Indian stock markets finished at fresh tops with Sensex closing at a record high of 35,798 and Nifty just being 34 points away from hitting the psychological mark of 11,000 led by the rally in heavyweight shares of TCS, RIL and Axis Bank which rose 3-6% today.
Indian stock markets extended the gains and closed higher on Monday with Sensex and Nifty finishing at fresh all-time highs led by the rise in heavyweight shares of TCS, RIL, Axis Bank, HDFC Bank, ONGC, Yes Bank and L&T. In the intraday trades, Sensex made a lifetime high of 35,827.7 while Nifty marked a fresh record high of 10,975.1. At closing, Sensex was just 2 points short of 34,800 while Nifty settled 34 points away from the psychological mark of 11,000. The domestic markets dipped in the late morning trade after starting the day at opening highs. Later in the afternoon session, at around 1:30 pm, headline indices ticked up quickly following the earnings booster from Axis Bank. BSE Sensex gained 286.43 points or 0.81% to end at 35,798.01 and NSE Nifty 71.5 points 0.66% to conclude at 10,966.2. Going ahead in a holiday-shortened week ahead, Q3 earnings of Maruti Suzuki, as well as derivatives expiry, will likely to steer the domestic equities.
Shares of India’s largest IT company and Tata group’s cash cow, TCS surged as much as 5.93% zooming above Rs 3,000 level for the first time to a record high of Rs 3,130 before closing up 5.36% at Rs 3,113.15. In today’s development, TCS was recognized as an overall leader in life & pensions insurance BPO Services for the second straight year by Everest Group. RIL shares jumped nearly 5% to hit the all-time high on Monday after the Mukesh Ambani firm posted the biggest ever quarterly net profit with Reliance Jio turning profitable. Other shares which also gained in today’s trade were Yes Bank, Bajaj Auto, L&T, Kotak Mahindra Bank, Adani Ports, Sun Pharma, HDFC Bank, Tata Motors rising between 0.5% to 2%. Companies such as Maruti Suzuki India, Canara Bank, Idea Cellular, Coal India, and Dr Reddy’s Laboratories scheduled to announce their Q3 results this week. The benchmark Sensex surged 316.12 points to hit a lifetime peak of 35,827.7 and Nifty ticked up 80.4 points to hit a fresh record high of 10,975.1.
Shares of the market capitalisation leader Reliance Industries surged nearly 5% to a lifetime high of Rs 974.5 before settling up 4.5% at Rs 971.2. The oil-to-telecom conglomerate Reliance Industries posted its highest quarterly net profit of Rs 9,423 crore on record earnings from petrochemical business and the telecom company Reliance Jio logging its first-ever profit. RIL reported a rise of 25.1% in the consolidated net profit to Rs 9,423 crore in October-December period of the financial year 2017-2018 as compared to Rs 7,533 crore in the corresponding quarter in the year-ago period. Following a sharp spike in the share prices of Reliance Industries, RIL added as much as Rs 28,979.43 crore to the market capitalisation at Rs 6,17,622.24 crore at the all-time high price of Rs 974.5 from Rs 5,88,642.81 according to Friday’s closing.
Shares of Axis Bank advanced as much as 5.27% to a 52-week high of Rs 621.35 after India’s third-largest private sector lender reported a rise of 68% in the net profit to Rs 726 crore for the quarter ended 31 December 2017 with the asset quality improving after the private sector lender posted heavy slippages in the preceding quarter. The net profit of Axis Bank zoomed as high as 68% to Rs 726 crore on a quarterly basis while there was a rise of 25% on a year-on-year basis. Axis Bank reported a net profit of Rs 432 crore in the second-quarter ended 30 September 2017 while the net profit for the October-December stood at Rs 579.57. Axis Bank’s slippages also declined by 50% after the bank reported heavy slippages to the tune of Rs 8,110 crore.
Meanwhile, following the ONGC–HPCL deal, a contrary trade was observed in the shares of ONGC and HPCL on Monday. The stock of state-owned ONGC jumped over 6% while the shares of oil refining major HPCL shed 4%. Shares of ONGC jumped 6.4% to the day’s high of Rs 206 nearing its 52-week high price of Rs 212 before closing up 3.28% at Rs 199.95 while the stock of HPCL lost 4.36% to the day’s low of Rs 398.4 before finishing down 3.55% at Rs 401.75 on BSE.