Sensex, Nifty end at fresh record highs; IT, pharma gain big

CNBC

Market at Close: A quiet day of trade it is for the market on Tuesday, as benchmarks closed with minimal gains. This, after they clocked fresh record highs in the opening minutes before giving up almost all of the gains. 

Selling in banks after an initial rally dragged the indices lower from their high points. Along with it, weakness was visible in sectors such as metals and FMCG. Meanwhile, buying counters were buzzing in IT and pharmaceuticals. A weak rupee also boosted tech stocks during the day. In case of broader markets, midcap indices ended the day with minor gains.  
At the close of market hours, the Sensex is up 7.00 points or 0.02% at 38285.75, while the Nifty is up 19.10 points or 0.17% at 11570.90. The market breadth is negative as 1,320 shares have, against a decline of 1,373 shares, while 180 shares were unchanged.
Coal India, Axis Bank, UPL and Tech Mahindra were the top gainers, while Tata Steel, HUL, and BPCL lost the most.  
Buzzing: Shares of HCL Technologies added 2.2 percent as company received shareholder approval for buyback of Rs 4,000 crore.
The Company has fixed August 31, 2018 as the record date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in the buyback.
The board of directors of the company, in its meeting held on July 12, 2018, approved the buyback of equity shares of the company, subject to the approval of the shareholders.
BoFAML on Tech Mahindra: Shares of Tech Mahindra added 4.5 percent as foreign research house BoFAML (Bank of America Merrill Lynch) has upgraded the stock to buy from underperform. The research house raised target price to Rs 800 from Rs 600 per share.
According to BoFAML, the telecom revival is going to boost both top-line & margin outlook.
It expect operating profit to grow at a CAGR of 18% over FY18-21.
Lupin gets USFDA approval: Shares of Lupin added more than 1 percent as company gets USFDA approval for Hydrocortisone Butyrate Lotion.
The company has received final approval for its Hydrocortisone Butyrate Lotion, 0.1% from the USFDA (United States Food and Drug Administration) to market a generic version of PreCision Dermatology, Inc.'s Locoid Lotion, 0.1%.
Buzzing: Shares of Dilip Buildcon added 1 percent as company declared as lowest bidder for a project of Rs 247 crore.
The company has been declared lowest (L-1) bidder for Bhopal Metro rail project, Phase -I, by the Urban Administration and Development Department Madhya Pradesh Metro Rail Co., Bhopal (Madhya Pradesh).
The project include design and construction of elevated viaduct of length 6.225 KM between AIIMS and Subhash Nagar (Excluding stations) including entry and exit to Depot for Bhopal Metro Rail Project Phase-l. 
Market Update: Equity benchmarks continued to trade flat after giving up almost all gains, with the Nifty hovering around 11,550.  
At 11:15 hrs IST, the Sensex is down 12.30 points or 0.03% at 38266.45, and the Nifty down 0.00 points or 0.00% at 11551.80. The market breadth is narrow as 1,194 shares advanced, against a decline of 1,046 shares, while 142 shares are unchanged.
Banks continue to be the losers along with metals, infra, and FMCG names. Meanwhile, IT continues to be the lead gainer. 
Wipro and Coal India are the top gainers on both indices, while Tata Steel, ICICI Bank and BPCL have lost the most.  
Buzzing stock: Highway developer Dilip Buildcon (DBL) today said it has bagged a Metro rail project worth Rs 247.06 crore in Madhya Pradesh.
The company has been declared L-1 bidder for Bhopal Metro rail project, Phase -I, valued at Rs 247.06 crore by the Urban Administration and Development Department Madhya Pradesh, Metro Rail Co Ltd, Bhopal, Dilip Buildcon said in a BSE filing.
Aviation stocks soar: Shares of aviation companies, SpiceJet and InterGlobe Aviation (IndiGo), rose up to 3 percent on the back of good growth in domestic traffic for July. 
SpiceJet touched an intraday high of Rs 87.20 and an intraday low of Rs 84.80. Meanwhile, it touched an intraday high of Rs 1,106.00 and an intraday low of Rs 1,075.00.
Continuing to register double digit growth, domestic airlines carried 115.57 lakh passengers in July which is nearly 21 percent higher compared to year-ago period, according to official data.
IndiGo continued to be the largest player with a market share of 42.1 percent while that of national carrier Air India stood at 12.4 percent in July.
Latest figures compiled by aviation regulator DGCA showed that there was an increase of 20.82 percent in the number of passengers flown by local carriers last month. In July this year, airlines carried 115.57 lakh passengers as against 95.65 lakh people in the year-ago period.  
Market Update: After opening at fresh record highs, equities have given up all of their gains as banks lost steam on Tuesday morning. The Bank Nifty is down almost one fifth of a percent, while pharma, metals and energy are trading in the red. The Nifty Midcap index has also erased all of its gains, with the index trading over one-tenth of a percent lower. IT sector is leading the gains as a weak rupee is boosting stocks in this space. Auto indices are also trading in the green.  Among stocks, Jet Airways is down over 2 percent after Moneycontrol reported that MCA is probing the airline on suspicion of siphoning off of funds, while Vadilal Industries is down 7 percent after ace investor Ashish Kacholia offloaded some stake in the firm. 
Jet Airways falls 2%: Shares of Jet Airways were trading lower by 2 percent as investors reacted negatively to news reports of a siphoning off probe into the airline.
The stock touched an intraday high of Rs 298.00 and an intraday low of Rs 293.75.
On August 20, 2018, Moneycontrol reported that fresh trouble is around the corner for Naresh Goyal-owned Jet Airways as the Ministry of Corporate Affairs (MCA) has opened a preliminary inquiry into the carrier on suspicion it siphoned off funds.
A senior official confirmed to Moneycontrol that the Mumbai Registrar of Companies (RoC) will inspect Jet’s books of accounts. 
Market opens: Equities are off to a record high start, following the rally on Monday. There is buying seen among all sectors, with banks being one of the top gainers. This is followed by IT, auto, pharamceuticals and metals, among others. The midcap index is also trading in the green. 
The Sensex is up 77.31 points or 0.20% at 38356.06, while the Nifty is up 26.70 points or 0.23% at 11578.50.  The market breadth is positive as 405 shares advanced, against a decline of 140 shares , while 51 shares are unchanged. 
Among stocks, ONGC, Vedanta, HCL Tech and Tech Mahindra are the top gainers, while Airtel, Power Grid, and ICICI Bank are the top losers.  
Rupee Opens: The Indian rupee opened higher by 17 at 69.65 per dollar on Tuesday versus previous close 69.82.
The dollar-rupee August contract on the NSE was at 69.86 in the previous session. August contract open interest declined 7.19% in the previous session, 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
The rupee made a strong comeback in Monday's trading session as it ended higher by 33 paise at 69.82 against Thursday's close of 70.15.
Market at pre-open: Pre-opening rates indicate a flat to positive start to the market with Nifty holding above 11,550 and Sensex trading above 38,000.
At 09:01 hrs IST, the Sensex is up 58.37 points at 38,337.12, and the Nifty up 23.70 points at 11,575.50.
Bharti Airtel, Apollo Tyres are among major losers, while L&T, BoB, Maruti Suzuki, Eicher Motors and Tech Mahindra are some of the gainers.