Indian stock markets closed higher in a volatile trade on Tuesday after making fresh record highs in the morning session. BSE Sensex gained 90.4 points or 0.26% to end at 34,443.19 while NSE Nifty inched up 13.4 points or 0.13% to conclude at 10,637.
Indian stock markets closed higher in a volatile trade on Tuesday after making fresh record highs in the morning session. BSE Sensex gained 90.4 points or 0.26% to end at 34,443.19 while NSE Nifty inched up 13.4 points or 0.13% to conclude at 10,637. The benchmark equity indices Sensex and Nifty kissed fresh peaks on Tuesday but quickly pared off the gains as investors turn cautious ahead of major Q3 earnings due tomorrow and the macroeconomic data scheduled for later this week. BSE Sensex rose as much as 134.73 points to hit an all-time high of 34,487.52 while NSE Nifty added 35.55 points to mark the record high of 10,659.15. Shares of heavyweight companies such as Coal India, Yes Bank, Wipro, ITC, Reliance Industries were the notable gainers among the Sensex stocks.
Shares of the state-run and world’s largest coal miner Coal India were the top gainers on the S&P BSE Sensex on Tuesday after the PSU said its board has approved a hike in non-coking coal prices. With this revision in coal prices, the PSU company was in a win-win situation as the coal mining giant gained about Rs 13,000 crore in market capitalisation and an additional Rs 1,956 crore in revenue. Due to this revision, CIL will earn an incremental revenue of Rs 1,956 crores for the balance period of the financial year 2017-18. The projected annual incremental revenue would be Rs 6,421 crores. Following the development, shares of Coal India surged as much as 8.19% to the day’s high of Rs 311 before settling up 5.76% at Rs 304. In the opening trades, Coal India shares advanced 4.26% to Rs 299.7 on NSE.
Shares of Yes Bank, Wipro, ITC, and RIL advanced up to 2.31% while, on the other hand, Bharti Airtel, Adani Ports, Hero MotoCorp, Sun Pharma, NTPC, Bajaj Auto lost up to 1.2%. Among the group ‘A’ shares of BSE, Godrej Properties, JK Tyre, PC Jewellers rose in a range of 6% to 8% today.
The Kolkata-based coal explorer Coal India said that its board has approved a hike in non-coking coal price for both power and non-power consumers. “This will be applicable to all subsidiaries of Coal India including NEC for regulated and non-regulated sectors,” Coal India said in an exchange filing. Due to a sharp spike in the share prices, Coal India’s added as much as 13,747.15 crore to Rs 1,92,398 crore in the market capitalisation at the day’s high price on BSE.
Shares of state-run iron ore miner NMDC tanked nearly 5% on Tuesday as the government begun the disinvestment at a discount of 5% and the company lost about Rs 2,200 crore. The President of India, acting through and represented by the Ministry of Steel, Government of India, is the promoter of NMDC Limited proposed to sell up to 4.74 crore equity shares (1.5%) at a floor price of Rs 153.5. The floor price set by the government for the disinvestment was at a discount of 5.15% from the Monday’s closing price of Rs 161.85 on BSE. Following this, the stock of NMDC posted its biggest intraday fall since 18 December 2017 and the first decline in last seven sessions. NMDC shares tumbled as much as 4.78% to the day’s low of Rs 154.1 before closing down 4.48% at Rs 154.6.