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Nifty ends at record high on negative market breadth, Sensex up 250 points

All that happened in Friday's trade

SI Reporter  |  Mumbai 

The benchmark indices extended gains with the Nifty50  closing at record high after Bharti Airtel rallied on a deal to buy the Tata conglomerate’s consumer mobile business, while Reliance Industries surged ahead of its results later in the day. Markets also got a boost after data showed inflation held steady, instead of accelerating as expected, raising tentative hopes the Reserve Bank of India (RBI) would be less hawkish about interest rates. The data late on Thursday showed annual consumer price inflation rose to 3.28% in ...

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Nifty ends at record high on negative market breadth, Sensex up 250 points

Yogesh Mehta,VP- Retail Research, Motilal Oswal Securities   The Nifty showed fireworks a week before Diwali and cheered the street by touching a new life high at 10,192, crossing its earlier high of 10,179. The strong rally was pushed by buoyant global markets. Market opened with a mild gap-up on better CPI number and strong IIP announced on Thursday, rallied further with strong Q2 results by TCS which gained over 2%, Nifty settled at record high closing of 10,164 gaining 0.66% Bharti Airtel gained the most by 7.6% on Tata Teleservices acquisition announcement. Major gainers were Tata steel (2.7%), Ultratech (2.2%), HDFC Bank (1.7%), and ICICI Bank (1.36%).

Nifty ends at record high on negative market breadth, Sensex up 250 points

Sensex heatmap at close Source: BSE

Nifty ends at record high on negative market breadth, Sensex up 250 points

Market breadth   The market breadth, indicating the overall health of the market, turned negative. On BSE, 1,426 shares declined and 1,300 shares rose. A total of 128 shares remained unchanged.

Nifty ends at record high on negative market breadth, Sensex up 250 points

Broader markets underperform Broader markets underperformed with the BSE Smallcap adding just 0.1%, while the BSE Midcap remained little changed.

Nifty ends at record high on negative market breadth, Sensex up 250 points

Markets at close   The Nifty50 settled at its record closing high of 10,167, up 71 points, surpassing its previous closing high of 10,153 hit on September 18. Sensex, meanwhile, closed at 32,432, up 250 points, 75 points away from its closing high of 32575 hit on August 1.

Nifty ends at record high on negative market breadth, Sensex up 250 points

Market commentary by VK Sharma, Head Private Client Group and Capital Market Strategy at HDFC Securities   The Nifty scaling a new life time high is no news as we are only following the American, European and other Asian markets. The corporate results, globally are going to be better. The minutes of the last Fed meeting were also dovish. With domestic investors dipping their toes in the equity markets at an accelerated pace , the process of making new highs in the markets is likely to continue beyond the immediate highs.    While the Nifty has made a new high in September , the Sensex has not. So the markets are waiting for the Sensex to cross the new highs made in August. With the festive mood in the air, markets are likely to do well in the October month, which has historically been the weakest

Nifty ends at record high on negative market breadth, Sensex up 250 points

BSE Metal index hits 6-year high; Tata Steel, Jindal Steel hit 52-wk highs   Shares of metal companies were in focus with the S&P BSE Metal index hitting six-year high on expectations of strong earnings growth in July-September quarter (Q2FY18). Tata Steel, Jindal Steel & Power (JSPL) and National Aluminium hit their respective fresh 52-week highs, while Hindalco touched a new high on the BSE in intra-day trade on Friday. READ THE FULL STORY HERE

Nifty ends at record high on negative market breadth, Sensex up 250 points

JM Financial on Bajaj Corp   Bajaj Corp reported another weak result with a double-digit decline in operating profit for the second consecutive quarter. However, its flagship Bajaj Almond Drops’ (BAD) volume trajectory recovered posting a growth of 6.5% relative to 4-7% decline seen over past 3 quarters - a key positive.    The quarter’s volume growth was marginally ahead of retail offtakes (+5%) - this, to us, indicates that recovery is led by underlying demand and not merely restocking; sales realisation, though, fell 2% which, as per our workings, is attributable to higher tax incidence under GST. Weakness on earnings side was surprisingly led by higher A&P and Staff costs while the expansion in GPM was aided by tax credits now available on inputs.    The company continued to grow its market share and outperform the LHO category growth. We expect volume growth to recover to double-digit level in the latter half of FY18, aided in part by a favourable comparator – this should aid stock performance especially given a steep 45%+ discount to the sector’s 12M forward multiple (ex-ITC).  We recommend 'buy' on the stock with a target price of Rs 475.

Nifty ends at record high on negative market breadth, Sensex up 250 points

Oil update   Oil prices firmed as strong Chinese oil import data and turmoil in the Middle East boosted bulls in a market that has already shown signs of rebalancing after years of excess.   Brent was at $57.23, up 98 cents. US West Texas Intermediate (WTI) crude was at $51.41 per barrel, up 81 cents from its last settlement. The contracts were on track for weekly gains of more than 2% and 4% respectively.

Nifty ends at record high on negative market breadth, Sensex up 250 points

European markets   European shares rose to their highest level in nearly four months, helped by some well-received earnings updates. The pan-European STOXX600 rose 0.3% and was set for its fifth straight week of gains as were world stocks.   Germany’s DAX index was flat, just below the fresh all-time high hit in the previous session, while Britain’s FTSE eased back 0.4 percent after a record close on Thursday.

Nifty ends at record high on negative market breadth, Sensex up 250 points

Merger a win-win deal for Bharti Airtel, Tata Tele   On the face of it, one can call it a sweet deal for both the parties. N Chandra always wanted to get rid of the unviable mobile telephony business and that will allow him to concentrate the Tata Group’s capital in places where it really matters. For Bharti Airtel, it gives them access to a captive client base, which is likely to increase its overall client base by 12-14 per cent without taking on too much of additional debt. But, first, let's look at the contours of the deal. READ FULL ANALYSIS

First Published: Fri, October 13 2017. 15:34 IST
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Nifty ends at record high on negative market breadth, Sensex up 250 points

All that happened in Friday's trade

The benchmark indices extended gains with the Nifty50  closing at record high after Bharti Airtel rallied on a deal to buy the Tata conglomerate’s consumer mobile business, while Reliance Industries surged ahead of its results later in the day. Markets also got a boost after data showed inflation held steady, instead of accelerating as expected, raising tentative hopes the Reserve Bank of India (RBI) would be less hawkish about interest rates. The data late on Thursday showed annual consumer price inflation rose to 3.28% in ...

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