Nifty, Sensex end at record closing high; RIL, Tech Mahindra top gainers

31 Jul 2018

Market Closing: The benchmark indices continue their uptrend on fourth day with Sensex and Nifty ending at record closing high, supported by IT, energy, metal and pharma stocks.

The Sensex closed up 112.18 points at 37606.58, while the Nifty ended up 37 points at 11356.50.

The market breadth was positive, about 1458 shares have advanced, 1163 shares declined, and 165 shares are unchanged.

Midcap and Smallcap index have performed inline with benchmark indices.

Reliance Industries, Hero Motocorp, HUL, Adani Ports, Tech Mahindra, Dr Reddys Labs are the top gainers on the indices.

Market Update: Buying counters are buzzing again after trading lower for the larger part of session. The Sensex and Nifty have turned in the green, with the 50-share index trading above 11,300-mark. Financials is the only sector in the red, while gains are seen among other names. IT, pharma, energy and auto sectors are higher. The midcap index too is up around one third of a percent. RIL, Adani Ports, and Tech Mahindra have lost the most, while Axis Bank, HDFC, and Indiabulls Housing have lost the most.

Market Update: The market has continued to take a breather on Tuesday, following several sessions of rally, as the Sensex fell over 100 points, while the Nifty hovered around 11,300-mark.

Financials have taken a hit among sectoral indices, along with metals and FMCG. Meanwhile, energy, pharma and IT are the top gainers. The midcap index is outperforming the benchmarks, up over 0.30 percent.

The Sensex is down 88.25 points or 0.24% at 37406.15, and the Nifty down 18.60 points or 0.16% at 11300.90. The market breadth is narrow as 1252 shares have advanced, 1117 shares declined, and 137 shares are unchanged.

RIL surpasses TCS' market cap: Reliance Industries has managed to overtake the market capitalisation of Tata Consultancy Services (TCS) and pipped it to be the largest company in India by m-cap. The stock of RIL touched a market capitalisation of Rs 7.42 lakh crore against TCS’ Rs 7.39 lakh crore.

Buzzing: Shares of Reliance Industries touched all-time high of Rs 1,160, rising 1 percent as Morgan Stanley maintained overweight rating on the stock with a target at Rs 1230 per share.

According to research house, transition in profitability is evident in earnings and most businesses showed good step-ups in margins.

Cash burn in telecom remains a challenge but still expect ROCE to rise 150bps p.a. until F21, it said.

The company has posted first quarter consolidated profit at Rs 9,485 crore, which grew by 0.3 percent compared to Rs 9,459 crore in the previous quarter. The year-on-year bottomline growth was 4.5 percent.

RPP Infra Projects bags order worth Rs 217 crore: Shares of RPP Infra Projects added 3.4 percent as company bagged order worth Rs 217 crore.

The company has bagged order from Maharashtra PWD (Public Works Department of Maharashtra) for worth of Rs 217.1 crore.

The order include rehabilitation and up-gradation of existing highway to 2 lane with paved shoulder configuration of Wardha to Arvi on EPC mode in the state of Maharashtra. The said work to be completed within 18 months.

Buzzing: Shares of Escorts added 4 percent intraday Tuesday as company posted robust numbers in the quarter ended June 2018 (Q1FY19).

The company posted 92.7 percent jump in its Q1 net profit at Rs 120.7 crore against Rs 62.64 crore in the same quarter of last fiscal.

Revenue from operations rose by 29.9 per cent to Rs 1,511 crore against Rs 1,163 crore.

Credit Suisse has maintained outperform rating on Escorts and raised target price to Rs 1,230 from Rs 1,170 per share.

Market Update: Benchmark indices have further extended their fall from its opening levels, with the Sensex declining over 100 points, while the Nifty is also down over one-third of a percent. Midcaps, on the contrary, are outperforming the benchmarks and trading over 0.2 percent higher.

Among stocks, HDFC twins are dragging the indices lower, while Tech Mahindra is the top gainer on Nifty after its Q1 results.

The Sensex is down 134.17 points or 0.36% at 37360.23, and while the Nifty is down 38.10 points or 0.34% at 11281.40. The market breadth is narrow as 1038 shares advanced, 936 shares declined, while 112 shares are unchanged.

D-Mart surges 4%: Shares of Avenue Supermarts, the operator of D-Mart, rose over 4 percent on Tuesday morning as investors cheered the firm’s results for June quarter.

The stock touched an intraday high of Rs 1,663.80 and an intraday low of Rs 1,622.00.

The company reported a strong 43 percent rise in net profit for the March quarter at Rs 250.6 crore. The firm had reported Rs 174.8 crore profit during the same quarter of last year.

Its revenues grew 27 percent at Rs 4,559.4 crore against Rs 3,598.1 crore, year on year.

InterGlobe Aviation hits fresh 52-week low post Q1 results: InterGlobe Aviation slipped nearly 10 percent in morning trade to hit a fresh 52-week low of 905.20 on the BSE after the operator of low-cost carrier IndiGo, has reported a massive 96.6 percent fall in first-quarter net profit, dented by higher fuel prices and the adverse impact of forex.

Profit for the quarter declined to Rs 27.8 crore from Rs 811.1 crore in June quarter 2017.

The global brokerage firm, JP Morgan downgraded the stock to neutral from overweight post Q1 results and has also slashed its target price to Rs 900 from Rs 1,150 earlier.

Q1 earnings impacted on all fronts. The global investment bank expects the industry to either take up pricing or cut back on capacity addition.

Buzzing: Shares of Idea Cellular declined 5.4 percent in the early trade on Tuesday as CLSA downgrade the stock to sell and cut target price to Rs 51 per share.

The company has turned profitable in the quarter ended June 2018 as it has posted consolidated net profit at Rs 256.5 crore against loss of Rs 962.2 crore reported in March 2018.

The company's profit has included one-time gain on sale of its entire shareholding in Idea Cellular Infrastructure Services to ATC Telecom for Rs 3,364 crore.

However, the loss before tax and exceptional items was at Rs 2,757.6 crore.

The broking house CLSA has downgraded Idea Cellular to sell from buy and cut target to Rs 51 from Rs 70 per share.

According to CLSA, the Q1 revenue is in-line, but EBITDA is below estimates, while operating metrics were also weak. It expect net debt to be 6.6x EBITDA by FY21 and will still remain uncomfortable.

Market Opens: After closing at record highs in Monday’s trade the benchmarks indices opened lower on Tuesday, with the Nifty trading below 11,300 mark and Sensex below 37,400.

The Sensex is down 100.14 points at 37394.26, and the Nifty down 27.30 points at 11292.20. About 459 shares have advanced, 379 shares declined, and 65 shares are unchanged.

Axis Bank, Tech Mahindra, ONGC, Lupin, Power Grid, Dr Reddy's Laboratories are up 0.5-1 percent, while HDFC, ICICI Bank, Adani Port, L&T, Tata Steel are among the major losers.

Avenue Supermarts gained 3 percent after reporting stellar June quarter numbers.

Rupee opens: The Indian rupee opened marginally lower at 68.70 per dollar on Tuesday against previous close 68.67.

The dollar-rupee August contract on the NSE was at 68.88 in the previous session. August contract open interest increased 3.91% in the previous day, said ICICIdirect.

We expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions, it added.

Market at pre-open: Pre-opening trends suggest that the Sensex and Nifty are likely to have flat start, with the Nifty trading above 11,300-mark.

The Sensex up 53.09 points at 37547.49, and the Nifty down 2.20 points at 11317.30.

Axis Bank, Avenue Supermart are higher, while Idea and Interglobe Aviation are lower in pre-opening trade.