Sensex, Nifty log new record highs; RIL m-cap at Rs 8 lakh crore, L&T jumps 2% on share buyback approval

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Updated:Aug 23, 2018 3:44:19 pm

Share Market Today: Indian stock markets (Sensex and Nifty) in a choppy stock market trading managed to end in positive territory on Thursday with BSE Sensex and NSE Nifty concluding at fresh all-time highs.

Share Market Today: Bombay Stock Exchange building from a far end. (Image: Reuters)

Share Market Today: Indian stock markets (Sensex and Nifty) in a choppy stock market trading managed to end in positive territory on Thursday with BSE Sensex and NSE Nifty concluding at fresh all-time highs. In a significant stock market development, Mukesh Ambani-led Reliance Industries hit a market capitalization of Rs 8 lakh crore while L&T shares rallied nearly 3% intraday after the company approved first-ever share buyback.

Indian equity markets started higher on Thursday with BSE Sensex hitting a new all-time high and NSE Nifty breaching the psychological mark of 11,600 for the first time in stock market history. A nominal uptick in the heavyweight shares of ITC, HDFC, Axis Bank and HDFC Bank steered the key equity indices to record highs in the early session on Thursday.

Asian shares slipped on Thursday as a deadline loomed for fresh US tariffs on China and amid speculation US President Donald Trump’s political position could be threatened by the legal woes of two former advisers, a Reuters report said.

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Highlights

    15:38 (IST)23 Aug 2018
    Closing bell

    Indian stock markets marked yet another record on Thursday and closed in positive territory with BSE Sensex and NSE Nifty settling at their respective closing all-time highs. The benchmark Sensex ended at 38,336.76, up 51.01 or 0.13% while the broader Nifty closed at 11,582.75, up 11.85 points or 0.1%. Shares of NTPC (up 2.17%), L&T (up 1.97%), Reliance Industries (up 1.78%), Adani Ports (up 1.76%), Maruti Suzuki (up 1.43%), Power Grid (up 1.31%), HUL (up 1.18%), Infosys (up 1.06%) and ONGC (up 0.86%) were the top gainers while shares of Tata Motors (down 1.39%), Vedanta (down 1.96%), Tata Steel (down 1.73%), Bajaj Auto (down 1.52%), SBI (down 1.43%), Kotak Mahindra Bank (down 1.21%), IndusInd Bank (down 1.09%) and Coal India (down 0.89%) among the constituents of Sensex. 

    15:11 (IST)23 Aug 2018
    Turkish lira falls

    The lira weakened further on Thursday, pressured by a damaging standoff between Turkey and the United States over the fate of a detained Christian pastor that showed no signs of easing, a Reuters report said. The lira dipped as far as 6.1350 against the dollar from a close of 6.0330 and was at 6.0700, 0.6% weaker on the day as the dollar was boosted by US Federal Reserve minutes indicating it would raise interest rates in September, the report added.

    15:03 (IST)23 Aug 2018
    Reliance Industries jumps to Rs 8 lakh crore from Rs 7 lakh crore in m-cap in 28 days

    Mukesh Ambani’s RIL becomes India’s first Rs 8 lakh crore company, gains Rs 15,000 crore in m-cap today

    Billionaire Mukesh Ambani-controlled Reliance Industries Ltd (RIL) on Thursday became India’s first Rs 8 lakh crore company according to the stock market value or the market capitalisation. The oil-to-textile-to-telecom conglomerate Reliance Industries has achieved this iconic feat within a time span of one-and-half-months after hitting a market capitalisation of Rs 7 lakh crore.

    13:51 (IST)23 Aug 2018
    Big achievement! RIL hits m-cap of Rs 8 lakh crore

    Mukesh Ambani-led Reliance Industries has hit a market capitalization of Rs 8 lakh crore. Around 1.45 p.m., the m-cap of RIL stood at Rs 8,00,064.92 crore. Shares of the company were trading 1.30% higher at Rs 1,262.65 per share on the BSE. RIL share has already hit a fresh record intra-day high of Rs 1,263.25.

    13:16 (IST)23 Aug 2018
    Dr Reddy's gains 4% to 7-month high

    Shares of the Hyderabad-based generic drugmaker Dr Reddy's Laboratories surged more than 4% to a 7-month high on Thursday after company's Srikakulam plant received establishment inspection report. The stock of Dr Reddy's Laboratories gained 4.5% to Rs 2,520, the highest level since 25 January 2018. Dr Reddy's shares on Thursday registered their biggest intraday percentage gain in nearly one month and have emerged as the biggest positive points contributors to Nifty Pharma index. Dr Reddy's Lab's active pharmaceutical ingredients plant at Srikakulam in the southern state of Andhra Pradesh got establishment inspection report (EIR) from US Food and Drug Administration (FDA). The plant was one of company's main production facilities but output was hit after the regulator issued a warning over inadequate quality control practices in 2015. 

    12:43 (IST)23 Aug 2018
    SEBI chief cautious on debt mutual funds

    The domestic debt mutual fund managers need to be vigilant and appropriately value their investments in corporate papers, even as a bulk of the money comes from institutional investors, Reuters reported citing SEBI chief Ajay Tyagi. "It is for the mutual fund industry which bears the credit risk," said Ajay Tyagi, Chairman, Securities and Exchange Board of India (SEBI), adding to it, he said "issue is in their books when they hold these debt instruments, either long term or short term, they have to be cautious of credit risk and how to value that on their books."

    12:18 (IST)23 Aug 2018
    L&T approves first share buyback in stock market history

    L&T’s first share buyback in stock market history: Board okays mega buyback of 6 crore shares; details here

    Larsen & Toubro (L&T), the Mumbai-headquartered construction and engineering giant, approved the first-ever share buyback in stock market history on Thursday

    11:30 (IST)23 Aug 2018
    Biggest turnover: Mahanagar Gas

    Shares of Mahanagar Gas topped the National Stock Exchange turnover on Thursday following the massive trading volumes on the counter after the Mumbai-headquartered natural gas distributor firm informed about the schedule of institutional investors meeting on 27 August 2018. The stock of Mahanagar Gas was trading 5.95% lower at Rs 846.3. About 2.85 crore equity shares of Mahanagar Gas were traded on NSE and BSE translating into a turnover of Rs 2,125 crore (approx) on both the exchanges. 

    11:20 (IST)23 Aug 2018
    CreditAccess Gramin recovers partly after tepid stock market listing

    Shares of newly listed CreditAccess Gramin recovered partly in the mid-morning deals on Thursday following a tepid stock market debut. The stock of CreditAccess Gramin was trading at Rs 411.45, down 2.5% from the issue price of Rs 422. Earlier today, CreditAccess Gramin shares fell as much as 9.61% to a day's bottom of Rs 385 on BSE. Heavy trading volumes were witnessed in the shares of CreditAccess Gramin, as at 11:18 am, more than 66 lakh equity shares exchanged hands on both NSE and BSE. CreditAccess Gramin shares are admitted to in the list of 'B' group securities of Bombay Stock Exchange. 

    10:54 (IST)23 Aug 2018
    Crude oil prices fall

    International crude oil prices slipped on Thursday, weighed down by the escalating trade dispute between the United States and China, although a decline in U.S. commercial crude inventories offered some support, Reuters reported. Brent crude oil futures were at $74.63 per barrel, down 18 cents, or 0.2%, from their last close while US West Texas Intermediate (WTI) crude futures were at $67.90 per barrel, up 4 cents from their last settlement, buoyed by the decline in US crude inventories, it added.

    10:36 (IST)23 Aug 2018
    Indian market turns red

    Indian equities fell from day's high within the first hour of stock market trading on Thursday after the United States imposed tariffs on $16 billion worth of Chinese imports. BSE Sensex touched a bottom of 38,248.62, down 239.01 points from day's high while NSE Nifty hit a day's low at 11,550.1, down 70.6 points from day's high. 

    10:20 (IST)23 Aug 2018
    US puts tariffs on $16 billion Chinese goods

    The United States today imposed steep import tariffs on another USD 16 billion in Chinese goods over what Washington has called rampant theft of American technology, even as trade negotiators were in talks to avert further confrontations, AFP said in a report. The latest action completes the first round of USD 50 billion in products that President Donald Trump targeted, after USD 34 billion in goods were hit with punitive duties on July 6, AFP report said further. China has said it will react immediately with tariffs on the same amount of US goods, targeting iconic products like Harley motorcycles, bourbon and orange juice, among hundreds of others, it added. 

    09:55 (IST)23 Aug 2018
    Arun Jaitley returns as Union Finance Minister

    President Ram Nath Kovind on Thursday re-appointed Arun Jaitley as Finance Minister after he recovered from a kidney ailment. "The President of India, as advised by the Prime Minister, has directed to assign the portfolios of the Minister of Finance and Minister of Corporate Affairs to Arun Jaitley," a notification said.

    09:54 (IST)23 Aug 2018
    Asian stock markets mixed

    Asian stock markets were mixed Thursday after US and Chinese officials held talks on their deepening trade dispute ahead of a new round of tariff hikes, Ap said in a report. Tokyo's Nikkei 225 rose 0.2% to 22,403.90, Hong Kong's Hang Seng lost 0.8% to 27,704.60, the Shanghai Composite Index gave up 1.7 points to 2,713.02 while Seoul's Kospi shed 0.1% to 2,271.56. 

    09:50 (IST)23 Aug 2018
    Rupee depreciates 27 paise vs USD

    The rupee fell 27 paise against the dollar to trade near 70.08 again amid strong demand for the US currency after the US Fed released minutes of its policy meet yesterday, a PTI report said. At the Interbank Foreign Exchange, the local currency opened at a low of 70.03 a dollar, down from its previous close of 69.81, and weakened further to trade at a 70.08, down by 27 paise, it added. 

    09:15 (IST)23 Aug 2018
    Opening bell

    Indian equity markets started higher on Thursday with BSE Sensex hitting a fresh all-time high and NSE Nifty surpassing the psychological mark of 11,600 for the first time in history. The benchmark Sensex rose 130.9 or 0.34% to open at 38,416.65 and the broader Nifty 50 started at 11,620.7, up 49.8 or 0.43%. Shares of HDFC, Hero MotoCorp, Axis Bank, Yes Bank, Bharti Airtel were the major gainers while stocks of Reliance Industries, ICICI Bank and IndusInd Bank dropped a little. 

    09:06 (IST)23 Aug 2018
    Indian rupee plunges 22 paise against US dollar

    The Indian rupee plunged as much as 22 paise against the US dollar at the interbank foreign exchange market in the early deals on Thursday. The rupee to dollar exchange rate was quoted at 70.0475, down 22 paise from the previous closing of 69.8262, the Bloomberg data showed. 

    09:00 (IST)23 Aug 2018
    Top stocks in news today

    Stocks in news today: Lupin, UltraTech Cement, Tech Mahindra, HDFC AMC, Adani Power to be in focus

    HDFC AMC: The country’s second-largest mutual fund house HDFC Asset Management Company reported a 25% surge in net profit at Rs 205.26 crore for three months ended June 30 this year.

    08:58 (IST)23 Aug 2018
    SGX Nifty trades in red

    The global indicator of NSE Nifty, SGX Nifty Futures was trading little changed, down 0.08% at 11,619 on the Singapore Exchange on Thursday. The gauge has touched a day's high of 11,660 and a day's low of 11,616.5, earlier today. 

    Earlier yesterday, US stocks were mixed with the Nasdaq gaining on the strength of tech stocks while the S&P 500 was little changed as it marked its longest bull-market run, Reuters said in a report. The legal woes of two former advisers to US President Donald Trump contributed to investors' caution, while the release of the Federal Open Market Committee's minutes from its last policy meeting had only a fleeting impact on Wall Street's major indexes, it added. The Dow Jones Industrial Average fell 88.69 points, or 0.34% to 25,733.6, the S&P 500 lost 1.14 points, or 0.04% to 2,861.82 and the Nasdaq Composite added 29.92 points, or 0.38% to 7,889.10.
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