The BSE Sensex and NSE Nifty closed higher on Monday tracking Asian stock markets which rose after a US jobs report bolstered hopes of an acceleration in US economic growth.
Domestic equity markets ended on a firm note on Monday with tracking global markets amid buying by investors ahead of the RBI policy meet on Tuesday. The global markets also traded higher through out the day that affected local markets on the back of strong jobs data. Sensex ended the day 104.22 points up at 28,182.57, while NSE Nifty closed 28.20 points up at 8,750.20.
Stock markets are eyeing Reserve Bank of India’s monetary policy review scheduled on Tuesday as this will be governor’s Raghuram Rajan’s last meet before his tenure ends in next month. Jayant Manglik, president, retail distribution, Religare Securities Ltd said,” Nifty traded in a narrow range, but touched a fresh new high for 2016 following positive global cues after strong job data from the US economy. The market index gained 0.32% and ended above the 8700 levels ahead of the RBI monetary policy. The RBI is expected to maintain status quo in its upcoming monetary policy given high inflation above the comfort level of the Reserve Bank.”
The crucial Goods and Services Tax (GST) Constitutional Amendment bill that was passed in the Rajya Sabha last week was moved in the Lok Sabha on Monday.
Britannia and Hero MotoCorp were among the companies that annonced their JUne quarter results that also contributed to the market rally. Hero MotoCorp reported 18.13 per cent jump in standalone net profit at Rs 883.10 crore for the first quarter ended on June 30, 2016.
21 stocks ended higher and 9 finished in the negative terrain in 30-share Sensex pack.
Among the major gainers were Adani Ports (2.80 pc), HDFC Ltd (1.70 pc), Reliance Ind (1.49 pc), Dr Reddy’s (1.11 pc), Lupin (1.09 pc), Infosys (1.07 pc), M&M (1.03 pc), Power Grid (0.99 pc), Wipro (0.95 pc) and Maruti Suzuki (0.88 pc).
Asian equity markets ended higher on Monday, buoyed by gains on Wall Street, following Friday’s upbeat US non-farm payrolls report, which showed that non-farm payroll employment surged up by 255,000 jobs in July after jumping by an upwardly revised 292,000 jobs in June, providing further evidence of the strength of the country’s labor market. The jobs report boosted the odds of a Federal Reserve interest rate increase this year, but many believe the Fed would wait for GDP growth to improve and inflation to move closer to its 2 percent target before pulling the trigger on a rate hike.
3.30 pm: Sensex closes 104.22 points up at 28,182.57, while NSE Nifty settles above 8,700 by gaining 28.20 points at 8,711.35.
3.26 pm: Andhra Bank shares were trading 5.22 per cent down at Rs 58.05 after the public lender’s first quarter net profit slumped nearly 85 per cent. Sensex was trading 74.96 points up at 28,153.31, while NSE Nifty was trading 22.50 points up at 8,705.65.
3.05 pm: Indian rupee continued to trade weak against the US dollar and was down 2 paise at 66.79 after dollar traded strong following US jobs data that hinted of a rate hike next year by US Federal Reserve. Sensex was trading 124.03 points up at 28,202.38, while NSE Nifty was trading 36.75 points up at 8,719.90.
2.18 pm: Hero MotoCorp shares were trading 1.85 per cent up at Rs 3498 after it posted 18.13 per cent rise in its net profit at Rs 883.10 crore for the quarter ended June 30, 2016 as against to Rs 747.54 crore for the same quarter in the previous year. Sensex was trading 100.70 points up at 28,179.05, while NSE Nifty was trading 29.40 points up at 8,712.55.
1.27 pm: Hindustan Petroleum Corporation (HPCL) shares were trading 3.85 per cent up at Rs 1305.50 after Reserve Bank of India (RBI) allowed foreign investors to hike their stake in the company up to 40% under portfolio investment scheme (PIS). Sensex was trading 101.80 points up at 28,180.15, while NSE Nifty was trading 25.15 points up at 8,708.30.
12.27 pm: Aurobindo Pharma shares were trading 0.44 per cent up at Rs 773.45 after it received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Linezolid Injection, 600 mg/300 mL (2 mg/mL). Sensex was trading 90.35 points up at 28,168.70, while Nifty was trading 25.30 points up at 8,708.45.
11.30 am: Britannia Industries shares were trading 5.41 per cent up at Rs 3037.45 after the company reported rise of 13.15 per cent in its consolidated net profit at Rs 219.13 crore for the quarter ended June 30, 2016 as compared to Rs 193.66 crore for the same quarter in the previous year. Sensex was trading 95.73 points up at 28,174.08, while NSE Nifty was trading 27.40 points up at 8,710.55.
10.46 am: Union Bank of India shares were trading 5.21 per cent down at Rs 130 after the state-run bank posted 68 per cent fall in net profit to Rs 167 crore in the first quarter ended June 30,as compared to a profit after tax of Rs 519 crore in the same period last year. Sensex was trading 81.38 points up at 28,159.73, while NSE Nifty was trading 19.90 points up at 8,703.05.
10.13 am: Wockhardt shares were trading 10 per cent down at Rs 914 after US Food and Drug Administration (USFDA) banned import of products manufactured at its Ankleshwar plant for non compliance of manufacturing norms. Sensex was trading 103.61 points up at 28,181.96, Nifty was trading 27.10 points up at 8,710.25.
9.32 am: Amara Raja Batteries stocks were trading 1.69 per cent up at Rs 917.15 after it posted a rise of 6.82% in its net profit at Rs 130.66 crore for the quarter ended June 30, 2016 as compared to Rs 122.32 crore for the same quarter in the previous year. Sensex was trading 143.84 points up at 28,222.19, while NSE Nifty was trading 37.40 points up at 8,720.55.
9.19 am: Sensex was trading 107.60 points up at 28,185.95, while NSE Nifty hit its 52-week high by crossing 8,700. It was trading 25.35 points up at 8,708.50 during the same time. Wockhardt stocks were down 11 per cent
9.09 am: In pre-markets session, Sensex is trading 103.57 points up at 28,181.92, while NSE Nifty is trading 29.70 points up at 8,712.85.
The BSE Sensex and NSE Nifty may open on a firm note on Monday tracking SGX Nifty, an indicator of how domestic markets will start the day. At 7.33 am, SGX Nifty was trading 49.50 points up at 8,752. On Friday, Sensex closed 363.98 points up at 28,078.35, while Nifty50 index settled 132.05 points up at 8,683.15.
The stock markets would also eye Reserve Bank of India’s monetary policy review scheduled on Tuesday as this will be governor’s Raghuram Rajan’s last meet before his tenure ends in next month. According to analysts, Rajan will maintain a status quo on key interest rates.
Asian stock markets gained on Monday and the dollar stood firm following better-than-expected US July jobs report. The July non-farm payrolls rose by 255,000 jobs, indicating that the US Federal Reserve could hike interest rates this year.
Stocks of Hero MotoCorp will be in focus as the auto company is expected to announce its first quarter results later in the day.
Stocks of pharma company Pfizer will hog limelight after it posted a 6.47 per cent rise in standalone net profit to Rs 80.04 crore for the quarter ended June 30 as compared to Rs 75.17 crore for the corresponding period of the previous fiscal.