MARKET WRAP: Sensex at new closing high of 38,897 on global cues; RIL up 2%

Among individual stocks, market heavyweight Reliance Industries (RIL) settled a new all-time high of Rs 1,323, up 2.4 per cent.

3:43 PM

Nifty Metal index ends 1.82% higher. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)	VOLUME
APL APOLLO	1686.50	1623.80	62.70	3.86	23650
HINDALCO INDS.	239.00	230.25	8.75	3.80	18865065
JSW STEEL	366.20	355.60	10.60	2.98	6121154
VEDANTA	230.30	225.50	4.80	2.13	15426791
WELSPUN CORP	166.70	163.45	3.25	1.99	891970

3:39 PM

Nifty sectoral gainers and losers of the day

3:37 PM

BSE Sensex: RIL top gainer of the day, YES Bank top loser

3:35 PM

Market at close

The S&P BSE Sensex settled at a fresh record closing high of 38,897, up 203 points, while the broader Nifty 50 index closed at a new high of 11,739, up 47 points. In intra-day deals, the S&P BSE Sensex hit a new all-time high of 38,938.91. The Nifty50 index, on the other hand, touched its record high level of 11,760.20.

3:15 PM

Sterlite closure hits copper production, imports up 221% in June quarter

Domestic refined copper production fell 47.1 per cent in quarter ending June (Q1FY19), leading to an increase in price and fall in exports. Though the fall in production was mainly due to the closure of Vedanta's smelter plant at Thoothukudi, the shutdown of smelters of Hindustan Copper (HCL) and Hindalco for maintenance purposes also had an impact. READ MORE

2:59 PM

SAIL closing in on NMDC's iron ore capacity

The gradual ramp-up of SAIL's captive iron ore capacity has brought it within striking distance of the country's largest iron ore producer, NMDC, which supplies to major steel producers like JSW Steel and Essar. READ MORE

2:47 PM

NMDC increases price of lump ore, iron ore fines by Rs 150 a tonne

NMDC Limited, a state-controlled mineral producer, has increased the price for lump ore and iron ore fines by Rs 150 a tonne with effect from August 22.

 

The company informed exchanges that the price has been increased to Rs 3,350 a tonne from Rs 3,200 a tonne for lump ore and to Rs 2,960 a tonne from Rs 2,810 a tonne for iron ore fines. READ MORE

2:32 PM

Gold steadies as US-Mexico trade deal weighs on dollar, China ties in focus

Gold steadied on Tuesday as the dollar hovered near a one-month low following a trade deal between the United States and Mexico, but concerns around a still developing US-China trade row kept a check on prices of the precious metal.

 

Spot gold inched 0.1 per cent higher to $1,212.33, after falling as much as 0.3 per cent earlier in the day. Prices on Monday hit their highest in two weeks. US gold futures were up 0.2 per cent at $1,218.40 an ounce. READ MORE

2:15 PM

Adani Group shares gain; Adani Transmission zooms 40% in two days

Shares of Gautam Adani-led Adani Group companies – Adani Transmission, Adani Enterprises, Adani Power and Adani Green Energy – have rallied by up to 17% on the BSE in intra-day trade on Tuesday. READ MORE

2:00 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,892.47	+198.36	+0.51
S&P BSE SENSEX 50	12,292.39	+49.87	+0.41
S&P BSE SENSEX Next 50	35,035.99	-143.22	-0.41
S&P BSE 100	12,036.15	+34.05	+0.28
S&P BSE Bharat 22 Index	3,715.46	-11.25	-0.30

(Source: BSE)

1:45 PM

REITs: Good option for investors seeking regular income, diverse portfolio

Embassy Office Parks, the joint venture between Bengaluru-based Embassy group and US-based private equity fund Blackstone, plans to file the offer document for its real estate investment trust (REIT) soon. REITs, a long-awaited investment product, will give retail investors access to one more asset class with which to diversify their portfolios. READ MORE

1:30 PM

Weak rupee, firm alumina prices to bolster Nalco's earnings

A subdued rupee and the firming up of international alumina prices have spelt a bonanza for state controlled National Aluminium Company (Nalco). Since Nalco exports nearly 1.3 million tonnes alumina each year, it is harvesting the gains from the commodity’s price upswings as well as the falling rupee which is piling up gains. READ MORE

1:13 PM

Top gainers in BSE 500:

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
ADANI TRANSMISSI	233.90	30.75	15.14	1474947
CHAMBAL FERT.	166.10	14.10	9.28	776950
J KUMAR INFRA	243.50	18.80	8.37	49776
EQUITAS HOLDINGS	155.95	10.95	7.55	340993
PFIZER	3622.55	206.65	6.05	56091

1:02 PM

Cost structure in Rs 23-trillion mutual fund industry comes under Sebi lens

The cost structure in the Rs 23-trillion mutual fund (MF) industry has come under the radar of market regulator Securities and Exchange Board of India (Sebi). Sources say the regulator wants to probe the different components of the so-called total expense ratio (TER) charged to investors by fund houses. READ MORE

12:45 PM

Launch pipeline key for Godrej Properties after Q1 miss; stock falls

The Godrej Properties stock is down 5 per cent since the beginning of this month, and 20 per cent since May on signs of slowing growth and whether the company can match the record sales it achieved in 2017-18. In the June quarter, the company reported new bookings at Rs 8.2 billion, down 44 per cent over the year-ago quarter. READ MORE

12:31 PM

Axis Securities offers commodity futures trading to its customers on MCX

About a year after the Reserve Bank of India (RBI) cleared the decks for banks to enter commodity derivatives trading, Axis Bank has become the first bank to enter commodity futures through its equity broking arm Axis Securities (ASL).

 

ASL has started offering its customers futures trading in commodities -- bullion and energy, to begin with -- currently being traded on the Multi Commodity Exchange (MCX). Depending on the initial response from its customers, the broking firm will expand its product basket for other non-agri and agri-commodity offerings. READ MORE

12:15 PM

WEB EXCLUSIVE Buyback offers touch Rs 300 billion in three months

Buyback of equity shares has gathered pace with over a dozen firms approving proposals in the past three months. Including three Nifty 50 companies – Tata Consultancy Services (TCS), Larsen & Toubro (L&T) and HCL Technologies – the boards of total 13 firms have approved share buyback proposal worth of Rs 309 billion since June 2018. MphasiS, DCM Shriram, Just Dial, ICRA, Navneet Education and Mcleod Russel, too, approved buyback proposal, the CapitalinePlus data shows. READ MORE

Buybacks

12:00 PM

Markets at noon

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,818.47	+124.36	+0.32
S&P BSE SENSEX 50	12,281.92	+39.40	+0.32
S&P BSE SENSEX Next 50	35,145.77	-33.44	-0.10
S&P BSE 100	12,033.13	+31.03	+0.26
S&P BSE Bharat 22 Index	3,722.62	-4.09	-0.11

11:45 AM

Here's why Saudi's got the $100 bn Aramco IPO plan shelved

 

The king spoke, and a $2 trillion dream went up in smoke.

 

For the past two years, Saudi Arabia has prepared to place up to 5 per cent of its national oil company on the stock market. Officials talked up the Saudi Aramco initial public offering (IPO) with international exchanges, global banks and US President Donald Trump.

 

The planned listing was to be the cornerstone of the kingdom's promised economic overhaul and, at a targeted $100 billion, the biggest IPO ever. It was the brainchild of 32-year-old Crown Prince Mohammed bin Salman, heir apparent of the world's largest oil exporter. READ MORE

 

11:30 AM

Four Sensex companies including RIL, Infosys hit new high

 

Shares of four Sensex companies – Infosys, Tata Consultancy Services (TCS), Reliance Industries (RIL) and Mahindra & Mahindra (M&M) – have hit their respective new highs on the BSE in intra-day trade on Tuesday.

 

Bajaj Finance, Jubilant FoodWorks, L&T Technology Services, Page Industries, Pfizer, Pidilite Industries, Trent, VIP Industries, Shoppers Stop, RBL Bank and Piramal Enterprises were 19 stocks from the S&P BSE500 index too hit new highs today. READ MORE

11:15 AM

Street looks at Voltas' margin trend; rise in share of ACs a positive

 

Shares of Voltas have gained over 25 per cent from the June-end lows of Rs 493.45. This trend may sustain if factors like profitability show improvement.

 

The earlier weak sentiment was after the company’s air conditioner (AC) sales were affected by unseasonal rains in a seasonally strong April-June quarter (Q1). However, things turned out to be better than expected. READ MORE

11:00 AM

PSU Banks fall post Allahabad HC ruling

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)	VOLUME
BANK OF INDIA	92.05	94.75	-2.70	-2.85	3505622
BANK OF BARODA	145.95	150.05	-4.10	-2.73	4868255
UNION BANK (I)	87.45	89.80	-2.35	-2.62	4135283
ORIENTAL BANK	79.75	81.60	-1.85	-2.27	1452251
CANARA BANK	278.50	284.80	-6.30	-2.21	2226991

10:45 AM

Fertiliser shares in focus

 

Shares of fertilizers companies have rallied by up to 18% on the BSE on back of heavy volumes after the media report suggested that the companies will be paid subsidies every week instead of waiting for months.

 

Fertilizers & Chemicals Travancore (FACT), Southern Petrochemicals, Chambal Fertilisers & Chemicals and Madras Fertilizers have rallied in the range of 10% to 18% on the BSE in intra-day trade. READ MORE

10:30 AM

Gold bulls may have to wait a bit longer for the great short squeeze

 

After investors collectively placed the biggest gold short on record, traders have been waiting for the tide to turn — potentially in a dramatic fashion. But the rally on Friday may not be the short squeeze the bulls had been waiting for.

 

Bullion futures rebounded as dovish Federal Reserve comments were seen weakening the dollar. But momentum is already showing signs of abating, with holdings in exchange-traded funds backed by the metal extended losses to the lowest since 2016. READ MORE

10:15 AM

Large-player domination not restricted to us, say mutual fund houses

 

Markets regulator the Securities and Exchange Board of India (Sebi) had expressed concern last week over few mutual fund (MF) houses dominating the Rs 23-trillion domestic asset management industry. In their attempt to play it down, industry players have claimed that concentration of assets among a few fund houses is not a cause for undue worry. “The concentration of assets is not confined to the MF business alone,” said Nilesh Shah, MD, Kotak MF. READ MORE

10:00 AM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,793.35	+99.24	+0.26
S&P BSE SENSEX 50	12,275.41	+32.89	+0.27
S&P BSE SENSEX Next 50	35,061.37	-117.84	-0.33
S&P BSE 100	12,023.33	+21.23	+0.18
S&P BSE Bharat 22 Index	3,734.70	+7.99	+0.21

9:46 AM

Power stocks trade weak

 

Shares of power and power finance companies were trading lower by up to 2% in an otherwise strong market after the Allahabad High Court refuses interim relief to power firms from Reserve Bank of India (RBI) directions.

 

Rural Electrification Corporation (REC), Power Finance Corporation (PFC), Adani Power, Tata Power and GMR Infrastructure were trading lower in the range of 1% to 4% on the BSE. READ MORE

9:30 AM

Jet Airways posts Rs 13.26 bn Q1 loss

 

Jet Airways on Monday said it will seek capital infusion and sell the stake in its loyalty programme after reporting a net loss of Rs 13.26 billion in the April-June (Q1) quarter of 2018-19 (FY19). This is the airline’s third-highest quarterly loss. READ MORE
 

9:20 AM

Nifty sectoral trend

9:18 AM

BSE Sensex opening gainers and losers