MARKET COMMENT Jayant Manglik, President, Religare Broking We expect the Indian equities to remain range bound in the coming sessions. Domestic macro data and movement of currency & crude oil will dictate the further course of the market in the near term. Market participants would also closely monitor the trade tension between US & China. Under uncertain domestic and global environment, steady reform implementation and revival in the corporate earnings is essential for the markets. We advise traders to trade cautiously whereas investors can continue to accumulate fundamentally sound companies Nifty Auto index ended 1.25% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) BAJAJ AUTO 2979.05 2862.40 116.65 4.08 TVS MOTOR CO. 581.40 561.15 20.25 3.61 MARUTI SUZUKI 9220.80 8975.15 245.65 2.74 BHARAT FORGE 636.75 620.40 16.35 2.64 AMARA RAJA BATT. 777.00 762.35 14.65 1.92 Nifty sectoral performers of the day BSE Sensex: Bajaj Auto, Maruti Suzuki among top gainers of the day, NTPC top loser Market at close The S&P BSE Sensex ended at 35,645, up 267 points while the broader Nifty50 index settled at 10,770, up 70 points. In big jump, SMEs raise Rs 8.25 billion through IPOs in April-June quarter Small and medium enterprises (SMEs) raised a staggering Rs 8.25 billion through initial public offerings in the first quarter of 2018-19, more than a two-fold jump from the preceding financial year. Funds raised through initial public offers (IPOs) were meant for business expansion plans, working capital requirements and other general corporate purposes, according to offer documents. READ MORE
The S&P BSE Sensex ended at 35,645, up 267 points while the broader Nifty50 index settled at 10,770, up 70 points. Gains in the S&P BSE Sensex were led by Bajaj Auto, Hindustan Unilever (HUL), Reliance Industries (RIL), HDFC and HDFC Bank that firmed up 1.5 per cent to 4.4 per cent.
Among the sectoral indices, the Nifty Auto index settled 1.25% higher led by a rise in the shares of Bajaj Auto, TVS Motos and Maruti Suzuki. The Nifty Pharma index also rose 0.8% as stocks of Lupin, Dr Reddy's and Cadila Healthcare rallied between 1.9 per cent to 3.9 per cent.
MINIMUM SUPPORT PRICE ON FARM PRODUCE
Back home, the government today hiked the minimum support price (MSP) for paddy by a steep Rs 200 per quintal as it looked to fulfil its poll promise to give farmers 50 per cent more rate than their cost of production.
The Cabinet Committee on Economic Affairs (CCEA) at its meeting today approved the MSP of 14 Kharif (summer-sown) crops.
(With wire inputs)