Sensex closes nearly 300 points higher, Nifty at record closing high; banks gain big

CNBC

Market at Close: Equity benchmarks have had a good note to the end the week on, as benchmark indices closed with strong gains. The Sensex closed almost 300 points higher, while the Nifty ended well above 11,450.

All sectors ended in the green, with maximum gains seen among banks, metals, FMCG, and pharma names, among others. Midcaps, too, saw a strong rally, rising over 1 percent. 
At the close of market hours, the Sensex closed up 284.32 points or 0.75% at 37947.88, while the Nifty ended higher by 79.40 points or 0.70% at 11464.40. The market breadth is positive as 1,600 shares advanced, against a decline of 1,075 shares, while 168 shares were unchanged. 
Global Update: Asian markets traded mostly higher today, following positive lead from Wall Street and positive newsflow on US-China trade war front.
Japan's Nikkei jumped over 2 percent followed by Hong Kong's Hang Seng (up 0.5 percent), Australia's ASX 200 (0.2 percent) and South Korea's Kospi (0.37 percent). However, only China's Shanghai Composite traded half a percent lower.
US markets on Thursday ended higher with Dow Jones rising 1.6 percent (the biggest jump since April). S&P 500 gained 0.8 percent and Nasdaq Composite rose 0.42 percent.
Crude Update: Oil prices fell, with US crude heading for a seventh weekly decline amid increasing concerns about slowing global economic growth that could hit demand for petroleum products.
Brent crude oil futures were down 0.07 percent to $71.38 a barrel and US West Texas Intermediate (WTI) crude futures dropped 0.05 percent to $65.43 a barrel.
Brent is heading for a 2 percent decline this week, a third consecutive weekly drop. WTI is on track for a seventh week of losses, with a fall of more than 3 percent. Reuters Reported.
Buzzing: IL&FS Transportation Networks share price gained 5.75 percent and Ramky Infrastructure rallied 5 percent intraday after both signed deal for NAM Expressway and JSEL.
The company informed exchanges that it has signed definitive agreements on August 16 with Ramky Infrastructure for sale of entire equity stake of 11,67,50,000 equity shares (representing 50 percent) held in NAM Expressway.
The agreement also include the acquisition of 4.2 crore equity shares (representing 50 percent) held in Jorabat Shillong Expressway (JSEL).
With this, JSEL will now be a wholly owned subsidiary of the company.
IL&FS Transportation said the net consideration receivable from this transaction will be Rs 43.20 crore based on the valuation obtained from an independent valuer and is not a related party transaction.  
Ion Exchange hits upper circuit: Ion Exchange hit the upper circuit in opening trade on Friday after the company reported that it has signed a contract for engineering, procurement, supply and construction of water treatment plant worth Rs 438.84 crore.
The stock was locked in upper circuit at Rs 410.35, up 5 percent on the BSE.
The company has received the order from Cairn Oil & Gas, a division of Vedanta.
Lemon Tree Hotels gains: Shares of Lemon Tree Hotels rose 2 percent on Friday morning after the company signed a license agreement for a property at Vijayawada. 
The stock touched an intraday high of Rs 79.55 and an intraday low of Rs 78.50.
The company signed a license agreement for a 90 room property at Vijayawada, Andhra Pradesh under the company's brand 'Red Fox Hotel'. The hotel is expected to be operational by June, 2020, it said in a filing to the exchanges. 
Market Update: After seeing a strong start on the back of positive global cues, equity benchmarks have extended their gains. Banks are witnessing a strong rally, while buying counters are buzzing in sectors such as FMCG, metals, auto and pharmaceuticals. D-Street is getting support from midcaps as well, with the index currently trading higher by a percent. 
Among stocks, shares of Vedanta, ITC, Dr Reddy’s Labs and Indiabulls Housing are the top gainers, while Airtel, Bajaj Auto, and GAIL have lost the most. Shares of Jet Airways are up 3 percent as the airline announced the dates for declaring its June quarter results.  
At 09:50 hrs IST, the Sensex is up 244.34 points or 0.65% at 37907.90, while the Nifty is up 67.30 points or 0.59% at 11452.30. The market breadth is positive as 1,317 shares advanced, against a decline of 420 shares declined, and 80 shares are unchanged.
Buzzing stock: Shares of Jet Airways soared 3 percent after clarity emerged on its Board Meeting, where it will be declaring its results for the June quarter.
The stock touched an intraday high of Rs 308.90 and an intraday low of Rs 303.25.
A meeting of the Board of Directors will be held on August 27, 2018 to approve the unaudited financial results for the June quarter.
“In this connection, the trading window for dealing in the securities of the company will remain closed till Wednesday, 29 August 2018. We request you to take the above information on record,” the airline told exchanges.  
Market opens: Bulls are off to a good start on D-Street, following positive global cues. The Nifty has managed to surge past 11,400 with ease, while the Sensex is up around 190 points. 
Among sectors, banks as well as metals are trading strong, while pharma, infra, auto and energy indices are trading in the green as well. The Nifty Midcap index is also up over half a percent. 
The Sensex is currently up 193.54 points or 0.51% at 37857.10, while the Nifty rose 52.80 points or 0.46% at 11437.80. The market breadth is positive as 415 shares advanced, against a decline of 104 shares, while 38 shares are unchanged.
Shares of Vedanta, Tata Motors, and Hindalco are the top gainers, while Bharti Airtel, Wipro, and HDFC have lost the most.   
Market at pre-open: Pre-opening rates indicate a positive start to the market on Friday. The Sensex is up over 170 points, while the Nifty is near 11,450-mark. 
At 09:03 hrs IST, the Sensex is up 172.15 points or 0.46% at 37835.71, while the Nifty I up 55.80 points or 0.49% at 11440.80.