Sensex snaps 6-day gains, falls 111 pts; Nifty ends Jan series above 11,000, up 6%


Benchmark indices fell on Thursday, snapping a six-day record-setting rally, as profit-taking hit IT stocks while large state-run lenders slid as they stood to receive less money than expected from a government recapitalisation plan.

The S&P BSE Sensex ended at 36,050, up 111 points while the broader Nifty50 index settled at 11,069, up 16 points.

The government’s Rs 881.39 billion capital infusion in struggling public sector banks should help in part to mitigate risks but resolution of bad assets and continued high credit costs hinder the sector’s near-term performance, Fitch Ratings said on Thursday. While the capital infusion plan was less than half of its estimate of $65 billion needed for the sector, Fitch said yesterday’s announcement will encourage banks to resolve their non-performing loan (NPL) stock faster as improved capital buffers bolster their ability to absorb potential large haircuts.

Jindal Saw dipped 8% to Rs 154, extending Wednesday’s 4% decline on BSE after the company reported 19% growth in net profit at Rs 963 million for the quarter ended December 2017 (Q3FY18). It had a profit of Rs 807 million in the same quarter last fiscal. Total income increased 49% to Rs 21,807 million from Rs 14,666 million in the corresponding quarter of previous year.

Dr. Reddy’s Laboratories Ltd posted a 38.5 percent slump in quarterly net profit as sales declined due to pricing pressure in the United States, its biggest market. Net profit was Rs 3.03 billion ($47.7 million) in the third quarter ended December 31, compared with Rs 4.92 billion a year earlier, the company said.

Continue Reading


Sensex ends at record high, Nifty settles over 10,550 for first time ever


Benchmark indices ended at new closing high on Friday, tracking global equity markets on the back of robust economic data.

The S&P BSE Sensex ended at new closing high at 34,153, up 184 points while the broader Nifty50 index settled above 10,550 for the first time ever. It ended at 10,558, up 54 points.

Shares of telecommunication companies were in focus with the S&P BSE Telecom index rallying more than 3% on BSE, trading close to its record high.

Idea Cellular, Bharti Airtel, Reliance Communications (RCom), Tejas Networks, GTL, GTL Infrastructure, Aksh Optifibre and Sterlite Technologies from the telecom index have surged up to 12% on BSE in intra-day trade.

Subros hit an all-time high of Rs 347, up 11% on BSE in intra-day deal, after the company announced that it has started supply of blower for trucks to its customers include Tata Motors and Ashok Leyland.

Continue Reading


Nifty ends above 10,300, up 2% for week, Sensex gains 216 pts; metals shine


Benchmark indices gained ground on Friday as investors cheer after the exit polls that released their survey results at the end of the final phase of polling in Gujarat on Thursday evening predicted that the Bharatiya Janata Party (BJP) was set to retain Gujarat and wrest Himachal Pradesh from the Congress.

While survey agencies differed in their seat projections, nearly all predicted almost 100 or more seats for the BJP, with the party set to extend its 22-year rule in the state. Survey agencies also said the election, in the last phases, was focused on the leadership of Prime Minister Narendra Modi, and overcame the brewing anti-incumbency against the Vijay Rupani government and dissipated the anger that sections of Gujarati society had felt about specific local issues.

The S&P BSE Sensex ended at 33,462, up 216 points while the broader Nifty50 index settled at 10,333, up 81 points

Broader markets outperformed the benchmark indices with both BSE Midcap and BSE Smallcap indices up over 1%.

Maruti Suzuki India shares touched a fresh all-time high of Rs 9,237, rising 1.3 percent intraday after the global brokerage house raised target price sharply. While maintaining a buy call on the stock, Citi has increased its price target to Rs 10,600 (from Rs 9,400 per share earlier), implying 16% upside from Thursday’s closing price.

Continue Reading


Sensex tanks 316 pts, Nifty ends below 10150 as Q2 GDP fails to lift spirit


In a volatile trading session on Friday, the benchmark indices ended lower with the Nifty50 settling the first day of December expiry below 10,200 as economic growth data came in largely as expected, failing to boost a market weighed down by concerns about the country’s fiscal deficit and global risk factors such as rising crude prices.

Data late on Thursday showed India’s gross domestic product grew 6.3% in July-September, in line with expectations, as businesses started to overcome troubles after the bumpy launch of Goods and Services Tax (GST).

The data failed to lift sentiment as country’s fiscal deficit reached 96% of the budgeted target for the fiscal year ending in March 2018, sending shares sharply lower on Thursday.

The Reserve Bank of India (RBI) is meeting next week at a time of rising concern about a rally in crude prices, which rose following OPEC’s decision to extend production curbs.

The S&P BSE Sensex ended at 32,832, down 316 points, while the broader Nifty50 settled at 10,121, down 104 points.

Continue Reading


In first trading session of Samvat 2074, Sensex dives 194 points


Trading in Samvat 2074 got off to a rocky start, with the benchmark indices ending more than half a % lower and gauge for banking stocks dropping 1.25%. The BSE Sensex on Thursday fell 194.4 points, or 0.6% to close at 32,390, the Nifty 50 index fell 64.3, or 0.63% to close at 10,147.

The fall in the market was on account of a global sell-off which saw the Hong Kong market tumble the most this year and the European equities fall the most in two months. Market players said some domestic investors also resorted to profit-booking after a healthy 18% rally in the just-concluded Samvat 2073.

The BSE Bankex fell 1.3%, with ICICI Bank, Kotak Mahindra Bank and HDFC Bank declining 2%, 1.6% and 1% respectively. These three stocks accounted for half of the fall in the benchmark Sensex.

Continue Reading


Sensex gains 222 points, Nifty ends at 9,979 as metal stocks rally


The benchmark indices ended higher on Friday with the Nifty50 settling above its crucial 9,950 mark, buoyed by a jump in Tata Steel on strong quarterly production numbers, while investors stayed cautious as Goods and Services Tax (GST) Council meeting went underway.

The Council is likely to give a major relief to exporters as well as small and medium enterprises (SMEs).

Tata Steel, Sun Pharma, NTPC, SBI, HUL, Bajaj Finance, GAIL and Hindalco Industries lead the rally.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,703 shares rose and 963 shares fell. A total of 111 shares were unchanged.

Continue Reading


Sensex ends flat on Friday, Nifty below 10,100; indices up 1% for the week


Equity benchmarks rebounded in last hour of trade, but ended flat supported by index heavyweights Reliance Industries, HDFC Bank and Infosys. The indices were up 1% for the week.

The S&P BSE Sensex settled at 32,272, up 30 points while the broader Nifty50 index ended at 10,085, down 1 point

Among broader markets, BSE Midcap index underperformed the benchmarks indices, down 0.3% while BSE Smallcap index was up 0.4%

Global stocks remained subdued after North Korea fired another missile over Japan into the Pacific Ocean on Friday, in a sign that Pyongyang remains defiant despite tightening international sanctions.

The Nifty Pharma Index was down 0.5%, breaking its three-day winning streak.

Continue Reading


Nifty ends above 9,950, up 1% for the week; Sensex settles 161 pts higher


Benchmark indices rose on Friday and gaining for a third straight week after much weaker-than-expected economic growth data raised hopes the central bank would cut interest rates at its next policy meeting in October.

India’s gross domestic product (GDP) growth slid to a three-year low of 5.7% in the quarter ended June, a marked slowdown from a 6.1% growth in the previous quarter.

However, India’s factory activity unexpectedly expanded in August, snapping back from a contraction the previous month, as disruptions stemming from confusion over GST eased.

Broader markets outperformed the benchmark indices with BSE Midcap and BSE Smallcap up 0.9% and 0.8% respectively.

Shares of Gravita India touched 52-week high of Rs 134.65, rising 11% intraday on the back of strong Q1 numbers.

Continue Reading


Sensex snaps 2-day losing streak; Nifty ends week above 10,050; IOC, HPCL zoom


The benchmark indices erased entire losses to settle near day’s high thanks to gains in metal, oil & gas and banking stocks, while the pharma index was the sole sectoral loser. Almost all constituents of the Nifty pharma index, which shed as much as 2.5% intraday, were in red.

The Sensex ended at 32,325, up 87 points, while the Nifty50 closed at 10,066, up 52 points. Both indices settled the week marginally higher.

Metals and oil marketing companies also led support to the market but the correction in Reliance Industries and healthcare stocks capped gains. Equity benchmarks opened lower and remained range bound till recovery in later part of the session.

In the broader market, the BSE Midcap outperformed to gain 0.6%, while the BSE Smallcap index settled little changed.

The breadth, indicating the overall health of the market, was negative. On the BSE, 1,388 shares fell and 1,198 shares rose. A total of 172 shares remained unchanged.

Continue Reading


Nifty ends flat on Friday, up 1.5% for the week; RIL, Lupin top gainers


Benchmark indices settled the day flat tracking weaker global cues amid concerns that central banks are moving closer to removing the monetary stimulus. The intra-day losses were recouped after index heavyweight Reliance Industries rallied to hit 9-year high. Losses were also capped as pharma and realty indices surged through the day on value buying.

Nifty was up 1.5% for the week, snapping a three-week losing streak, its biggest weekly gain since late May. On the other hand, BSE Sensex was up 1.4% for the week, extending gains for the second consecutive week.

The S&P BSE Sensex ended at 31,360, down 9 points after while the broader Nifty50 was ruling at 9,666, down 9 points

In the broader market, the S&P BSE Midcap was a little changed but ended in red while S&P BSE Smallcap index gained 0.3%.

Continue Reading