Share market highlights: Sensex just 200 points away from all-time high; Nifty nears 11,000

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Updated:Jul 10, 2018 4:14:49 pm

Share market highlights: Given a strong rally of 304 points, the Sensex closed just 200 points away from hitting all-time high levels. Notably, The 30-share Sensex continued its strong momentum for the second straight day.

Share market highlights: Sensex closed 305 points higher at 36,239, aided by a strong rally in the shares of Reliance Industries, Tata Steel, Wipro, Yes Bank zooming by more than 2.5% each.

Share market highlights: Given a strong rally of 304 points, the Sensex closed just 200 points away from hitting all-time high levels. Notably, The 30-share Sensex continued its strong momentum for the second straight day. Sensex closed 305 points higher at 36,239, aided by a strong rally in the shares of Reliance Industries, Tata Steel, Wipro, Yes Bank zooming by more than 2.5% each. The 50-share index Nifty closed at 10,947, up by nearly 100 points on Tuesday. The major gainers in the index included the shares of GAIL, Hindalco, Coal India and Yes Bank, which surged by more than 3% each. 

“Market rallied to a five month high as fading trade war woes and shift in attention to corporate earnings supported investor’s sentiment. Any revival in earnings growth will give scope for re-rating in valuation for many mid cap stocks which were the real victim of the recent correction. However, rupee depreciated and bond yield rose in expectation of increase in June CPI inflation,” Vinod Nair, Head of Research, Geojit Financial Services said.

The domestic stock markets continued the strong momentum gained yesterday, tracking positive global cues and ahead of Tata Consultancy Services (TCS) Q1 earnings later in the day. Notably, IndusInd Bank reported Q1 resutls in line with expectations, kicking off the new earnings season. Here are all the highlights of the day.

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Share market highlights: TCS, IndusInd Q1 results in focus

Highlights

    15:54 (IST)10 Jul 2018
    Expert take: Vinod Nair, Head of Research, Geojit Financial Services

    "Market rallied to a five month high as fading trade war woes and shift in attention to corporate earnings supported investor’s sentiment. Any revival in earnings growth will give scope for re-rating in valuation for many mid cap stocks which were the real victim of the recent correction. However, rupee depreciated and bond yield rose in expectation of increase in June CPI inflation," Vinod Nair, Head of Research, Geojit Financial Services said.

    15:47 (IST)10 Jul 2018
    Sensex now just 200 points away from record high

    Given a strong rally in the last two days, the Sensex is just 200 points away from hitting all-time high levels. Notably, The 30-share Sensex continued its strong momentum for the second straight day. Sensex closed 305 points higher at 36,239, aided by a strong rally in the shares of Reliance Industries, Tata Steel, Wipro, Yes Bank zooming by more than 2.5% each. The 50-share index Nifty closed at 10,947, up by nearly 100 points on Tuesday. The major gainers in the index included the shares of GAIL, Hindalco, Coal India and Yes Bank, which surged by more than 3% each. 

    15:37 (IST)10 Jul 2018
    Sensex, Nifty close: Sensex closes 304 points higher, Nifty kissing distance from 10,950

    The 30-share Sensex continued its strong momentum for the second straight day. Sensex closed 305 points higher at 36,239, aided by a strong rally in the shares of Reliance Industries, Tata Steel, Wipro, Yes Bank zooming by more than 2.5% each. The 50-share index Nifty closed at 10,947, up by nearly 100 points on Tuesday. The major gainers in the index included the shares of GAIL, Hindalco, Coal India and Yes Bank, which surged by more than 3% each. 

    15:16 (IST)10 Jul 2018
    Vodafone's take on conditional approval

    Vodafone says it wil remain invested in India, haapy to get conditional approval letter from Department of Telecom for Idea merger. The much delayed mega Vodafone-Idea merger has finally been approved by the department of Telecommunications, but this time the approval comes with some payment conditions. hares of Idea Cellular zoomed as much as 4.4% to Rs 57 on media reports that  Department of Telecommunications (DoT) has given conditional nod to Vodafone-Idea Cellular merger. The companies announced merger of their Indian operations last year, creating India’s biggest telecom operator after the entry of a new rival sparked a brutal price war.

    15:06 (IST)10 Jul 2018
    Gas retailing bids: RIL-BP JV seeks licence for 15 cities

    The Reliance Industries- BP joint venture today bid for licence to retail gas in 15 cities while Indraprastha Gas Ltd put in bids for 13 cities. Bidding for the biggest city gas distribution licensing round, offering 86 permits for selling CNG and piped cooking gas in 174 districts in 22 states and union territories, closes this evening. India Gas Solutions Pvt Ltd -- the 50:50 JV of UK's BP plc and Reliance Industries, is making its maiden foray in city gas distribution as it put in bid for 15 cities, PTI reported sources as saying.

    14:22 (IST)10 Jul 2018
    Big blow to Manpasand Beverages after auditor’s exodus: FPIs sell 8% stake; Nomura, Parvest Equity exit

    Foreign portfolio investors (FPIs) have sharply reduced their stake in SAIF Partners-backed Manpasand Beverages to 13.35 per cent in the June quarter with entities such as Nomura and Parvest Equity India exiting the company, PTI reported. According to the latest BSE shareholding data for June quarter, while Nomura held 4.86 per cent stake in Manpasand through various funds, Parvest Equity held 1.07 per cent stake, as on March 31, 2018.

    14:07 (IST)10 Jul 2018
    Gold ETFs remain out of favour: Investors pull out Rs 150 crore in Q1

    Gold exchange-traded funds (ETFs) continued to lose steam with investors pulling out nearly Rs 150 crore from the instrument in the April-June quarter, favouring equities. The assets under management (AUM) of gold funds plunged 12 per cent to Rs 4,567 crore at the end of June this year, from Rs 5,174 crore a year ago, a PTI report noted. 

    13:59 (IST)10 Jul 2018
    Ramesh Sobti of IndusInd says targetting 200 plus new bank branches

    After India's major private sector lender reported profit in line with estimates, MD Ramesh Sobti said that the firm is targetting 200 plus new bank branches. Notably, the bank has posted a strong ROE (Return on Equity) at 17%, while loan growth was uo by more than 29% on-year.

    13:47 (IST)10 Jul 2018
    Indusnd Bank asset quality stable

    The private bank’s asset quality remained stable in the quarter ending June-18. Notably, gross non-performing assets as a percentage of total loans improved to 1.15 percent compared to 1.17 percent reported at the end of March quarter. Net bad loan ratio remained flat at 0.51 percent.

    13:33 (IST)10 Jul 2018
    IndusInd Bank reports profit of Rs 1,037.7 crore in line with estimates

    India's major private sector lender IndusInd Bank reported a profit of Rs 1,037.7 crore in line with street estimates. Notably, the bank has reported a Q1 earnings with Capital Adequacy Ratio at 14.7% vs 15%.  In the previous quarter, the bank had reported a 26.8% rise in net profit to Rs 953.09 crore for the quarter ended March as compared to Rs 751.61 crore in the previous fiscal.   The private sector bank was expected to report a 21 percent year-on-year growth in net profit at Rs 1,014.7 crore in the April to June quarter as compared to Rs 836.5 crore profit in the same period last year, according to a Reuters poll estimate.

    13:21 (IST)10 Jul 2018
    GST on CNG update

    The finance ministry is considering a 18% GST rate on commercial piped natural gas; ET Now reported a government official as saying to Cogencis. Further,  the ministry is also considering a 28% GST rate for CNG said an ET Now report. 

    13:04 (IST)10 Jul 2018
    Air India disinvestment update

    Avaiation secretary said that Air India will remain a competive airline. The government is committed to its quick revival. Notably, he spoke to the finance secretary to bring ATF (Aviation turbine fuel under GST), ET Now reported. 

    12:48 (IST)10 Jul 2018
    Idea-Voda merger approved

    The much delayed mega Vodafone-Idea merger has finally been approved by the department of Telecommunications, but this time the approval comes with some payment conditions. hares of Idea Cellular zoomed as much as 4.4% to Rs 57 on media reports that  Department of Telecommunications (DoT) has given conditional nod to Vodafone-Idea Cellular merger. The companies announced merger of their Indian operations last year, creating India’s biggest telecom operator after the entry of a new rival sparked a brutal price war.

    12:12 (IST)10 Jul 2018
    RIL, Bajaj Auto rally

    Shares of Mukesh Ambani-led Reliance Industires rallied by more than 2.5% on Tuesday afternnon to Rs 1,020 on BSE. Notably, the shares of Bajaj Auto, Tata Steel and Axis Bank too rallied by more than 2% each. The BSE Sensex reclaimed the 36,000-mark, and was trading higher at 36,185 levels.

    11:59 (IST)10 Jul 2018
    Prakash Industries reports Q1 earnings with net profit at Rs 168.7 crore vs Rs 59.4 crore

    Prakash Industries reported Q1 net profit at Rs 168.7 crore, as against Rs 59.4 crore in the comparable period previous fiscal, implying a rise of more than 180%. Notably, the revenue came in at Rs 985.4 crore, as against Rs 650.5 crore, implying a rise of more than 50% since the previous fiscal. The profit margin too has recorded a robust rise at 24.4% from 16.6% earlier, implying a rise of more than 7.8%.

    11:45 (IST)10 Jul 2018
    HCL Technologies shares rise on plans of buyback plan

    Shares of HCL Technologies or HCL Tech rose as much as 3.5% today to Rs 995 on NSE after the IT company said its board of directors will consider share buyback in a meeting on 12 July. Shares of HCL Technologies or HCL Tech rose as much as 3.5% today to Rs 995 on NSE after the IT company said its board of directors will consider share buyback in a meeting on 12 July. Last year, the company had offered a buy-back of shares at Rs 1,000 apiece, at a 17% premium over its prevailing trading price at that time.

    11:31 (IST)10 Jul 2018
    Double-digit profit growth seen yet again for India equities

    India may soon enter double-digit profit growth again, that’s the message from Morgan Stanley as it expects companies in the S&P BSE Sensex to report a 23% increase in net income in the June quarter from a year earlier, with more than three quarters of the 30 members likely to contribute positively to aggregate profits. That would mark a third straight quarter of double-digit growth, according to data compiled by Bloomberg.

    11:08 (IST)10 Jul 2018
    Raamdeo Agrawal says it's become tough to beat index

    Stock market veteran Raamdeo Agrawal says that it has become difficult to beat the index in the last few months. According to the expert, investors must chase value and not merely the price. "The recent correction in Tata Motors is a quotational loss," Raamdeo Agrawal told CNBC TV18. Ahead of Q1 earnings season, Motilal Oswal's fund manager expects healthy results, except for PSU banks.

    10:56 (IST)10 Jul 2018
    Gold futures gain on global cues

    Taking positive cues from the global market, gold prices edged higher by 0.06 per cent to Rs 30,920 per 10 gram in futures trade today as speculators raised their bets. At the Multi Commodity Exchange, gold for delivery in October moved up by Rs 17, or 0.06 per cent, to Rs 30,920 per 10 gram in a business turnover of one lot, PTI reported.

    10:44 (IST)10 Jul 2018
    Idea Cellular shares rise on report of conditional nod for Vodafone deal

    Shares of Idea Cellular zoomed as much as 4.4% to Rs 57 on media reports that  Department of Telecommunications (DoT) has given conditional nod to Vodafone-Idea Cellular merger. The companies announced merger of their Indian operations last year, creating India’s biggest telecom operator after the entry of a new rival sparked a brutal price war. The shares were down by nearly 48% this year, as of yesterday’s closing price.

    10:35 (IST)10 Jul 2018
    Largecap stocks rally up to 40% in six months

    While TCS has returned about 39% in the last one year, shares of various largecaps including Britannia Industries (up 38%), Kotak Mahindra Bank (up 37%), Bajaj Finance (up 30%), Avenue Supermarts (up 29%), Nestle (up 27%), Godrej Consumer Products (up 27%), Infosys (25%), HUL (up 24%), M&M (up 23%), Tech Mahindra (up 22%), Bajaj Finserv (19%), Pidilite Industries (up 17%), HDFC Bank (up 15%), Asian Paints (up 14%), IndusInd Bank (up 13%), JSW Steel (up 11%), HDFC (up 10%), HDFC Standard Life (up 10%), HCL Tech (up 9%), Marico (up 8%), Reliance Industries (up 8%), Yes Bank (up 7%) and Dabur (up 5%), have also done well in the period. 

    10:24 (IST)10 Jul 2018
    IndusInd Bank Q1 earnings expectation

    In the previous quarter, the bank had reported a 26.8% rise in net profit to Rs 953.09 crore for the quarter ended March as compared to Rs 751.61 crore in the previous fiscal.   The private sector bank is likely to report a 21 percent year-on-year growth in net profit at Rs 1,014.7 crore in the April to June quarter as compared to Rs 836.5 crore profit in the same period last year, according to a Reuters poll estimate.

    10:04 (IST)10 Jul 2018
    IndusInd Bank shares slip ahead of earnings

    IndusInd Bank shares were trading at Rs 1,951, down by more than 0.36% this morning. India’s major private sector lender IndusInd Bank is set to kick-off the earnings season for the banking sector today. The Romesh Sobti-led bank, run by the Hinduja Group, is likely to report a 21 percent year-on-year growth in net profit at Rs 1,014.7 crore in the April to June quarter as compared to Rs 836.5 crore profit in the same period last year, according to a Reuters poll estimate.

    09:47 (IST)10 Jul 2018
    Rupee slides 12 paise against US dollar to 68.84

    The Indian Rupee slipped 12 paise to 68.84 against the US dollar in early trade today due to fresh buying of the American currency by importers amid sustained foreign fund outflows. Forex dealers said the dollar's strength against a basket of some currencies overseas too weighed on the rupee, but a higher opening of the domestic equity markets limited the fall, PTI reported.

    09:34 (IST)10 Jul 2018
    Nifty tops 10,900

    The 50-share Nifty opened above 10,900 on Tuesday, with the shares of HCL Tech, UPL and Adani Ports rallying by more than 2% each. 34 shares were trading in the green, while 16 shares were trading in the red. 

    09:26 (IST)10 Jul 2018
    Sensex, Nifty open

    The BSE Sensex opened in the green on Tuesday, with the 30-share Sensex opening more than 100 points higher. Shares of Reliance Industries, ONGC, Adani Ports, Bajaj Auto were trading up by more than 1% each. In the Nifty, Shares of HCL Tech, Hindalco and ONGC gained by more than 1% each. 

    09:08 (IST)10 Jul 2018
    TCS: Previous quarter results

    Tata Consultancy Services had reported a 4.48% on-year (YoY) rise in consolidated net profit at Rs 6,904 crore for the March quarter. The number exceeded Rs 6,812.5 crore profit estimated by analysts in an ETNow poll. IDFC expects the company to post a 16% on-year rise in net profit at Rs 6,870.6 crore against Rs 5,945 crore reported for the year-ago period. Revenue is likely to rise 15% YoY to Rs 33,921.4 crore against Rs 29,584, said the research firm.

    08:59 (IST)10 Jul 2018
    TCS results today

    TCS shares slipped 1.57 percent on Monday, a day ahead of its June Q1 earnings announcement. TCS shares ended at Rs 1887.65, down 1.34 percent. Apart from the profit and revenue, management guidance will be keenly watched.

    Share market highlights: The 30-share Sensex rallied by more than 304 points, closing just 200 points away from hitting all-time high levels. Notably, The 30-share Sensex continued its strong momentum for the second straight day. Sensex closed 305 points higher at 36,239, aided by a strong rally in the shares of Reliance Industries, Tata Steel, Wipro, Yes Bank zooming by more than 2.5% each.
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