Markets register fresh closing high; SBI up 5.4%

The Sensex hit all-time high of 28,205.71 and Nifty hit 8,438.10 in intra-day trades today

Benchmark shares indices ended at record closing highs with the Nifty ending above 8,400 for the first time after data showed that trade deficit in October narrowed compared to the previous month.

India's trade deficit narrowed to $13.35 billion in October on lower oil imports, government data showed on Monday. The deficit stood at $14.25 billion in September.

The Sensex ended up 131 points at 28,178 after hitting a record high of 28,205.71 and the Nifty closed at 8,430 with a 40 point gain after touching a record high of 8,438.10 intra-day.

Earlier in the day, tracking weak Asian cues, the markets opened in the red and thereafter profit booking kept the indices under pressure. The Sensex and the Nifty had touched a low of 27,921 and 8,349 respectively.

The rupee was at 61.69 as compared to its previous close of 61.72/73. Asian currencies are trading stronger to mixed versus the dollar.

Gainers & Losers

On the sectoral front, Auto, Consumer Durables and Power indices were the top gainers, up 1-1.5%.

Meanwhile, Health Care and Metal indices were the only sectors in red, down 0.1% and 0.5% respectively.

SBI was the top Sensex gainer up 5.4% after the bank posted 30.5% rise in net profit at Rs 3,100 crore for the second quarter ended September 2014 as compared to Rs 2,375 crore in the same period of the previous year, due to robust growth in income from interest, fees and control over costs.

Meanwhile, Axis Bank, HDFC Bank and ICICI Bank declined 0.2-1.3%. Mortgage lender HDFC was up 0.2%.

Tata Motors was up 4%. The company posted lower-than-expected earnings for the second quarter dragged by weak domestic sales. However, the revenues from company's prized possession Jaguar-Land Rover were in line with market estimates. Hero MotoCorp was another notable gainer from this space with gains of 2.1%.

On the other hand, Maruti and M&M declined 0.1% and 0.7%.

Oil and gas shares also firmed up with Reliance Industries and ONGC upto1.5%.

Bharti Airtel, NTPC and BHEL up 1-2% were the other notable gainers.

In the broader markets, Allcargo Logistics surged 14% to Rs 350, extending its Friday’s 7% rally on the BSE, after reporting robust 51% year on year (yoy) jump in consolidated net profit at Rs 63.6 crore for the quarter ended September 30, 2014.

Tata Coffee rallied nearly 5% to Rs 967 after the company said its board will consider the sub division of equity shares of the company from face value of Rs 10 to lower denomination.

NCC surged 10% to Rs 67.20 after the construction and engineering company said in the current year, it has so far secured orders aggregating Rs 3,574 crore and the order book stood at Rs 20,395 crore as at end of the September quarter.

JSW Engery and Jaiprakash Power Ventures gained 12.4% and 2.7% after these companies signed a hydro power deal.

Shakti Pumps (India) was locked in lower circuit of 20% at Rs 201 after reporting a sharp 44% year on year decline in net profit at Rs 3.35 crore for the second quarter ended September 2014 (Q2), due to lower sales. 

The market breadth was positive on BSE as 1,619 stocks advanced while 1,442 stocks declined.

Global Markets

Shares fell and the oil price slid on Monday after data showed Japan had slipped into recession, raising concerns about global growth.

European shares opened lower, following Tokyo's Nikkei index which lost 3%, its biggest one-day drop since August on news that the world's third-largest economy unexpectedly shrank by an annualised 1.6% in the third quarter.

Other Asian shares also fell. MSCI's main index of Asia-Pacific stocks outside Japan lost 0.5%. The Shanghai Composite ended down 0.2% and Hong Kong's Hang Seng lost 1%.