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).
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Benchmark indices slumped more than 1% on Friday, in line with Asian peers, as the global rout in equities returned, while lingering concerns over inflation back home weighed on the market.
Asian stocks tumbled to two-month lows after US shares plummeted again in the face of rapidly rising bond yields.
Global cues have weighed on Indian stock markets with major indexes on track for a second straight weekly fall after embarking on a record-hitting spree in January.
The S&P BSE Sensex ended at 34,005, down 407 points while the broader Nifty50 index settled at 10,454, down 121 points.
FDC, SpiceJet, Steel Authority of India (SAIL), Bharat Forge, Ipca Laboratories, Jet Airways and Bajaj Electricals are among 23 stocks from the S&P BSE500 index up over 10% during the current week in an otherwise weak market.
Bombay Dyeing & Manufacturing, HEG, Fortis Healthcare, Himachal Futuristic Communications (HFCL), Firstsource Solutions, Jamna Auto Industries, Greenply Industries and Shankara Building Products, too, were up more than 10%.
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Benchmark indices ended positive for a seventh straight session on Friday led by IT firms, while bonds dipped on market talk of a potential sovereign ratings upgrade by Standard & Poor’s (S&P) later in the day.
Speculation about an S&P rating upgrade on India surfaced late on Thursday. This comes after a surprise upgrade by Moody’s last week.
Foreign investors have net bought $2.33 billion worth of Indian shares in November so far.
The S&P BSE index ended the day at 33,679, up 91 points while the broader Nifty50 index settled at 10,389, up 40 points. Infosys, Bajaj Auto, GAIL and Aurobindo Pharma were the top gainers, while BHEL, SBI, Hindalco and Vedanta were the top losers.
The S&P BSE Midcap and the S&P BSE Smallcap indices hit their respective new high on the BSE on Friday, following an extending rally in infrastructure, auto ancillary, education, textiles and public sector banks.
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Equity benchmarks ended flat with a positive bias on Friday. L&T, HDFC Bank and ITC helped the market close higher but Infosys and HDFC capped upside.
The 30-share BSE Sensex was up 24.78 points at 31,687.52 and the 50-share NSE Nifty gained 4.90 points at 9,934.80.
The market breadth turned negative in afternoon trade today as about three shares declined for every share rising on the BSE.
IDBI Bank shares gained a percent as the board of directors has approved divestment of its stake in SIDBI.
Glenmark Pharma shares dropped more than 3 percent after brokerage house Credit Suisse slashed its target price on the stock to Rs 650 from Rs 750 per share.
Bajaj Finance shares fell more than 3 percent in the afternoon as the company raised funds through QIP at a discount to its floor price.
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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.
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