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MARKET WRAP: Sensex ends at new closing high of 37,337; ITC up 5% post Q1

The benchmark indices are trading at record high on Friday on strong quarterly results

SI Reporter  |  New Delhi 

markets, sebi

The benchmark ended at record closing  high for the second straight session on Friday on strong quarterly results. The gains were led by index heavyweights like ITC,  RIL, and Hindalco.

The S&P settled at a record high of 37,337, up 352 points, while the broader 50 index settled at a new high of 11,278, up 111 points.

In intra-day deals,  the S&P hit a fresh all-time high of 37368.62 while the Nifty50 index touched its record high level of 11,283.40. 
 
Leading the gains is ITC, which has surged over 5 per cent on the  Beating street estimates, diversified conglomerate ITC on Thursday posted a 10.07 per cent jump in its net profit at Rs 28.19 billion for the quarter ended 30, 2018 with its total revenue, inclusive of other income, registered at Rs 112.78 billion.

Among other gainers, Reliance Industries was among the top contributors to the index, up over 1.5 per cent ahead of its quarterly results later in the day. The oil-to-retail conglomerate will also report results of its telecom arm Reliance Jio.

Bank index also hit an all-time high, ending 0.8% higher for the day. IDFC Bank, Federal Bank, and Axis Bank were the top gainers in the pack, up between 2 per cent to 2.6 per cent

GLOBAL MARKETS

Global rose on Friday as strong company reports and an easing of transatlantic trade tensions on an agreement between the United States and Europe this week to try to cut trade barriers boosted investor confidence.

The MSCI All-Country World Index, which tracks in 47 countries, was up 0.1 per cent after the start of European trading.

European also inched up in early trade and were set to end the week at six-week highs, helped by easing fears over US tariffs and good company results.

Chinese underperformed an uptick in Asian shares, with the main Shanghai index in the red for most of the day. Traders attributed this to a still unresolved standoff between the US and China on trade.

(with Reuters inputs)

MARKET WRAP: Sensex ends at new closing high of 37,337; ITC up 5% post Q1

Market rundown by Vinod Nair, Head of Research, Geojit Financial Services:   Growth and earnings outlook is showing signs of pickup which elevated the market to a new high. On the global front, ECB kept the key rates on hold while signs of ease in trade tensions between US and EU added some confidence. Notably, mid cap also participated in the rally as worst of earnings seems to be over. However valuation remain on higher side as compared to large caps.

MARKET WRAP: Sensex ends at new closing high of 37,337; ITC up 5% post Q1

Nifty FMCG index ends 2.37% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) ITC 300.70 287.20 13.50 4.70 GODREJ INDS. 635.50 611.10 24.40 3.99 DABUR INDIA 385.25 373.30 11.95 3.20 UNITED SPIRITS 595.40 578.40 17.00 2.94 UNITED BREWERIES 1119.60 1094.80 24.80 2.27

MARKET WRAP: Sensex ends at new closing high of 37,337; ITC up 5% post Q1

Nifty sectoral gainers of the day

MARKET WRAP: Sensex ends at new closing high of 37,337; ITC up 5% post Q1

BSE Sensex: ITC, Tata Motors, Tata Steel among top gainers of the day, HUL top loser

MARKET WRAP: Sensex ends at new closing high of 37,337; ITC up 5% post Q1

Market at close   The S&P BSE Sensex settled at a record high of 37,337, up 352 points, while the broader Nifty 50 index settled at a record of 11,278, up 111 points.

MARKET WRAP: Sensex ends at new closing high of 37,337; ITC up 5% post Q1

RITES hits highest level since listing; stock zooms 20%   Shares of railways consultancy firm RITES has zoomed 20% to Rs 267, its highest level since listing on July 2, 2018. Thus far in the current week, the stock rallied 38% from Rs 194, as compared to 2.3% rise in the S&P BSE Sensex.   RITES, the first state-owned firm to hit the initial public offering (IPO) market in the current fiscal, was trading 44% higher against its issue price of Rs 185 a share. It touched a low of Rs 190 during intra-day deal on July 2. READ MORE

MARKET WRAP: Sensex ends at new closing high of 37,337; ITC up 5% post Q1

KM Birla eyes US' Aleris, but he might have to climb the Trump wall first   Last year, the Trump administration blocked a Chinese company from buying an Ohio-based aluminum maker, Aleris, citing concerns about national security. Will President Trump and his advisers feel differently about an Indian company purchasing Aleris instead?   On Thursday, one of India’s biggest industrial conglomerates, the Aditya Birla Group, announced that its aluminum and copper subsidiary had struck a deal to buy Aleris for $2.6 billion, including the assumption of existing debt. READ MORE

MARKET WRAP: Sensex ends at new closing high of 37,337; ITC up 5% post Q1

Westlife Development soars 17% on robust Q1 results   Westlife Development, owner of the Master Franchisee of McDonald’s restaurants in west and south India, rose 17% to Rs 408 on the BSE in the noon deal after the company reported a consolidated net profit of Rs 116 million in June quarter (Q1FY19). It had posted a net loss of Rs 27 million in the same quarter year ago.   Total operational revenues during the quarter under review grew 30% at Rs 3,417 million against Rs 2,625 million in the corresponding quarter of previous fiscal. READ MORE

MARKET WRAP: Sensex ends at new closing high of 37,337; ITC up 5% post Q1

Zuckerberg faces new risks as scandal-hit Facebook nears a saturation point   After all the controversy Facebook Inc. has generated in recent months, it seemed almost inevitable that at some point, the social media giant would get what it had coming. A reckoning. Wednesday’s disappointing earnings report and Thursday’s historic 19 per cent stock drop appeared to be a fitting conclusion to an easy narrative.   But the story isn’t that simple. Yes, the privacy protections the company put in place after a series of scandals played a role in the dismal earnings. But the company’s bigger problem is that the main social network— the invention that made it a corporate behemoth—simply can’t grow much more. READ MORE

MARKET WRAP: Sensex ends at new closing high of 37,337; ITC up 5% post Q1

Reporting intra-day trading losses could reduce your tax liability   The stock market has been an attractive investment option for the masses. Carrying out a one-off investment in stocks or trading in the stock market is preferred over other investments or trading options as it helps earn phenomenal returns. In fact, intra-day trading has gained much popularity of late -- not only among those who have taken this up full time, but also among small businessmen, salaried professionals, and retirees, among others. And one-off losses made in such trade do not deter them from moving on. In this article, we will discuss all about intra-day trading in stocks, their tax implications and reporting requirements. READ MORE

MARKET WRAP: Sensex ends at new closing high of 37,337; ITC up 5% post Q1

MARKET COMMENT Lakshmi Iyer, CIO (Debt) & Head - Products, Kotak Mutual Fund on RBI policy The August MPC decision could be a close call. The CPI for June was  lower than expected. Crude oil prices have been largely range-bound. There also seems uncertainty on how the global trade war could potentially unfold. In such a scenario, the MPC could afford to do a  'wait and watch’ at this juncture and consider more data points before a rate action. There might not be much urgency in delivering back to back rate hikes when the policy stance is still neutral. From a market perspective, bond yields already seem to have discounted another rate hike and hence yields are already at elevated levels

First Published: Fri, July 27 2018. 08:15 IST
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MARKET WRAP: Sensex ends at new closing high of 37,337; ITC up 5% post Q1

The benchmark indices are trading at record high on Friday on strong quarterly results

The benchmark ended at record closing  high for the second straight session on Friday on strong quarterly results. The gains were led by index heavyweights like ITC,  RIL, and Hindalco.

The S&P settled at a record high of 37,337, up 352 points, while the broader 50 index settled at a new high of 11,278, up 111 points.

In intra-day deals,  the S&P hit a fresh all-time high of 37368.62 while the Nifty50 index touched its record high level of 11,283.40. 
 
Leading the gains is ITC, which has surged over 5 per cent on the  Beating street estimates, diversified conglomerate ITC on Thursday posted a 10.07 per cent jump in its net profit at Rs 28.19 billion for the quarter ended 30, 2018 with its total revenue, inclusive of other income, registered at Rs 112.78 billion.

Among other gainers, Reliance Industries was among the top contributors to the index, up over 1.5 per cent ahead of its quarterly results later in the day. The oil-to-retail conglomerate will also report results of its telecom arm Reliance Jio.

Bank index also hit an all-time high, ending 0.8% higher for the day. IDFC Bank, Federal Bank, and Axis Bank were the top gainers in the pack, up between 2 per cent to 2.6 per cent

GLOBAL MARKETS

Global rose on Friday as strong company reports and an easing of transatlantic trade tensions on an agreement between the United States and Europe this week to try to cut trade barriers boosted investor confidence.

The MSCI All-Country World Index, which tracks in 47 countries, was up 0.1 per cent after the start of European trading.

European also inched up in early trade and were set to end the week at six-week highs, helped by easing fears over US tariffs and good company results.

Chinese underperformed an uptick in Asian shares, with the main Shanghai index in the red for most of the day. Traders attributed this to a still unresolved standoff between the US and China on trade.

(with Reuters inputs)

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