore vs Rs 245.5 crore (YoY); Revenue up 6.5 percent at Rs 2,059 crore vs Rs 1,934 crore (YoY).

    Bajaj Electricals Q1 net profit up 97.9 percent at Rs 40.5 crore vs Rs 20.5 crore (YoY); Revenue up 21.6 percent at Rs 1,139 crore vs Rs 937.6 crore (YoY); Q1 EBITDA at Rs 79.9 crore vs Rs 22.3 crore (YoY); EBITDA margin at 7 percent vs 2.5 percent (YoY).

  • Page Industries shares jump on strong June quarter results##Page Industries shares jump on strong June quarter results

    Page Industries Q1 net profit up 45.9% (YoY). Shares surge by 3.65 percent to Rs 31,359.45, jumping by Rs 1105.40 on the BSE at 1.16 pm. The maker of Jockey and Speedo brand of products reported a net profit of Rs 124.4 crore, while revenue is reported at Rs 815.3 crore.

  • Bajaj Electricals Q1 net profit up 97.9% at Rs 40.5 crore##Bajaj Electricals Q1 net profit up 97.9% at Rs 40.5 crore

  • Market update: Sensex trades above 38,018##Market update: Sensex trades above 38,018

    Benchmark indexes have held on to gains with the Sensex trades higher by 131 points, or 0.35 percent, to 38,018.62. The Nifty 50 is at 11,471.35, up by 21.35 points, or 0.19 percent. Shares of Bandhan Bank rose by 6.63 percent to Rs 737.05, or by Rs 45.80 on the BSE at 12.40 pm.

  • Market update: Sensex trades above 38,018##Market update: Sensex trades above 38,018

    Benchmark indexes have held on to gains with the Sensex trades higher by 131 points, or 0.35 percent, to 38,018.62. The Nifty 50 is at 11,471.35, up by 21.35 points, or 0.19 percent. Shares of Bandhan Bank rose by 6.63 percent to Rs 737.05, or by Rs 45.80 on the BSE at 12.40 pm.

  • Cipla hits near 9-month high after June quarter profit beats estimates##Cipla hits near 9-month high after June quarter profit beats estimates

    Shares of Cipla trade at Rs 635, higher by 0.39 percent. Intra-day, it surged to Rs 662.50 after opening at Rs 649. India’s third-largest drugmaker by market capitalisation Cipla Ltd’s shares rose as much as 4.7 percent to Rs 662.5, its highest since November 2017. The stock is among top percent gainers on NSE index. Cipla’s Q1 profit of Rs 451 crore tops estimates, helped by strong growth in the domestic market. “While Cipla has a strong India/SA (South Africa) business, which is seeing steady growth, the key driver going forward is US ramp-up where execution has been below expectations,” Jefferies analysts write. Citi analysts remain positive on the pharma company’s ability to outperform most peers on earnings, given its strong branded business, low vulnerability to US pricing and improving quality of launches. The Citi maintains ‘buy’ rating with a price target of Rs 690. 26 of 38 brokerages rate the stock “buy” or higher, ten “hold” and two “sell” or lower; their median price target is Rs 620. (Reuters)

  • Harivansh Narayan Singh now Deputy Chairman of Rajya Sabha##Harivansh Narayan Singh now Deputy Chairman of Rajya Sabha

  • Here's Manisha Natarajan's quick take on SC ruling on Jaypee##Here's Manisha Natarajan's quick take on SC ruling on Jaypee

    Manisha Natarajan, Group Editor, Real Estate & Urban Development, Network 18, analyses the Supreme Court ruling on Jaypee: "The court's ruling on Jaypee reflects the government's stand that once given the Financial Creditor status under IBC, all home buyer resolutions should be found within the ambit of that law. It’s a setback for home buyers, according to me, because now the process starts from ground zero and adds 180+90 days to any resolution. Also despite having a 60 percent voting right, resolution may baffle them, unless a few financial institutions back them. My worry even Amrapali may go back to NCLT."

  • Arun Jaitley attends Rajya Sabha for first time after Kidney transplant##Arun Jaitley attends Rajya Sabha for first time after Kidney transplant

    Union minister Arun Jaitley on Thursday attended the proceedings in the Rajya Sabha for the first time after undergoing a renal transplant in May. Jaitley, who is also the leader of the upper house, was holding the charge of finance and corporate affairs ministries. He underwent a renal transplant on May 14 and on the same day, his ministerial charges were given to Piyush Goyal on an interim basis. Rajya Sabha members would be voting to elect the deputy chairperson today.

  • Market update: Sensex, Nifty trade higher##Market update: Sensex, Nifty trade higher

    Indian benchmark indexes slipped from the day's record high, trading in a narrow range. The Sensex was trading at 37,958.12, up by 70 points,  or 0.19 percent at 11.03 am. The 30-share BSE index had surged to its lifetime high of 38,061, after opening at 37,994.51. The Nifty 50 was trading at 11,473.30, with gains of just 23.30 points, or 0.20 percent. The 50-share NSE index also scaled a high of 11,495 today, just shy of five points from crossing the psychological 11,500 mark. 

    Midcaps trade in the green albeit with modest gains. The Nifty MidCap was higher by 0.17 percent and the BSE MidCap was up by 0.28 percent. Media, FMCG, Auto were under pressure among NSE sectoral indices, but Realty surged by 1.85 percent. PSU Bank was at 2.46 percent higher, Nifty Bank up by 0.66 percent. Pharma and Fin Service also traded positive.

    Six out of 19 sectoral indices on the BSE trade lower with Telecom and Consumer Durables under maximum pressure. Realty, Bankex, Finance rose by up to 1.87 percent. ICICI Bank, SBI, Axis Bank, Infosys, Sun Pharma, Hindalco were among top index gainers, while Bharti Airtel, ONGC, Maruti Suzuki, Kotak Mahindra, HDFC Bank, UPL, Zee Entertainment, Titan pulled indexes lower. 

  • Nalco shares at a month’s high##Nalco shares at a month’s high

    Shares of National Aluminium Co. (Nalco) surged over 8 percent to their one-month high of Rs 72.90  after the company reported an over five-fold year-on-year rise in net profit for April-June to Rs 690 crore, and also higher than the estimated Rs 387 crore on year. Revenue from operations for the quarter was up 55.5 percent at Rs 2973 crore. Excluding the effect of excise duty in the year-ago period, the revenue from operations for April-June was up 64.94 percent. The company's operating margin expanded to 34.01 percent in Apr-Jun from 12.62 percent a year ago.  At 9.53 am, shares traded 5 percent higher at Rs 70.90. The stock was up for the second consecutive day today and so far has gained over 10 percent. (Cogencis)

  • ICICI Bank rises 5.25 percent, Nifty Bank at 28,250##ICICI Bank rises 5.25 percent, Nifty Bank at 28,250

    Shares of ICICI Bank are up by 5.25 percent, trading at Rs 334.90, rising by Rs 16.70 in value. The stock is top gainer on both indexes. Nifty Bank has surged by 0.67 percent to 28,250. Nifty PSU Bank is higher at 2.15 percent, while Pvt Bank is up nearly a percent. BSE Bankex has surged by 1.17 percent.

  • IKEA opens the doors to its first India store in Hyderabad##IKEA opens the doors to its first India store in Hyderabad

  • Indian Bank soars on positive June quarter results, indexes slip from day's high##Indian Bank soars on positive June quarter results, indexes slip from day's high

    Shares of Indian Bank rose 4.62 percent, trading at Rs 371.20, which is higher by Rs 16.40, on the BSE at 9.58 am. Earlier, the stock surged to 5.8 percent after the lender reported higher ever loan growth at 23 percent driving net interest margin to at 3.09 percent. Meanwhile, equity indexes have slipped from the opening highs. The Sensex was trading at 37,998.89, still up by over 111 points, or 0.29 percent, while the Nifty 50 traded at 11,476.05, higher by 26.05 points, or 0.23 percent. 

  • China stock rally helps steady nerves in Asian markets##China stock rally helps steady nerves in Asian markets

    Asian share markets found support on Thursday as a rally in Chinese stocks helped offset the latest escalation in the Sino-U.S. trade war. Shanghai blue chips climbed 2.3 percent amid talk of possible government support for home-grown technology companies, which would mark the latest in a series of growth boosting measures rolled out by Beijing as the trade dispute worsens. The gains in Chinese stocks helped MSCI’s broadest index of Asia-Pacific shares outside Japan reverse early losses to nudge up 0.5 percent. Japan’s Nikkei still slipped 0.3 percent, weighed down by a shock slump in core machinery orders. (Reuters)

  • ICICI Bank leads among Sensex gainers, HDFC Bank biggest drag##ICICI Bank leads among Sensex gainers, HDFC Bank biggest drag

    Closing Bell: Sensex ends above 38,000, Nifty at record high, Nifty Bank ends above 28,300
  • HCC shares soar over 7% after company submit Lavasa revival plan##HCC shares soar over 7% after company submit Lavasa revival plan

    Shares of Hindustan Construction Co. Ltd, surged by over 7 percent after the company submitted a revival plan for Lavasa Corp. Shares traded at Rs 12.31, rising by Rs 0.82 on the BSE at 9.48 am. Intraday, it has touched a high of Rs 12.55.

  • Major indices slip off highs after touching record levels at opening##Major indices slip off highs after touching record levels at opening

  • Bajaj Finance surges to 52-week high##Bajaj Finance surges to 52-week high

    Shares of Bajaj Finance trade at Rs 28,28.90, rising by 0.64 percent, or adding Rs 17.95 in value. The Bajaj Group firm share touched a 52-week high of Rs 2850 in initial trade today. 

  • Opening Bell: Sensex, Nifty scale yet another record high##Opening Bell: Sensex, Nifty scale yet another record high

    Indian equity indexes, the BSE Sensex and the NSE Nifty 50, clocked yet another record opening on Thursday, shrugging off subdued global trade sentiments. The Sensex crossed the 38,000 mark for the first time, jumping over 114 points in the initial trade. The 30-share index opened at 37,994.51. The NSE Nifty 50 traded at 11,489, rising by 39 points. The Nifty Bank opened at 28,173, jumping 116 points, led by ICICI Bank (up over 2.5 percent), PNB, RBL Bank, SBI, Axis Bank. Zee Entertainment is among top index losers as the company pulls out all content from Reliance Jio after unable to arrive at suitable pricing. Oil marketing companies were among top index gainers.

  • Rupee opens strong at 68.48 against the US dollar##Rupee opens strong at 68.48 against the US dollar

    The Indian rupee opened at 68.48 against the US dollar. The home currency had settled at 68.63, showing a gain of 5 paise, or 0.07 per cent on Wednesday.

  • Here is the list of stocks that will be on radar today##Here is the list of stocks that will be on radar today

  • Here are Ashwani Gujral's tips for the trade today##Here are Ashwani Gujral's tips for the trade today


    Buy ICICI Bank with a stop loss of Rs 315, target of Rs 332.

    Buy Reliance Industries with a stop loss of Rs 1200, target of Rs 1265.

    Buy Ajanta Pharma with a stop loss of Rs 1170, target of Rs 1225.

    Buy HEG with a stop loss of Rs 4200, target of Rs 4550.

    Buy Graphite India with a stop loss of Rs 1040, target of Rs 1100. (Moneycontrol)

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