Sensex, Nifty scale record high on positive Asian stocks

Domestic stocks saw gap-up opening following positive Asian cues. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 290.50 points or 0.83% at 35,372.32. The Nifty 50 index was up 71.25 points or 0.66% at 10,859.80. Both the Sensex and the Nifty hit record high levels in early trade.

The S&P BSE Mid-Cap index was up 0.38%. The S&P BSE Small-Cap index was up 0.69%. Both these indices undeperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,185 shares rose and 404 shares fell. A total of 51 shares were unchanged.

Overseas, Asian stocks extended this year's stellar run, following their US counterparts higher amid optimism for global growth. US stocks rose to fresh highs yesterday, 17 January 2018 as companies continued to indicate the tax overhaul will boost earnings this year.

Back home, HDFC Bank (up 2.15%), HDFC (up 1.36%) and ICICI Bank (up 1.31%) edged higher from the Sensex pack.

Hindustan Unilever (HUL) rose 1.06% after the company's net profit rose 28% to Rs 1326 crore in Q3 December 2017 over Q3 December 2016. Net sales rose 10.8% to Rs 8323 crore in Q3 December 2017 over Q3 December 2016. The results are comparable reflecting accounting impact of GST (Excise duty and net input taxes adjusted from sales of base quarter and GST refunds to the reported sales of current quarter. Earnings before interest, tax, depreciation and amortization (EBITDA) rose 24% to Rs 1680 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours yesterday, 17 January 2018.

Harish Manwani, chairman said that the company has delivered another strong performance in the quarter, with broad based growth across categories and further improvement in margins. The company will continue to invest strongly in core brands and developing categories of the future.

Tata Consultancy Services (TCS) slipped 0.33%. TCS announced the expansion of a strategic partnership with Shure Incorporated, a world-renowned audio equipment manufacturer. As a part of this collaboration, TCS has established a global development center to help build cross-platform and mobile enabled software for Shure's leading edge audio technology and solutions for an exceptional end-user customer experience. TCS already plays an important role in the assurance and end-to-end system integration testing of some of Shure's new product lines, and Shure will now have the capability to leverage TCS' Innovation Labs and expertise in digital technologies including IOT and cyber security to create secure, scalable, and differentiated audio products and solutions. The announcement was made after market hours yesterday, 17 January 2018.

State Bank of India (SBI) rose 1.75% after the bank said that the executive committee of central board (ECCB) approved the proposal for issuance of long term bonds of Rs 20000 crore for financing of infrastructure and affordable housing in domestic and overseas market in FY 2017-18 and FY 2018-19. The announcement was made after market hours yesterday, 17 January 2018.

Bharti Infratel lost 2.93% after consolidated net profit fell 5.64% to Rs 585.40 crore on 10.87% increase in net sales to Rs 1696.30 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours yesterday, 17 January 2018.

Powered by Capital Market - Live News