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MARKET WRAP: Indices end higher as PM Modi likely to win no-trust vote

Benchmark indices gained on Friday, as the Modi government is expected to win the no-confidence vote

SI Reporter  |  New Delhi 

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Nifty IT index ends 1.46% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) INFIBEAM INCORP. 168.90 157.25 11.65 7.41 TECH MAHINDRA 658.90 642.20 16.70 2.60 INFOSYS 1348.00 1316.70 31.30 2.38 TATA ELXSI 1397.05 1374.60 22.45 1.63 HCL TECHNOLOGIES 997.80 982.10 15.70 1.60 Nifty sectoral gainers and losers of the day BSE Sensex: Infosys, Sun Pharma, RIL among top gainers of the day, Bajaj Auto top loser Markets at Close The S&P BSE Sensex ended the day at 36,496, up 145 points while the broader Nifty50 index settled at 11,010, up 53 points RIL, Bandhan Bank, Jubilant FoodWorks hit new high   Shares of Reliance Industries (RIL), Bandhan Bank, Jubilant FoodWorks, Bajaj Finance, Bajaj Finserv, HEG and 3M India have hit their respective all-time highs on the BSE in intra-day trade on Friday.   Bandhan Bank has soared 10% to Rs 679, extending its past three days 11% rise on the BSE, after the bank reported a strong 47.5% year on year (yoy) growth in net profit at Rs 4.82 billion in June quarter (Q1FY19), on back of strong operational income. The private sector lender had a profit of Rs 3.27 billion in year-ago quarter. READ MORE NCLAT permits lenders to meet, finalise bid for Bhushan Power & Steel   The National Company Law Appellate Tribunal (NCLAT) on Friday gave a go-ahead to the lenders' meeting of debt-ridden Bhushan Power & Steel (BPSL), directing it to finalise a bid for the company.   Vacating its earlier stay, the appellate tribunal has directed the committee of creditors (CoC) of the company to consider the resolution plans submitted by three firms -- Tata Steel, Liberty House and JSW Steel. READ MORE

Benchmark gained on Friday, as the
Modi government is expected to win the no-confidence vote, to be held at 6 pm today. 
In the 545-member (including the Speaker) Lok Sabha, the BJP-led NDA can bank on around 311 members.

The S&P ended the day at 36,496, up 145 points while the broader Nifty50 index settled at 11,010, up 53 points

IT and pharma gained as the rupee hit an all-time low. The IT index was trading up by 1.5 per cent with Infosys, Tech Mahindra and HCL Tech up between 1.6 per cent to 2.6 per cent. Meanwhile, in the pharma sector, Sun Pahrma and Cipla gained over 2.5 per cent each.

Among individual stocks, Bajaj Finserv hit a record high, after the Bajaj Group-owned asset & wealth management firm posted a 41 per cent surge in its first-quarter profit on Thursday.

Bajaj Auto, on the other hand, dipped 9 per cent after the company reported a lower than expected 21% year on year (YoY) growth in standalone net profit Rs 11.15 billion in June quarter (Q1FY19). Analysts on an average had expected a profit of around Rs 13 billion for the quarter

NO-CONFIDENCE MOTION

The Lok Sabha on Friday took up a against the government for debate and voting, two days after the start of the monsoon session. Top guns of the Congress and the Bharatiya Janata Party (BJP) are taking part in the debate, which will conclude with a reply from Prime Minister Narendra Modi. GET ALL LIVE UPDATES HERE

GLOBAL MARKETS

The yuan slid as low as 6.8128 to the dollar in the onshore market after the central bank set a weaker fixing for the currency for the seventh straight session, forcing a volatile session in Asian

After falling 0.4 per cent, MSCI’s index of Asia-Pacific outside Japan ended the day 0.6 per cent higher as the yuan rebounded. Market participants suspected state intervention to support the currency.

European were not immune to the jitters. The pan-European STOXX index and Germany’s DAX - which is highly exposed to trade and China - fell 0.2 per cent at the start of trading.

MSCI’s all-country world Index, which tracks in 47 countries, was up 0.2 per cent on the day but was set to end the week flat.

(with Reuters inputs)

First Published: Fri, July 20 2018. 07:00 IST
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MARKET WRAP: Indices end higher as PM Modi likely to win no-trust vote

Benchmark indices gained on Friday, as the Modi government is expected to win the no-confidence vote

Benchmark gained on Friday, as the
Modi government is expected to win the no-confidence vote, to be held at 6 pm today. 
In the 545-member (including the Speaker) Lok Sabha, the BJP-led NDA can bank on around 311 members.

The S&P ended the day at 36,496, up 145 points while the broader Nifty50 index settled at 11,010, up 53 points

IT and pharma gained as the rupee hit an all-time low. The IT index was trading up by 1.5 per cent with Infosys, Tech Mahindra and HCL Tech up between 1.6 per cent to 2.6 per cent. Meanwhile, in the pharma sector, Sun Pahrma and Cipla gained over 2.5 per cent each.

Among individual stocks, Bajaj Finserv hit a record high, after the Bajaj Group-owned asset & wealth management firm posted a 41 per cent surge in its first-quarter profit on Thursday.

Bajaj Auto, on the other hand, dipped 9 per cent after the company reported a lower than expected 21% year on year (YoY) growth in standalone net profit Rs 11.15 billion in June quarter (Q1FY19). Analysts on an average had expected a profit of around Rs 13 billion for the quarter

NO-CONFIDENCE MOTION

The Lok Sabha on Friday took up a against the government for debate and voting, two days after the start of the monsoon session. Top guns of the Congress and the Bharatiya Janata Party (BJP) are taking part in the debate, which will conclude with a reply from Prime Minister Narendra Modi. GET ALL LIVE UPDATES HERE

GLOBAL MARKETS

The yuan slid as low as 6.8128 to the dollar in the onshore market after the central bank set a weaker fixing for the currency for the seventh straight session, forcing a volatile session in Asian

After falling 0.4 per cent, MSCI’s index of Asia-Pacific outside Japan ended the day 0.6 per cent higher as the yuan rebounded. Market participants suspected state intervention to support the currency.

European were not immune to the jitters. The pan-European STOXX index and Germany’s DAX - which is highly exposed to trade and China - fell 0.2 per cent at the start of trading.

MSCI’s all-country world Index, which tracks in 47 countries, was up 0.2 per cent on the day but was set to end the week flat.

(with Reuters inputs)

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