Share Market Today: Indian stock markets (Sensex and Nifty) ended higher on Tuesday (Independence Day Eve) with BSE Sensex gaining as much as 207 points and NSE Nifty settling at 11,435 with Mukesh Ambani’s Reliance Industries Ltd (RIL) shares emerging as biggest positive point contributor. Shares of RIL (up 2% at Rs 1,210.95) contributed nearly 78 points to the benchmark Sensex out of the 207-point uptick in the index. Shares of Sun Pharma (up 6.91%), Yes Bank (up 2.87%), ICICI Bank (up 2.17%), Axis Bank (up 2.15%) and Tata Steel (up 1.7%) were the other major gainers out of the Sensex components.
A market-wide buying was seen in Indian shares on Tuesday on the back of macro booster as CPI inflation eased to a 9-month low to 4.17% and WPI-based inflation fell to 5.09% in July from 5.77% in June. The fears of the Turkish Economic Crisis declined slightly as Turkey’s lira gained marginally against the US dollar in the trade today. Earlier yesterday, stock markets across the globe declined with Asian markets being the worst hit on Turkish economic crisis which led to a meltdown in Asian currencies.
Asian share markets fought to regain their footing on Tuesday as tremors from the collapse of the Turkish lira ebbed, though sentiment took a fresh knock when Chinese economic data proved softer than expected, Reuters said in a report.
Highlights
Indian stock markets closed higher on Tuesday following the double macroeconomic booster after retail inflation eased to a 9-year low and WPI-based inflation fell to 5.09% following the recovery in the weakening Turkish lira. BSE Sensex closed at 37,852, up 207.10 or 0.55% and NSE Nifty settled at 11,435.1, up 79.35 or 0.7%. Shares of Reliance Industries, ICICI Bank, Sun Pharma, Axis Bank, Yes Bank, HUL and ITC were the major positive points contributors to the benchmark Sensex.
All currencies have weakened against the dollar, but the Indian currency has not weakened very much in comparison to other currencies, PTI said in a report citing Rajnish Kumar, Chairman, SBI. "I feel that it (rupee) should stabilise between 69 and 70 because if you look at the numbers for investment which is coming into the country -- investment in bonds, investment in equities -- this level has become attractive for foreign investment," Rajnish Kumar said further.
Shares of Bangalore-based Rajesh Exports were trading at Rs 663.65, up 1.32% after the world's largest gold refiner on Tuesday reported 34.43% jump in consolidated net profit to Rs 399.1 crore for the quarter ended 30 June 2018 as compared to Rs 296.8 crore in the same period of the last fiscal.
MCX on Tuesday announced the launching of the rubber futures from 16 August to provide hedging to the entire value chain in the rubber industry.
Sensex Live: The benchmark Sensex was trading at 37,894.27, up 249.37 points or 0.66%. The heavyweight shares of Reliance Industries, Axis Bank, ITC, ICICI Bank, HDFC Bank, Yes Bank, TCS, HUL were the biggest positive points contributors to Sensex. On a collective basis, these eight stocks added about 215 points to the index.
Japan's Nikkei on Tuesday rebounded from a five-week low, posting its biggest one-day gain since March as export-driven firms benefited from a pause in the safe-haven yen's strengthening while the battered Turkish lira firmed, a Reuters report said. The Nikkei share average surged 2.3% to 22,356.08, the biggest percentage gain since 27 March while on Monday, it touched 21,851.32, the lowest level since 11 July, the report added.
Indian share markets extended gains in the afternoon deals after WPI-based inflation eased to 5.09% in July on account of cheaper food articles, especially fruits and vegetables as compared to 5.77% in June. BSE Sensex surged as much as 266 points to an intraday high of 37,911.69 while NSE Nifty neared the 11,450 mark and made an intraday high of 11,446.30. The wholesale price index (WPI) inflation was recorded at 1.88% in July 2017. The wholesale inflation in food articles category was (-)2.16% in July as against ( ) 1.8% in the previous month, the Commerce and Industry ministry data showed.
The stock of India's largest steelmaker Tata Steel surged more than 3%, rising the most in a week after the Tata Group steel giant's Q1 FY19 net profit more than doubled to Rs 1,934 crore as compared to Rs 921 crore. The stock of Tata Steel gained 3.12% to Rs 587 on BSE today. According to a Reuters report, the global research and Jefferies has raised the target price to Rs 602 from Rs 586 keeping 'hold' rating on strong Q1 and said that adjusted India EBITDA slightly better than expected while Tata Steel Europe margins surprised positively.
Indian rupee breached the 70 per US dollar mark on the interbank foreign exchange market for the first time in history this morning. The rupee to US dollar exchange rate was quoted at 70.0762, down 14 paise from the Monday’s closing of 69.9287 per unit US dollar, data from Bloomberg showed. The domestic currency depreciated heavily on Monday on the back of the Turkish economic crisis, which caused a meltdown in most of the Asian currencies.
Most Asian stock markets were mixed Tuesday after Wall Street declined as Turkey's central bank struggled to contain a currency crisis that is feeding fears about other emerging markets, Associated Press said in a report. China's Shanghai Composite Index fell 0.5% to 2,771.81, Hong Kong's Hang Seng lost 0.9% to 27,686.9 while Japan's Nikkei 225 gained 1.8% to 22,255.98 and South Korea's Kospi added 0.4% to 2,257.65.
Turkey's lira remained under pressure in Asian trade today but markets in the region enjoyed a little more stability after the previous day's turmoil, AFP reported. Nervous investors are keeping an eye on developments in Ankara after yesterday's bloodletting that saw the lira hit record lows against the dollar and euro, and equity markets go into freefall on concerns Turkey's financial crisis could spread globally, the report added. The Turkish lira traded at 6.91 against US dollar and 7.89 vs euro, well off the 7.24 to the dollar and 8.12 to the euro seen on Monday, 13 August 2018.
Shares of Anil Ambani-controlled telecom firm Reliance Communications (RCom) surged more than 5% on Tuesday continuing its month-long uptick. The stock of RCom added 5.45% to Rs 21.65 from a share price of Rs 20.53 on BSE today.
The domestic stock markets extended gains in the wee hours of trading after opening higher with BSE Sensex rallying nearly 200 points and NSE Nifty retaking 11,400 level following the uptick in heavyweight shares of ITC, HDFC, ICICI Bank, Axis Bank, HDFC Bank, SBI, Kotak Mahindra Bank and HUL. BSE Sensex made an intraday high at 37829.83, up 184.93 points and NSE Nifty touched an intraday high at 11,409.9, 54.15 points.
The Indian rupee extended gains against US dollar after opening marginally higher on Tuesday at the interbank foreign exchange market. The rupee added as much as 23 paise at 69.6925 per unit US dollar, the Bloomberg data showed. Earlier yesterday, the rupee crashed by Rs 1.08 or 1.57% to close at an all-time low of 69.91, PTI said in a report.
Shares of Vakrangee are falling continuously for the last 4 days. The stock of Vakrangee shed as much as 16.65% to a day's bottom of Rs 41.8 on BSE. Earlier yesterday, Vakrangee launched first 50 NextGen Vakrangee Kendras in Mumbai Metropolitan Region (MMR). 'The company has launched these new stores or Kendras in the sub-urban and semi-rural areas of Mumbai, Vakrangee said in a press release.
“The launch of these 50 Next Gen Vakrangee Kendras in the MMR region is the first milestone in our journey towards upgradation of entire 45,000 outlets. With our progressive efforts and affirmative response from our franchisees, there will be a further 4000 outlets upgrading before Diwali and we thereafter, have proposed to upgrade all the existing 45000 Kendras that are spread all across the country, into the NextGen Model, said Dinesh Nandwana, MD & CEO, Vakrangee.
Crude oil prices rose on Tuesday after a report from OPEC confirmed that top exporter Saudi Arabia had cut production to avert looming oversupply, Reuters reported. Front-month Brent crude oil futures were at $72.87 per barrel, up 26 cents or 0.4% from their last close while US West Texas Intermediate (WTI) crude futures were up 32 cents 0.5% at $67.52 per barrel. In July, Saudi Arabia told the producer group of the Organization of the Petroleum Exporting Countries (OPEC) that it had cut production by 200,000 barrels per day (bpd) to 10.288 million bpd, the report added.
Indian equity markets started higher on Tuesday after the CPI-based inflation dropped to a 9-month low of 4.17% in July. The sentiments also took a positive seat following the trades in the Asian markets. BSE Sensex was trading at 37,794.21, up 149.31 or 0.4% and NSE Nifty was trading at 11,394.8, up 39.05 points or 0.34%.