You are here: Home » Markets » News
Business Standard

MARKET WRAP: Sensex hits new high; Nifty at highest level since February 01

Among sectoral indices, the Nifty FMCG index gained nearly 2.5%, led by a rise in the share prices of Godrej Consumer Products and ITC.

SI Reporter  |  New Delhi 

Markets, Stocks, Shares
A share broker monitors market fluctuation

Benchmark ended higher on Monday lifted by consumer such as index heavyweight ITC, after the Goods and Services Tax (GST) Council cut tax rates on scores of items while keeping the cess on cigarettes unchanged during its weekend meeting.

The S&P ended at a record high of 36,719, up 222 points. The index had hit an intra-day high of 36,749.69. The broader Nifty50 index settled at 11,085, up 75 points.

Among sectoral indices, the FMCG index gained nearly 2.5%, led by a rise in the share prices of Godrej Consumer Products and ITC. The PSU Bank index also ended 2.4% higher led by Bank of Baroda and Punjab National Bank.

GST RATE CUT IMPACT

of paint, consumer durables and footwear companies have rallied by up to 10 per cent on the BSE, after the GST Council on Saturday reduced tax rates from 28 per cent to 18 per cent on a range of daily use products and appliances.

Among items on which GST was reduced include footwear, small televisions, water heater, electric ironing machines, refrigerators, lithium ion batteries, hair dryers, vacuum cleaners, food appliances and ethanol.

CALENDAR
 
Among key results, Asian Paints, Bharti Infratel, Hero MotoCorp, Larsen & Toubro, Maruti Suzuki, Bharti Airtel, ITC, HCL Technologies and Reliance Industries are likely to announce their 2018 quarter later this week.

GLOBAL MARKETS

Asian dipped on Monday while the dollar fell after US President Donald Trump criticised the Federal Reserve's monetary policy and amid reports Japan's central bank could wind back its massive fund purchases.

MSCI's broadest index of Asia-Pacific outside Japan fell 0.2 per cent on Monday. Japan's Nikkei stumbled 1.3 per cent while South Korea's Kospi index slipped 0.8 per cent.

OIL PRICES

Oil prices fell on Monday because of increasing concerns about fuel demand after finance ministers and central bank governors from the G20 warned that global economic growth risks have increased amid rising trade and geopolitical tensions.

Brent crude dropped 10 cents, or 0.1 per cent, to $72.97 a barrel. US West Texas Intermediate (WTI) futures declined 8 cents, or 0.1 per cent, to $68.18 a barrel.

(with wire inputs)

MARKET WRAP: Sensex hits new high; Nifty at highest level since February 01

MARKET COMMENT Jayant Manglik, President, Religare Broking Nifty settled with decent gains today and inched closer to its record high. The news of GST Council reduced on list of over 100 items and simplification of return filing brings in some cheer. Selective index majors from FMCG, auto, realty and metal fuelled the rally which further supported by rebound in banking pack. Besides, some relief was also witnessed on broader front.   Both Nifty and Bank Nifty have reached closer to their immediate and crucial hurdle of 11100 and 27100 respectively and a decisive breakout will trigger fresh surge ahead. But, we're in expiry week so volatility tends to remain high. We suggest maintaining positive yet cautious approach in the key indices, considering the mixed sentiment. Traders should focus more on the money management aspects and avoid taking unnecessary risk

MARKET WRAP: Sensex hits new high; Nifty at highest level since February 01

Nifty FMCG index ends 2.46% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) GODREJ CONSUMER 1344.75 1287.05 57.70 4.48 ITC 284.15 274.00 10.15 3.70 GODREJ INDS. 605.00 591.85 13.15 2.22 HIND. UNILEVER 1690.90 1655.85 35.05 2.12 TATA GLOBAL 243.00 238.60 4.40 1.84

MARKET WRAP: Sensex hits new high; Nifty at highest level since February 01

Nifty sectoral gainers of the day

MARKET WRAP: Sensex hits new high; Nifty at highest level since February 01

BSE Sensex: ITC, Vedanta, Maruti Suzuki, Adani Ports among top gainers of the day

MARKET WRAP: Sensex hits new high; Nifty at highest level since February 01

Market at close The S&P BSE Sensex ended at 36,719, up 222 points while the broader Nifty50 index settled at 11,085, up 75 points.

MARKET WRAP: Sensex hits new high; Nifty at highest level since February 01

Tobacco / Cigarette-related stocks surge COMPANY NAME LATEST HIGH LOW CHG () CHG(%) VALUE ( CR) VOLUME ITC 283.80 286.50 276.00 10.35 3.78 37.09 1307010 GODFREY PHILLIPS 756.40 759.70 695.30 58.70 8.41 2.97 39290 VST INDS. 2817.00 2992.85 2616.15 319.10 12.77 5.89 20925 INDIAN WOOD PROD 705.00 705.00 695.00 5.00 0.71 0.05 646 NTC INDS. 32.50 32.50 30.50 0.65 2.04 0.00 216 GOLDEN TOBACCO 43.40 43.40 43.40 -2.25 -4.93 0.00 209

MARKET WRAP: Sensex hits new high; Nifty at highest level since February 01

LKP Securities on Bandhan Bank Despite micro-loans being unsecured in nature, bank has maintained sound asset quality with the gross NPAs and net NPAs at 1.3% & 0.6% respectively (Q1FY19). Strong NPA position is largely driven by its group-based lending model, focus on income generating loans, strong systems to track loan utilization, monitoring credit & ensuring collection, extensive risk management practices (such as lending progressively higher amounts only to members who have built up a track record of good repayment) which taken together have led to low rates of default. Going forward, with the strong growth in the assets we assume marginal increase in NPAs – gross NPAs to surge to 2.3% in FY20E from 1.3% in FY18

MARKET WRAP: Sensex hits new high; Nifty at highest level since February 01

Wall Street braces for tariff fallout as S&P 500 companies report Tariffs are starting to bite big manufacturers and Wall Street could get another bout of caution and uncertainty from major industrial companies when a swath of reports comes in over the next week. READ MORE

MARKET WRAP: Sensex hits new high; Nifty at highest level since February 01

Motilal Oswal on Havell's India (HAVL) We believe HAVL has built a strong business franchise, given its (a) successful development of brand, distribution and product portfolio, (b) demonstrated track record of accelerating growth via new launches, (c) healthy dividend payout and (d) robust return ratios. Maintain Buy and target price of Rs 645, with exit multiple of 38x Mar’20E EPS (10% premium to five-year average).

MARKET WRAP: Sensex hits new high; Nifty at highest level since February 01

RIL-ONGC dispute: Krishna-Godavari basin order likely in next 10 days An international arbitration tribunal is likely to come out with its final award in the next 10 days on the dispute relating to production of migrated gas by Reliance Industries (RIL). RIL is in an arbitration dispute with the government over a penalty for allegedly drawing gas from ONGC's block in the Krishna-Godavari (K-G) basin. READ MORE

MARKET WRAP: Sensex hits new high; Nifty at highest level since February 01

Gold prices steady as U.S. dollar softens on Trump interest rate comments Gold prices were steady on Monday near their highest since July 17 as the dollar eased to its lowest in nearly two weeks after US President Donald Trump criticised the Federal Reserve's interest rate tightening policy.   Spot gold was at $1,231.87 an ounce, up 0.03 per cent. The yellow metal gained 0.7 per cent in the previous session. READ MORE

First Published: Mon, July 23 2018. 08:15 IST
RECOMMENDED FOR YOU

MARKET WRAP: Sensex hits new high; Nifty at highest level since February 01

Among sectoral indices, the Nifty FMCG index gained nearly 2.5%, led by a rise in the share prices of Godrej Consumer Products and ITC.

Benchmark ended higher on Monday lifted by consumer such as index heavyweight ITC, after the Goods and Services Tax (GST) Council cut tax rates on scores of items while keeping the cess on cigarettes unchanged during its weekend meeting.

The S&P ended at a record high of 36,719, up 222 points. The index had hit an intra-day high of 36,749.69. The broader Nifty50 index settled at 11,085, up 75 points.

Among sectoral indices, the FMCG index gained nearly 2.5%, led by a rise in the share prices of Godrej Consumer Products and ITC. The PSU Bank index also ended 2.4% higher led by Bank of Baroda and Punjab National Bank.

GST RATE CUT IMPACT

of paint, consumer durables and footwear companies have rallied by up to 10 per cent on the BSE, after the GST Council on Saturday reduced tax rates from 28 per cent to 18 per cent on a range of daily use products and appliances.

Among items on which GST was reduced include footwear, small televisions, water heater, electric ironing machines, refrigerators, lithium ion batteries, hair dryers, vacuum cleaners, food appliances and ethanol.

CALENDAR
 
Among key results, Asian Paints, Bharti Infratel, Hero MotoCorp, Larsen & Toubro, Maruti Suzuki, Bharti Airtel, ITC, HCL Technologies and Reliance Industries are likely to announce their 2018 quarter later this week.

GLOBAL MARKETS

Asian dipped on Monday while the dollar fell after US President Donald Trump criticised the Federal Reserve's monetary policy and amid reports Japan's central bank could wind back its massive fund purchases.

MSCI's broadest index of Asia-Pacific outside Japan fell 0.2 per cent on Monday. Japan's Nikkei stumbled 1.3 per cent while South Korea's Kospi index slipped 0.8 per cent.

OIL PRICES

Oil prices fell on Monday because of increasing concerns about fuel demand after finance ministers and central bank governors from the G20 warned that global economic growth risks have increased amid rising trade and geopolitical tensions.

Brent crude dropped 10 cents, or 0.1 per cent, to $72.97 a barrel. US West Texas Intermediate (WTI) futures declined 8 cents, or 0.1 per cent, to $68.18 a barrel.

(with wire inputs)

image
Business Standard
177 22