MARKET WRAP: Record closing high for Sensex at 37,692; bank stocks rally

The Nifty PSU Bank index settled over 2.5% higher led by rise in Indian Bank and SBI

3:49 PM

Nifty sectoral gainers and losers of the day

3:48 PM

BSE Sensex: Axis Bank, ICICI Bank, SBI among top gainers of the day

3:46 PM

Market at close

The S&P BSE Sensex settled at a record high of 37,692, up 136 points, while the broader Nifty 50 index settled at a new high of 11,387, up 26 points.

3:18 PM

Vinati Organics hits upper circuit of 20% as Q1 profit doubles

Shares of Vinati Organics are locked in upper circuit of 20% at Rs 1,188 per share, also their new high on the BSE, after the company reported a more-than-double net profit of Rs 643 million in June 2018 quarter (Q1FY19). The company, which is engaged in commodity chemicals business, had profit of Rs 311 million in the same quarter last fiscal. READ MORE

3:03 PM

RCom gets SC nod to sell assets to Jio, agrees to pay Rs 5.5 bn to Ericsson

Reliance Communications Ltd (RCom) said on Monday it had received approval from the Supreme Court to proceed with the sale of its wireless assets to Reliance Jio after it agreed to pay 5.5 billion rupees ($80.06 million) to settle dues with Swedish telecom gearmaker Ericsson. READ MORE

2:47 PM

Gold extends rally from 17-month low, stronger dollar caps gains

Gold prices inched higher on Monday, extending their recovery from a 17-month low, amid lingering worries over the US-China trade conflict, while a stronger US dollar capped the safe haven's gains.

 

Spot gold was up 0.2 per cent at $1,215.71 an ounce, building on its 0.5 per cent gain on Friday. US gold futures were little changed at $1,223.7 an ounce. READ MORE

2:31 PM

Vedanta's quarterly core earnings rise; India copper output drops

Miner Vedanta Resources Plc, which is set to be taken private by Chairman Anil Agarwal, reported on Monday a 26.3 percent rise in first-quarter core earnings on higher commodity prices.

 

The London-listed company's earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $983 million, for the three months ended June 30, from $778 million a year earlier. READ MORE

2:13 PM

Multiplex companies look attractive post correction; PVR, Inox Leisure gain

Multiplex operators PVR and Inox Leisure were among the top gainers in the BSE 500 index on Friday, appreciating 7-14.5 per cent. The gains came after PVR entered into a three-year deal with ticketing aggregators bookmyshow and PayTM for a convenience fee of Rs4.1 billion, most of which it will receive upfront as advance payment in FY19. READ MORE

2:02 PM

Market Check

INDEX	LATEST	PREVIOUS	CHANGE	CHANGE(%)
	37729.37	37556.16	173.21	0.46
	15425.22	15361.14	64.08	0.42
	16283.63	16206.89	76.74	0.47
	16929.66	16833.52	96.14	0.57
	4424.31	4407.00	17.31	0.39

1:45 PM

ICRA gains 6% as board mulls share buyback proposal

Shares of ICRA have gained 6% to Rs 3,657 per share on the BSE in intra-day trade after the company- an Indian subsidiary of ratings agency Moody's, said it will consider share buyback proposal on Thursday, August 9, 2018. READ MORE

1:34 PM

Top gainers in BSE 500:

COMPANY	PRICE( )	CHG( )	CHG(%)
TRIDENT	70.85	6.75	10.53
ENDURANCE TECH.	1574.00	120.50	8.29
I D F C	50.90	3.85	8.18
TIME TECHNOPLAST	151.45	11.25	8.02
DHANUKA AGRITECH	600.00	41.65	7.46

1:15 PM

Pledged holdings for the BSE500 stocks decline in June 2018 quarter

Pledged holdings for the BSE500 stocks declined in the June 2018 quarter as against the preceding quarter. The percentage of pledged promoter holdings reduced to 6.8 per cent, from 7.4 per cent in the March quarter, according to Kotak Institutional Equities.

 

The value of pledged holdings stood at Rs1.82 trillion, 1.37 per cent of market capitalisation of the BSE500 stocks. The brokerage attributed the fall in pledged holdings to changes in the constituents of the BSE-500 index. READ MORE

12:59 PM

Defensives are on the radar

The Reserve Bank of India's (RBI’s) Monetary Policy Committee has hiked the policy rate for the second time in a row. It has also hinted that it will not be averse to hiking again, if inflation doesn't ease off. Pressure on the rupee might now lessen due to a couple of factors. READ MORE

12:44 PM

Indian markets can rise another 10%; focus on mid, small-caps: Mark Mobius

Indian benchmarks have rallied to record highs and have been among the top performers globally thus far in the calendar year 2018 (CY18). MARK MOBIUS, co-founder, Mobius Capital Partners tells Puneet Wadhwa that going ahead, investors should concentrate more on ‘value’ rather than momentum; and on the good small-and medium-sized companies rather than the large-caps. READ MORE

Mark Mobius

12:33 PM

Here are the reasons why FMCG valuations will remain high in coming days

A strong performance is always rewarded whether it’s a field of sport, movie or even the equity market. And, it is exactly what most fast moving consumer goods (FMCG) companies are likely to experience. READ MORE

12:17 PM

Graphite India hits new high ahead of Q1 results

Shares of Graphite India hit a new high of Rs 1,080 per share, rising 2.4% on the BSE in intra-day trade, ahead of April-June 2018 (Q1FY19) results today. READ MORE

12:00 PM

Markets at noon

INDEX	LATEST	PREVIOUS	CHANGE	CHANGE(%)
	37746.45	37556.16	190.29	0.51
	15425.84	15361.14	64.70	0.42
	16262.73	16206.89	55.84	0.34
	16930.49	16833.52	96.97	0.58
	4425.44	4407.00	18.44	0.42

11:45 AM

Laurus Labs hits record low on disappointing Q1 results

 

Laurus Labs hit a record low of Rs 430, down 8% on the BSE in early morning trade, after the pharmaceutical company’s consolidated net profit declined 57% year on year (yoy) at Rs 166 million in June quarter (Q1FY19). The main reason for the lower profitability is the increase in prices for the materials imported from China apart from lower sales of CMO APIs.

 

The company had profit of Rs 389 million in the same quarter last fiscal. READ MORE

11:30 AM

Shift your investments if Sebi pulls up AMC for regularly flouting norms

 

Market regulator Securities and Exchange Board of India (Sebi) wrote a letter to the Association of Mutual Funds in India (Amfi) on July 9 warning its members regarding 25 violations it had observed during inspections of fund houses carried out between April 2014 and March 2016.

 

In its July 25 meeting with independent trustees of mutual funds, the regulator brought up the issue of these violations again and asked trustees to ensure high standards of corporate governance. READ MORE

11:15 AM

Sebi in final stages of allowing futures trading in petrol and diesel

 

Over 60,000 retail petrol pump and hundreds and thousands of small and big transporters, bulk users and diesel-consuming industries will soon be able to hedge the price risk in petrol and diesel, as Sebi is in final stages of allowing futures in these two commodities.

 

ICEX, the third largest Commodity Exchange, has urged the regulator to allow futures trading in petrol and diesel. Unlike crude oil, the prices of these two products derived from the fossil fuel are fixed in India once a day by oil marketing companies, based on market forces. Hence hedging is more real than the proxy. So far, crude oil has been a proxy hedging product for petrol and diesel and not an accurate risk management tool. READ MORE

11:00 AM

From Hindustan Unilever to RIL, top corporates gear up to split CMD post

 

Large corporates like HUL and RIL have started making arrangements to comply with regulator Sebi's directive to split the roles of chairman and managing director by April 1, 2020, but several smaller companies are still giving their CMDs tenures beyond the deadline.

 

As the season of AGMs continues, many companies have sought shareholders' approval for extending tenure of their CMDs, which in several cases will fall foul of Sebi's guidelines for the top 500 listed companies in the country to have a non-executive chairman and a separate person as CEO or Managing Director from April, 2020. READ MORE

10:45 AM

SBI hits 6-month high; stock up 19% in one month

 

Shares of State Bank of India (SBI) hit a six-month high of Rs 307, up 3% on the BSE on Monday, extending its Friday’s 1.6% gain after the public sector lender and Reliance Jio tied up to provide a platform offering digital banking, commerce, and financial services to customers.

 

“Post operationalization of Jio Payments Bank (a 70:30 JV between RIL and SBI) Jio and SBI are deepening their partnership to bring next-generation bilateral frictionless experience with exclusive digital Banking, Payments and Commerce journeys for their customers,” Reliance Jio said in media release. READ MORE

10:30 AM

BS Special Risks to macroeconomic stability from trade war

 

Though the RBI maintained its growth projection for FY19 at 7.4%, it has alluded to risks on account of protectionist measures and further escalation in trade tensions in its policy statement. There are two dimensions to the risks to macroeconomic stability from trade tensions. One dimension, of course, is that if the global economy slows down, it could result in contraction in global trade and hit our export volumes. The second dimension is that of the policy response of central banks globally to counter the effect of trade war i.e. the risk of trade war eventually turning into a currency war. READ MORE HERE

10:15 AM

Market Debut HDFC AMC makes stellar debut, soars 67% against issue price

 

Shares of HDFC Assets Management Company (AMC) made a stellar debut on the bourses on Monday, by listing at Rs 1,739, a 58% against its issue price of Rs 1,100 per share on the BSE.

 

The stock hit an intra-day high of Rs 1,832, zoomed 66.5% against issue price after few minutes of its debut on the BSE. READ MORE

10:00 AM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	37,722.40	+166.24	+0.44
S&P BSE SENSEX 50	11,936.27	+52.38	+0.44
S&P BSE SENSEX Next 50	33,977.35	+152.12	+0.45
S&P BSE 100	11,685.06	+51.23	+0.44
S&P BSE Bharat 22 Index	3,612.95	+26.25	+0.73

9:47 AM

Nifty valuation at multi-year highs on most counts: All you need to know

 

Following the sharp 6 per cent rally over the past month, the valuation of the benchmark Nifty 50 index looks filled to the brim on many counts. On parameters such as forward price-to-earnings (P/E), earnings growth expectations and cyclically adjusted P/E ratio (Cape), the markets are most expensive in 10 years.

 

Meanwhile, valuations are the highest since 2010 when it comes to indicators such as market cap-to-GDP, bond–earnings yield spread and price-to-book value (P/B) valuations, according to an analysis by ICICI Securities. READ MORE

9:35 AM

Interview of the day FY19 earnings should expand in mid-teens, says Old Bridge's Kenneth Andrade

 

Kenneth Andrade, founder and chief investment officer, Old Bridge Capital Management, discusses the road ahead for equity markets, earnings and his sector preferences in the backdrop of rising interest rates and escalating global trade wars. Read full interview here

Kenneth Andrade, Founder and Chief Investment Officer, Old Bridge Capital Management

 

 

9:24 AM

Nifty sectoral trend

9:21 AM

BSE Sensex gainers in the opening trade

9:16 AM

Market at open

 

At 9:15 AM, the S&P BSE Sensex was trading at a record high of 37,755, up 199 points while the broader Nifty50 breached the 11,400 mark and was ruling at 11,413, up 52 points.