Closing bell: Sensex, Nifty reverse losses, close at fresh record highs led by RIL

Sensex and Nifty 50 traded lower on Tuesday. Photo: Mint

Sensex and Nifty 50 traded lower on Tuesday. Photo: Mint
  • Mumbai: Indian benchmark indices BSE Sensex and NSE’s Nifty 50 reversed losses and hit new record highs on Tuesday led by Reliance Industries ahead of the Reserve Bank of India’s monetary policy decision tomorrow. In intraday trade, Sensex rose 150.19 points to a new high of 37,644.59, while the Nifty 50 gained 46.45 points to an all-time high of 11,366. European stocks struggled for direction following earnings updates from major companies, while Asian markets were mixed as the Bank of Japan tweaked its monetary policy. Meanwhile, FIIs sold shares worth a net of Rs 234.04 crore on Monday, while DIIs bought shares worth a net of Rs 48.58 crore, provisional data showed. RBI’s monetary policy committee may raise policy rates by 25 basis points on Wednesday but is expected to maintain its neutral policy stance given the volatility in crude oil and food prices, economists say. Here are the latest updates from the markets:
  • 3.33 pm ISTClosing bell: Sensex, Nifty reverse losses, hit fresh record highsBSE Sensex closed higher by 112.18 points, or 0.30%, to 37,606.58, while the Nifty 50 rose 36.95 points, or 0.33%, to close at 11,356.50. During the day, Sensex rose 150.19 points to a new high of 37,644.59, while the Nifty 50 gained 46.45 points to an all-time high of 11,366.For the month, Sensex rose 6.16%, while the Nifty 50 advanced 5.99%.BSE MidCap and SmallCap rose 0.33% and 0.66%, respectively. All the sectoral indices on BSE, except bankex, finance and utilities, gained led by energy, consumer durables, realty and capital goods. Bankex and finance fell 0.44% and 0.53%, respectively.Reliance Industries, Hero MotoCorp, Dr. Reddy’s and Tech Mahindra were among the major gainers, whereas Axis Bank, HDFC, SBI and Eicher Motors were among the top losers. Tata Motors fell over 1% ahead of Q1 earnings.

  • 3.10 pm ISTIndia’s April-June fiscal deficit at 68.7% of FY targetIndia reported a fiscal deficit of Rs 4.29 trillion ($62.57 billion) for April-June, or 68.7% of the budgeted target for the current fiscal year compared with 80.8% a year ago. Net tax receipts in the first quarter of 2018/19 fiscal year that ends in March 2019 were Rs 2.37 trillion, government data showed. India expects to trim the deficit to 3.3% of GDP this fiscal year, after meeting an upwardly revised fiscal deficit target of 3.5% of GDP in 2017/18. Reuters

  • 3.00 pm ISTRaymond reports profit in Q1Raymond Ltd reported a consolidated net profit of Rs 2 lakh in the June quarter, compared to a loss of Rs 7.25 crore last year. Consolidated revenue from operations stood at Rs 1,251 crore versus Rs 1,197 crore in the same period last year. Raymond shares traded 1.58% lower at Rs 837.65.

  • 2.42 pm ISTYuken India shares rise as it considers bonus issueShares of Yuken India jumped 4.61% to Rs 3,499.95. The company disclosed that its board of directors will consider issuing bonus shares.

  • 2.30 pm ISTBankof India Q1 profit rises over 8%Bank of India Ltd said on Tuesday quarterly profit rose 8.4% as the state-run bank recomputed tax provisions made a year earlier. Net profit was Rs 95.11 crore for the quarter ended June, compared with Rs 87.71 crore a year earlier. Gross bad loans as a percentage of total loans rose to 16.66% at end-June, from 16.58% in the previous quarter, and 13.05% a year ago. Bank of India shares traded 5.85% lower at Rs 97.35.

  • 2.15 pm ISTUPL shares rise as Q1 profit risesUPL Ltd reported a consolidated net profit of Rs 510 crore in the first quarter ended 30 June, compared to a profit of Rs 473 crore last year and lower than the Reuters consensus forecast of Rs 514 crore. Consolidated revenue from operations came in at Rs 4,134 crore in the June quarter, up from Rs 3,851 crore in the same period last year. UPL shares traded 0.42% higher at Rs 644.40. In intraday, the stock rose as much as 2.22% to Rs 656.

  • 1.50 pm ISTLet public sector banks manage themselves, says BoB chief Ravi VenkatesanWeak balance sheets and laws that require the state to hold at least 51% of their shares have left public lenders dependent on the government for new capital

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    Let public sector banks manage themselves, says BoB chief Ravi Venkatesan https://www.livemint.com/Companies/CrzMaOAEiGUAOAggo9vNFK/Let-PSU-manage-themselves-says-BoB-chief-Ravi-Venkatesan.html 

    Let public sector banks manage themselves, says BoB chief Ravi Venkatesan

    Weak balance sheets and laws that require the state to hold at least 51% of their shares have left public lenders dependent on the government for new capital

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  • 1.33 pm ISTMahindra Lifespace shares fall 2%Mahindra Lifespace Developers Ltd shares traded 2.19% to Rs 554.40. The company said its shareholders have approved a private placement of non convertible debentures worth Rs750 crore.

  • 1.10 pm ISTEuropean stock markets wobble at openEurope’s stock markets wobbled in opening trade, with London’s FTSE 100 shares index adding just 0.1 percent to stand at 7,705.50 points. In the eurozone, Frankfurt’s benchmark DAX 30 index also rose 0.1 percent to 12,809.74 points, while the Paris CAC 40 fell 0.1 percent to 5,486.13 compared with Monday’s closing level. AFP

  • 12.53 pm ISTReliance Industries topples TCS as India’s most valued firmReliance Industries Ltd (RIL) on Tuesday toppled Tata Consultancy Services Ltd (TCS) as the most valued company in India. At 12.36pm, RIL shares were trading 2.16% higher at ₹ 1174.90, imparting it a market cap of ₹ 7.44 trillion. TCS, at ₹ 1930 per share, was valued at ₹ 7.39 trillion. Read more

  • 12.35 pm ISTFII equity holding up marginally in April-JuneForeign institutional investors (FII) increased their ownership in India’s biggest listed companies in the June quarter although they are net sellers of Indian equities so far this year due to concerns of steep valuations and weakening currency. Year to date, FIIs sold Indian equities worth $584.25 million with an outflow of nearly $2.7 billion alone in the June quarter. In the same period, benchmark indices Sensex and Nifty jumped 10.09% and 7.49%, respectively. Read more

  • 12.13 pm ISTAnil Agarwal makes firm offer to buy rest of Vedanta ResourcesVedanta Resources Plc said on Tuesday that chairman Anil Agarwal’s family trust, Volcan Investments, made a firm offer to buy Vedanta stake it did not already own in a deal that values the mining conglomerate at $3.07 billion. Vedanta investors will receive $10.89 per share in cash for each share of the company, representing a premium of about 6 percent to the stock’s Monday close. Vedanta Ltd shares traded 1.36% down at Rs 221.70 per share on BSE. Reuters

  • 12.00 pm ISTNPA resolution, loan book pick up key challenges for Axis Bank“Going forward, ageing related requirements, resolution of stressed assets, and importantly loan book pick up will be key challenges before Axis Bank,” said Lalitabh Shrivastawa, AVP of research, Sharekhan by BNP Paribas. “Also, better clarity on the top-level succession plan and the roadmap going forward will also be helpful in providing with a sense of direction. While the present quarter performance is welcome respite, we prefer to await further developments to gain confidence on the stock.” The brokerage upgraded rating to “hold” with a revised PT of Rs 625. Axis Bank shares traded 1.21% lower at Rs 561.60.

  • 11.40 am ISTHDFC shares extend losses, down nearly 2%Shares of HDFC Ltd extended losses for the second day and fell as much as 1.8% to Rs 1,991.50. The company on Monday reported a 54% jump in standalone net profit to Rs 2,190 crore for the first quarter ended 30 June, compared to a net profit of Rs 1,424.47 crore in the same period last year. Q1 revenue from operations increased to Rs 9,883.64 crore, as against Rs 8,259.77 crore in the year-ago period.Read: HDFC continues to bask in affordable housing glory

  • 11.15 am ISTSensex, Nifty at new highs, but why is the current market rally so different?Even as the benchmark Sensex and Nifty cross new highs, this rally is strikingly different than the previous ones. With unsettled macroeconomic situation and a handful of stocks driving the benchmark indices up, the euphoria and confidence in the rally is missing for the medium term. While wealth managers and analysts believe the rally will continue in the near term, they are not sure how long it will continue in the current state. Read more

    Graphic: Mint

    Graphic: Mint
  • 10.57 am ISTTata Motors Q1 results today: Key things to watch out forTata Motors Ltd, India’s largest automaker by sales revenue, will report its June quarter (Q1 FY19) results on Tuesday. The sustained turnaround in the domestic business, helped by a low base, is unlikely to offset a muted performance by the UK subsidiary Jaguar Land Rover (JLR) Automotive Plc, as the Tata Group flagship is expected to report a net profit of Rs 909.1 crore on net sales of Rs 70,900.8 crore, according to a Bloomberg poll of 10 analysts. Read moreTata Motors shares traded 1.20% down at Rs 264.10 per share on BSE. During the June quarter, the Tata Motors stock declined 17.76%, while the benchmark Sensex gained 7.45%.

  • 10.33 am ISTTech Mahindra shares rise on strong Q1 resultsShares of software services provider Tech Mahindra Ltd rose as much as 4.3% to Rs 683.75. The company reported a 12% rise in Q1 profit. Around 4.4 mln shares change hands, 1.3 times their 30-day average. Up to Monday’s close, the Tech Mahindra stock had risen 30% this year compared to Nifty IT index’s 23.6 pct gain.Investec said pace of deal wins implies that long awaited improvement in growth from telecom segment has begun. The brokerage maintained rating at “buy” and price target at Rs 786.Jefferies raised rating to “hold” from “underperform” and prices target to Rs 715 from Rs 625. It also raised constant currency growth estimate for FY19 slightly but keeps USD growth rate unchanged to factor in higher cross-currency headwind.26 of 41 brokerages rate the stock “buy” or higher, seven “hold” and eight “sell” or lower; their median PT is Rs 747.50. Reuters

  • 10.04 am ISTIdea shares trade lower after Q1 resultsIdea Cellular shares traded 4.535 lower at Rs 55.80. Idea reported a consolidated net profit of Rs256.5 crore for the June quarter, compared to a loss of Rs814.9 crore a year ago.

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    Ahead of merger with Vodafone, Idea Cellular reports its weakest results

    While Vodafone India appears to be in a slightly better position, the merged Vodafone-Idea entity will start on a weak footing

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  • 9.35 am ISTAxis Bank shares rise 3% after Q1 resultsShares of Axis Bank Ltd gained as much as 2.90% to Rs 584.95. The bank reported that its first-quarter net profit dipped 46.30% to Rs 701.09 crore, year on year, on the back of higher provisions and lower other income. The bank’s net profit was Rs 1,305.60 crore in the same quarter last year. The net profit was higher than the Rs 624.2 crore estimated by a Bloomberg poll of 16 analysts.

  • 9.27 am ISTIndoGo shares fall over 10% as Q1 profit plungesInterGlobe Aviation Ltd shares fell 9.78% to Rs 906 after the company reported 97% decline in its profit to ₹27.79 crore, from ₹811.14 crore a year earlier. Revenue rose 14.5% to ₹6,818.34 crore from a year earlier, as IndiGo flew more passengers, although at the expense of yields as intense competition restricted its ability to raise fares enough to sufficiently cover the increased costs. Read more

  • 9.23 am ISTAvenue Supermarts shares gain 3% on Q1 resultsShares of Avenue Supermarts Ltd rose 3% to Rs 1,633.90 after the company reported 43% increase in its net profit to Rs 250.60 crore against Rs 174.80 crore a year ago. Its revenue grew 27% at Rs 4,559.4 crore against Rs 3,598.1 crore, year on year.

  • 9.18 am ISTSensex, Nifty trade lowerBSE Sensex traded lower by 98.76 points, or 0.26%, to 37,395.64, while the Nifty 50 inched down 16.60 points, or 0.15%, to 11,302.95.

  • 9.15 am ISTRupee opens flat ahead of RBI policy meetingThe Indian rupee was trading little changed against the US dollar as traders avoided taking long positions ahead of key central bank meetings this week. At 9.15am, the rupee was trading at 68.69 a dollar, down 0.01% from its previous close of 68.68. The currency opened at 68.71 a dollar. The 10-year bond yield stood at 7.786%, from its Monday’s close of 7.79%. Bond yields and prices move in opposite directions. So far this year, the rupee has weakened 7%, while foreign investors have sold $524.30 million and $6.21 billion in equity and debt markets, respectively.

  • 9.07 am ISTOpening bell: Cues to look out for before trading today■ In the US, stocks fell as a steep decline in technology shares that started last week carried through to Monday. Asian shares slipped on Tuesday after Wall Street posted losses amid weakness in the technology sector. Meanwhile, investors are set to focus on the Bank of Japan’s decision at the end of its policy meeting later in the day.■ A national regulator for e-commerce, mandatory data localization and tax sops for data centres are part of an upcoming legislation governing all aspects of electronic commerce in the country, the draft of a national policy showed.■ Axis Bank said its first-quarter net profit dipped 46.30% to Rs 701.09 crore, year on year, on the back of higher provisions and lower other income.■ The government released the draft of the goods and services tax (GST) return forms as it looks to make the return filing process simpler for taxpayers.■ Homegrown FMCG major Godrej Consumer Products Ltd (GCPL) reported 79.88% jump in consolidated net profit at Rs405.04 crore in the first quarter ended 30 June, 2018, driven by strong domestic market performance.■ Tata Power said it has got shareholders’ approval to raise up to Rs5,500 crore through issuance of non-convertible debentures on private placement basis.■ Utility vehicle major Mahindra & Mahindra (M&M) said it plans to increase prices of its passenger vehicles by up to Rs 30,000 from next month in order to offset impact of rising commodity prices.■ The recent goods and services tax (GST) rate cuts will exert pressure on India’s fiscal consolidation and are therefore credit negative, Moody’s Investor Service said.■ Earnings Corner: Bank of India, BASF, Castrol India, Dabur and Tata Motors are among the companies that will announce their June quarter earnings today.(Harsha Jethmalani/Mint)

 

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