MARKET WRAP: Sensex ends at record closing high, up 282 pts; RIL up 4%
Sensex ended at record closing high on Thursday, driven by gains in financial and energy stocks
 "MARKETS LIVE: Sensex hits record high, RIL m-cap at $100 bn")
Sensex ended at record closing high on Thursday, driven by gains in financial and energy stocks as optimism around corporate earnings and stronger Asian shares boosted sentiment. The broader Nifty50 index also ended above its crucial 11,000-mark.
The S&P BSE Sensex ended at record closing high of 36,548, up 282 points, surpassing previous closing high of 36,283 on January 29, 2018 while the broader Nifty50 index settled at 11,023, up 75 points.
In intra-day, the S&P BSE Sensex hit a record high of 36,699.53 levels surpassing its previous high of 36,444 recorded on January 29, 2018 in intra-day deals led by gains in RIL, Wipro HDFc and L&T, up in the range of 1.9 per cent to 5 per cent.
Among individual stocks, RIL's m-cap crossed $100-bn mark in intra-day trade today, after hitting a new high. It became the second Indian company to cross the milestone after TCS.
Infosys, however ended nearly 2% lower, ahead of its first quarter (Q1FY19) results, due tomorrow.
Nifty PSU Bank index was the biggest sectoral gainer of the day, up over 1%, with Bank od Baroda and SBI gaining 2.2% and 1.1% respectively.
The S&P BSE Sensex ended at record closing high of 36,548, up 282 points, surpassing previous closing high of 36,283 on January 29, 2018 while the broader Nifty50 index settled at 11,023, up 75 points.
In intra-day, the S&P BSE Sensex hit a record high of 36,699.53 levels surpassing its previous high of 36,444 recorded on January 29, 2018 in intra-day deals led by gains in RIL, Wipro HDFc and L&T, up in the range of 1.9 per cent to 5 per cent.
Among individual stocks, RIL's m-cap crossed $100-bn mark in intra-day trade today, after hitting a new high. It became the second Indian company to cross the milestone after TCS.
Infosys, however ended nearly 2% lower, ahead of its first quarter (Q1FY19) results, due tomorrow.
Nifty PSU Bank index was the biggest sectoral gainer of the day, up over 1%, with Bank od Baroda and SBI gaining 2.2% and 1.1% respectively.
Meanwhile, investors await May industrial growth (IIP) data and June retail inflation (CPI) data due later in the day.
GLOBAL MARKETS
In global markets, Asian stocks and commodities recovered slightly on Thursday as markets tried to consolidate from the previous session's steep losses when fears of an escalation in the US-China trade war jolted investor sentiment.
MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.05 per cent. The index slumped 1 per cent on Wednesday along with a slide in global equities after US President Donald Trump's threat to imposing tariffs on another $200 billion of Chinese goods deepened the trade row between the world's two largest economies. Hong Kong's Hang Seng rose 0.2 per cent and the Shanghai Composite Index bounced 1.1 per cent. South Korea's KOSPI added 0.35 per cent and Japan's Nikkei gained 1.1 per cent.
(with Reuters inputs)
3:57 PM
MARKET COMMENT by Gautam Duggad, Head of Research, Motilal Oswal Institutional Equities
Sensex crossed all-time high on the back of global cues as well as solid start to earnings season with TCS beating expectations. The divergence between large-caps and mid-caps has widened in 2018 with mid-cap and small-cap indices still down 15-20% from the top. Even within Nifty - select high quality stocks with earnings visibility are driving the index with TCS, HDFC Bank, HUL, Reliance being the key outperformers in YTD CY18.
We expect the markets to remain in a tight range albeit with higher volatility in 2018 given the busy political calendar ahead. Our relative preference stays with large caps as midcaps are still trading at premium to largecaps.
3:48 PM
RIL settled 4.05% higher at Rs 1,080.90 on the NSE
3:46 PM
Nifty PSU Bank index settles 1.12% higher. Top gainers:
| COMPANY | LATEST | PREV CLOSE | GAIN() | GAIN(%) |
| BANK OF BARODA | 118.80 | 116.20 | 2.60 | 2.24 |
| ST BK OF INDIA | 262.05 | 259.10 | 2.95 | 1.14 |
| PUNJAB NATL.BANK | 75.85 | 75.55 | 0.30 | 0.40 |
3:39 PM
Nifty sectoral performers of the day
3:38 PM
BSE Sensex: RIL is top gainer of the day, ending 4.33% higher
3:32 PM
Market at close
The S&P BSE Sensex ended at record closing high of 36,548, up 282 points, surpassing previous closing high of 36,283 on January 29, 2018 while the broader Nifty50 index settled at 11,023, up 75 points.
3:13 PM
Shares of Tata Power Company, Vedanta and UPL have hit their respective 52-week lows, falling in the range of 2% to 3% on the BSE in otherwise firm market. READ MORE
Tata Power, Vedanta, UPL hit 52-week lows
Shares of Tata Power Company, Vedanta and UPL have hit their respective 52-week lows, falling in the range of 2% to 3% on the BSE in otherwise firm market. READ MORE
3:02 PM
Sector watch: Prabhudas Lilladher on road construction stocks
Road sector stocks have corrected by ~15-20% over last 3 months in spite of all time high order inflow and order book in FY18, our interaction with investor suggest one of apprehension is risk to execution due to reluctance on part of banking sector to lend to road sector (O/s credit to sector coming down YoY since last several months).
While political uncertainty might continue to weigh on sector in near term, concerns on execution are over done in our view. We continue to like players with a strong track record of execution and large balance sheet to support/fund large projects wins. We continue to maintain "BUY" on Sadbhav Engineering and Ashoka Buildcon with price target of Rs 417 and Rs 287, respectively
3:00 PM
Sector-wise FDI flow (Image source: CARE Ratings report)
2:59 PM
Trends in FDI (Image source: CARE Ratings report)
2:59 PM
Ircon stake sale on course; govt plans to raise around Rs 6 billion
After the massive response from investors for the initial public offering (IPO) of RITES, the government is set to divest around 10.5 per cent stake in another Railways subsidiary, Ircon International, in September.
The government is targeting to raise around Rs 6 billion through the listing of Ircon. On the other hand, the divestment of the government's stake in the other two Railways subsidiaries -- Rail Vikas Nigam Limited (RVNL) and Indian Railway Finance Corporation (IRFC) -- might happen during the October to December quarter of the current financial year. READ MORE
2:45 PM
Sovereign funds cut India investments; share of FPI drops in recent years
Some of India’s largest foreign investors are showing signs of increasing reticence. Sovereign wealth funds’ stock market bets were worth Rs 1.5 trillion, according to latest depository data as of May 2018. This is lower than the previous year, and reflects half-a-trillion drop from two years ago.
Meanwhile, overall foreign portfolio investments rose by over Rs 7.4 trillion from May 2016. Sovereign wealth funds’ share of foreign investments has dropped to 5.4 per cent in May 2018 from 10.9 per cent share in May 2016. READ MORE
2:30 PM
Sebi not averse to the merger of exchanges, says Chairman Ajay Tyagi
Securities and Exchange Board of India (Sebi) chairman Ajay Tyagi on Wednesday said the regulator was not against the merger of exchanges.
Speaking on the sidelines of an event organised by Associated Chambers of Commerce and Industry of India (Assocham), he said, “More players are required, but if the economics determine there should be a consolidation, then so be it.” READ MORE
2:15 PM
Analysis: Goodbye inverted yield curve? Fed looks for alternative signals to guide policy
Federal Reserve officials are scouring new niches of the financial markets to find signals accurate enough to warn the central bank when it is time to stop hiking interest rates before they risk tipping the economy into a recession.
In the run up to previous downturns, the Fed has jacked interest rates to restrictive levels as it sought to temper inflation. This time, the central bank hopes for a softer landing with rates moving just high enough to avoid overheating without ending a nearly decade long expansion. READ MORE
2:03 PM
MARKET COMMENT Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas
Markets are trading at all time high despite lot of headwinds like trade-war tension and Rupee depreciation. This rally is majorly fuelled by very few stocks like HDFCBANK, Kotak Bank, Reliance, HDFC and TCS however broader market is still not out of woods as nifty Midcap and Small cap index are trading far lower than from all time high level.
Earning season for Q1 F2019 has kicked in with high expectation. TCS and IndusInd bank reported their number which are better than market estimates. Investor should keep eye on this earning season, if this season goes well and earning picks up, then we may see broader rally in markets and market may see higher levels in near future. Investor should be selective in this market as valuation are little stretched and buy those stocks where numbers are good and growth visibility is there
Markets are trading at all time high despite lot of headwinds like trade-war tension and Rupee depreciation. This rally is majorly fuelled by very few stocks like HDFCBANK, Kotak Bank, Reliance, HDFC and TCS however broader market is still not out of woods as nifty Midcap and Small cap index are trading far lower than from all time high level.
Earning season for Q1 F2019 has kicked in with high expectation. TCS and IndusInd bank reported their number which are better than market estimates. Investor should keep eye on this earning season, if this season goes well and earning picks up, then we may see broader rally in markets and market may see higher levels in near future. Investor should be selective in this market as valuation are little stretched and buy those stocks where numbers are good and growth visibility is there
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First Published: Jul 12 2018 | 8:15 AM IST
