Share Market Today: Indian stock markets (Sensex and Nifty) finished at record highs on Monday with BSE Sensex ending at an all-time high near 37,500-mark and NSE Nifty closing above 11,300 for the first time in stock market history. Indian equities inched higher in the late afternoon trades after regaining heavily from day’s bottom on Monday with BSE Sensex rallying nearly 200 points to a fresh peak and NSE Nifty hitting a new all-time high of 11,328.
Sensex crossed 37,500 for the first time in the afternoon deals on Monday led by a sharp uptick in share prices of ICICI Bank, RIL and SBI. Indian shares recovered partly in the mid-morning session extending losses in the late morning session on weaker global cues and uncertainty over RBI’s repo rate outcome and US Fed meeting. BSE Sensex slipped more than 200 points from the all-time high after falling in negative territory following the downtick in HDFC Bank, Infosys shares in the wee hours of trading today.
The domestic equity markets started on a positive footing on Monday with BSE Sensex and NSE Nifty hitting respective all-time highs continuing the stock market upmove on corporate earnings optimism and positive domestic cues. The benchmark Sensex rose as much as 159.95 points to hit a fresh all-time high of 37496.80 while the broader Nifty went above 11,300 for the first time in stock market history hitting a lifetime peak of 11,309.35, up by 31 points.
Shares of the wagon manufacturer Texmaco Rail & Engineering were the biggest gainers among all the components of 'A' group of BSE today. The stock of Texmaco Rail & Engineering rose 18.44% to a day's top of Rs 81.9 before closing up 13.02% at Rs 78.15.
Shares of India's largest housing financier HDFC dropped more than 1% after the Deepak Parekh-led mortgage lender posted a 54% jump in the standalone net profit to Rs 2,190 crore for the Apr-Jun period of the fiscal year 2018-19. The stock of HDFC fell 1.55% to Rs 2,012.7 on BSE after the Q1 earnings release.
The benchmark Nifty 50 index rose more than 1% on Monday led by the shares of GIC, Bank of Baroda, PNB, Idea, SAIL and ICICI Prudential. Nifty Next 50 rose 1.06% to 29,568.45.
Indian stocks hit fresh record highs in late afternoon trades on Monday with BSE Sensex surging nearly 200 points to hit a fresh all-time high of 37533.50 and NSE Nifty adding 49.75 points to hit a new lifetime peak of 11,328.1.
HDFC reported Q1 results in-line with street estimates, with net profit jumping 54% on-year to Rs 2,190 crore in the latest quarter. The net interest income came in higher than estimates at Rs 3,531 crore. HDFC said that the board has approved raising up to $1.5 billion Via ECBs. HDFC Q1 gross NPA in the April-June quarter came in at 1.18%. The individual gross NPA stood at 0.66%.
The benchmark Sensex and Nifty recovered sharply in the afternoon deals on Monday and hit fresh record highs led by the shares of ICICI Bank, SBI and RIL.
BSE Sensex new all-time high: 37505.12 | NSE Nifty new all-time high: 11,317.60
Shares of the state-owned general insurer The New India Assurance Company rose more than 7% in the afternoon deals after the Mumbai-based firm posted a rise if 27% in the net profit to Rs 635 crore for the Apr-Jun period of the fiscal year 2018-2019. The stock of The New India Assurance Company surged 7.03% to Rs 297 on BSE today.
Shares of India's telecom giant Bharti Airtel rose more than 3% in the afternoon session on Monday and were among the top three gainers among Sensex scrips. The stock of Bharti Airtel advanced 3.25% to a day's high of Rs 376.3 from a share price level of Rs 364.45 on BSE today.
The Godrej Group's FMCG company Godrej Consumer Products declared a dividend of Rs 2 per equity share of face value Re 1 and has recommended an issue of bonus shares in a ratio of 1:2. "As intimated earlier the record date for ascertaining the names of the shareholders who will be entitled to receive the said dividend is 7 August 2018. The dividend will be paid on 21 August 2018," Godrej Consumer Products said in an exchange filing. "The record date to ascertain members eligible to receive bonus shares will be fixed in due course," the company added.
China's yuan fell to a fresh 13-month low against the dollar on Monday, weighed by a much weaker central bank fixing and expectations the Chinese currency has further to fall as US trade tensions worsen, Reuters said in a report. Prior to market opening, the PBOC lowered the midpoint rate to 6.8131 per dollar, largely matching market forecasts, 189 pips or 0.28% weaker than the previous fix of 6.7942 last Friday, the report added.
Shares of India's largest bank by asset size and second-largest bank by market capitalisation SBI rose more than 4% on Monday after the bank hiked interest rate on retail domestic term deposits below Rs 10 mln for more than 1-year tenors. The stock of SBI was the second-biggest gainers among Sensex components today. SBI share price surged 4.4% to Rs 299.25 on NSE. This is the highest level since 9 February.
Indian equities recovered partly in the mid-morning session on Monday with BSE Sensex and NSE Nifty trading marginally higher in green as the uptick in shares of heavyweight companies RIL, ICICI Bank, SBI outperformed the plunge led by Infosys, HDFC Bank shares.
Shares of the Mukesh Ambani-controlled oil-to-textile-to-telecom conglomerate Reliance Industries Ltd (RIL) surged to an all-time high on Monday after the diversified company posted its highest ever quarterly profit in the Apr-Jun period of the financial year 2018-19. The stock of RIL rose as much as 2.43% to an all-time high of Rs 1,157.3 today on NSE. According to a Reuters report, CLSA Research has raised the target price to Rs 1,365 from Rs 1,230 with a "buy" rating and has further said that Reliance Jio's big ramp-up in subscriber additions and doubling of EBITDA over FY18-21 will be the key triggers.
Indian equity markets extended losses in the late morning deals on Monday after rising to record highs in the opening session. BSE Sensex slipped 202.69 points from the all-time high to a day's low of 37,294.11 and NSE Nifty touched a day's bottom of 11,261.45, down 47.9 points from the all-time high of 11,309.35.
Bank of Baroda shares hit a 17-week high in the opening session on Monday tracking the better-than-expected Q1 FY19 results. The stock of Bank of Baroda rose 9.1% to Rs 150.45, its biggest percentage gain since 12 February and highest share price level since 17 April 2018. According to a Reuters report, the global research and brokerage firm Jefferies has upgraded the stock to 'buy' following the Q1 earnings release. Out of the 41 brokerages covering the stock, 33 rate it at "buy" or higher, 6 "hold" and two at "sell"; median price target Rs 180, Reuters reported.
Asian markets fell Monday after a steep decline in the US technology sector weighed on Wall Street at the end of the week despite data showing the economy was growing, Associated Press reported. Among the regional Asian markets, Japan's Nikkei 225 index dropped 0.6% to 22,587.70, China's Shanghai Composite index slipped 0.4% to 2,863.40, Hong Kong's Hang Seng index lost 0.5% to 28,653.29 while South Korea's Kospi edged 0.1% lower to 2,293.92, the report added.
Shares of India's second-largest private sector lender ICICI Bank hit an 11-week high on Monday after the bank reported its first-quarter earnings for the fiscal year 2018-19. The stock of ICICI Bank rose 3.6% to Rs 303.60 which is the highest level since 16 May. Core profitability, while modest, should improve going forward driven by improving loan growth and net interest margin, Reuters reported citing Jefferies. According to a Reuters report, out of 45 brokerages covering the stock, 42 rates it as "buy" or higher, two rates it as "hold" and one rate it as "strong sell" with a median share price target of Rs 367.
Reliance Industries rose by 0.94% to quote at Rs 1,140.25 after the company on Friday reported its highest-ever quarterly net profit as bumper earnings from the retail business, improved profitability of telecom arm and near doubling of earnings from petrochemical business offset lower margins from oil refining business, PTI reported.
The heavyweight shares of Infosys, HDFC Bank, Kotak Mahindra Bank, L&T were the major contributors in wiping out the gains from the benchmark Sensex and Nifty indices in the late morning trades on Monday. On a collective basis, these four shares washed off 119 points from BSE Sensex.
TCNS shares on NSE declined 1.99% to a day's low of Rs 701.75 from the issue price of Rs 716. The stock also hit a day's high of Rs 725, up by 1.26%.
Live: TCNS Clothing share price
Shares of the domestic logistics firm Gati Ltd rose nearly 18% in the early session following the Q1 FY19 earnings release and were the biggest gainers among the 'A' group on BSE. The stock of Gati jumped 17.7% to a day's high of Rs 115 on BSE today.
Shares of the women apparel maker TCNS marked a tepid stock market debut on Monday. The stock of TCNS shed nearly 2% in the debut trade. As per the latest data available, TCNS shares were trading 1.91% lower at Rs 701.35 on BSE.
Shares of India's third-largest PSU lender Bank of Baroda rose more than 8% in the morning deals on Monday after the Vadodara-based bank's net profit for the Apr-Jun period more than doubled to Rs 528 crore. The stock of Bank of Baroda advanced 8.66% to a day's high of Rs 150 from a share price level of Rs 138.05 on BSE.
The Indian rupee shed 15 paise against the US dollar at 68.80 at the Interbank Foreign Exchange ahead of RBI's monetary policy review beginning today, PTI reported. Fresh month-end demand of the US currency from importers and dollar's strength against some currencies overseas weighed on the domestic unit, PTI reported citing unidentified sources.