Bulls ensure no Monday blues on D-Street! Sensex, Nifty end at record closing highs

06 Aug 2018

Market at Close: After trading near the day’s high points throughout the session, equity benchmarks lost some sheen in the last hour, with the Nifty giving up 11,400. The Sensex managed to end the session just short of 37,700-mark.

The Sensex closed up 135.73 points or 0.36% at 37691.89, while the Nifty ended 26.30 points higher at 11387.10. The market breadth was narrow as 1,605 shares advanced, against a decline of 1,121 shares, while 176 shares were unchanged.

Banks led the gainers’ chart among all sectoral indices, while auto, energy and metals followed suit as well. In the broader markets, midcaps ended the day around half a percent higher.

Axis Bank, State Bank of India, and ICICI Bank were the top gainers, while Tata Motors, Kotak Mahindra Bank, GAIL and Dr Reddy’s Labs lost the most.

Tata Motors' JLR UK Sales: Tata Motors' total JLR UK Sales was down 18.6 percent at 6,077 units for the month July against 7,465 units in July 2017.

At 15:02 hrs Tata Motors was quoting at Rs 256.10, down Rs 2.65, or 1.02 percent.

Buzzing: Share price of JMC Projects (India) surged 7 percent as company approved stock split and reported better Q1 numbers.

The company has approved proposal for sub-division (split) of the existing face value of the equity shares of the company from Rs 10 each to Rs 2 each, subject to the approval of the members of the company.

The company's Q1FY19 net profit rose 22 percent at Rs 26.6 crore against Rs 21.8 crore in the same quarter last fiscal.

IDFC rises 9%: Shares of IDFC rose over 9 percent even after the firm issued a clarification to exchanges with respect to reports of sale of its broking and mutual fund business.

The stock touched an intraday high of Rs 51.35 and an intraday low of Rs 48.10.

The company said that it does not comment on market speculation at this point. “We keep evaluating opportunities from time to time and should anything fructify, we will inform the exchanges as appropriate. At this point, there is nothing that requires disclosure and we cannot and do not comment on market speculation,” the company said in a filing to exchanges.

According to a report in The Economic Times, the company is said to be in final negotiations with Avendus Capital to sell these businesses. The report further pegs the deal to be around Rs 5,000-6,000 crore.

Market Update at 2: It has been a good start to the week so far, as benchmark indices have held on to their morning gains. The Nifty is managing to hover around 11,400, while the Sensex is up almost 200 points.

The Sensex is up 179.18 points or 0.48% at 37735.34, and the Nifty up 39.90 points or 0.35% at 11400.70. The market breadth is narrow as 1535 shares have advanced, 1002 shares have declined, while 155 shares are unchanged.

Banks are biggest gainers of the day, followed by metals and energy sectors. The Nifty Midcap index is also up almost a percent. Axis Bank and ICICI Bank are the top gainers, while HUL and Kotak Mahindra Bank continued to drag.

Buzzing stock: Shares of SREI Infrastructure Finance fell more than 2 percent intraday on Monday after sources told CNBC-TV18 that its IPO of equipment finance business is likely to postponed or called off.

The initial public offering was planned for Q4FY18, which was rescheduled to Q1FY19 and again to Q2FY19.

Sources said investors see Srei Equipment IPO impacting wealth of SREI Infrastructure Finance's shareholders.

Buzzing: Power Mech Projects share price rallied 3.8 percent on bagging two orders worth Rs 1,385 crore in Andhra Pradesh.

Andhra Pradesh government's Department of School and Education has given two work orders which are for providing necessary infrastructure viz. furniture and additional class rooms including library rooms & electrical facilities in all government schools, KGBVs & Bhavitha buildings on Hybrid Annuity Mode (HAM) in five districts.

The first order is worth Rs 872.71 crore and the second order worth Rs 512.78 crore, which both are under Sarva Siksha Abhiyan and will be completed within 24 months.

Results reaction: Shares of Britannia Industries gained 1.6 percent on the back of strong June quarter numbers.

The company has reported June quarter consolidated profit growth of 19.4 percent year-on-year to Rs 258.1 crore with double digit volume growth. Profit in the first quarter of last year was at Rs 216.1 crore.

Consolidated revenue during the quarter grew by 12.4 percent to Rs 2,544 crore compared to Rs 2,264 crore in same period last fiscal.

The company will consider the sub-division of equity shares of the company of face value of Rs 2 each on August 23.

Buzzing: Shares of Mercator added 3.6 percent as company won maintenance dredging contract for Goa Naval area.

The company has won a maintenance dredging contract of Goa Naval area having a contract value of Rs 26.39 crore. The contract is for a block year 2018-20, 50 percent of the project shall be executed in FY 2019 and the remaining portion in FY 2020.

A meeting of the board of directors of the company will be held on August 7, 2018 to consider, approve and take on record the un-audited financial results of the company for the quarter ended June 30, 2018.

Market Update: Equity benchmarks have further extended their gains, with the Sensex on track to hit 37,800, while the Nifty is well above 11,400-mark.

At 11:09 hrs IST, the Sensex is up 204.22 points or 0.54% at 37760.38, and the Nifty up 49.70 points or 0.44% at 11410.50. The market breadth is positive as 1434 shares have advanced, 805 shares declined, while 140 shares are unchanged.

There is strength visible among banks, auto, energy and metal names, while pharamceuticals and FMCG names have lost some sheen.

Axis Bank and ICICI Bank are the top gainers, while Kotak Mahindra Bank and HUL have lost the most.

Bumper Listing: Share price of HDFC Asset Management Company, the country's second-largest mutual fund house, started off trade on a strong note on Monday. The stock listed at Rs 1,738 on the NSE, registering a healthy gain of 58 percent over issue price of Rs 1,100 per share on the NSE.

The joint venture fund house raised Rs 2,800.33 crore through public issue and issued 2,54,57,555 equity shares at Rs 1,100 per share. Housing Development Finance Corporation and Standard Life Investments lower their shareholding via this IPO.

The public issue was subscribed 83.06 times receiving bids for 156.19 crore equity shares against IPO size of 1.88 crore shares (excluding anchor portion). The reserved portion of qualified institutional investors oversubscribed by 192.26 times, non-institutional investors 195.15 times and retail 6.73 times during July 25-27.

This is the fourth company from the HDFC Group listed on bourses.

HDFC AMC pre-opening: Share price of HDFC Asset Management Company, the country's second-largest mutual fund house, has settled at Rs 1,726 in the pre-opening trade, showing a gain of 57 percent over issue price of Rs 1,100 per share..

Market Opens: Equity benchmarks have clocked fresh record highs on Monday morning, with the Nifty hitting 11,400 for the first time, while the Sensex is also gained 200 points.

The Sensex is up 220.59 points at 37,776.75, and the Nifty up 57.30 points at 11418.10. About 818 shares have advanced, 177 shares declined, and 55 shares are unchanged.

All the sectoral indices are trading positive, while midcap and smallcap are also trading in line with major indices.

Rupee Opens: The Indian rupee opened marginally higher at 68.57 per dollar on Monday versus 68.61 Friday.

The dollar-rupee August contract on the NSE was at 68.86 in the previous session. August contract open interest increased by almost 10% 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 indicate that the Sensex and Nifty are likely to have a positive start, with the Nifty trading well above 11,400-mark.

At 09:03 hrs IST, the Sensex is up 121.96 points at 37,678.12, and the Nifty up 41.20 points at 11,402.

Shares of Titan, Hero Motocorp, HDFC are up 1-2 percent, while Suzlon Energy down 10 percent in pre-opening trade.