Indian stock markets continued the record-breaking run on Thursday with Sensex and Nifty settling at fresh closing highs on reports that government is considering raising FDI limit in banks while most of the mid-cap shares fell into negative territory in afternoon trade.
Indian stock markets continued the record-breaking run on Thursday with Sensex and Nifty settling at fresh closing highs on reports that government is considering raising FDI limit in banks. BSE Sensex ended at a record high of 35,260.29 rising by 178.47 points or 0.51% higher while NSE Nifty surged 28.45 points or 0.26% to finish at a fresh peak of 10,817. Shares of ITC, HDFC Bank, HDFC, M&M, Kotak Mahindra Bank, IndusInd Bank, ICICI Bank and TCS emerged as the notable gainers on Thursday, rising up to 2.7%. In the intraday trades, stock markets traded higher up until 2:00 pm, but soon in the afternoon session, select large-cap and most mid-cap stocks fell into negative territory limiting the rise in the headline indices.
Among the broader market indices of NSE, Nifty Next 50 shed 1.33% to end at 30,931.85 following a sell-off in heavyweight shares of companies such as DLF, SAIL, Hindustan Zinc, PNB, Shree Cements, Shriram Transport Finance, Idea Cellular, Britannia, BHEL, Oil India, Titan and Ashok Leyland. During the day, Sensex amassed as much as 425.54 points to hit a lifetime high of 35,507.36 while Nifty advanced as many as 98.95 points to hit a record high of 10,887.5.
Shares of Yes Bank surged as much as 4.09% to the day’s high of Rs 356.5 before closing 0.66% down at Rs 340.25 after India’s fifth-largest private sector lender Yes Bank on Thursday reported a rise of 22% in the third-quarter net profit to Rs 1,076.9 crore on a yearly basis and a sequential rise of 7.4%. Yes Bank’s net profit for the October-December period stood at Rs 1,076.9 crore, up by 22% from Rs 882.6 crore in the same period last fiscal. On the NPAs (non-performing assets) front, Yes Bank gross NPAs came down to 1.72% for the quarter ended 31 December 2017 from 1.82% of the total loans and advances as at the end of 30 September 2017. Following the Q3 earnings, the stock of Yes Bank fell as much as 2.74% to the day’s low of Rs 333.1 on BSE.
Other broader indices such as Nifty 200, Nifty 500, Nifty Midcap 50, Nifty smal100 Free, Nifty Mid100 Free lost between 0.2-2.5% while Nifty 100 closed in green. Out of the eleven sectoral indices of NSE, five ended in green with Nifty Bank, Nifty Financial Services leading the charge while Nifty Metal, Nifty Realty, Nifty Pharma, Nifty PSU Bank, Nifty Media shed 1-4% in today’s trade.
The stock of HDFC Bank surged as much as 3.31% to a record high of Rs 1,953.75 before closing up 2.15% at Rs 1,931.8 on BSE. Following a sharp spike in the share prices of HDFC Bank, India’s most valuable private-sector lender HDFC Bank added as much as Rs 16,227.12 crore to Rs 5,06,045.4 (at an all-time high price of Rs 1,953.75) in the market capitalisation from Rs 4,89,818.28 as per the closing price of Rs 1,891.1 as on Wednesday.
Shares of UltraTech Cement shed 2.95% to end at Rs 4,408.55 after the Aditya Birla Group firm reported a drop of 34% in the consolidated net profit to Rs 456.66 crore for the third quarter ended 31 December 2017. Sustained FII inflows and fresh spell of buying by domestic institutional investors kept the momentum going for Indian shares. Besides, optimism over encouraging Q3 earnings by some more companies and upcoming Budget too bolstered trading sentiments, accelerating buying by investors.
Shares of Bharti Infratel slipped over 6% after the company posted 6% fall in consolidated net profit for the December quarter of the current fiscal. The stock of Bharti Infratel slumped 6.15% to end at Rs 343.85 while shares of Mindtree soared 10% after the company’s consolidated net profit rose 37.2% for the December quarter. The stock of Mindtree jumped 9.98% to close at Rs 685.65 on BSE. The benchmark Sensex rose 284.63 points or 0.81% to began at 35,366.45 whereas the wider share indicator Nifty advanced 84.85 points or 0.79% to start at 10,873.4.