1. Markets live: Fabulous Friday; Sensex tops 31000, Nifty past 9600 on Modi’s 3-year anniversary

Markets live: Fabulous Friday; Sensex tops 31000, Nifty past 9600 on Modi’s 3-year anniversary

Indian markets close after making record highs. Sensex, Nifty, Nifty Bank, Nifty FMCG, Nifty Next 50, Nifty Auto, Nifty Fin Service, Nifty Pvt Bank close at record highs. The benchmark Sensex closed up 0.9% or 278 points at 31,028.21 points while NSE Nifty ends up 0.9% at 9,595.1 after hitting the lifetime high at 9,604.9 points.

By: | Updated: May 26, 2017 5:24 PM
The benchmark Sensex closed up 0.9% or 278 points at 31,028.21 points while NSE Nifty ends up 0.9% at 9,595.1 after hitting the lifetime high at 9,604.9 points.

Indian benchmark indices opened flat on Friday as the Asian stocks dropped, turning away from Wall Street’s strong performance overnight. The Organization of Petroleum Exporting Countries and some non-OPEC producers agreed at a meeting in Vienna on Thursday to extend supply cuts of 1.8 million barrels per day until the end of the first quarter of 2018. The BSE Sensex was up 0.05% at 30,765.77 points while the NSE Nifty was down 0.02% at 9507.05 points in the opening bell. Today nearly 300 listed companies are going to announce their Q4 earnings which include DLF, ITC, Mahanagar Gas, ONGC, NBCC (India), Ricoh India, Sun Pharma, Sun TV Network, Tech Mahindra, Torrent Pharma, Videocon Industries.

On Friday, the Modi government completed three years continuing with the famous slogan of “minimum government and maximum governance” and the positive sentiments prevailing amid the investors as the corporate earnings continue to boost the Indian equities push the Sensex, Nifty to record highs. On the results perspective, nearly 300 listed companies are going to announce their Q4 earnings which include DLF, ITC, Mahanagar Gas, ONGC, NBCC (India), Ricoh India, Sun Pharma, Sun TV Network, Tech Mahindra, Torrent Pharma, Videocon Industries.

Here are the live updates:

04:40 pm: 40 stocks that hit a fresh 52-week high on Friday.The NSE Nifty touched the 9,600 level for the first time on Friday. This coincided with the Narendra Modi government’s third year anniversary. The BSE Sensex also remained on a high throughout the day and crossed the 31,000 mark owing to sustained foreign capital inflows amid robust earnings. Nifty ended the day at record 9,595.10, up 85.35 points, while Sensex zoomed 278.18 points to close at new peak of 31,028.21.

04:20 pm: Shares of ITC rose 4.58 percent to hit a new 52-week high of Rs 313.80 on the BSE, after the diversified consumer company posted a 12.13 percent year-on-year growth in standalone net profit to Rs 2,669.47 crore for the quarter ended March 31, from Rs 2,380.68 crore, with its biggest segment, cigarettes, witnessing a strong growth in sales. This result was better than a CNBC-TV18 estimate of Rs 2,653 crore. Total revenues for the fourth fiscal quarter of FY17 increased 6 percent on-year basis to Rs 15,008.62 crore from Rs 14,138.78 crore. Total revenues were slightly lower than a CNBC-TV18 poll of Rs 15066 crore.

03:30 pm: Indian markets close after making record highs. Sensex, Nifty, Nifty Bank, Nifty FMCG, Nifty Next 50, Nifty Auto, Nifty Fin Service, Nifty Pvt Bank close at record highs. The benchmark Sensex closed up 0.9% or 278 points at 31,028.21 points while NSE Nifty ends up 0.9% at 9,595.1 after hitting the lifetime high at 9,604.9 points.

03:10 pm: The benchmark BSE Sensex has risen nearly 26% Whereas The Nifty has risen nearly 30.46% since the BJP-led NDA government came to power in May 2014. Persistent inflow of foreign funds and sustained buying by retail investors, buoyed by a series of positive cues such as early onset of monsoon, upbeat quarterly earnings and finalisation of rates by the GST Council, fuelled the rally.

03:01 pm: The broader Nifty 50 tops 9,600 for the first time ever hit a fresh lifetime high at 9,604.9 points. Almost All the major indices too trade at record highs while the Nifty Next 50 index rises as much as 2.24% at 25,977.35 points and the banking index of NSE Nifty Bank hit an all-time high of 23,408.35 points.

02:20 pm: The shares of Tata Steel, Hindalco, IndusInd Bank, Maruti Suzuki, ICICI Bank hit a 52-week high on NSE’s Nifty 50 as the benchmarks are trading at record highs while the shares of blue-chip companies ITC and ONGC trade firm, up 1.1% and 0.52% respectively ahead of the Q4 earnings.

02:00 pm: Indian equities continue to rise the 30-share barometer trade firm above the record level of 31,000, up 0.82% or 251 points at 31,001.42 points while the broader Nifty 50 trades at 9,577.25 points.

01:55 pm: Sensex continued its scintillating rally and crossed the crucial level of 31,000 points for the first time ever, even as the nation celebrates Prime Minister Narendra Modi’s three years in power, marked by critical economics reforms including a push to manufacturing, radical tax overhaul and clearing of infrastructure logjam. BSE Sensex hit an all-time high of 31,034.3 points in the afternoon trade, rising 0.8%, continuing its stellar rise so far this year. The stock markets have rallied in 2017, with benchmark Sensex rising 16.7% and broader NSE Nifty soaring 17.3% so far this year.

01:36 pm: The benchmark Sensex hits 31,000 for the first time, make a new lifetime high of 31,034.3 points while NSE Nifty makes a record high at 9,592.15 points.

01:10 pm: The shares of heavyweights Reliance Industries, HDFC, Infosys, Tata Steel, L&T, ICICI Bank, Tata Motors, HDFC Bank, ITC, Asian Paints contribute the most to the rally in Sensex while the index shy’s away a few points from 31,000 level, trading up 0.71% at 30,970.94 points.

12:55 pm: Almost all the sectoral indices of NSE trade in green except Nifty Pharma and Nifty PSU Bank which are down by 1.41% and 1.03% respectively. Meanwhile Nifty Bank (at 23,302.9 points), Nifty Auto (at 10,718 points), Nifty Fin Service (at 9,402 points), Nifty FMCG (at 25,315 points) hit the lifetime highs similarly as the benchmarks Sensex and Nifty 50.

This image shows the sectoral indices of NSE. [Column 1- Index, Column 2- Index Value, Column 3- Percentage Change, Column 4- Open, Column 5- Day’s High] (Image Source: NSE)

12:40 pm: Indian shares hit record highs on Friday, with Reliance Industries and Tata Steel Ltd leading the gains, as higher derivatives rollover led to strong follow-up buying in index heavyweights. The broader NSE index rose as much as 0.59 percent to a record high of 9,566.25, while the benchmark BSE index gained as much as 0.64 percent, also touching a life-high of 30,948.02. “Most of the movement on the indexes since Thursday is due to broad index-level buying in the markets because of the F&O expiry,” said Tirthankar Patnaik, chief strategist and head of research, India at Mizuho Bank.

12:30 pm: Rising for the second straight day, gold prices gained Rs 82 to Rs 28,743 per 10 grams in futures trade today as speculators enlarged their positions on firm global cues. At the Multi Commodity Exchange, gold for delivery in June month rose by Rs 82, or 0.29 per cent to Rs 28,743 per 10 grams in business turnover of 506 lots. While silver prices were higher by 0.23 per cent to Rs 39,894 per kg in futures trade today as speculators engaged in building up their positions amid firm trend overseas.

12:15 pm: Videocon woes continued for the fifth day in a row. The consumer electronics company was locked in a lower circuit in early trade again on Friday as investors continued to dump the stock over loan default fears. In the last 5 sessions so far, the company’s stocks have plunged over 50 per cent. The scrip was trading at 47.30, down 9.99 per cent at 10.47 am. The BSE Sensex was trading 145.42 points up at 30,895.45 during the same time. The company’s market capitalisation stood at Rs 1,581.9 crore. Dena Bank has declared loan worth Rs 520 crore of Videocon as a non-performing asset. On May 19, the stock price of the company stood at Rs 100.38 and on Friday it stood at Rs 47.30, registering a fall of over 52 per cent in five days.

11:55 am: Shares of Manappuram Finance today surged 6.5 per cent after the company reported a 54% increase in net profit for the March quarter. The stock soared 6.42 per cent to Rs 94.45 on BSE. At NSE, shares of the company jumped 6.53 per cent to Rs 94.55. Manappuram Finance, a gold loan NBFC, yesterday reported a 54 per cent increase in net profit at Rs 200.57 crore for the fourth quarter ended March 2017. The company had earned a net profit of Rs 130.70 crore in the same period a year ago.

11:40 am: Indian equities continue to surge making and breaking the record highs one after the another. The benchmark Sensex nears 31,000 for the first time, trade up 0.66% or 203 points at 30,953.93 points while the broader Nifty 50 crosses the 9,550 level, trade up 0.58% or 55 points 9,565.4 points. The shares of Tata Steel and Hindalco rise over 5% on NSE while Vedanta trade up over 3% on the inclusion in the Nifty 50 index.

11:25 am: China’s yuan extended gains against the US dollar on Friday, hitting its strongest level in more than three months. The People’s Bank of China set the midpoint rate at 6.8698 per dollar prior to the market open, weaker than the previous fix of 6.8695. The spot market opened at 6.8605 per dollar and rose to a high of 6.8493 per dollar, its firmest since Feb. 16.

11:10 am: Shares of pharma major Cipla today fell 5 per cent after the company reported consolidated net loss of Rs 61.79 crore for the March quarter. The stock, after making a weak opening, further tanked 4.97 per cent to Rs 479 on BSE. At NSE, shares of the company dipped 4.72 per cent to Rs 480.20.

10:55 am: Indian markets continue the upsurge, BSE Sensex firms up 130 points to trade at 30,881.73 while NSE Nifty advances 46 points to trade at 9,545.65 points. Tata Steel and Reliance Industries lead the gains on Sensex while the pharma majors Cipla and Sun Pharma drags.

10:40 am: Domestic stock markets have been on a roll ever since the beginning of this year with the Nifty rallying 16.2 per cent on the year-to-date basis till May 25. The Nifty had settled at 8,179.50 on January 2, 2017, while it ended the day at 9,509.75 on May 25, 2017. The BSE Sensex, on the other hand, has risen by 15 per cent on a year-to-date basis. It had closed at 26,595.45 on January 2, 2017, whereas on May 25, 2017, it closed at 30,750.03. On Friday, the markets hit fresh all-time highs in early trade with Sensex hitting 30,847.48 and Nifty touched the new peak of 9,534. Today is also the third anniversary of Narendra Modi government coming into power. We take a look at the factors that could help in hitting 9,600 milestone mark.

10:20 am: The shares of ITC (+ 35.24 points), Infosys (+ 18.22 points), Reliance (+ 17.25 points), Reliance Industries (+ 15.7 points), ICICI Bank (+ 14.31 points) contributes the most in the Sensex rally. The 30-share barometer trade up 0.42% or 130 points at 30,879.92 points. Meanhile, Tata Steel (up over 4%) and Bharti Airtel (up over 2%) lead the gains on Sensex.

This image shows the point-wise contribution of 10 stock of Sensex which are driving the index up. (Image Source: BSE)

10:00 am:  Indian Benchmark indices today hit fresh respective highs after a flat opening. BSE Sensex opened 15.74 points higher at 30,765.77 points while NSE Nifty, the broader gauge, opened 2.0 points lower at 9,507.75 points. At 9:30 am, BSE Sensex was trading at 30,833.12 points, up 0.27% while NSE Nifty was trading at 9,520.05 points, up 0.11%. Current gainers on the BSE include Tata Steel up 2.56% at Rs 497.70; Asian Paints up 2.31% to Rs 1,138.05; Lupin up 2.03% to Rs 1,161.00; while current laggards are Cipla down 1.26% at Rs 497.75; HDFC Bank down 0.66% at Rs 1,606.50 and SBI down 0.59% at Rs 288.30.

09:45 am: The rupee appreciated by another 7 paise to 64.55 against the dollar in early trade today at the Interbank Foreign Exchange amid sustained selling of the American currency by exporters and banks. Apart from weakness in the dollar against some currencies overseas, increased foreign fund inflows and a higher opening in the domestic equity market, which zoomed to new highs, supported the rupee.

09:30 am: Indian markets spike to record highs after flat opening. The benchmark Sensex trade up 87 points or 0.28% at 30837.4 points while the broader Nifty 50 trade firm above 9,500, up 21 points or 0.22% at 9,531.1 points. The shares of Tata Steel hit a new 52-week high of Rs 508.8. All sectoral indices of BSE led by metal, FMCG and auto were in the positive zone, rising up to 1.84 per cent.

09:15 am:  Indian markets open flat today, with the BSE Sensex up 0.05% 30,765.77 points while the NSE Nifty opens in red down 0.02% at 9,507.75 points. The shares of blue-chips companies ITC, ONGC, Sun Pharma and DLF are in focus ahead of the corporate earnings.

With inputs from Reuters and PTI.

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