You are here: Home » Markets » News
Business Standard

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

SI Reporter  |  New Delhi 

MARKETS LIVE: Sensex up over 200 pts as bank stocks rally, RIL, Infy up 1%

Nifty PSU Bank index ends 1.55 per cent higher. Top gainers: 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 See More Nifty sectoral performers of the day BSE Sensex: Yes Bank, Asian Paints, Reliance Industries among top gainers of the day 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. 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 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.  

Benchmark 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 higher.

The S&P ended at 35,935, up 277 points while the broader Nifty50 index settled at 10,853, up 80 points.

Among sectoral Bank, PSU Banks and 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 that moved up 2 per cent to 3 per cent. Meanwhile, TCS was the top loser on S&P 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 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 AND ECONOMIC DATA

The quarter 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 quarter result on Tuesday, July 10, 2018. Other major companies like Infosys, IndusInd Bank and Bajaj Corp are also expected to announce their 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 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 outside Japan climbed 1.1 per cent.

(with wire inputs)
 

First Published: Mon, July 09 2018. 08:15 IST
RECOMMENDED FOR YOU

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

Benchmark 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 higher.

The S&P ended at 35,935, up 277 points while the broader Nifty50 index settled at 10,853, up 80 points.

Among sectoral Bank, PSU Banks and 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 that moved up 2 per cent to 3 per cent. Meanwhile, TCS was the top loser on S&P 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 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 AND ECONOMIC DATA

The quarter 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 quarter result on Tuesday, July 10, 2018. Other major companies like Infosys, IndusInd Bank and Bajaj Corp are also expected to announce their 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 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 outside Japan climbed 1.1 per cent.

(with wire inputs)
 

image
Business Standard
177 22