MARKET OUTLOOK: Jayant Manglik, President, Retail Distribution, Religare Securities
We're seeing early sign of exhaustion in Nifty and possibility of profit taking or consolidation is high now. However, the overall trend will remain positive and there'll be no shortage of trading opportunities on stock specific front. We suggest using any intermediate correction for accumulating quality stocks on dips. Nifty has strong support at 9,900. Plan your trades accordingly
COMMENT: Motilal Oswal, CMD, Motilal Oswal Financial Services
RBI has been facing this challenge of non-transmission for a while, but a silver lining is developing at the macro level where the Forex reserves of India are becoming big. Large forex reserves eventually will ensure fall in currency premiums and that will result in foreign capital flowing into the economy at substantially lower rates. This will happen as global borrowing rates are subdued and currency risks now tapering off will result in lower rates offered in India.
Markets are overheated but reluctant to fall, a huge pile of cash getting built in the system and waiting to be deployed, that will act as a shock absorber at every weakness. We think long term money should be committed at these levels as well. Barring any global event, the outlook is positive
NOMURA ON RBI POLICY
Overall, the RBI’s rate decision and its neutral stance are in line with expectations. The neutral stance suggests that the RBI’s decision-making remains data-dependent.
Looking ahead, we expect GST-related growth weakness in June/July and a gradual recovery after August, aided by a resumption of production (after initial GST hiccups), ongoing re-monetisation, normal monsoons and easier financial conditions (lower lending rates, ample liquidity).
Headline inflation bottomed in June and we expect it to rise gradually to above the medium-term target of 4% on higher food prices and statistical factors (HRA increases, adverse base effects). Given our expectation of both growth and inflation rising over the next six to 12 months, we expect a prolonged pause from the RBI
4:05 PM AMBIT CAPITAL ON RBI POLICY
We expect the RBI to administer 25-50bps of rate cut from hereon over the rest of FY18. Even as CPI inflation is expected to trend higher in 2HFY18, we expect expect the RBI to cut rates from hereon mainly because: (1) the Central Government’s net spends have been heavily front-loaded and hence will slowdown from hereon thereby requiring monetary policy to play a more growth-supportive role and (2) meaningful pressure is being exerted by the Ministry of Finance on the RBI to cut rates
Anand James, Chief Market Strategist, Geojit Financial Services
Given the soft PMI numbers and concerns over GST hassles markets have been expecting a deeper cut, especially as inflation expectations had eased. So it was not surprise that markets looked underwhelmed after RBI’s 25bps cut. Rise in volatility index and FII's restrained approach over last few trading sessions have also been testing investor sentiments.
Deepak Jasani, Head- Retail Research, HDFC Securities on RBI policy
While the 25 bps repo rate cut was in line with consensus expectations, the neutral policy stance of the MPC may disappoint some market participants. A 25 bps rate cut in itself will not result in a large fall in interest expenses for the businesses, therefore, an indication or hint about the future speed and time of rate cuts could have helped sentiments across the board; though the compulsions of the RBI's MPC are well appreciated at this point. Availability of credit may be more important than its cost in times when a large section of the business community is undergoing stress. While the markets may react in a knee-jerk fashion in the extreme near-term, in a day or two, it may come back on its original path, which seems upwards atleast for the next 2-3 weeks.
3:52 PM Sectoral trend
All sectoral indices settled in negative.
3:49 PM Top Sensex gainers and losers
3:46 PM Rate-sensitives end lower
Stocks of rate-sensitive sectors such as financials, automobiles and real estate ended lower. Nifty Bank and Nifty Auto shed 0.2%, while Nifty Auto closed 0.3% lower.
3:42 PM Market breadth remains negative
The breadth, indicating the overall health of the market, was negative. On the BSE, 1,594 shares fell and 1,063 shares rose. A total of 176 shares were unchanged.
3:40 PM In the broader market, the BSE Midcap shed 0.3%, while the BSE Smallcap settled little changed.
Markets at close
The Sensex settled at 32,476, down 98 points, while the broader Nifty50 closed at 10,081, down 33 points.
COMMENT: Radhika Rao, India Economist, DBS Bank
Today’s policy statement is not a game-changer for the markets, with a neutral central bank to keep interest rate differentials in favour of the economy and thereby fueling foreign investor interests. One needs to differentiate between liquidity management and the rate direction, which might over the course of the coming months move in opposite directions.
Whilst rates might be lowered in response to benign inflation, liquidity might continue to be drained to ensure the operating rate target is close to the policy rate
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services on RBI policy
We understand that the rate cut decision was not consensual. One member wanted a 50 bps cut in rate while another was in favour of a pause, while four members wanted a 25 bps cut. So, finally we got a 25 bps cut by a vote of 4 to 2.
An important point to note is that the RBI has not changed the policy stance, which continues to be neutral. A shift to ‘accommodative' stance would have been better. To that extent, the decision is disappointing. It is important to note that India has the second highest real interest rate in Asia presently. This is detrimental to credit expansion and economic growth.
The RBI governor expressed concern that CPI inflation might inch up to 4% by Q4. Perhaps they might cut again when CPI inflation undershoots their estimates, which has been the case in the recent past.
Rupee surges to two-year high
The rupee rose to as much as 63.7575 per dollar, its strongest level since Aug. 10, 2015, from its close of 64.0750 on Tuesday. READ MORE
Madan Sabnavis, Chief Economist, CARE ratings
The decision to lower rates was expected even as the market has made it a habit to always buffer a rate cut every time a policy is announced. Prima facie, it appeared that with CPI inflation going below 2% there was strong reason to lower rates as the target which has been set is 4% with a band of 2% on either side. With the number crashing through the lower limit, a clamour for rate cuts naturally built up. But if one goes back to the earlier policy statement from the RBI, there were some issues highlighted which are still not addressed today. CLICK HERE FOR FULL ANALYSIS
3:11 PM Viral Acharya: Working on next steps for resolution of stressed assets in banks
COMMENT: Shishir Baijal, Chairman & Managing Director, Knight Frank India
The policy rate cut of 25 bps by the Reserve Bank of India’s monetary policy committee is on the expected lines. While it is a welcome move we were looking forward to a much more aggressive rate cut.
Considering the battery of new reforms in force, a good monsoon in progress, benign inflation numbers, favourable global environment and the overall uptick in industry sentiments a healthier lending rate could have provided the much needed thrust to fuel India’s growth story.
But we are happy to see that the central bank has adopted a monetary policy that propels growth. A growing economy would signal healthy consumption across all genres of the Indian real estate
2:59 PM Viral Acharya: Currency in circulation is showing early signs of normalisation
2:58 PM Viral Acharya: There remains much surplus liquidity in the system
COMMENT ON RBI POLICY: EPIC RESEARCH
This was mostly discounted in prices where we have seen the recent run up in broader indices as well. We have seen a positive build up in interest rate sensitive sectors like automobile, banking, Reality and NBFCs. So, liquidity was already present for a while and with this boost we may see further momentum.
We expect Reality stocks to gain some momentum, while private banks will do well due to their better return on deposits as compared to PSU banks. We maintain our 'buy on dips strategy' with next the next targets around 10,400 - 10,450 on the Nifty. Bank Nifty may rally towards 25,800 levels, while base is seen at 24,800.
2:56 PM Viral Acharya: Marginal cost rate loan experience not satisfactory
2:55 PM Addressing twin balance-sheet issue is top priority, says RBI deputy governor Viral Acharya
2:54 PM Benchmark indices extends fall with Sensex falling over 100 points and Nifty50 down 36 points.
PRESSURE ON HEADLINE INFLATION
High frequency indicators suggest that price pressures are building up in vegetables and animal proteins in the near months. There are, however, some moderating forces at work. First, the second successive normal monsoon coupled with effective supply management measures may keep food inflation under check. Second, if the general moderation of price increases in CPI excluding food and fuel continues, it will contain upside pressures on headline inflation: RBI
HRA IMPACT ON INFLATION
If States choose to implement salary and allowance increases similar to the Centre in the current financial year, headline inflation could rise by an additional estimated 100 basis points above the baseline over 18-24 months -- RBI
2:47 PM In broader markets, BSE Midcap fell 0.33% while BSE Smallcap was little changed post the outcome
RBI on state of economy
There is an urgent need to reinvigorate private investment, remove infrastructure bottlenecks and provide a major thrust to the Pradhan Mantri Awas Yojana for housing needs of all. This hinges on speedier clearance of projects by the States. On their part, the Government and the Reserve Bank are working in close coordination to resolve large stressed corporate borrowers and recapitalise public sector banks within the fiscal deficit target. These efforts should help restart credit flows to the productive sectors as demand revives.
MPC VOTE PATTERN
Chetan Ghate, Pami Dua, Viral Acharya and Urjit Patel were in favour of the monetary policy decision, while Ravindra Dholakia voted for a policy rate reduction of 50 basis points and Michael Debabrata Patra voted for status quo.
2:45 PM Other rate sensitive stocks - Nifty Auto and Nifty Realty were trading flat but in red post the policy outcome
RBI POLICY: Focus on inflation
The MPC noted that some of the upside risks to inflation have either reduced or not materialised - (i) the baseline path of headline inflation excluding the HRA impact has fallen below the projection made in June to a little above 4 per cent by Q4; (ii) inflation excluding food and fuel has fallen significantly over the past three months; and, (iii) the roll-out of the GST has been smooth and the monsoon normal
2:44 PM Nifty PSU Bank index rose the most led by gains in Punjab National Bank, Bank of Baroda, Syndicate Bank and Allahabad Bank, up between 0.5% to 1.5%
2:43 PM Banking stocks erase losses to trade in green with Nifty Bank up 0.11%, Nifty PSU Bank advancing 0.54% and Nifty Pvt Bank index gaining 0.13%
2:43 PM RBI on inflation
There are several factors contributing to uncertainty around this baseline inflation trajectory. Implementation of farm loan waivers by States may result in possible fiscal slippages and undermine the quality of public spending, entailing inflationary spillovers. Moreover, the timing of the States’ implementation of the salary and allowances award is critical – it is not factored into the baseline projection in view of lack of information on their plans.
If States choose to implement salary and allowance increases similar to the Centre in the current financial year, headline inflation could rise by an additional estimated 100 basis points above the baseline over 18-24 months. Also, high frequency indicators suggest that price pressures are building up in vegetables and animal proteins in the near months.
2:41 PM All sectoral indices were trading in red post RBI policy outcome
2:40 PM Four MPC members voted in favour of 25 bps rate cut.
2:39 PM RBI maintains 'neutral' policy stance with a focus on 4% CPI
2:38 PM The RBI maintains FY18 GVA projection at 7.3%
2:38 PM Market check
Benchmark Indices extendedfalls after RBI cut repo rate by 25 bps to 6% and adjusted the reverse repo rate to 5.75%.
At 2:38 pm, the S&P BSE Sensex was trading at 32,515, down 59 points while the broader Nifty50 index was ruling at 10,083, down 31 points.
2:34 PM Reverse repo rate adjusted to 5.75% from 6% earlier.
RBI cuts repo rate by 25 bps
RBI cut repo rate by 25 basis points (bps) to 6%, the lowest since November 2010. Repo rate is the rate at which the RBI lends money to commercial banks.
Volatility index inches up for 3rd day
At 1:05 pm, India VIX was up 0.2% to 11.93. It hit a high of 12.10 in intraday trade.
1:40 PM NTPC (up 4% at Rs 172) led gains on the Sensex. After successfully commissioning two charging stations for electric vehicles (EVs) in Delhi, state-run NTPC is planning to add 20 more soon. CLICK HERE FOR FULL REPORT
HDFC Securities on Bajaj Auto
Bajaj Auto’s volumes were disappointing with domestic volumes falling by 6% to 186.5k units. Export also dipped by 8% YoY to 121.2k units. Motorcycle sales were also down by 7% YoY and 3W sales fell by 4%.
Although the company has shown dismal performance in July, 2017, we expect volumes to improve in H2FY18 led by festive demand. We are positive on Bajaj Auto, based on 1) Strong product portfolio and increasing portion of premium segment models (KTM, Pulsar, Avenger, Dominar etc) in overall volumes 2) revival in export volumes (management is confident of achieving double-digit growth in FY18, and 3) 3W sales will be boosted by a pick-up in rural demand, and new permits from Maharashtra, Bangalore and Delhi.
At 1:15 pm, the stock was trading 1% lower at Rs 2,790.
At 12:55 pm, the S&P BSE Sensex was trading at 32,534, down 40 points while Nifty50 index was ruling at 10,096 down 18 points.
In braoder markets, the BSE Midcap underperformed the benchmark indices, down 0.4% while the BSE Smallcap was a little changed.
12:38 PM Rupee gains ahead of RBI policy
Rupee gained 22 paise to 63.84, its strongest level since August 2015
12:30 PM Emami pared losses to turn flat at Rs 1,073, bouncing back 5% from intra-day low on National Stock Exchange (NSE), after the company said the June quarter performance was impacted due to Goods & Service Tax (GST)-led destocking and inventory correction in the international markets.
Click here for full report
PNB gains post earnings
Punjab National Bank gained 1.75 % after the lender reported a 12% rise in net profit at Rs 343.40 for the quarter ended June 30, 2017 against Rs 306.36 crore in the corresponding quarter last year.
Net NPAs rose to 8.67% against 7.81% QoQ. The figure was at 9.16% in Q1FY17.
Net interest income (NII) of the public sector lender rose 4.22% to Rs 3855.13 crore in Q1FY18 over Rs 3,698.97 crore in Q1FY17.
EDELWEISS RESEARCH ON EQUITAS HOLDINGS
The ongoing transition phase will be strenuous, but the company’s right strategy and adequate capital will rein in execution risks. Benefits will accrue FY19 onwards as significant funding cost advantages and lower cyclicality risk will boost RoE. At the current market price, the stock trades at 2.3x FY19E P/ABV. We maintain ‘BUY/SO’ with a target price of Rs 220
HSBC ON INFLATION AND INTEREST RATES
A contractionary July Manufacturing PMI is in line with our view that GDP growth will, at best, be flat at 7.1% y-o-y over FY18. The fall in PMI output prices indicate that upcoming core inflation prints will be benign. We expect a 25bps rate cut in the August 2 meeting of the RBI
11:42 AM Nifty Realty index gains the most among sectoral indices led by India Bulls Realestate, Godrej Properties and Phoenix realty
Hero MotoCorp was trading 3% higher at Rs 3,838 on BSE after the company reported a healthy 17% growth in total two-wheeler sales of 623,269 units in July. The world’s largest two-wheeler manufacture had sold 532,113 units in the corresponding month of the previous fiscal (July 2016).
Despite sluggish sales for the first few days of the month due the transition to Goods & Service Tax (GST), the company recorded six-lakh plus sales for the month of July, Hero MotoCorp said in a press release.
At 10:58 am, the S&P BSE Sensex was trading at 32,557, down 17 points while Nifty50 index was ruling at 10,099 down 15 points.
In braoder markets, the BSE Midcap underperformed the benchmark indices, down 0.4% while the BSE Smallcap was a little changed.
10:47 AM Nifty FMCG index extended losses to fall nearly 1% in morning deals. The fall was led by Colgate Palmolive, Marico, Godrej Consumer Products and Emami, down between 1.5%-2.5%.
Shares of fertilizers companies were in focus, rallied by up to 15% on BSE in intra-day deal, in otherwise subdued market.
Rashtriya Chemicals and Fertilizer (RCF), Nagarjuna Fertilisers, Chambal Fertilisers, Deepak Fertilisers & Petrochemicals Corporation and Fertilizers and Chemicals Travancore (FACT) were up more than 4% each. On comparison, the S&P BSE Sensex was trading flat at 32,594 at 9:56 am.
Of these stocks, Deepak Fertilisers & Petrochemicals Corporation and Chambal Fertilisers were trading at their respective record high, while RCF quoting at 52-week high on the BSE.
Click here for full report
Ahead of earnings
Lupin gained 1.51 % and Wockhardt fell 2.07 % ahead of their june quarter results.
MORGAN STANLEY ON INTEREST RATES
Given the slippage in core inflation, we expect the RBI to cut rates by 25 bps at its August 2 meeting. However, we expect the RBI to maintain its neutral monetary policy stance and do not expect any further material easing in our base case. Call rates are still tracking closer to reverse repo rate rather than repo rate
MONETARY POLICY EXPECTATION FROM KOTAK SECURITIES
RBI had revised down its inflation trajectory sharply in the June policy. MPC was keen to watch for sustenance of the downward momentum for the next couple of prints before deciding on the next policy action. Given that inflation reading has further surprised with sub-2% print (well below RBI’s own estimates), we find some room for RBI to be accommodative.
We expect the MPC to cut repo rate by 25 bps in the August meeting. However, we reckon that the room for further monetary accommodation remains limited amid (1) mean reversion of food prices, (2) rising real rural wages, (3) onset of global financial tightening and (4) adverse base effect
IPO UPDATE: Cochin Shipyard
Cochin Shipyard Limited IPO is overall subscribed 0.92 times at 05:00 pm (EOD) on Day 1 (August 1, 2017). QIB subscribed 0.72 times, NII subscribed 0.22 times, Retail subscribed 1.57 times and Employees subscribed 0.12 times.
EMKAY GLOBAL ON PC JEWELLER
Given the upbeat outlook we have upped our EPS estimates by 10%/12% for FY18E/19E. We maintain our BUY rating with revised price target of Rs 327 (19x FY19E domestic business EPS, a 50% discount to Titan)
Hindustan Copper tanks
Hindustan Copper dipped 8% to Rs 65.25 on BSE in early morning trade after the government fixed floor price for its offer for sale at Rs 64.75. The floor price is at a discount of 8.35% over Tuesday’s closing price of Rs 70.65 on the BSE.
The government will sell 37 million equity shares in Hindustan Copper at a floor price of Rs 64.75 apiece through a two-day offer-for-sale (OFS) beginning today, with an option to issue a similar number of shares in case of over subscription.
MONETARY POLICY EXPECTATION: CARE RATINGS
We expect RBI to maintain status quo in its interest rates in the upcoming RBI policy view as inflation potential is still uncertain due to implementation of GST, farm loan waivers and 7th pay commission allowances. We expect RBI to initiate a rate cut in the month of October’17, once the picture becomes clearer and upside risks to inflation subside.
MARKET OUTLOOK BY AMBIT CAPITAL
Investors that are taking a 1-2 year view of investing in India need to be wary not just because of the prevailing punchy valuations but also because the rise of “networks” plus PM Modi’s resets are changing the rules of the game. We strongly urge investors to take a 3+ year view
9:30 AM Most sectoral indices trade flat ahead of the RBI meet outcome. Nifty Realty gains the most, up 0.6% followed by Nifty PSU Bank, up 0.4% and Nifty IT, up 0.3%
9:27 AM Top Sensex gainers and losers
9:24 AM Sensex, Nifty pared some gains after hitting fresh high at open
At 9:23 am, the S&P BSE Sensex was trading at 32,614, up 39 points while Nifty50 index was ruling at 10,124, up 10 points
9:22 AM In braoder markets, the BSE Midcap underperformed the benchmark indices, down 0.1% while the BSE Smallcap gained 0.2%
9:21 AM Benchmark indices open at fresh record high on expectations of interest rate cut in the RBI policy today.
S&P BSE Sensex gained as much as 111 points to open at fresh record high of 32,686 surpassing the previous milestone of 32672.66, hit on July 17. The broader Nifty50 index rose as much as 23 points to conquer new high of 10,137. It has hit the previous high of 10,128, yesterday.
Five key trends from the results declared until 31 July 2017 (Source: Motilal Oswal Research)
 GST-related hiccups, as expected, took a toll on the volumes performance of B2C sectors – Staples, Durables and Electricals were particularly impacted by destocking ahead of GST roll-out.
 Provisions for most BFSI companies were elevated and came in above expectations – Private Banks posted in-line results, while NBFCs and PSU Banks missed expectations.
 Healthcare is on its way to report another washout quarter, with all the companies (barring Glenmark) missing expectations.
 Large-cap cement companies surprised on profitability due to better-than-expected realizations.
 Technology and Consumer posted in-line performances, while Telecom exceeded muted expectations
RESULT REVIEW: NTPC (Source: Edelweiss Securities)
NTPC’s Q1FY18 operating performance came broadly in line with estimate. The company has planned a fixed price (FP) pooling mechanism, first of its kind, which targets cutting average cost of generation by running pit head plants at full load, while load factor of non-pit head plants will be determined by demand.
This, if successful, can improve NTPC’s overall efficiency 1-2%. We believe, while this could positively impact profitability 5-10%, its successful implementation is likely to be arduous as it will require buy-in by all states, apart from necessary approvals of regulatory authorities.
During the analyst meet, management, for the first time, indicated some under recoveries (though not quantified) due to loss of energy upon receipt and firing of coal (100-150kcal energy lost). NTPC is going full throttle on commissioning of new capacities (4.7GW targeted), which is likely to drive up regulated book and help sustain the current exit multiple. Maintain ‘BUY’.
TECHNICAL CHECK ON THE MARKETS
Today the markets are likely to open on flat note. All emerging markets are trading mixed. The coming session is likely to witness a range of 10,000 on declines and 10,200 on advances: SMC GLOBAL SECURITIES
CORPORATE RESULTS TODAY
PNB, Lupin, Bata, Capital First, Edelweiss, Emami, Entertainment Network, Godrej Properties, KEC International, Reliance Infrastructure, Voltas, Wockhardt, Greenply Industries, HEG, Igarashi Motors, Ingersoll Rand, Magma Fincorp, Mahindra Holidays, Max Ventures, Narayana Hrudayalaya, Sical Logistics, Transport Corporation of India, TBZ, UCO Bank and VST Industries are likely to announce their results today
MONETARY POLICY EXPECTATION: Bank of America Merrill Lynch
We continue to expect the RBI MPC to cut rates by 25bp on August 2 on weak growth and low inflation. At the same time, the commentary will likely be hawkish as the RBI has switched to a neutral stance recently. Any further cut depends on the rains
COMMENT: Nomura on PMI
The PMI survey suggests that firms are still assessing the implications of the tax changes and have slowed production and orders until there is more clarity. They do not view this as a sustained moderation and are quite optimistic on the future outlook, supporting our view that this is a temporary blip. Once firms adopt the new tax structure, restocking and normal purchasing activity should resume from August/September onwards.
We expect GDP growth to rise from a low of 6.1% y-o-y in Q1 to a still modest 6.6% in Q2, before rising to an average of 7.4% in H2 2017 led by resumption in production, remonetisation, normal monsoons, lower lending rates and external tailwinds
9:05 AM Technical calls from HDFC Securities
Buy Atul Auto
CMP: Rs 440
STOP LOSS: Rs 420
TARGET: Rs 470
Buy DCB Bank
CMP: Rs 200
STOP LOSS: Rs 192
Auto sales peak
Domestic sales of passenger vehicles (cars, vans and utility vehicles) expanded at more than 15% in July — the highest pace in the first seven months of this calendar year. This growth, however, comes after a double-digit decline of 11% in June, when companies regulated sales to reduce dealers’ loss on pre-goods and services tax (GST) inventory.
Six leading companies, including Maruti Suzuki, Mahindra & Mahindra (M&M), Honda and Toyota, recorded high double-digit growth, as they replenished the inventory at dealerships. Click here for detailed report
9:00 AM Oil prices fall
Oil prices fell 1% on Wednesday, with rising US fuel inventories pulling US crude back below $50 per barrel, while ongoing high supplies from producer club OPEC weighed on international prices.
Street wil lalso keep an eye out for the corporate earnings to be announced today. As much as 48 companies are scheduled to report their Q1 results including Lupin, Reliance Infrastructure, Voltas, Wockhardt, Bata India, Capital First and Godrej Properties among others.
RBI likely to cut interest rated by 25 bps
The Reserve Bank of India will likely cut its main policy rate on Wednesday by 25 bps to 6%, which is a more than 6-1/2 year low after inflation slumped to a more than five-year low of 1.54%.
The question is whether the cautious central bank will signal readiness to ease more.
Apple shares sail to record high
Apple delivered surprisingly strong fiscal third-quarter earnings and signalled that its upcoming 10th-anniversary phone lineup is on schedule, driving the stock up 6% to an all-time high. The stock climbed above its intraday record high to $159.10 after the company reported better-than-expected iPhone sales, revenue, and earnings per share. Apple also said it hit a milestone of 1.2 billion iPhones sold.
The Nifty50 futures on the Singapore Stock Exchange were trading 14.5 points lower at 10,142 indicating a flat opening for the domestic market.
8:49 AM Asian peers steady
MSCI's broadest index of Asia-Pacific shares outside Japan was steady in early trade, having hit its highest since late 2007.
Japan's Nikkei rose 0.5% while South Korean stocks edged up 0.2%, but Australia's benchmark fell 0.4%.
8:48 AM Wall Street
The Dow Jones Industrial Average racked up a fifth straight record high on Tuesday and neared the 22,000 mark, powered by Goldman Sachs, JPMorgan Chase and other banks. It has risen 11% in 2017.
The Dow rose 0.33% to a record-high close of 21,963.92. The S&P 500 gained 0.24% to 2,476.35 and the Nasdaq Composite added 0.23% to 6,362.94.
8:47 AM Hello and welcome to markets live blog. Catch all the live market action for the day here.
First Published: Wed, August 02 2017. 15:38 IST