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This article is more than 3 year old.

Closing Bell: Sensex ends at record close of 36719, Nifty 100 points away from record high of 11171, bank shares lift indexes

Mini

Indian markets ended on a strong note with the Sensex settling at record close, while the Nifty is just 100 points shy from its all-time high of 11171. Benchmark indexes were lifted by sustained buying in bank, metal, FMCG, telecom stocks. MidCaps also closed higher while barring IT and auto, most sectoral indices ended in the positive zone. Here are the latest updates and developments from the stock markets today:

Closing Bell: Sensex ends at record close of 36719, Nifty 100 points away from record high of 11171, bank shares lift indexes
  • Closing Bell: Sensex ends at record high, Nifty settles at 11084##Closing Bell: Sensex ends at record high, Nifty settles at 11084

    Indian benchmark indexes rebounded in the last hour of trading lifted by sustained buying in bank, FMCG, metal and financial shares. The Sensex ended at 36,719, rising by 222 points, or 0.61 percent, while the Nifty settled at 11084, gaining by 74.55 points, or 0.68 percent. Almost all sectoral indices gained except IT and to some extent auto. 

  • Sensex trades near record high##Sensex trades near record high

  • Sensex rises over 220 points, Nifty at 5 month high, Bata shares surge##Sensex rises over 220 points, Nifty at 5 month high, Bata shares surge

    The Sensex jumped over 226 points, or 0.62 percent, to 36,722.84, while the Nifty surged to 5-month high at 11,084.20, adding 74 points, or 0.67 percent.

    At 3.05 pm, Bata India shares traded at Rs 897.50, rising by 6.56 percent, or Rs 55.25. Earlier, shares of Bata India Ltd rose 7 percent to an all-time high of Rs 901.7 on Monday. The footwear retailer posted a 36.6 percent jump in Q1 profit on Friday. EBITDA grew 38 percent, largely due to Goods and Services (GST)-led input tax credit benefits on expenses, said Ambit Capital. Rent and other expenses saw a decline in the quarter, which implies benefits due to GST, it added. Bata stock marks its biggest intraday percent gain since April 2016. More than 5.3 million shares traded, compared with the 30-day average of about 1.2 million shares. (From Reuters)

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

    Indian markets extended gains in the last hour of trading on Monday with the Sensex rising by 185 points to 36,681.35, while the Nifty crossing 11,050 level, trading at 11,066.65, advancing by 56.45 points, or 0.51 percent. On the BSE, Vedanta surged 4.29 percent, ITC 3.66 percent, Maruti Suzuki India 3.46 percent, ICICI Bank 3.20 percent, Adani Ports 3.11 percent, Bharti Airtel 2.79 percent. Tata Steel also gained 2.30 percent, while Tata Motors, Hindustan Unilever, SBI, IndusInd Bank also surged over 2 percent each. Hero MotoCorp and Bajaja Auto were among top losers on the 30-share index, shedding 6.12 percent and 5.23 percent respectively. Wipro, HDFC Bank, ONGC, Reliance were other laggards. Reliance is trading 0.78 percent lower, while HDFC Bank is down by 1.37 percent. Nifty gainers include UPL, Vedanta, UltraTech Cement, ICICI Bank, ITC, while the laggards were auto and IT shares.

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

    Indian markets trade higher with the BSE Sensex rising by 68.33 points, or 0.19 percent, to 36,564.70, while the Nifty trading higher by 29.10 points, or 0.26 percent, to 11,039.30. Both MidCaps are trading higher, with the Nifty MidCap gaining by 0.30 percent and the BSE MidCap rising by 0.64 percent. Sensex gainers include ITC, Bharti Airtel, NTPC, Hindustan Unilever, Adani Ports, while the laggards include Hero MotoCorp, Bajaj Auto, Wipro, HDFC Bank, Reliance. Nifty gainers were UPL, ITC, Bajaj Finserv, Bharti Airtel, Hindustan Unilever, while the laggards include Hero MotoCorp, Bajaj Auto, Wipro, Tech Mahindra, HDFC Bank. 

  • Paint companies’ shares climb after GST rate cut##Paint companies’ shares climb after GST rate cut

    Shares of Indian paint companies traded higher on Monday after the GST Council on Saturday lowered indirect tax slab on products such as paints and varnishes, from the existing 28 percent to 18 percent. Shares of Asian Paints gained by 5 percent at Rs 1,464.4, Akzo Nobel up 2.3 percent, Nerolac up by a percent, Berger Paints up 0.3 percent.

    Kotak’s Rohit Chordia said that rate cut could provide material boost to Asian Paints’ and other paint companies’ earnings. The brokerage has raised FY19-21 end EPS by 7-13 percent on Asian Paints.

    At 1.14 pm, Asian Paints stock was trading higher by 0.93 percent at Rs 1409.90. Akzo Nobel India shares surged by 2.46 percent to Rs 1857.95, adding Rs 44.60 in value to the stock on the BSE. Kansai Nerolac Paints traded at Rs 487.35, adding Rs 9.50, or 1.99 percent in value to the stock. Berger Paints India traded at Rs 310.80, rising by 0.39 percent on the BSE.

  • CNBC-TV18 Newsbreak confirmed, SBI signs Inter-Creditor Agreement for resolution of stressed assets##CNBC-TV18 Newsbreak confirmed, SBI signs Inter-Creditor Agreement for resolution of stressed assets

  • Sonia Shenoy's quick take on two-wheeler price war between Bajaj Auto, Hero MotoCorp##Sonia Shenoy's quick take on two-wheeler price war between Bajaj Auto, Hero MotoCorp

    There is a price war underway in the two wheeler space. Bajaj Auto and Hero MotoCorp are the biggest Nifty losers today with stocks down 6% and 9% respectively, this after Bajaj Auto reiterated its plans to pursue market share at the cost of margins. The management , at its earnings conference call said they are targeting a 50% market share in economy segment vs 35% currently. The company has been slashing prices of its economy segment bikes CT100 and platina and will not hesitate to continue in order to achieve its desired market share. Remember, hero moto is the market leader in this segment and a price war could hit margins of both companies in the near term. Hero moto also announces its earnings on Wednesday and the street is cautious ahead of that.    

    Hero MotoCorp was trading at Rs 3100, losing Rs 273.15, or 8.10 percent in value on the BSE, while Bajaj Auto shed Rs 163.10 or 5.74 percent, to trade at Rs 2678. Nifty Auto trades 1.39 percent down, largely due to Bajaj Auto and Hero MotoCorp stocks which are trading lower by 5.66 percent and 8.28 percent respectively.

  • Interim FM Piyush Goyal introduces IBC amendment bill in Lok Sabha##Interim FM Piyush Goyal introduces IBC amendment bill in Lok Sabha

  • ITC boosts key indices, midcap index lags##ITC boosts key indices, midcap index lags

    Indian markets have turned range-bound with a positive bias, with sustained buying seen in FMCG, telecom and NBFC shares. A bigger rally, however, has not been seen due to index heavyweight Reliance Industries and HDFC Bank underperforming along with auto and IT shares. At 12.19pm, the Sensex traded higher by 85 points to 36,580.90, or rising by 0.23 percent, while the Nifty traded below 11,050 level, up by 33 points, or 0.30 percent.

    Shares of Havells, Bata, Liberty Shoes have rallied higher, the former too also gaining advantage from strong earnings along with the GST impact.

    Another gainer has been the UPL, with the agro-chemical company’s stocks surging after the 4.3 billion dollar acquisition of Arysta Lifesciences. Even as debt concerns remain, the management is confident of $5 billion dollars topline this year and $5.5 billion by 2020.

    L&T finance rose after June quarter results, while South Indian Bank shares have tanked. The L&T Finance stock spikes on belief that the Q1 disappointment in on account of Ind-AS accounting changes and not the operational metrics of the company. South Indian Bank tanks on disappointing asset quality.

    Moreover, inter-creditors agreement is due to be released today with the street watching for details of the inter-corporate agreement, a contract between Indian banks which is set to replace the now defunct joint lender forum.

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

    Indian markets are trading higher, but lower from the day's high. The Sensex traded at 36,566.34, nearly 70 points higher, or 0.19 percent, while the Nifty 50 is trading at 11,36.45, up by 26.25 points, or higher by 0.24 percent. ITC is trading higher by over 4.13 percent on the Sensex, while UPL has risen by 4.79 percent on the NSE. Other index gainers are Bharti Airtel, Asian Paints, NTPC, Adani Ports. The laggards include Hero MotoCorp, Wipro, Bajaj Auto, Tech Mahindra, Reliance and HDFC Bank among others. BSE MidCap is higher by 0.23 percent, while the Nifty MidCap is down by 0.15 percent. Among sectoral indices, FMCG has risen by 2.16 percent, followed by Consumer Durables, Telecom, Utilities, Power, while Metal, Auto are trading lower on the BSE. On the NSE, Auto has declined by a percent, while IT and Metal also trade lower. 

  • Liberty Shoes surges over 11%, Mangalam Maloo explains why##Liberty Shoes surges over 11%, Mangalam Maloo explains why

    Shares of Liberty Shoes traded at Rs 187.75, adding Rs 18.65 to the stock, rising by 11.03 percent on the BSE today after the GST Council slashed rates on footwear priced below Rs 1000. Footwear costing up to Rs 1,000 will now attract 5 percent GST. So far, footwear up to Rs 500 attracted 5 percent GST, and those having retail sale price of over Rs 500 attracted 18 percent rate. Libery Shoes will benefit from the rate cut as the company's 20 percent comes from the Rs 500 to Rs 1000 range pairs. The company expects double digit growth in FY19, with improved demand due to festive season. The reduced tax will also make the brand more competitive against unorganized segment. 

  • Kritika Saxena's take on whether Wipro investors will keep the faith##Kritika Saxena's take on whether Wipro investors will keep the faith


    Wipro met most street expectations but investors may not be too impressed. CNBC-TV18 spoke to the management on Friday to understand when the phase of restructuring and below industry growth rates will pass. Till last quarter the management was certain that they would reach industry matching growth rates by FY19. The timeline projection is gone now, however.

    On being asked on the timeline of turnaround, Abid Ali neemuchwala was transparent enough to admit that client mining, while strong in digital was not as uniform. Many current clients are still in the phase of restructuring. Some sectors are still volatile. For instance, healthcare was slow this quarter.

    When pressed again on timeline for turnaround, Abid Ali said that he wanted to refrain from giving a timeline because of how volatile the demand was in healthcare. However their BFSI continues to outperform. Investors can take heart from the digital growth wins, up by 6.2% this quarter versus last quarter. 

    This year should be the year Wipro starts seeing a turnaround. Now whether that will lead to industry matching growth rates or just below is unclear. Investors must keep a close watch on the management commentary over the next few months and keep an eye on what they are doing to work on the slow growth sectors and how fast digital growth flows into the balance sheet.  

    Wipro traded at Rs 274.70, down by 2.95 percent on the BSE today at 11.12 am.

  • Nigel Dsouza's explains what ITC, UPL's rise means##Nigel Dsouza's explains what ITC, UPL's rise means


    Shares of ITC have surged over 4 percent at Rs 284.50 on the BSE. The stock has also contributed almost over 80 percent to the Nifty gains, which is holding in the green thanks to it. ITC trades at a 35 percent discount to FMCG peers like Hindustan Unilever ltd.

    On the other hand, UPL is the biggest winner on the Nifty with shares trading at Rs 575.95, gaining by 4.79 percent, but  also keep an eye on a smaller listed co Uniphos Enterprises as its market cap is only Rs.204 corer but it holds 5% in UPL.Now those 2.57 corer shares in UPL are valued at Rs 1450 crore. Hence the stock is trading at a 85% discount to its holding value in UPL. 
     

  • South Indian Bank plunges 17% after Q1 results##South Indian Bank plunges 17% after Q1 results

    Shares of South Indian Bank ltd traded at Rs 18.70, losing Rs 3.75 or 16.70 percent, on the BSE after Q1 results. The bank's loan growth is the highest in 8 quarters, however the GNPA is the worst ever for the bank. NIM 2.6% is the lowest in 12 quarters or 3 years.
     

  • Auto shares down, Bajaj Auto lower by 2%##Auto shares down, Bajaj Auto lower by 2%

    Bajaj Auto shares are trading lower by nearly 2 percent at Rs 2,797.05 on the BSE.The manangement told CNBC-TV18 that they will continue to push market share even if it is at the cost of margins. The Street fears a bigger price war and price cuts by Bajaj Auto to penetrate and up market share in entry/ executive segment.  Apart from Bajaj Auto, Hero MotoCorp shares are also trading lower by 2.68 percent at Rs 3283.95 on the BSE. M&M is marginally down by 0.04 percent, trading at Rs 909.15.

    Nifty Auto is trading lower by 0.50 percent at 10,699.45, pulled lower by TVS Motors, HeroMotoCorp and Bajaj Auto.

  • Cigarette stocks gain in trade##Cigarette stocks gain in trade

  • Opening Bell: Sensex, Nifty start on a positive note, UPL surges over 8%##Opening Bell: Sensex, Nifty start on a positive note, UPL surges over 8%

    Indian markets opened on a positive note on Monday with the Nifty trading above 11,000 mark. The Sensex started on a flat note at 36,501.05, rising by just 4.68 points, but surged over 70 points to 36566. The Nifty opened above the 11,000 mark and is up 28.30 points or 0.26% at 11038.50. All sectoral indices are trading in the green, with maximum buying seen among FMCG, financials as well as metal stocks. In the broader markets, the BSE MidCap is up by 0.6 percent, while the Nifty MidCap is also trading in the positive zone.  Shares of UPL are trading higher by over 8 percent after the company announced an acquisition on Friday.  Asian Paints, ITC, ICICI Bank, SBI, UPL, South Indian Bank gained in early trade, while Wipro, HDFC Bank and Bajaj Auto fell. 

  • Wipro bags $1-billion outsourcing contract from Alight Solutions: Report##Wipro bags $1-billion outsourcing contract from Alight Solutions: report

    Wipro has reportedly won a $1 billion outsourcing contract from Alight Solutions, the company whose captive IT business it bought for $117 million on Friday, according to Mint. The third-largest IT firm is in the final stages of negotiating the deal that is likely to stretch over seven years and $140 million in annual revenue per year, according to a the report.

  • Indian rupee opens at 68.70 against the US dollar##Indian rupee opens at 68.70 against the US dollar

    The Indian rupee gained in the early trade on Monday. It has opened higher by 14 paise at 68.70 per dollar versus previous close 68.84.

  • 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's what brokerages suggest on other stocks##Here's what brokerages suggest on other stocks


    UPL


    Kotak Institutional Equities says that acquisition of Arysta will cement its position in top-5 global agrochem players; maintains ADD at a target price of Rs 640.

    Emkay expects Arysta deal to be EPS accretive from FY20; Maintains BUY at a target price of Rs 773.


    CLSA says Arysta acquisition is EPS accretive; Retains BUY at a target price of Rs 940.

    Wipro


    Macquarie says Wipro Q1 missed estimates at the margin level; maintains NEUTRAL at a target price of Rs 300.

    Nomura maintains NEUTRAL call on Wipro post company's Q1FY19 results; Target price at Rs 260.

    Jefferies says cut constant currency estimate for FY19; maintains UNDERERFORM at a target price of Rs 250.

    Just Dial


    Nomura  says Just Dial revenues and margins came in ahead of our forecasts; Maintains BUY at a target price of Rs 730.


    Havells


    PhillipCap maintains NEUTRAL rating at a target price of Rs 610.


    Morgan Stanley maintains OVERWEIGHT call at a target price of Rs 642.

    Asian Paints


    Morgan Stanley on Asian Paints believes entire GST rate cut will be passed on and maintains OVERWEIGHT at a target price of Rs 1,400.


    Kotak Institutional Equities says GST rate cut on paints & varnishes to 18% could boost earnings; maintains REDUCE at a target price of Rs 1,275.

  • Here's what brokerages suggest on Bajaj Auto post Q1 results##Here's what brokerages suggest on Bajaj Auto post Q1 results

    Deutsche Bank maintains HOLD rating on Bajaj Auto post company's Q1FY19 results; Target price at Rs 3,000.


    Macquarie says Bajaj Auto is struggling to balance growth and profitability; Maintains NEUTRAL stance at a target price of Rs 2,800.


    Jefferies maintains HOLD rating on Bajaj Auto at a target price of Rs 3,090.

  • Here are the top stocks to watch out for##Here are the top stocks to watch out for

    SpiceJet: Sun Group’s Kalanithi Maran will relaunch litigation to regain control of the aviation company from Ajay Singh. Read in detail 

    HDFC Bank: The private sector lender reported an 18.2 percent increase in its net profit at Rs 4,601.44 crore for the quarter ended June on Saturday. HDFC Bank had registered a net profit of Rs 3,893.84 crore in the corresponding period of the previous fiscal 2017-18. However, NII and operating profit growth are the lowest in 8 quarters; profit growth is the lowest in 6 quarters.

    South Indian Bank: The Kerala-based lender has declared a net profit of Rs 23.04 crores for the first quarter of the financial year 2018-19 as against Rs 101.47 crores during the corresponding period last year. The loan growth is the highest in 8 quarters.

    Wipro: The company’s Q1 IT services rupee revenue rises 2.1 percent at Rs 13,700 crore versus Rs 13,412 crore; EBIT gains 24 percent at Rs 2,397 crore versus Rs 1,932.3 crore; EBIT margin expands to 17.5 percent versus 14.4 percent; Dollar revenue down 1.7 percent at $2,026.5 million versus $2,062 million (QoQ).

    Havells: The electrical products company's profit rose 73 percent at Rs 210.4 crore versus Rs 121.4 crore. Havells revenue increased 39.5 percent to Rs 2,596.3 crore versus Rs 1,860.5 crore (YoY).

    Bata: Q1 profit rises 36.6 percent at Rs 82.5 crore versus Rs 60.4 crore; revenue increases 8.3 percent to Rs 797.3 crore versus Rs 736.1 crore (YoY).

    Just Dial: June quarter profit increases to Rs 38.53 crore versus Rs 38.16 crore, while revenue rose to Rs 211.43 crore versus Rs 190.04 crore (YoY).

    UPL: Company signed definitive pact with Arysta Lifescience in a $4.2 billion all cash deal. The deal is expected to be completed in late Q3 FY19 or early Q4 FY19.

    Bajaj Auto: Buoyed by strong performance in the first quarter of this fiscal, Bajaj Auto is planning to increase its share to 20 percent in domestic motorcycle market in the next two quarters, PTI reported. On Friday, Bajaj Auto shares dipped 9 percent.

    June earnings: United Spirits, L&T Infotech, ACC, L&T Technology Services, ICICI Securities, Vijaya Bank, Tejas network, V-Mart Retail, Welspun Corp, Saregama India, Delta Corp, Balaji Amines, Granules India, Greenlam Industries, Hindustan Oil Exploration, Hindustan Zinc, Indianbulls Ventures, Lakshmi Machine Works, Linde India, Alicon Castalloy, Rane Engine Valve.

  • Banks set to sign and announce the inter-credit agreement##Banks set to sign and announce the inter-credit agreement

  • Here's what brokerages suggest on HDFC Bank post Q1 results##Here's what brokerages suggest on HDFC Bank post Q1 results

    Axis Capital says preferred pick amongst retail lenders; maintains BUY at a target price of Rs 2,550.

    Kotak Institutional Equities says near-term concerns on revenue growth remain a worry; Maintains REDUCE at a target price of Rs 2,000.

    Jefferies maintains BUY call on HDFC Bank post its Q1FY19 results; Target price at Rs 2,530.

    Headline numbers affected mainly by bond provisions, says Morgan Stanley on HDFC Bank post its Q1FY19 results; Maintains OVERWEIGHT at a target price of Rs 2,570.

  • United Spirits, ACC, L&T Tech, ICICI Securities to report earnings today##United Spirits, ACC, L&T Tech, ICICI Securities to report earnings today

  • Here are the top 11 factors to know before the opening bell##Here are the top 11 factors to know before the opening bell

    SGX Nifty: SGX Nifty traded at levels around 11,040 vs Nifty July Fut's Friday close of 11,029, indicating a mildly positive start for the Indian market today.

    Asian markets: Stocks traded mixed in Asia. Japan’s Nikkei was down nearly 300 points or more than 1 percent, while Hong Kong’s Hang Seng was marginally up. South Korea’s Kospi traded marginally lower.

    US markets: Stocks closed little changed on Friday as strong quarterly results from some of the largest US companies, including Microsoft and Honeywell, counterbalanced threats made by President Donald Trump to increase tariffs on China. The S&P 500 slipped 0.1 percent to 2,801.83. The Dow Jones Industrial Average fell just 6.38 points to 25,058.12. The Nasdaq Composite declined 0.1 percent to close at 7,820.20. For the week, the S&P 500 and Nasdaq closed slightly lower while the Dow rose 0.1 percent to post its first three-week winning streak since January.

    Oil: The West Texas Intermediate (WTI) for August delivery added 1.00 US dollar to settle at 70.46 dollars a barrel on the New York Mercantile Exchange, reporting loss of 1.4 percent in the week. Brent crude for September delivery increased 0.49 dollar to close at 73.07 dollars a barrel on the London Futures Exchange, reporting loss of 3.0 percent in the week.

    Rupee: Movement in the rupee will be keenly watched by the investors. On Friday, the currency hit a fresh record low of 69.12 against the US dollar before recovering 21 paise to close at 68.84. The US dollar is expected to remain bullish until middle of next month, and equity and bond outflows from emerging markets are also likely to stay strong, says a Morgan Stanley report.

    Market at close: Indian markets last week were affected by volatility due to weak macro-economic data and political developments. The BSE Sensex lost 0.12 percent last week to settle at 36,496. The Nifty 50 shed 0.07 percent to settled at 11,010.

    F&O expiry: Trading is expected to be volatile as traders will roll over positions in the F&O segment from the near month July 2018 series to August 2018 series. The July 2018 F&O contracts will expire on Thursday.

    No-confidence motion: Stocks are likely to react positively after the government comfortably defeated the no-trust vote in the parliament late Friday. The motion was defeated with 325 votes against it while 126 voted in favour.

    GST Council impact: The GST council on Saturday slashed tax rates on a number of products, ranging from paints, white goods to footwears.

    Corporate earnings: ACC Ltd, United Spirits, L&T Tech Services, Larsen & Toubro Infotech, ICICI Securities, Vijaya Bank, V mart retail, Welspun Corp, Tejas network, Saregama India, Delta Corp, Balaji Amines, Granules India, Greenlam Ind, Hindustan Oil Exp, Hindustan Zinc, Indianbulls Ventures, Lakshmi Machine works, Linde India, Alicon Castalloy, Rane engine valve.

    FPIs: Continuing their selling spree, foreign investors have pulled out over Rs 2,000 crore from the capital markets this month so far on higher crude oil prices and a depreciating rupee. (PTI)