Closing Bell: Sensex, Nifty, Nifty Bank end at record highs##Closing Bell: Sensex, Nifty, Nifty Bank end at record highs
Indian markets ended the trading session on Friday at record closing high. The frontline index on the BSE hit record high for the 21st time this year, while the Nifty hit it for the 15th time. The Sensex closes above 37,300 after hitting intra-day record high of 37,368.60. Nifty settled at 11,278.35, after hitting intra-day record high Of 11,283.40.
ITC was the top contributor to Nifty gains after posting strong quarterly earnings for the period ended in June. ICICI Bank too contributes nearly 50% to Nifty Bank gains. Market breadth is in favour of advances with the advance-decline ratio at 2:1. Barring cement and IT, all sectoral indices close in the green.
Market update: Nifty at fresh record high, Sensex extends gains##Market update: Nifty at fresh record high, Sensex extends gains
The Sensex trades higher by 315 points, or 0.85 percent, to 37,299.54, while the Nifty is at 11,261.50, rising 95 points, or 0.84 percent. The 50-share broader index earlier surged to record high at 11,270.75. Indexes are supported by midcaps which have gained over a percent. All broader market indices and sectoral indices on the NSE trade in the green. Metal, FMCG have both gained over 2 percent, while other prominent gainers are PVT Bank, Fin Service, Nifty Bank, gaining by up to 0.94 percent. On the BSE too, Oil & Gas, Metal, Consumer Durables, Bankex, Telecom, Industrials, FMCG, Energy, Materials have surged by up to 2.58 percent, Consumer Durables leading the sectoral indices. Among stocks, ITC, Tata Motors, Titan Company, Hindalco, Tata Steel, Reliance, Hero MotoCorp are among top gainers, while Adani Ports, Hindustan Unilever, TCS, Maruti Suzuki, Power Grid, Dr Reddy's Labs, Bajaj Finserv are among the laggards.
Here's a snapshot of June quarter results declared so far today##Here's a snapshot of June quarter results declared so far today
Westlife Q1 net profit at Rs 11.6 cr Vs loss of Rs 2.7 cr; Revenue up 30.2% at Rs 341.7 cr Vs 262.4; Westlife Q1 Same-store-sales Growth at 24.1%Vs 25.1% (QoQ).
Alembic Pharma Q1 consolidated net profit up 35.7% Rs 90.5 cr Vs Rs 66.7 cr; Revenue up 33.1% at Rs 862.5 cr Vs Rs 648.2 cr; Alembic Pharma Q1 consolidated EBITDA up 48.9% at Rs 151 cr Vs Rs 101.4 cr; EBITDA margin at 17.5% Vs 15.6%
Welspun India Q1 consolidated net profit up 2.4% at Rs 127.2 cr Vs Rs 124.3 cr (YoY); Revenue up 0.6% at Rs 1,549 cr Vs Rs 1,539 cr; Welspun India Q1 EBITDA down 8.6% at Rs 296.5 cr Vs Rs 324.2 cr; EBITDA margin at 19.1% Vs 21.15% (YoY)
Shoppers Stop Q1 net profit Rs 9.8 cr Vs loss of Rs 3.7 cr (YoY); Revenue down 12.2% at Rs 826.6 cr Vs Rs 941 cr (YoY); Shoppers Stop Q1 EBITDA up 37.9% at Rs 41.5 cr Vs 30.1 cr; EBITDA margin at 5% Vs 3.2% (YoY).
Equitas Q1 net profit Rs 35.4 cr Vs CNBC-TV18 Poll of Rs 50.1 cr; Revenue up 19.7% at Rs 543.4 Cr Vs Rs 454 Cr (YoY); Equitas Q1 provisions & write-offs at Rs 21 Cr Vs Rs 14 Cr (QoQ); Vs Rs 44 Cr (YoY); Equitas Q1 Gross NPA Rs 2.84% Vs 2.72% (QoQ); Advances up 27% at Rs 8,926 cr (YoY).
Phillip Carbon Q1 net profit Rs 97.5 cr Vs Rs 48.2 cr; Revenue up 33.2% at rs 781 cr Vs Rs 587 cr.
Royal Orchid Hotel Q1 net profit up 78.3% at Rs 2 Cr Vs Rs 1.2 Cr (YoY); Revenue up 18.1% at Rs 25.5 Cr Vs Rs 21.6 Cr (YoY); Royal Orchid Hotel Q1 EBITDA at Rs 4.2 Cr Vs Rs 2 Cr (YoY); EBITDA margin 16.5% Vs 9.5% (YoY).
Prism Johnson Q1 net profit at Rs 70.2 Cr Vs Rs 16.7 Cr (YoY); Revenue up 13.1% at Rs 1,497.6 Cr Vs Rs 1,324.5 Cr (YoY); Prism Johnson Q1 EBITDA at Rs 180.8 Cr Vs Rs 78.5 Cr (YoY); EBITDA Margin at 12.1% Vs 5.9% (YoY).
R Systems Q1 net profit at Rs 9 Cr Vs Rs 3.9 Cr (QoQ); Revenue UP 10.9% at Rs 168.8 Cr Vs Rs 152.2 Cr (QoQ)
Reema Tendulkar explains Bharti Airtel's Q1 results##Reema Tendulkar explains Bharti Airtel's Q1 results
It’s a steady quarter in a challenging environment for Bharti Airtel, as the company has reported a revenue growth of 2.3% on a quarter on quarter basis aided by a stronger than expected revenues for India wireless and Africa business. India wireless got incremental business from the Telenor merger, adding revenues from 28 million subscribers. Average revenue per user (ARPU) or simply put money it makes from every customer per month declined by 9.5% QoQ and down 32% YoY, which is reflective of the competitive pressures in the industry. Data volumes continue to explode, surging 40% QoQ and 355% YoY. Africa continues to be the bright spot with a steady improvement in margins. From margins of 20.58% in Q1FY16, it now stands at 36.38% in Q1FY19.
Market update: Sensex, Nifty sustain gains from record run##Market update: Sensex, Nifty sustain gains from record run
Benchmark indexes have been able to sustain gains from the first half of the trading session. The BSE Sensex trades higher by 285 points, or 0.77 percent, to 37,270, while the Nifty 50 is at 11,245.70, rising by 78.40 points, or 0.70 percent.
Bharti Airtel hits over 3-week high on strong June-quarter results##Bharti Airtel hits over 3-week high on strong June-quarter results
Shares of Bharti Airtel Ltd rose 4.5 percent to Rs 373.90, highest since July 3. The company posted surprise Q1 profit on Thursday, beating analyst estimates. Airtel’s capex intensity will remain elevated, requiring it to exit Infratel post-merger and infuse more money into its wireless unit, said Ambit Capital. Of 30 brokerages covering the stock, 22 rate it “buy” or higher, four “hold” and four “sell” or lower; median price target Rs 500, according to Thomson Reuters Eikon data.
The stock is the fourth-largest contributor to NSE and BSE indexes. At 1.12 pm, Bharti Airtel shares traded at Rs 361.15, higher by 0.99 percent or rising by Rs 3.55 in value on the BSE. The stock opened at Rs 363.90 and has ranged between Rs 373.35 on the upward side and Rs 351.60 on the lower side.
Biocon hits 2-week high on upbeat June-quarter results##Biocon hits 2-week high on upbeat June-quarter results
Shares of Biocon Ltd jumped as much as 9.6 percent to Rs 611.9, its highest in a fortnight. India’s largest biotechnology company reported a 47 percent rise in June-quarter profit on Thursday, beating street estimate, according to Reuters. At 1 pm, the share traded at Rs 605.45, surging 8.29 percent, or rising by Rs 46.35 on the BSE. Biocon share had opened at Rs 571.40, and traded between a high and a low of Rs 614 and Rs 570.75, respectively. Stock records biggest daily percent gain since December 4, 2017.
More than 6.1 million shares changed hands compared with 30-day moving average of around 1.7 million shares. Biocon is the top percent gainer of the Nifty Pharma index, which trades higher by 0.77 percent. The stock is up 3.90 percent this year as of last close, outperforming the Nifty Pharma index’s 6.5 percent fall.
Tata Steel set to gain further, technicals suggest##Tata Steel set to gain further, technicals suggest
Tata Steel Ltd rose 2.2 percent to highest since July 16, may have ended a corrective cycle that started in late January. Stock's wave pattern suggests the final wave E of a corrective cycle had ended on July 19 and is in the first wave of a five-wave uptrend, according to Reuters. Stock breaks above a resistance at Rs 535.05, the 38.2 percent Fibonacci retracement level of the uptrend from February 12, 2016 low to January 31, 2018 high. Stock is closer to its upper trend line, a break above which will confirm the end of a correction and may lead to price rise up to the next resistance at Rs 616.4, the 23.6 percent level.
MACD cuts above its signal line, seen as a positive sign. Tata Steel shares traded at Rs 545.50, rising 1.97 percent, or adding Rs 10.55 in value to the stock on the BSE. Stock is down 19.2 percent this year as of last close, while the broader NSE Index is up 6.1 percent in the same period. (Reuters)
Market highlights so far##Market highlights so far
ITC powers Nifty, Sensex to record
Frontline indices trade at record levels. ITC contributes a giant's share to the Nifty, powered by strong volumes in the cigarettes business. Midcap index leads.
Hindalco surges post Aleris acquisition
The Hindalco stock surges after management clarifies on Aleris' capex. Analysts believe Aleris' EBITDA will improve going forward, thereby reducing the acquisition cost.
Q1 verdict: Airtel rises, Biocon surges
Bharti Airtel gains after reporting a steady performance in a challenging quarter. Confident commentary from the Biocon management boosts the stock, they expect $200 million from the biologics segment in FY19.
RIL near record high ahead of Q1
The street awaits earnings from index heavyweight reliance industries. Weakness in the refinery business may offset strong petro chemical volumes. Growth momentum for Jio likely to continue and the retail business may surprise positively.
Q1 radar: ICICI Bank, Bank of Baroda
The Nifty Bank too nears record levels with banking biggies ICICI Bank and Bank of Baroda to report earnings today. Slippages expected to remain elevated for the ICICI Bank, while for Bank of Baroda, the asset quality movement will be watched closely.
Market update: Sensex trades 300 points higher, Nifty hovers around 11,250 mark##Market update: Sensex trades 300 points higher, Nifty hovers around 11,250 mark
Indian markets have advanced further after their strong show in early trade on Friday. The Sensex trades over 314 points, or rising by 0.85 percent to 37,298, while the Nifty trades below the 11,250 mark, gaining 0.73 percent, or 81 points. Nifty MidCap is nearly a percent up, while the BSE MidCap is higher by 0.77 percent. ITC, Hindalco, SBI, Bharti Airtel, Tata Motors are among top gainers, while shares of Yes Bank, Adani Ports, Dr Reddy’s and HUL are among the laggards.