Key benchmark indices registered modest gains in a highly volatile session of trade. The barometer index, the S&P BSE Sensex, gained 178.47 points or 0.51%, at 35,260.29. The Nifty 50 index, gained 28.45 points or 0.26%, at 10,817. Gains were triggered on reports indicating that the government is mulling a proposal to hike foreign direct investment (FDI) limit in the banking sector. Positive global stocks also underpinned sentiment. Realty stocks dropped sharply.
Domestic stocks saw gap-up opening following positive Asian cues, with the Sensex and the Nifty scaling record high levels in intraday trade. Volatility was intense as stocks trimmed gains in second half after trading on a firm note in first half of day's trading session.
The Sensex gained 425.54 points or 1.21% at the day's high of 35,507.36 in intraday trade, a record high for the index. The index rose 84.62 points or 0.24% at the day's low of 35,166.44 in late trade. The Nifty gained 98.95 points or 0.92% at the day's high of 10,887.50 in intraday trade, a record high for the index. The index fell 6.15 points or 0.06% at the day's low of 10,782.40 in late trade.
The S&P BSE Mid-Cap index was provisionally off 1.69%. The S&P BSE Small-Cap index was provisionally off 2.04%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was weak. On the BSE, 2,248 shares declined and 707 shares rose. A total of 131 shares were unchanged.
The total turnover on BSE amounted to Rs 6000.08 crore, lower than turnover of Rs 6289.13 crore registered during the previous trading session.
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Adani Ports and Special Economic Zone (APSEZ) lost 4.5% after the company reported Q3 December 2017 results during market hours today, 18 January 2018. APSEZ's consolidated net profit rose 19.51% to Rs 1001 crore on 20.38% growth in total income to Rs 2924.85 crore in Q3 December 2017 over Q3 December 2016.
Shares of APSEZ had witnessed pre-result gains. The stock had risen 2.98% in the prior three trading sessions to settle at Rs 433.05 yesterday, 17 January 2018, from its close of Rs 420.50 on 15 January 2018.
Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said that the company foresees continued uptick in cargo volumes in India. While western ports in India will continue to grow the company is confident of exponential cargo volume growth in Eastern and Southern coasts of India. The company would continue to increase is footprints in the logistics space.
Yes Bank shed 0.66%. The bank's net profit rose 22.01% to Rs 1076.87 crore on 24.14% growth in total income to Rs 6492.56 crore in Q3 December 2017 over Q3 December 2016. The result was announced during market hours today, 18 January 2018.
Maruti Suzuki India rose 0.49%. Maruti Suzuki India during market hours today, 18 January 2018 said that the all-new Swift is all set for the India premier at Auto Expo 2018. The iconic Swift comes with a brand new design. The completely new Swift is engineered with the best of Suzuki's design capabilities and built on the innovative 5th generation HEARTECT platform. The all-new Swift is wider, compact and with longer wheel base allowing more cabin space, headroom as well as luggage space.
Commenting on the all-new Swift, R.S. Kalsi, Senior Executive Director (Marketing and Sales) at Maruti Suzuki India said the all-new Swift with its distinctive design, advanced technology, uplifting performance and enduring driver experience will bring disruption in the premium hatchback segment.
Ultratech Cement lost 2.96% after consolidated net profit fell 23.36% to Rs 456 crore on 33.24% increase in net sales to Rs 7897 crore in Q3 December 2017 over Q3 December 2016. The quarter witnessed increase in variable costs attributable to rise in pet coke and coal prices. The ban on pet coke usage in some states also adversely impacted performance, the company said in a statement. The result was announced during trading hours today, 18 January 2018.
Ultratech Cement's consolidated profit before interest, depreciation & taxes (PBIDT) rose 16.72% to Rs 1494 crore in Q3 December 2017 over Q3 December 2016.
In its outlook, the company said that the expected higher budget allocation for infrastructure and rural development will be the key demand drivers.
Realty stocks dropped sharply. DLF (down 4.59%), Indiabulls Real Estate (down 4.92%), Housing Development and Infrastructure (down 4.62%), D B Realty (down 4.94%),Unitech (down 6.38%), Sobha (down 3.65%), Godrej Properties (down 4.81%), Prestige Estates Projects (down 4.54%) and Oberoi Realty (down 3.36%) edged lower.
Overseas, Asian and European stocks nudged higher amid optimism over global growth prospects. In China, the National Bureau of Statistics announced today, 18 January 2018 that the economy had expanded 6.9% last year, up slightly from 6.7% in 2016 and breaking a trend of gradual slowing that had begun in 2011. For the fourth quarter, it reported growth of 6.8% over a year earlier.
Another data showed that China's industrial output picked up in December. Value-added industrial output, a rough proxy for economic growth, expanded 6.2% in December from a year earlier, compared with a 6.1% increase in November, the National Bureau of Statistics said.
US stocks rose to fresh highs yesterday, 17 January 2018 as companies continued to indicate the tax overhaul will boost earnings this year. The Dow Jones Industrial Average staged a late rally to end above 26,000 for the first time ever.
The Fed's Beige Book indicted that the outlook for 2018 remains optimistic for a majority of contacts across the country. As for the much vaunted tax cuts, only businesses in Chicago and Dallas were excited over the Republican tax plan, while districts along the East Coast were worried about higher taxes from the new limits on deductions for mortgage interest and property and state income taxes, reports indicated.
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