MARKET WRAP: Sensex up 266 pts as financials, auto stocks rally

Markets snapped selling spree at D-Street on Thursday as possible interest rate cuts by the United States' Federal Reserve lifted sentiments across the Asian markets. 

The benchmark S&P BSE Sensex settled 266 points, or 0.69 per cent, higher at 38,823 levels. Hero Moto Corp, IndusInd Bank, Tata Motors, and Vedanta were the top gainers on the 30-share index while Tech Mahindra, ICICI Bank and Axis Bank were the top laggards. The broader Nifty50 too settled 84 points, or 0.73 per cent, higher at 11,583 levels.

Broad-based buying, led by rate-sensitive stocks like realty, banking and auto scrips, lifted both the benchmark indices, S&P BSE Sensex and the broader Nifty50, to 38,892 and 11,599 levels respectively. The indices were up 261 points and 80 points respectively from lows.

In the broader market, the S&P BSE Mid-Cap closed 80 points, or 0.56 per cent, higher at 14,495 levels. Similarly, the S&P BSE Small-Cap settled 56 points, or 0.41 per cent, higher at 13,755 levels.

Sectorally, all the indices ended in the green. Nifty Auto and PSU Bank indices ended 1.86 per cent and 1.72 per cent higher respectively, followed by gains in the Nifty metal (1.77 per cent), pharma (1.26 per cent) and realty (1.29 per cent) indices.

BUZZING STOCKS

Shares of Religare Enterprises were locked in the 10 per cent upper circuit at Rs 42.95 per share on the BSE on Thursday after the company announced its plan to sell Religare Finvest to TCG advisory for an undisclosed amount. READ MORE

Shares of GTPL Hathway zoomed 20 per cent to Rs 64.80 in intra-day trade on the BSE on Thursday after the digital cable television and broadband services provider's consolidated net profit more-than-doubled at Rs 29 crore for the quarter ended June 2019 (Q1FY20). It had posted a profit of Rs 13 crore in the year-ago quarter. READ MORE

GLOBAL CUES

World stocks rose, global bond yields fell and the dollar weakened after Federal Reserve Chairman Jerome Powell bolstered expectations the Fed would cut U.S. interest rates soon.

Japan's Nikkei ended 0.15 per cent lower while South Korea's Kospi settled 0.33 per cent higher.

In the commodities market, Brent Crude Futures were at $67.47 per barrel at 3:20 pm.

3:41 PM

Sectoral gainers and losers on the NSE

3:41 PM

Top gainers and losers on the S&P BSE Sensex

3:35 PM

CLOSING BELL

The S&P BSE Sensex gained 266 points or 0.69 per cent to settle at 38,823 while the Nifty50 index of the National Stock Exchange (NSE) ended at 11,583, up 84 points or 0.73 per cent. 

3:03 PM

NEWS ALERT | SBICAP acquires 6.14% stake in Navkar Corp via pledge encumbrance on July 6

3:01 PM

NEWS ALERT | CCL Products Q1 results

-- Consolidated net profit down 12.1 per cent YoY at Rs 34.7 cr
 

- Revenue down 7.2 per cent YoY at Rs 273.2 cr
 

2:57 PM

SBI, ONGC to lead Nifty earnings growth in June quarter: Morgan Stanley

As India Inc prepares to report its April-June 2019 quarter numbers for financial year 2019-20 (Q1FY20), analysts at Morgan Stanley expect the financial sector to lead earnings growth. For the recently concluded quarter, they peg the earnings growth for the companies they cover (ex-financials) to fall 4 per cent year-on-year (YoY), but rise 29 per cent YoY if the oil PSUs are excluded from the aggregate. READ MORE

2:57 PM

NEWS ALERT | Steel Strips gets order worth $3.5 m in US

2:54 PM

NEWS ALERT | SBICAP, MFs, PFs & Kapil Wadhawan attended meeting: CNBC TV18

2:53 PM

NEWS ALERT | Lenders give DHFL 7 days to present resolution plan: sources to CNBC TV18

2:49 PM

Broader market check

2:43 PM

India Inc's FDI down over two times to $820 million in June, shows RBI data

India Inc's foreign direct investment in June fell by over two times from a year ago to $820.36 million, data from the Reserve Bank of India showed Wednesday.

 

The outward foreign direct investment (OFDI) by the Indian firms stood at $2.29 billion in the year-ago same month, according to the RBI data on OFDI.

 

In May, the Indian firms had invested over $1.56 billion in their overseas ventures. READ MORE

2:42 PM

SEBI to probe if IndiGo CEO downplayed promoters' tiff

India’s market regulator is probing whether InterGlobe Aviation Ltd Chief Executive Officer Ronojoy Dutta downplayed the tussle between the promoters of the country’s largest carrier IndiGo, ET Now reported on Thursday, citing sources. The spat between co-founders and promoters Rakesh Gangwal and Rahul Bhatia escalated after Gangwal on Tuesday alleged violations of corporate governance rules at the parent group and asked the Securities and Exchange Board of India (SEBI) to intervene. (Reuters)

2:41 PM

Oil check

Source: oilprice.com

2:37 PM

BEML gains over 7%

2:36 PM

Sudden surge in Dish TV, stock up over 11%