Sensex ends above 34,500 for first time ever, Nifty at fresh closing high

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Benchmark indices ended at record closing highs on Thursday as investors remained optimistic ahead of key corporate earnings later this week and the federal budget next month.

The New Year rally in Asian shares ran out of steam on Thursday as concerns about the US administration’s protectionist stance hit Wall Street while US bonds were dented by speculation China may curtail buying.

Finance Minister Arun Jaitley is expected to present the budget for the 2018/19 financial year on Feb 1, amid investor concerns that the government could unveil some populist measures with heavier spending than this year.

Key corporate earnings will kick off this week. Tata Consultancy Services is due to post December-quarter results later today, followed by Infosys tomorrow. 

3:40 PM

Nifty IT up 0.4% ahead of TCS Earnings

Source: NSE

3:38 PM

Sectoral Trend

Source: NSE

3:36 PM

Top Sensex gainers and losers

Source: BSE

3:34 PM

Broader Markets

Among broader markets, BSE Smallcap index also ended at a fresh high, up 0.4% while BSE Midcap was up 0.3%

3:33 PM

Markets at Close

The Benchmark indices ended at fresh closing highs as investors remained optimistic about the Q3 earnings season and the upcoming budget.

The S&P BSE Sensex ended the day at 34,503, up 70 points while the broader Nifty50 index settled the day at 10,651, up 19 points

3:21 PM

Dream of being a bitcoin millionaire? Things to know about cryptos in India

 

Bitcoin, the most talked about cryptocurrency, entered the tenth year of its existence last week. While the world grapples with its meteoric rise and attendant risks -- from fears of a bubble to its use by unsavoury entities (especially the North Korean regime) -- a large number of Indians have taken a shine to cryptocurrencies, with reportedly 2.5 million registered traders and Rs 178 billion (Rs 17,800 crore) worth of them having been traded.

 

In fact, according to information shared in the Rajya Sabha during the winter session, India accounts for "more than 11 per cent" of the global trade in cryptocurrencies like bitcoin and ethereum.

 

Click here to know about bictcoins and cryptocurrencies in India

3:11 PM

Bank of India fundraising

Public sector lender Bank of India today said its Board will meet on January 20 to consider raising funds. The bank also said it has received capital infusion of Rs 2,257 crore from the government.

 

"A meeting of the Board of Directors has been scheduled for January 20, to consider capital raising plans by the bank," Bank of India (BOI) said in a BSE filing.

3:00 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,462.55	+29.48	+0.09
S&P BSE SENSEX 50	11,105.98	+6.70	+0.06
S&P BSE SENSEX Next 50	37,561.61	+31.81	+0.08
S&P BSE 100	11,171.01	+7.20	+0.06
S&P BSE Bharat 22 Index	3,806.94	-10.56	-0.28

2:48 PM

Budget 2018: Expecting a greater spend on healthcare, says Biocon chairman

 

Biocon chairman Kiran Majumdar Shaw on Wednesday said that she expects a greater spend on healthcare from the government in Union Budget 2018-19.

 

"I would like to see a greater spend on healthcare as here we have stagnated at below one percent GDP levels. For a country like India which is trying to aim to deliver universal healthcare we will need to treble this investment in healthcare," Shaw told ANI.

 

She also said that the country has affordable access to healthcare, but the need of the hour is a greater investment in this sector. READ MORE

2:32 PM

Passenger vehicle sales rise 5.22 per cent in December; car sales slip

 

Domestic passenger vehicle sales rose 5.22 per cent to 2,39,712 units in December from 2,27,823 units in December 2016.

 

Domestic car sales, however, declined marginally to 1,58,326 units as against 1,58,617 units in December 2016, according to the data released by the Society of Indian Automobile Manufacturers (SIAM).

 

Motorcycle sales last month rose 40.31 per cent to 7,88,156 units as against 5,61,710 units a year earlier.

 

Total two-wheeler sales in December rose 41.45 per cent to 12,87,592 units compared to 910,276 units in the year-ago month. READ MORE

2:16 PM

Income Tax dept attaches 900 benami properties worth over Rs 35 billion

 

The Income Tax (I-T) Department on Thursday said it has attached more than 900 benami properties including flats, shops, jewellery and vehicles worth over Rs 35 billion.

 

I-T Department said in a statement that it has stepped up action under the Prohibition of Benami Property Transactions Act, which came into force from November 1, 2016.

 

The Act provides for provisional attachment and subsequent confiscation of benami properties, whether movable or immovable. READ MORE

2:01 PM

IndusInd Bank Q3

PAT at Rs 936 cr vs Rs 751 cr, up 24.6% YoY

NII at Rs 1,895 cr vs Rs 1,578 cr, up 20.1% YoY

1:47 PM

Bharti Infratel downgrade cycle likely to continue over next three quarters

 

The de-rating and downgrade cycle for Bharti Infratel which started a month before is expected to continue over the next three quarters. December quarter numbers will give an idea of the pressure the company faces, given tenancy losses from RCom's wireless business exit and shutdown of operations by Aircel in six circles.

 

Revenue growth is expected to be flat on a sequential basis. This will continue in the March quarter as Aircel curtails operations. READ MORE

1:31 PM

Jai Corp hits 8-year high as RIL's Mukesh Ambani eyes stake in NMSEZ

 

Jai Corp hit an eight year high of Rs 223, up 10% on BSE in intra-day trade after the media report suggested that Reliance Industries’ (RIL) Mukesh Ambani in talks to buy out the company’s 24% stake in Navi Mumbai Special Economic Zone (NMSEZ). The stock is trading at its highest level since January 5, 2011.

 

“RIL Chairman Mukesh Ambani, through his personal investment firms, is in talks to buy out Jai Corp’s 24% stake in NMSEZ. If the deal goes through, Ambani will be the largest shareholder of the NMSEZ with a 48.1% stake,” the Business Standard reported. READ MORE

1:15 PM

Axis Mutual Fund highlights benefits of equity-linked savings schemes

 

With 2017 coming to an end and the salaried as well as the self-employed looking to make last-minute investments to save tax, Axis Mutual Fund has launched a campaign promoting its ELSS (equity linked savings scheme) offering.

The company has rolled out a digital campaign titled “Khushi ke aasun” (Tears of joy) encouraging potential investors to park their hard-earned money in ELSS to not only save tax but also turn their money into wealth. READ MORE