Sensex ends at record high; Nifty manages to close above 11,000

12 Jul 2018

Market at Close: Equity benchmarks have ended the session on a strong note, with the Sensex closing over 280 points higher, while the Nifty managed to close above 11,000-mark.

The Sensex is up 282.48 points or 0.78% at 36548.41, while the Nifty is up 68.50 points or 0.63% at 11016.80. The market breadth is negative as 1151 shares advanced, against a decline of 1475 shares, while 177 shares were unchanged.

Reliance Industries, Wipro and BPCL are the top gainers, while Vedanta, Infosys and UPL have lost the most on both the indices.

Axis Bank rallies 6% in 5 straight days: The share price of Axis Bank gained 1.6 percent intraday on Thursday, taking total gains of five consecutive sessions to 6 percent after global brokerage house Macquarie expects it to rally further 15 percent.

The research house has a Buy call on the stock with a target price at Rs 615 per share as it feels an external candidate would be more suitable for the CEO post of the private sector lender.

Macquarie said external candidates for CEO post are PS Jayakumar, Pramit Jhaveri and Shirish Apte while internal candidates include current DMD V Srinivasan and ED Rajiv Anand.

The board of Axis Bank recommended names of three candidates for the position of MD & CEO, the bank had said in a release to the exchanges on July 10.

The names have been recommended in order of preference for approval by the Reserve Bank of India (RBI), the release added.

The candidate, as approved by the RBI, will succeed Shikha Sharma, whose term as the MD & CEO is due to expire on December 31, 2018.

Buzzing: Coal India share price rallied 2 percent ahead of likely divestment by the government before August-end and after Edelweiss Securities upgraded the stock to Buy from Hold.

The government aimed to sell at least 1.5 percent equity stake in Coal India and also 7-10 percent in NLC India by August 31, reports CNBC-TV18 quoting NewsRise.

It is likely to raise total Rs 3,300-3,600 crore from stake sales in Coal India and NLC India.

As of June 2018, the Government of India holds 78.32 percent stake in Coal India and 84.04 percent in NLC India.

Market Update: Buying counters are buzzing on D-Street on Thursday as benchmark indices continued to gain big. The Sensex is up over 350 points, while the Nifty is well above 11,000-mark. Midcaps have seen some cooling off from the day’s high points, while financials, energy, and pharmaceuticals are the top gainers. Reliance Industries, Yes Bank, and BPCL are the top gainers, while Infosys, M&M, and UPL were the top losers.

RIL stock chart: The share price of oil-to-telecom major Reliance Industries was on an upward journey for the fifth consecutive day on Thursday, which helped it become the second company to hit $100 billion market capitalisation after TCS.

Powered by RIL, the 30-share BSE Sensex hit a fresh record high of 36,545.20 while the 50-share NSE Nifty reclaimed the 11,000-mark for the first time since February 1, 2018.

The rally in RIL stock started after its annual general meeting that took place on July 5.

It rallied 2.5 percent to hit a fresh record high of Rs 1,062 today and taking total five-day gains to 10 percent. This could be due to an aggressive plan announced in the AGM and ahead of its June quarter earnings.

Market Check: The benchmark indices are continue to trade strong with Sensex trading higher by over 300 points and Nifty above 11,000 mark.

The Sensex up 345.82 points at 36611.75, and the Nifty up 106.50 points at 11054.80. About 1398 shares have advanced, 782 shares declined, and 132 shares are unchanged.

HDFC Bank, Reliance Industries, HDFC, Kotak Mahindra Bank and ICICI Bank are the positive contributors to the Sensex.

Among the sectors, PSU bank and energy index are trading with 2 percent gain, while pharma and metal are up over 1 percent.

Buzzing: Shares of Alembic Pharmaceuticals gained 2.5 percent on the back of tentative USFDA approval for Ticagrelor tablets, 90 mg.

The company has received tentative approval from the USFDA (US Food & Drug Administration) for its abbreviated new drug application (ANDA) Ticagrelor Tablets, 90 mg.

The tentatively approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Brilinta Tablets, 90 mg, of Astrazeneca Pharmaceuticals LP.

Ticagrelor tablets are indicated to reduce the rate of cardiovascular death, myocardial infarction, and stroke in patients with acute coronary syndrome (ACS) or a history of myocardial infarction (Ml).

Shares of MRO-TEK Realty surged 5 percent intraday Thursday as company selected by BSNL.

The company has empaneled with BSNL (Bharat Sanchar Nigam) as a National Systems Integrator partner for Enterprise Business.

Market Update: Equity benchmarks have continued to trade strong, with the Sensex rising over 250 points, while the Nifty continues to trade above 11,000-mark.

The Sensex is up 269.49 points or 0.74% at 36535.42, while the Nifty is up 84.30 points or 0.77% at 11032.60. The market breadth is positive as 1,295 shares advanced, against a decline of 548 shares, while 112 shares are unchanged.

Yes Bank, Reliance Industries, HPCL and BPCL were the top gainers, while Infosys, M&M, and Bharti Infratel lost the most.

Cafe Coffee Day surges: Shares of Coffee Day Enterprises, the operator of Café Coffee Day, gained around 3 percent in morning trade after its subsidiary tied up with UberEats to distribute food products.

The stock has touched an intraday high of Rs 271.90 and an intraday low of Rs 267.15.

Material subsidiary of the firm, Coffee Day Global, entered into an agreement with UBER Portier.B.V, wherein the firm is partnering with Uber to obtain tech services through UberEats mobile app to distribute food products. This may help to augment the retail sale, the company said in a filing to exchanges.

Shares of Coffee Day Enterprises, the operator of Café Coffee Day, gained around 3 percent in morning trade after its subsidiary tied up with UberEats to distribute food products.

The stock has touched an intraday high of Rs 271.90 and an intraday low of Rs 267.15.

Buzzing Stock: Shares of Fortis Healthcare rose 2.7 percent in the opening trade on Thursday as company to consider fund raising.

A meeting of the board of directors of company shall be held on July 13 to consider and if thought fit approve raising funds through issue of securities on a preferential allotment basis.

The share touched its 52-week high Rs 171.35 and 52-week low Rs 106.65 on 03 January, 2018 and 06 February, 2018, respectively.

Buzzing Stock: Shares of HCL Technologies added 1.5 percent in the opening trade on Thursday as board to consider buyback of shares.

A meeting of the board of directors of the company is scheduled to be held on July 12, 2018, to consider a proposal for buyback of equity shares.

Market opens: It’s a green start to the market and the Nifty has managed to reclaim 11,000 in the opening tick. It has achieved the the feat for the first time since February 1. The Sensex is touched an all-time high mark as well and is up over 180 points as well.

The Sensex is up 187.13 points or 0.52% at 36,453.06, while the Nifty is up 65.40 points or 0.60% at 11,013.70. The market breadth is positive as 502 shares advanced, against a decline of 139 shares, whereas 41 shares are unchanged.

All sectoral indices are trading in the green, with maximum gains in PSU banks, energy and metal names, while midcaps, too, are trading almost a percent higher.

Rupee opens: The Indian rupee opened flat at 68.76 per dollar on Thursday against previous close 68.77. Rupee consolidated in a narrow range of 68.50 and 69.00(Spot) despite strength in the dollar against its major crosses and volatility in global crude prices. On the domestic front, volatility for the USDINR pair could be confined to a narrow range ahead of inflation and industrial production number that will be released today. Expectation is that inflation could inch higher and that could keep gains capped for the rupee, said Motilal Oswal.

Market at pre-open: Pre-opening trades indicate a higher opening for the market here. The Sensex is above 36,300, while the Nifty has touched 11,000 again in the pre-opening trade.

At 09:01 hrs IST, the Sensex is up 75.96 points or 0.21% at 36341.89, and the Nifty up 85.90 points or 0.78% at 11034.20.