BSE Sensex and NSE Nifty advanced nearly 2 per cent to their highest level in almost 11 months on Monday on account of firm global cues
Domestic benchmark indices BSE Sensex and NSE Nifty advanced nearly 2 per cent to their highest level in almost 11 months on Monday on account of firm global cues after strong US monthly jobs data reassured investors about the health of the world’s largest economy.
Sensex closed 499.79 points up at 27626.69. Nifty settled 144.70 points up at 8,467.90.
Out of 51-components in the Nifty 50 pack, 48 stocks ended the day in green with Adani Ports gaining the most — 5.26 per cent, followed by Bank of Baroda (up 4.85 per cent), Tata Motors (up 3.76 per cent), Tata Motors DVR (up 3.44 per cent) and ICICI Bank (up 3.20 per cent). On the other hand, HCL Technologies, ICIC Bank and IndusInd Bank slid 0.50 per cent, 0.41 per cent and 0.24 per cent, respectively.
Vinod Nair, head of research, Geojit BNP Paribas Financial Services said, “Positive US job data and expectations of a good start to the first quarter earnings season helped the market to rally. Market participants expect the rising stability in US economy is unlikely to support the Fed to make any changes in the interest rate in the near term due to the prevailing ambiguity caused by Brexit. This will provide a space to emergin markets like India to attract foreign funds.”
During the day, BSE Midcap index hit its new all-time high of 12,078.59. Berger Paints (up 8.08 per cent), Allahabad Bank (up 6.24 per cent), Oriental Bank of Commerce (up 5.89 per cent) stood among top gainers in the index.
Continued buying by both funds and retail investors also kept the momentum going for the markets through the day. Traders also took support from NITI Aayog Vice Chairman Arvind Panagariya’s statement that the government has put the economy on the path of reform to achieve a high growth trajectory though there are significant lags between policy decisions and outcomes which need to be addressed. He also said that today, the economy is far healthier compared to the last year of UPA II in all macroeconomic parameters.
Asian markets ended higher on Monday after the latest US jobs report showed the world’s largest economy had added 287,000 jobs in June, far more than expected and the most since October. This was in contrast to May’s dismal payroll gain of 11,000.
3.18 pm: Sensex was up 509 points at 27636. Nifty was up 148 points at 8472.
2.49 pm: Amtek Auto was trading 13.48 per cent up at Rs 43.35. Sensex was up 436.52 points at 27,563.
2.04 pm: Bajaj Finance shares hit their new all-time high on Monday after the company announced that the board will consider sub-division of equity shares and bonus issue in the upcoming board meeting on July 26. Read more
1.23 pm: Sensex was up 458 points at 27,585. Favorable monsoon and hopes of the Good and Services Tax Bill being passed in the upcoming Parliament session also helped the market surge.
12.46 pm: LIC Housing Finance hit new all-time high of Rs 529 on Monday after 2.68 million shares exchanged hands in a single block deal on the BSE at Rs 520.70. Read more
12.34 pm: Tata Motors was trading over 4 per cent up at Rs 484.24.
12.05 pm: Dishman Pharmaceuticals shares rallied as much as 9.48 per cent on Monday after the company on Saturday informed bourses that inspection of its Bavla plant has been successfully completed by the USFDA. Read more
11.36 am: Meanwhile, Bajaj Finance shares hit their fresh 52-week high of Rs 8,476.35.
11.10 am: NHPC (formerly National Hydroelectric Power Corporation) has inked a Memorandum of Understanding (MOU) on July 08, 2016 with Ministry of Power, Government of India for the year 2016-17. The company has signed MOU in compliance with Guidelines issued by Department of Public Enterprises (DPE). Shares of NHPC were trading 1.20 per cent up at Rs 25.40.
10.38 am: Cadila Healthcare was trading over 3 per cent higher after it received an Establishment Inspection Report (EIR) from the USFDA for its Moraiya manufacturing facility. This receipt of EIR only indicates closure of the inspection points (483s) raised based on the inspection carried out between August 28, 2014 and September 05, 2014. Though this is a positive step towards the resolution of the warning letter issued by the USFDA, it does not in itself indicate resolution of the warning letter. The company is in constant follow up with the USFDA for resolution of the warning letter. Cadila Healthcare (CHL) is part of the Zydus Cadila Group. The company operates in areas of active pharmaceutical ingredients (API) to formulations, and animal health products to cosmeceuticals. Over the last five decades, it has been developing and manufacturing pharmaceutical products and selling and distributing these in over 50 countries around the world.
10.09 am: Rupee traded higher by 26 paise at 67.11 against the US dollar on Monday as exporters and banks stepped up selling of the American currency. Read more: 5 reasons why Sensex surged over 450 points, Nifty hits 11-month high
9.26 am: The BSE Midcap and Small index were trading higher by 1.16 per cent and 1.10 per cent. BSE 100 and BSE 200 indices were also up 1.58 per cent and 1.50 per cent, respectively. Sensex was trading 457 points up at 27584. Nifty was up 130.05 points 8,453.
9.48 am: Meanwhile, Larsen & Toubro Infotech IPO hit capital markets on Monday. Read more
9.32 am: Shares of Sun Pharma were trading 0.49 per cent up at Rs 782.40. The company has rolled-out Gemcitabine InfuSMART in Europe. InfuSMART is a technology in which oncology products are developed in a Ready-To-Administer (RTA) bag. Until now, compounding of oncology products was done at compounding centres or compounded in hospital pharmacies, an extra step before the medicine can be administered to patients.
9.25 am: The 30-share index soared 402 points to 27529.36. Nifty 50 index was trading 114.40 points higher at 8,437.60.
9.16 am: Sensex surged further and was trading 370 points up at 27497.35. Nifty was up 105 points higher at 8428. In the 30-share index, ICICI Bank, Tata Motors, Bharti Airtel, Larsen & Toubro and State Bank of India were up over 2 per cent in the early trade.
9.15 am: Sensex opened 231.33 points up at 27,358, while Nifty opened 90.15 points up at 8,413.35.
The BSE Sensex and NSE Nifty are likely to open in green on Monday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and firm global cues.
At 7.46 am (IST), SGX Nifty was up 97.50 points, or 1.16 per cent, at 8,432.50.
Sentiments will also remain upbeat as the India Meteorological Department said that 26 per cent of the country has received ‘excess’ rainfall while the 63 per cent ‘normal’ rainfall. Only 11 per cent has received ‘deficient’ rainfall.
Asian equity markets advanced on Monday as upbeat US jobs data lessened immediate concerns about health of the world’s largest economy, though long-run fallout from Brexit kept sovereign yields near record lows. Hang Seng, Nikkei and Shanghai were trading up by 1.60 per cent, 3.50 per cent and 0.41 per cent, respectively.
On Friday, Sensex closed 74.59 points, or 0.27 per cent, down at 27,126.90.
L&T Infotech IPO will hit capital markets on Monday. At Rs 705-710 per share price band for L&T Infotech IPO, it will fetch a market cap of over Rs 12,000 crore.
(With agency inputs)