Markets live: Sensex closes at 30750, Nifty ends above 9500; Corporate earnings boost stocks to record highs

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Updated: May 25, 2017 4:42:38 PM

Indian equities close after making intraday record highs. The BSE Sensex scoops over 400 points to close up 1.48% at 30,750.03 while NSE Nifty 50 ends 80 points higher to close up 1.59% at 9,509.75 points. The sectoral indices of NSE which hit the new lifetime highs include Nifty Bank at 23,267.8 points, Nifty Fin Service at 9,370.55 points, Nifty Private Bank at 12,894.2 points.

The sectoral indices of NSE which hit the new lifetime highs include Nifty Bank at 23,267.8 points, Nifty Fin Service at 9,370.55 points, Nifty Private Bank at 12,894.2 points.

Indian benchmark indices opened higher on the Asian market cues and better expectations on corporate earnings. The BSE Sensex was up 73 points at 30,374.81 points while the NSE Nifty firmed up 23 points at 9384.05 points in the opening bell. Today more than 180 listed companies are going to announce their Q4 earnings which include Britannia, Bosch, Cipla, Ashok Leyland, Adlabs Entertainment, LT Foods, BF Utilities, AIA Engineering, Kalyani Steels, Thomas Cook, NMDC, Page Industries, Repco Home Finance.

Meanwhile, the Asian shares scaled two-year highs on Thursday while the dollar and US bond yields slipped after the US Federal Reserve signalled a cautious approach to future rate hikes and the reduction of its $4.5 trillion of bond holdings. The gains were led by South Korean shares, which rose 1.0 percent to record highs. Hong Kong’s Hang Seng gained 0.8 percent to its highest level since July 2015 while Taiwanese shares hit 17-year highs. In Japan, Nikkei gained 0.4 percent. Mainland Chinese shares, which were briefly unsettled by Moody’s downgrade of its rating on China on Wednesday, bounced back 0.3 percent.

Minutes from the Fed’s last policy meeting showed policymakers agreed they should hold off on raising interest rates until it was clear the recent US economic slowdown was temporary, though most said a hike was coming soon.

04:30 pm: Rising for the second straight day, gold prices gained Rs 50 to Rs 29,150 per 10 grams at the bullion market today on firm trend overseas and sustained buying by local jewellers. Silver also recovered by Rs 350 to Rs 39,950 per kg, backed by increased offtake by industrial units and coin makers. Minutes from the Federal Reserve’s last meeting pointed to a June rate hike, which weakened the dollar and raised appeal for the precious metals, brokers said.

04:15 pm: Sensex soars 450 points to new all-time high; from global markets to earnings, here are 5 reasons. Buoyant global markets and robust corporate outlook lifted Indian stock markets on Thursday with benchmark Sensex rising to make a new all-time high, just shy of 30,800 points. BSE Sensex surged 1.6% to a fresh high of 30,793.43 points in the afternoon trade, while the broader NSE Nifty too rose 1.7% to 9,523.3 points to come within the kissing distance of its all-time high.

03:30 pm: Indian equities close after making intraday record highs. The BSE Sensex scoops over 400 points to close up 1.48% at 30,750.03 while NSE Nifty 50 ends 80 points higher to close up 1.59% at 9,509.75 points. The sectoral indices of NSE which hit the new lifetime highs include Nifty Bank at 23,267.8 points, Nifty Fin Service at 9,370.55 points, Nifty Private Bank at 12,894.2 points.

03:10 pm: Domestic markets surge to the new all-time highs on the better than expected corporate earnings and the global upsurge in the stock market, with European market touching 21-month high along with Hong Kong’s Hang Seng index which closed at 22-months high and Korean Composite closed at a record high. The BSE Sensex (up 1.62%) jump over 400 points hit the record high at 30,793.43 points while the NSE Nifty 50 (up 1.73%) hovers near the all-time high of 9,532.6 at 9,523.3 points.

02:55 pm: Indian stock market surge to near lifetime highs. The benchmark Sensex climbs up 355 points or 1.17% to 30,657.56 points while the broader Nifty 50 gain as much as 118 points or 1.26% to trade at 9,478.8 points.

02:40 pm: Shares of Raymond came under massive selling pressure today, plunging nearly 10 per cent in early trading session after proxy advisory firm IiAS warned that a proposed real estate deal will result a loss of over Rs 650 crore for the company and its shareholders. The stock after making a weak opening, further plummeted 9.83 per cent to Rs 598.10 on BSE. Later, it recovered early losses and was trading 0.59 per cent higher at Rs 667.25. On NSE, it tumbled 9.68 per cent to Rs 598.10. Raymond Ltd earlier this month informed BSE that the annual general meeting (AGM) of the company will be held on June 5.

02:20 pm: With three per cent increase in service tax likely after the implementation of Goods and services Tax (GST) from July 1, the expense ratio of mutual fund houses across the country will also go up by 3 per cent. Expense ratio is the measure of the cost incurred by an investment company to operate its mutual fund. The GST will, however, benefit small MF distributors having an annual income of upto Rs 20 lakh. The government has exempted distributors’ annual earning up to Rs 20 lakh from paying service tax. Currently, distributors earning up to Rs 10 lakh as a commission are exempted from paying service tax.

02:05 pm: Construction firm PSP Projects will make its stock market debut on Monday after successfully completing its initial public offering last week. The company’s IPO was oversubscribed 8.58 times, with the qualified institutional buyers (QIBs) portion getting oversubscribed 8.38 times, non-institutional investors 10.39 times and retail investors portion 6.47 times. It had fixed a price band of Rs 205-210 per share for the offer, which was open from May 17-19. The public issue comprised a fresh issue of up to 72 lakh shares and offer for sale of up to 28.80 lakh shares by existing shareholders.

01:45 pm: Shares of Direct-to-home operator DishTV dipped over 15 per cent on Thursday after the company posted a consolidated net loss of Rs 28.33 crore for the fourth quarter ended March 31 as against Rs 482.77 crore in January-March a year ago. Despite this, brokerage House Edelweiss has maintained a ‘Buy’ rating on the stock with target price of Rs 116, implying an upside of about 48 per cent.

01:25 pm: Indian equities regain momentum, the benchmark Sensex zooms over 250 points, trades up 0.84% at 30,541.22 points while the broader Nifty 50 gains nearly 80 points, trades up 0.84% at 9,440.1 points.

01:00 pm: Shares of drug firm Lupin today plunged nearly 8 per cent after the company reported over 49 per cent dip in consolidated net profit for the fourth quarter ended March. The stock after making a weak opening, further slumped 7.65 per cent to hit its one year low of Rs 1,133.70 on BSE.On NSE, it plunged 7.73 per cent to Rs 1,133.50 — its 52-week low. Shares of Lupin had yesterday fallen by nearly 2 per cent after results were announced.

Lupin yesterday reported over 49 per cent dip in consolidated net profit to Rs 380.21 crore for the fourth quarter ended March, mainly on account of increase in expenses and impact of foreign exchange fluctuation.

12:40 pm: Indian markets hold the gains as major blue-chips which include Larsen & Toubro, ICICI Bank, Infosys, HDFC, HDFC Bank, TCS, SBI, Tata Motors, Reliance, GAIL, Asian Paints, Bharti Airtel, Axis Bank, ONGC and Mahindra & Mahindra contributes to the upsurge. BSE Sensex up 0.5% at 30454.25 points while NSE Nifty holds above 9,400, up 0.53% at 9,411 points.

12:25 pm: Indian shares rose on Thursday tracking Asian markets that hit two-year highs after the US Federal Reserve signalled a more cautious approach to future rate hikes, but the sentiment was subdued ahead of the expiry of monthly derivative contracts. The MSCI broadest index of Asia-Pacific shares outside Japan rose 1.06 percent to its highest since June 2015. Traders are waiting for cues from the rollover of monthly derivatives contracts after indexes hit a series of record highs this month. “Markets are essentially moving higher on global cues,” said RK Gupta, managing director at Taurus Asset Management, adding that “a small volatility may be expected due to the F&O expiry today.”

12:05 pm: Almost all the pharma stocks trade near 52-week lows, the Nifty Pharma index of NSE plunged over 9% from an opening of 10,156.1 points on Monday earlier this week to 9213.55 at 12:05 pm today. Lupin tumbles 6.86% to Rs 1,144.25 while Cipla (down 2.58%), Cadila Healthcare (down 2.42%), Sun Pharma (down 2.23%), Dr Reddy’s (down 2.06%) slips the most out of 10 pharma stocks listed on the index.

This image shows the Nifty Pharma index of NSE. (Image source: NSE)

11:50 am: Indian markets rise further on the back of better corporate earnings expectations. The BSE Sensex gains 157 points or 0.52% at 30,459.29 points while NSE appreciates 51 points or 0.55% to trade at 9,412.5 points. Pharma sector stocks trade near 52-week lows with Lupin down over 6%, Cipla, Sun Pharma, Dr Reddy’s drops almost 2% each.

11:40 am: Domestic stock markets have remained volatile so far this week. Barring Monday, the BSE Sensex has ended in the negative terrain following their global counterparts as investors remained cautious after the Manchester terror attack, Moody’s China downgrading and release of US Fed minutes. Many of the PSU banking shares have doubled in just four months, such price actions are totally divergent from the underlying fundamentals. We take a look at numbers of 5 top companies and what the brokerage house recommend about their stocks.

11:25 am: Gold prices rose by Rs 42 to Rs 28,936 per 10 gram in futures trade today as speculators took fresh positions on positive cues from global markets. At the Multi Commodity Exchange, gold for delivery in far-month August was trading higher by Rs 42, or 0.15 per cent, at Rs 28,936 per 10 gram, in a business turnover of four lots. The metal for delivery in June was also up by Rs 27, or 0.09 per cent, to Rs 28,740 per 10 gram, in a turnover of 116 lots.

11:10 am: China’s yuan leapt to a near two-month high against the US dollar on Thursday, supported by major state-owned banks in what some traders said was a show of strength a day after Moody’s downgraded the country’s credit rating. “Major state-owned banks were selling dollars in the market,” said a trader at a Chinese bank in Shanghai, adding that it “clearly showed” the authorities’ interest in keeping the currency strong. Banks poured dollars into the market after the yuan remained stubbornly flat in morning trade despite U.S. dollar weakness overseas.

10:55 am: China stocks rose sharply on Thursday morning, as investors dump small-caps but swarmed into blue-chips, amid rising hopes that global index provider MSCI Inc will agree next month to add mainland shares to its benchmark. The market appears to have shrugged off Moody’s downgrade of China’s credit rating on Wednesday after several senior government officials in Beijing criticised the decision. By lunch break, the blue chip CSI300 index was up 0.7 percent, to 3,449.11 points, while the Shanghai Composite Index had gained 0.4 percent, to 3,075.98 points.  

10:40 am: Almost all the sectoral indices trades in green except Nifty Pharma and Nifty Media. Nifty IT (up 1.25%), Nifty Realty (up 1.6%), Nifty Bank (up 0.79%), Nifty PSU Bank (up 1.15%), Nifty Fin Service (up 0.77%) shines while Nifty Pharma continues to bleed for the third consecutive day.

This image shows all the sectoral indices of NSE. [Column 1- Index Name, Column 2- Index Value, Column 3- Percentage Change] (Image Source: NSE)
10:15 am: Benchmark BSE Sensex rebounded about 123 points in early trade today on fresh buying by investors, tracking a firm trend in other Asian bourses. Short-covering of bets, today being the last session of May expiry in the derivatives segment, supported the recovery. The 30-share index, which had lost 269.33 points in the previous two sessions, spurted by 122.99 points, or 0.40 per cent, to 30,424.63.

10:00 am: Indian markets extends the morning gains with BSE Sensex rising 136 points or 0.44% to 30,437.89 points while NSE Nifty 50 advances 43 points or 0.45% to 9403.05 points. The shares of Cipla, Britannia trade in red.

09:45 am: Strengthening for the second day today, the rupee climbed 25 paise to 64.48 against the dollar on increased selling of the American currency by exporters and banks amid a higher opening in the domestic equity markets. Besides selling of the dollar, its weakness against other currencies after the Federal Reserve dialled down on some of the more hawkish policy expectations supported the rupee.

09:30 am: The Shares of ITC (+ 28.28 points), HDFC (+ 21.73 points), Infosys (+ 20.40 points) contribute the most out of 30 stocks of Sensex. The 30-share barometer trades up 0.26% or 79 points higher at 30,381 points. Meanwhile, the shares of Bosch adds Rs 271, rises 1.19% to Rs 23,097.5 on NSE.

This image shows the point-wise contribution of top 10 stocks off Sensex, which are pulling it up. (Image Source: BSE)

09:15 am:  Indian markets open higher, with the BSE Sensex up 0.24% or 73 points at 30,374.81 points while the NSE Nifty up 0.25% or 23 points at 9,384.05 points. The shares of Bosch, Cipla, Ashok Leyland, Britannia will be in focus today on the account of Q4 earnings announcement.

With inputs from Reuters and PTI.

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