MARKET WRAP: Indices end at new closing highs, Nifty at 11571; pharma gains

Among sectoral indices, Nifty Pharma index was the lead gainer, rising over 1.5 per cent led by Glenmark Pharmaceuticals and Piramal Enterprises.

3:42 PM

Nifty Pharma index ends 1.54% higher. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
GLENMARK PHARMA.	638.30	608.20	30.10	4.95
PIRAMAL ENTERP.	2842.00	2771.80	70.20	2.53
CADILA HEALTH.	386.90	377.45	9.45	2.50
LUPIN	889.20	869.25	19.95	2.30
SUN PHARMA.INDS.	634.90	626.35	8.55	1.37

3:40 PM

Nifty sectoral gainers and losers of the day

3:39 PM

BSE Sensex: Sun Pharma, Axis Bank, COAL India among top gainers of the day, Tata Steel top loser

3:36 PM

Market at close

The S&P BSE Sensex settled at a fresh record closing high of 38,286, up 7 points, while the broader Nifty 50 index closed at a new high of 11,571, up 19 points. In intra-day deals, the S&P BSE Sensex hit a new all-time high of 38,402.96. The Nifty50 index, on the other hand, touched its record high level of 11,581.75.

3:17 PM

Gold at 1-week high as Trump remarks on Fed weigh on dollar

Gold prices on Tuesday climbed to a one-week high on the back of a weaker dollar, after US President Donald Trump said he was "not thrilled" with the Federal Reserve for raising interest rates.

 

Spot gold rose 0.4 per cent to $1,194.81 an ounce, after touching $1,196.27 earlier, the highest level since Aug. 14. US gold futures climbed 0.5 per cent to $1,200.60 an ounce. READ MORE

Gold

3:03 PM

Loans for Indian firms may get costlier as foreign banks turn selective

Indian firms have enjoyed the cheapest foreign-currency loan costs in more than a decade but may find the tides turning as banks become more selective. READ MORE

2:44 PM

India tells state oil firm ONGC to list overseas unit

The Indian government has asked its biggest state-owned firm, Oil and Natural Gas, to list its overseas unit ONGC Videsh, according to a letter seen by Reuters.

 

The move to float the unit - which has investments in 11 producing assets in countries including Russia, Brazil and Iran - is part of a government push to sell state-assets to raise funds. READ MORE

2:29 PM

Nifty's journey from 1,000 to 11,500 levels: All you need to know

As Nifty50 hit a lifetime high of 11,581.75 on Tuesday, it is notable to know that the index hovered around 1,000 levels in back in 2002.

 

Over these 16 years, the representation in Nifty50 index has undergone a sea change in consonance with the changes in the underlying economy. As new sectors and companies evolved, their stocks found place in the benchmark index. Some, on the other hand, lost relative importance. READ MORE

2:14 PM

India's GDP brawl could hurt Modi politically and prevent a rupee reset

Just as some analysts were starting to believe in a reset for the Indian rupee, with the government becoming more relaxed about letting it weaken, history got in the way.

 

The history in question is past GDP data, which haven’t been officially released after India reworked its calculation methodology in early 2015. But the report of a subcommittee tasked to suggest ways to link the old and the new GDP series was recently made public. The panel’s calculations suggest growth averaged a tad above 8 per cent in the 10 years through fiscal 2014, compared with 7.4 per cent since then. READ MORE

2:01 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,275.13	-3.62	-0.01
S&P BSE SENSEX 50	12,107.64	+10.64	+0.09
S&P BSE SENSEX Next 50	34,663.00	+257.65	+0.75
S&P BSE 100	11,863.18	+22.09	+0.19
S&P BSE Bharat 22 Index	3,659.77	+4.53	+0.12

(Source: BSE)

1:49 PM

Top gainers in BSE 500:

COMPANY	PRICE( )	CHG( )	CHG(%)
KAJARIA CERAMICS	452.10	38.05	9.19
SUVEN LIFE SCIE.	253.10	21.25	9.17
CESC	1015.65	75.15	7.99
WELSPUN CORP	149.20	8.15	5.78
CUMMINS INDIA	746.75	38.25	5.40

1:42 PM

LIC Housing Finance hits four-month high ahead of Q1 results

Shares of LIC Housing Finance hit a four month high of Rs 569 per share, rising 3% on the BSE ahead of April-June quarter (Q1FY19) results on Friday, August 24, 2018. READ MORE

1:31 PM

Growth in key markets perks up Aurobindo stock, earnings to increase

Shares of Aurobindo Pharma have been gaining on the bourses, and are up over 9 per cent since the June quarter results, announced a few days ago. This took the total gains to about 25 per cent since the June lows of Rs 526.

 

Easing concerns over pricing pressure in the US, and Food and Drug Administration (FDA) inspections at Aurobindo’s manufacturing units are behind the upbeat sentiment. Continued traction in the US and boost from European markets continue to drive performance. READ MORE

1:15 PM

Top fund houses turn overweight on capital goods amid capex revival signs

With capacity utilization showing improvement, money managers are raising their bets on the capital goods space. According to data collated by Edelweiss, top-five fund houses’ average overweight on capital goods stood at 536 basis points (bps) vis-a-vis Nifty 200. READ MORE

1:00 PM

NSE, SGX joint trading at GIFT likely to take place by December

Amid arbitration proceedings, the proposed collaboration between the Singapore Exchange (SGX) and the National Stock Exchange (NSE) to jointly offer trading at Gujarat International Finance Tec (GIFT) City could take shape before the end of the year, said people with knowledge of the development. GIFT is India’s only International Financial Services Centre (IFSC). READ MORE

12:51 PM

Floods will hit tyre & coffee industries

The stock market ignored bad news out of Turkey that led to a rout for emerging market currencies. Instead, investors hailed strong Q1 earnings reports, strong industrial activity and lower headline inflation. The resumption of China-USA trade talks was viewed with optimism since every global investor is hoping that the US backs down on threats of hiking import tariffs and, ditto the Chinese. READ MORE

12:33 PM

Cement shares in focus; Ambuja Cements, India Cements up over 3%

Shares of cement companies were trading higher by upto 4% in anotherwise range bound market on Tuesday on expectations that the demand momentum will pick-up quickly post monsoon. READ MORE

12:17 PM

First buyback can bring cheer to L&T's shareholders, say analysts

Buybacks are announced for a host of reasons, sometimes for the promoter to bump up his/her stake, or in lieu of a dividend or just to improve the return ratios. With Larsen & Toubro (L&T), analysts say, there could be more than one compelling reason behind the buyback plan. READ MORE

12:00 PM

Markets at noon

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,252.52	-26.23	-0.07
S&P BSE SENSEX 50	12,094.53	-2.47	-0.02
S&P BSE SENSEX Next 50	34,538.72	+133.37	+0.39
S&P BSE 100	11,845.95	+4.86	+0.04
S&P BSE Bharat 22 Index	3,657.17	+1.93	+0.05

11:46 AM

Meet Pallonji Mistry, the billionaire who can't spend his own fortune

 

Billionaire Pallonji Mistry has about 84 per cent of his estimated $20 billion fortune locked up in a legal battle with India’s largest conglomerate.

 

The conflict between Mistry and the Tata Group began with a boardroom coup in 2016 when the former’s son was ousted as chairman of the latter. Mistry is one of the largest shareholders in Tata Sons Ltd., which controls the $100 billion conglomerate, and his family has since filed numerous lawsuits against the holding company’s board, alleging suppression of minority interests and governance lapses. READ MORE

Pallonji Mistry

11:30 AM

Net worth of nine realty firms dips 18% during IndAS 115 era: Study

 

The net worth of nine listed real estate companies has eroded by 18 per cent after the Indian accounting standards (IndAS) 115 accounting standard was implemented from April 1, says a new study. The nine companies are Godrej Properties, Prestige Estates Projects, Brigade Enterprises, DLF, Indiabulls Real Estate, Phoenix Mills, Sobha, Mahindra Lifespace Developers, and Puravankara. READ MORE

11:15 AM

Coal India hits over two month high; stock up 3%

 

Shares of Coal India hit an over two-month high of Rs 292, up 3% on the BSE in an otherwise range bound market on expectations that government may defer stake sale in the company as the stock falls. The stock was trading at its highest level since June 11, 2018, on the BSE.

 

The government has advised Coal India that the deadline for a minimum 25% public holding has been deferred by two years since the stock has underperformed, the Economic Times report suggested quoting company executives. READ MORE

11:00 AM

Flows through the SIP route could moderate going ahead: Experts

 

The mutual fund industry has seen moderation in flows, but investments through the systematic investment plans (SIPs) route continue to remain intact.

 

Data available with the Association of Mutual Funds of India (Amfi) shows that SIP contribution in July stood at Rs 75 billion — 21 per cent higher than the past 12-month average of Rs 62 billion. READ MORE

10:45 AM

HUL, RIL, TCS among top gainers in Sensex's 8,000-point rally in 16 months

 

Rising crude oil prices, trade war fears, depreciating rupee and the possibility of higher inflation amid rising interest rates have failed to dent sentiment at the bourses over the past few months. The S&P BSE Sensex has been one of the best-emerging market (EM) index thus far in the calendar year 2018 (CY18) with a rise of over 12 per cent.

 

The index closed hit an all-time high of 38,402 levels on Monday, August 20 in intra-day trade. It took just 16 months for the index to achieve this feat after it closed above the 30,000 mark for the first time ever on April 26, 2017. READ MORE

Photo: Shutterstock

10:31 AM

Stocks of paper companies rise by up to 89% on bumper June quarter

 

The share prices of paper companies have risen by up to 89 per cent over the past month, after stronger than expected earnings were reported by primary producers for the quarter ended June.

 

Leading branded copier maker JK Paper's share price rose 89 per cent on the BSE to trade currently at Rs 188. That of International Paper APPM has risen 49 per cent to Rs 465. Significant rises have also been seen in the shares of Ballarpur Industries, Seshasayee Paper, West Coast Paper and Tamil Nadu Newsprint, among others. READ MORE

10:15 AM

Vadilal tanks 30% in two days as Ashish Kacholia offloads 5% stake

 

Shares of Vadilal Industries hit a fresh 52-week low of Rs 516.50, slipped 12% in early morning trade on Tuesday, after investor Ashish Kacholia offloaded 5% of its equity shareholding in ice cream maker through open market on Monday.

 

Yesterday, the stock tanked 20% to Rs 589 on the BSE and the National Stock Exchange (NSE). The stock plunged 35% in past six trading sessions from Rs 795 on August 10, 2018. READ MORE

10:00 AM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,269.75	-9.00	-0.02
S&P BSE SENSEX 50	12,097.02	0.02	0.00
S&P BSE SENSEX Next 50	34,446.98	+41.63	+0.12
S&P BSE 100	11,843.27	+2.18	+0.02
S&P BSE Bharat 22 Index	3,658.92	+3.68	+0.10

9:45 AM

Sebi mulls hiking minimum ticket size for investment in PMS schemes

 

The Securities and Exchange Board of India (Sebi) is considering doubling or even quadrupling the minimum ticket size for investment in portfolio management services (PMS) schemes. The regulator is worried about the current investment limit of Rs 2.5 million may be inadequate to prevent retail investors from using this route.

 

Investors without sufficient knowledge of the risks that accompany investment in PMS schemes could end up burning their fingers if there was a sharp correction in Indian equities. READ MORE

9:31 AM

HCL Technologies stock reacts to company's share buyback plan

9:22 AM

Nifty sectoral trend