MARKET WRAP: Sensex ends 353 pts higher; metals shine, pharma stocks slip

Nifty metal was the top gainer, up over 2 per cent, followed by Nifty public sector bank index, up over 1 per cent.

Indices held gains on Wednesday, supported by broad-based buying across all major sectors, to end the day in the green. Positive sentiment was bolstered at D-street as US president Donald Trump's decision to delay imposition of additional tariff on Chinese imports doused trade-war concerns. Further, benign inflation back home, opened room for more rate cuts by the Reserve Bank of India (RBI).

The benchmark S&P BSE Sensex settled at 37,311 levels, up 353 points or 0.96 per cent, lifted by Reliance Industries, Infosys, ICICI Bank, and HDFC. Vedanta, Tata Steel, YES Bank, and Tech Mahindra were the top gainers at the 30-share index, while Sun Pharmaceuticals, ONGC, Tata Motors, and Asian Paints ended the day as top laggards. The broader Nifty50, too, added 104 points, or 0.95 per cent, to close the day above the psychological mark of 11,000 at 11,029.

Sectorally, all the sectors, barring pharmaceuticals, ended the day with gains. Nifty pharma index shed 4 per cent in the intra-day trade to hit a 5-year low on BSE. The index ended 1.4 per cent lower. READ MORE

On the contrary, Nifty metal was the top gainer, up over 2 per cent, followed by Nifty public sector bank index, up 1.5 per cent.

In the broader market, S&P BSE mid-cap settled at 13,477 level, up 114 points or 0.85 per cent. The S&P BSE small-cap, on the other hand, closed at 12,570 levels, up 51 points or 0.41 per cent.

GLOBAL CUES

European stocks fell on Wednesday as Germany’s economy went into reverse, reviving fears of global recession and tempering a rally for equities after Washington delayed tariffs on some Chinese imports. The Euro STOXX 600 fell 0.4 per cent. Markets in London .FTSE, Frankfurt .GDAXI and Paris FCHI lost from 0.2 per cent to 0.6 per cent. Wall Street futures gauges were also lower.

Equity investors on Wall Street and Asia had cheered earlier when US President Donald Trump pushed back a Sept. 1 deadline for new tariffs on remaining Chinese imports.

The S&P 500 .SPX, which had fallen 1 per cent on Monday, rose 1.5 per cent overnight, sending Asian stocks outside Japan up 0.6 per cent. Benchmarks in Shanghai, Hong Kong and Tokyo all mirrored the surge in US stocks.

3:39 PM

Sectoral gainers and losers on the NSE

3:39 PM

Top gainers and losers on the S&P BSE Sensex

3:35 PM

CLOSING BELL

The S&P BSE Sensex gained 353 points or 0.96 per cent to settle at 37,312 levels while NSE's Nifty50 index climbed 104 points or 0.95 per cent to settle at 11,029.40 levels. 

 

3:30 PM

NEWS ALERT | Coffee Day in non-binding agreement with Blackstone to sell Bengaluru Tech Park

-- Transaction closure subject to due diligence

-- Is expected in 30-45 days

3:24 PM

MARKET CHECK | Top gainers on the BSE at this hour

SPICEJET	138.60	+10.65	+8.32
JINDALSTEL	103.70	+8.95	+9.45
KSCL	481.85	+42.85	+9.76
RELINFRA	49.45	+4.40	+9.77
IDEA	5.57	+0.55	+10.96

3:10 PM

HPCL re-files shareholding pattern for 6 quarters; lists ONGC as promoter

In the revised shareholding, under the 'statement showing the shareholding pattern of the Promoter and Promoter Group', it listed ONGC as a promoter with 77.88 crore shares or 51.11 per cent stake just below President of India with 'zero' shares. ONGC in January last year bought the government's entire 51.11 per cent stake in HPCL for Rs 36,915 crore but continued to be mentioned under "public shareholder" in the filings by the oil marketing company. READ MORE

3:08 PM

Edelweiss Financial posts 50% decline in Q1 net profit at Rs 134 crore

Edelweiss Financial Services on Wednesday reported nearly 50 per cent decline in its consolidated net profit at Rs 134.49 crore for the first quarter ended June 30, 2019. Company's net profit in the corresponding April-June quarter of previous fiscal was at Rs 263.32 crore. READ MORE

2:57 PM

Dixon Technologies surges 19% on strong June quarter results

Shares of Dixon Technologies (India) surged 19 per cent to Rs 2,370 intra-day on the BSE on Wednesday after reporting a strong 85 per cent year-on-year (YoY) jump in consolidated net profit at Rs 24 crore in the April-June quarter (Q1FY20), on the back of healthy revenue growth. The consumer electronics company had a profit of Rs 13 crore in the year-ago quarter. READ MORE

2:51 PM

NEWS ALERT | GST relief unlikely for auto sector: govt official to CNBC TV18

-- Next GST meeting likely on Sept 20

Alert: Reports had suggested that government could provide relief to automobile manufacturers from payment of GST for 3-6 months to address slowdown

2:49 PM

L&T plans to raise up to Rs 1400 cr through NCDs on private placement basis

Infrastructure major Larsen and Toubro (L&T) on Wednesday said it plans to raise up to Rs 1,400 crore through issuance of non-convertible debentures (NCDs) on private placement basis.

 

The company, however, did not elaborate on the reasons for raising funds.

 

"The company proposes to issue rated, listed, unsecured, redeemable non-convertible debentures aggregating up to Rs 1,400 crore on private placement basis," L&T said in a regulatory filing.

 

Shares of L&T were trading 1.32 per cent higher at Rs 1,331.10 apiece on BSE.

2:40 PM

Earnings Alert | Grasim Q1 result

-- Standalone net profit at Rs 201.7 crore

-- Revenue at Rs 5,000.6 crore

-- EBITDA at Rs 843.7 crore

2:36 PM

Result impact | JSPL gains post Q1 nos

2:27 PM

Stocks that hit 52-week low on S&P BSE Sensex

COMPANY	PRICE(rs)	52 WK LOW	CHG(rs)	CHG(%)
ASAHI INDIA GLAS	188.50	185.00	-6.60	-3.38
ASHOK LEYLAND	63.30	60.30	1.75	2.84
BHARAT FORGE	398.10	384.30	-2.60	-0.65
BLUE DART EXP.	2295.00	2243.00	16.50	0.72
BOSCH	13575.00	12698.80	57.75	0.43

2:18 PM

Earnings Alert | JSPL Q1 result

-- Net loss at Rs 87.4 crore

-- Revenue at Rs 9945.6 crore

-- EBITDA at Rs 2,173 crore

2:10 PM

Market check | Sensex rises 500 pts