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MARKET WRAP: Nifty ends at fresh closing high of 11,320; PSU banks rally

Among sectoral indices, the Nifty PSU Bank index settled over 4% higher led by a rise in Bank of Baroda, Andhra Bank and Oriental Bank of Commerce.

SI Reporter  |  New Delhi 

Photo: Shutterstock.com
Photo: Shutterstock.com

The benchmark indices ended at record closing  high for the third straight session on Monday led by gains in PSU Banks, ahead of the policy decision due later this week.

The S&P BSE settled at a record high of 37,494, up 158 points, while the broader 50 index settled at a new high of 11,320, up 41 points.

In intra-day deals,  the S&P BSE hit a fresh all-time high of 37,533.50 while the Nifty50 index touched its record high level of 11,328.10.

Among sectoral indices, the PSU Bank index settled over 4% higher led by a rise in Bank of Baroda, Andhra Bank and Oriental Bank of Commerce.

Monetary Policy
 
The RBI's Monetary Policy Committee (MPC), which is slated to meet during July 30 to August 1 for the third bi-monthly monetary policy statement for 2018-2019, will remain the biggest focus of the week for the investors. The six-member monetary policy committee of the central bank headed by Governor Urjit Patel in its June meet bit the bullet and hiked the repo rate by 25 basis points to 6.25 per cent. 

Macro data

On the macro front, PMI data for the manufacturing and services sectors would also influence trading sentiments.

Global Markets

Globally, policy meet this week might also influence trading sentiment at the domestic bourses. The had hiked its benchmark short-term interest rate a quarter percentage point in June and indicated that two more increases are likely this year. The move pushed the funds rate target to 1.75 per cent to 2 per cent. 

World stocks fell and the dollar steadied on Monday as a busy week of central bank meetings and company updates started. Japanese government bonds sold off before possible monetary policy tweaks.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.5 per cent and Chinese blue chips by 0.7 per cent.

(with Reuters inputs)

MARKET WRAP: Nifty ends at fresh closing high of 11,320; PSU banks rally

Nifty PSU Bank index ends 4.30% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) BANK OF BARODA 152.15 137.85 14.30 10.37 ANDHRA BANK 35.65 33.30 2.35 7.06 ORIENTAL BANK 81.15 76.10 5.05 6.64 BANK OF INDIA 103.15 97.80 5.35 5.47 PUNJAB NATL.BANK 85.60 82.00 3.60 4.39

MARKET WRAP: Nifty ends at fresh closing high of 11,320; PSU banks rally

Nifty sectoral gainers of the day

MARKET WRAP: Nifty ends at fresh closing high of 11,320; PSU banks rally

BSE Sensex: Bharti Airtel, ICICI Bank, SBI among top gainers of the day, Infosys top loser

MARKET WRAP: Nifty ends at fresh closing high of 11,320; PSU banks rally

Market at close   The S&P BSE Sensex settled at a record high of 37,494, up 158 points, while the broader Nifty 50 index settled at a record of 11,320, up 41 points.  

MARKET WRAP: Nifty ends at fresh closing high of 11,320; PSU banks rally

TVS Motor hits fresh 52-week low; stock slips 13% in past three weeks Shares of TVS Motor Company hit a fresh 52-week low of Rs 511 per share, slipping 3% on the BSE on Monday, and extending its 5% decline in past three trading sessions in otherwise firm market on back of heavy volumes. The stock fallen below its previous low of Rs 518 recorded on Thursday, July 26, 2018, in intra-day trade. READ MORE

MARKET WRAP: Nifty ends at fresh closing high of 11,320; PSU banks rally

RIL, L&T, Infosys among IIFL's top-six investment picks for the long haul Indian benchmark equity indices,the BSE Sensex and the National Stock Exchange’s (NSE’s) Nifty50 have been hitting record highs of late.But growth has been limited to large-cap stocks; mid-caps have failed to join the party. READ MORE

MARKET WRAP: Nifty ends at fresh closing high of 11,320; PSU banks rally

Morepen Laboratories surges 14% on USFDA approval for Baddi facility Shares of Morepen Laboratories have surged 14% to Rs 36.20 per share on the National Stock Exchange (NSE) in intra-day trade on back of heavy volumes after the company announced that it has received United States Food and Drug Administration (USFDA) approval for both its bulk drugs manufacturing facilities situated in Himachal Pradesh. READ MORE

MARKET WRAP: Nifty ends at fresh closing high of 11,320; PSU banks rally

Finding value in the market: Stocks are trading at extreme valuations   It is difficult to find value in a market which is trading at its all-time highs. However, given the lopsided growth, stocks are trading at extreme valuations.   There are many Nifty stocks available two standard deviation (SD) above (or below) their financial metrics like price-to-earnings (P/E), price-to-book (P/B) and enterprise value (EV)-to-Ebitda. Recent winners such as Tata Consultancy Services (TCS) and Hindustan Unilever (HUL) are trading at a P/E two SD above, while state-owned ONGC is available two SD below. READ MORE

MARKET WRAP: Nifty ends at fresh closing high of 11,320; PSU banks rally

Thyrocare Technologies up 7% as board mulls share buyback proposal   Thyrocare Technologies was trading 7% higher at Rs 633 on the BSE, after the company that its board will meet on August 04, 2018, to consider a proposal to buy back equity shares.   “The meeting will also discuss about postponing the 18th Annual General Meeting convened to be held on August 11, 2018 to a later date, to enable the shareholders to consider the aforesaid proposal, too,” Thyrocare Technologies said in a BSE filing. READ MORE

MARKET WRAP: Nifty ends at fresh closing high of 11,320; PSU banks rally

Market Check INDEX LATEST PREVIOUS CHANGE CHANGE(%) NIFTY 50 11308.05 11278.35 29.70 0.26 NIFTY 500 9611.70 9579.05 32.65 0.34 NIFTY MIDCAP 100 18820.40 18781.45 38.95 0.21 NIFTY SMALL 100 7450.25 7402.85 47.40 0.64 INDIA VIX 12.88 12.31 0.57 4.63 > More on NSE Indices

MARKET WRAP: Nifty ends at fresh closing high of 11,320; PSU banks rally

Recent GST rate cut is credit negative, revenue may take 0.08% hit: Moody's   Rating agency Moody's on Monday said the recent GST rate cuts on 88 items will weigh on government's revenue collection and is credit negative as it will put pressure on efforts of fiscal consolidation.   The GST Council, chaired by Union Finance Minister, last week cut tax rates on white goods as well as various handicrafts items and paints. READ MORE

First Published: Mon, July 30 2018. 08:15 IST
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MARKET WRAP: Nifty ends at fresh closing high of 11,320; PSU banks rally

Among sectoral indices, the Nifty PSU Bank index settled over 4% higher led by a rise in Bank of Baroda, Andhra Bank and Oriental Bank of Commerce.

The benchmark indices ended at record closing  high for the third straight session on Monday led by gains in PSU Banks, ahead of the policy decision due later this week.

The S&P BSE settled at a record high of 37,494, up 158 points, while the broader 50 index settled at a new high of 11,320, up 41 points.

In intra-day deals,  the S&P BSE hit a fresh all-time high of 37,533.50 while the Nifty50 index touched its record high level of 11,328.10.

Among sectoral indices, the PSU Bank index settled over 4% higher led by a rise in Bank of Baroda, Andhra Bank and Oriental Bank of Commerce.

Monetary Policy
 
The RBI's Monetary Policy Committee (MPC), which is slated to meet during July 30 to August 1 for the third bi-monthly monetary policy statement for 2018-2019, will remain the biggest focus of the week for the investors. The six-member monetary policy committee of the central bank headed by Governor Urjit Patel in its June meet bit the bullet and hiked the repo rate by 25 basis points to 6.25 per cent. 

Macro data

On the macro front, PMI data for the manufacturing and services sectors would also influence trading sentiments.

Global Markets

Globally, policy meet this week might also influence trading sentiment at the domestic bourses. The had hiked its benchmark short-term interest rate a quarter percentage point in June and indicated that two more increases are likely this year. The move pushed the funds rate target to 1.75 per cent to 2 per cent. 

World stocks fell and the dollar steadied on Monday as a busy week of central bank meetings and company updates started. Japanese government bonds sold off before possible monetary policy tweaks.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.5 per cent and Chinese blue chips by 0.7 per cent.

(with Reuters inputs)

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