Sectoral Watch – Most Discussed Iron & Steel / Intermediate Product Stocks
Source: https://stockarchitect.com/sector/Iron-And-Steel-OR-Interm010Products
Markets end down in a truncated week; Sensex down 219 and Nifty down 73
On Thursday, the benchmark indices fell for the third consecutive session, settling over 0.5 per cent lower led by fall in banking and metal stocks. The S&P BSE Sensex ended at 34,981, down 219 points or 0.6 per cent, while the broader Nifty50 index settled at 10,527, down 73 points or 0.7 per cent.
The BSE and the National Stock Exchange (NSE) are closed for trade on Friday, on account of Gurunanak Jayanti. All wholesale commodity markets, including metal and bullion, are also closed. The forex and commodity futures markets, too, will not trade.
It was a negative end for the market in this truncated week with the Nifty giving up 10,550-mark.
Private banks were major contributors to the Nifty Bank’s underperformance. Telecom pack, too, saw some pressure. Consumption, energy, metals, and pharma saw the most losses after banks, while selling was visible in the midcaps space.
Sensex climbs 147 points as rupee firms; auto, metal stocks rally
The benchmark indices ended higher on Friday aided by strong gains in automobiles and metal stocks after the rupee firmed against US dollar. The S&P BSE Sensex ended at 38,390, up 147 points while the broader Nifty50 index settled at 11,589, up 52 points.
Among the sectoral indices, the Nifty Auto index settled 2.2 per cent higher led by a rise in the share prices of Hero MotoCorp, Bajaj Auto, Mahindra and Mahindra, and Tata Motors. Nifty Metal index, too, rose 1.9 per cent led by MOIL and Jindal Steel & Power.
The rupee was trading higher by 24 paise to 71.75 against the US currency in late morning deals on Friday due to sustained bouts of dollar selling from banks and exporters. Earlier, the rupee resumed slightly higher at 71.95 against yesterday’s closing level of 71.99 a dollar at the interbank foreign exchange market here.
Shares of YES Bank hit an over four-month low of Rs 322 per share, down 5% on the BSE on the back of heavy volumes. The stock was the largest loser among the S&P BSE Sensex and Nifty 50 index.
Indices end higher as PM Modi likely to win no-trust vote
Benchmark indices gained on Friday, as the Modi government is expected to win the no-confidence vote, to be held at 6 pm today. In the 545-member (including the Speaker) Lok Sabha, the BJP-led NDA can bank on around 311 members.
The S&P BSE Sensex ended the day at 36,496, up 145 points while the broader Nifty50 index settled at 11,010, up 53 points.
IT and pharma stocks gained as the rupee hit an all-time low. The Nifty IT index was trading up by 1.5 per cent with Infosys, Tech Mahindra and HCL Tech up between 1.6 per cent to 2.6 per cent. Meanwhile, in the pharma sector, Sun Pharma and Cipla gained over 2.5 per cent each.
Among individual stocks, Bajaj Finserv hit a record high, after the Bajaj Group-owned asset & wealth management firm posted a 41 per cent surge in its first-quarter profit on Thursday.
Bajaj Auto, on the other hand, dipped 9 per cent after the company reported a lower than expected 21% year on year (YoY) growth in standalone net profit Rs 11.15 billion in June quarter (Q1FY19). Analysts on an average had expected a profit of around Rs 13 billion for the quarter
Sensex reclaims 35,000: IT, FMCG, auto, metal stocks shine in claw-back
Benchmark indices ended sharply up on Friday, triggered by corporate earnings and taking cues from global peers.
The S&P BSE Sensex hit an intra-day high of 35,065, but pared gains to end at 34,970 levels, up 256 points. The broader Nifty50 index settled at 10,692, up 75 points.
Reliance Industries (RIL) hit a record high of Rs 1,000 per share, up 2.5% on the BSE in intraday trade on the BSE, ahead of its Q4FY18 results today. The stock surpassed its previous high of Rs 990 recorded on January 23, 2018 in intra-day deal. The textiles-to-telecom conglomerate, RIL is expected to post its best-ever quarterly consolidated net profit, with the figure expected to be close to Rs 100-billion mark.
Country’s largest car maker, Maruti Suzuki, reported a record annual profit of Rs 77.21 billion for the year ended March 31, 2018, helped by a double-digit growth in volumes of cars sold. The Suzuki-promoted firm clocked a near 17 percent jump in sales revenue for the year to Rs 781 billion. Profit, however, grew by just five percent. An increase in effective tax rates and lower non-operating income due to mark-to-market impact on the invested surplus, compared to last year impacted net profit, the company said.
Shares of public sector undertaking (PSU) banks were in focus with Nifty PSU Bank index gaining 5%, its sharpest intra-day gain during past one month on the National Stock Exchange (NSE).
Friday Closing bell: Sensex up 250 pts, Nifty ends at record closing high; telecom, banks lead
Equity benchmarks closed sharply higher for the second consecutive session as investors cheered macro data and hopes raised for an early resolution to telecom NPAs post telecom deals.
The 30-share BSE Sensex was up 250.47 points at 32,432.69 and the 50-share NSE Nifty rose 71.10 points to 10,167.50.
The market breadth was weak as about 1,431 shares declined against 1,293 advancing shares on the BSE.
Bharti Airtel was up 6 percent, Tata Teleservices up 9 percent and Tata Communications up 2 percent after Airtel decided to buy consumer telecom business of Tata Sons. Bharti Infratel was up 3 percent.
Markets also got a boost after data showed inflation held steady, instead of accelerating as expected, raising tentative hopes the Reserve Bank of India (RBI) would be less hawkish about interest rates.