MARKET WRAP: Banks push Sensex 277 pts higher; RIL up 2%, Infy gains 1%
Benchmark indices rose on Monday with heavyweights ASian Paints and Reliance Industries driving the indices highe
 "MARKETS LIVE: Sensex up over 200 pts as bank stocks rally, RIL, Infy up 1%")
SMEs at large do not understand forex and the concept of hedging, which banks often exploit. (Photo: iStock)
Benchmark indices ended higher on Monday with Nifty50 index settling above its crucial 10,850 levels, tracking gains in Asian peers after favourable US jobs data boosted risk appetite, with heavyweights Asian Paints and Reliance Industries (RIL) driving the indices higher.
The S&P BSE Sensex ended at 35,935, up 277 points while the broader Nifty50 index settled at 10,853, up 80 points.
Among sectoral indices Nifty Bank, Nifty PSU Banks and Nifty Pvt Bank indices ended 1% higher each with Federal Bank, YES Bank, RBL Bank and Axis Bank as top gainers in the pack. Nifty Pharma and Nifty Metal indices also ended over 1% higher.
Asian Paints, YES Bank, Vedanta and RIL are some of the top gainers on the S&P BSE Sensex that moved up 2 per cent to 3 per cent. Meanwhile, TCS was the top loser on S&P BSE Sensex, ending over 1% lower ahead of its Q1FY19 results due on Tuesday.
The S&P BSE Sensex ended at 35,935, up 277 points while the broader Nifty50 index settled at 10,853, up 80 points.
Among sectoral indices Nifty Bank, Nifty PSU Banks and Nifty Pvt Bank indices ended 1% higher each with Federal Bank, YES Bank, RBL Bank and Axis Bank as top gainers in the pack. Nifty Pharma and Nifty Metal indices also ended over 1% higher.
Asian Paints, YES Bank, Vedanta and RIL are some of the top gainers on the S&P BSE Sensex that moved up 2 per cent to 3 per cent. Meanwhile, TCS was the top loser on S&P BSE Sensex, ending over 1% lower ahead of its Q1FY19 results due on Tuesday.
NCLT VERDICT ON TATA-MISTRY
The National Company Law Tribunal (NCLT) on Monday dismissed Cyrus Mistry’s plea against his ouster as the chairman of the Tata Sons and allegations of mismanagement in the company, TV news channels reported.
NCLT said Mistry openly went against the board of directors, according to the reports. NCLT also ruled the board was competent to remove an executive chairman.
QUARTERLY EARNINGS AND ECONOMIC DATA
The June quarter earnings season will kick off this week and IT major Tata Consultancy Services (TCS) is likely to be the first bluechip company to come out with its June quarter result on Tuesday, July 10, 2018. Other major companies like Infosys, IndusInd Bank and Bajaj Corp are also expected to announce their June quarter results this week.
Among key economic data, India's Consumer Price Index (CPI), Index of Industrial Production (IIP) and trade data are likely to be released on Thursday, July 12, 2018.
GLOBAL MARKETS
Asian share markets rallied on Monday as favorable US jobs data whetted risk appetites, while sterling slipped after two members of the British government resigned over Brexit and put the future of Prime Minister Theresa May in doubt.
The Japan's Nikkei moved up 1.4 per cent on Monday while, MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.1 per cent.
(with wire inputs)
3:40 PM
Nifty PSU Bank index ends 1.55 per cent higher. Top gainers:
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| COMPANY | LATEST | PREV CLOSE | GAIN() | GAIN(%) |
| SYNDICATE BANK | 42.05 | 40.65 | 1.40 | 3.44 |
| BANK OF INDIA | 89.30 | 86.65 | 2.65 | 3.06 |
| INDIAN BANK | 348.50 | 342.55 | 5.95 | 1.74 |
| ST BK OF INDIA | 261.30 | 257.20 | 4.10 | 1.59 |
| BANK OF BARODA | 117.05 | 115.55 | 1.50 | 1.30 |
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3:37 PM
Nifty sectoral performers of the day
3:35 PM
BSE Sensex: Yes Bank, Asian Paints, Reliance Industries among top gainers of the day
3:32 PM
Market at close
The S&P BSE Sensex ended at 35,935, up 277 points while the broader Nifty50 index settled at 10,853, up 80 points.
3:25 PM
Auto, IT, consumption stocks lead in Sensex 1,063-point rally since June 5
Shares of automobiles, information technology (IT), private banks and consumption related companies have led to an over 1,000 points rally in the S&P BSE Sensex since June 5.
Maruti Suzuki India and Bajaj Auto from automobiles, Tata Consultancy Services (TCS) and Infosys from IT, YES Bank and Kotak Mahindra Bank and Hindustan Unilever (HUL) and Asian Paints from consumption sector have outperformed the Sensex by gaining 6% to 9% during this period. READ MORE
3:22 PM
COMMENT Q1FY19 Result expectations from Crisil Research
Growth in corporate revenue – excluding banking, financial services, insurance, and oil companies – is expected to print at a 12-quarter high of 12.8% on-year for the first quarter of fiscal 2019, CRISIL Research’s analysis of ~350 companies, which account for 50% of the market capitalisation (excluding banking, financial services, insurance, and oil companies) of the National Stock Exchange, indicates.
It would be the third consecutive quarter of double-digit growth. While the earlier two quarters had benefited from low-base effect following demonetisation in the corresponding year-ago period, this quarter will reaffirm a sustained pickup in demand in most consumption-linked sectors.
It would be the third consecutive quarter of double-digit growth. While the earlier two quarters had benefited from low-base effect following demonetisation in the corresponding year-ago period, this quarter will reaffirm a sustained pickup in demand in most consumption-linked sectors.
3:15 PM
Cyrus Mistry to appeal NCLT order dismissing his plea against Tata Sons
Ousted Tata Sons chairman Cyrus Mistry on Monday said he would appeal against the order of the National Company Law Tribunal (NCLT) that dismissed pleas challenging his removal.
A statement from Mistry's office described the NCLT, Mumbai, ruling as "disappointing although not surprising".
"We will continue to strive for ensuring good governance and protection of interests of minority shareholders and all stakeholders in Tata Sons from the wilful brute rule of the majority," the statement said. READ MORE
3:05 PM
New rules, trade war push some China funds to struggle for survival
It's already been a harsh year for Chinese funds, hit by new rules aimed at reining in debt in the country's financial system. Now, the sell-off in China stocks induced by trade war anxiety further threatens their health and for some, their survival.
Case in point: private fund house Nanjing Hu Yang Investment Co has seen its assets under management halve to 50 million yuan ($7.5 million) over the past year on redemptions and investment losses. READ MORE
2:55 PM
Sensex heat map
2:45 PM
Fund-raising via IPOs almost doubles in H1 2018: 18 firms raise Rs 236 bn
In a blockbuster performance, as many as 18 companies have raised a staggering Rs 236.7 billion through initial public offerings in the first half of this year, almost double from the year-ago period.
Moreover, the outlook appears to be bullish for the remaining part of 2018 as nearly 50 companies, including HDFC Mutual Fund, Lodha Developers and Rail Vikas Nigam are expected to launch their initial share-sale offers in the coming months. READ MORE
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First Published: Jul 09 2018 | 8:15 AM IST