Sensex, Nifty end at record closing highs; PSU banks gain big
30 July 2018
Market Closing: The week has started on a strong note for the market, with the Sensex and Nifty ending at record closing high, supported by PSU banks as well as energy stocks.
The Sensex was up 157.55 points at 37494.40, and the Nifty was up 41.10 points at 11319.50.
The market breadth was on advancing side, about 1617 shares have advanced, 1026 shares declined, and 188 shares are unchanged.
Smallcap index outperformed the major indices with 0.5 percent gain.
Reliance Industries, TCS, ICICI Bank, HUL and Maruti Suzuki are the positive contributors to the Sensex.
Chennai Petroleum Q1 result: Chennai Petroleum Corporation Q1 (April-June) net profit was down 12.4 percent at Rs 156 crore against Rs 178.1 crore, Q-o-Q.
Revenue was down 2.7 percent at Rs 9,520.9 crore against Rs 9,788 crore.
EBITDA was up 26 percent at Rs 447.2 crore and margin was at 4.7 percent.
The company has reported forex loss for Q1 at Rs 170.6 crore.
SBI raises FD interest rates: State Bank of India, the country's largest lender, has raised its interest rates on fixed deposits, effective Monday. The revised rates come across various maturities and amounts and will apply to senior citizens as well.
The bank has raised interest by 5-10 basis points on deposits of below Rs 1 crore. This revision comes just before the Reserve Bank of India's third bi-monthly policy review, which is scheduled to be announced on August 1.
Tata Power to raise Rs 5,500 crore: Tata Power has got shareholders' approval to raise up to Rs 5,500 crore through issuance of non-convertible debentures on private placement basis.
The company had sought shareholders' approval at the annual general meeting held last week through a special resolution which was passed by the requisite majority, as per a BSE filing.
At 14:53 hrs Tata Power Company was quoting at Rs 73.30, up Rs 1.45, or 2.02 percent.
SPARC Q1 results: Sun Pharma Advanced Research Company (SPARC) has reported net loss at Rs 64.5 crore in the quarter ended June 2018.
The company had posted loss of Rs 78.8 crore in the same quarter last fiscal.
Revenue was down 28 percent at Rs 16.8 crore against Rs 23.4 crore.
EBITDA loss was at Rs 63.8 crore versus loss of Rs 78 crore.
Thyrocare Technologies to consider buyback: Shares of Thyrocare Technologies added 6.6 percent as company is going to consider buyback of its shares.
A meeting of the board of directors of the company will be held on August 04, 2018, to consider a proposal to buy back equity shares.
The 18th annual general meeting of the company will be held on August 11, 2018.
Buzzing: Shares of NTPC slipped 2 percent intraday Monday as company's first quarter (Q1FY19) net profit fell by 1.1 percent year-on-year to Rs 2,588.1 crore, dented by lower other income and higher finance cost.
Profit in the same quarter last fiscal was at Rs 2,618.2 crore.
Revenue during the quarter grew by 14.2 percent to Rs 22,703 crore compared to Rs 19,879.3 crore in corresponding period last year.
Deutsche Bank has maintained buy rating on NTPC and cut target to Rs 200 from Rs 203 per share.
Zydus receives tentative approval from USFDA: Zydus Cadila has received the tentative approval from the USFDA to market Vardenafil Hydrochloride Tablets (US RLD-Levitra) in the strengths of 2.5 mg, 5 mg, 10 mg and 20 mg.
The drug is an erectile dysfitnction agent that works by blocking a certain enzyme (phosphodiesterase—PDES) used to treat erectile dysfunction (impotence). It will be manufactured at the group’s formulations manufacturing facility at SEZ.
Market Update: Equity benchmarks have given up all of their gains, dragged by a selling in midcaps, IT as well as pharmaceuticals space. The Nifty continues to trade above 11,250-mark.
The Sensex is down 14.84 points or 0.04% at 37322.01, and the Nifty down 8.90 points or 0.08% at 11269.50. The market breadth, however, is positive as 1,208 shares advanced, 748 shares declined, while 118 shares are unchanged.
Shares of State Bank of India, HPCL and ONGC have gained the most on both indices, while Kotak Mahindra Bank and Wipro were the top losers.
New Listing: Women's apparel maker TCNS Clothing started off the first session on a tepid note, opening flat at around issue price of Rs 716 and then slipped in to red with a percent loss.
The 1,125-crore initial public offer had received good response from institutional investors, subscribing 5.25 times during July 18-20.
The offer received bids for 5,79,79,780 equity shares against the total issue size of 1,09,99,828 shares (excluding anchor portion of 47,14,210 shares).
Market Update: Benchmarks are marginally off their high points, but have continued to be in the green. The Nifty is hovering around 11,300.
The Sensex is up 70.51 points or 0.19% at 37407.36, and the Nifty up 15.90 points or 0.14% at 11294.30. The market breadth is positive as 1,284 shares advanced, against a decline of 575 shares, while 107 shares were unchanged.
Buzzing stock: Shares of Bank of Baroda soared almost 8 percent on Monday morning as investors cheered its strong results for the June quarter.
The stock touched an intraday high of Rs 150.00 and an intraday low of Rs 144.75.
The public sector bank reported a 160 percent jump in net profit to Rs 528.3 crore for the quarter ended June, beating analyst estimates. In the same quarter last year, profit was Rs 203.4 crore.
The profit was driven by healthy net interest income (NII), stable loan growth and lower provisions.
Buzzing Stock: Share price of Gati added nearly 18 percent in the early trade on Monday on the possible stake sold to the TVS Logistics.
India’s largest logistic services provider, TVS Logistics is in talks with Gati to buy a controlling stake for about Rs 1,500 crore, reported The Economic Times.
TVS, in which Canada’s CDPQ owns a significant minority stake, is negotiating to buy the entire promoter holding of around 23%, it added.
ICICI Bank surges 3%: Shares of ICICI Bank gained 3 percent on Monday morning as investors reacted to its June quarter performance, where provisions saw a major jump.
The stock touched an intraday high of Rs 303.30 and an intraday low of Rs 298.00.
The lender had reported a net loss of Rs 119.5 crore in the first quarter of FY19 compared to a profit of Rs 2,049 crore in the same quarter last year.
Market Opens: Equity benchmarks have clocked fresh record highs on Monday morning, with the Nifty hitting 11,300 for the first time, while the Sensex is also well above 37,400-mark.
The Sensex is up 92.84 points or 0.25% at 37429.69, and the Nifty up 21.10 points or 0.19% at 11299.50. The market breadth is positive as 434 shares advanced, against a decline of 123 shares declined, while 55 shares were unchanged.
Banks are the big gainers of this morning, with PSU banks seeing a big surge, led by Bank of Baroda. ICICI Bank is trading strong post its June quarter results as well. The midcap index is up around quarter of a percent. Meanwhile, the Bank Nifty has also hit a fresh record high.
Rupee opens: The Indian rupee opened lower by 5 paise at 68.70 per dollar on Monday versus Friday's closing 68.65.
On Friday, rupee rose for the third consecutive session against the US dollar ahead of important major central bank policy meetings scheduled this week. RBI’s monetary policy statement will be released this week and expectation is that the central bank would hold rates unchanged but any hawkish comments could extend gains for the rupee, said Motilal Oswal.
On Friday, data released by RBI showed India’s FX reserves rose marginally by USD 67.7million to USD 405.14billion for the week ended July,20.
Market at pre-open: Pre-opening trends indicate that the Sensex and Nifty are likely to have a good start, with the Nifty trading well above 11,250-mark.
At 09:01 hrs IST, the Sensex is up 138.45 points or 0.37% at 37475.30, and the Nifty down 5.90 points or 0.05% at 11272.50.
Shares of Bank of Baroda and Reliance Industries are higher in pre-opening trade after their June quarter numbers.