Sensex, Nifty settle at record closing levels; banking stocks surge

Aug 6, 2018 0

Mumbai– The key Indian equity indices — S&P BSE Sensex and NSE Nifty50 — settled at their record closing levels on Monday driven by positive global cues.

Earlier in the day, Sensex had touched an all-time intra-day high of 37,805.25 points and the Nifty50 hit its fresh record level of 11,427.65 points.

Healthy buying activity was witnessed in banking, metal and auto stocks, analysts said.

At 3.30 p.m. the wider Nifty50 on the National Stock Exchange provisionally closed 11,387.10 points, higher by 26.30 points or 0.23 per cent from its previous close.

The BSE Sensex which had opened at 37,714.70 points, closed at 37,691.89 points (3.30 p.m.) – higher by 135.73 points or 0.36 per cent — from its previous close of 37,556.16 points. It touched an intra-day low of 37,643.29 points.

The top gainers on the Sensex so were Axis Bank, ICICI Bank, State Bank of India, Bharti Airtel and Hero MotoCorp while the major losers were Kotak Mahindra Bank, Hindustan Unilever, Sun Pharma, Tata Motors and Tata Motors (DVR). (IANS)

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Healthy macro data, prediction of monsoon recovery lift equity indices

Aug 3, 2018 0

Mumbai– The key Indian equity indices — S&P BSE Sensex and NSE Nifty50 — rose over 1 per cent each on Friday supported by a healthy macro economic data and prediction of recovery in monsoon rains.

Market observers cited broadly positive global indices coupled with lower crude oil prices as other factors which buoyed investor sentiments.

On Friday, the Nikkei India Services Business Activity Index showed an exponential rise in the rate of output growth during July.

Index-wise, the wider Nifty50 on the National Stock Exchange (NSE) closed at 11,360.80 points, higher by 116.10 points or 1.03 per cent from the previous close of 11,244.70 points.

The benchmark BSE Sensex, which had opened at 37,327.16 points, closed at 37,556.16 points, 391 points or 1.05 per cent higher from the previous close of 37,165.16 points.

On an intra-day basis, it touched a high of 37,582.27 points and a low of 37,319.61 points. The BSE market breadth was bullish with 1,768 advances and 937 declines.

“Stock markets in India traded the day on a positive note as upbeat macro-economic developments gave a fillip to investor sentiment,” said Abhijeet Dey, Senior Fund Manager for Equities, BNP Paribas Mutual Fund.

According to Deepak Jasani, Head of retail research at HDFC securities sentiments were also boosted after the weather department’s forecast of recovery in monsoon in August and September.

On the currency front, the rupee closed at 68.61, strengthened by 10 paise from the previous close of 68.71 per dollar.

Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 5.87 crore and the domestic institutional investors bought stocks worth Rs 87.08 crore.

Sector-wise, all the indices traded on a positive note on Friday with the S&P BSE banking gaining the most, by 502.75 points. It was followed the consumer durables index which rose 320.27 points and the metal index which ended 188.60 points higher from its previous close.

The major gainers on the Sensex were Axis Bank, up 5.17 per cent at Rs 574.35; Vedanta, up 3.60 per cent at Rs 221.85; Yes Bank, up 2.96 per cent at Rs 372.45; ICICI Bank, up 2.33 per cent at Rs 304.80; Kotak Mahindra Bank, up 2.20 per cent from Rs 1,309.20 per share.

The major losers were Tata Motors, down 0.84 per cent at Rs 258.75; Tata Motors (DVR), down 0.80 per cent at Rs 142.65; Hero MotoCorp, up 0.63 per cent at Rs 3,246.10; Asian Paints, down 0.50 per cent at Rs 1,411.35; and HDFC Bank, down 0.39 per cent at Rs 2,121 per share. (IANS)

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India’s Forex reserves deplete by over $950 million

Aug 3, 2018 0

Mumbai– India’s foreign exchange (Forex) reserves plunged by $950.9 million during the week ended July 27, official data showed on Friday.

According to the Reserve Bank of India (RBI)’s weekly statistical supplement, the overall forex reserves slipped to $404.19 billion from $405.14 billion reported for the week ended July 20.

India’s forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI’s position with the International Monetary Fund (IMF).

Segment-wise, FCAs — the largest component of the Forex reserves — receded by $1.01 billion to $379.03 billion during the week under review.

Besides the US dollar, FCAs consist of nearly 20-30 per cent of major global currencies.

However, the value of the country’s gold reserves increased by $61.1 million to $21.20 billion.

As per the data, the SDRs’ value inched up by $0.3 million to $1.48 billion, while the country’s reserve position with the IMF was up by $0.5 million to $2.47 billion. (IANS)

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Global cues push equity indices higher; Nifty regains 11,300-mark

Aug 3, 2018 0

Mumbai– Positive global cues along with healthy quarterly results and value buying pushed the key Indian equity indices — NSE Nifty50 and S&P BSE Sensex — higher during the afternoon trade session on Friday.

According to market observers, broadly positive Asian indices coupled with lower crude oil prices buoyed investors sentiments.

Healthy buying activity was witnessed in banking, metals and auto stocks.

At 12.10 a.m., the wider Nifty50 on the National Stock Exchange traded at 11,325.90 points, higher by 81.20 points or 0.72 per cent from its previous close.

The BSE Sensex, which had opened at 37,327.16 points, traded at 37,439.66 points — higher by 274.50 points or 0.74 per cent — from its previous close of 37,165.16 points.

It has touched an intra-day high of 37,462.58 points and a low of 37,319.61 so far.

“Both Sensex and Nifty were trading higher after Asian shares gained following the tech-led rally on Wall Street,” said Tradebulls’ Director and Chief Operating Officer, Dhruv Desai.

“Oil prices edged lower, easing on persistent supply concerns as Russia increased production in July and Saudi Arabia cut the price of crude for its Asian customers.” (IANS)

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Bank of England raises UK interest rates

Aug 2, 2018 0

London– The Bank of England (BoE) on Thursday raised its key interest rate by a quarter of a percentage point, from 0.5 per cent to 0.75 per cent — the highest level since March 2009.

It is only the second increase in the bank rate since July 2007. The move will increase the interest costs of more than three-and-a-half million residential mortgages that have variable or tracker rates, the BBC reported.

The bank’s nine-member Monetary Policy Committee (MPC) voted unanimously for the increase, judging that the economy had bounced back from a soft patch earlier this year triggered by the freezing weather and heavy snowfall from the “beast from the east”, according to the Guardian.

While warning Brexit could blow the economy off course, the MPC said recent readings for economic growth “appear to confirm that the dip in output in the first quarter was temporary, with momentum recovering in the second quarter”.

The BoE said in a statement that the committee “continues to judge that the UK economy currently has a very limited degree of slack” and labour demand growth remains “robust”.

This reflects tightening in the labour market, with indicators of pay growth strengthening and pay growth projected to rise further. That combined with subdued productivity growth, is contributing to rising domestic cost pressures, the bank said.

Decision makers said that Consumer Price Index (CPI) inflation was currently 2.4 per cent (the latest figures in June), above the BoE’s target of 2 per cent.

The Bank’s latest decision came amid growing fears over Brexit, with Prime Minister Theresa May facing parliamentary divisions over her plan.

Raising interest rates will mean higher borrowing costs on mortgages and loans for hard-pressed consumers and businesses as they adapt to Britain leaving the EU, the daily said.

John McDonnell MP, the shadow chancellor, said the rate rise would be bad news for hard-pressed households: “Given recent revelations that households are spending more than they receive in income for the first time since 1988, today’s rise will be a blow to those facing high levels of personal debt.”

The British Chamber of Commerce said the increase was ill-judged and could hit confidence in the economy.

Suren Thiru, head of economics at the BCC, said: “The decision to raise interest rates, while expected, looks ill-judged against a backdrop of a sluggish economy… It risks undermining confidence at a time of significant political and economic uncertainty.” (IANS)

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Coal India boosted supplies by 15.1% to power sector during April-July

Aug 2, 2018 0

Kolkata– Coal India Limited (CIL) on Thursday said it clocked 15.1 per cent growth in coal supplies to the country’s thermal power plants during April-July of the current fiscal, compared to same period last year.

The increased supply was a result of higher rake loading to power sector which witnessed a growth of 12.5 per cent during the period.

Coal production and total off-take also steamed ahead with growths of 14.1 per cent and 11 per cent respectively during April-July period on a year-on-year comparison, it said in a statement.

Once again all the subsidiaries of the state owned coal mining monolith posted positive growth in production and coal supplies.

“We are doing the best we could to meet the demand of the power sector by supplying increased quantities of coal. So far, we have been able to sustain the double digit growth trend in the three important parametres of production, off-take and supplies to power sector, since the beginning of the fiscal, stated an official of the company adding “the monsoon months are challenging but we are garnering our best efforts to continue the same trend”.

“Coal supplies by the miner to thermal power stations of the country perked up to 161.71 million tonnes (mt) during the four months of the current fiscal which is an increase of 21.21 mt in volume terms compared to 140.50 mt same period last year, marking 15.1 per cent growth,” the statement said.

Coal stocks at the power utilities doubled to 15.78 mt ending July 2018 compared to 7.3 mt as of October 2017.

CIL’s coal production during April-July 2018 at 177.43 mt registered a volume growth of 21.90 mt against 155.53 mt produced during same period last fiscal, the growth being 14.1 per cent.

Overall coal off-take during the first four months of the FY 2019 raced ahead to 201.68 mt up by nearly 20 mt for the comparable period recording a growth of 11 per cent. Coal off-take during April-July 2017 was 181.71 mt.

CIL as whole produced 40.56 mt of coal in July 2018, reflecting an increase of 3.87 mt in absolute terms compared to 36.69 mt same month last year.

Off-take at 48.25 mt for July 2018 was up by 3.96 mt compared to June 2017 when coal off-take was 44.29 mt.

The close coordination efforts between Ministry of Coal, Ministry of Railways and CIL for enhanced evacuation of coal resulted in 12.5 per cent growth in average rake loading, per day, to power sector during April-July 2018, the miner said.

CIL as whole loaded 210.6 rakes on an average during the referred period to power sector against 187.2 rakes during similar period last year which is 23.4 rakes more per day.

“Total rake loading at 232.4 rakes per day during April-July 2018 recorded a growth of 6.8 per cent against 217.6 rakes, same period last fiscal. The absolute increase is 14.8 rakes per day,” the statement said.

The company liquidated 24.25 mt of its pit head coal stock during the first four months of FY 2019. The stock pile stood at 31.30 mt at the end of July 2018 which at the beginning of the fiscal 2018-19 was 55.55 mt. (IANS)

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To become $1-trillion US firm, Apple needs its stock to hit $207

Aug 2, 2018 0

New York– Set to become America’s first $1-trillion company, Apple’s shares surged 5.9 per cent in the wake of a strong 2018 fiscal third quarter earnings report, pushing the tech giant’s market capitalization to $973.2 billion (at the closing price of $201.50).

For Apple to reach a market capitalization of $1 trillion, its stock must cross $207.

The Cupertino-based iPhone maker updated its share count to 4.83 billion (as of July 20) at the end of trading on Wednesday which translates into nearly $973 billion in market cap.

If the tech giant hits the $1 trillion market cap level, it would be the first US corporation to reach the milestone.

In 2017, China’s PetroChina Co. crossed the $1-trillion milestone but since then, the energy company has lost a massive $800 billion in its market cap.

According to media reports, the stock nosedived after China announced key economic policy shifts in the last decade that did not go well with PetroChina.

Apple, maker of the iPhone, iPad and other devices, said its fiscal 2018 third quarter revenue came in at $53.3 billion, up 17 per cent from the same period last year.

The company reportedly aims to introduce at least three new iPhone models soon which may include a considerably larger version of the iPhone X and a less expensive version.

When the new iPhones are announced and building on the momentum, Apple has a sureshot chance to become a $1-trillion company. (IANS)

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Global cues, RBI’s lending rate cuts subdue equity indices; Sensex falls 350 points

Aug 2, 2018 0

Mumbai– Broadly negative global cues along with disappointment over the RBI’s lending rate hike and profit booking dragged the key Indian equity indices — NSE Nifty50 and S&P BSE Sensex — deep into the red on Thursday.

According to market observers, heavy selling pressure was witnessed in the interest sensitive stocks like banking, automobile and capital goods which plunged a day after the RBI hiked its key lending rates by 25 basis points.

At 3.30 p.m., the wider Nifty50 on the National Stock Exchange provisionally closed at 11,244.70 points, lower by 101.50 points or 0.89 per cent from its previous level of 11,346.20 points.

The 30-scrip BSE Sensex, which had opened at 37,529.69 points, traded at 37,165.16 (3.30 p.m.) — lower by 356.46 points or 0.95 per cent from its previous close of 37,521.62 points.
On an intra-day basis, it touched a high of 37,529.69 points and a low of 37,128.99 points.

The top gainers on the Sensex were Power Grid, Coal India, Hindustan Unilever, IndusInd Bank and Wipro while Bharti Airtel, Kotak Mahindra Bank, Maruti Suzuki, Reliance Industries and HDFC lost the most. (IANS)

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Key equity indices open on high note

Aug 1, 2018 0

Mumbai– The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning session of the trade.

The Sensex of the BSE after opening at 37,643.87 points touched a high of 37,665.53 points and a low of 37.597.24 points.

On Tuesday the Sensex closed at 37.606.58 points.

The Sensex is trading at 37,679.68 points up by 73.10 points or 0.19 per cent.

On the other hand, the broader 51-scrip Nifty at National Stock Exchange (NSE) opened at 11,359.80 points after closing at 11,356.50 points.

The Nifty is trading at 11,375.35 points in the morning. (IANS)

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RIL topples TCS with market-cap crossing Rs 7.51 lakh cr

Jul 31, 2018 0

Mumbai– Reliance Industries Ltd (RIL) on Tuesday surpassed Tata Consultancy Services (TCS) in terms of market capitalisation (market-cap) in India.

At closing, the market-cap of Reliance Industries on the BSE stood at around Rs 7.51 lakh crore, against the Rs 7.43 lakh crore worth of market-cap of Tata Consultancy Services.

The rise in market-cap of the RIL came on the back of healthy results for the June-ended quarter, analysts said.

The company on Friday reported a 4.47 per cent rise in net profit at Rs 9,459 crore for the first quarter of 2018-19 on the back of robust growth in its petrochemical business backed by higher realisation in refining.

The share price of RIL on BSE settled at Rs 1,185.85 on Tuesday, higher by 36.15 points or 3.14 per cent from its previous close. (IANS)

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