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MARKET WRAP: Indices end at record high, Nifty above 11,550; Infy down 3%

Among individual stocks, Infosys fell nearly 3% after MD Ranganath, its chief financial officer (CFO), quit the IT major to pursue external opportunities.

SI Reporter  |  New Delhi 

Markets, Stocks

Nifty Metal index ends 2.5% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) WELSPUN CORP 141.90 126.30 15.60 12.35 NATL. ALUMINIUM 71.85 68.80 3.05 4.43 TATA STEEL 600.95 580.15 20.80 3.59 VEDANTA 222.25 215.20 7.05 3.28 HINDALCO INDS. 226.75 219.70 7.05 3.21 Nifty sectoral gainers of the day BSE Sensex: L&T, Tata Motors, RIL among top gainers of the day, Infosys top loser Market at close The S&P BSE Sensex settled at a record high of 38,279, up 331 points, while the broader Nifty 50 index closed at a new high of 11,552, up 81 points. In intra-day deals, the S&P BSE Sensex hit an all-time high of 38,340.69. The Nifty50 index, on the other hand, touched its record high level of 11,565.30. RIL, YES Bank, HUL, M&M, Bata India hit new highs Shares of Reliance Industries (RIL), YES Bank, Mahindra & Mahindra (M&M) and Hindustan Unilever (HUL) from the S&P BSE Sensex hit a new highs on the BSE in intra-day trade after the benchmark index gain 1% on Monday. READ MORE Strong finances, low debt to cap sovereign risks from rupee fall: Fitch A recent sharp sell-off in the rupee will have limited impact on India’s sovereign credit profile due to relatively strong external finances, especially the low level of external debt. But there could be further bouts of pressure as global monetary tightening progresses. READ MORE

The benchmark indices settled at their record highs on Monday with the Nifty50 index ending above the 11,500 levels for the first time ever following positive global developments and a firm

The S&P BSE settled at a record high of 38,279, up 331 points, while the broader 50 index closed at a new high of 11,552, up 81 points. In intra-day deals, the S&P BSE hit an all-time high of 38,340.69. The Nifty50 index, on the other hand, touched its record high level of 11,565.30.

Among sectoral indices, the Metal index ended 2.5 per cent led by rise in shares of Welspun Corp and National Aluminium Company.

Among individual stocks on the BSE, Infosys fell nearly 3 per cent after MD Ranganath, its chief financial officer (CFO), quit the IT major to pursue external opportunities. Construction and Engineering major Larsen & Toubro rose around 6.5 per cent to end at Rs 1321.

Rupee

The Indian spiked about 0.55 per cent to the dollar, recovering from a record low hit last week. Lower oil prices benefited the currency, particularly because India imports about 80 per cent of its crude oil needs.

Global Markets
 
Most Asian share crept cautiously higher on Monday as investors awaited developments on proposed Sino-trade talks and the Chinese yuan rallied away from alarming lows.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.6 per cent. Hong Kong's Hang Seng index added 0.9 per cent. Moves were modest elsewhere with Shanghai blue chips barely changed and Japan's Nikkei ending 0.3 per cent lower in thin trade.

Investors had been encouraged by and the United States will hold lower-level trade talks this month, offering hope that they might resolve an escalating tariff war.

Reports suggested the talks in Washington would take place on August 21 and 22, just before tariffs on $16 billion of Chinese goods take effect.

Moody's says India's CAD to widen to 2.5% of GDP in FY19

Back home, Moody's and other experts have said that India's current account deficit (CAD) will widen to 2.5 per cent of the GDP in the current fiscal due to higher oil prices that has been accentuated by depreciation, which might keep sentiment in check.

Joy Rankothge, Vice President - Senior Analyst, Moody's Investors Service said while the weaker rupee will benefit exports at the margins, it is unlikely to reverse the trade deficit, which hit a five year high of $18.02 billion in July.

(with wire inputs)

First Published: Mon, August 20 2018. 08:15 IST
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MARKET WRAP: Indices end at record high, Nifty above 11,550; Infy down 3%

Among individual stocks, Infosys fell nearly 3% after MD Ranganath, its chief financial officer (CFO), quit the IT major to pursue external opportunities.

The benchmark indices settled at their record highs on Monday with the Nifty50 index ending above the 11,500 levels for the first time ever following positive global developments and a firm

The S&P BSE settled at a record high of 38,279, up 331 points, while the broader 50 index closed at a new high of 11,552, up 81 points. In intra-day deals, the S&P BSE hit an all-time high of 38,340.69. The Nifty50 index, on the other hand, touched its record high level of 11,565.30.

Among sectoral indices, the Metal index ended 2.5 per cent led by rise in shares of Welspun Corp and National Aluminium Company.

Among individual stocks on the BSE, Infosys fell nearly 3 per cent after MD Ranganath, its chief financial officer (CFO), quit the IT major to pursue external opportunities. Construction and Engineering major Larsen & Toubro rose around 6.5 per cent to end at Rs 1321.

Rupee

The Indian spiked about 0.55 per cent to the dollar, recovering from a record low hit last week. Lower oil prices benefited the currency, particularly because India imports about 80 per cent of its crude oil needs.

Global Markets
 
Most Asian share crept cautiously higher on Monday as investors awaited developments on proposed Sino-trade talks and the Chinese yuan rallied away from alarming lows.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.6 per cent. Hong Kong's Hang Seng index added 0.9 per cent. Moves were modest elsewhere with Shanghai blue chips barely changed and Japan's Nikkei ending 0.3 per cent lower in thin trade.

Investors had been encouraged by and the United States will hold lower-level trade talks this month, offering hope that they might resolve an escalating tariff war.

Reports suggested the talks in Washington would take place on August 21 and 22, just before tariffs on $16 billion of Chinese goods take effect.

Moody's says India's CAD to widen to 2.5% of GDP in FY19

Back home, Moody's and other experts have said that India's current account deficit (CAD) will widen to 2.5 per cent of the GDP in the current fiscal due to higher oil prices that has been accentuated by depreciation, which might keep sentiment in check.

Joy Rankothge, Vice President - Senior Analyst, Moody's Investors Service said while the weaker rupee will benefit exports at the margins, it is unlikely to reverse the trade deficit, which hit a five year high of $18.02 billion in July.

(with wire inputs)

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