MARKET WRAP: Indices end at record high; RIL market-cap hits Rs 8 trillion

The benchmark indices ended broadly flat on Thursday amid weak Asian markets.

The S&P BSE Sensex settled at a fresh record closing high of 38,337, up 51 points, while the broader Nifty 50 index closed at a new high of 11,583, up 12 points. In intra-day deals, the S&P BSE Sensex hit a new all-time high of 38,487.63. The Nifty50 index, on the other hand, touched its record high level of 11,620.70.

RIL's MARKET-CAP HITS RECORD

Mukesh Ambani-controlled Reliance Industries (RIL) on Thursday became the first company to cross Rs 8 trillion in terms of market capitalisation (market-cap), becoming the country's most valued firm. RIL's market capitalisation (m-cap) stood at Rs 8.04 trillion. In intra-day deals, the stock hit a new high of Rs 1,273.55, up over 1%, extending its gains over the past four trading days. The stock settled at Rs 1,269.70, up 1.86 per cent.

SECTORAL TREND

Shares of pharmaceutical companies extended their upward journey with the Nifty Pharma index hitting its 52-week high on the National Stock Exchange (NSE), on positive corporate announcements from Strides Pharma Science and Lupin.

Lupin, Cipla, Cadila Healthcare, Dr Reddy’s Laboratories, Aurobindo Pharma, Divi’s Laboratories, Sun Pharmaceutical Industries from the index were up in the range of 1% to 5% on the NSE. Of these Sun Pharma, Divi’s Laboratories and Cipla have hit their respective 52-week highs in intra-day trade.

LARSEN & TOUBRO UP ON BUYBACK PLANS

Shares of Larsen & Toubro (L&T) settled 2.30% higher at Rs 1,352.50 on the BSE after its board approved the proposal for buyback of equity shares of upto Rs 90 billion at a maximum price of Rs 1,500 per share.
 

“The board of directors of the Company at its meeting held today has approved a proposal to buyback up to 60 million equity shares of the Company being 4.29% of the total paid up equity share capital, at a maximum price of Rs 1,500 per share for an aggregate amount of Rs 90 billion,” L&T said in a statement.

GLOBAL MARKETS

Asian shares slipped on Thursday amid speculation US President Donald Trump's political position could be threatened by the legal woes of two former advisers and as fresh US-China tariffs took effect.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent. Hong Kong's Hang Seng index stumbled 0.6 per cent while Chinese shares see-sawed between positive and negative territory. The blue-chip index was last up 0.4 per cent. Elsewhere, Japan's Nikkei added 0.2 per cent.

(With Reuters inputs)

3:40 PM

Nifty sectoral gainers and losers of the day

3:37 PM

BSE Sensex: L&T, RIL, NTPC among top gainers of the day

3:35 PM

Market at close

The S&P BSE Sensex settled at a fresh record closing high of 38,337, up 51 points, while the broader Nifty 50 index closed at a new high of 11,583, up 12 points. In intra-day deals, the S&P BSE Sensex hit a new all-time high of 38,487.63. The Nifty50 index, on the other hand, touched its record high level of 11,620.70.

3:26 PM

JB Chemicals surges 12% as board mulls share buyback proposal

JB Chemicals & Pharmaceuticals has rallied 12% to Rs 338 on the BSE in intra-day trade after the company announced that its board will meet on August 31, 2018, to consider a share buyback proposal. READ MORE

3:19 PM

Kerala flood hits spice market as shortage in supply pushes up prices

Those entering the Khari Baoli market in Old Delhi are greeted with the distinct aroma of cardamoms, pepper and other spice. But, if one wants to buy any, they will have to now shell out more. The flood in Kerala — the source of many of these spices — has hit supply. READ MORE

3:02 PM

MFs gain larger share in June quarter; FPIs drop to lowest in 4 years

In the past three years, mutual funds’ (MFs) equity investments have accelerated even as foreign portfolio investors (FPI) inflows have seen massive de-growth from the FY15 peak. This reflects in the latest June quarter shareholding data, where MF ownership in the top 200 stocks — which account for 75 per cent of India’s market capitalisation — has scaled new highs, while that of FPIs has dropped to its lowest level in four years. READ MORE

2:45 PM

From Merc to Unilever, India Inc takes advantage of demand to raise prices

From Mercedes-Benz AG to Unilever, companies in India are finding power to pass on higher costs to consumers, a sign that demand in the world’s fastest-growing major economy is well-entrenched. READ MORE

2:32 PM

Top gainers in BSE 500:

COMPANY	PRICE()	CHG()	CHG(%)	VOLUME
J B CHEM & PHARM	330.50	27.15	8.95	144766
ZENSAR TECH.	1561.00	110.80	7.64	14684
ITI	93.15	6.55	7.56	301867
J KUMAR INFRA	235.00	14.75	6.70	37522
KAJARIA CERAMICS	487.95	30.30	6.62	333307

2:17 PM

Gold falls as US tariff fears, rate hike views buoy dollar

Gold prices fell on Thursday, after hitting a one-week high in the previous session, as fears of another round of US tariffs on China and expectations of higher interest rates lifted the dollar.

Spot gold was down 0.3 per cent at $1,191.62 an ounce. Prices hit their highest since Aug. 13 at $1,201.51 in the previous session, but failed to hold the psychological $1,200 level after recovering from 1-1/2 year lows touched last week. US gold futures were down 0.5 percent at $1,197.8. READ MORE

1:59 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,326.84	+41.09	+0.11
S&P BSE SENSEX 50	12,126.21	+16.36	+0.14
S&P BSE SENSEX Next 50	34,759.85	+125.06	+0.36
S&P BSE 100	11,883.73	+20.11	+0.17
S&P BSE Bharat 22 Index	3,665.26	-4.42	-0.12

(Source: BSE)

1:56 PM

STOCK ALERT RIL becomes first Indian company to cross Rs 8 trillion in market cap

Reliance Industries on Tuesday became the first company to cross Rs 8 trillion in terms of market valuation, becoming the country's most valued firm. READ MORE

Stock quote:

1:44 PM

NEWS ALERT Reliance Industries (RIL) becomes the first company with a market cap of Rs 8-trillion

1:39 PM

SEBI chief calls for caution in mutual funds' debt investments

India's debt mutual fund managers need to be vigilant and appropriately value their investments in corporate papers, even as a bulk of the money comes from institutional investors, the chief of the country's market regulator said on Thursday. READ MORE

1:30 PM

Reliance Power unit wins $56 million arbitration award; shares up 0.74%

Reliance Power on Thursday said its wholly-owned subsidiary Reliance Power Netherlands BV has won an international arbitration award of USD 56 million (Rs 390 crore) against Prestige Capital Holdings (a Seychelles-based company) and Kokos Jiang. Reliance Power said the arbitration related to a contractual dispute in the context of company's coal mines in Indonesia.

Shares of Reliance Power were trading 0.74 per cent higher at Rs 33.95 apiece on BSE. READ MORE

1:13 PM

Sebi cracks the whip on investors for trading in illiquid stock options

Markets regulator Securities and Exchange Board of India (Sebi) has issued show cause notice to over 500 investors, seeking explanation over alleged illicit gains made through trading in illiquid stock options. READ MORE