Last hour buying pushes Sensex almost 200 points higher, Nifty above 11,000
17 July 2018
Market at Close: Increased buying in the last hour ensured that the market has ended the day on a positive note, with the Nifty closing above 11,000-mark.
The Sensex closed higher by 196.19 points or 0.54% at 36519.96, while the Nifty rose 71.10 points or 0.65% at 11008.00. The market breadth was positive as 1443 shares advanced, against a decline of 1101 shares, while 173 shares were unchanged.
Midcaps witnessed a very strong day of trade, outperforming the benchmarks and ended 2.5 percent higher. Investors placed big bets on financials, particularly PSU banks, as well as pharmaceuticals, metals as well as energy names.
State Bank of India, Sun Pharma, HPCL and IOC were the top gainers, while HUL, IndusInd Bank and Tech Mahindra were the top losers.
Market Update: Buying counters are buzzing again on D-Street as equity benchmarks have extended their gains. The Nifty has reclaimed 11,000.
Investors are placing big bets on midcaps, with the index soaring almost 2 percent, while financials, pharmaceuticals, metals and energy indices are seeing an uptick as well.
Among stocks in focus are some banking names such as Federal Bank—a huge 17 percent surge on that stock on the back of good results for June quarter. Another bank is in focus—IDBI Bank— which has risen 6 percent after LIC is planning an open offer.
The Sensex is up 179.23 points or 0.49% at 36503.00, while the Nifty is up 67.10 points or 0.61% at 11004.00. The market breadth is narrow as 1,283 shares advanced, against a decline of 1,123 shares, while 141 shares are unchanged.
ICICI Lombard Q1 results: ICICI Lombard General Insurance Company has reported 35 percent rise in its Q1 net profit at Rs 289.3 crore against Rs 214.1 crore in a year ago period.
Gross Premiums was up 13.6 percent at Rs 3,855.7 crore, combined ratio at 98.8 percent and solvency ratio at 2.04 percent.
At 14:08 hrs ICICI Lombard General Insurance Company was quoting at Rs 737.05, up Rs 26.00, or 3.66 percent.
Buzzing: Shares of Finolex Industries added 3.7 percent as HSBC has initiated buy on stock with a target of Rs 750 per share.
According to research house, policy, capacity and improving margins all flowing through and expect PVC resin fundamentals to improve.
Rise in weightage of more stable pipes business to make margins less volatile.
The company trades at steep discount, despite similar growth profile and strong balance sheet, it added.
IDFC Securities on GAIL: IDFC Securities has maintain outperformer rating on GAIL and hiked target price to Rs 434 from Rs 410 per share.
The broking house expect Q1FY19 to see stellar performance. GST inclusion and aggressive bidding in the CGD auction are positive triggers.
Petchem expansion to stabilize gradually, while transmission and trading volumes set to grow steadily.
It expect profitability in LPG segment to remain strong over FY19-20.
Muthoot Capital Services Q1 results: The company has recorded 24 percent jump in its Q1 net profit at Rs 20.6 crore against Rs 6.1 crore in the same quarter last fiscal.
Revenue of the company was up 56 percent at Rs 124.1 crore versus Rs 79.4 crore.
At 13:20 hrs Muthoot Capital Services was quoting at Rs 1,051.70, up Rs 2.30, or 0.22 percent.
Ashok Leyland Q1: Automobile major Ashok Leyland reported a net profit of Rs 370 crore for the quarter that ended on June 30, 2018.
On an operating front, it reported an EBITDA of Rs 647.5 crore, while operating margin is reported at 10.4 percent. Detailed report will follow soon…
Federal Bank Q1: Federal Bank posted a 25 percent hike in its net profit for the quarter ended June 30, 2018 on account of lower provisions. The bank posted net profit of Rs 262.71 crore for Q1FY19 compared to Rs 210.15 crore YoY.
The provisions decreased to Rs 199.15 crore compared to Rs 236.44 crore. The bank’s net interest income rose by 22.4 percent to Rs 980 crore in Q1 YoY.
Sequentially, the non-performing assets (NPA) were stable. Gross NPA stood at 3 percent for Q1, riusing from 2.42 percent YoY but similar to the four quarter of FY18. Net NPA stood at 1.72 percent, rising from 1.39 percent YoY. It was 1.69 percent in Q4FY18.
Market Update: The market continues to trade in a tight range and has held on to its morning gains. Barring FMCG, all sectoral indices are trading in the green, with gains in pharmaceuticals, PSU banks, metals and energy names. Midcaps too have extended their gains, up over 1.1 percent. Sun Pharma, M&M, HPCL and IOC are the top gainers, while HUL and Airtel have lost the most.
The Sensex is up 45.14 points or 0.12% at 36368.91, and the Nifty up 29.20 points or 0.27% at 10966.10. The market breadth is narrow as 1151 shares have advanced, 1112 shares have declined, and 133 shares are unchanged.
Shares of oil marketing companies as well as aviation companies soared on Tuesday on the back of falling crude oil prices.
OMCs such as Indian Oil, HPCL and BPCL gained 3-6 percent, while airline stocks such as Jet Airways, SpiceJet and InterGlobe Aviation (IndiGo) too rose 3-4 percent. Reduced crude implies cheaper fuel cost for airline companies, which in turn will impact their profitability.
Oil prices fell for a second day on Tuesday as worries about possible disruptions to supply eased and as investors focused on potential damage to global growth from the festering Sino-US trade spat.
Brent crude futures had dropped 12 cents, or 0.2 percent, to $71.72 a barrel by 0614 GMT after spending most of the day in positive territory. They fell 4.6 percent on Monday, at one point touching their lowest since mid-April.
US West Texas Intermediate futures were down 17 cents, or 0.3 percent, at $67.89. They declined 4.2 percent on Monday.
“It is growth fears all around and more about concerns that ... trade worries will come back and bite,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney.
“(Oil trading) volumes are abysmal and there is very little commitment at current levels.”
Buzzing: Shares of Sintex Plastics Technology touched 52-week low of Rs 34.30, down 7 percent on the back of poor June quarter numbers.
The company's Q1 profit falls 47 percent to Rs 37.53 crore versus Rs 70.56 crore, YoY but turned profitable compared to loss at Rs 12.49 crore reported in March quarter.
Revenue from operations drops 12.2 percent to Rs 1,325 crore versus Rs 1,509 crore, YoY, but increases 2.5 percent from Rs 1,292.56 crore (QoQ).
The annual general meeting of the company is scheduled to be held on September 17, 2018.
Zydus receives final approval from USFDA: Zydus Cadila has received the final approval from the USFDA to market Clindamycin Phosphate Topical Solution USP (Cleocin T), 1%.
Clindamycin is an antibiotic which works by stopping the growth Of bacteria. It is used to treat acne and helps to decreasethe number of acnelesions.
It will be manufactured at group's Topical manufacturing facility at Ahmedabad.
Market Update: Equity benchmarks continued to trade in the green, with the Nifty hovering above 10,950.
The Sensex is up 60.89 points or 0.17% at 36384.66, while the Nifty is up 23.90 points or 0.22% at 10960.80. The market breadth is narrow as 1003 shares have advanced, 788 shares declined, while 115 shares are unchanged.
Market Update: After witnessing a flat opening, benchmark indices have extended their gains, with the Sensex trading over 100 points higher, while the Nifty is well above 10,950.
The Sensex is up 107.68 points or 0.30% at 36431.45, while the Nifty is up 40.30 points or 0.37% at 10977.20. The market breadth is positive as 851 shares advanced, against a decline of 543 shares, while 79 shares are unchanged.
Shares of Tata Motors, Tata Steel, HPCL and GAIL were the top gainers, while HUL and NTPC have lost the most.
Buzzing stock: Shares of Ashok Leyland were trading over 2 percent higher in the morning trade on Tuesday ahead of its June quarter earnings announcement.
The stock touched an intraday high of Rs 128.45 and an intraday low of Rs 125.00.
Gaining from a continued surge in demand across categories, and last year's lower base, domestic commercial vehicle manufacturer Ashok Leyland will likely post a threefold rise in its bottom line for the June quarter.
According a Reuters poll of 15 analysts, the Chennai-based truck and bus maker's net profit is seen rising 220 percent year on year to Rs 356.3 crore for the quarter under review. The company's financials for the June quarter included those of Hinduja Foundaries, which merged with Ashok Leyland during the December quarter last year.
Glenmark pharma gains Shares of Glenmark Pharma added 1.5 percent in the opening trade on Tuesday as company received final approval from USFDA for Colesevelam Hydrochloride.
Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Colesevelam Hydrochloride for Oral Suspension, 1.875 grams/Packet and 3.75 grams/Packet. Colesevelam Hydrochloride is a generic version of Welchol 1 of Daiichi Sankyo Inc.
Market Opens: It’s a flat start to the market on Tuesday morning, with the Nifty opening below 10,950-mark.
The Sensex is down 24.41 points or 0.07% at 36299.36, while the Nifty is up 0.30 points or 0.00% at 10937.20. The market breadth is narrow as 260 shares advanced, against a decline of 175 shares, while 46 shares are unchanged.
IT stocks are trading in the red, while other sectoral indices are trading flat with a negative bias. Energy index is trading higher on the back of fall in crude prices.
Shares of Hindustan Unilever is trading flat post its Q1 results. Sun Pharma, Bharti Airtel, HPCL and IOC are the top gainers, while Vedanta, Axis Bank, and Dr Reddy’s Labs have lost the most.
Rupee opens: The Indian rupee gained in the opening trade on Tuesday. It has opened higher by 18 paise at 68.39 per dollar versus 68.57 yesterday.
Rupee continued to consolidate in a broad range of 68.50 and 69.00(Spot) since the last fourteen sessions despite volatility in global crude and strength in the dollar against its major crosses, said Motilal Oswal.
In the last few sessions crude oil has been under pressure as Libyan ports reopened and traders eyed potential supply increases by Russia and other producers. There are also reports that US could tap its Strategic Petroleum Reserve, which would add supply to the market. Sharp sell-off in crude oil prices is expected to support the rupee in the intraday session.
Market Pre-open:D-Street is likely to witness flat start on Tuesday morning, with the Nifty hovering near10,950.
At 09:02 hrs IST, the Sensex is up 82.68 points or 0.23% at 36406.45, while the Nifty is up 3.50 points or 0.03% at 10940.40. The market breadth is positive as 2 shares have advanced, while 1 share has declined, while 2776 shares are unchanged.
Shares of Hindustan Unilever would be in focus post its Q1 results; the stock is up 3 percent in the pre-opening trade.