Sensex ends 290 points higher, Nifty above 10,700; M&M, Tata Steel, Axis Bank top gainers
07 May 2018
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May 07, 03:55 PM (IST)
Sensex ends 290 points higher, Nifty well above 10,700; PSU banks, auto names gain
Huge gains in financials, metals, auto as well as energy names ensured that the market had a good start to the week, with the Nifty reclaiming 10,700 during the day's trade.
May 07, 03:33 PM (IST)
Benchmark indices closed on a strong note with Nifty and Sensex ended at day's high on Monday.
Except IT and pharma all other sectoral indices closed in the positive territory.
The Sensex up 292.76 points at 35208.14, and the Nifty up 97.20 points at 10715.50. About 1402 shares have advanced, 1271 shares declined, and 175
shares are unchanged.
May 07, 03:28 PM (IST)
Results reaction: Shares of Exide Industries touched 52-week high of Rs 268.50 on the bank of strong Q4 numbers.
The company posted a 15.4 percent year-on-year increase in net profit at Rs 189.56 crore in the fourth quarter of FY18. In Q4FY17, the net profit was Rs 164.26 crore.
A Reuters poll had estimated net profit of Rs 190.8 crore on sales of Rs 2,427 crore.
Net sales for Q4 was Rs 2,459 crore, up 11.56 percent from Rs 2,204 crore posted in Q4FY17.
May 07, 03:18 PM (IST)
Vijaya Bank Q4 earnings: The bank reported a rise of 1.6 percent in net profit at Rs 207.31 crore for March quarter, 2017-18.
The public sector bank had registered a net profit of Rs 203.99 crore in the January-March quarter of 2016-17.
Total income during the quarter grew to Rs 3,728.22 crore as against Rs 3,504.73 crore in the year- ago period, the bank said in a regulatory filing.
Provisioning for bad loans for the quarter was higher at Rs 552.91 crore as against Rs 344.56 crore in March quarter of 2016-17.
May 07, 03:12 PM (IST)
Oil surges to fresh highs on growing supply worries: Oil prices rose to their highest levels since late-2014 on Monday, boosted by Venezuela's deepening economic crisis and a looming decision on whether the United States will re-impose sanctions on Iran.
Brent crude oil futures were at USD 75.63 per barrel, up 76 cents from their last close. Earlier in the session, they touched their highest since November 2014 at USD 75.89 a barrel.
US West Texas Intermediate (WTI) crude futures rose 80 cents to USD 70.52 per barrel. Monday was the first time since November 2014 that WTI had climbed above USD 70 per barrel, reported Reuters.
May 07, 03:03 PM (IST)
Gold retreats from 1-week high on firmer dollar: Gold prices shed earlier gains to edge lower on Monday, as the dollar held near a four-month peak, dampening the appeal of bullion.
Spot gold was down 0.2 percent at USD 1,311.91 an ounce. Earlier in the session, it touched USD 1,318.85, its highest since April 30.
US gold futures for June delivery slipped 0.2 percent to USD 1,312.60 per ounce.
Prices had earlier touched a one-week high, benefiting from a slightly weaker dollar as investors mulled over the impact of Friday's mixed US employment data, reported Reuters.
May 07, 02:58 PM (IST)
Shakun Polymers files IPO papers with SEBI: Shakun Polymers has filed draft papers with capital markets regulator SEBI to float an initial public offering.
The IPO comprises fresh issue of shares worth Rs 75 crore and an offer for sale of up to 18 lakh equity stocks by the existing shareholders, according to the draft papers filed with Securities and Exchange Board of India (Sebi).
May 07, 02:50 PM (IST)
Infibeam to acquire Unicommerce eSolutions: The company will acquire Snapdeal's subsidiary Unicommerce, which offers e-commerce enablement software, in a deal worth up to Rs 120 crore.
"Under the agreement, Infibeam will issue optionally convertible debentures on preferential basis to Jasper Infotech valued up to Rs 120 crore, subject to shareholders' approval," Infibeam said in a statement.
May 07, 02:40 PM (IST)
Market extends gains: The market is trading at day's high in the final hour of trade driven by gains in PSU Banks. The Sensex gaining more than 250 points and Nifty touched 10,700 mark.
The Sensex up 267.68 points at 35183.06, and the Nifty up 85 points at 10703.30.
On the sectoral front, BSE realty, FMCG, bankex, metal, oil & gas are trading with 1 percent gain.
HDFC, Kotak Mahindra Bank, SBI, ICICI Bank and Axis Bank are among the top gainers in the banking space.
May 07, 02:11 PM (IST)
Shakun Polymers has filed draft papers with capital markets regulator SEBI to float an initial public offering. The IPO comprises fresh issue of shares worth Rs 75 crore and an offer for sale of up to 18 lakh equity stocks by the existing shareholders, according to the draft papers filed with Securities and Exchange Board of India (SEBI).
Shakun is a leading player in the field of compounds for the wire and cable market. It has two manufacturing facilities at Halol district in Gujarat and one at Daman, having a total installed capacity of over 25,000 metric tonnes per annum.
Proceeds of the issue will be utilised towards setting up of new unit for manufacturing Halogen Free Flame Retardant (HFFR) compounds and general corporate purpose.
May 07, 01:38 PM (IST)
The market is gathering steam now as it enters the last couple of hours of trade. The Sensex is up nearly 200 points, while the Nifty is eyeing 10,700-mark. Midcaps are trading almost at par with the benchmarks. Further gains are visible among PSU banks, with the sectoral index trading over 2 percent higher. Metals, FMCG and auto names are also surging ahead. Pharmaceutical space is the biggest laggard, dragged by cuts in Lupin. Among stocks, Axis Bank, HUL and Hindalco are the top gainers, while Coal India, Dr Reddy’s Labs, and Lupin lost the most.
May 07, 01:18 PM (IST)
May 07, 01:01 PM (IST)
Shareholding data of Karur Vysya Bank has revealed that the big bull, Rakesh Jhunjhunwala, has purchased 20 lakh more shares during the March quarter. His current stake stands at 3.36 percent.
Shareholding data of Karur Vysya Bank has revealed that the big bull, Rakesh Jhunjhunwala, has purchased 20 lakh more shares during the March quarter. His current stake stands at 3.36 percent.
May 07, 12:44 PM (IST)
Equities have extended their gains, with the Nifty trading comfortably above 10,650-mark. Strong gains are seen among financial stocks on the back of softening bond yields. The Nifty PSU bank index is up almost 2 percent. Meanwhile, pharma names have cut some of their losses and are trading almost one third of a percent lower. Metal names continued to lead the charts as well. Tata Steel and Hindalco are trading up to 3 percent higher.
May 07, 12:26 PM (IST)
May 07, 12:22 PM (IST)
Market Update: Axis Bank, Hindalco up 2-3% while Lupin shed 3%; Jubilant Food hits new 52-week high
The market breadth was in favour of the advances with 954 stocks advancing while 724 declined and 378 remained unchanged. On the other hand, in the BSE, 1279 stocks advanced and 1140 declined and 107 remained unchanged.
May 07, 12:17 PM (IST)
Gold prices went up by 0.54 per cent to Rs 31,473 per 10 grams in futures trade today as speculators built up fresh positions, taking positive cues from overseas markets.
At the Multi Commodity Exchange, gold for delivery in far-month August rose by Rs 170, or 0.54 per cent to Rs 31,473 per 10 grams in business turnover of 18 lots.
On similar lines, the yellow metal for delivery in June contracts gained Rs 156, or 0.50 per cent to Rs 31,270 per 10 grams in 354 lots.
May 07, 12:15 PM (IST)
Reliance Infrastructure JV bags Versova-Bandra sea link project: The share gained 2 percent as company bagged a contract worth Rs 7000 crore.
Reliance Infrastructure and Astaldi S.p.A (Italy) in joint venture have bagged the engineering, procurement and construction (EPC) contract for the prestigious Versova-Bandra Sea Link Project in Mumbai.
The letter of award (LoA) for the project has been issued by Maharashtra State Road Development Corporation (MSRDC).
The JV had emerged the most competitive bidder with their bid of Rs 6,993.99 crore.
May 07, 12:09 PM (IST)
The Delhi High Court today dismissed the Centre's plea challenging Vodafone's move to initiate two international arbitrations against India in connection with a tax demand of Rs 11,000 crore under a retrospective law of 2012.
Justice Manmohan said the Centre can approach the UK arbitration tribunal under the India-United Kingdom Bilateral Investment Protection Agreement (BIPA) for its grievance.
Vodafone has initiated arbitration proceedings under the India-United Kingdom and India-Netherlands Bilateral Investment Protection Agreement in connection with the tax demand raised against the company in relation to its USD 11 billion deal to acquire the stake of Hutchison Telecom.
May 07, 11:58 AM (IST)
These 10 moneymaking ideas could make you richer by up to 22% in next 30 days
These 10 moneymaking ideas could make you richer by up to 22% in next 30 days
The index has a string of resistances placed between 10,700 and 10,800 levels which could act as a crucial resistance level in the May series.
May 07, 11:42 AM (IST)
The Dhandho Investor: Mohnish Pabrai is betting big on India; here's his strategy
The ace investor recently talked about opportunities in the Indian market, saying it is one of the most fertile markets in the world for opportunities to make multi-fold returns.
May 07, 11:18 AM (IST)
Sadbhav Engineering bags order: The shares added 5 percent on order win worth Rs 317 crore.
The company has been declared the successful bidder (L1) in reverse auction process in respect of the bids invited by South Eastern Coalfields, Chhattisgarh.
The order includes mining project/work for contract value of Rs 317.11 crore and the contract period is 3 years.
May 07, 11:04 AM (IST)
Buzzing: Shares of PC Jeweller rose 38 percent as company is going to consider the proposal for buy back of fully paid-up equity shares on May 10, 2018.
Earlier, the company had decided to consider its financials, recommendation of dividend and proposal of buyback of shares in its meeting scheduled to be held on May 25, 2018.
In the Friday's trading session, the share closed up 43.72 percent at Rs 174.55. In the last three trading sessions the stock price soared 104 percent.
May 07, 10:45 AM (IST)
Ajay Srivastava, CEO, Dimensions Consulting, feels the consumption space should form at least one-fifth of an investor’s portfolio. In an interview to CNBC-TV18, he said the space is likely to outperform in the current market environment and smart money could well move from other sectors to high-quality consumption plays.
“Consumption might look overpriced with a high P/E but it is a wonderful space because there is no competition. Even at 5-7 percent growth rate, some 30-40 million new consumers are going to enter this space,” Srivastava explained, adding: “Consumers who are looking to set up their portfolio should be in this space with a minimum allocation of 20 percent in the current market environment.”
He feels market regulator SEBI’s decision to extend the timing for trading equity derivatives till 11:55 pm will expose investors to a lot of risks. “As long as index trading is permitted, there is nothing to worry about. But when it comes to stock futures that’s where the problem starts."
May 07, 10:42 AM (IST)
Sensex, Nifty maintain uptrend
The Sensex has continued to trade higher from the morning trade. It is up over 100 points, while the Nifty is maintaining its level around 10,650. In the broader markets space, midcaps are trading marginally higher, while among sectors Nifty Pharma continues to trade over 1 percent lower. FMCG stocks are up in today’s trade, gaining over 1 percent, led by a surge in ITC. Axis Bank, HUL, Hindalco and Vedanta are the top gainers, while Coal India, Dr Reddy’s and Lupin lost the most.
May 07, 10:27 AM (IST)
Avenue Supermarts slips 4% despite 73% jump in Q4 net to Rs 167cr
Shares of Avenue Supermarts shed nearly 4 percent intraday Monday despite strong numbers posted by the company in the quarter ended March 2018.
May 07, 10:19 AM (IST)
ICICI Bank was trading over 1 percent higher in morning trade ahead of March quarter results, which will be declared later in the day.
It has touched an intraday high of Rs 287.45 and an intraday low of Rs 282.95.
A more than doubling in provisions for bad loans is seen pulling ICICI Bank’s March quarter net profit down by 52.7 percent in net profit year-on-year to Rs 955.7 crore, according to a Reuters poll. India’s largest private sector lender had reported a bottomline of Rs 2,024.60 crore in the same quarter a year ago.
May 07, 10:18 AM (IST)
ICICI Bank likely to post sharp 53% drop in Q4 net profit, asset quality may worsen
The financial results will be the first public interaction for the bank's CEO and MD Chanda Kochhar after allegations of conflict of interest and nepotism were raised around March-end.
May 07, 10:05 AM (IST)
India’s 10-year benchmark bond rallied early on Monday taking comfort from the central bank’s unexpected announcement last week about purchase of sovereign bonds via open market operation.
The 10-year benchmark bond yield opened at 7.60 percent, sharply lower from its Friday close of 7.73 percent. However, traders expect some pullback in the rally as the amount of bonds to be bought by the Reserve Bank of India is too little and too late, they said.
Soon after a disappointing sale of government bonds on Friday, the RBI said it will buy 100 billion rupees ($1.50 billion) of government bonds on May 17.
May 07, 10:03 AM (IST)
Received an Income Tax notice? Here is what you can do
There can be varied reasons for which I-T department can send a notice, but if you get one, stay calm and then decide on the response.
May 07, 10:00 AM (IST)
Shares of Vakrangee were locked in 5 percent lower circuit after it has come under the radar of SEBI after auditor PwC has raised some concerns.
It has touched an intraday high of Rs 81.50 and an intraday low of Rs 81.50.
Auditing major Price Waterhouse quit audit mandate of technology firm Vakrangee, flagging concerns to the corporate affairs ministry about the books of accounts, mainly related to its bullion and jewellery business, even as the company denied any irregularities.
May 07, 9:54 AM (IST)
See up to 15% return from these five stocks
Rajesh Agarwal The Nifty snapped its five-week winning streak on profit booking at higher levels and closed the May 4 week lower at 10,618.25, down 0.73 percent week-on-week (WoW).
May 07, 9:48 AM (IST)
Shares of Lupin slipped more than 2 percent in the early trade on Monday after Credit Suisse highlighted concerns over the volume loss in its diabetes franchise. The brokerage sees a downside of 9 percent on the stock.
Credit Suisse has maintained its neutral stance on the stock with a target cut to Rs 770 from Rs 850, implying a downside of over 9 percent.
It said that there is massive volume loss in diabetes franchise in the US and has cut earnings and target.
May 07, 9:48 AM (IST)
The market has given up a shade of the gains from opening minutes. The Nifty is trading around 10,650-mark. Midcaps have given up all of their gains on the back of selling pressure. Maximum cuts are visible in the pharmaceuticals space, with the Nifty Pharma index down over 1 percent. Shares of Ambuja Cements fell over 1 percent during the morning trade as investors reacted to the company’s March quarter results.
May 07, 9:36 AM (IST)
The rupee has turned the tide now. The currency has slipped 20 paise at 67.06, tests lowest level Since February 17, 2017
May 07, 9:35 AM (IST)
Indian auto companies have released their sales volumes for April. Karvy Stock Broking said that overall the industry volumes were strong compared to corresponding month last year. Commercial vehicles segment witnessed very strong growth in volumes for the Month of Apr 2018. Maruti which is the largest player reported 14.4 percent YoY volume growth to 172,986 numbers. Overall, the two wheeler Industry also witnessed a strong double digit growth.
May 07, 9:29 AM (IST)
Ambuja Cements has fallen in morning trade. Credit Suisse has cut its target price on the stock too
The firm on Friday has reported standalone profit at Rs 271.8 crore for the quarter ended March 2018, a growth of 10.3 percent over year-ago period.
May 07, 9:18 AM (IST)
Shares have begun the week on a good note, with the Sensex gaining over 100 points, while the Nifty is trading around 10,650-mark.
The Sensex was up 110.25 points at 35025.63, while the Nifty was up 31.00 points at 10649.30. The market breadth was positive as 368 shares advanced, against a decline of 113 shares, while 48 shares were unchanged.
Bharti Airtel, Axis Bank, Hindalco and Mahindra & Mahindra were the top gainers, while Wipro, NTPC, Lupin and HPCL lost the most. Infosys is also trading over 1 percent higher.
May 07, 9:08 AM (IST)
ICICI Bank likely to post sharp 53% drop in Q4 net profit
ICICI Bank is expected to post a sharp decline of about 52.7 percent in net profit for the fourth quarter ending March 2018. This is because of the bank's higher provisions towards bad loan losses.
The country’s largest private sector lender’s profit after tax as per a Reuters poll is estimated to be at Rs 955.7 crore, in comparison with Rs 2,024.60 crore in the same quarter a year ago.
May 07, 9:05 AM (IST)
Here's a look at what changed for the market while you were sleeping. Take a look.
The Nifty50 which started on a strong failed to hold on to momentum and quickly pared gains on Friday and closed just above its crucial support level of 10,600 levels.
May 07, 9:01 AM (IST)
The pre-opening rates have kicked in. Trends indicate that the Sensex may open higher by around 70 points, while the Nifty could open higher as well. The rupee has opened at USD 66.82 against the US dollar.
May 07, 8:58 AM (IST)
Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, a rise of 5.5 points or 0.05 percent. Nifty futures were trading around 10,672-level on the Singaporean Exchange.
May 07, 8:58 AM (IST)
The Nifty is expected to open flat on Monday following muted trend seen in other Asian markets. The Nifty closed 61 points lower at 10,618 on Friday.
May 07, 8:58 AM (IST)
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