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.
 "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 RBI policy decision due later this week.
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 new high of 11,320, up 41 points.
In intra-day deals, the S&P BSE Sensex 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 Nifty PSU Bank index settled over 4% higher led by a rise in Bank of Baroda, Andhra Bank and Oriental Bank of Commerce.
RBI Monetary Policy
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 new high of 11,320, up 41 points.
In intra-day deals, the S&P BSE Sensex 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 Nifty PSU Bank index settled over 4% higher led by a rise in Bank of Baroda, Andhra Bank and Oriental Bank of Commerce.
RBI 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
Macro data
On the macro front, PMI data for the manufacturing and services sectors would also influence trading sentiments.
Global Markets
Globally, US Fed policy meet this week might also influence trading sentiment at the domestic bourses. The Fed 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)
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)
3:45 PM
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 |
3:42 PM
Nifty sectoral gainers of the day
3:41 PM
BSE Sensex: Bharti Airtel, ICICI Bank, SBI among top gainers of the day, Infosys top loser
3:33 PM
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.
3:19 PM
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2:58 PM
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
2:47 PM
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2:30 PM
Finding value in the market: Stocks are trading at extreme valuations
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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
2:15 PM
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
1:59 PM
Market Check
> More on NSE Indices
| 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 |
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First Published: Jul 30 2018 | 8:15 AM IST