Sensex logs 373-point gain on macro data booster; all eyes on PM Modi’s economic review meet

By: | Updated:Sep 14, 2018 3:53 pm

Share Market Live: Indian stock markets (Sensex and Nifty) ended higher on Friday on the positive macro data, lower crude oil, weakness in US dollar, optimism ahead of PM Modi's economic review meeting due later today with Sensex rallying 373 points and Nifty closing at 11,515.20.

Share Market Live: Indian stock and forex markets were closed on Thursday, 13 September, for Ganesh Chaturthi. (Image: Reuters)

Share Market Live: Indian stock markets (Sensex and Nifty) ended higher on Friday on the positive macro data, lower crude oil, weakness in US dollar, optimism ahead of PM Modi’s economic review meeting due later today with Sensex rallying 373 points and Nifty closing at 11,515.20. In the intra-day dealings, the benchmark Sensex surged as much as 407.66 points to a day’s high of 38,125.62 and the wider share indicator Nifty 50 moved up 153.35 points to a day’s top of 11,523.25. The Indian rupee rode on the macro booster after CPI and WPI inflation eased to 10-month and 4-month lows, respectively.

Indian equities rushed into positive territory on Friday morning following CPI-based inflation eased to 10-month low and positive global cues. The Indian rupee on Friday marked considerable recovery against the US dollar and climbed up as much as 66 paise per unit USD to 71.5250 from the Wednesday’s closing of 72.1850, the Bloomberg data showed. Asian shares nudged higher on Friday as moves by the United States and China to resolve a bitter trade dispute and a sharp interest rate hike in crisis-hit Turkey supported global risk appetite, Reuters reported.

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15:43 (IST) 14 Sep 2018
Closing bell

Indian stock markets closed higher on Friday after positive macroeconomic data cheered investors with the headline indices Sensex and Nifty gaining heavily following a market-wide buying in blue-chips as well as small and mid-cap stocks. The sentiments were also in favour of equities following the weakness in crude oil prices and the decline in US dollar against major peers such as the Pound sterling. The Prime Minister Narendra Modi will likely to hold a meeting with finance ministry officials on Friday to discuss the fall in the rupee and other economic issues, Reuters reported citing an unidentified government source.

BSE Sensex finished at 38,090.64, up 372.68 points or 0.99%, NSE Nifty gained 145.30 points or 1.28% to 11,515.20, Nifty 500 rallies 1.37% to 9,792.75. All the sectoral indices of NSE concluded in positive territory with Nifty Realty (up 3.46%), Nifty Pharma (up 2.51%), Nifty Metal (up 2.27%) leading the charge. The banking sector benchmark Nifty Bank rose 1.29% to 27,163.85. 

Shares of Vedanta, Bharti Airtel, Power Grid, NTPC, Asian Paints, ONGC, HDFC, Yes Bank, Sun Pharma, SBI, ICICI Bank, Tata Steel, Maruti Suzuki, IndusInd Bank, Tata Motors, TCS, M&M, Wipro, Adani Ports gained 1-5% while Coal India and Infosys dropped 0.8-1.3%. As many as  1,817 stocks ended in green, 842 closed in red, 172 settled unchanged out of the total 2,831 scrips traded on Friday on BSE. For the week, BSE Sensex has lost 299.18 points to 38,090.64 from a level of 38,389.82 while NSE Nifty has fallen 73.9 points to 11,515.20 from a mark of 11,589.1.

14:39 (IST) 14 Sep 2018
Global stock markets inch higher

Global shares were mostly higher Friday, continuing their rally after gains on Wall Street and hopes that regional trade tensions may ease, AP reported. France's CAC 40 edged up 0.4% in early trading to 5,349.27, while Germany' DAX rose 0.3% to 12,094.64, Britain's FTSE 100 gained 0.3% to 7,300.17. US shares were also set to move higher with Dow futures up nearly 0.2% at 26,231. S&P 500 futures were up 0.2% at 2,914.60.

14:37 (IST) 14 Sep 2018
Pound sterling set for biggest weekly rise in 2018

Pound sterling rose on Friday and is set for its second biggest weekly rise in 2018 as imminent concerns over the outlook of emerging markets faded after Turkey's sharp rate hike and after the central bank upgraded growth forecasts at a policy meeting, a Reuters report said. Apart from news over the progress of Brexit negotiations, the British currency has become increasingly correlated to risk appetite in recent weeks and concerns over a widening emerging market currency selloff has also weighed on sterling, it added. On Friday, sterling rose 0.2% to $1.3139 to its highest level since Aug. 1. On a weekly basis, it is up more than 1.5%, its biggest weekly rise so far this year.

14:26 (IST) 14 Sep 2018
AIF investments jump by 90% to Rs 75,000 crore till Apr-Jun quarter

The capital put in by alternative investment funds (AIFs) has risen to nearly Rs 75,000 crore at the end of April-June quarter of the current fiscal, a surge of 90% from the year-ago period, a PTI report said. AIFs are a class of pooled-in vehicles for investing in real estate, private equity and hedge funds and over 270 such funds are registered with the Securities and Exchange Board of India (Sebi) since 2012, PTI reported. The investment made by AIFs stood at Rs 74,893 crore during the three months ended June 2018, much higher than Rs 39,308 crore invested in the same quarter last year, PTI said citing Sebi data. 

13:24 (IST) 14 Sep 2018
Easing inflation brings back buying

Following the double bonanza from cooling inflation, Indian equity markets rejoiced further after WPI-based inflation diminished to a 4-month low of 4.53% in the month of August following the declining prices of food, vegetables. The Wholesale Price Index (WPI) inflation stood at 5.09% in July and 3.24% in August last year. BSE Sensex was trading at 38,025.62, up 307.66 points or 0.82% while NSE Nifty was trading firm at 11,486.90, up 117 points or 1.03%. 

12:17 (IST) 14 Sep 2018
Fertiliser stocks surge

Most of the fertiliser stocks on Friday held the gains after rallying in the morning trades on the Union Cabinet grant of Rs 15,053 crore new procurement policy to ensure remunerative prices to farmers. Ahead of the 2019 polls, the government Wednesday announced Rs 15,053-crore procurement policy allowing states to choose a compensation scheme and rope in private agencies for procurement to ensure remunerative prices to farmers, PTI reported. 

Following the development, shares of Rashtriya Chemicals & Fertilizers and Fertilizers & Chemicals Travancore were the top gainers as they jumped 17.85% and 18.87%, respectively, on BSE. Other than these scrips, shares of National Fertilizer jumped 10.62% to touch its intra-day high of Rs 49.45, Rama Phosphates (surged 7.74%), Basant Agro Tech India (up 3.76%), Mangalore Chemicals & Fertilizers (up 3.59%), Chambal Fertilisers & Chemicals (up 4.09%), Coromandel International (up 2.62%).

11:48 (IST) 14 Sep 2018
India needs to be vigilant to check rupee weakness: PM Economic Advisory Panel

India needs to be extremely vigilant to check weakness in the rupee and the task was to minimise volatility and avoid contagion to other macro policies, Reuters reported citing Rathin Roy, member of the Prime Minister's Economic Advisory Panel as saying on Friday. "The present challenge can be effectively dealt with," Rathin Roy wrote in a blog, ahead of Prime Minister Narendra Modi's economic review meeting scheduled for Saturday, 15 September to consider steps to address weak rupee and rising fuel prices.

10:52 (IST) 14 Sep 2018
Crude oil prices today

Crude oil prices today: Crude oil (Brent and US WTI) were trading little changed on Friday morning following the concerns of weakening in demand due to the ongoing US-China trade spat. Crude oil prices clawed back some of its losses from the previous session, when prices fell the most in a month, as concerns about oil supply are countering worries that emerging market crises and trade disputes could dent demand, a Reuters report said. Brent crude was trading at $78.38, up 20 cents or 0.26% a barrel while US WTI (West Texas Intermediate) was trading at $68.85, up 26 cents or 0.38%. Earlier yesterday,  Brent crude oil fell 2% whereas US WTI dropped 2.5%.

10:21 (IST) 14 Sep 2018
Rashtriya Chemicals and Fertilizers gains 18%

Shares of government-owned Rashtriya Chemicals and Fertilizers surged nearly 18% on Friday after Union Cabinet on Wednesday approved the transfer of land of the company to Mumbai Metropolitan Regional Development Authority (MMRDA), Municipal Corporation of Greater Mumbai (MCGM). The stock of Rashtriya Chemicals and Fertilizers spiked 17.86% to a day's high of Rs 79.85 on BSE today, registering its sharpest intraday percentage gain in over 3 years. Shares of Rashtriya Chemicals and Fertilizers were the biggest gainers among the constituents of 'A' group of BSE on Friday. 

10:05 (IST) 14 Sep 2018
Asian markets drift higher

Asian stock markets traded mostly higher Friday, continuing their rally after gains on Wall Street and hopes that regional trade tensions may ease, an Associated Press report said. Japan's benchmark Nikkei 225 gained nearly 1% to 23,042.83, South Korea's Kospi added 1.3% to 2,316.09, Hong Kong's Hang Seng rose 0.7% to 27,206.18, while the Shanghai Composite index lost 0.3% to 2,679.99.

Also Read | Asian shares rise on US-China trade talk plans, but Chinese stocks shaky

09:45 (IST) 14 Sep 2018
Rupee jumps 54 paise against USD

The Indian rupee on Friday registered big recovery against US dollar after the retail inflation cooled off to a 10-month low, well below the Reserve Bank of India's target. The rupee jumped as much as 54 paise apiece US dollar in the morning deals at the interbank foreign exchange market. According to the Bloomberg data, the rupee touched a day's high of 71.6425, up 54 paise from the Wednesday's closing of 72.1850. The rupee has depreciated by more than 13% in the current year so far against the US dollar and has been the worst performing currencies as compared to its Asian peers.

Also Read | Rupee gains 54 paise against US dollar after CPI inflation shrinks to 10-month low

Earlier on Wednesday this week, the domestic currency (rupee) touched a record low at 72.9150 vs US dollar but later in the afternoon trades bounced back sharply on news reports of the Prime Minister Narendra Modi looking to review the economic situation in a review meeting likely to be held tomorrow, 15 September and susceptible intervention by the RBI in forex markets.

09:28 (IST) 14 Sep 2018
Opening bell

Indian equity markets started on a positive footing on Friday tracking the positive global cues with Wall Street finishing higher near its record highs and retail inflation easing to a 10-month low, well below the Reserve Bank of India's target. According to the macroeconomic data released by CSO, the CPI-based inflation declined to a 10-month low of 3.69% in August. BSE Sensex rallied as much as 341 points to a day's high of 38,058.92 whereas Nifty surged 115 points to a day's top of 11,484.80. Shares of RIL, ICICI Bank, Maruti Suzuki, HDFC and SBI contributed the most to the upsurge in headline indices today. 

Earlier yesterday, Apple stock led a rebound in technology shares and boosted all three major US stock indexes while trade worries eased after China welcomed new talks with the United States with the Dow Jones Industrial Average inching nearer to its all-time high hit on January 26, finishing at its highest since February 1. The Dow Jones Industrial Average rose 147.07 points, or 0.57% to 26,145.99, the S&P 500 gained 15.26 points, or 0.53% to 2,904.18 and the Nasdaq Composite added 59.48 points, or 0.75% to 8,013.71.
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