MARKET WRAP: Nifty ends firmly above 10800, Sensex up 257 pts; pharma gains
Markets edged up on Friday, even as broader global markets remained weak
 "Photo: Shutterstock")
<b> Photo: Shutterstock </b>
Markets edged up on Friday with Nifty50 closing above 10,800-levels, even as broader global markets remained weak.
The S&P BSE Sensex ended the day at 35,689, up 257 points while the broader Nifty50 index settled at 10,822, up 81 points
The top gainers on the Sensex include Sun Pharma, HDFC, Mahindra and Mahindra (M&M), and Axis Bank whereas Reliance Industries (RIL), and Coal India were the major losers.
Among sectoral gainers, banking and finance sectoral indices gained with Nifty Bank, Nifty PSU Bank and Nifty Private Bank index up over 1% each. Meanwhile, Nifty Pharma index was up 1.8% with Sun Pharma gaining over 4%.
The S&P BSE Sensex ended the day at 35,689, up 257 points while the broader Nifty50 index settled at 10,822, up 81 points
The top gainers on the Sensex include Sun Pharma, HDFC, Mahindra and Mahindra (M&M), and Axis Bank whereas Reliance Industries (RIL), and Coal India were the major losers.
Among sectoral gainers, banking and finance sectoral indices gained with Nifty Bank, Nifty PSU Bank and Nifty Private Bank index up over 1% each. Meanwhile, Nifty Pharma index was up 1.8% with Sun Pharma gaining over 4%.
GLOBAL MARKETS
Globally, investor sentiments were dampened by a trade war like situation after the recent tariff hikes by the US. As a retaliatory measure the European Union on Friday imposed tariffs on around $3.2 billion worth of American goods.
Asian shares stumbled to their lowest in six months on Friday, hurt by signs U.S. trade battles with China and many other countries are starting to chip away at corporate profits, while oil prices were choppy before an OPEC meeting to discuss raising output.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped as much as 0.35 percent at one point to touch its weakest since early December before erasing losses to be up 0.15 percent. Still it was 2.3 percent off for the week.
Hong Kong's Hang Seng plumbed six-month lows, having lost 3.9 percent so far this week. South Korea's KOSPI hit nine-month lows and in mainland China, the CSI300 index lost almost 5 percent this week to one-year lows.
Japan's Nikkei gave up 0.8 percent for a weekly loss of 1.7 percent.
(with Agency inputs)
(with Agency inputs)
3:38 PM
Top gainers from the Nifty Bank index
| COMPANY | LATEST | PREV CLOSE | GAIN() | GAIN(%) | VOLUME |
| RBL BANK | 552.80 | 538.95 | 13.85 | 2.57 | 933622 |
| AXIS BANK | 526.00 | 513.05 | 12.95 | 2.52 | 5562344 |
| ST BK OF INDIA | 272.95 | 268.65 | 4.30 | 1.60 | 19810021 |
| HDFC BANK | 2085.60 | 2057.60 | 28.00 | 1.36 | 1752984 |
| ICICI BANK | 300.15 | 297.95 | 2.20 | 0.74 | 16394212 |
3:37 PM
Nifty Pharma gains 1.8%; Top gainers in the pack
| COMPANY | LATEST | PREV CLOSE | GAIN() | GAIN(%) | VOLUME |
|---|---|---|---|---|---|
| SUN PHARMA.INDS. | 580.30 | 554.50 | 25.80 | 4.65 | 9380404 |
| PIRAMAL ENTERP. | 2591.60 | 2536.40 | 55.20 | 2.18 | 351260 |
| CIPLA | 615.50 | 603.50 | 12.00 | 1.99 | 3122103 |
| BIOCON | 629.10 | 620.35 | 8.75 | 1.41 | 1977618 |
| DR REDDY'S LABS | 2342.00 | 2316.40 | 25.60 | 1.11 | 1619254 |
3:36 PM
Sectoral Trend
3:34 PM
Top Sensex gainers and losers
3:33 PM
Markets at Close
The S&P BSE Sensex ended the day at 35,689, up 257 points while the broader Nifty50 index settled at 10,822, up 81 points
The S&P BSE Sensex ended the day at 35,689, up 257 points while the broader Nifty50 index settled at 10,822, up 81 points
3:15 PM
Bajaj Finance surpasses Axis Bank in market-cap ranking
Bajaj Finance, which hit a new high of Rs 2,330, up 3% on the BSE in late noon deal on Friday, has surpasses private sector lender Axis Bank in market capitalisation (market-cap) ranking.
Thus far in the calendar year 2018 (CY18), Bajaj Finance has outperformed the market by surging 33% as compared to 4% rise in the S&P BSE Sensex. Axis Bank has underperformed the market by falling 8% during the period. READ MORE
3:00 PM
Opec meet in Vienna: Oil ministers back output hike despite Iran's walkout
Opec and its allies reached a preliminary agreement in the face of strong opposition from Iran to boost production by a theoretical 1 million barrels a day -- the actual increase will be smaller as several countries are unable to raise output.
In a night of drama in Vienna, the Joint Ministerial Monitoring Committee, which recommends policy to the group, reached an agreement despite Bijan Zanganeh, the Iranian oil minister, walking out of the meeting and predicting Opec won't reach a final deal when it meets formally on Friday. READ MORE
2:48 PM
Reliance Securities on Ahluwalia Contracts (ACIL)
ACIL added orders worth Rs16.2bn in the first two months of FY19 taking its total order backlog to Rs47bn, which offers decent visibility. Further, Rs1.8bn of order is L1 and ACIL expects to add Rs5-6bn more in remaining 10 months of FY19.
ACIL added orders worth Rs16.2bn in the first two months of FY19 taking its total order backlog to Rs47bn, which offers decent visibility. Further, Rs1.8bn of order is L1 and ACIL expects to add Rs5-6bn more in remaining 10 months of FY19.
We further believe that asset light business model, best in class return ratios and healthy balance sheet augur well for ACIL. We expect the company to report revenue and earnings CAGR of 12% and 21%, respectively through FY18-20E. At the CMP, the stock trades at 16x and 14.2x for FY19E and FY20E earnings, respectively. We have BUY recommendation on the stock with a Target Price of Rs450.
2:46 PM
SECTOR WATCH HDFC Securities on cooling products industry
We expect low single digit growth in 1QFY19 for Voltas (UCP) and Symphony (domestic) owing to a pickup in the second half of the quarter. We believe stock correction has been greater than the earnings cut since 4QFY18 for Voltas (17% vs. 7% EPS cut) and Symphony (25% vs. 12% EPS cut) implying a de-rating.
Based on our checks, we confirmed that both these players continue to maintain their leadership despite stiff competition. We believe low penetration of cooling products and their leadership position, along with a solid management track record warrants a great entry opportunity to play the structural story.
2:45 PM
PNB Housing Finance hits 52-week low of Rs 1,051
PNB Housing Finance hit its 52-week low of Rs 1,051, down 5% on the BSE. Shares of the housing finance arm of Punjab National Bank (PNB) are trading at its lowest level since March 15, 2017.
Since May 2, 2018, PNB Housing Finance has underperformed the market by falling 26% as compared to 1% rise in the S&P BSE Sensex. READ MORE
2:30 PM
Brokers change tack in run-up to universal trading platforms
The equity broking business in India is passing through a consolidation phase, ahead of the launch of universal trading platforms -- that is, permitting commodity trading on equity exchanges and vice versa. Last December, the Securities and Exchange Board of India (Sebi) said equity and commodity exchanges would be allowed to enter each other’s area from October 2018.
The BSE and National Stock Exchange have said they would be launching futures trading in commodities. READ MORE
2:15 PM
Fee does not matter in actively managed equity funds
The Securities and Exchange Board of India (Sebi) has been pushing reforms to lower mutual fund charges. Recently, it lowered the additional expense they can charge in place of exit loads from 20 basis points (bps) to 5 bps, a 15 bps reduction.
It had earlier mandated that any exit load charged should be deposited back in the scheme, and instead fund houses could charge extra 20 bps, but this provision was misused by fund houses. READ MORE
2:01 PM
Market Check
> More on BSE Indices
| INDEX | LATEST | PREVIOUS | CHANGE | CHANGE(%) |
| BSE SENSEX | 35506.78 | 35432.39 | 74.39 | 0.21 |
| BSE 500 | 14684.85 | 14654.16 | 30.69 | 0.21 |
| BSE MID-CAP | 15800.39 | 15767.70 | 32.69 | 0.21 |
| BSE SMALL-CAP | 16522.17 | 16528.17 | -6.00 | -0.04 |
| S&P BSE LARGECAP | 4184.16 | 4174.01 | 10.15 | 0.24 |
1:46 PM
After near three-year probe, Sebi action in NSE colo case in a 'few days'
The Securities and Exchange Board of India (Sebi) will soon initiate enforcement action against country's largest stock exchange the National Stock Exchange (NSE) and various other entities involved in an infamous co-location (colo) controversy.
The market regulator has been probing the case since early 2015 following multiple complaints that some brokers got preferential access at the exchange’s colo servers. “We have received investigation reports from the forensic auditors and also from the internal team. READ MORE
1:29 PM
Modi seeks double-digit growth for India's entry into $5-trn economy club
Prime Minister Narendra Modi on Friday spoke of targeting double-digit GDP growth for breaking into the $5 trillion economy club and said India's share in world trade has to be doubled to 3.4 per cent.
Speaking after laying the foundation stone of a new office complex of the Ministry of Commerce, he said his government has in four years taken steps to ease the process of doing business in India while maintaining macroeconomic indicators like current account deficit (CAD) within limits. READ MORE
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First Published: Jun 22 2018 | 8:05 AM IST
