Bulls in driver’s seat! Sensex, Nifty end at record closing highs; Bank Nifty above 28K

08 Aug 2018

Market at Close: Sustained buying in banking names ensured that the market ended at record closing highs. The Bank Nifty too managed to end at an all-time closing high and above 28,000 for the first time ever. The 50-share index managed to end at 11,450-mark, a fresh milestone for the index.

Barring automobiles and pharmaceuticals, majority of sectoral indices ended in the green, with maximum gains in energy as well as banks. Meanwhile, midcaps had a tepid day as they underperformed benchmarks to close flat with a negative bias.

Reliance Industries and ONGC were the top gainers, while Maruti Suzuki, Vedanta and Lupin lost the most.

The Sensex closed up 221.76 points or 0.59% at 37887.56, while the Nifty ended higher by 60.50 points or 0.53% at 11450.00. The market breadth was negative as 1,309 shares advanced, against a decline of 1,393 shares, while 146 shares were unchanged.

Market Update: The benchmark indices extended their gains in the final hour of trading with Nifty trading above 11,450.

The Sensex up 223.82 points at 37,889.62, and the Nifty up 61.90 points at 11,451.40. About 1238 shares have advanced, 1382 shares declined, and 132 shares are unchanged.

Except pharma and auto, all other sectoral indices are trading in green

BEML net loss widens: The company’s Q1FY19 net loss has increased to Rs 160.3 crore against loss of Rs 85.1 crore in the same quarter last fiscal.

Revenue was down 28 percent at Rs 454 crore versus Rs 637.1 crore. EBITDA loss was at Rs 137 crore versus loss of Rs 63.5 crore.

At 15:12 hrs BEML was quoting at Rs 827.00, down Rs 41.50, or 4.78 percent.

Buzzing: Share price of Bharat Electronics (BEL) rose 3.7 percent as company for supply and services of LRSAM systems.

The company has entered into contracts with Mazagon Dock Shipbuilders (MDL), Mumbai and Garden Reach Shipbuilders and Engineers (GRSE), Kolkata for supply and services of LRSAM systems for 7 ships being built by MDL and GRSE, for the new ship building program.

The total value of the contracts is about Rs 9200 crore and the supplies/deliveries will be made meeting the manufacturing timeline of the new ship.

Lupin Q1 earnings: The company has reported a 43 percent year-on-year decline in net profit to Rs 202.8 crore in the June quarter. PAT was much below analysts' estimates on a subdued US business.

The company had posted a net profit of Rs 358.1 crore during the same period last year. A Reuters poll of analysts estimated net profit at Rs 347.6 crore in the first quarter on a revenue of Rs 4,084.8 crore.

Total income rose 3.6 percent to Rs 4,040 crore in Q1 FY19.

While the street was estimating earnings before interest, tax, depreciation and amortisation (EBITDA) margin of around 20 percent, the company disappointed at 13.7 percent.

Buzzing: Shares of Genesys International Corporation added 5 percent as company signs MoU with Wipro for autonomous vehicles

The company has signed a memorandum of understanding (MoU) with Wipro to jointly tap the opportunity in the autonomous car sector.

As per the MoU, Genesys will use its core strength and the expertise to develop HD maps and content while Wipro will develop the navigational and control technology for autonomous system and smart mobility companies.

Market Update: Fresh highs are visible on the market on Wednesday afternoon, with banks boosting indices. The Sensex, too, has hit a fresh record high, while the Nifty is also at an all-time high.

At 12:28 hrs IST, the Sensex is up 199.60 points or 0.53% at 37865.40, while the Nifty is up 53.70 points or 0.47% at 11443.20. The market breadth is narrow as 1,329 shares advanced, against a decline of 1,062 shares, while 133 shares are unchanged.

Banking stocks are largely fuelling the rally, with Nifty Bank hitting 28,000-mark. Nifty Energy index is the other top gainer. The Nifty Midcap is up around 0.10 percent. Tata Motors and ONGC are the top gainers, while Airtel, Maruti Suzuki, and HPCL lost the most.

City Union Bank Q1 earnings: Private sector lender City Union Bank has reported a 15.2 percent year-on-year in net profit to Rs 161.6 crore, driven by lower provisions and stable asset quality. Profit in the year-ago period was Rs 140.3 crore.

Net interest income, the difference between interest earned and interest expended, grew by 9.5 percent to Rs 374.8 crore compared to Rs 342.4 crore in same quarter last fiscal.

Selan Exploration Technology Q1 results: The company has posted 91 percent jump in its Q1FY19 net profit at Rs 14.3 crore against Rs 7.5 crore in the Q4FY18.

Revenue rose 15.5 percent at Rs 26.9 crore against Rs 23.3 crore.

At 11:28 hrs Selan Exploration Technology was quoting at Rs 232.20, up Rs 15.20, or 7 percent on the BSE.

Market Update: Sharp pickup in buying in the past one hour in banks has pushed markets at the high points of the day, with Nifty hitting a fresh record high.

At 11:02 hrs IST, the Sensex is up 153.52 points or 0.41% at 37819.32, and the Nifty up 44.10 points or 0.39% at 11433.60. The market breadth is positive as 1,287 shares advanced, against a decline of 886 shares, while 118 shares are unchanged.

ONGC, Asian Paints and Tata Steel are the top gainers, while Airtel, Infosys, and HPCL have lost the most.

Market Update: After opening in the green, equity benchmarks are currently off the day’s high points are trading flat. The Nifty is struggling around 11,400-mark. Selling is visible in pharmaceutical names, while metals continue to be the top gainer among sectoral indices.

The midcap index, too, is trading flat right now. Among stocks, shares of Mphasis have fallen over 3 percent even as it reported 38 percent growth in net profit and announced a buyback. Asian Paints, ONGC, Zee Entertainment and Hindalco were the top gainers, while ICICI Bank, Axis Bank, HPCL and BPCL have lost the most.

The Sensex is up 1.28 points or 0.00% at 37667.08, while the Nifty is down 1.20 points or 0.01% at 11388.30. The market breadth was narrow as 921 shares advanced, against a decline of 784 shares, while 88 shares are unchanged.

Rupee Update: The Indian rupee trading marginally higher at 68.61 after a flat opening at 68.66 per dollar on Wednesday against previous close 68.68.

Rupee snapped its three-day losing streak and rose primarily on back weakness in the dollar against its major crosses. Volatility in rupee continued to remain high as most market participants are cautious following escalating trade tensions between US and China. Yesterday, US trade representative office said that it published a final tariff list targeting 279 imported product lines, said Motilal Oswal.

Market Opens: Equity benchmarks have start the day on a positive note, with the Nifty trading around 11,400, while Sensex up by 20 points.

The Sensex is up 17.44 points at 37,683.24, and the Nifty up 7.20 points at 11,396.70. About 614 shares have advanced, 323 shares declined, and 60 shares are unchanged.

All sectoral indices are trading in the green, with maximum gain seen in metal names. Infra, energy and PSU bank space is also trading higher.

Tata Steel, Zee Entertainment, Vedanta, Tata Motors, SRF, Inox Wind are the gainers, while Cipla, Lupin, Axis Bank, ICICI Bank, Wipro, Mphasis and Adani Enterprises are on the losing side.

Market at pre-open: Pre-opening trends indicate that the Sensex and Nifty are likely to have a flat to positive start.

At 09:05 hrs IST, the Sensex is up 42.63 points at 37,708.43, and the Nifty up 18 points at 11,407.50.

Cipal, Asian Paints Hindalco, Axis Bank, TCS, M&M, Gail are some of the gainers in the pre-opening trade.