No Monday blues on D-Street! It's a record closing high for Sensex, Nifty
20 August 2018
Market at Close: Positive global cues, a recovery in rupee along with a rally in banks and index heavyweights helped the market kick off the week on a very strong note. Both indices managed to end at record closing highs.
The Nifty managed to hit 11,500 for the first time ever, while the Sensex comfortably traded above 38,000-mark. Strong cues dominated the activity on D-Street through the day and marginally off the high point of the day.
Midcaps, too, had a good trading day, ending almost a percent higher as investors rushed to park funds in this space as well.
At the close of market hours, Sensex closed up 330.87 points or 0.87% at 38278.75, and the Nifty ended higher by 81.00 points or 0.71% at 11551.80. The market breadth is positive as 1,455 shares advanced, against a decline of 1,280 shares, while 190 shares were unchanged.
Among stocks, L&T and Tata Motors were the top gainers, while Infosys, Maruti Suzuki, and GAIL were the top losers.
Citi on Idea: The research house Citi has maintained buy call on the stocks with a target at Rs 83 per share.
According to research house, Idea-Vodafone’s merger likely to be completed by end of month and expect new entity to aggressively extract cost savings.
At 15:22 hrs Idea Cellular was quoting at Rs 53.45, up Rs 2.50, or 4.91 percent.
Buzzing: Share price of Indian Hume Pipe Company surged 6 percent as company won a new order worth Rs 256 crore.
The company has received a work order of Rs 256.19 crore from Tamil Nadu Water Supply & Drainage Board, Coimbatore for providing Combined Water
Supply Scheme to Alampalayam Town Panchayat, Padaveedu Town Panchayat including 669 Rural Habitations in Pallipalayam and Tiruchengode Unions in Namakkal District and Sankari Town Panchayat in Salem District with River Cauvery as source.
The project is to be completed within 24 months including trial run and maintenance period of 5 years.
Macquarie on Godrej Consumer Products: The share touched 52-week high of Rs 1,398.85, rising 4 percent as Macquarie maintained outperform rating on stock with target of Rs 1465 per share.
According to Macquarie, FY19 can be a turnaround year led by hi recovery and distribution expansion. Also, lower competitive intensity and new product launches to drive recovery in HI segment.
Doubling sales in general trade by FY21 can be a game changer, it added.
Navneet Education soars 6%: Shares of Navneet Education rose 6 percent on Monday afternoon as investors cheered its buyback announcement.
The stock touched an intraday high of Rs 131.00 and an intraday low of Rs 121.50.
The company, on Monday, announced that it would be buying back 46.87 lakh shares, representing 2 percent of the total number of equity shares at a price of Rs 160. The total buyback amount is seen at Rs 75 crore.
Market Update: Strength has continued on equity benchmarks, with the Nifty hitting 11,550, while the Sensex is up over 300 points.
The Sensex is up 336.18 points or 0.89% at 38284.06, and the Nifty up 84.00 points or 0.73% at 11554.80. The market breadth is narrow as 1,446 shares advanced, against a decline of 1,027 shares, while 139 shares were unchanged.
Among sectors, IT is down on the back of a fall in Infosys stock. But all other indices are in the green, with maximum gains seen in banks, metals, pharma, infrastructure and energy names. L&T and Tata Motors are the top gainers, while Infosys, Maruti Suzuki and GAIL have lost the most.
Buzzing: Shares of CG Power and Industrial Solutions gained 3 percent as entered into a strategic alliance agreement with Tenaga Switchgear Sdn. Bhd., Malaysia (TSG).
The agreement between the companies includes product development and promotion of 11 kV Gas Insulated Switchgear (GIS) in Malaysia to address the rapidly growing demand in this region.
As per the agreement, both the companies will collaborate in the Malaysian market.
Market Update: Benchmark indices holding on morning gains with Sensex gain nearly 300 points, while Nifty is trading around 11,550 levels.
BSE midcap index has outperform benchmark indices with 1 percent gain, led by Bharat Forge, Bajaj Holdings, Biocon, Divis Lab, HPCL and Glenmark Pharma.
The Sensex is up 303.44 points at 38,251.32, and the Nifty up 72.90 points at 11,543.70. About 1382 shares have advanced, 1007 shares declined, and 150 shares are unchanged.
Deutsche Bank on BHEL: Shares of Bharat Heavy Electricals (BHEL) added 2 percent as foreign research house Deutsche Bank has maintained buy rating with a target of Rs 112 per share.
According to research house fructification of FGD orders has just started, while expecting Rs 17,000 crore potential in FY19.
It feels that elections could delay finalization to 5.6GW in FY19 out of 14GW opportunity.
ONGC Videsh IPO: Oil & Natural Gas Corporation share price rallied 4 percent after reports of likely proposal for IPO of company's foreign subsidiary.
Sources told CNBC-TV18 that the government proposed an initial public offering for ONGC Videsh.
Finance ministry has written to oil ministry w.r.t ONGC Videsh IPO, saying the listing of ONGC Videsh will add value to ONGC, sources said.
ONGC Videsh, the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation, is a Miniratna Schedule 'A' Central Public Sector Enterprise (CPSE) of the Government of India under the administrative control of the Ministry of Petroleum & Natural Gas.
Buzzing: Shares of Mawana Sugars rose nearly 13 percent as company board has given in-principle approval for installation of incinerator boiler, evaporators and bagasse shed at its unit Meerut, UP with an estimated cost of Rs 29 crore.
Also, it received approval to explore the possibility of expansion of NSC Distillery by 30 KLPD.
And for apply to Government of India, Department of Food and Public Distribution (DFPD) for putting up a new Distillery of 120 KLPD at Mawana Sugar Works, Mawana, UP.
Rupee Update: The Indian rupee recovered sharply from its all-time low to trade at 69.83 to the dollar, up 33 paise in morning on fresh selling of the greenback by exporters and banks ahead of US-China trade talks this week.
Besides, the dollar weakened against other currencies overseas as demand for the safe-currency receded on optimism over a reduction in US-China trade tensions, helping the domestic currency rebound, forex dealers said.
A higher opening in the equity market also supported the rupee's recovery, they said.
The 30-share BSE Sensex rose 278.21 points to 38,226.09 and the 50-share NSE Nifty jumped 63.10 points to 11,533.90.
The Indian currency had collapsed to a historic intra-day trading low of 70.40 before closing at fresh life-time low of 70.15 per dollar on Thursday, down by 26 paise or 0.37 percent.
Buzzing: ?Infosys slipped over 3 percent in morning trade on Monday after company on Saturday announced that its Chief Financial Officer M D Ranganath has stepped down to pursue “professional opportunities in new areas”.
The stock which rallied by about 40 percent in 2018 came under pressure. The index breached its crucial psychological support at Rs 1400.
At 09:40 hrs Infosys was quoting at Rs 1,395.70, down Rs 35.65, or 2.49 percent on the BSE.
Market opens: Strong start for the D-Street, following positive global cues as Nifty surpassed 11,500 for the first time, while the Sensex is up around 150 points.
Among sectors, barring IT index all other sectoral indices are trading higher led by metal, bank, energy, infra and pharma. The Nifty Midcap index is also up over half a percent.
At 09:16 hrs IST, the Sensex is up 154.63 points or 0.41% at 38102.51, and the Nifty up 41.40 points or 0.36% at 11512.20. About 688 shares have advanced, 243 shares declined, and 57 shares are unchanged.
Infosys shed 3 percent on CFO resignation, while shares of Yes Bank, RIL, Future Retail are among major gainers. L&T surged 4 percent as board to consider buyback on August 23.
Rupee Opens: The Indian rupee gained in the early trade on Monday. It has opened strong at 69.83 per dollar, a gain of 32 paise versus previous close 70.15.
Technically now USD-INR s getting support at 70.1075 and below same could see a test of 69.96 level, and resistance is now likely to be seen at 70.4475, a move above could see prices testing 70.64, according to LKP report.
Market at pre-open: Pre-opening rates indicate a positive start to the market on start of truncated week on Monday with Nifty trading above 11,500 and Sensex above 38,000.
At 09:01, the Sensex is up 99.32 points at 38,047.20, and the Nifty up 59.70 points at 11,530.50.