Strong market breadth

Stocks maintained gains in morning trade after an initial upmove triggered by better-than-expected June 2018 quarterly results from index pivotals. At 10:19 IST, the barometer index, the S&P BSE Sensex, was up 120.45 points or 0.33% at 36,978.68. The Nifty 50 index was up 36.95 points or 0.33% at 11,168.95. The Sensex was currently trading below the psychological 37,000 mark after scaling a record high above that level in early trade.

Domestic stocks nudged higher in early trade buoyed by better-than-expected June 2018 quarterly results from index pivotals. The Sensex scaled record high above the psychological 37,000 mark. The Nifty also scaled record high.

Trading could be volatile as traders roll over positions in the F&O segment from the near month July 2018 series to August 2018 series. The July 2018 F&O contracts expire today, 26 July 2018.

The S&P BSE Mid-Cap index was up 0.67%. The S&P BSE Small-Cap index was up 0.47%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1194 shares rose and 691 shares fell. A total of 79 shares were unchanged.

Index heavyweight and cigarette major ITC rose 0.93% ahead of its April-June 2018 earnings today, 26 July 2018.

Maruti Suzuki India rose 0.26% ahead of its April-June 2018 earnings today, 26 July 2018.

Telecom stocks rose. Idea Cellular (up 0.55%), MTNL (up 1.62%) and Tata Teleservices (Maharashtra) (up 10.76%) rose. Reliance Communications (down 1.01%) fell.

Shares of Bharti Infratel fell 1.43%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Bharti Airtel rose 1.48% ahead of its April-June 2018 earnings today, 26 July 2018.

IRB Infrastructure Developers gained 2.11%. On a consolidated basis, net profit of IRB Infrastructure Developers rose 5.15% to Rs 250.10 crore on 15.35% decline in net sales to Rs 1537.95 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 25 July 2018.

Reliance Nippon Life Asset Management rose 1.68%. On a consolidated basis, net profit of Reliance Nippon Life Asset Management rose 2.75% to Rs 112 crore on 1.19% rise in total income to Rs 424 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 25 July 2018.

Overseas, most Asian stocks fell as investor relief at US President Donald Trump and the European Commission chief's plan to ease trade tensions was offset by disappointing US earnings. US equities advanced Wednesday, after US President Donald Trump reached an agreement with European Commission President Jean-Claude Juncker aimed at averting a transatlantic trade war.

Powered by Capital Market - Live News